An audio signal having at least two channels can be efficiently down-mixed into a downmixe signal and a residual signal, when the down-mixing rule used depends on a spatial parameter that is derived from the audio signal and that is post-processed by a limiter to apply a certain limit to the derived spatial parameter with the aim of avoiding instabilities during the up-mixing or down-mixing process. By having a down-mixing rule that dynamically depends on parameters describing an interrelation between the audio channels, one can assure that the energy within the down-mixed residual signal is as minimal as possible, which is advantageous in the view of coding efficiency. By post processing the spatial parameter with a limiter prior to using it in the down-mixing, one can avoid instabilities in the down- or up-mixing, which otherwise could result in a disturbance of the spatial perception of the encoded or decoded audio signal.