Transfer of Patient Trust Funds and Resident Inventory Sample Clauses

Transfer of Patient Trust Funds and Resident Inventory. On the first (1st) Business Day following the Closing, Transferor shall wire transfer or overnight a check to Transferee in an amount equal to the resident trust funds held by Transferor for the residents of the Facility (collectively the “Resident Trust Funds”). Transferor shall also transfer to Transferee all resident personal property held by Transferor for the residents of the Facility at the Effective Time (collectively, the “Resident Inventory”). Upon receipt, Transferee shall accept and assume responsibility for the Resident Trust Funds and Resident Inventory related to the Facility upon and pursuant to the terms of an Assignment and Assumption of Resident Trust Funds and Resident Inventory in the form attached hereto as Exhibit D (the “Assignment of Resident Trust Funds”). Transferee shall accept such assignment on behalf of such a resident and shall indemnify and hold Transferor harmless in connection with any such resident to the extent of the Resident Trust Funds received by Transferee. At least fifteen (15) days prior to the Closing Date, Transferor shall provide to Transferee a schedule identifying the residents, by Facility, having Resident Trust Funds accounts and the balances of Resident Trust Funds in such accounts as of such date. From and after the Effective Time, Transferee shall maintain and hold such Resident Trust Funds in trust for the residents or residents’ responsible parties and shall assume, perform, discharge and be accountable to such residents and responsible parties for such Resident Trust Funds in accordance with the terms of this Agreement, the Resident Contracts, any applicable other agreements or trust instruments in effect with the residents or residents’ responsible parties, and applicable Legal Requirements; provided, however, that Transferee shall have no obligation with respect to Resident Trust Funds not actually delivered by Transferor to Transferee.
Sample 1
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