It's a "Soft Limiter".
A hard limiter has a fast attack time and a fast release time, whereas;
A soft limiter has a (relatively speaking) slower attack time, and much slower or longer release time.
So for a mastering bus it can't catch all the peaks, I did my last album using Logic's Limiter as the last plugin on the master bus, it has a option for release time, and a few other options LoudMax doesn't included. But for channel limiting I mostly use LoudMax, quick, easy, and visually easy to understand what's happening. I use BrainWorx bx_XL V2 Mastering limiter by Plugin Alliance, but also Waves "L2 Limiter" (brick wall), and Mastering The Mix "LIMITER".
Hope this helps...