Common use of DEPOSIT OF NET CLINIC REVENUES Clause in Contracts

DEPOSIT OF NET CLINIC REVENUES. During the term of this Agreement, all Net Clinic Revenues collected resulting from the operations of the Clinic shall be deposited directly into a bank account of which KDCP shall be the owner ("Account"). ProMedCo- Temple and KDCP shall maintain their accounting records in such a way as to clearly segregate Net Clinic Revenues from other funds of ProMedCo-Temple or KDCP. KDCP hereby appoints ProMedCo-Temple as its true and lawful attorney-in-fact to deposit in the Account all revenues collected. KDCP covenants, and shall cause all KDCP Employees to covenant, to forward any payments received with respect to Net Clinic Revenues for services provided by KDCP and KDCP Employees to ProMedCo-Temple for deposit. ProMedCo- Temple shall have the right to withdraw funds from the Account and all owners of the Account shall execute a revocable standing transfer order ("Transfer Order") under which the bank maintaining the Account shall periodically transfer the entire balance of the Account to a separate bank account owned solely by ProMedCo-Temple ("ProMedCo-Temple Account"). KDCP and ProMedCo-Temple hereby agree to execute from time to time such documents and instructions as shall be required by the bank maintaining the Account and mutually agreed upon to effectuate the foregoing provisions and to extend or amend such documents and instructions. Any action by KDCP that interferes with the operation of this Section, including, but not limited to, any failure to deposit or allow ProMedCo-Temple to deposit any Net Clinic Revenues into the Account, any withdrawal of any funds from the Account not authorized by the express terms of this Agreement, or any revocation of or attempt to revoke the Transfer Order (otherwise than upon expiration or termination of this Agreement), will constitute a breach of this Agreement and will entitle ProMedCo-Temple, in addition to any other remedies that it may have at law or in equity, to seek a court ordered assignment of the following rights:

Appears in 3 contracts

Samples: Service Agreement (Professional Medical Management Co), Service Agreement (Promedco Management Co), Service Agreement (Professional Medical Management Co)

AutoNDA by SimpleDocs

DEPOSIT OF NET CLINIC REVENUES. During the term of this Agreement, all Net Clinic Revenues collected resulting from the operations of the Clinic shall be deposited directly into a bank account of which KDCP NTMS shall be the owner ("Account"). ProMedCo- Temple ProMedCo and KDCP NTMS shall maintain their accounting records in such a way as to clearly segregate Net Clinic Revenues from other funds of ProMedCo-Temple ProMedCo or KDCPNTMS. KDCP NTMS hereby appoints ProMedCo-Temple ProMedCo as its true and lawful attorney-in-fact to deposit in the Account all revenues collected. KDCP NTMS covenants, and shall cause all KDCP NTMS Employees to covenant, to forward any payments received with respect to Net Clinic Revenues for services provided by KDCP NTMS and KDCP NTMS Employees to ProMedCo-Temple ProMedCo for deposit. ProMedCo- Temple ProMedCo shall have the right to withdraw funds from the Account and all owners of the Account shall execute a revocable standing transfer order ("Transfer Order") under which the bank maintaining the Account shall periodically transfer the entire balance of the Account to a separate bank account owned solely by ProMedCo-Temple ProMedCo ("ProMedCo-Temple ProMedCo Account"). KDCP NTMS and ProMedCo-Temple ProMedCo hereby agree to execute from time to time such documents and instructions as shall be required by the bank maintaining the Account and mutually agreed upon to effectuate the foregoing provisions and to extend or amend such documents and instructions. Any action by KDCP NTMS that interferes with the operation of this Section, including, but not limited to, any failure to deposit or allow ProMedCo-Temple to have ProMedCo deposit any Net Clinic Revenues into the Account, any withdrawal of any funds from the Account not authorized by the express terms of this Agreement, or any revocation of or attempt to revoke the Transfer Order (otherwise than upon expiration or termination of this Agreement), will constitute a breach of this Agreement and will entitle ProMedCo-Temple, in addition to any other remedies that it may have at law or in equity, to seek a court ordered assignment of the following rights:

Appears in 1 contract

Samples: Service Agreement (Promedco Management Co)

