Template:Nutshell 2016 CSA 9(a)

9(a) Default Interest. Except where there is a Dispute:

(i) if a Transferee fails to make any transfer when due, any Return Amount or income Distribution it must pay interest at the Default Rate on the Value as of the Valuation Date, of the items not transferred, from (and including) the due date for transfer to (but excluding) their actual date of transfer, compounding daily.

(ii) if an Interest Payer (VM) fails to make, when due, any transfer of an Interest Payment (VM), it must pay the Interest Payee (VM) 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 the due date for payment to (but excluding) their actual date of payment, compounding daily.