Common use of Accounts Receivables Clause in Contracts

Accounts Receivables. Except for the first month of this Agreement, on approximately the 15th day of each month, ProMedCo-Temple shall purchase the accounts receivable of KDCP arising during the previous month, by payment of cash, or other readily available funds into an account of KDCP. The consideration for the purchase shall be an amount equal to the KDCP Distribution for such previous month. Although it is the intention of the parties that ProMedCo- Temple purchase and thereby become owner of the accounts receivable of KDCP, in case such purchase shall be ineffective for any reason, KDCP, as of the Effective Date of this Agreement, grants and shall cause each KDCP Employee to grant to ProMedCo-Temple a first priority lien on and security interest in and to any and all interest of KDCP and such KDCP Employees in any accounts receivable generated by the medical practice of KDCP and the KDCP Employees or otherwise generated through the operations of the Clinic, and all proceeds with respect thereto, to secure the payment to ProMedCo-Temple of all such accounts receivable, and this Agreement shall be deemed to be a security agreement to the extent necessary to give effect to the foregoing. In addition, KDCP shall cooperate with ProMedCo-Temple and execute and deliver, and cause each KDCP Employee to execute and deliver, all necessary documents in connection with the pledge of such accounts receivable to ProMedCo-Temple or at ProMedCo-Temple's option, its lenders. All collections in respect of such accounts receivable shall be deposited in a bank account at a bank designated by ProMedCo-Temple. To the extent KDCP or any KDCP Employee comes into possession of any payments in respect of such accounts receivable, KDCP or such KDCP Employee shall direct such payments to ProMedCo-Temple for deposit in bank accounts designated by ProMedCo-Temple.

Accounts Receivables. Except for the first month of this Agreement, on approximately the 15th day of each month, ProMedCo-Temple SW shall purchase the accounts receivable of KDCP NMC arising during the previous month, by payment of cash, or other readily available funds into an account of KDCPNMC. The consideration for the purchase shall be an amount equal to the KDCP NMC Distribution for such previous monthmonth plus or minus, as the case may be, the Adjustments relating to the month prior thereto. Although it is the intention of the parties that ProMedCo- Temple ProMedCo-SW purchase and thereby become owner of the accounts receivable of KDCPNMC, in case such purchase shall be ineffective for any reason, KDCPNMC, as of the Effective Date of this Agreement, grants and shall cause each KDCP Employee Medical Professional to grant to ProMedCo-Temple SW a first priority lien on and security interest in and to any and all interest of KDCP NMC and such KDCP Employees Medical Professionals in any accounts receivable generated by the medical practice of KDCP NMC and the KDCP Employees Medical Professional or otherwise generated through the operations of the Clinic, and all proceeds with respect thereto, to secure the payment to ProMedCo-Temple SW of all such accounts receivable, and this Agreement shall be deemed to be a security agreement to the extent necessary to give effect to the foregoing. In addition, KDCP NMC shall cooperate with ProMedCo-Temple SW and execute and deliver, and cause each KDCP Employee Medical Professional to execute and deliver, all necessary documents in connection with the pledge of such accounts receivable to ProMedCo-Temple SW or at ProMedCo-TempleSW's option, its lenders. All collections in respect of such accounts receivable shall be deposited in a bank account at a bank designated by ProMedCo-TempleSW. To the extent KDCP NMC or any KDCP Employee Medical Professional comes into possession of any payments in respect of such accounts receivable, KDCP NMC or such KDCP Employee Medical Professional shall direct such payments to ProMedCo-Temple SW for deposit in bank accounts designated by ProMedCo-TempleSW.

Accounts Receivables. Except for the first month of this Agreement, on approximately the 15th day of each month, ProMedCo-Temple ProMedCo shall purchase the accounts receivable of KDCP ADC arising during the previous month, by payment of cash, or other readily available funds into an account of KDCPADC. The consideration for the purchase shall be an amount equal to actual charges of ADC for the KDCP previous month, less Adjustments. The Purchase Amount shall be further reduced by the amount due to ProMedCo for the previous month's Clinic Expenses and ProMedCo Distribution and such reduction shall serve as payment for such previous month's Clinic Expenses and ProMedCo Distribution as provided for in Section 7.1 above. Although it is the intention of the parties that ProMedCo- Temple ProMedCo purchase and thereby become owner of the accounts receivable of KDCPADC, in case such purchase shall be ineffective for any reason, KDCPADC, as of the Effective Date of this Agreement, grants and shall cause each KDCP ADC Employee to grant to ProMedCo-Temple ProMedCo a first priority lien on and security interest in and to any and all interest of KDCP ADC and such KDCP ADC Employees in any accounts receivable generated by the medical practice of KDCP ADC and the KDCP ADC Employees or otherwise generated through the operations of the Clinic, and all proceeds with respect thereto, to secure the payment to ProMedCo-Temple ProMedCo of all such accounts receivable, and this Agreement shall be deemed to be a security agreement to the extent necessary to give effect to the foregoing. In addition, KDCP ADC shall cooperate with ProMedCo-Temple ProMedCo and execute and deliver, and cause each KDCP ADC Employee to execute and deliver, all necessary documents in connection with the pledge of such accounts receivable to ProMedCo-Temple ProMedCo or at ProMedCo-Temple's option, its lenders. All collections in respect of such accounts receivable shall be deposited in a bank account at a bank designated by ProMedCo-Temple. To the extent KDCP ADC or any KDCP ADC Employee comes into possession of any payments in respect of such accounts receivable, KDCP ADC or such KDCP ADC Employee shall direct such payments to ProMedCo-Temple ProMedCo for deposit in bank accounts designated by ProMedCo-Temple.