The article explores the risk involved in CDS contracts when collateral is used. It looks at how collateral affects pricing and introduces terms like CVA, UCVA, and DVA. The researchers create a model that considers factors like thresholds and haircuts. They also analyze the dynamics of risk in a general form. By using a copula model, they show how default intensities impact the spread. Overall, the study sheds light on how collateralization influences counterparty risk in CDS contracts.