Resident Trust Funds definition

Resident Trust Funds means, collectively, all resident trust funds held by Existing Operator for the Facility as of the Closing Date.

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Resident Trust Funds. The funds shall be deposited in a bank or other institution within the state of Iowa insured by the federal government. Expense for bank service charges for this account is an allowable audit cost under rule 54.3(249) if the service cannot be obtained free of charge. The de- partment shall charge back to the facility any maintenance item included in the computation of the au- dit cost that is charged to the resident’s personal needs when such charge constitutes double payment. Unverifiable expenditures charged to personal needs accounts may be charged back to the facility. The accounting system is subject to audit by representatives of the Iowa department of human services, and shall meet the following criteria:

Resident Trust Funds has the meaning set forth in Section 12.9.

Examples of Resident Trust Funds in a sentence

Within ten (10) business days after the Closing Date, Transferor and New Operator will reconcile the Resident Trust Funds transferred from Transferor to New Operator.
Transferor agrees to indemnify, defend and hold harmless New Operator from any losses, liabilities, damages, claims, actions, causes of action, costs, expenses, including, without limitation, reasonable attorneys fees (collectively the “Losses”) which New Operator may incur as a result of discrepancies between the Resident Trust Funds as delivered by Transferor to New Operator and the full amount of the Resident Trust Funds for such resident as of the Closing Date.
Except for any discrepancies between the Resident Trust Funds as delivered by Transferor to New Operator and the full amount of the Resident Trust Funds for such resident as of the Closing Date, New Operator agrees to indemnify, defend and hold harmless Transferor from any Losses which Transferor may incur as the result or arising from any action or inaction of New Operator in respect of the Resident Trust Funds from and after the Closing Date.
Transferor hereby grants, conveys, transfers and assigns to New Manager, its successors and assigns, all of Transferor’s right, title and interest to all Resident Trust Funds held by Transferor in trust for the residents or tenants at the Facility, as applicable, on the terms and conditions set forth in the MTA.
In reliance upon Transferor’s covenants and representation contained in the MTA, New Manager hereby accepts the grant, conveyance, transfer and assignment by Transferor to New Manager, its successors and assigns, of all of Transferor’s right, title and interest to all Resident Trust Funds held by Transferor in trust for the residents or tenants at the Facility, as applicable, on the terms and conditions set forth in the MTA.

More Definitions of Resident Trust Funds

Resident Trust Funds shall have the meaning set forth in Section 19. “Taxes” shall mean all Federal, state, local, foreign and other taxes, assessments, duties or similar charges of any kind whatsoever, including all corporate franchise, income, sales, use, ad valorem, receipts, value added, profits, license, withholding, payroll, employment, excise, property, net worth, capital gains, transfer, stamp, documentary, social security, payroll, environmental, alternative minimum, occupation, recapture, unclaimed property and other taxes, and including any interest, penalties and additions imposed with respect to such amounts.

Resident Trust Funds has the meaning set forth in Section 3.02(b) hereof.

Resident Trust Funds means any resident trust funds and residents’ property held by Licensee as of the Effective Date in trust for residents at the Facility.

Resident Trust Funds shall have the meaning set forth in Section 2.4. “Senior Lender Consents” [RESERVED]

Resident Trust Funds has the meaning set forth in Section 2.1(j).

Resident Trust Funds shall have the meaning set forth in Section 7(a). “Resident Deposits” shall have the meaning set forth in Section 7(a). “Sale” shall have the meaning set forth in the Bidding Procedures.

Resident Trust Funds has the meaning set forth in Section 3.02(b) hereof. “Retention Period” has the meaning set forth in Section 3.06(a) hereof. “Software” has the meaning set forth in Section 3.06(b) hereof. “Transaction” has the meaning set forth in the recitals. “Transaction Documents” has the meaning set forth in Section 6.01(a) hereof. “Transferred Assets” has the meaning set forth in Section 3.01(a) hereof. “WARN Act” has the meaning set forth in Section 4.01(c) hereof.