MAXIMUM LEGAL definition

MAXIMUM LEGAL. RATE shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Mezzanine Note and as provided for herein or the other Loan Documents (Third Mezzanine), under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. MAXIMUM LIBOR PAY RATE (THIRD MEZZANINE) shall mean, (i) the Initial LIBOR Cap Strike Rate through the termination date of the Interest Rate Cap Agreement (Third Mezzanine) and (ii) during the term of each Extension Interest Rate Cap Agreement, the lesser of (a) the product of (x) the Initial LIBOR Cap Strike Rate and (y) a fraction, the numerator of which is trailing twelve month Net Operating Income as of the termination date of the Interest Rate Cap Agreement and the denominator of which is Closing Date NOI and (b) 10.50%.
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MAXIMUM LEGAL. RATE shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Mezzanine Note and as provided for herein or the other Loan Documents (Second Mezzanine), under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. MAXIMUM LIBOR PAY RATE (SECOND MEZZANINE) shall mean, (i) the Initial LIBOR Cap Strike Rate through the termination date of the Interest Rate Cap Agreement (Second Mezzanine) and (ii) during the term of each Extension Interest Rate Cap Agreement, the lesser of (a) the product of (x) the Initial LIBOR Cap Strike Rate and (y) a fraction, the numerator of which is trailing twelve month Net Operating Income as of the termination date of the Interest Rate Cap Agreement and the denominator of which is Closing Date NOI and (b) 10.50%.
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MAXIMUM LEGAL. RATE - as defined in SECTION 3.1(C) of this Agreement. MONEY BORROWED - as applied to Indebtedness, means (a) Indebtedness for borrowed money; (b) Indebtedness, whether or not in any such case the same was for borrowed money, (i) which is represented by notes payable or drafts accepted that evidence extensions of credit, (ii) which constitutes obligations evidenced by bonds, debentures, notes or similar instruments, or (iii) upon which interest charges are customarily paid (other than accounts payable) or that was issued or assumed as full or partial payment for Property; (c) Indebtedness that constitutes a Capitalized Lease Obligation; and (d) Indebtedness under any guaranty of obligations that would constitute Indebtedness for Money Borrowed under clauses (a) through (c) hereof. MORNING SUN - as defined in the preamble of this Agreement.
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Examples of MAXIMUM LEGAL in a sentence

  • YOUR ACCOUNT WILL CONTINUE TO BE INSURED UP TO THE MAXIMUM LEGAL LIMIT BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, AN AGENCY OF THE U.S. GOVERNMENT.

  • INTEREST WILL BE CHARGED AT THE RATE OF 1 1/ 2% PER MONTH OR THE MAXIMUM LEGAL RATE, WHICHEVER IS LESS, ON PAST DUEACCOUNTS AFTER 30 DAYS FROM DATE OF INVOICE.

  • Notwithstanding anything in this Convertible Note, the Credit Agreement or any other Credit Document to the contrary, nothing contained in this Convertible Note, the Credit Agreement or any other Credit Document shall be deemed to require the payment by Borrower of interest on the indebtedness evidenced by this Convertible Note in excess of the amount which Purchaser may lawfully contract to charge under applicable usury and other laws (the "MAXIMUM LEGAL RATE").

  • Nothing contained in this Note or in any agreements --------- between Payor and Payee shall be deemed to require the payment by Payor of interest on the indebtedness evidenced by this Note in excess of the rate that Payee may lawfully contract to charge under applicable usury and other laws (the "MAXIMUM LEGAL RATE").

  • MAXIMUM LEGAL RATE - as defined in SECTION 3.1(C) of this Agreement.

  • THE FURTHER PURPOSE OF THIS ORDINANCE IS TO PROVIDE THE MAXIMUM LEGAL PROTECTION AVAILABLE TO THE DEPARTMENT CHIEF AND MUNICIPAL FIREFIGHTERS, AND TO BEST PROTECT THE HEALTH, SAFETY, AND WELFARE OF THE RESIDENTS OF ROXBURY.

  • Subsequent changes in or to the foregoing (for which Deloitte shall have no responsibility to advise Client) may result in the Services provided by or on behalf of Deloitte being rendered invalid.

  • INTEREST WILL BE CHARGED AT THE RATE OF 1.5 PERCENT PER MONTH OR THF MAXIMUM LEGAL RATE: WHICHEVER IS LESS ON THE PAST DUE ACCOUNTS AFTER (45) DAYS FROM THE DATE OF INVOICE.

