Investopedia

Contingent Credit Default Swap (CCDS)

Dictionary Says

Definition of 'Contingent Credit Default Swap (CCDS)'

A variation on the credit default swap (CDS). In a simple CDS, payment under the swap is triggered by a credit event, such as non-payment of interest. In a contingent credit default swap (CCDS), the trigger requires both a credit event and another specified event.
Investopedia Says

Investopedia explains 'Contingent Credit Default Swap (CCDS)'

The second trigger in a CCDS is usually a market or industry variable. A CCDS is generally employed to protect specific exposure when larger industry or market forces have deteriorated.

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