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.

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

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:

Examples of Resident Trust Funds in a sentence

• Within ten (10) Business Days after the Commencement Date, Landlord shall prepare a final reconciliation comparing the actual Resident Trust Fund balances with Resident Trust Funds for the Residents transferred to Tenant on the Commencement Date and to the extent the former exceeds the latter, Landlord shall promptly remit such excess to Tenant or to the extent the latter exceeds the former, Tenant shall promptly remit such excess to Landlord.

• Landlord shall have no responsibility to the applicable Resident or regulatory authority with respect to any Resident Trust Fund delivered to Tenant with respect to Resident Trust Funds occurring on or after the Commencement Date.

• Tenant shall have no responsibility to the applicable Resident or regulatory authority with respect to any Resident Trust Funds in excess of the amount delivered by Landlord to Tenant for such Resident or for any claims which arise or from actions or omissions of Landlord with respect to Resident Trust Funds.

• Appendix A: Resident Trust Funds A Resident Trust Fund is an amount of money held by the Facility for the Resident’s personal use.

• 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”).

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

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. SECTION 1.02

Resident Trust Funds means the funds held in trust by Seller for the residents of each Facility excluding non-refundable deposits.

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