Advocat Sample Clauses

Advocat the Borrower and the Subsidiaries shall conduct, or cause to be conducted, the operation of the Project at all times in a manner consistent with the level of operation of the Project as of the date hereof, including without limitation, the following: (i) to maintain the standard of care for the patients of the Project at all times at a level necessary to insure quality care for the patients of the Project in accordance with customary and prudent industry standards; (ii) to operate the Project in a prudent manner and in compliance with applicable laws and regulations relating thereto and cause all Permits, Reimbursement Contracts, and any other agreements necessary for the use and operation of the Project or as may be necessary for participation in the Medicaid, Medicare, or other applicable reimbursement programs to remain in effect without reduction in the number of licensed beds or beds authorized for use in the Medicaid, Medicare, or other applicable reimbursement programs (except for reductions mandated by changes in applicable law, provided any such bed reduction does not result in a change in a Project's financial covenants beyond the limits established for such Project by GMAC-CM and set forth in the Loan Documents); (iii) to maintain sufficient Inventory and Equipment of types and quantities at the Project to enable Borrower adequately to perform operations of the Project; (iv) to keep all improvements and equipment located on or used or useful in connection with the Project in good repair, working order and condition, reasonable wear and tear excepted, and from time to time make all needed and proper repairs, renewals, replacements, additions, and improvements thereto to keep the same in good operating condition; and (v) to maintain sufficient cash in the operating accounts of the Project in order to satisfy the working capital needs of the Project.

Advocat the Borrower and the Subsidiaries shall furnish to GMAC-CM, or cause to be furnished to GMAC-CM, within twenty (20) days of receipt a copy of any Medicare, Medicaid, or other licensing agency survey or report and any statement of deficiencies and/or any other report indicating that any action is pending or being considered to downgrade the Project to a substandard category, and within the time period required by the particular agency for furnishing a plan of correction also furnish or cause to be furnished to GMAC-CM a copy of the plan of correction generated from such survey or report for the Project, and correct or cause to be corrected any deficiency, the curing of which is a condition of continued licensure or for full participation in Medicaid, Medicare or other reimbursement program pursuant to any reimbursement contract for existing patients or for new patients to be admitted with Medicaid or Medicare coverage, by the date required for cure by such agency (plus extensions granted by such agency).