Common use of Bank Accounts; Receivables Clause in Contracts

Bank Accounts; Receivables. On the expiration or termination of this Agreement, Manager shall either, at Owner’s election, (a) terminate all Bank Accounts and disburse all funds therein to Owner or (b) terminate the authority of Manager’s authorized signatories to draw funds from the Bank Accounts and cause the Persons designated by Owner to become authorized signatories. All receivables of the Managed Facilities outstanding as of the effective date of termination or expiration of this Agreement shall continue to be the property of Owner. Manager will turn over to Owner any receivables collected directly by Manager after the effective date of termination or expiration of this Agreement.

Bank Accounts; Receivables. On the expiration or termination of this Agreement, Manager shall either, at Owner’s election, (a) terminate all Bank Accounts and disburse all funds therein to Owner or (b) terminate the authority of Manager’s authorized signatories to draw funds from the Bank Accounts and cause the Persons designated by Owner to become authorized signatories. All receivables of the Managed Facilities outstanding as of the effective date of termination or expiration of this Agreement expiration, shall continue to be the property of Owner. Manager will turn over to Owner any receivables collected directly by Manager after the effective date of termination or expiration of this Agreementtermination.