Common use of Compensation of Service Company Clause in Contracts

Compensation of Service Company. (a) Assignment to Service Company. P.C. assigns to Service Company all of P.C.'s right and interests in all Revenues such that all Revenues shall be paid to and collected by Service Company and all Revenues of P.C. (and all accounts receivable relating thereto) shall be reported on the income statement and balance sheet of Service Company during the term of this Agreement; provided, however, that no assignment shall be made of any such rights or interests, the assignment of which is prohibited by law (for example, amounts receivable from Medicare or Medicaid accounts). P.C. hereby issues a standing instruction, which it shall confirm upon request from time to time, that all payments due to P.C. shall be remitted directly to Service Company as its agent and attorney-in-fact hereunder. To the extent that the foregoing assignment of Revenues shall be ineffective for any reason, P.C. hereby grants a security interest in all accounts receivable, contract rights, Revenues and general intangibles of P.C. to Service Company to secure all indebtedness and obligations of P.C. to Service Company arising under or in connection with this Agreement. At the request of Service Company, P.C. shall execute all documents and instruments necessary to evidence and perfect the foregoing security interest.

Compensation of Service Company. (a) Assignment to Service Company. P.C. assigns to Service Company all of P.C.'s right and interests in all Revenues such that all Revenues shall be paid to and collected by Service Company and all Revenues of P.C. (and all accounts receivable relating thereto) shall be reported on the income statement stated and balance sheet of Service Company during the term of this Agreement; provided, however, that no assignment shall be made of any such rights or interests, the assignment of which is prohibited by law (for example, amounts receivable from Medicare or Medicaid accounts). P.C. hereby issues a standing instruction, which it shall confirm upon request from time to time, that all payments due to P.C. shall be remitted directly to Service Company as its agent and attorney-in-fact hereunder. To the extent that the foregoing assignment of Revenues shall be ineffective for any reason, P.C. hereby grants a security interest in all accounts receivable, contract rights, Revenues and general intangibles of P.C. to Service Company to secure all indebtedness and obligations of P.C. to Service Company arising under or in connection with this Agreement. At the request of Service Company, P.C. shall execute all documents and instruments necessary to evidence and perfect the foregoing security interest.