Common use of Collection of Non-Governmental Receivables Clause in Contracts

Collection of Non-Governmental Receivables. With respect to payments on Non-Governmental Receivables, if requested by Company and at Company's option, Princeton II agrees that the following procedures shall apply: (a) Prior to the sale of any Non-Governmental Receivable hereunder, Company, the Collecting Bank and Lender (if requested by Lender) shall enter into a Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company and Company shall establish Non-Governmental Lockbox Account. The Non-Governmental Lockbox Account shall be an account in the name of Company. All payments in respect of Princeton II's Non-Governmental Receivables are to be made directly to such account. If Company exercises its option herein, at request of Company, Princeton II shall instruct each Account Debtor in respect of Princeton II's Non-Governmental Receivables to remit all such payments directly to such Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton II shall attach written instructions to each invoice representing such Non-Governmental Receivable generated subsequent to the date of this Agreement instructing such Third-Party Payor or Account Debtor that payment under such invoice is to be paid to the Non-Governmental Lockbox Account. Princeton II agrees that it shall not deposit any funds other than Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of Company. Princeton II further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (b) In accordance with the Lockbox Agreement pertaining to Non-Governmental Receivables, Company shall instruct the Collecting Bank to transfer automatically all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to Company's Main Account. Princeton II shall have no right or interest in the Non-Governmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of Company. Princeton II shall not, so long as any purchased Account remains unpaid, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction. (c) Princeton II will cooperate with Company and its agents in the identification of sums deposited into Non-Governmental Lockbox Account, which cooperation shall continue until all purchased Accounts sold hereunder have been collected. (d) Princeton II agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton II that is not deposited in NonGovernmental Lockbox Account within forty-eight (48) hours after receipt by Princeton II.

Appears in 1 contract

Samples: Service Agreement (Specialty Care Network Inc)

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Collection of Non-Governmental Receivables. With respect to payments on Non-Governmental Receivables, if requested by Company and at Company's option, Princeton II GCOA agrees that the following procedures shall apply: (a) Prior to the sale of any Non-Governmental Receivable hereunder, Company, the Collecting Bank and Lender (if requested by Lender) shall enter into a Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company and Company shall establish Non-Governmental Lockbox Account. The Non-Governmental NonGovernmental Lockbox Account shall be an account in the name of Company. All payments in respect of Princeton IIGCOA's Non-Governmental Receivables are to be made directly to such account. If Company exercises its option herein, at request of Company, Princeton II GCOA shall instruct each Account Debtor in respect of Princeton IIGCOA's Non-Governmental Receivables to remit all such payments directly to such Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton II GCOA shall attach written instructions to each invoice representing such Non-Governmental Receivable generated subsequent to the date of this Agreement instructing such Third-Party Payor or Account Debtor that payment under such invoice is to be paid to the Non-Governmental Lockbox Account. Princeton II GCOA agrees that it shall not deposit any funds other than Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of Company. Princeton II GCOA further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (b) In accordance with the Lockbox Agreement pertaining to Non-Governmental Receivables, Company shall instruct the Collecting Bank to transfer automatically all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to Company's Main Account. Princeton II GCOA shall have no right or interest in the Non-Governmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of Company. Princeton II GCOA shall not, so long as any purchased Account remains unpaid, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction. (c) Princeton II GCOA will cooperate with Company and its agents in the identification of sums deposited into Non-Governmental NonGovernmental Lockbox Account, which cooperation shall continue until all purchased Accounts sold hereunder have been collected. (d) Princeton II GCOA agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton II GCOA that is not deposited in NonGovernmental Non-Governmental Lockbox Account within forty-eight (48) hours after receipt by Princeton IIGCOA.

