Lessee Intangible Property definition
Lessee Intangible Property means all the following at any time owned by Lessee in connection with its use of any portion of the Premises: Medicare, Medicaid and other accounts and proceeds thereof; rents, profits, income or revenue derived from such operation or use; all documents, chattel paper, instruments, contract rights (including contracts with residents, employees and third-party payors), deposit accounts, general intangibles and chooses in action; refunds of any Taxes or Other Charges for periods of time during the Term; and licenses and permits necessary or desirable for Lessee’s use of any portion of the Premises, including licensed Medicaid beds (if applicable). Except as may be allowed under common law, Lessor shall have no lien or security interest in or to the Lessee Intangible Property, and any such common law lien or security interest of Lessor shall be subordinate to the lien and security interest of any third party lender providing to Lessee a working capital line of credit, whether such working capital line of credit exists as of the Commencement Date or future working capital lines of credit, and no further instrument of subordination shall be required. Notwithstanding the foregoing, Lessor does hereby subordinate any and all lien rights which Lessor may now have or hereinafter acquire (whether provided under this Lease, applicable statutes, common law, or otherwise) in all furniture, fixtures, equipment, chattels, inventory, and other personal property of Lessee which may be located in the Premises (including, without limitation, all accounts receivable of Lessee), to all lien rights, and security interests which may be held by any seller, lessor, or lending institution which (i) provides financing to Lessee secured by any of such items, or (ii) provides such items or the funds to purchase or lease the same. This subordination provision is hereby declared by Lessor and Lessee to be self-operative and no further instrument shall be required to effect such subordination of Lessor's lien rights; provided, however, that Lessor shall promptly execute any and all documentation which may be reasonably requested to confirm the subordination of Lessor's lien rights in relation to said items.
Lessee Intangible Property means all the following at any time owned by Lessee in connection with its use of any portion of the Premises: Medicare, Medicaid and other accounts and proceeds thereof; rents, profits, income or revenue derived from such operation or use; all documents, chattel paper, instruments, contract rights (including contracts with residents, employees and third-party payors), deposit accounts, general intangibles and chooses in action; refunds of any Taxes or Other Charges for periods of time during the Term; and licenses and permits necessary or desirable for Lessee’s use of any portion of the Premises, including licensed Medicaid beds (if applicable). Except as may be allowed under common law, Lessor shall have no lien or security interest in or to the Lessee Intangible Property, and any such common law lien or security interest of Lessor shall be subordinate to the lien and security interest of any third party lender providing to Lessee a working capital line of credit, whether such working capital line of credit exists as of the Commencement Date or future working capital lines of credit, and no further instrument of subordination shall be required.
Lessee Intangible Property means all the following at any time owned by Lessee in connection with its use of any portion of the Premises: Medicare, Medicaid and other accounts and proceeds thereof; rents, profits, income or revenue derived from such operation or use; all documents, chattel paper, instruments, contract rights (including contracts with residents, employees and third-party payors), deposit accounts, general intangibles and chooses in action; refunds of any Taxes or Other Charges for periods of time during the Term; and licenses and permits necessary or desirable for Lessee’s use of any portion of the Premises, including licensed Medicaid beds (if applicable). Lessor shall have a security interest in and to the Lessee Property, which security interest Lessor shall have the right to assign to a Facility Mortgagee in Lessor’s sole discretion. Lessor will agree to subordinate its lien and security interest with respect to Lessee’s accounts receivable to any third party lender providing to Lessee a working capital line of credit, whether such working capital line of credit exists as of the Commencement Date or future working capital lines of credit, on commercially reasonable terms reasonably acceptable to Lessor. If required by Facility Mortgagee, Lessee will cause its working capital lender to enter into a mutually agreeable intercreditor agreement. In such an event, Lessee shall enter into deposit account control agreements as may be reasonably required by Lessor, subject to any intercreditor requirements agreed to by Facility Mortgagee and Lessee’s working capital lender.
Examples of Lessee Intangible Property in a sentence
Except as may be allowed under common law, Lessor shall have no lien or security interest in or to the Lessee Intangible Property, and any such common law lien or security interest of Lessor shall be subordinate to the lien and security interest of any third party lender providing to Lessee a working capital line of credit, whether such working capital line of credit exists as of the Commencement Date or future working capital lines of credit, and no further instrument of subordination shall be required.
Subject to all applicable laws, Lessee hereby assigns, effective upon the Termination Date, all rights to operate the Facility to Lessor or its designee, including all required licenses and permits and all rights to apply for or otherwise obtain them, and all other nonproprietary Lessee Intangible Property relating to any portion of the Premises.
Subject to all applicable laws and to the applicable limitations set forth in Section 18.2, Lessee hereby assigns, effective upon the Termination Date, all rights to operate the Facilities to Lessor or its designee including all required licenses and permits and all rights to apply for or otherwise obtain them, and all other nonproprietary Lessee Intangible Property relating to any portion of the Leased Property.