TRANSFER OF PATIENT TRUST FUNDS Sample Clauses

TRANSFER OF PATIENT TRUST FUNDS a. On or prior to the Closing Date, Old Operator shall provide to New Operator a true, correct and complete accounting (properly reconciled) certified as being true, correct and complete by Old Operator of any patient trust funds and an inventory of all Patient Property held by Old Operator on the Closing Date for patients at the Facility, a copy of which is attached hereto as Schedule 5(a) (“Patient Trust Funds and Patient Property”). b. Old Operator hereby agrees to transfer, or to cause to be transferred, to New Operator the Patient Trust Funds and Patient Property on the Closing Date. Old Operator shall comply with all governmental statutes, rules and regulations with respect to the transfer of such Patient Trust Funds and Patient Property. New Operator hereby agrees that it will accept the Patient Trust Funds and Patient Property in trust for the residents, in accordance with applicable statutory and regulatory requirements; provided, however, such transfer shall not relieve Old Operator of its custodial and fiduciary responsibilities for such funds and property to the beneficiaries thereof for the period prior to the Closing Date. c. Old Operator will indemnify, defend and hold New Operator harmless from all fines, penalties, liabilities, and damages, including reasonable attorneys’ fees, arising or resulting from Old Operator’s violation or breach of its legal obligations with respect to the custody and transfer of Patient Funds and Patient Property prior to the Closing Date. Prior to the Closing Date.

TRANSFER OF PATIENT TRUST FUNDS a. On or prior to the Closing Date, Old Operator shall provide to New Operator a true, correct and complete accounting (properly reconciled) certified as being true, correct and complete by Old Operator of any patient trust funds and an inventory of all residents’ property held by Old Operator on the Closing Date for patients at the Facility, a copy of which shall be attached hereto as Schedule 5(a) (“Patient Trust Funds and Property”). b. Old Operator hereby agrees to transfer, or to cause to be transferred, to New Operator the Patient Trust Funds and Property on the Closing Date. Old Operator shall comply with all governmental statutes, rules and regulations with respect to the transfer of such Patient Trust Funds and Property. New Operator hereby agrees that it will accept the Patient Trust Funds and Property in trust for the residents, in accordance with applicable statutory and regulatory requirements; provided, however, such transfer shall not relieve Old Operator of its custodial and fiduciary responsibilities for such funds and property to the beneficiaries thereof for the period prior to and on the Closing Date. c. Old Operator will indemnify, defend and hold New Operator harmless from all liabilities, claims, demands and causes of action of any nature whatsoever, including reasonable attorneys’ fees, in the event the amount of funds, if any, transferred to New Operator did not represent the full amount of the funds delivered to Old Operator as custodian as of the Closing Date, or with respect to any Patient Trust Funds and Property delivered, or claimed to have been delivered, to Old Operator, but which were not delivered by Old Operator to New Operator, or for claims which arise from actions or omissions of Old Operator with respect to the Patient Trust Funds and Property prior to and on the Closing Date. d. New Operator will indemnify, defend and hold Old Operator harmless from all liabilities, claims, demands and causes of action of any nature whatsoever, including reasonable attorneys’ fees, in the event a claim is made against Old Operator by a patient for his/her Patient Trust Funds and Property where said funds were transferred to New Operator pursuant to the terms hereof, or for claims which arise from actions or omissions of New Operator after the Closing Date with respect to Patient Trust Funds and Property actually received by New Operator.

TRANSFER OF PATIENT TRUST FUNDS. On the Facilities Transfer Date, the Lessee Parties shall provide to New Operator a true, correct and complete accounting (properly reconciled) of any patient trust funds and an inventory of all residents’ property held by the Lessee Parties on the Facilities Transfer Date for patients at the Facilities. On the Facilities Transfer Date, the Lessee Parties shall assign and transfer to New Operator the patient trust accounts maintained for the Lessee Parties with respect to the Facilities as of the Facilities Transfer Date.

TRANSFER OF PATIENT TRUST FUNDS. 2.1. On the Closing Date, Operator shall provide to Transferee a true, correct and complete accounting (properly reconciled) of any patient trust funds and an inventory of all residents' property held by Operator on the Closing Date for residents at the Facility (collectively the "PATIENT TRUST FUNDS"). Operator shall provide notice to residents and their responsible parties or agents of the transfer of operations and the transfer of the Patient Trust Funds. 2.2. Operator hereby agrees to transfer such Patient Trust Funds and property to Transferee upon Closing. Transferee hereby agrees that it will accept such Patient Trust Funds in trust for the residents, in accordance with applicable statutory and regulatory requirements. 2.3. Operator will indemnify, defend and hold Transferee harmless from all liabilities, claims and demands, including reasonable attorney's fees, in the event the amount of the Patient Trust Funds, if any, transferred to Transferee did not represent the full amount of the Patient Trust Funds shown to have been delivered to Operator as custodian or with respect to any Patient Trust Funds delivered, or claimed to have been delivered, to Operator, but which were not delivered by Operator to Transferee, or for claims which arise from actions or omissions of Operator with respect to the Patient Trust Funds prior to the Closing Date. 2.4. Transferee will indemnify, defend and hold Operator harmless from all liabilities, claims and demands, including reasonable attorneys' fees, in the event a claim is made against Operator by a patient for his/her Patient Trust Funds where such funds were transferred to Transferee pursuant to the terms hereof. 2.5. The parties agree to execute any documents required by State licensing authorities to reflect this transfer.

TRANSFER OF PATIENT TRUST FUNDS. Within five (5) business days following the Closing, Debtor shall provide to New Operator a true, correct and complete accounting (properly reconciled) of any patient trust funds and an inventory of all residents' property held by Debtor on the Closing Date for patients at the Facility. Debtor hereby agrees to transfer such funds and property to New Operator within twenty (20) days of the date that New Operator notifies Debtor in writing that it agrees with the accounting provided to it. New Operator hereby agrees that it will accept such funds and property for the patients in accordance with applicable statutory and regulatory requirements; however, New Operator shall have no liability for such funds until its acceptance pursuant thereto. New Operator will indemnify, defend and hold Debtor harmless from all liabilities, claims, and demands including reasonable attorney's fees, in the event a claim is made against Debtor by a patient for his or her patient trust fund where such fund was transferred to New Operator pursuant to the terms hereof.