Appears in 1 contract

Samples: Service Agreement (Specialty Care Network Inc)

Collection of Non-Governmental Receivables. With respect to ------------------------------------------ payments on Non-Governmental Receivables, if requested by Company at the request and at Company's optionoption of MidSouth, Princeton II the Practice agrees that the following procedures shall apply: (ai) Prior to the sale of any Non-Governmental Receivable hereunderThe Practice, Company, the Collecting Bank and Lender (if requested by Lender) shall enter into a Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company Practice, MidSouth and Company Lender, which shall establish a Non-Governmental Lockbox Account. The Non-Governmental Lockbox Account shall be an account in the name of Companythe Practice. Practice agrees to enter into additional agreements with the Lender to acknowledge the Lender's security interest in the Purchased Accounts Receivable and to set forth the procedures to account for and reconcile the Non-Governmental Lockbox Account. All payments in with respect of Princeton IIto the Practice's Non-Governmental Receivables are to be made directly to such accountthe Non-Governmental Lockbox Account. If Company In the event MidSouth exercises its option hereinthis option, at request of Company, Princeton II the Practice shall instruct each Account Debtor in with respect of Princeton IIto the Practice's Non-Governmental Receivables to remit all such payments directly to such Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton II the Practice shall attach written instructions to each invoice representing such Non-Governmental Receivable Receivables generated subsequent to the date of this Agreement instructing which will instruct such Thirdthird-Party Payor party payor or Account Debtor that payment under such invoice is to be paid to the Non-Governmental Lockbox Account. Princeton II So long as this Agreement has not been terminated pursuant to Section 10.3, the Practice agrees that it shall not deposit any funds other than payments on Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of CompanyMidSouth. Princeton II The Practice further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (bii) In accordance with the Lockbox Agreement pertaining to Non-Governmental ReceivablesAgreement, Company Practice shall instruct the Collecting Bank to transfer automatically all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to Company's Main Accountthe Disbursement Account in accordance with Section 3.1(b)(2). Princeton II shall have no right So long as this Agreement has not been terminated pursuant to Section 10.3, or interest in the Non-Governmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of Company. Princeton II shall not, so long as any purchased Account Purchased Accounts Receivable remains unpaidoutstanding, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of CompanyMidSouth, the Practice shall not change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its regarding making payments to such accountthe Lockbox Account. Any such action shall be considered a breach of this Agreement for which Company MidSouth shall be entitled to all remedies at law under Applicable Law and in equity, including obtaining an injunction. (ciii) Princeton II The Practice will cooperate with Company MidSouth and its agents in the identification of sums deposited into the Non-Governmental Lockbox Account, which cooperation shall continue until all purchased Purchased Accounts Receivable sold hereunder have been collected. (div) Princeton II The Practice agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton II the Practice that is not deposited in NonGovernmental the Non-Governmental Lockbox Account within forty-eight two (482) hours business days after receipt by Princeton IIthe Practice. Except that the finance charge shall not apply to payments made on Purchased Accounts Receivables which are made as part of a cash, check or credit card payment at the time of the delivery of medical services by the Practice which are remitted to the Practice Account. All Joint Payments shall be allocated and remitted to the appropriate party on the Settlement Date.

Appears in 1 contract

Samples: Management Services Agreement (Physician Health Corp)

Collection of Non-Governmental Receivables. With respect to payments on Non-Governmental Receivables, if requested by Company and at Company's option, Princeton II ROAII agrees that the following procedures shall apply: (a) Prior to the sale of any Non-Governmental Receivable hereunder, Company, the Collecting Bank and Lender (if requested by Lender) shall enter into a Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company and Company shall establish Non-Governmental Lockbox Account. The Non-Governmental NonGovernmental Lockbox Account shall be an account in the name of Company. All payments in respect of Princeton IIROAII's Non-Governmental Receivables are to be made directly to such account. If Company exercises its option herein, at request of Company, Princeton II ROAII shall instruct each Account Debtor in respect of Princeton IIROAII's Non-Governmental Receivables to remit all such payments directly to such Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton II ROAII shall attach written instructions to each invoice representing such Non-Governmental Receivable generated subsequent to the date of this Agreement instructing such Third-Party Payor or Account Debtor that payment under such invoice is to be paid to the Non-Governmental Lockbox Account. Princeton II ROAII agrees that it shall not deposit any funds other than Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of Company. Princeton II ROAII further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (b) In accordance with the Lockbox Agreement pertaining to Non-Governmental Receivables, Company shall instruct the Collecting Bank to transfer automatically all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to Company's Main Account. Princeton II ROAII shall have no right or interest in the Non-Governmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of Company. Princeton II ROAII shall not, so long as any purchased Account remains unpaid, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction. (c) Princeton II ROAII will cooperate with Company and its agents in the identification of sums deposited into Non-Governmental NonGovernmental Lockbox Account, which cooperation shall continue until all purchased Accounts sold hereunder have been collected. (d) Princeton II agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton II that is not deposited in NonGovernmental Lockbox Account within forty-eight (48) hours after receipt by Princeton II.

