What does "khalidina feeha abad" (خالدين فيها أبداً) mean?

The phrase خالدين فيها أبداً is often used in Quran. But, what is its precise meaning? As I understand it so far the "khalid" part means the immortality of the soul, and the "abad" part means either the "everlasting" or "indefinite" nature of the place? So, something like "the soul is immortal and in the place eternally/endlessly", or "the soul is immortal in the place indefinitely". Assuming I'm on the right track, there's a important distinction with "eternal" or "indefinite". Again, assuming its one of the two - which one is correct? Or is there some other meaning?