Common use of Establishment of Settlement Fund Clause in Contracts

Establishment of Settlement Fund. (a) A pool of funds (the "Provider Pool") shall be established solely to pay Settled Claims of the Providers and other providers which have entered into settlement agreements containing terms similar to those contained in this Agreement. The Provider Pool shall be established in a segregated cash collateral account prior to the Effective Date at a bank mutually acceptable to WellCare, Garfunkel Wild & Xxxxxx, P.C., as counsel to HANYS and NORMET, and MSSNY, which approval shall not be unreasonably withheld, which bank shall have had no prior dealings with WellCare. The Provider Pool shall not be disbursed except in accordance with this Agreement (or other similar settlement agreement). The Provider Pool account shall contain irrevocable instructions concerning deposits and withdrawals from the Provider Pool, which shall be agreed to by Garfunkel, Wild & Xxxxxx, P.C., as counsel to HANYS and NORMET, and WellCare, subject to notification of MSSNY, prior to the Effective Date, and which may be modified only with the prior written approval of both WellCare and Garfunkel, Wild & Xxxxxx, P.C., as counsel to HANYS and NORMET, subject to notification of MSSNY, or at the direction of SID. The Parties recognize and agree that deposits into and payments from the Provider Pool may be subject to audit or review by SID and other regulatory agencies having jurisdiction over WellCare. The Parties understand that HANYS and/or NORMET or their agents or representatives, shall have the right to audit or review the Provider Pool, and the results of any such audit shall be distributed to all Parties. The Parties agree to cooperate with each other to the extent reasonably necessary to carry out the provisions of this Section 5(a).

Establishment of Settlement Fund. (a) A pool of funds (the "Provider Pool") shall be established solely to pay Settled Claims of the Providers Hospital and all other providers which have entered into settlement agreements containing terms similar to those contained in this Agreement. The Provider Pool shall be established in a segregated cash collateral account prior to the Effective Date at a bank mutually acceptable to WellCare, WellCare and Garfunkel Wild & Xxxxxx, P.C., as counsel to HANYS and NORMET, and MSSNY, which approval shall not be unreasonably withheld, which bank shall have had no prior dealings with WellCare). The Provider Pool shall not be disbursed except in accordance with this Agreement (or other similar settlement agreement). The Provider Pool account shall contain irrevocable instructions concerning deposits and withdrawals from the Provider Pool, which shall be agreed to by Garfunkel, Wild & Xxxxxx, P.C., as counsel to HANYS and NORMET, and WellCare, subject to notification of MSSNY, WellCare prior to the Effective Date, and which may be modified only with the prior written approval of both WellCare and Garfunkel, Wild & Xxxxxx, P.C., as counsel to HANYS and NORMET, subject to notification of MSSNY, or at the direction of SID. The Parties recognize and agree that deposits into and payments from the Provider Pool may be subject to audit or review by SID and other regulatory agencies having jurisdiction over WellCare. The Parties understand that In addition, HANYS and/or NORMET or their agents or representatives, shall have the right to audit or review the Provider Pool, the cost of the first of which audit or review shall be borne by WellCare and the cost of any and all subsequent audits or reviews shall be borne by HANYS and/or NORMET. The results of any such audit or review shall be distributed to all Parties. The Parties agree to cooperate with each other to the extent reasonably necessary to carry out the provisions of this Section 5(a).