Derivatives · glossary
The party that turns each fixing into payment figures and sends the statements. Here it is the bank, which is normal. Atlas accepted that because Part 4 of the Schedule lets it dispute any figure within one Local Business Day. Schedule, Part 4.3 · Chapter 2 · Chapter 7
Explained in Chapter 2, The Swap, Line by Line, of Derivatives.
Pellhaven owes the larger amount, because the fixing is above the fixed rate. So at the end of the quarter Pellhaven pays Atlas €62,500, and that is the only payment. Pellhaven works out each quarter's figures as Calculation Agent and sends a notice. Each quarter, check that notice against the fixing and the two legs.Read Chapter 2, The Swap, Line by Line →
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