DEPOSIT OF NET CLINIC REVENUES. During the term of this Agreement, all an Net Clinic Revenues collected resulting from the operations of the Clinic shall be deposited directly into a bank account of which KDCP CPC shall be the owner ("Account"). ProMedCo- Temple ProMedCo and KDCP CPC shall maintain their accounting records in such a way as to clearly segregate Net Clinic Revenues from other funds of ProMedCo-Temple ProMedCo or KDCPCPC. KDCP CPC hereby appoints ProMedCo-Temple ProMedCo as its true and lawful attorney-in-fact to deposit in the Account all revenues collected. KDCP CPC covenants, and shall cause all KDCP CPC Employees to covenant, to forward any payments received with respect to Net Clinic Revenues for services provided by KDCP CPC and KDCP CPC Employees to ProMedCo-Temple ProMedCo for deposit. ProMedCo- Temple ProMedCo shall have the right to withdraw funds from the Account and all owners of the Account shall execute a revocable standing transfer order ("Transfer Order") under which the bank maintaining the Account shall periodically transfer the entire balance of the Account to a separate bank account owned solely by ProMedCo-Temple ProMedCo ("ProMedCo-Temple ProMedCo Account"). KDCP CPC and ProMedCo-Temple ProMedCo hereby agree to execute from time to time such documents and instructions as shall be required by the bank maintaining the Account and mutually agreed upon to effectuate the foregoing provisions and to extend or amend such documents and instructions. Any action by KDCP CPC that interferes with the operation of this Section, including, but not limited to, any failure to deposit or allow ProMedCo-Temple to have ProMedCo deposit any Net Clinic Revenues into the Account, any withdrawal of any funds from the Account not authorized by the express terms of this Agreement, or any revocation of or attempt to revoke the Transfer Order (otherwise than upon expiration or termination of this Agreement), will constitute a breach of this Agreement and will entitle ProMedCo-Temple, in addition to any other remedies that it may have at law or in equity, to seek a court ordered assignment of the following rights:

Appears in 1 contract

Samples: Service Agreement (Promedco Management Co)

DEPOSIT OF NET CLINIC REVENUES. During the term of this Agreement, all Net Clinic Revenues collected resulting from the operations of the Clinic shall be deposited directly into a bank account of which KDCP BEACON shall be the owner ("Account"). ProMedCo- Temple ProMedCo-Harrisburg and KDCP BEACON shall maintain their accounting records in such a way as to clearly segregate Net Clinic Revenues from other funds of ProMedCo-Temple Harrisburg or KDCPBEACON. KDCP BEACON hereby appoints ProMedCo-Temple Harrisburg as its true and lawful attorney-in-fact to deposit in the Account all revenues collected. KDCP BEACON covenants, and shall cause all KDCP BEACON Employees to covenant, to forward any payments received with respect to Net Clinic Revenues for services provided by KDCP BEACON and KDCP BEACON Employees to ProMedCo-Temple Harrisburg for deposit. ProMedCo- Temple ProMedCo-Harrisburg shall have the right to withdraw funds from the Account and all owners of the Account shall execute a revocable standing transfer order ("Transfer Order") under which the bank maintaining the Account shall periodically transfer the entire balance of the Account to a separate bank account owned solely by ProMedCo-Temple Harrisburg ("ProMedCo-Temple Harrisburg Account"). KDCP BEACON and ProMedCo-Temple Harrisburg hereby agree to execute from time to time such documents and instructions as shall be required by the bank maintaining the Account and mutually agreed upon to effectuate the foregoing provisions and to extend or amend such documents and instructions. Any action by KDCP BEACON that interferes with the operation of this Section, including, but not limited to, any failure to deposit or allow have ProMedCo-Temple to Harrisburg deposit any Net Clinic Revenues into the Account, any withdrawal of any funds from the Account not authorized by the express terms of this Agreement, or any revocation of or attempt to revoke the Transfer Order (otherwise than upon expiration or termination of this Agreement), will constitute a breach of this Agreement and will entitle ProMedCo-TempleHarrisburg, in addition to any other remedies that it may have at law or in equity, to seek a court ordered assignment of the following rights:

Appears in 1 contract

Samples: Service Agreement (Promedco Management Co)

