Paragraph 2

A society agrees with a participant (whether by a single agreement or by a series of agreements) that each will pay money to or to the order of the other on terms which are calculated to substitute for a cash flow of the society a different cash flow, whether the difference lies in the number or frequency of the payments or receipts (or combination of payments and receipts) comprising the cash flows, in the interest rates (not being interest rates determined by reference to the fluctuations in the value or price of property of any description or in an index or other factor derived from such value or price) by which such payments or receipts are calculated or in a combination of those factors.