A semi-fixed swap which allows oil consumers to swap into a lower rate if prices go below a specific trigger level. However, a higher rate is payable if prices exceed that trigger level. For example, a power plant might pay a fixed rate of 5% if oil prices remain above $85 but if prices drop below that level, the plant is able to swap into 4%. This structure is equivalent to buying a swap combined with a binary option on a commodity (oil).