Subtype of CapFloor Type

Corresponds to the usual "Floor", i.e. a series of cash flows, where the effective rate R determining each cash flow amount is defined as R = max(K-I,0), where I is the agreed reference index - typically Libor - and K some constant referred to as strike.
For example, a Libor-based Floor consisting of 3 cash flow periods with strike = 4% and Libor rate at each period being 3%, 4% and 5% respectively, would pay its holder amounts based on the effective rates 1%, 0% and 0% respectively.
This is equivalent to holding a series of put options on the underlying reference index.