Common use of Reliance upon Authority Clause in Contracts

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such person's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 3 contracts

Samples: Loan and Security Agreement (Centrum Industries Inc), Loan and Security Agreement (Revlon Consumer Products Corp), Loan and Security Agreement (Merisel Inc /De/)

AutoNDA by SimpleDocs

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons officers authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such personofficer. The Agent shall be entitled to rely conclusively on such personofficer's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 3 contracts

Samples: Loan and Security Agreement (Sweetheart Holdings Inc \De\), Loan and Security Agreement (LDM Technologies Inc), Loan and Security Agreement (LDM Technologies Co)

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Capital Expenditure Loans requested pursuant to this Section 2.22.5, and (ii) the names of the persons authorized to request Revolving Capital Expenditure Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such person's authority to request Revolving Capital Expenditure Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Centrum Industries Inc)

Reliance upon Authority. On or prior to the Closing Date Date, and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such person's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers persons authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Woodworkers Warehouse Inc)

Reliance upon Authority. On or prior to the Closing Date and ----------------------- thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section ------- 2.2, and (ii) the names of the persons officers authorized to request Revolving Loans --- on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such personofficer. The Agent shall be entitled to rely conclusively on each such personofficer's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him himself or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Pac-West Telecomm Inc)

Reliance upon Authority. On or prior to the Closing Date and ----------------------- thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the ) each Borrower shall deliver to the Agent a writing setting forth (i) the account of the such Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons authorized to request ----------- Revolving Loans on behalf of the such Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such person's authority to request Revolving Loans on behalf of the such Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Agribiotech Inc)

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such person's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Absent actual knowledge to the contrary, the Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Weirton Steel Corp)

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.22.2(c), and (ii) the names of the persons authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such person's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Fruit of the Loom LTD)

Reliance upon Authority. On or prior to the Closing Effective Date (as hereinafter defined), and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the each Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons authorized to request Revolving Loans on behalf of the such Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such person's authority to request Revolving Loans on behalf of the such Borrower, the proceeds of which are to be transferred to any of the accounts specified by the such Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers persons authorized by the such Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Trend Lines Inc)

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the deposit account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons individuals authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such personindividual. The Agent shall be entitled to rely conclusively on such person's individual’s authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Term Loan and Security Agreement (Advanced Micro Devices Inc)

Reliance upon Authority. On or prior to the Closing Date and ---------------------------- thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the deposit account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons individuals authorized to request ----------- Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such personindividual. The Agent shall be entitled to rely conclusively on such personindividual's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Micro Devices Inc)

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses clause (i) and clause (ii), the Borrower Borrowers shall deliver to the Agent a writing setting forth (i) the account of the Borrower deposit accounts to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons individuals authorized to request Revolving Loans on behalf of the BorrowerBorrowers, and shall provide the Agent with a specimen signature of each such personindividual. The Agent shall be entitled to rely conclusively on any such person's individual’s authority to request Revolving Loans on behalf of the BorrowerBorrowers, the proceeds of which are to be transferred to any of the deposit accounts specified by the Borrower Borrowers pursuant to the immediately preceding sentenceclause (i) preceding, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him himself or herself as one of the officers authorized by the Borrower Borrowers to make such requests on its their behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Trump Atlantic City Funding Ii Inc)

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the each Borrower shall deliver to the Agent a writing setting forth (i) the account of the such Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested by such Borrower pursuant to this Section 2.2, and (ii) the names of the persons authorized to request Revolving Loans on behalf of the such Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such person's authority to request Revolving Loans on behalf of the such Borrower, the proceeds of which are to be transferred to any of the accounts specified by the such Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the a Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Strategic Distribution Inc)

AutoNDA by SimpleDocs

Reliance upon Authority. On or prior to the Closing Date and ----------------------- thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the each Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower account(s) to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested by such Borrower pursuant to this Section 2.2, and (ii) the names of the persons officers authorized to request Revolving Loans on behalf of the such Borrower, and shall provide the Agent with a specimen signature of each such personofficer. The Agent shall be entitled to rely conclusively on such personofficer's authority to request Revolving Loans on behalf of the such Borrower, the proceeds of which are to be transferred to any of the accounts specified by the such Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself himself as one of the officers authorized by the such Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan Agreement (Intertan Inc)

Reliance upon Authority. On or prior to the Original Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a in writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons officers authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such personofficer. The Agent shall be entitled to rely conclusively on such personofficer's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Sweetheart Holdings Inc \De\)

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the deposit account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons individuals authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such personindividual. The Agent shall be entitled to rely conclusively on such person's individual’s authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Micro Devices Inc)

Reliance upon Authority. On or prior to the Closing Date and ----------------------- thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section ------- 2.2, and (ii) the names of the persons officers authorized to request Revolving Loans on --- behalf of the Borrower, and shall provide the Agent with a specimen signature of each such personofficer. The Agent shall be entitled to rely conclusively on each such personofficer's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him himself or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Pac-West Telecomm Inc)

Reliance upon Authority. On or prior to the Original Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons officers authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such personofficer. The Agent shall be entitled to rely conclusively on such personofficer's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Sweetheart Holdings Inc \De\)

Reliance upon Authority. On or prior to the Closing Initial Funding Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the Borrower shall deliver to the Agent a writing setting forth (i) the account of the Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons authorized to request Revolving Loans on behalf of the Borrower, and shall provide the Agent with a specimen signature of each such person. The Agent shall be entitled to rely conclusively on such personofficer's authority to request Revolving Loans on behalf of the Borrower, the proceeds of which are to be transferred to any of the accounts specified by the Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself as one of the officers authorized by the Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Consolidated Freightways Corp)

Reliance upon Authority. On or prior to the Closing Date and thereafter prior to any change with respect to any of the information contained in the following clauses (i) and (ii), the each Borrower shall deliver to the Agent a writing setting forth (i) the account of the such Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested pursuant to this Section 2.2, and (ii) the names of the persons officers authorized to request Revolving Loans on behalf of the such Borrower, and shall provide the Agent with a specimen signature of each such personofficer. The Agent shall be entitled to rely conclusively on such personofficer's authority to request Revolving Loans on behalf of the such Borrower, the proceeds of which are to be transferred to any of the accounts specified by the such Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice to the contrary. The Agent shall have no duty to verify the identity of any individual representing him or herself himself as one of the officers authorized by the such Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Loan and Security Agreement (Laclede Steel Co /De/)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!