Default Interest - NY VM CSA Provision

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In a Nutshell Section 11(a):

Template:Nutshell 2016 NY CSA 11(a) view template

2016 NY VM CSA full text of Section 11(a):

11(a) Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral (VM) will be obligated to pay the Pledgor (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the items of property that were required to be Transferred, from (and including) the date that Posted Collateral (VM) was required to be Transferred to (but excluding) the date of Transfer of that Posted Collateral (VM). This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. An Interest Payer (VM) that fails to make, when due, any Transfer of an Interest Payment (VM) will be obligated 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.
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Related Agreements
Click here for the text of Section 11(a) in the 1994 New York law CSA
Click here for the text of Section 9(a) in the 1995 English Law CSA
Click here for the text of Section 9(a) in the 2016 English Law VM CSA
Comparisons
Template:2nycsadiff 11(a)
Template:Nycsadiff 11(a)
Template:Csadiff 9(a)


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Differences between CSA versions

Template:Nycsa capsule 11(a)