Common use of Cost Reports Clause in Contracts

Cost Reports. (a) Buyer shall timely prepare all cost reports for the Partnership with respect to cost reporting periods ending after the Effective Time (each a “Buyer Cost Report”), and Sellers shall timely prepare all cost reports for the Partnership with respect to cost reporting periods ending prior to the Effective Time (each a “Seller Cost Report”). As used herein, the term “Partnership Cost Reports” shall mean all cost reports relating to the Partnership for periods before or after the Effective Time, including Seller Cost Reports or Buyer Cost Reports. Buyer shall, within five (5) business days after receipt by Buyer or the Partnership, forward to Sellers any and all correspondence relating to any Seller Cost Report. Sellers shall retain all rights to appeal and reopen any Seller Cost Report. All rights to, and liabilities, obligations or receivables arising from, settlements and retroactive adjustments, if any, related to all Seller Cost Reports, including any 45 reserves relating to such reports, shall be allocated between Sellers and Buyer in proportion to their respective ownership percentages in the Partnership prior to the Effective Time (i.e., 80% for Sellers and 20% for Buyer). Accordingly, Buyer shall, within five (5) business days after receipt by Buyer or the Partnership, (i) remit to Sellers eighty percent (80%) of any receipts of funds relating to any Seller Cost Report, and (ii) forward to Sellers any demand for payments from third party payors relating to any Seller Cost Report. Buyer shall, and shall cause the Partnership to, maintain the originals of all Partnership Cost Reports, correspondence, work papers and other documents relating to Partnership Cost Reports for examination and copying by Sellers as provided in Section 10.2.

Cost Reports. (a) Buyer Sellers, at their expense, shall prepare and timely prepare file all terminating and other cost reports required or permitted by law to be filed under the Medicare and Medicaid or other third party payor programs and the State Health Agency for the Partnership with respect to cost reporting periods ending after the Effective Time (each a “Buyer Cost Report”), and Sellers shall timely prepare all cost reports for the Partnership with respect to cost reporting periods ending on or prior to the Effective Time Closing Date, or as a result of the consummation of the transactions described herein (each a “Seller Cost Report”"SELLERS COST REPORTS"). As used herein, the term “Partnership Cost Reports” Buyer shall mean forward to Sellers any and all cost reports correspondence relating to the Partnership for periods before or after the Effective Time, including Seller Sellers Cost Reports or Buyer Cost Reports. Buyer shall, within five (5) business days after receipt by Buyer. Buyer or shall remit any receipts of funds relating to the Partnership, Sellers Cost Reports promptly after receipt by Buyer and shall forward to Sellers any and all correspondence relating to any Seller Cost Report. Sellers shall retain all rights to appeal and reopen any Seller Cost Report. All rights to, and liabilities, obligations or receivables arising from, settlements and retroactive adjustments, if any, related to all Seller Cost Reports, including any 45 reserves relating to such reports, shall be allocated between Sellers and Buyer in proportion to their respective ownership percentages in the Partnership prior to the Effective Time (i.e., 80% demand for Sellers and 20% for Buyer). Accordingly, Buyer shall, payments within five (5) business days after receipt by Buyer Buyer. Sellers shall retain all rights to the Sellers Cost Reports including any amounts receivable or the Partnership, (i) remit to Sellers eighty percent (80%) payable in respect of any receipts of funds such reports or reserves relating to such reports. Such rights shall include the right to appeal any Seller Cost Report, and (ii) forward to Sellers any demand for payments from third party payors Medicare or Medicaid determinations relating to any Seller the Sellers Cost ReportReports. Buyer shall, and Sellers shall cause the Partnership to, maintain retain the originals of all Partnership the Sellers Cost Reports, correspondence, work papers and other documents relating to Partnership the Sellers Cost Reports. Sellers will furnish copies of such cost reports, correspondence, work papers and other documents relating to the Seller Cost Reports for examination and copying by Sellers as provided in Section 10.2to Buyer upon request.