Common use of Notice of Amount of Obligations Clause in Contracts

Notice of Amount of Obligations. Upon receipt of any proceeds of Collateral to be distributed pursuant to Section 4.03, Collateral Agent shall give Secured Parties notice thereof, and each Secured Party (or its representative) shall within five (5) Business Days notify Collateral Agent of the amount of Obligations owing to it or its group. Such notification shall state the amount of its (or their) Obligations and how much is then due and owing. If requested by Collateral Agent, each Secured Party (or its representative) shall demonstrate that the amounts set forth in its notice are actually owing to such Secured Party to the satisfaction of Collateral Agent. Notwithstanding the foregoing, Collateral Agent may conclusively rely on information in such notices without investigation.