Common use of Bank Accounts and Powers Clause in Contracts

Bank Accounts and Powers. Schedule 3.16 lists each bank, trust company, savings institution, brokerage firm, mutual fund or other financial institution with which Seller has an account or safe deposit box that holds any Assets that are being transferred to Buyer as part of the Business and the names and identification of all persons authorized to draw thereon or to have access thereto. Except as listed on Schedule 3.16, there is no power of attorney related to any Asset or Assumed Liability to which Seller or Elecsys is a party that will remain in effect following the Closing Date.