Common use of Reference Rate Advances Clause in Contracts

Reference Rate Advances. If such Advance is a Reference Rate Advance, the Borrowers shall pay interest on the unpaid principal amount of such Advances at a rate per annum equal at all times to the Adjusted Reference Rate in effect from time to time payable monthly in arrears on the last day of each calendar month and on the date such Reference Rate Advance shall be paid in full; provided that, if a Default or Event of Default shall have occurred and be continuing, such interest shall accrue at a rate per annum equal at all times to the Adjusted Reference Rate plus 4% per annum.