PER DIEM Definition

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PER DIEM is a. one every day (e.g., save 10 man-hours per diem) or, b. payment of daily expenses and/or fees of an employee or an agent.

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LOAN COVENANT is a legally enforceable promise or restriction in a mortgage. For example, the borrower may covenant to keep the property in good repair and adequately insured against fire and other casualties. A breach of covenant in a mortgage usually creates a default, defined by the mortgage, and can be the basis for foreclosure.

EDP see Electronic Data Processing.

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