Maximum Pay definition

Maximum Pay. Rate shall mean, (A) the Initial LIBOR Cap Strike Rate through the Initial Maturity Date and (B) during the term of each Extension Option (as defined in the Mezzanine Note), the lesser of (i) the product of (x) 6% and (y) a fraction, the numerator of which is trailing twelve month Net Operating Income as of the end of the Initial Maturity Date (or First Extended Maturity Date) and the denominator of which is Closing Date NOI and (ii) the rate, which when added to the average of the LIBOR Margin (Mortgage) and the LIBOR Margin applicable to each of the Mezzanine Loans (such average weighted to reflect the size of the associated Loan or Mezzanine Loan, as applicable, as a percentage of the total combined outstanding principal balance of the Loan and Mezzanine Loans), equals 10.50%.
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Examples of Maximum Pay in a sentence

  • The Interest Rate Cap Agreement shall have a strike rate equal to the Maximum Pay Rate.

  • The Interest Rate Cap Agreement shall have a strike rate equal to an amount such that the maximum interest rate paid by Issuers after giving effect to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate.

  • The Interest Rate Cap Agreement shall have a strike rate equal to an amount such that the maximum interest rate paid by Borrowers after giving effect to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate.

  • The notional amount of the Interest Rate Cap Agreement may be reduced from time to time and in an amount equal to any prepayment which is applied to reduce the principal balance of the Notes in accordance with Section 2.4 hereof; provided that the strike rate shall be equal to an amount such that the maximum interest rate paid by Issuers after giving effect to payments made under the Interest Rate Cap Agreement shall equal no more than the Maximum Pay Rate.

  • Advance Placement Test - 3 or Higher per Student: (D & F school $500, Maximum Pay $2,000) Contingent on State Funding teachers must have the Reading Endorsement on their DOE Certificate LEVEL INCREASES WILL NOT BE PAID AUTOMATICALLY EACH YEAR.

  • No payment will be made for material dredged below the Maximum Pay Depth (see Section 1.05, and the plan sheet C-18).

  • The Maximum Pay Level for all other teachers will be Pay Level-21 for BA, Pay Level-22 for MA, Pay Level-23 for SP and Pay Level-24 for DOC.

  • Material taken from beyond the limits of Maximum Pay Depth and perimeter will be deducted from the total amount dredged as excessive dredging for which payment will not be made.

  • To cover inaccuracies of the dredge operation within the area to be dredged, Maximum Pay Depth shall be one (1) foot below Required Dredge Depth, unless otherwise specified in writing by Port.

  • Advance Placement Test - 3 or Higher per Student: (D & F school $500, Maximum Pay $2,000) Contingent on State Funding the Reading Endorsement on their DOE Certificate The bonus will be paid at the end of each semester in recognition of outstanding attendance.

Related to Maximum Pay

  • Maximum Put Amount means the lesser of (i) Two Hundred Fifty Thousand Dollars ($250,000), or (ii) Two Hundred Fifty percent (250%) of the average of the Dollar Volume for the twenty (20) Trading Days immediately preceding the Put Date.

  • Maximum Premium has the meaning set forth in Section 7.06(b).

  • Minimum Payments $50 (with respect to all funds in the aggregate.)

  • Minimum Payment means the amount of minimum payment as stated in the Fee Schedule;

  • Maximum mass means the maximum mass stated by the vehicle manufacturer to be technically permissible (this mass may be higher than the "permissible maximum mass" laid down by the national administration).