Appears in 1 contract

Samples: Service Agreement (Specialty Care Network Inc)

Collection of Non-Governmental Receivables. With respect to payments on Non-Governmental Receivables, if requested by Company and at Company's option, Princeton II TOC agrees that the following procedures shall apply: (a) Prior to the sale of any Non-Governmental Receivable hereunder, Company, the Collecting Bank and Lender (if requested by Lender) shall enter into a Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company and Company shall establish Non-Governmental Lockbox Account. The Non-Governmental Lockbox Account shall be an account in the name of Company. All payments in respect of Princeton IITOC's Non-Governmental Receivables are to be made directly to such account. If Company exercises its option herein, at request of Company, Princeton II TOC shall instruct each Account Debtor in respect of Princeton IITOC's Non-Governmental Receivables to remit all such payments directly to such Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton II TOC shall attach written instructions to each invoice representing such Non-Governmental Receivable generated subsequent to the date of this Agreement instructing such Third-Party Payor or Account Debtor that payment under such invoice is to be paid to the Non-Governmental Lockbox Account. Princeton II agrees TOC and Company agree that it neither of them shall not deposit any funds other than Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of Company. Princeton II TOC further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (b) In accordance with the Lockbox Agreement pertaining to Non-Governmental Receivables, Company shall instruct the Collecting Bank to transfer automatically all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to Company's Main Account. Princeton II TOC shall have no right or interest in the Non-Governmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of Company. Princeton II TOC shall not, so long as any purchased Account remains unpaid, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction. (c) Princeton II TOC will cooperate with Company and its agents in the identification of sums deposited into Non-Governmental Lockbox Account, which cooperation shall continue until all purchased Accounts sold hereunder have been collected. (d) Princeton II TOC agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton II TOC that is not deposited in NonGovernmental Non-Governmental Lockbox Account within forty-eight (48) hours after receipt by Princeton IITOC.

Appears in 1 contract

Samples: Service Agreement (Specialty Care Network Inc)

Collection of Non-Governmental Receivables. With respect to ------------------------------------------- payments on Non-Governmental Receivables, if requested by Company at the request and at Company's optionoption of MidSouth, Princeton II the Practice agrees that the following procedures shall apply: (ai) Prior to the sale acquisition of any Non-Governmental Receivable hereunderthe Purchased Accounts Receivable, CompanyMidSouth, the Collecting Bank and Lender (if requested by Lender) shall enter into a the Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company MidSouth and Company MidSouth shall establish Non-the Non- Governmental Lockbox Account. The Non-Governmental Lockbox Account shall be an account in the name of Company. All payments in with respect of Princeton II's to the Non-Governmental Receivables are to be made directly to such accountthe Non-Governmental Lockbox Account. If Company MidSouth exercises its option herein, at request of Company, Princeton II the Practice shall instruct each Account Debtor in with respect of Princeton IIto the Practice's Non-Governmental Receivables to remit all such payments directly to such the Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton II the Practice shall attach written instructions to each invoice representing such a Non-Governmental Receivable generated subsequent to the date of this Agreement instructing such Thirdthird-Party Payor party payor or Account Debtor that payment under such the invoice is to be paid to the Non-Governmental Lockbox Account. Princeton II agrees that it shall not deposit any funds other than Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of Company. Princeton II further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (bii) In accordance with the Lockbox Agreement pertaining to Non-Governmental ReceivablesAgreement, Company Practice shall instruct the Collecting Bank to transfer automatically on a daily basis all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to Company's Main Accountthe Disbursement Account in accordance with Section 3.1(b)(2). Princeton II shall have no right or interest in the Non-Governmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of Company. Princeton II The Practice shall not, so long as any purchased Account Purchased Accounts Receivable remains unpaidoutstanding, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of CompanyMidSouth, change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its regarding making payments to such accountthe Lockbox Account. Any such action shall be considered a breach of this Agreement for which Company MidSouth shall be entitled to all remedies at law under Applicable Law and in equity, including obtaining an injunction. (ciii) Princeton II The Practice will cooperate with Company MidSouth and its agents in the identification of sums deposited into the Non-Governmental Lockbox Account, which cooperation shall continue until all purchased Purchased Accounts Receivable sold hereunder have been collected. (div) Princeton II The Practice agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton II the Practice that is not deposited in NonGovernmental the Non-Governmental Lockbox Account within forty-eight two (482) hours business days after receipt by Princeton IIthe Practice.

