Definition of Permanent Loan Conversion Date


Permanent Loan Conversion Date means the day of satisfaction of the Conditions to Conversion as defined in Section 2 of the Note, which shall occur on or before [DATE], unless extended pursuant to the Note, but in no case beyond [DATE] which satisfaction shall be confirmed in writing to the Trustee by the Bondowner Representative.

Examples of Permanent Loan Conversion Date in a sentence

Furthermore, Bondowner Representative agrees to deliver to the Trustee on or before the Permanent Loan Conversion Date a schedule of principal payments to be made by Borrower pursuant to the Note monthly following the Permanent Loan Conversion Date, which amounts will be applied to the mandatory sinking fund redemption of the Bond pursuant to Section 3.01(c) of the Indenture.
On and following the Permanent Loan Conversion Date, accrue interest at the Reset Rate per annum on the Disbursed Amount calculated on the basis of a 360 day year, consisting of twelve (12) thirty (30) day months, and interest for any partial calendar month shall be calculated at the Reset Rate on the basis of a three hundred sixty five (365) or three hundred sixty six (366) day year (as applicable) and the actual number of days in that month.
The date of such conversion shall be referred to herein as the "Permanent Loan Conversion Date".
The "Permanent Loan Maturity Date" shall be the date which is thirty (30) years after the Permanent Loan Conversion Date.
The Bondowner Representative shall, as servicer of the Loan, calculate the amount of principal and interest due monthly (together with amounts due for the Issuer's Ongoing Fee) and submit such calculations to the Trustee in writing at least 3 Business Days before each Payment Date and shall confirm to the Trustee in writing the Permanent Loan Conversion Date.