ACCOUNTS RECEIVABLE FINANCING. No accounts receivable or receipts from the Healthcare Facility may be pledged without prior written approval of Lender and HUD of the terms of such financing and the documents evidencing and securing such financing. In the event that Lender and HUD grant such approval, (i) the holder(s) of such lien shall enter into an intercreditor agreement with Lender and/or HUD in such form and upon such terms as consented to by Lender and HUD, and (ii) Operator and Borrower shall agree to comply with the terms required by Xxxxxx and HUD in connection therewith. Until the Loan is paid in full, no modifications, extensions, amendments, or renewals on different terms and conditions, to a Material Term, as defined below, of the accounts receivable loan or any accounts receivable related loan document shall take effect without prior written consent of HUD and Lender. For purposes herein, “Material Term” shall mean any term of an accounts receivable loan or in any document evidencing or securing such financing that: (1) extends the maturity date of the loan; (2) adds guarantors to the loan; (3) releases guarantors from the loan; (4) adds borrowers to the loan; (5) adds an interest reserve to the loan; (6) amends the interest rate payable on the outstanding principal balance of the loan; (7) increases or decreases the principal amount of the loan; (8) adds collateral as additional security for the loan; and/or (9) amends or expands the type of obligations secured by the loan. In the event of conflict between this Section 22 and any HUD-approved intercreditor agreement, the HUD-approved intercreditor agreement shall control.
ACCOUNTS RECEIVABLE FINANCING. No accounts receivable or receipts from any Healthcare Facility may be pledged without prior written approval of Lender and HUD of the terms of such financing and the forms evidencing and securing such financing. In the event that Lender and HUD grant such approval, (i) the holder(s) of such lien shall enter into an Intercreditor Agreement with Lender and/or HUD in such form and upon such terms as consented to by Lender and HUD, and (ii) Master Tenant shall agree to comply with the terms required by Xxxxxx and HUD in connection therewith. This document may be executed in counterparts. The legal description of the Land is attached hereto as Exhibit A.
ACCOUNTS RECEIVABLE FINANCING. Neither the Borrower nor any of the Guarantors shall be party to any accounts receivable financing arrangements whereby sales of Inventory are conducted through the use of an in-store credit card or through the use of a credit card offered by a third party lender (it being understood that the acceptance by the Borrower of credit cards issued by Visa, Mastercard or similar processors that does not entail an extension of credit by the Borrower to its own customers (and is non-recourse to the Borrower (other than, with respect to accounts financed under the Purchase and Service Agreement, to the limited extent set forth therein)) shall not be deemed to constitute such an accounts receivable financing arrangement, even if the Borrower's name or imprint appears on such Visa, Mastercard or similar credit cards).
ACCOUNTS RECEIVABLE FINANCING. Except as may be expressly provided in the Settlement and Restructuring Agreement and the Intercreditor Agreement, Lessee and/or Sublessee shall not pledge or otherwise encumber any of the accounts receivable generated through the operation of the Facilities to secure principal and interest on any Debt.
ACCOUNTS RECEIVABLE FINANCING. Tenant shall not obtain so-called “Accounts Receivable” financing with respect to any Facility (or its operations therein) or otherwise pledge any receivables as collateral (“AR Financing”) unless (i) the terms and conditions of this Section 21 have been satisfied; (ii) Tenant obtains Landlord’s consent to the terms thereof; and (iii) no Event of Default exists hereunder. Landlord shall not unreasonably withhold or delay its consent to any AR Financing secured by a first lien upon Tenant’s Accounts Collateral and as to which Landlord has received an intercreditor agreement as required pursuant to Section 21.1.1, and, as to any other AR Financing, Landlord may withhold its consent in its sole discretion.
ACCOUNTS RECEIVABLE FINANCING. With Landlord’s prior written consent, which consent shall not be unreasonably withheld, the security interests and liens granted to Landlord in the Accounts Collateral and the Authorization Collateral (solely to the extent necessary for billing and collecting any Accounts Collateral and as provided under the applicable intercreditor agreement) may be subordinated to any first priority security interest granted in connection with accounts receivable financing secured by Tenant so long as: (a) Tenant’s accounts receivable lenders execute an intercreditor agreement with Landlord in form and substance reasonably acceptable to Landlord, and (b) no Event of Default exists hereunder.
ACCOUNTS RECEIVABLE FINANCING. With Landlord’s prior written consent, which consent shall not be unreasonably withheld, the security interests and liens granted to Landlord in the Accounts Collateral may be subordinated to any first priority security interest granted in connection with accounts receivable financing secured by Tenant so long as: (a) Tenant’s financiers execute an intercreditor agreement with Landlord in form and substance reasonably acceptable to Landlord, and (b) no Event of Default exists hereunder.
ACCOUNTS RECEIVABLE FINANCING. No accounts receivable or receipts from any Healthcare Facility may be pledged without prior written approval of Lender and HUD of the terms of such financing and the forms evidencing and securing such financing. In the event that Lender and HUD grant such approval, (i) the holder(s) of such lien shall enter into an Intercreditor Agreement with Lender and/or HUD in such form and upon such terms as consented to by Lender and HUD, and (ii) Master Tenant shall agree to comply with the terms required by Xxxxxx and HUD in connection therewith.
ACCOUNTS RECEIVABLE FINANCING. Except as may be expressly provided in Section 6.5 of this Lease and the Intercreditor Agreement, Tenant and/or Subtenant shall not pledge or otherwise encumber any of the accounts receivable generated through the operation of the Facilities to secure principal and interest on any Debt.
ACCOUNTS RECEIVABLE FINANCING. 103 Section 3.20 Investment Company: Holding Company.........................................103 Section 3.21 Year 2000...................................................................104
