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 (Fourth 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 (FOURTH MEZZANINE) shall mean, (i) the Initial LIBOR Cap Strike Rate through the termination date of the Interest Rate Cap Agreement (Fourth 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 (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 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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Examples of MAXIMUM LEGAL in a sentence

  • 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").

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

  • 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").

  • 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.

  • ANY SUM DUE AND PAYABLE TO LANDLORD UNDER THE TERMS OF THIS LEASE WHICH IS NOT PAID WITHIN FIVE BUSINESS (5) DAYS OF THE DATE DUE, SHALL BEAR INTEREST AT THE LESSER OF (A) TEN PERCENT (10%) PER ANNUM; OR (B) THE MAXIMUM LEGAL RATE FROM THE DATE WHEN THE SAME BECOMES DUE AND PAYABLE BY THE PROVISIONS HEREOF UNTIL PAID.

  • 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, 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.

  • In no event shall interest contracted for, charged or received hereunder, plus any other charges in connection herewith which constitute interest, exceed the maximum interest permitted by applicable law (the "MAXIMUM LEGAL RATE").

  • OR AUTHORIZED BY: ▇▇▇▇▇ ▇▇▇▇▇▇’▇ NAME: DRIVER’S SOCIAL SECURITY NUMBER: SERIAL NO: NE UZN 511 LICENSE NUMBER: 26,000 MAXIMUM LEGAL GCW / GVW: STREET: CITY: STATE: ZIP: ____ ____ DESTINATION / AREA OF OPERATION: NE A.


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 (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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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 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 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 - 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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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.
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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 A Certificates, December 3, 2026, (ii) with respect to the Class B Certificates, December 3, 2022 and (iii) with respect to the Class C Certificates, June 3, 2021.

  • 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 Daily Limit means the maximum allowable "Daily Concentration" (defined above) when expressed as a concentration (e.g. mg/l), otherwise, it means the maximum allowable "Daily Quantity" as defined above, unless it is expressed as a flow quantity. If expressed as a flow quantity it means "Maximum Daily Flow" as defined in Section 22a-430-3(a) of the RCSA.