Medicare Cap Liability definition

Medicare Cap Liability means any obligation or liability for amounts paid to the Sellers, the Mission Acquired Entities or the Material Joint Venture Provider Entities in excess of the maximum “caps” allowed pursuant to the limitation on payments for hospice services described in 42 U.S.C. § 1395f and the applicable Medicare regulations.

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Medicare Cap Liability means the aggregate amount that the Medicare program determines, in accordance with Section 1814(i) of the Social Security Act and the regulations promulgated pursuant thereto, that the Programs operated by the Acquired Companies have exceeded their respective applicable Medicare hospice cap amount during the 2006 cap year (e.g., November 1, 2005 through October 31, 2006) up to and through the Closing Date, and any cap years prior thereto.

Medicare Cap Liability is defined in Section 4.11(p).

Examples of Medicare Cap Liability in a sentence

The Medicare Cap Liability Escrow Amount shall be deposited into the Escrow Account on the Closing Date pursuant to Section 3.01(b).
The Acquired Companies shall promptly provide Sunrise with such information as Sunrise reasonably requests to verify the calculation of the First Estimated Medicare Cap Liability Escrow Amount.
Any Losses suffered by a Sunrise Indemnified Party resulting from or in connection with the Medicare Cap Liabilities will first be paid out of the Medicare Cap Liability Escrow Amount and then, to the extent that such amount has been depleted, out of the Indemnity Escrow Amount.
No Losses, other than the Medicare Cap Liabilities, shall be paid out of the Medicare Cap Liability Escrow Amount.
The Acquired Companies shall promptly provide Sunrise with such information as Sunrise reasonably requests to verify the calculation of the Medicare Cap Liability Escrow Amount.