Oncology Operating Account Sample Clauses

Oncology Operating Account. Oncology agrees to establish and maintain a bank account, which shall be referred to as the Oncology Operating Account, for the purpose of (a) depositing Practice Revenue and advances from the Receivables Line (defined below) pursuant to Section 5.12 and (b) paying (i) the Clinic Expense Portion of Service Fees owed pursuant to Section 8.1 of this Agreement, (ii) expenses which are solely the obligation of Oncology, including, without limitation, Physician Employee Compensation, (iii) the Fixed Portion of Service Fees owed pursuant to Section 8.1 of this Agreement, and (iv) distributions to Oncology, and the distributions shall be made in that order of payment. Oncology hereby designates, constitutes and appoints the Chief Financial Officer and Treasurer of Response as a signatory on the Oncology Operating Account, with full power and authority to sign checks and cause drafts and other debits to be made on the Oncology Operating Account in the name of Oncology and to otherwise manage the cash resources and flow of Oncology. After the payment of all Service Fees and expenses hereinabove described, Oncology may withdraw amounts for distributions to Physician Stockholders; provided, however, that Oncology agrees to maintain an adequate balance in the Oncology Operating Account to pay the Clinic Expense Portion of Service Fees as projected in the budget formulated pursuant to this Agreement.
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Related to Oncology Operating Account

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