A cancellable swap in which the fixed-rate payer can terminate the swap on a predetermined date prior to maturity. This swap combines a vanilla swap and a put swaption. The counterparty with the right to call is effectively the holder of one or more swaptions. This right is usually given to the fixed rate payer, not the fixed rate receiver. Agreements where the receiver has the right to terminate are known as puttable swaps.

This swap is also known as a retractable swap.