Template:ISDA New York Law Credit Support Annex 1994 11: Difference between revisions

{{nycsaprov|11(a)}} '''{{nycsaprov|Default Interest}}'''. A {{nycsaprov|Secured Party}} that fails to make, when due, any {{nycsaprov|Transfer}} of {{nycsaprov|Posted Collateral}} or the {{nycsaprov|Interest Amount}} will be obligated to pay the {{nycsaprov|Pledgor}} (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the {{nycsaprov|Value}} of the items of property that were required to be {{nycsaprov|Transfer}}red, from (and including) the date that {{nycsaprov|Posted Collateral}} or {{nycsaprov|Interest Amount}} was required to be {{nycsaprov|Transfer}}red to (but excluding) the date of {{nycsaprov|Transfer}} of that {{nycsaprov|Posted Collateral}} or {{nycsaprov|Interest Amount}}. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed.<br>

{{nycsaprov|11(b)}} '''{{nycsaprov|Further Assurances}}'''. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph {{nycsaprov|2}}, to enable that party to exercise or enforce its rights under this Annex with respect to {{nycsaprov|Posted Credit Support}} or an {{nycsaprov|Interest Amount}} or to effect or document a release of a security interest on {{nycsaprov|Posted Collateral}} or an {{nycsaprov|Interest Amount}}.<br>