Permanent Term definition
Examples of Permanent Term in a sentence
The first six (6) months worked by a Permanent, Term, or Temporary Employee shall be a Probationary Period.
In the event Borrower fails to pay any monthly installment due during the Permanent Term within fifteen (15) days after the same shall become due, the City may impose a late payment charge upon the Borrower of six (6%) percent of the amount of such payment.
Borrower shall not pay to any Affiliate of Borrower or of any Guarantor, any fees for the operation and management of the Project or any fees for consulting services rendered in connection therewith, until the thirteenth full calendar month after the commencement of the Permanent Term.
During the Construction Term (i.e., until the Conversion Date), the Notes shall provide for monthly payments of interest only; at all times following the Conversion Date ("Permanent Term"), the Borrower shall make amortized payments of principal and interest as more specifically set forth in the Notes.
Borrower shall have no right to make withdrawals from the Operating Cash Flow Account prior to the Permanent Term.
No further interest shall accrue on the principal balance of the loan and the Borrower shall have no further obligation to make interest payments during the balance of the Permanent Term.
Borrower may pay to the Management Fee Account (defined in paragraph 5.6 below) any fees for the operation and management of the Project which would otherwise have been paid to any Affiliate of Borrower prior to the date thirteen full calendar months after the commencement of the Permanent Term.
For the period beginning on the first day of the month following the Amortization Commencement Date and continuing on each Payment Date thereafter throughout the balance of the Permanent Term, the Borrower shall pay monthly installments of principal as set forth in the Amortization Schedule, and shall pay interest at the Applicable Rate.
So long as there is no Event of Default or Incipient Default of which Lender has notified Borrower under the Loan Documents, on the first day of the Permanent Term (or, if such funds may not be withdrawn due to the existence of an Incipient Default which is thereafter cured, then on the date such Incipient Default is cured), Borrower may withdraw all amounts previously deposited in the Operating Cash Flow Account.
The Board contributes sixty per cent (60%) of the Medical Services Plan of Permanent Permanent Term who elect to participate.