RIDER TO OPERATOR SECURITY AGREEMENT Sample Clauses

RIDER TO OPERATOR SECURITY AGREEMENT. Notwithstanding any provision in the Operator Security Agreement to the contrary, upon the occurrence of an Event of Default under the Loan Documents, provided the Operator is not in violation of the Operator Regulatory Agreement, for so long as (i) Operator’s lease payments continue to be made (whether directly or indirectly, pursuant to any escrow agreements or other agreements among the parties) to the satisfaction of the Lender; (ii) Operator is not in violation of any provision of the Borrower-Operator Agreement, and (iii) there is no Material Risk of Termination, the Lender, on behalf of itself, its successors and assigns, agrees that it will not exercise any remedies available to it under Section 9 of the Operator Security Agreement against Operator or the Collateral. Should the Lender, its successors or assigns, whether through judicial or non-judicial foreclosure, public or private sale, deed or assignment in lieu of foreclosure, or otherwise, take title to the Land, Improvements and/or other assets of the Borrower (including the Borrower’s rights as landlord under the Borrower-Operator Agreement), provided the Healthcare Facility remains in operation and the Operator is not in violation of the Operator’s Regulatory Agreement, the Lender and its successors and assigns agree that the term “Obligations” in the Operator Security Agreement shall be limited to the definitions set forth in subsections 1(b)(2), (3) and (4). Furthermore, Xxxxxx agrees that so long as the Operator is not in violation of the Operator Regulatory Agreement, to the extent Operator has funded Escrowed Funds, tax and/or insurance impounds, Lender, on behalf of itself, its successors or assigns, will permit withdrawals by, or utilization of such funds by or on behalf of, Operator for their intended purpose. The provisions of this Paragraph C shall supersede any set-off or lien rights of the Lender under Section 1(c) of the Operator Security Agreement. Upon indefeasible payment in full of the Loan, as determined by Xxxxxx, in its sole discretion, and written request by the Operator to do so, Xxxxxx agrees to promptly release its lien on the Collateral. To the extent there is an inconsistency between the provisions of this Rider and the provisions of the Operator Security Agreement, the provisions of this Rider shall be controlling. Operator certifies that no individual with a financial interest in Operator (direct or indirect, including without limitation any individual with an in...
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RIDER TO OPERATOR SECURITY AGREEMENT. A. Notwithstanding any provision in the Supplemental Operator Security Agreement to the contrary, upon the occurrence of an Event of Default under the Loan Documents, provided the Operator is not in violation of the Operator Regulatory Agreement, for so long as (i) Operator’s lease payments continue to be made (whether directly or indirectly, pursuant to any escrow agreements or other agreements among the parties) to the satisfaction of the Lender; (ii) Operator is not in violation of any provision of the Borrower-Operator Agreement, and (iii) there is no Material Risk of Termination, the Lender, on behalf of itself, its successors and assigns, agrees that it will not exercise any remedies available to it under Section 9 of the Supplemental Operator Security Agreement against Operator or the Collateral.

Related to RIDER TO OPERATOR SECURITY AGREEMENT

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