Appears in 1 contract

Samples: Management Services Agreement (Physician Health Corp)

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Collection of Non-Governmental Receivables. With respect to payments on Non-Governmental Receivables, if requested by Company and at Company's option, Princeton VERO II agrees that the following procedures shall apply: (a) Prior to the sale of any Non-Governmental Receivable hereunder, Company, the Collecting Bank and Lender (if requested by Lender) shall enter into a Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company and Company shall establish Non-Governmental Lockbox Account. The Non-Governmental NonGovernmental Lockbox Account shall be an account in the name of Company. All payments in respect of Princeton VERO II's Non-Governmental Receivables are to be made directly to such account. If Company exercises its option herein, at request of Company, Princeton VERO II shall instruct each Account Debtor in respect of Princeton VERO II's Non-Governmental Receivables to remit all such payments directly to such Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton VERO II shall attach written instructions to each invoice representing such Non-Governmental Receivable generated subsequent to the date of this Agreement instructing such Third-Party Payor or Account Debtor that payment under such invoice is to be paid to the Non-Governmental Lockbox Account. Princeton VERO II agrees that it shall not deposit any funds other than Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of Company. Princeton VERO II further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (b) In accordance with the Lockbox Agreement pertaining to Non-Governmental Receivables, Company shall instruct the Collecting Bank to transfer automatically all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to Company's Main Account. Princeton VERO II shall have no right or interest in the Non-Governmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of Company. Princeton VERO II shall not, so long as any purchased Account remains unpaid, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of Company, change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company shall be entitled to all remedies at law and in equity, including obtaining an injunction. (c) Princeton II will cooperate with Company and its agents in the identification of sums deposited into Non-Governmental Lockbox Account, which cooperation shall continue until all purchased Accounts sold hereunder have been collected. (d) Princeton II agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton II that is not deposited in NonGovernmental Lockbox Account within forty-eight (48) hours after receipt by Princeton II.related

Appears in 1 contract

Samples: Service Agreement (Specialty Care Network Inc)

Collection of Non-Governmental Receivables. With respect to ------------------------------------------ payments on Non-Governmental Receivables, if requested by Company at the request and at Company's optionoption of MidSouth, Princeton II the Practice agrees that the following procedures shall apply: (ai) Prior to the sale acquisition of any Non-Governmental Receivable hereunderthe Purchased Accounts Receivable, CompanyMidSouth, the Collecting Bank and Lender (if requested by Lender) shall enter into a the Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company MidSouth and Company MidSouth shall establish Non-the Non- Governmental Lockbox Account. The Non-Governmental Lockbox Account shall be an account in the name of Company. All payments in with respect of Princeton II's to the Non-Governmental Receivables are to be made directly to such accountthe Non-Governmental Lockbox Account. If Company MidSouth exercises its option herein, at request of Company, Princeton II the Practice shall instruct each Account Debtor in with respect of Princeton IIto the Practice's Non-Governmental Receivables to remit all such payments directly to such the Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton II the Practice shall attach written instructions to each invoice representing such a Non-Governmental Receivable generated subsequent to the date of this Agreement instructing such Thirdthird-Party Payor party payor or Account Debtor that payment under such the invoice is to be paid to the Non-Governmental Lockbox Account. Princeton II agrees that it shall not deposit any funds other than Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of Company. Princeton II further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (bii) In accordance with the Lockbox Agreement pertaining to Non-Governmental ReceivablesAgreement, Company Practice shall instruct the Collecting Bank to transfer automatically on a daily basis all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to Company's Main the Disbursement Account. Princeton II shall have no right or interest in the Non-Governmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of Company. Princeton II The Practice shall not, so long as any purchased Account Purchased Accounts Receivable remains unpaidoutstanding, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of CompanyMidSouth, change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its regarding making payments to such accountthe Lockbox Account. Any such action shall be considered a breach of this Agreement for which Company MidSouth shall be entitled to all remedies at law under Applicable Law and in equity, including obtaining an injunction. (ciii) Princeton II The Practice will cooperate with Company MidSouth and its agents in the identification of sums deposited into the Non-Governmental Lockbox Account, which cooperation shall continue until all purchased Purchased Accounts Receivable sold hereunder have been collected. (div) Princeton II The Practice agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton II the Practice that is not deposited in NonGovernmental the Non-Governmental Lockbox Account within forty-eight two (482) hours business days after receipt by Princeton IIthe Practice.

