Maximum Return Sample Clauses
The Maximum Return clause sets a cap on the total amount a party can receive under a contract, regardless of the circumstances. In practice, this means that even if actual damages or entitlements exceed the specified limit, the recipient cannot claim more than the agreed maximum. This clause is commonly used in financial agreements or service contracts to limit the liability or payout exposure of one party. Its core function is to provide certainty and manage risk by preventing unexpectedly large financial obligations.
Maximum Return. It is the intent of the parties hereto that the return to the Lenders pursuant to this Agreement shall not exceed the maximum return permitted under the laws of Canada and if the return to the Lenders would, but for this provision, exceed the maximum return permitted under the laws of Canada, the return to the Lenders shall be limited to the maximum return permitted under the laws of Canada and this Agreement shall automatically be modified without the necessity of any further act or deed to give effect to the restriction on return set forth above.
Maximum Return. Notwithstanding any other provision of this Agreement or any other Facility Document:
(a) In this Section, “interest” and “credit advanced” have the meanings ascribed to them in Section 347 of the Criminal Code (Canada), and “Canadian Maximum Rate” means the highest effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles, on the credit advanced under an agreement or arrangement, which is lawfully permitted under Section 347 of the Criminal Code (Canada);
Maximum Return. (a) In the event that any provision of this Agreement would oblige the Borrower to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by the Administrative Agent, the Lenders, or any of them, of interest at a criminal rate (as such terms are construed under the Criminal Code (Canada)), then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted nunc pro tunc to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by the Administrative Agent, the Lenders, or any of them, of interest at a criminal rate, such adjustment to be effected, to the extent necessary, as follows:
(i) firstly, by reducing the amount or rate of interest otherwise required to be paid under Article 4 of this Agreement; and
(ii) thereafter, by reducing any fees, commissions, premiums and other amounts which would constitute interest for the purposes of Section 347 of the Criminal Code (Canada);
(b) If, notwithstanding the provisions of this Section 4.11 and after giving effect to all adjustments contemplated thereby, the Administrative Agent, the Lenders, or any of them, shall have received an amount in excess of the maximum permitted by such clause, then such excess shall be applied by the Administrative Agent (on behalf of the Lenders) rateably in accordance with each Lenders’ Pro Rata Share of the Credits, to the reduction of the principal balance of the Borrowings outstanding and not to the payment of interest or if such excessive interest exceeds such principal balance, such excess shall be refunded to the Borrower; and
(c) Any amount or rate of interest referred to in this Section shall be determined in accordance with generally accepted actuarial practices and principles at an effective annual rate of interest over the term of this Agreement on the assumption that any charges, fees or expenses that fall within the meaning of “interest” (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be prorated over that period of time and otherwise be prorated over the terms of this Agreement and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Administrative Agent (on behalf of the Lenders) shall be conclusive for the purpo...
Maximum Return. Notwithstanding any provision hereof, in no event shall the aggregate "interest" (as defined in section 347 of the Criminal Code (Canada)) payable hereunder exceed the effective annual rate of interest on the "credit advanced" (as defined in that section) hereunder lawfully permitted by that section and, if any payment, collection or demand pursuant to this Agreement in respect of "interest" (as defined in that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of the Borrower and the applicable Lender and the amount of such payment or collection shall be refunded to the Borrower. For the purposes of this Agreement, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the relevant term and, in the event of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Agent will be prima facie evidence of such rate.
Maximum Return. Notwithstanding any other provision of this Agreement or any other Facility Document:
Maximum Return. Notwithstanding any provisions hereof, in no event shall the aggregate “interest” (as defined in section 347 of the Criminal Code (Canada)) payable hereunder exceed the effective annual rate of interest on the “credit advanced” (as defined in that section) hereunder lawfully permitted by that section and, if any payment, collection or demand pursuant to this Agreement in respect of “interest” (as defined in that section) is determined to be contrary to the provisions of that section, such payment, collection or demand shall be deemed to have been made by mutual mistake of the relevant Borrower and the Lenders and the amount of such payment or collection, to the extent of such excess, shall be refunded to such Borrower. For the purposes of this Agreement, the effective annual rate of interest shall be determined in accordance with generally accepted actuarial practices and principles over the relevant term.
Maximum Return. 3.4.1 In no event will any interest, fees or other amounts payable under this Agreement exceed the maximum rate permitted by Applicable Law. If any provisions of this Agreement would require the Borrower to pay any interest or make any other payment that is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate that would be prohibited by Applicable Law or would result in receipt by the Lender of interest at a criminal rate (as those terms are construed under the Criminal Code), then despite those provisions, that amount or rate will be deemed to have been reduced to the maximum amount or rate recoverable under Applicable Law, as if the Parties had agreed to that amount or rate by contract. That reduction will be effected, to the extent necessary:
3.4.1.1 firstly, by reducing the amount or rate of interest otherwise required to be paid under Article 3 of this Agreement; and
3.4.1.2 secondly, by reducing any fees, commissions, premiums and other amounts that would constitute interest for the purposes of Section 347 of the Criminal Code.
3.4.2 If, despite the provisions of this Section 3.4 and after giving effect to all reductions under it, the Lender has received an amount or rate in excess of the maximum permitted by the Criminal Code, then that excess will be applied by the Lender to reduce the principal balance of the Borrower’s Obligations outstanding and not to the payment of interest, with any remaining portion being paid to subsequent secured creditors or to the applicable Obligors, as determined by Applicable Law.
Maximum Return. 76 3.09 Fees for Bankers' Acceptances and BA Equivalent Notes ............ 77 3.10 Fees for Letters of Credit ....................................... 78 3.11 Standby Fee ...................................................... 79 3.12
Maximum Return. 76 3.09 Fees for Bankers' Acceptances and BA Equivalent Notes ............ 77 3.10 Fees for Letters of Credit ....................................... 78 3.11 Standby Fee ...................................................... 79 3.12