Physician Deposit Account Sample Clauses

Physician Deposit Account a. Manager shall have access to the Physician Deposit Account solely for the purpose of paying Practice Expenses incurred by or on behalf of Practice, including the payment of Manager's fee, in accordance with the terms of the Service Agreement. Practice agrees to execute and deliver to the bank any and all documents necessary to evidence or effect the special power of attorney granted to Manager in accordance with Section 1 above. b. Medicare and Medicaid payments shall be deposited directly to the Physician Deposit Account. Practice and Manager hereby agree that if any Medicare and Medicaid payments are received by Manager on behalf of Practice, such amounts shall be forwarded to the Physician Deposit Account for deposit. Funds from the Physician Deposit Account will only be drawn in the name of Practice. Practice hereby agrees that this payment arrangement will continue in effect only so long as Practice has sole control of the Physician Deposit Account, and the bank is subject only to Practice's instructions regarding the Physician Deposit Account. c. In the event that Practice revokes Manager's right to withdraw funds form the Physician Deposit Account, or if Practice withdraws funds from the Physician Deposit Account or takes any other actions with respect to the Physician Deposit Account (unless such actions are required by applicable law) without first obtaining the approval of the Advisory Board in accordance with the Service Agreement (it being understood that all proceeds are intended to be paid over to Manager to pay Practice Expenses and repay any advances made by Manager in accordance with the Service Agreement), and if any such actions remain uncured after notice and ten (10) days opportunity to cure, such actions shall constitute grounds for immediate termination of this Agreement and the Service Agreement as a "Practice Event of Default" thereunder, and Practice hereby acknowledges that Practice has granted to Manager a security interest in Practice's cash 2 45 proceeds from all collections covered by this Agreement in accordance with Section 5.5 of the Service Agreement. Practice further agrees in the event Practice revokes Manager's right to withdraw funds from the account that Practice shall be deemed to have received any and all amounts retained in the Physician Deposit Account when determining the amount to be remitted by Manager to Practice under the Service Agreement.
Sample 1
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Related to Physician Deposit Account

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  • Segregated Accounts Upon receipt of Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account: (a) in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund; (b) for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the Fund; (c) which constitute collateral for loans of Securities made by the Fund; (d) for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated accounts by registered investment companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions; and (e) for other proper corporate purposes, but only upon receipt of Proper Instructions, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes. Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Proper Instructions relating to a segregated account shall specify the Fund.

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