9(a) Default Interest. Other than in the case of an amount which is the subject of a dispute under Paragraph
4, if a
Transferee fails to make, when due, any transfer of
Equivalent Credit Support (VM) or
Equivalent Distributions, it will be obliged to pay the
Transferor (
to the extent permitted under applicable law) an amount equal to interest at the
Default Rate multiplied by the
Value on the relevant
Valuation Date of the items of property that were required to be transferred, from (and including) the date that the
Equivalent Credit Support (VM) or
Equivalent Distributions were required to be transferred to (but excluding) the date of transfer of the
Equivalent Credit Support (VM) or
Equivalent Distributions. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. Other than in the case of an amount which is the subject of a dispute under Paragraph
4, if an
Interest Payer (VM) fails to make, when due, any transfer of an
Interest Payment (VM), it will be obliged to pay the
Interest Payee (VM) (to the extent permitted under applicable law) an amount equal to interest at the
Default Rate (and for such purposes, if the
Default Rate is less than zero, it will be deemed to be zero) multiplied by that
Interest Payment (VM), from (and including) the date that
Interest Payment (VM) was required to be transferred to (but excluding) the date of transfer of that
Interest Payment (VM). This interest will be calculated on the
basis of daily compounding and the actual number of days elapsed.