For a credit default swap that settles on 12/31/16, the premium payments are made quarterly at 1.05% per annum, based on a 30/360 basis. The notional amount of the swap is $25 million. What are the amounts of the quarterly premium payments on 12/31/16, 3/31/17, 6/30/17, and 9/30/17? Mortage Amortization pools page. If a credit event occurs in April 2017, and the contract requires physical settlement, what transfer occurs as a result of the credit event? if a credit event occurs in April 2017, and the contract requires cash settlement, how is the payment determined?