Common use of Default Interest Rate Clause in Contracts

Default Interest Rate. If an Event of Default, or an event which, with notice or passage of time could become an Event of Default, has occurred or is continuing, the Borrower shall pay to the Bank interest on any Indebtedness or amount payable under this Agreement at a rate which is 3% in excess of the rate or rates then in effect under this Agreement.

Default Interest Rate. If an Event of Default, or an event which, with notice or passage of time could become an Event of Default, has occurred or is continuing, the Borrower shall pay to the Bank interest on any Indebtedness or amount payable under this Agreement at a rate which is 35% in excess of the rate or rates then in effect under this Agreement.

Default Interest Rate. If an Event of Default, or an event which, with notice or passage of time could become an Event of Default, has occurred or is continuing, the Borrower shall pay to the Bank interest on any Indebtedness or amount payable under this Agreement at a rate which is 35% in excess of the rate or rates then in effect under this Agreement.

Default Interest Rate. If an Event of Default, or an event which, with notice or passage of time could become an Event of Default, Default has occurred or and is continuing, the Bank, at its option, may require the Borrower shall to pay to the Bank interest on any Indebtedness or amount payable under this Agreement at a rate which is 3% in excess of the rate or rates otherwise then in effect under under' this Agreement.

Default Interest Rate. If an Event of Default, or an event which, with notice or passage of time could become an Event of Default, Default has occurred or and is continuing, the Bank, at its option, may require the Borrower shall to pay to the Bank interest on of any Indebtedness or amount payable under this Agreement at a rate which is 3% in excess of the rate or rates otherwise then in effect under this Agreement.