Operator Security Agreement definition
Examples of Operator Security Agreement in a sentence
Any Operator (including Borrower) must be approved by HUD and shall execute a Healthcare Regulatory Agreement – Operator (Form HUD-92466A-ORCF) upon such terms as are acceptable to HUD and an Operator Security Agreement (Form HUD-92323-ORCF) and deposit account control agreements in form and substance satisfactory to HUD and Lender.
If Borrower is or becomes Operator, Borrower shall execute a Healthcare Regulatory Agreement – Operator (Form HUD-92466A-ORCF) upon terms acceptable to HUD and an Operator Security Agreement (Form HUD-92323-ORCF) and deposit account control agreements in form and substance satisfactory to HUD and Lender.
In the event of any assignment of a Borrower-Operator Agreement, as a condition to such assignment, the new Operator must execute a Healthcare Regulatory Agreement – Operator (Form HUD-92466A-ORCF), as approved by HUD, an Operator Security Agreement (Form-HUD-92323-ORCF) and deposit account control agreements in form and substance satisfactory to Lender and HUD.
Operator shall execute and deliver an Operator Security Agreement (Form HUD-92323-ORCF) in accordance with Program Obligations.
To the extent there is an inconsistency between the provisions of this Rider and the provisions of the Operator Security Agreement, the provisions of this Rider shall be controlling.
The provisions of this Paragraph C shall supersede any set-off or lien rights of the Lender under Section 1(c) of the Operator Security Agreement.
Operator hereby authorizes each of the Lender and HUD to file such UCC financing statements, amendments and continuation statements as either of them may deem to be necessary or appropriate in connection with the security interests granted pursuant to the Operator Security Agreement.
Any Borrower-Operator Agreement shall be subject and subordinate to this Agreement, the Borrower Security Instrument, the Master Tenant Regulatory Agreement, if any, the Operator Security Agreement, and the Borrower Regulatory Agreement.
Operator has granted or will grant a security interest in its Accounts and certain other assets to FHA Lender and HUD (collectively, the “Senior Secured Parties”) pursuant to the Operator Security Agreement in connection with one or more FHA-Insured Loans provided to Owner.
If Borrower is or becomes Operator, Borrower shall execute a Supplemental Healthcare Regulatory Agreement – Operator (Form HUD-92467A-ORCF, modified as required by HUD) upon terms acceptable to HUD and a Supplemental Operator Security Agreement (Form HUD-92323-ORCF, modified as required by HUD) and deposit account control agreements in form and substance satisfactory to HUD and Lender.