Resident Trust Funds. On the Closing Date, Kindred shall deliver to New Operator an accounting and inventory, as of the third Business Day before the Closing Date, of (a) any and all sums which Kindred is holding, or is charged with holding, for or on account of the Residents of the Facility, including without limitation any security or similar deposit, (b) any interest or payment in lieu of interest on any such sums under the provisions of any occupancy agreement or instrument related thereto, or under applicable Law, for which Kindred is liable to the Residents and which has not been paid to the Residents and (c) any and all property of the Residents being held by Kindred as of the Closing Date in trust for Residents (collectively, “Resident Trust Funds”), together with a schedule listing each such Resident, the amount of Cash being held by Kindred for or on account of such Resident and the personal property of such Resident being held in trust. Kindred shall provide to New Operator an accounting of the Resident Trust Funds as of the Effective Time within five Business Days after the Closing Date. On the Closing Date, Kindred shall transfer the Resident Trust Funds to New Operator and New Operator shall accept the same in trust for each Resident. Following the Delivery to New Operator, New Operator shall be solely accountable to the Residents for such transferred Resident Trust Funds in accordance with the terms of this Agreement, the Residents’ occupancy agreements and all applicable statutory and regulatory requirements. New Operator shall have no responsibility to the applicable Resident or regulatory authority with respect to any Resident Trust Funds delivered by Kindred to New Operator for claims which arise from actions or omissions of Kindred with respect to the Resident Trust Funds relating to a period ending on or before the delivery thereof to New Operator. Kindred shall have no responsibility to the applicable Resident or regulatory authority with respect to any Resident Trust Funds delivered to New Operator for claims which arise from actions or omissions of New Operator with respect to the Resident Trust Funds occurring after the delivery thereof to New Operator. New Operator shall indemnify Kindred against any liability to any such Resident or other Person for any Resident Trust Funds delivered to New Operator, as aforesaid, and Kindred shall indemnify New Operator against any liability to any Resident for any Resident Trust Funds not delivered to New Operator, ...
Resident Trust Funds. On the Closing Date, or such earlier date as may be required by applicable legal requirements, each Seller shall furnish to Buyer a full and accurate accounting of all personal funds, if any, of residents of the Properties that such Seller holds in a custodial capacity (“Resident Trust Funds”) and shall transfer such Resident Trust Funds to Buyer at Closing (the transfer of which may be effectuated by way of Buyer receiving a credit against the Purchase Price in a cumulative amount equal to funds on the Settlement Statements except as otherwise required by Legal Requirements), except to the extent prohibited by law from doing so, in which event, contemporaneously with the Closing, the applicable Sellers shall transfer all Resident Trust Funds, if any, to the resident for which such funds were being held, and the applicable Seller shall request that each resident receiving funds execute and deliver to the applicable Seller an acknowledgment of receipt of such funds and Buyer shall have no obligations or responsibilities with respect thereto.
Resident Trust Funds. New Manager shall have executed and delivered the Assignment of Resident Trust Funds.
Resident Trust Funds. On the Closing Date, or such earlier date as may be required by applicable legal requirements, Seller shall furnish to Purchaser a full and accurate accounting of all personal funds, if any, of residents of the Facility that Seller holds in a custodial capacity (“Resident Trust Funds”). Contemporaneously with the Closing, Seller shall transfer all Resident Trust Funds, if any, to the resident for which such funds were being held, and Seller shall request that each resident receiving funds execute and deliver to Seller an acknowledgment of receipt of such funds.
Resident Trust Funds. Existing Operator shall have executed and delivered an assignment and assumption of Resident Trust Funds substantially in the form and substance of Exhibit 6.6 (“Assignment of Resident Trust Funds”), attached hereto and made a part hereof.
Resident Trust Funds. New Operator shall have executed and delivered the Assignment of Resident Trust Funds.
Resident Trust Funds. On the Closing Date, Seller shall assign or pay over, or cause the assignment or paying over, to New Operator the resident trust funds maintained by Seller on behalf of residents of the Nursing Home. Seller and New Operator shall execute such other documents as counsel to New Operator determines are appropriate.
Resident Trust Funds. On the Closing Date, all amounts deposited in trust with Extendicare by or on behalf of the residents of the Facilities ("Resident Trust Funds") together with the complete books and records accounting for the Resident Trust Funds shall be delivered to the respective Tenants and Subtenants.
Resident Trust Funds. All resident trust funds held for the benefit of residents of the Business are in balance and will be in balance at Closing. Any deficiencies in resident trust funds revealed by audits of Buyer or state agencies relating to operations of the Business prior to Closing shall be paid or refunded by Sellers and Owners.
Resident Trust Funds. Each Company and Facility has complied in all material respects with all Laws relating to resident deposits in the possession of such Company made by or on behalf of residents of each Facility or other privately funded accounts for residents’ personal use (the “Trust Accounts”).
