Currecy Forward Contract

ABC enters into a cash settlement currency forward contract to exchange EURO 50 million (in 3 months) for US dollars at exchange rate of USD1.23 per euro. If the market exchange rate is USD1.25 per euro at settlement, what is the amount of the payment to be received or paid by ABC? Tha answer is ABC must make a payment of USD 1 million to counterparty.??? I think ABC will receive this amount???

“to exchange EUR for USD” makes ABC want USD. So will be paid so. $1M is the net of the transaction.