Permanent Closing definition

Permanent Closing means, after the Commercial Operation Date, the occurrence of any of the following events: (i) for any period of eighteen (18) consecutive Months, excluding periods of Outages due to Force Majeure affecting Resource Provider or any PREPA Risk Event, Facility Availability equals zero (0), or (ii) for any period of thirty-six (36) consecutive Months, regardless of whether Resource Provider claims Force Majeure during such period, Facility Availability equals zero (0), in each case excluding periods of Outages due to any PREPA Risk Event.

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Permanent Closing means the date the Bank Tax-Exempt Construction Loan and Bank Taxable Construction Loan are paid off in full.

Permanent Closing means the date the Bank Loan is paid in full.

Examples of Permanent Closing in a sentence

As applied to the Affordable Housing Development, the Term of this Agreement shall commence on the Effective Date and end on the earliest of: (1) the Affordable Development Permanent Closing; or (2) the date of any termination of this Agreement in accordance with the provisions hereof.
Comply with all conditions of the Permanent Commitment and execute all documents necessary for the Permanent Closing.
The County will disburse the Predevelopment Component subject to the conditions precedent set forth in subsection (a) below, the Construction Component at the Construction Closing subject to the conditions precedent setforth in subsection (b) below (but in no event before the Construction Closing), and the Completion Component at Permanent Closing subject to the conditions precedent set forth in subsection (c).
Concurrently with Permanent Closing, Borrower shall establish and maintain an account that is available to fund operating deficits (which is the amount by which Annual Operating Expenses exceed Gross Revenue for any period) (the "Operating Reserve Account").
Concurrently with Permanent Closing, Borrower shall establish and maintain an account that is available for capital expenditures for repairs and replacement necessary to maintain the Development in the condition required by the Loan Documents (the "Replacement Reserve Account").

More Definitions of Permanent Closing

Permanent Closing means, after the Commercial Operation Date, the occurrence of any of the following events: (i) for any period of twelve (12) consecutive Months, excluding periods of Outages due to Force Majeure affecting Resource Provider or any PREPA Risk Event, GSDS Availability equals zero (0), or (ii) for any period of twenty-four (24) consecutive Months, regardless of whether Resource Provider claims Force Majeure during such period, GSDS Availability equals zero (0), in each case excluding periods of Outages due to any PREPA Risk Event.

Permanent Closing means the date upon which all financing necessary for the operation of the Project on the Property closes, and any deeds of trust related to such financing are recorded against the Property.

Permanent Closing means the date that all deeds of trust (or assignments of deeds of trust) associated with Approved Financing necessary for the permanent financing of the Development as shown on the Approved Development Budget, including the VHPP Loan deed of trust, have been recorded against the Property are converted to permanent loan deeds of trust, which shall also be referenced as the "Conversion Date".