Material Master Lease definition

Material Master Lease means a master lease of multiple properties to the Borrower or its Subsidiaries concerning properties from which the Borrower and its Subsidiaries, when taken together, derived in excess of 7.5% of their consolidated revenues for any Test Period.

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Material Master Lease means a master lease of multiple properties to the Borrower or its Subsidiaries pursuant to which a default, breach or termination thereof would reasonably be expected to result in a Material Adverse Effect.

Material Master Lease means each Master Lease and each other facility master lease agreement entered into by the Loan Parties after the Closing Date if such facility master lease agreement represents greater than 5% of the licensed beds of the Loan Parties, taken as a whole.

Examples of Material Master Lease in a sentence

• With respect to any Material Master Lease (other than the Master Leases), cause the parties to such Material Master Lease to execute an intercreditor or similar agreement satisfactory to the Administrative Agent, on terms substantially similar to those set forth in the Master Lease Intercreditor Agreements or on terms no less favorable to the Lenders than those set forth in the Master Lease Intercreditor Agreements, as reasonably determined by the Administrative Agent.

• Notwithstanding any other provision of this Agreement, each of the SAFANAD Manager and NorthStar Manager shall have the right, but not the obligation, to require that the FC Manager take action on behalf of the Investment Partnership or its Subsidiaries to enforce the Material Master Lease Terms against the Master Tenant and the operators of any Property or to exercise the rights of the Investment Partnership and its Subsidiaries against the Master Tenant.

• In the event that the FC Manager either fails to remedy such event of default or either the SAFANAD Manager or NorthStar Manager rejects the plan proposed by the FC Manager, either the SAFANAD Manager or NorthStar Manager may initiate any action on behalf of the Investment Partnership or its Subsidiaries or take over the prosecution or defense of any action brought, or which could be brought, by or against the Master Tenant with respect to such Material Master Lease Terms.

More Definitions of Material Master Lease

Material Master Lease means a master lease of multiple properties to the Borrower or its Subsidiaries pursuant to which a default, breach or termination thereof could reasonably be expected to result in a Material Adverse Effect. “Material Subsidiary” shall mean, as of any date, any direct or indirect Subsidiary of Ensign that is not an Immaterial Subsidiary. “Maturity Date” shall mean, (a) with respect to any new tranche of Term Loans (including any Incremental Term Loans, Extended Term Loans or Other Refinancing Term Loans), the maturity dates specified therefor in the applicable Incremental Commitment Joinder, Extended Facility Agreement or Refinancing Amendment, as applicable and (b) with respect to the Revolving Commitments, the Revolving Commitment Termination Date. “Maximum Attributable EBITDA Percentage” shall have the meaning assigned to such term in the definition of Consolidated EBITDA. “Maximum Attributable EBITDA Percentage Determination Date” shall have the meaning assigned to such term in the definition of Consolidated EBITDA. “Maximum Total Leverage Ratio” shall have the meaning set forth in Section 6.1. “Medicaid” shall mean, collectively, the health care assistance program established by Title XIX of the Social Security Act (42 U.S.C. 1396 et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders or requirements pertaining to such program, including (a) all federal statutes affecting such program; (b) all state statutes and plans for medical assistance enacted in connection with such program and federal rules and regulations promulgated in connection with such program; and (c) all applicable provisions of all rules, regulations, manuals, orders and administrative, reimbursement, and requirements of all Government Authorities promulgated in connection with such program (whether or not having the force of law), in each case as the same may be amended and in effect from time to time.

Material Master Lease means a master lease of multiple properties to the Borrower or its Subsidiaries pursuant to which a default, breach or termination thereof would reasonably be expected to result in a Material Adverse Effect.

Material Master Lease means a master lease of multiple properties to the Borrower or its Subsidiaries pursuant to which a default, breach or termination thereof could reasonably be expected to result in a Material Adverse Effect. “Material Subsidiary” shall mean, as of any date, any direct or indirect Subsidiary of Ensign that is not an Immaterial Subsidiary. “Maturity Date” shall mean, (a) with respect to any new tranche of Term Loans (including any Incremental Term Loans, Extended Term Loans or Other Refinancing Term Loans), the maturity dates specified therefor in the applicable Incremental Commitment Joinder, Extended Facility Agreement or Refinancing Amendment, as applicable and (b) with respect to the Revolving Commitments, the Revolving Commitment Termination Date. “Maximum Attributable EBITDA Percentage” shall have the meaning assigned to such term in the definition of Consolidated EBITDA. “Maximum Attributable EBITDA Percentage Determination Date” shall have the meaning assigned to such term in the definition of Consolidated EBITDA. “Maximum Total Leverage Ratio” shall have the meaning set forth in Section 6.1. “Medicaid” shall mean, collectively, the health care assistance program established by Title XIX of the Social Security Act (42 U.S.C. 1396 et seq.) and any statutes succeeding thereto, and all laws, rules, regulations, manuals, orders or requirements pertaining to such program, including (a) all federal statutes affecting such program; (b) all state statutes and plans for medical assistance enacted in connection with such program and federal rules and regulations promulgated in connection with such program; and (c) all applicable provisions of all rules, regulations, manuals, orders and administrative, reimbursement, and requirements of all Government Authorities promulgated in connection with such program (whether or not having the force of law), in each case as the same may be amended and in effect from time to time.