A credit default swap requires a semiannual payment at the rate of 60 basis points per year. The principal is $300m and the credit default swap is settled in cash. A default occurs after four years and two months, and the calculation agent estimates that the price of the cheapest deliverable bond is 40% of its face value shortly after the default. List the cash flows and their timing for the seller of the credit default swap and compute the gain or loss of the seller of this CDs of it is defaulted in 4 years.