Facility Operating Agreement definition

Facility Operating Agreement means, individually and collectively, any of an Operating Lease, Sublease, Management Agreement or any other agreement setting forth the responsibilities for the operation, management, maintenance or administration of any Mortgaged Property as a Seniors Housing Facility.

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Facility Operating Agreement means that certain agreement between Tenant and ACC SC Management LLC, executed in connection herewith, as amended, restated, replaced, supplemented or otherwise modified from time to time, relating to the operation of the Project or any other agreement that may be entered in the future relating to the operation of the Project, as the case may be.

Facility Operating Agreement means the Amended and Restated Facility Operating Agreement among the Owners and the Operator, as amended from time to time. As provided in Section 3.01(b), as of the date hereof the Facility Operating Agreement shall be between OMPA and OG&E and shall be in the form of Exhibit A.

Examples of Facility Operating Agreement in a sentence

• Purchaser shall reimburse Sellers for all costs and expenses incurred by Sellers or any of their Affiliates in connection with the operation of the Business from the Effective Time through the Closing (without duplication of any amounts paid by Purchaser to Sellers pursuant to the Transition Services Agreement, Facility Operating Agreement or Employee Leasing Agreement).

• Any right or privilege assigned or delegated by Borrower or Property Operator to any other Person shall be construed as being accompanied by each relevant obligation or restriction set forth in the Loan Documents or any Facility Operating Agreement, as applicable.

• This Agreement consists of this Facility Operating Agreement itself and the Schedule and Exhibits attached hereto, which documents shall comprise the entire understanding and agreement between Owner and Operator regarding the subject matter hereof and supersede all other understandings, agreements and representations (oral or written) made or dated prior to the date hereof.

• Lender shall have no obligation to provide any notice to Property Operator unless and until Lender has taken ownership or control of the Mortgaged Property, or in connection with Lender’s exercise of the power of attorney granted herein, and then only as required by the Loan Documents or the Facility Operating Agreement.

• Each Facility Operating Agreement or other similar agreement between Borrower and a new Property Operator must be approved in writing in advance by Lender, and Borrower and the new Property Operator must execute and deliver to Lender a SASA in form required by Lender, subject to the provisions of Section 6.03(a) (Property Management).

• Borrower agrees, and the Facility Operating Agreement shall provide, that Lender shall have the right to terminate the Facility Operating Agreement at any time upon the occurrence and continuance of an Event of Default.

• Borrower shall not and shall cause Property Operator not to make any material amendments or modifications to a Facility Operating Agreement, terminate a Facility Operating Agreement (except as provided in Section 8.21), or waive any material default thereunder, without the prior written consent of Lender.

• Within five days of Borrower’s receipt of notice thereof, Borrower shall give Lender written notice that any Property Operator has threatened in writing to terminate a Facility Operating Agreement or that a Property Operator has otherwise discontinued its operation and management of the Mortgaged Property.

• There is no condition under the Facility Operating Agreement that would cause Borrower, Affiliated Property Operator, Guarantor, or Key Principal to be in default under any obligation to Lender.

• The Facility Operating Agreement obligations will not render Affiliated Property Operator Insolvent.

More Definitions of Facility Operating Agreement

Facility Operating Agreement means that certain Operations and Maintenance Agreement, dated as of January 1, 2004, by and between the Company and the Facility Operator, as amended.

Facility Operating Agreement means an agreement between a Property Manager and a Lessee for the provision of management services for a Property in the form of Exhibit O attached hereto and incorporated herein.

Facility Operating Agreement means the Amended and Restated Facility Operating Agreement dated as of December 1, 1993 between the Partnership and UC Operating Services, an Affiliate of LG&E, pursuant to which the Facilities will be operated and maintained.