Common use of SECURITY INTEREST; SETOFF Clause in Contracts

SECURITY INTEREST; SETOFF. (a) To secure the full, prompt and complete payment and performance of all Obligations, the Master Tenant hereby, to the fullest extent permitted by applicable law with respect to Healthcare Assets, grants to, and creates in favor of, the Secured Party a continuing security interest in any and all of Master Xxxxxx’s right, title and interest in and to the property described on Exhibit B attached hereto and incorporated herein by reference (the "Collateral"). "Obligations" means: (1), as of any date, the Loan and all other indebtedness, liabilities, obligations, covenants, debts and amounts owing from the Borrower, Operator, and/or Master Tenant to the Secured Party and/or HUD arising out of, in connection with, described in, or evidenced by the Loan Documents, whether direct or indirect, absolute or contingent, related or unrelated, now or in the future existing and whether consisting of principal, interest, fees, indemnities, expenses (including attorneys' fees), charges or other sums, however any of that indebtedness, obligations, or liabilities may be evidenced or acquired, all as now exist or may, after the date of this Agreement, be incurred, renewed, extended, consolidated, adjusted or amended; (2) Master Tenant’s rent payments (including all tax, insurance or other capital, repair or impound reserve payments required under the Master Lease) and the performance by Master Tenant of its obligations under the Master Lease .

SECURITY INTEREST; SETOFF. (a) To secure the full, prompt and complete payment and performance of all Obligations, the Master Tenant Operator hereby, to the fullest extent permitted by applicable law with respect to Healthcare Assets, grants to, and creates in favor of, the Secured Party a continuing security interest in any and all of Master XxxxxxOperator’s right, title and interest in and to the property described on Exhibit B attached hereto and incorporated herein by reference (the "Collateral"). "Obligations" means: [(1), ,] as of any date, the Loan and all other indebtedness, liabilities, obligations, covenants, debts and amounts owing from the Borrower, Operator, Borrower and/or Master Tenant the Operator to the Secured Party and/or HUD arising out of, in connection with, described in, or evidenced by the Loan Documents, whether direct or indirect, absolute or contingent, related or unrelated, now or in the future existing and whether consisting of principal, interest, fees, indemnities, expenses (including attorneys' fees), charges or other sums, however any of that indebtedness, obligations, or liabilities may be evidenced or acquired, all as now exist or may, after the date of this Agreement, be incurred, renewed, extended, consolidated, adjusted or amended; [use the following if the Operator Agreement is a lease: (2) Master TenantOperator’s rent payments (including all tax, insurance or other capital, repair or impound reserve payments required under the Master LeaseOperator Agreement) and the performance by Master Tenant [Operator of its obligations under the Master Lease Operator Agreement.]