Key Questions Yes No Has the Borrower made or taken distributions of project funds without evidence of positive surplus cash? To the extent surplus cash is negative, has the Borrower repaid any distributions taken during such calculation period within 30 calendar days (unless a longer time period is approved by HUD)? N/A <<For each answer above, provide a narrative discussion regarding the topic here as per “yes” instructions provided on the first page of this document.>> Bankruptcy The Borrower and Operator must notify their Servicer within two (2) business days of any bankruptcy petition related to any of the project participants who may file for bankruptcy (i.e., Borrower, Operator, or Management Agent). The Servicer must review the bankruptcy status circumstances and within two (2) business days of being notified by the project, must provide the AE with the specifics of those circumstances, including, but not limited to: bankruptcy type, contact information of the participants and their respective legal counsels, the reason for petition, and whether the petition is voluntary or involuntary. The project must notify their Servicer of any imminent bankruptcy proceedings and in turn, the Servicer must notify the AE of the imminent bankruptcy within two (2) business days of such knowledge. Key Questions Yes No Has the Project notified the Servicer of any bankruptcy petition related to any of the Project participants who may file for bankruptcy (i.e., Borrower, Operator, or Management Agent) of imminent bankruptcy proceedings? Has the Servicer reviewed the bankruptcy status and circumstances and provided the AE with the specifics of those circumstances (including, but not limited to: bankruptcy type, contact information of the participants and their respective legal counsels, the reason for petition, and whether the petition is voluntary or involuntary)? N/A <<For each answer above, provide a narrative discussion regarding the topic here as per “yes” instructions provided on the first page of this document.>>
Key Questions Yes No Has the Borrower made or taken distributions of project funds without evidence of positive surplus cash? To the extent surplus cash is negative, has the Borrower repaid any distributions taken during such calculation period within 30 calendar days (unless a longer time period is approved by HUD)? N/A <<For each “yes” answer above, provide a narrative discussion regarding the topic here as per instructions provided on the first page of this document.>> Bankruptcy The Borrower and Operator must notify their Servicer within two (2) business days of any bankruptcy petition related to any of the project participants who may file for bankruptcy (i.e., Borrower, Operator, or Management Agent). The Servicer must review the bankruptcy status circumstances and within two (2) business days of being notified by the project, must provide the AE with the specifics of those circumstances, including, but not limited to: bankruptcy type, contact information of the participants and their respective legal counsels, the reason for petition, and whether the petition is voluntary or involuntary. The project must notify their Servicer of any imminent bankruptcy proceedings and in turn, the Servicer must notify the AE of the imminent bankruptcy within two (2) business days of such knowledge. Key Questions Yes No Has the Project notified the Servicer of any bankruptcy petition related to any of the Project participants who may file for bankruptcy (i.e., Borrower, Operator, or Management Agent) of imminent bankruptcy proceedings? Has the Servicer reviewed the bankruptcy status and circumstances and provided the AE with the specifics of those circumstances (including, but not limited to: bankruptcy type, contact information of the participants and their respective legal counsels, the reason for petition, and whether the petition is voluntary or involuntary)? N/A <<For each “yes” answer above, provide a narrative discussion regarding the topic here as per instructions provided on the first page of this document.>>