Practice Expenses. Practice Expenses" means all costs incurred ----------------- by Manager including amortization associated with costs of acquiring assets of the Group or covering operations and Capital Costs, direct labor costs, supplies, direct overhead and indirect overhead expense attributable to the management and operation of the Practice and direct and indirect corporate overhead of Manager including all interest expense and other expenses which are attributable to Manager's business operations in accordance with Manager's corporate allocation policies, all as consistent with and/or contemplated in the Annual Budget.
Practice Expenses. The Practice shall be solely responsible for the payment of all Practice Expenses.
Practice Expenses. The term “Practice Expenses” shall mean (a) all reasonable non-shareholder Professionals’ salaries, benefits, payroll taxes and other direct costs related to their services to the Practice (including reasonable and customary professional dues; subscriptions, continuing education and technical training expenses, and severance payments), (b) the cost of optometric supplies (including, but not limited to, drugs, pharmaceuticals, products, substances, items or optometric devices); (c) reasonable and customary professional liability insurance expenses of Professionals; (d) travel costs for continuing education, technical training and necessary business travel for non-shareholder Professionals; (e) to the extent not covered by insurance and subject to the advance provisions contained herein, the defense costs and expenses of any litigation or claims brought against the Practice or its Professionals or other personnel by any third party in which the Practice or its Professionals or other personnel do not prevail or the matter settles with a material payment and the Practice or its Professionals or other personnel are at fault, and any liability judgment or material settlement assessed against the Practice or its Professionals or other personnel; (f) certain equipment expenses described in Sections 3.2(c) and 3.2(d) of this Professional Business Management Agreement and 3.2(c) and 3.2(d) of the Retail Business Management Agreement; (g) interest on any funds advanced to the Practice by Professional Business Manager to the extent that Professional Business Manager is a net lender in accordance with the terms of this Professional Business Management Agreement; (h) interest on any funds advanced to the practice by Retail Business Manager to the extent that Retail Business Manager is a net lender in accordance with the terms of the Retail Management Agreement; (i) any income taxes or franchise taxes of the Practice; and (j) consulting, accounting, or legal fees which relate solely to the Practice. Notwithstanding the foregoing, the term Practice Expenses shall specifically exclude (i) business travel requested by Professional Business Manager, which shall be an Office Expense, (ii) business travel requested by Retail Business Manager, which shall be a Dispensary Expense, (iii) any and all compensation or expenses attributable to Shareholders, which shall be Shareholder Expenses (except reasonable and customary expenses for malpractice insurance which shall be a Practic...
Practice Expenses. Practice Expenses shall be the sole responsibility of Practice, though Practice authorizes Manager to transmit payment for said Practice Expenses on behalf of Practice. The term “Practice Expenses” shall mean expenses incurred by Practice in connection with Practice’s operations, including: (a) compensation or other payments made to Practice’s engaged physicians and/or healthcare professionals; (b) Practice’s and/or its engaged physicians’ and/or healthcare professionals’ professional dues, subscriptions, continuing education expenses, licensing, and travel costs for continuing education or other business travel; (c) Practice’s and its physicians’ and/or healthcare professionals’ professional liability insurance; and (d) such other expenses as may be specified in this Agreement.
Practice Expenses. The term "Practice Expenses" shall mean all expenses incurred in the operation of the medical practice of Practice at the Medical Offices (as defined in Section 3.1) or otherwise, whether by Manager or by Practice, including, but not limited to: (a) depreciation, amortization, salaries, benefits and other direct costs of all employees and independent contractors of Practice (but not including salaries, benefits or other direct costs of Practice Employees (as defined in Section 1.5) or Physician Shareholders (as defined in Section 1.4)); (b) rent and other obligations under leases or subleases for the Medical Offices and equipment used by Practice; (c) personal property taxes and intangible taxes assessed against assets used by Practice (d) charitable contributions budgeted and approved by Manager and Practice; (e) interest expense on indebtedness of or specifically related to the medical practice of Practice, including, without limitation, capital expenditures; (f) utility expenses relating to the Medical Offices; (g) subject to the limitation of Section 3.18, twelve and one-half percent (12- 1/2%) of Net Practice Revenues (as defined in Section 1.2), such amount to be retained by Manager as payment for its services and non-allocable costs incurred by Manager attributable to the provision of management services; (h) other expenses incurred by Practice or Manager in carrying out their respective obligations under this Agreement, except as otherwise provided herein; (i) amounts paid by Manager in reimbursement of Practice, pursuant to Section 4.1, for salaries and benefits paid by Practice for those individuals described in Section 1.5(b); and (j) any reserves reasonably deemed prudent by Manager for anticipated costs or expenses of the medical practice of Practice.
