Not less than definition

Not less than so many days or weeks means ‘clear’ days or weeks. A period of “not less than” a month’s notice accordingly means a period of one month excluding the day from which it ran and the day on which the notice expired. Where the parties to a document use terms which have an established meaning in law, they will usually be taken to have used them in that established meaning. The appellant gave the respondent a calendar month’s salary in lieu of notice, which was all the respondent was entitled to and not six months as found by the Court of Appeal. The defendant therefore acted within the provision of clause 9 of the agreement relative to the length of notice for its termination. R v Turner [1910] 1 KB 346 applied.
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Not less than so many days or weeks means ‘clear’ days or weeks, as the authorities indicate since Chambers v Smith. That construction of the phrase in the statutes is equally recognised in the construction of deeds and other writings. See Norton on Deeds [2nd Ed] at p 185. A period of ‘not less than’ a month’s notice accordingly means a period of one month excluding the day from which it ran and the day on which the notice expired. Where the parties to a document use terms which have an established meaning in law, they will usually be taken to have used them in that established meaning.
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Not less than means that the minimum amount that Congress expects will be obligated or expended. This is often referred to as a floor.
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Related to Not less than

  • Less Cash Distributions (through September 30, 1996) (661) (661) (634) (634) (574) (574) Estimated 1996 Rental Loss (16) (16) (16) Estimated 1996 Investment Interest Expense (11) (11) (11) (11) (11) (11) Estimated Current Basis Per Interest 1,379 2,040 1,405 2,043 1,479 2,068 THE FOREGOING ESTIMATE INCLUDES ESTIMATES OF THE ALLOCATED PORTIONS OF ITEMS ATTRIBUTABLE TO 1996 (INCLUDING INTEREST INCOME, AND PASSIVE ACTIVITY LOSSES). EACH LIMITED PARTNER MUST DETERMINE HIS OWN ADJUSTED BASIS. Under the foregoing and utilizing the estimated adjusted tax basis, an original Limited Partner whose Interests are purchased in the Offer would incur a gain of approximately $245 to $345 per Interest (on average) for taxable limited partners or a loss of approximately $316 to $344 per Interest (on average) for tax- exempt limited partners as follows: 1986 1986 1987 1987 1988 1988 Taxable Tax Exempt Taxable Tax Exempt Taxable Tax Exempt Cash for Interests 402 402 402 402 402 402 Relief from Non-Recourse Liabilities 1,322 1,322 1,322 1,322 1,322 1,322 Selling Price 1,724 1,724 1,724 1,724 1,724 1,724 Subtracted Basis (computed above) (1,379) (2,040) (1,405) (2,043) (1,479) (2,068) Taxable gain (loss) $ 345 $ (316) $ 319 $ (319) $ 245 $ (344) Such a loss will be a capital loss if the Interests are a capital asset in the hands of the current Limited Partner. Capital losses are deductible only to the extent of capital gains plus, in the case of a noncorporate taxpayer, ordinary income up to $3,000. Noncorporate taxpayers can carry a net capital loss forward until it is exhausted. Corporations can carry net capital losses back three years and forward five years. The actual taxable gain (loss) for any particular Limited Partner may vary depending on that Limited Partner's particular circumstances. For example, if a current Limited Partner acquired an Interest from another Limited Partner rather than in the initial offering of Interests, the current Limited Partner's basis for his Interests is probably not between $1,379 to $1,479 for taxable limited partners (the amounts shown above). Furthermore, if the Limited Partner has suspended passive activity losses from this Partnership or from any other activity, the Limited Partner may be able to offset the income allocated to him by the Partnership for 1996 by the amount of his suspended passive activity losses. The General Partner estimates that the amount of suspended passive activity losses from this Partnership would range from $325 to $344 per Interest, on average, for taxable limited partners, unless such losses have previously been utilized by the Limited Partner. Under this assumption, the resulting net gain (loss) of the sale of Interests pursuant to this Offer would range from a net loss of $80 per Interest to a net gain of $1 per Interest for taxable limited partners.

  • Five Percent Owner means, in the case of a corporation, any person who owns (or is considered as owning within the meaning of Code Section 416(i)) more than five percent of the outstanding stock of the Employer or stock possessing more than five percent of the total combined voting power of all stock of the Employer. In the case of an Employer that is not a corporation, “Five Percent Owner” shall mean any person who owns or under applicable regulations is considered as owning more than five percent of the capital or profits interest in the Employer. In determining percentage ownership hereunder, employers that would otherwise be aggregated under Code Sections 414(b), (c), and (m) shall be treated as separate employers.

  • Percent or "percentage" means the percentage by weight.

