Currency Swaps

Say a US company needs to borrow AUD to finance a new subsidiary and enters into a one-year, fixed-for-fixed currency swap with quarterly payments. Assume that notional amounts are exchanged at the beginning and the end of the swap (US company pay USD, receives AUD at initiation).

Are the quarterly payments being made by the US company in USD or AUD?

The party that receives AUD at initiation will make payments in AUD. The party that receives USD at initiation will make payments in USD. The party that receives GBP at initiation will make payments in GBP. The party that receives JPY at initiation will make payments in JPY.

And so on.