Like being in bed and rested (5)
I believe the answer is:
based
'rested' is the definition.
(both can mean located or positioned)
'like being in bed' is the wordplay.
'like' becomes 'as'.
'being in' indicates putting letters inside.
'as' inserted into 'bed' is 'BASED'.
'and' acts as a link.
(Other definitions for based that I've seen before include "Located" , "Stationed (in a place)" , "Worthless" , "Founded, grounded" , "(Of aircraft) stationed" .)