Common use of Ownership of Accounts and Information Clause in Contracts

Ownership of Accounts and Information. Professional acknowledges that Bank owns all Accounts and Cards, and all information concerning Cardholders, applicants and Accounts obtained in connection with the Program (collectively, “Cardholder Information”), and that Professional has no ownership rights therein. The parties acknowledge that Cardholder Information, which documents the relationship between individual clients/patients and Bank, is not considered “Protected Health Information”, as that term is defined in federal health care privacy regulations. Accordingly, Professional will not represent itself as the owner of, or the creditor on, any Account or Cardholder Information. As a precaution, to confirm Bank’s ownership of Accounts and related documentation, Professional hereby grants to Bank a first priority continuing security interest in any right, title or interest that Professional may now have or may hereafter be deemed to have in the Accounts and related documentation, and in the Reserve Account. Professional authorizes Bank to prepare and file any documentation required to evidence and enforce this security interest, including UCC financing statements, and will sign any related documentation requested by Bank, including without limitation, any intercreditor agreements necessary to ensure that none of Professional’s other creditors asserts any claim on the Accounts, the Reserve Account or any related documentation.

Ownership of Accounts and Information. Professional acknowledges that Bank owns all Accounts and Program Cards, and all information concerning Cardholders, applicants and Accounts obtained in connection with the Program (collectively, ““ Cardholder Information”), and that Professional has no ownership rights therein. The parties acknowledge that Cardholder Information, which documents the relationship between individual clients/patients and Bank, is not considered “Protected Health Information”, as that term is defined in federal health care privacy regulations. Accordingly, Professional will not represent itself as the owner of, or the creditor on, any Account or Cardholder Information. As a precaution, to confirm Bank’s ownership of Accounts and related documentation, Professional hereby grants to Bank a first firs t priority continuing security interest in any rightright , title or interest that Professional may now have or may hereafter be deemed to have in the Accounts and related documentation, and in the Reserve Account. Professional authorizes Bank to prepare and file any documentation required req uired to evidence and enforce this security interest, including UCC financing statements, and will sign any related documentation requested by Bank, including without limitation, any intercreditor agreements necessary to ensure that none of Professional’s other creditors asserts as serts any claim on the Accounts, the Reserve Account or any related documentation.