Travis Dillard, CFA, is the equity return receiver in a monthly$-$pay equity swap. If the equity index declines by $2\%$ in a month, Dillard must pay the swap counterparty an amount of cash that is:$$

A$)$ greater than $2\%$ of the notional amount of the swap.$$

B$)$ equal to $2\%$ of the notional amount of the swap.$$

C$)$ less than $2\%$ of the notional amount of the swap.