Misdirected Payments; EOB’s Sample Clauses
Misdirected Payments; EOB’s. Any payment with respect to an Account, whether in the form of check or other instrument, cash or wire transfer, received by the Providers which, pursuant to Section 4 hereof, should have been sent to either the Purchaser Lockbox or the Purchaser Lockbox Bank Account or the Provider Lockbox or the Provider Lockbox Bank Account shall be deemed a "MISDIRECTED PAYMENT." In the case of any Misdirected Payment, the Provider, at its sole cost and expense, shall promptly take all necessary steps described in paragraphs (a) through (d) of this Section 5 and, pending the delivery of any such payments as so provided, shall: (i) hold all such payments in trust for the Purchaser and (ii) segregate all such payments and not deposit the same in the account of any other person or entity other than as provided below nor commingle the same with the funds of the Provider or the funds of any other person or entity.
(a) In the event that a Provider receives a Misdirected Payment from a Third Party Obligor in the form of a check or other instrument, the Provider shall, as applicable, either: (i) in the case of Non-Governmental Accounts, immediately deposit in the Purchaser Lockbox such check or other instrument, duly endorsed over to the Purchaser, together with the related EOB and the envelope in which such payment was received; or (ii) in the case of Governmental Accounts, immediately deposit in the Provider Lockbox such check or other instrument, together with the related EOB and the envelope in which such payment was received. In the event that a Provider receives a Misdirected Payment in the form of cash or wire transfer or other electronic transfer, the Provider shall immediately wire transfer the full amount of the Misdirected Payment directly into the Purchaser Lockbox Bank Account and shall simultaneously therewith send all related EOBs to the Purchaser Lockbox. All Misdirected Payments and EOBs shall be so deposited or wire transferred not later than the Provider's close of business on the fifth business day following its receipt of such Misdirected Payment or EOB.
(b) If a Provider does not deposit or wire transfer a Misdirected Payment into the applicable Lockbox or the applicable Lockbox Bank Account, as applicable, in accordance with paragraph (a) above, by the close of business on the fifth business day following its receipt of a Misdirected Payment, then the Provider shall pay interest on such Misdirected Payment to the Purchaser, from such date until and inclu...
Misdirected Payments; EOB’s. (a) In the event that the Provider receives an EOB or a Misdirected Payment in the form of a check, the Provider shall, as soon as commercially reasonable, send such Misdirected Payment by overnight delivery service to the appropriate Purchaser Lockbox or Provider Lockbox, as the case may be, together with the envelope in which such payment was received. In the event the Provider receives a Misdirected Payment in the form of cash or wire transfer, the Provider shall, as soon as commercially reasonable, wire transfer the amount of such Misdirected Payment directly into the Purchaser Lockbox Account. All
Misdirected Payments; EOB’s. If any Provider receives an EOB or a Misdirected Payment in the form of a check, such Provider shall immediately send or deposit such Misdirected Payment, in the form received by such Provider, by hand or overnight delivery service to the Primary Borrower Account or the applicable Provider Account, as the case may be, together with the EOB and the envelope in which such payment was received. In the event that any Provider receives a Misdirected Payment in the form of cash or wire transfer, such Provider shall immediately wire transfer the amount of such Misdirected Payment directly to the Primary Borrower Account. All Misdirected Payments and EOB’s shall be sent promptly upon receipt thereof, and in no event later than the close of business, on the first Business Day after receipt thereof.
Misdirected Payments; EOB’s. 30 4.3. No Rights of Withdrawal ................................................................................................... 31
Misdirected Payments; EOB’s. (i) In the event that any Borrower receives an EOB or a Misdirected Payment in the form of a check, such Borrower shall promptly send such EOB or check to the appropriate Non- Governmental Lockbox or Governmental Lockbox, as the case may be. In the event that any Borrower receives a Misdirected Payment in the form of cash, wire transfer, or Automated Clearing House, Inc. payment, such Borrower shall promptly wire transfer the amount of such Misdirected Payment directly into the appropriate Company Operating Account or Governmental Lockbox Account. All Misdirected Payments shall be sent promptly upon receipt thereof, and in no event later than the close of business, on the first Business Day after receipt thereof.
(ii) Each Borrower hereby agrees and consents to Bank taking such actions as are reasonably necessary to ensure that future payments from the account debtor of a Misdirected Payment shall be made in accordance with this Section 6.10, including, without limitation, to the maximum extent permitted by law, (i) Bank executing on such Borrower’s behalf and delivering to such account debtor new remittance information, and (ii) Bank contacting such account debtor by telephone to confirm the proper remittance information. Upon Bank’s request, each Borrower shall promptly (and in any event, within two Business Days from such request) take such similar actions as Bank may reasonably request.