Payment and Calculation of Interest. With respect to ----------------------------------- Portions which bear interest at the rate based on the Adjusted Libor Rate, interest shall be due and payable on the last day of each Interest Period for each such Portion, and, in the case of a Portion with an Interest Period of six (6) months, on the ninetieth (90) day after the commencement of such Interest Period and on the last day of the Interest Period. With respect to Portions which bear interest at the rate based on the Base Rate, interest shall be due and payable on the last Business Day of each March, June, September and December. Interest shall be calculated in accordance with the provisions of Paragraph 2.6(b) hereof; all interest shall be calculated on the basis of the actual number of days elapsed over a year of 360 days in the case of interest based on the Adjusted Libor Rate, or over a year of 365 or 366 days, as applicable, in the case of interest based on the Base Rate.
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Sources: Credit Agreement (Marketing Specialists Corp), Credit Agreement (Merkert American Corp)
Payment and Calculation of Interest. With respect to ----------------------------------- Portions which bear interest at the rate based on the Adjusted Libor Rate, interest shall be due and payable on the last day of each Interest Period for each such Portion, and, in the case of a Portion with an Interest Period of six (6) months, on the ninetieth (90) day after the commencement of such Interest Period and on the last day of the Interest Period. With respect to Portions which bear interest at the rate based on the Base Rate, interest shall be due and payable on the last Business Day of each March, June, September and December. Interest shall be calculated in accordance with the provisions of Paragraph 2.6(b) hereof; all interest shall be calculated on the basis of the actual number of days elapsed over a year of 360 days in the case of interest based on the Adjusted Libor Rate, or over a year of 365 or 366 days, as applicable, in the case of interest based on the Base Rate.
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