Common use of Borrower Defaults Clause in Contracts

Borrower Defaults. Upon the occurrence of any default under this Agreement other than a default under Section 9.3 (“Bankruptcy”), principal amounts outstanding under this Agreement will at the option of the Bank bear interest at a rate which is 1.0 percentage point(s) higher than the rate of interest otherwise provided under this Agreement. Upon the occurrence of a default under Section 9.3 (“Bankruptcy”), principal amounts outstanding under this Agreement will at the option of the Bank bear interest at a rate which is 1.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.

Borrower Defaults. Upon the occurrence of any default under this Agreement other than a default under Section 9.3 (“Bankruptcy”“Bankruptcy”), principal amounts outstanding under this Agreement will at the option of the Bank bear interest at a rate which is 1.0 percentage point(s) higher than the rate of interest otherwise provided under this Agreement. Upon the occurrence of a default under Section 9.3 (“Bankruptcy”“Bankruptcy”), principal amounts outstanding under this Agreement will at the option of the Bank bear interest at a rate which is 1.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.