Common use of Floating Rate Advances Clause in Contracts

Floating Rate Advances. A Floating Rate Advance shall bear interest at a rate per annum equal at all times to the Floating Rate in effect from time to time. Such interest shall be calculated (but not compounded) daily and payable monthly in arrears on the third Business Day of each month following the month for which such interest is payable and on the Maturity Date.

Floating Rate Advances. A Floating Rate Advance shall bear interest at a rate per annum equal at all times to the Floating Rate in effect from time to time. Such interest shall be calculated (but not compounded) daily and payable monthly for each calendar month period or part thereof, as the case may be, in arrears on the third Business Day first day of each the following month following the month for which such interest is payable and on the Relevant Maturity Date.