  • FOR NON-GOVERNMENT CUSTOMERS: ANY AMOUNTS NOT PAID WHEN DUE SHALL BEAR INTEREST AT A RATE OF TWELVE PERCENT (12.0%) PER ANNUM, OR THE MAXIMUM LEGAL RATE IF LESS, COMMENCING WITH THE PAYMENT DUE DATE.

  • One ERC is equivalent to 400 gallons per day.FIGURE ES.2: MAXIMUM LEGAL SANITARY SEWER IMPACT FEE Units of MeasureThe District reserves the right under the Impact Fees Act (Utah Code 11-36a-402(1)(c,d)) to assess an adjusted fee to respond to unusual circumstances and to ensure that the impact fees are assessed fairly.


More Definitions of MAXIMUM LEGAL

MAXIMUM LEGAL. RATE shall mean the maximum lawful interest rate which may be contracted for, charged, taken, received or reserved under this Financing Agreement by CITBC in accordance with applicable state or federal law, taking into account all items contracted for, charged or received in connection with the Obligations evidenced hereby which are treated as interest under the applicable state or federal law, as such rate may change from time to time. For purposes of determining the Maximum Legal Rate under the applicable law of the State of Texas, to the extent that any of the optional interest rate ceilings provided in Chapter 303 of the Texas Finance Code (Vernon's Texas Code Annotated), as amended from time to time (as amended, the "Texas Finance Code"), may be available for application to any loan(s), advances(s) or extension(s) of credit made hereunder or otherwise for the purpose of determining the maximum allowable interest hereunder pursuant to the Texas Finance Code, the applicable "weekly ceiling" (as such term is defined in Chapter 303 of the Texas Finance Code) from time to time in effect shall be used to the extent that it is so available.
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MAXIMUM LEGAL. RATE shall mean the maximum lawful interest rate which may be contracted for, charged, taken, received or reserved under this Credit Agreement or the Loan Documents by CIT in accordance with applicable state or federal law (whichever provides for the highest permitted rate), taking into account all items contracted for, charged, or received in connection with the Obligations evidenced hereby which are treated as interest under the applicable state or federal law, as such rate may change from time to time. The Maximum Legal Rate shall be calculated in a manner that takes into account any and all fees, payments and other charges in respect of the Loan Documents that constitute interest under applicable law. Each change in any interest rate provided for herein based upon the Maximum Legal Rate resulting from a change in the Maximum Legal Rate shall take effect without notice to the Company at the time of such change in the Maximum Legal Rate. For purposes of determining the Maximum Legal Rate under Texas law, the applicable rate ceiling shall be: (a) the "weekly ceiling" described in and computed in accordance with the provisions of Section 303.003 of the Texas Finance Code, as amended; or (b) if the parties subsequently contract as allowed by Texas law, the quarterly ceiling or the annualized ceiling computed pursuant to Section 303.008 of the Texas Finance Code, as amended; provided, however, that at any time the "weekly ceiling", the quarterly ceiling or the annualized ceiling shall be less than 18% per annum or more than 24% per annum, the provisions of Section 303.009(a) and Section 303.009(b) of the Texas Finance Code, as amended, shall control for purposes of such determination, as applicable."
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MAXIMUM LEGAL. RATE shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Mezzanine Note and as provided for herein or the other Loan Documents (Junior Tier Mezzanine), under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. MEMBER POWER shall mean the member power executed by Mezzanine Borrower and substantially in the form of EXHIBIT L.
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MAXIMUM LEGAL. RATE shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.
Sample 1
MAXIMUM LEGAL. RATE shall mean the maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Mezzanine Note and as provided for herein or the other Loan Documents (Mezzanine), under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. MEMBER POWER shall mean the member power executed by Mezzanine Borrower and substantially in the form of EXHIBIT L. MEZZANINE ACCOUNT shall have the meaning set forth in Section 3.1.1.
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MAXIMUM LEGAL. RATE shall mean the maximum lawful interest rate which may be contracted for, charged, taken, received or reserved under this Financing Agreement by CITBC in accordance with applicable state or federal law (whichever provides for the highest permitted rate), taking into account all items contracted for, charged or received in connection with the Obligations evidenced hereby which are treated as interest under the applicable state or federal law, as such rate may change from time to time. If the Laws of the State of Texas are applicable for purposes of determining the "Maximum Legal Rate" then that term means the "weekly ceiling" from time to time in effect under Texas Finance Code ss.303.305. Borrower agrees that Chapter 346 of the Texas Finance Code, as amended (which regulates certain revolving credit loan accounts and revolving triparty accounts), does not apply to the Obligations. OBLIGATIONS shall mean: (a) all loans and advances made or to be made by CITBC to any Loan Party or to others for any Loan Party's account under any Loan Document (including, without limitation, all Revolving Loans, Letters of Credit and Term Loan); and (b) any and all indebtedness and obligations which may at any time be owing by any Loan Party to CITBC howsoever arising, under any Loan Document, whether now in existence or incurred from time to time hereafter, whether secured by pledge, lien upon or security interest in any Loan Party's assets or property or the assets or property of any other person, firm, entity or corporation; in each case, irrespective of whether such indebtedness is absolute or contingent, joint or several, matured or unmatured, direct or indirect, and irrespective of whether any Loan Party is liable to CITBC for such indebtedness as principal, surety, endorser, guarantor or otherwise. Obligations shall also include indebtedness owing to CITBC: (a) under this Financing Agreement or under any other Loan Document now or hereafter entered into between any Loan Party and CITBC; (b) indebtedness or obligations incurred by, or imposed on, CITBC as a result of environmental claims (other than as a result of actions of CITBC) arising out of any Loan Party's operation, premises or waste disposal practices or sites; (c) any Loan Party's liability to CITBC as maker or endorser on any promissory note or other instrument for the payment of money issued under any Loan Document; (d) any Loan Party's liability to CITBC under any instrument of guaranty or indemnity, or...
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Related to MAXIMUM LEGAL