Practice Expenses. The term “Practice Expenses” shall mean the expenses incurred by the Doctor in the provision of Professional Services as described in Section 3.12 herein below.
Practice Expenses. Company shall pay from the Practice Account all costs and expenses reasonably related to the Practice, including but not limited to compensation benefits and employment costs associated with all Licensed Personnel, professional liability insurance, medical supplies and all such other direct and indirect expenses reasonably incurred by Doctor in the provision of Professional Services for the Practice (collectively, “Practice Expenses”).
Practice Expenses. 2 1.7 STATE......................................................................................................4 1.8
Practice Expenses. The term "Practice Expenses" shall mean, to ------------------ the extent relating to the Practice Locations: (a) all reasonable non-shareholder Professionals' and Optical Technicians' salaries, benefits, payroll taxes and other direct costs related to their services to the Practice (including reasonable and customary professional dues, subscriptions, continuing education and technical training expenses, and severance payments); (b) the cost of optometric supplies (including, but not limited to, drugs, pharmaceuticals, products, substances, items or optometric devices); (c) reasonable and customary professional liability insurance expenses of Professionals; (d) reasonable travel costs for continuing education, technical training and necessary business travel for non-shareholder Professionals and Optical Technicians; (e) to the extent not covered by insurance and subject to the advance provisions contained herein, the defense costs and expenses of any litigation or claims brought against the Practice, its Professionals, or its other personnel by any third party in which the Practice, its Professionals, or its other personnel do not prevail or the matter settles with a material payment and the Practice, its Professionals, or other personnel are at fault, and any liability judgment or material settlement assessed against the Practice or its Professionals or other personnel; (f) certain equipment expenses described in Sections 3.2(c) and 3.2(d) of this Agreement; (g) interest on any funds advanced to the Practice by Professional Business Manager to the extent that Professional Business Manager is a net lender in accordance with the terms of this Agreement; (h) any income taxes or franchise taxes of the Practice; and (i) consulting, accounting, or legal fees which relate solely to the Practice or relate to a dispute with Professional Business Manager. Notwithstanding the foregoing, the term Practice Expenses shall specifically exclude (i) business travel requested by Professional Business Manager, which shall be an Office Expense, (ii) any and all compensation or expenses attributable to Shareholders, which shall be Shareholder Expenses (except reasonable and customary expenses for malpractice insurance which shall be a Practice Expense), (iii) "tail" insurance coverage for Shareholders, which shall be a Shareholder Expense, or (iv) such other items agreed to in advance in writing by the Parties hereto. During this Agreement, for so long as a current Shareholde...
Practice Expenses. The term "Practice Expenses" shall mean (a) all reasonable non-shareholder Professionals' salaries, benefits, payroll taxes and other direct costs related to their services at the Office (including reasonable and customary professional dues, subscriptions, continuing education expenses, severance payments, (b) the cost of medical supplies (including, but not limited to, optical supplies, drugs, pharmaceuticals, products, substances, items or medical devices), (c) reasonable and customary professional liability insurance expenses of Professionals, (d) travel costs for continuing education and necessary business travel for non-shareholder Professionals, and (e) costs of goods sold in any optical business of the Practice. Notwithstanding the foregoing, the term Practice Expenses shall specifically exclude (i) business travel requested by Business Manager, which shall be an Office Expense, (ii) any and all compensation or expenses attributable to Shareholders, which shall be a Shareholder Expense (except reasonable and customary expenses for malpractice insurance which shall be a Practice Expense), (iii) "tail" insurance coverage for Shareholders, which shall be a Shareholder Expense, or (iv) such other items agreed to in advance in writing by the Parties hereto. During this Agreement, for so long as a current Shareholder of the Practice is an employee of, or contractor to, or Shareholder of the Practice, such Shareholder shall be deemed to be a Shareholder for the purposes of this definition. Such expenses are to be approved annually in the Budget. Practice Expenses are more specifically described in attached Exhibit "1.18."
