In the normal course of business, we enter into a variety of commitments, typically consisting of funding of revolving credit arrangements, construction and mezzanine loans to our operators to conduct expansions and acquisitions for their own account classified below as loan commitments and commitments for the funding of construction for expansion or renovation to our existing properties under lease classified below as development commitments. In our leasing operations, we offer to our tenants and to sellers of newly acquired properties a variety of inducements which originate contractually as contingencies but which may become commitments upon the satisfaction of the contingent event. Contingent payments earned will be included in the respective lease bases when funded. The tables below summarize our existing, known commitments and contingencies as of March 31, 2021 according to the nature of their impact on our leasehold or loan portfolios. ($ in thousands):


	Asset Class	Type	Total		Funded		Remaining
Loan Commitments:
LCS Sagewood Note A	SHO	Construction	$	118,800	$	(104,618)	$	14,182
LCS Sagewood Note B	SHO	Construction	61,200		(61,200)		—
Bickford Senior Living	SHO	Construction	42,900		(31,090)		11,810
41 Management	SHO	Construction	22,200		(6,207)		15,993
Senior Living Communities	SHO	Revolving Credit	20,000		(11,489)		8,511
41 Management	SHO	Construction	10,800		(8,901)		1,899
Timber Ridge OpCo	SHO	Working Capital	5,000		—		5,000
Watermark Retirement	SHO	Working Capital	5,000		—		5,000
			$	285,900	$	(223,505)	$	62,395

The credit loss liability for unfunded loan commitments is estimated using the same methodology as for our funded mortgage and other notes receivable based on the estimated amount that we expect to fund. We applied the same COVID-19 pandemic adjustments as discussed in Note 4.


	Asset Class	Type	Total		Funded		Remaining
Development Commitments:
Woodland Village	SHO	Renovation	$	7,515	$	(7,425)	$	90
Senior Living Communities	SHO	Renovation	9,930		(9,930)		—
Wingate Healthcare	SHO	Renovation	1,900		(1,800)		100
Discovery Senior Living	SHO	Renovation	900		(899)		1
Watermark Retirement	SHO	Renovation	6,500		(3,000)		3,500
Other	SHO	Various	1,650		(391)		1,259
			$	28,395	$	(23,445)	$	4,950

In addition to the commitments listed above, Discovery PropCo has committed to Discovery Senior Living for funding up to $2.0 million toward the purchase of condominium units located at one of the facilities. As of March 31, 2021, we have funded $1.0 million toward this commitment.

As of March 31, 2021, we had $31.9 million of contingent lease inducement commitments in six lease agreements which are generally based on the performance of facility operations and may or may not be met by the tenant. At March 31, 2021, we had funded $1.5 million toward these commitments of which $1.0 million was funded during the three months ended March 31, 2021.

Since the World Health Organization declared coronavirus disease 2019 a pandemic on March 11, 2020, the continually evolving pandemic has resulted in a widespread health crisis adversely affecting governments, businesses, and financial markets. The COVID-19 pandemic and related health and safety measures continue to impact the operations of many of the Company’s tenants, operators and borrowers. The federal government has provided economic assistance and other forms of assistance which mitigated to some extent the negative financial impact of the pandemic for certain of our tenants and operators who are eligible.

Revenues for the operators of our properties continue to be significantly impacted by occupancy. Building occupancy rates have been and may continue to be adversely affected by the COVID-19 pandemic if it continues to cause sustained negative trends such as early resident move-outs, delays in admitting new residents, or other collateral events such as a weakening in the housing market, a typical funding source for our senior housing operators’ customers. In addition, actions our operators take to address outbreaks could materially increase their operating costs, including costs related to enhanced health and safety precautions among other measures. A decrease in occupancy or increase in costs could have a material adverse effect on the ability of our operators to meet their financial and other contractual obligations to us, including the payment of rent, as well as on our results of operations.


					Three months ended
	As of December 31, 2020				March 31, 2021				Cumulative Totals
	Deferrals		Abatements		Deferrals		Abatements		Deferrals		Abatements
Bickford Senior Living	$	3,750	$	2,100	$	3,750	$	—	$	7,500	$	2,100
All Others	1,232		50		447		—		1,679		50
	$	4,982	$	2,150	$	4,197	$	—	$	9,179	$	2,150

We have agreed with Bickford to defer $5.0 million in contractual rent due for the second quarter of 2021. See Note 3 for further discussion on Bickford rent concessions. We have either reached agreement or are in advanced discussions with four other tenants regarding additional rent concessions of approximately $2.3 million for the second quarter 2021. The majority of the deferrals we have granted are expected to bear interest at 8% per annum. We are also in negotiations with Holiday that could result in rent concessions starting in the second quarter of 2021 and may utilize a portion of our lease deposit with Holiday that totaled approximately $10.6 million as of March 31, 2021.

When applicable, we have accounted for rent concessions as variable lease payments, recorded as rental income when received, in accordance with the FASB's Lease Modification Q&A. Reference Note 2 for further discussion. We will evaluate any rent deferral requests as a result of the COVID-19 pandemic on a tenant-by-tenant basis. The extent of future concessions we make as a result of the COVID-19 pandemic, which could have a material impact on our future operating results, cannot be reasonably or reliably projected by us at this time.

Our facilities are subject to claims and suits in the ordinary course of business. Our lessees and borrowers have indemnified, and are obligated to continue to indemnify us, against all liabilities arising from the operation of the facilities, and are further obligated to indemnify us against environmental or title problems affecting the real estate underlying such facilities. While there may be lawsuits pending against certain of the owners and/or lessees of the facilities, management believes that the ultimate resolution of all such pending proceedings will have no direct material adverse effect on our financial condition, results of operations or cash flows.

In June 2018, East Lake Capital Management LLC and certain related entities, including Regency (for three assisted living facilities in Tennessee, Indiana and North Carolina), filed suit against NHI in Texas seeking injunctive and declaratory relief and unspecified monetary damages. NHI responded with counterclaims and filed motions requesting the immediate appointment of a receiver and for pre-judgment possession. Resulting from these claims and counterclaims, on December 6, 2018, the parties entered into an agreement resulting in Regency vacating the facilities in December 2018. Litigation is ongoing.