  • Maximum Legal Rate means the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan.

  • Maximum Incremental Amount means, at any time, the sum of (a) $1,400.0 million minus the Dollar Equivalent amount (measured at the time of incurrence) of New Term Loans, New Revolving Commitments and Permitted Alternative Incremental Facilities Debt previously established or incurred in reliance on this clause (a) plus (b) the aggregate Dollar Equivalent amount (measured at the time of prepayment or reduction) of Term Loans and Revolving Commitments outstanding on the Closing Date (or established pursuant to clause (a) above) that are optionally prepaid or optionally reduced (other than with the proceeds of long-term Indebtedness (other than borrowings under any revolving credit facility) and other than Revolving Commitments replaced with New Revolving Commitments) following the Closing Date and on or prior to such time (and, in the case of any prepayment of Term Loans pursuant to Section 2.08(d), based on the Dollar Equivalent amount (measured at the time of each applicable prepayment) expended by the Borrowers pursuant to such Section 2.08(d) and not the principal amount) plus (c) an unlimited amount so long as, in the case of this clause (c) only, on a pro forma basis (including the application of proceeds therefrom but excluding any increase in cash and cash equivalents and treating any New Revolving Commitments established pursuant to this clause (c) as fully drawn and all Permitted Alternative Incremental Facilities Debt incurred pursuant to this clause (c) as secured by Liens whether or not actually secured (but without giving effect to any substantially simultaneous incurrence of any New Term Loans, New Revolving Commitments or Permitted Alternative Incremental Facilities made pursuant to the foregoing clauses (a) and (b))), the Consolidated Secured Debt Ratio would not exceed 3.00 to 1.00 (it being understood that the Borrowers shall be deemed to have used amounts under clause (c) (to the extent compliant herewith) prior to utilization of amounts under clause (a) or (b)).

  • Final Legal Distribution Date means (i) with respect to the Class AA Certificates, December 15, 2029, (ii) with respect to the Class A Certificates, December 15, 2029 and (iii) with respect to the Class B Certificates, December 15, 2025.

  • Maximum Loan Rate With respect to each Mortgage Loan, the percentage set forth in the related Mortgage Note as the maximum Loan Rate thereunder.

  • Maximum Stock Loan Rate As provided in Annex A to this Confirmation.

  • Minimum Disbursement Amount means Twenty-Five Thousand and No/100 Dollars ($25,000).

  • Maximum Loan Amount has the meaning set forth in Section 2.1(a).

  • Maximum Program Amount means Common Shares with an aggregate Sales Price of the lesser of (a) the number or dollar amount of Common Shares registered under the effective Registration Statement (defined below) pursuant to which the offering is being made, (b) the number of authorized but unissued Common Shares (less Common Shares issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company’s authorized capital stock), (c) the number or dollar amount of Common Shares permitted to be sold under Form S-3 (including General Instruction I.B.6 thereof, if applicable), or (d) the number or dollar amount of Common Shares for which the Company has filed a Prospectus (defined below).

