Ensign Master Lease definition

Ensign Master Lease means any master lease entered into by the Borrower or any of its Subsidiaries with one or more of Wholly Owned Subsidiaries of Ensign that operate Healthcare Facilities located on Real Property Assets that are Ensign Assets, pursuant to which such Wholly Owned Subsidiaries of Ensign lease from the Borrower or any of its Subsidiaries, as the case may be, the Real Property Assets underlying such Healthcare Facilities, in each case in substantially the form of such master leases delivered to the Administrative Agent on or prior to the Closing Date with respect to the Ensign Assets that are the Borrowing Base Assets as of the Closing Date, as the same may be modified in accordance with Section 7.12, or otherwise reasonably acceptable to the Administrative Agent.
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Ensign Master Lease means any master lease entered into by the Borrower or any of its Subsidiaries with one or more of Wholly Owned Subsidiaries of Ensign that operate Healthcare Facilities located on Real Property Assets that are Ensign Assets, pursuant to which such Wholly Owned Subsidiaries of Ensign lease from the Borrower or any of its Subsidiaries, as the case may be, the Real Property Assets underlying such Healthcare Facilities.
Sample 1Sample 2
Ensign Master Lease means any master lease entered into by the Borrower or any of its Subsidiaries with one or more of Wholly Owned Subsidiaries of Ensign that operate Healthcare Facilities located on Real Property Assets that are Ensign Assets, pursuant to which such Wholly Owned Subsidiaries of Ensign lease from the Borrower or any of its Subsidiaries, as the case may be, the Real Property Assets underlying such Healthcare Facilities..
Sample 1Sample 2

Examples of Ensign Master Lease in a sentence

  • To the knowledge of the Responsible Officers of the Loan Parties, except as set forth on Schedule 4.20 as of the Closing Date, there are no Medicare, Medicaid or any other recoupment or recoupments of any governmental or private health care payor being sought, requested, claimed, or threatened, against any Tenant under an Ensign Master Lease and any Eligible Tenant, which, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect.

  • To the knowledge of the Responsible Officers of the Loan Parties, no Tenant under an Ensign Master Lease and no Eligible Tenant is currently subject to suspension, revocation, renewal or denial of its Medicare and/or Medicaid certification, supplier billing number(s), or Medicare and/or Medicaid participation agreement(s), except to the extent such suspension, revocation, renewal or denial would not reasonably be expected to result in a Material Adverse Effect.

Related to Ensign Master Lease

  • Master Leases means the PropCo Master Leases and each other Material Master Lease.

  • Ground Lease means a lease creating a leasehold estate in real property where the fee owner as the ground lessor conveys for a term or terms of years its entire interest in the land and buildings and other improvements, if any, comprising the premises demised under such lease to the ground lessee (who may, in certain circumstances, own the building and improvements on the land), subject to the reversionary interest of the ground lessor as fee owner. With respect to any Mortgage Loan where the Mortgage Loan is secured by a Ground Leasehold estate in whole or in part, and the related Mortgage does not also encumber the related lessor’s fee interest in such Mortgaged Property, based upon the terms of the Ground Lease and any estoppel or other agreement received from the ground lessor in favor of Mortgage Loan Seller, its successors and assigns (collectively, the “Ground Lease and Related Documents”), Mortgage Loan Seller represents and warrants that:

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Occupancy Agreement means a written agreement entered into between an assisted living program and a tenant that clearly describes the rights and responsibilities of the assisted living program and a tenant, and other information required by rule. “Occupancy agreement” may include a separate signed lease and signed service agreement.

  • Facility Lease means a lease or master lease with respect to any Real Property Asset owned or ground leased by any of the Consolidated Parties as lessor, to a third party Tenant, which, in the reasonable judgment of the Administrative Agent, is a triple net lease such that such Tenant is required to pay all taxes, utilities, insurance, maintenance, casualty insurance payments and other expenses with respect to the subject Real Property Asset (whether in the form of reimbursements or additional rent) in addition to the base rental payments required thereunder such that net operating income to the applicable Consolidated Party for such Real Property Asset (before non-cash items) equals the base rent paid thereunder; provided, that each such lease or master lease shall be in form and substance reasonably satisfactory to the Administrative Agent.