Appears in 1 contract

Samples: Management Services Agreement (Physician Health Corp)

Collection of Non-Governmental Receivables. With respect to payments on Non-Governmental Receivables, if requested by Company SCN and at CompanySCN's option, Princeton OSMC II agrees that the following procedures shall apply: (ai) Prior to the sale of any Non-Governmental Receivable hereunder, CompanySCN, the Collecting Bank and Lender (if requested by Lender) shall enter into a Lockbox Agreement applicable to Non-Governmental Receivables in a form acceptable to counsel for Company SCN and Company SCN shall establish Non-Governmental Lockbox Account. The Non-Governmental NonGovernmental Lockbox Account shall be an account in the name of CompanySCN. All payments in respect of Princeton OSMC II's Non-Governmental Receivables are to be made directly to such account. If Company SCN exercises its option herein, at request of CompanySCN, Princeton OSMC II shall instruct each Account Debtor in respect of Princeton OSMC II's Non-Governmental Receivables to remit all such payments directly to such Non-Governmental Lockbox Account pursuant to a Notification Letter. In addition, Princeton OSMC II shall attach written instructions to each invoice representing such Non-Governmental Receivable generated subsequent to the date of this Agreement instructing such Third-Party Payor or Account Debtor that payment under such invoice is to be paid to the Non-Governmental Lockbox Account. Princeton II XXXX XX agrees that it shall not deposit any funds other than Non-Governmental Receivables into, nor make any withdrawals from, the Non-Governmental Lockbox Account without the prior written consent of CompanySCN. Princeton OSMC II further agrees that it shall not during the term of this Agreement terminate, modify or amend in any manner the Lockbox Agreement applicable to the Non-Governmental Lockbox Account. (bii) In accordance with the Lockbox Agreement pertaining to Non-Governmental Receivables, Company SCN shall instruct the Collecting Bank to transfer automatically all amounts deposited in the Non-Governmental Lockbox Account constituting good funds to CompanySCN's Main Account. Princeton OSMC II shall have no right or interest in the Non-Governmental NonGovernmental Lockbox Account nor to the Main Account and such accounts shall be in the name of and under the control of CompanySCN. Princeton OSMC II shall not, so long as any purchased Account remains unpaid, and in any event, during the term of this Agreement, at any time, or, without the prior written consent of CompanySCN, change the instructions to each Account Debtor on the related Non-Governmental Receivable to make its payments to such account. Any such action shall be considered a breach of this Agreement for which Company SCN shall be entitled to all remedies at law and in equity, including obtaining an injunction. (ciii) Princeton OSMC II will cooperate with Company SCN and its agents in the identification of sums deposited into Non-Governmental NonGovernmental Lockbox Account, which cooperation shall continue until all purchased Accounts sold hereunder have been collected. (div) Princeton II XXXX XX agrees to pay, on demand, a finance charge equal to the Finance Charge Rate, on any Non-Governmental Receivable received by Princeton OSMC II that is not deposited in NonGovernmental Non-Governmental Lockbox Account within forty-eight (48) hours after receipt by Princeton OSMC II.

Appears in 1 contract

Samples: Confidentiality Agreement (Specialty Care Network Inc)

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