  • Maximum Potential Additional Dividend Liability, as of any Valuation Date, means the aggregate amount of Additional Dividends that would be due if the Corporation were to make Retroactive Taxable Allocations, with respect to any fiscal year, estimated based upon dividends paid and the amount of undistributed realized net capital gains and other taxable income earned by the Corporation, as of the end of the calendar month immediately preceding such Valuation Date and assuming such Additional Dividends are fully taxable.

  • Maximum Cap Rate For any Distribution Date with respect to the Group I Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group I Mortgage Loans minus an amount, expressed as a percentage, equal to the Net Swap Payment and Swap Termination Payment, if any (other than termination payments resulting from a Swap Provider Trigger Event), due from the Trust for such Distribution Date, multiplied by 12, weighted on the basis of the outstanding Stated Principal Balances of the Group I Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12. For any Distribution Date with respect to the Group II Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group II Mortgage Loans minus an amount, expressed as a percentage, equal to the Net Swap Payment and Swap Termination Payment, if any (other than termination payments resulting from a Swap Provider Trigger Event), due from the Trust for such Distribution Date, multiplied by 12, weighted on the basis of the outstanding Stated Principal Balances of the Group II Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12. For any Distribution Date with respect to the Mezzanine Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average (weighted on the basis of the results of subtracting from the aggregate Stated Principal Balance of the applicable Loan Group, the current Certificate Principal Balance of the related Class A Certificates) of the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group I Mortgage Loans and the Group II Mortgage Loans, in each case, weighted on the basis of the outstanding Stated Principal Balances of the related Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12.

  • Incremental Amount means, at any time, the excess, if any, of (a) $200.0 million over (b) the aggregate amount of all Incremental Term Loan Commitments and Incremental Revolving Facility Commitments established prior to such time pursuant to Section 2.21.

  • Maximum Swingline Amount means $5,000,000.

  • Maximum Interest Rate means the rate of interest that results in the maximum amount of interest allowed by applicable law.

  • Maximum Term Loan Amount means Forty Million and No/100 Dollars ($40,000,000).

  • Maximum Drawing Amount means at the time in question the sum of the maximum amounts which LC Issuer might then or thereafter be called upon to advance under all Letters of Credit which are then outstanding.

  • Maximum Undrawn Amount means with respect to any outstanding Letter of Credit, the amount of such Letter of Credit that is or may become available to be drawn, including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective.

  • Supplemental Amount The amount deposited in the Supplemental Loan Account on the Closing Date, which shall equal $0.00.

  • Maximum Incremental Facilities Amount means, at any date of determination, (a) the sum of (i) $500,000,000, plus (ii) an amount such that the Borrower is in Pro Forma Compliance with the Senior Secured Leverage Test (for the avoidance of doubt without netting any cash from the proceeds of any Indebtedness being incurred in reliance on such test and, if applicable, assuming the full amount of any New Revolving Credit Commitments are drawn), plus (iii) amounts used to incur Indebtedness the Net Cash Proceeds of which are substantially concurrently used to refinance or replace Revolving Credit Commitments and/or Term Loans (including any fees, accrued interest or other amounts owing in respect thereof), plus (iv) from and after the 2012 Extension Effective Date, the aggregate principal amount of 2014 Term Loans outstanding as of such date of determination, provided that such additional amounts pursuant to this clause (iv) are only available to the extent such amounts are used to incur Indebtedness the Net Cash Proceeds of which are substantially concurrently used to prepay 2014 Term Loans in accordance with Section 5.1 of this Agreement (such prepaid 2014 Term Loans, “Incremental Facility Prepaid 2014 Term Loans”) plus (v) the Dollar Equivalent principal amount of Term Loans (other than New Term Loans, Incremental Facility Prepaid 2014 Term Loans or Term Loans refinanced or replaced pursuant to clause (iii) above) voluntarily prepaid pursuant to Section 5.1 prior to such date, plus (vi) the amount of all Revolving Credit Commitments that have either been permanently reduced pursuant to Section 4.2 or have otherwise terminated in accordance with the terms of this Agreement after the 2012 Extension Effective Date (without duplication of the amounts incurred pursuant to clause (iii) above) minus (b) the sum of (i) the aggregate principal amount of New Loan Commitments incurred pursuant to Section 2.14(a) prior to such date and (ii) the aggregate principal amount of Permitted Other Indebtedness issued or incurred pursuant to Section 10.1(bb)(i)(a) prior to such date.

  • Maximum Face Amount means, with respect to any outstanding Letter of Credit, the face amount of such Letter of Credit including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective.

  • Maximum Principal Amount the meaning set forth in Section 2.1(a).

  • Maximum Lawful Rate has the meaning set forth in Section 2.7.