Rate. Means an interest rate applicable to a Class of Borrowings in a Tranche. Each Rate is stated as an annual percentage rate and, except for the Ceiling Rate, is the sum of an Index and a Margin. The Rates used in this Agreement are: (a) the "Alternate Base Rate", which for each day of the Interest Period applicable to the Alternate Base Rate Tranche (if any), is a rate per annum equal to the lesser of: (i) the Prime Rate in effect on that day plus or minus (as the
... case may be) the Alternate Base Rate Margin for each Class of Borrowings in the Alternate Base Rate Tranche (if any), rounded upwards, if necessary, to the nearest one-eighth percent (0.125%); and (ii) the Ceiling Rate for that day; with any change in the Alternate Base Rate due to a change in the Prime Rate being effective on the effective date of such change in the Prime Rate; (b) the "Ceiling Rate" which means, on any day, the maximum nonusurious rate of interest permitted for that day by whichever of applicable federal or Texas law permits the higher interest rate, stated as a rate per annum; (c) the "Balances Equivalent Rate" which, for each day in each calendar month (whether a whole or partial month), is a rate per annum that is equal to the lesser of: (i) the sum of (x) zero plus (y) the Balances Equivalent Margin for that day and for each Class of Borrowings in the Balances Equivalent Tranche (if 4 any); and (ii) the Ceiling Rate for that day; (d) the "Base Rate" which, for each day of the term of the Loan, is a rate per annum equal to the lesser of: (i) the sum of (1) the quotient of (x) LIBOR for that day divided by (y) 1.00 minus the Eurodollar Reserve Requirement for one day loans, plus (2) the LIBOR Margin for each Class of Borrowings in the Base Rate Tranche (if any), rounded upwards, if necessary, to the nearest 1/1,000th of 1%; and (ii) the Ceiling Rate for that day; and (e) the "Past Due Rate" which means, on any day, the lesser of: (i) either (x) a rate per annum equal to the per annum interest rate that would be applicable for that day if the subject amount were not past due, plus three percent (3%), or (y) if there is more than one (or no) such per annum interest rate reasonably applicable to the subject amount if not past due, the Prime Rate for that day plus three percent (3%) per annum and (ii) the Ceiling Rate for that day. Each determination by the Lender of any Rate may be computed using any reasonable method and, unless plainly wrong, shall be conclusive and binding.
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