  • months shall be construed in accordance with Clause 1.3;

  • Fifty-Percent or Greater Interest shall have the meaning ascribed to such term for purposes of Sections 355(d) and (e) of the Code.

  • Frequent means at least 12 episodes of medical instability related to the progressively debilitating physical disorder within the past six months, or at least six episodes of medical instability related to the progressively debilitating physical disorder within the past three months.

  • Twelve-Month Period means a twelve-month period ending on the first anniversary of the Effective Date or on each subsequent anniversary thereof.

  • 12-Month Period means a rolling 12-month period measured backward from the date leave is taken and continuous with each additional leave day taken.

  • Class of business means all or a distinct grouping of small employers as shown on the records of the small employer carrier.

  • Total means the sum of all individual pesticides detected and quantified in the monitoring procedure, including their relevant metabolites, degradation and reaction products.

  • Monthly shall be construed accordingly;

  • Direct service means providing services to minor or vulnerable adult when the services are rendered in the physical presence of the minor or vulnerable adult. Services include, but are not limited to: providing individual services such as counseling, mentoring, job coaching, training, job search activities, testing or providing mental health and medical services to DWS customers. See Title 62A, Utah Human Services Code, Chapter 5, Services for People with Disabilities.

  • Days means calendar days unless otherwise specified.

  • Decrease means a Mandatory Decrease or a Voluntary Decrease, as applicable.

  • Fund Affiliate shall include any person or entity that would be defined as an affiliated person under the 1940 Act.

  • Replacement Cost means the cost to repair or rebuild the improvements owned by Lessor at the time of the occurrence to their condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of applicable building codes, ordinances or laws, and without deduction for depreciation.

  • Net Book Value means the net book value of the relevant Supplier Asset(s) calculated in accordance with the depreciation policy of the Supplier set out in the letter in the agreed form from the Supplier to the Costumer of even date with this Call Off Contract;

  • Ownership Interest As to any Certificate, any ownership or security interest in such Certificate, including any interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

  • Not Contingent means any obligation having as of the Delivery Date or Valuation Date, as applicable, and all times thereafter an outstanding principal balance or, in the case of obligations that are not Borrowed Money, a Due and Payable Amount, that pursuant to the terms of such obligation may not be reduced as a result of the occurrence or non-occurrence of an event or circumstance (other than payment). A Convertible Obligation, an Exchangeable Obligation and an Accreting Obligation shall satisfy the Not Contingent Deliverable Obligation Characteristic if such Convertible Obligation, Exchange Obligation or Accreting Obligation otherwise meets the requirements of the preceding sentence so long as, in the case of a Convertible Obligation or an Exchangeable Obligation, the right (A) to convert or exchange such obligation or (B) to require the issuer to purchase or redeem such obligation (if the issuer has exercised or may exercise the right to pay the purchase or redemption price, in whole or in part, in Equity Securities) has not been exercised (or such exercise has been effectively rescinded) on or before the Delivery Date or Valuation Date, as applicable. If a Reference Obligation is a Convertible Obligation or an Exchangeable Obligation, then such Reference Obligation may be included as a Deliverable Obligation only if the rights referred to in clauses (A) and (B) above have not been exercised (or such exercise has been effectively rescinded) on or before the Delivery Date or Valuation Date, as applicable.

  • Proportionate Share means, with respect to any Lender, the percentage obtained by dividing (a) the Commitment (or, if the Commitments are terminated, the outstanding principal amount of the Loans) of such Lender then in effect by (b) the sum of the Commitments (or, if the Commitments are terminated, the outstanding principal amount of the Loans) of all Lenders then in effect.

  • Ownership Share means, with respect to any Subsidiary of a Person (other than a Wholly Owned Subsidiary) or any Unconsolidated Affiliate of a Person, the greater of (a) such Person’s relative nominal direct and indirect ownership interest (expressed as a percentage) in such Subsidiary or Unconsolidated Affiliate or (b) such Person’s relative direct and indirect economic interest (calculated as a percentage) in such Subsidiary or Unconsolidated Affiliate determined in accordance with the applicable provisions of the declaration of trust, articles or certificate of incorporation, articles of organization, partnership agreement, joint venture agreement or other applicable organizational document of such Subsidiary or Unconsolidated Affiliate.

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  • Controlling Interest means: (1) an ownership interest or participating interest in a business entity by virtue of units, percentage, shares, stock, or otherwise that exceeds 10 percent; (2) membership on the board of directors or other governing body of a business entity of which the board or other governing body is composed of not more than 10 members; or (3) service as an officer of a business entity that has four or fewer officers, or service as one of the four officers most highly compensated by a business entity that has more than four officers.

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