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      8-K Amended Debenture agreemnt
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        SECURITIES AND EXCHANGE COMMISSION</strong></font></div>
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        D.C. 20549</strong></font></div>
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        8-K</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 or 15(d) of</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>the
        Securities Exchange Act of 1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        report (Date of earliest event reported):</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
        October 14, 2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>EMERITUS
        CORPORATION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in charter)</font></div>
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              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction of incorporation)</font></div>
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                  File Number)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer Identification No.)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3131
        Elliott Avenue, Suite 500</font></div>
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        Washington 98121</font></div>
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        of principal executive offices) (Zip Code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(206)
        298-2909</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
        telephone number, including area code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:</font></div>
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        Written
        communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
        230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act
        (17 CFR
        240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">x</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17
        CFR
        240.13e-4(c))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01 Entry into a Material Definitive Agreement.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        June
        30, 2005, Emeritus Corporation (the "Company") announced that it intended
        to
        commence an offer to exchange its 6.25% Convertible Subordinated Debentures
        due
        2006 (the "existing debentures") for new convertible subordinated debentures
        (the "new debentures"). On October&#160;18, 2005, the Company announced
        that it
        had commenced the exchange offer. The new debentures will have the same terms
        as
        the existing debentures, except that the new debentures will mature July&#160;1,
        2008 and the Company will have no right of redemption prior to maturity.
        The
        interest rate will remain at 6.25%.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        October 14, 2005, the Company entered into an Amended and Restated Agreement
        Regarding 6.25% Convertible Subordinated Debentures Due 2006 (an "Agreement")
        with Saratoga Partners IV, L.P., Saratoga Management Company LLC, Saratoga
        Coinvestment IV LLC (collectively, the "Saratoga Entities") and Columbia
        Select,
        L.P. and Catalina General, L.P. (collectively, the "Baty Entities"), whereby
        each of the Baty Entities and the Saratoga Entities have agreed that, if
        such
        entity does not exchange all of its existing debentures for new debentures
        in
        the exchange offer, it will lend the Company on December&#160;30, 2005
        an amount
        equal to the principal amount of existing debentures that it has retained.
        The
        indebtedness will be nonconvertible, will mature July 1, 2008, will bear
        interest at 6.25% per annum payable semiannually on January 1 and July 1,
        will
        be on a parity as to payment with the new debentures and will be subject
        to the
        same events of default as set forth in the indenture governing the new
        debentures. The Agreement amends and restates in its entirety that certain
        Agreement Regarding 6.25% Convertible Subordinated Debentures due 2006 between
        the Company and the Saratoga Entities and the Baty Entities entered into
        on June
        30, 2005. As a part of the amendment, the agreement of the Baty Entities
        and
        Saratoga Entities to purchase new debentures to the extent that existing
        debentures are not exchanged has been terminated.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        forgoing description of the Agreement does not purport to be complete and
        is
        qualified in its entirety by reference to the Agreement, which is filed as
        Exhibit 10.1 to this report.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01 Exhibits and Financial Statements.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(c)
        Exhibits.</strong></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
              </td>
              <td align="left" valign="top" width="65%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                  and Restated Agreement Regarding 6.25% Convertible Subordinated
                  Debentures
                  Due 2006, dated October 14, 2005, between Emeritus Corporation
                  and
                  Saratoga Partners IV, L.P., Saratoga Management Company LLC, Saratoga
                  Coinvestment IV LLC and Columbia Select, L.P. and Catalina General,
                  L.P.
                  </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        to the requirements of the Securities Exchange Act of 1934, as amended, the
        registrant has duly caused this report to be signed on its behalf by the
        undersigned, hereunto duly authorized.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                  October 17, 2005</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EMERITUS
                  CORPORATION</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td align="left" valign="bottom" width="40%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="right" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
              </td>
              <td align="left" valign="bottom" width="40%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                  Raymond R. Brandstrom</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td align="left" valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Raymond
                  R. Brandstrom</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td align="left" valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vice
                  President of Finance, Chief Financial Officer</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="35%">&#160;</td>
              <td align="left" valign="bottom" width="17%">&#160;</td>
              <td align="left" valign="bottom" width="40%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                  Secretary</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
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      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><br></div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INDEX
        TO EXHIBITS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
              </td>
              <td align="left" valign="top" width="65%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                  and Restated Agreement Regarding 6.25% Convertible Subordinated
                  Debentures
                  Due 2006, dated October 14, 2005, between Emeritus Corporation
                  and
                  Saratoga Partners IV, LP, Saratoga Management Company LLC, Saratoga
                  Coinvestment IV LLC and Columbia Select, L.P. and Catalina General,
                  L.P.