AutoNDA by SimpleDocs

DEPOSIT OF NET CLINIC REVENUES. During the term of this Agreement, all Net Clinic Revenues collected resulting from the operations of the Clinic shall be deposited directly into a bank account of which KDCP ADC shall be the owner ("Account"). ProMedCo- Temple ProMedCo and KDCP ADC shall maintain their accounting records in such a way as to clearly segregate Net Clinic Revenues from other funds of ProMedCo-Temple ProMedCo or KDCPADC. KDCP ADC hereby appoints ProMedCo-Temple ProMedCo as its true and lawful attorney-in-fact to deposit in the Account all revenues collected. KDCP ADC covenants, and shall cause all KDCP ADC Employees to covenant, to forward any payments received with respect to Net Clinic Revenues for services provided by KDCP ADC and KDCP ADC Employees to ProMedCo-Temple ProMedCo for deposit. ProMedCo- Temple ProMedCo shall have the right to withdraw funds from the Account and all owners of the Account shall execute a revocable standing transfer order ("Transfer Order") under which the bank maintaining the Account shall periodically transfer the entire balance of the Account to a separate bank account owned solely by ProMedCo-Temple ProMedCo ("ProMedCo-Temple ProMedCo Account"). KDCP ADC and ProMedCo-Temple ProMedCo hereby agree to execute from time to time such documents and instructions as shall be required by the bank maintaining the Account and mutually agreed upon to effectuate the foregoing provisions and to extend or amend such documents and instructions. Any action by KDCP ADC that interferes with the operation of this Section, including, but not limited to, any failure to deposit or allow ProMedCo-Temple to have ProMedCo deposit any Net Clinic Revenues into the Account, any withdrawal of any funds from the Account not authorized by the express terms of this Agreement, or any revocation of or attempt to revoke the Transfer Order (otherwise than upon expiration or termination of this Agreement), will constitute a breach of this Agreement and will entitle ProMedCo-Temple, in addition to any other remedies that it may have at law or in equity, to seek a court ordered assignment of the following rights:

Appears in 1 contract

Samples: Service Agreement (Promedco Management Co)

DEPOSIT OF NET CLINIC REVENUES. During the term of this Agreement, all Net Clinic Revenues collected resulting from the operations of the Clinic shall be deposited directly into a bank account of which KDCP NMC shall be the owner ("Account"). ProMedCo- Temple ProMedCo-SW and KDCP NMC shall maintain their accounting records in such a way as to clearly segregate Net Clinic Revenues from other funds of ProMedCo-Temple SW or KDCPNMC. KDCP NMC hereby appoints ProMedCo-Temple SW as its true and lawful attorney-in-fact to deposit in the Account all revenues collected. KDCP NMC covenants, and shall cause all KDCP NMC Employees to covenant, to forward any payments received with respect to Net Clinic Revenues for services provided by KDCP NMC and KDCP NMC Employees to ProMedCo-Temple SW for deposit. ProMedCo- Temple ProMedCo-SW shall have the right to withdraw funds from the Account and all owners of the Account shall execute a revocable standing transfer order ("Transfer Order") under which the bank maintaining the Account shall periodically transfer the entire balance of the Account to a separate bank account owned solely by ProMedCo-Temple SW ("ProMedCo-Temple SW Account"). KDCP NMC and ProMedCo-Temple SW hereby agree to execute from time to time such documents and instructions as shall be required by the bank maintaining the Account and mutually agreed upon to effectuate the 0400630.14 080020-015 05/07/97 (1) foregoing provisions and to extend or amend such documents and instructions. Any action by KDCP NMC that interferes with the operation of this Section, including, but not limited to, any failure to deposit or allow have ProMedCo-Temple to SW deposit any Net Clinic Revenues into the Account, any withdrawal of any funds from the Account not authorized by the express terms of this Agreement, or any revocation of or attempt to revoke the Transfer Order (otherwise than upon expiration or termination of this Agreement), will constitute a breach of this Agreement and will entitle ProMedCo-TempleSW, in addition to any other remedies that it may have at law or in equity, to seek a court ordered assignment of the following rights:

Appears in 1 contract

Samples: Asset Purchase Agreement (Promedco Management Co)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!