Examples of Master Xxxxxx in a sentence
Master Xxxxxx hereby authorizes each of the Lender and HUD to file such UCC financing statements and continuation statements as either of them may deem to be necessary or appropriate in connection with the foregoing security interest.
The Master Xxxxxx expressly agrees that the Master Tenant shall be and remain liable, to the extent of the Collateral, for any deficiency remaining after foreclosure of any security interest securing the Obligations, whether or not the liability of any obligor for such deficiency is discharged pursuant to statute or judicial decision.
Upon such request, Master Xxxxxx shall immediately arrange to terminate the Management Agreement(s) within a period of not more than thirty (30) days and shall make arrangements satisfactory to HUD for the continuing proper management of the Healthcare Facility and the Project.
If Master Xxxxxx takes any action that negates, invalidates or otherwise adversely impacts the effectiveness of the financing statements filed pursuant to this Section, except such actions permitted in this Agreement, Master Tenant shall immediately notify Secured Party of such action and cooperate with Secured Party to the extent necessary to file any amendments or additional financing statements.
Master Xxxxxx acknowledges that the financial information referenced above is necessary for HUD to review from time to time, given the risk inherent in the operation of the Healthcare Facility, and given the necessity of the Master Tenant’s financial and operational stability in order to ensure timely payment of amounts due under the Master Lease essential to the Borrower’s debt service.
In the event that Master Xxxxxx receives notice that the DACA is to be or has been terminated by the depository institution that is a party to such DACA, the Master Tenant shall promptly make alternative arrangements to establish a new DACA with the prior written consent of the Secured Party and shall direct all future receivables to be paid into the deposit account(s) specified in such new DACA.
Master Xxxxxx hereby agrees to waive any termination fees and penalties due to Master Tenant relating to such termination or transfer actions.
Notwithstanding any other provision of this Agreement, in no event shall Master Xxxxxx declare a default of the Master Lease against Borrower if Master Tenant is affiliated with Borrower, nor shall Operator declare a default of the Sublease against Master Tenant if Operator is affiliated with Master Tenant, unless either is requested to do so by HUD.
The favorable tax treatment of such a plan for French employees may not apply to a United States employee.
The Master Xxxxxx agrees to comply with all applicable laws and requirements in order to grant to the Secured Party a valid, perfected second Lien on the Collateral.