Governmental Payor Programs. If Borrower or any Facility Operator or Property Manager participates in any Governmental Payor Program in connection with the operation of the Facility, all of the following are true:
Governmental Payor Programs. (a) No more than 5% of the total number of beds at the Facility may be allocated to residents who participate in a Governmental Payor Program. For purposes of determining whether the foregoing percentage has been exceeded, Lender will not include any then-current resident who was originally admitted to the Facility as a private pay resident, and who had at the time of admission neither been a Multifamily Loan and Security Agreement – Seniors Housing Page 60 participant in, nor been eligible for, any Governmental Payor Program, but became eligible for, and a participant in, a Governmental Payor Program subsequent to such resident’s admission to the Facility.
Governmental Payor Programs. (a) No more than 5% of the total number of beds at the Facility may be allocated to residents who participate in a Governmental Payor Program.
Governmental Payor Programs. (a) No more than 5 If, as of the date hereof, 20% or more of the total number of beds at the Facility shall be are allocated to residents who participate in a Governmental Payor Program, no more than an additional 5% of the total number of beds may be allocated to residents who participate in a Governmental Payor Program during the term of the Loan. If, as of the date hereof, less than 20% of the total number of beds at the Facility are allocated to residents who participate in a Governmental Payor Program, no more than 25% of the total number of beds may be allocated to residents who participate in a Governmental Payor Program during the term of the Loan.
Governmental Payor Programs. If Borrower or any Facility Operator or Property Manager participates in any Governmental Payor Program in connection with the operation of the Facility, all of the following are true: Multifamily Loan and Security Agreement – Seniors Housing Page 14
Governmental Payor Programs. (a) No more than 5% of the total number of beds at the Facility may be allocated to residents who participate in a Governmental Payor Program. For purposes of determining whether the foregoing percentage has been exceeded, Lender will not include any then-current resident who was originally admitted to the Facility as a private pay resident, and who had at the time of admission neither been a participant in, nor been eligible for, any Governmental Payor Program, but became eligible for, and a participant in, a Governmental Payor Program subsequent to such resident’s admission to the Facility. Multifamily Loan and Security Agreement – Seniors Housing Page 60
Governmental Payor Programs. (a) Without the prior written consent of Lender, which may be granted or withheld in Lender’s discretion, Borrower will not, and will not permit any management agent for the Mortgaged Property or any operator of the Mortgaged Property to, participate in any Governmental Payor Program, or any provider agreement under any Governmental Payor Program, or accept any resident whose ability to reside in the Mortgaged Property requires that Borrower, the Mortgaged Property or any management agent for the Mortgaged Property or any operator of the Mortgaged Property participate in any Governmental Payor Program.
Governmental Payor Programs. (a) No more than 5% of the total number of beds at the Facility may be allocated to residents who participate in a Governmental Payor Program. For purposes of determining whether the foregoing percentage has been exceeded, Lender will not include any then current resident who was originally admitted to the Facility as a private pay resident, and who had at the time of admission neither been a participant in, nor been eligible for, any Governmental Payor Program, but became eligible for, and a participant in, a Governmental Payor Program subsequent to such resident’s admission to the Facility. Multifamily Loan and Security Agreement – Seniors Housing Page 69 (b) If Borrower violates the covenant in Section 6.28(a), then Borrower must immediately fund a transition reserve with cash in an amount equal to the aggregate of 6 months of principal and interest payments due under the terms of the Note for the next 6 months. If the Note provides for interest to accrue at a floating or variable interest rate (other than during the “Extension Period,” as defined in the Note, if applicable), then Lender will estimate the amount of the interest due during such 6-month period. Borrower must also enter into a transition reserve agreement acceptable to Lender in form and content.
Governmental Payor Programs. Iowa Medicaid Program for Burlington Facility, Carroll Facility, Fairfield Facility, Fort Madison Facility, Mount Pleasant Facility, and Muscatine Facility. SCHEDULE 6.17 Excluded Intellectual Property None. SCHEDULE 6.22
Governmental Payor Programs. (a) No more than 5% of the total number of beds at the Facility may be allocated to residents who participate in a Governmental Payor Program. For purposes of determining whether the foregoing percentage has been exceeded, Xxxxxx will not include any then current resident who was originally admitted to the Facility as a private pay resident, and who had at the time of admission neither been a participant in, nor been eligible for, any Governmental Payor Program, but became eligible for, and a participant in, a Governmental Payor Program subsequent to such resident’s admission to the Facility.