                  </font></div>
              </td>
            </tr>

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8-K Amended Debenture agreemnt
U.S.
        SECURITIES AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
____________
FORM
        8-K
CURRENT
        REPORT
Pursuant
        to Section 13 or 15(d) of
the
        Securities Exchange Act of 1934
Date
        of
        report (Date of earliest event reported):
October 14, 2005
EMERITUS
        CORPORATION
(Exact
        name of registrant as specified in charter)
Washington
1-14012
91-1605464
(State
                  or other jurisdiction of incorporation)
(Commission
                  File Number)
(IRS
                  Employer Identification No.)
3131
        Elliott Avenue, Suite 500
Seattle,
        Washington 98121
(Address
        of principal executive offices) (Zip Code)
(206)
        298-2909
(Registrant's
        telephone number, including area code)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:
o
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
        (17 CFR
        240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))
x
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17
        CFR
        240.13e-4(c))
Item
        1.01 Entry into a Material Definitive Agreement.
On
        June
        30, 2005, Emeritus Corporation (the "Company") announced that it intended
        to
        commence an offer to exchange its 6.25% Convertible Subordinated Debentures
        due
        2006 (the "existing debentures") for new convertible subordinated debentures
        (the "new debentures"). On October 18, 2005, the Company announced
        that it
        had commenced the exchange offer. The new debentures will have the same terms
        as
        the existing debentures, except that the new debentures will mature July 1,
        2008 and the Company will have no right of redemption prior to maturity.
        The
        interest rate will remain at 6.25%.
On
        October 14, 2005, the Company entered into an Amended and Restated Agreement
        Regarding 6.25% Convertible Subordinated Debentures Due 2006 (an "Agreement")
        with Saratoga Partners IV, L.P., Saratoga Management Company LLC, Saratoga
        Coinvestment IV LLC (collectively, the "Saratoga Entities") and Columbia
        Select,
        L.P. and Catalina General, L.P. (collectively, the "Baty Entities"), whereby
        each of the Baty Entities and the Saratoga Entities have agreed that, if
        such
        entity does not exchange all of its existing debentures for new debentures
        in
        the exchange offer, it will lend the Company on December 30, 2005
        an amount
        equal to the principal amount of existing debentures that it has retained.
        The
        indebtedness will be nonconvertible, will mature July 1, 2008, will bear
        interest at 6.25% per annum payable semiannually on January 1 and July 1,
        will
        be on a parity as to payment with the new debentures and will be subject
        to the
        same events of default as set forth in the indenture governing the new
        debentures. The Agreement amends and restates in its entirety that certain
        Agreement Regarding 6.25% Convertible Subordinated Debentures due 2006 between
        the Company and the Saratoga Entities and the Baty Entities entered into
        on June
        30, 2005. As a part of the amendment, the agreement of the Baty Entities
        and
        Saratoga Entities to purchase new debentures to the extent that existing
        debentures are not exchanged has been terminated.
The
        forgoing description of the Agreement does not purport to be complete and
        is
        qualified in its entirety by reference to the Agreement, which is filed as
        Exhibit 10.1 to this report.
Item
        9.01 Exhibits and Financial Statements.
(c)
        Exhibits.
10.1
Amended
                  and Restated Agreement Regarding 6.25% Convertible Subordinated
                  Debentures
                  Due 2006, dated October 14, 2005, between Emeritus Corporation
                  and
                  Saratoga Partners IV, L.P., Saratoga Management Company LLC, Saratoga
                  Coinvestment IV LLC and Columbia Select, L.P. and Catalina General,
                  L.P.
[The
        rest
        of this page is intentionally left blank]
SIGNATURE
Pursuant
        to the requirements of the Securities Exchange Act of 1934, as amended, the
        registrant has duly caused this report to be signed on its behalf by the
        undersigned, hereunto duly authorized.
Dated:
                  October 17, 2005
EMERITUS
                  CORPORATION
By:
/s/
                  Raymond R. Brandstrom
Raymond
                  R. Brandstrom
Vice
                  President of Finance, Chief Financial Officer
and
                  Secretary
INDEX
        TO EXHIBITS
10.1
Amended
                  and Restated Agreement Regarding 6.25% Convertible Subordinated
                  Debentures
                  Due 2006, dated October 14, 2005, between Emeritus Corporation
                  and
                  Saratoga Partners IV, LP, Saratoga Management Company LLC, Saratoga
                  Coinvestment IV LLC and Columbia Select, L.P. and Catalina General,
                  L.P.