Common use of Reliance upon Authority Clause in Contracts

Reliance upon Authority. Prior to the Closing Date, the Administrative Borrower shall deliver to the Agent, on behalf of the Borrowers, a notice setting forth the account of the Administrative Borrower (the "Designated Account") to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested hereunder. The Administrative Borrower may designate a replacement account from time to time by written notice. All such Designated Accounts must be reasonably satisfactory to the Agent. The Agent is entitled to rely conclusively on any person's request for Revolving Loans on behalf of the Borrowers, so long as the proceeds thereof are to be transferred to the Designated Account. The Agent has no duty to verify the identity of any individual representing himself or herself as a person authorized by the Administrative Borrower to make such requests on its behalf.

Appears in 2 contracts

Samples: Credit Agreement (Salton Inc), Credit Agreement (Salton Inc)

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Reliance upon Authority. Prior to the Closing Date, the Administrative Borrower Borrowers’ Agent shall deliver to the Administrative Agent, on behalf of the Borrowers, a notice setting forth the account of the Administrative Borrower Borrowers’ Agent (the "Designated Account") to which the Administrative Agent is authorized to transfer the proceeds of the Revolving Loans requested hereunder. The Administrative Borrower Borrowers’ Agent may designate a replacement account from time to time by written notice. All such The Designated Accounts Account must be reasonably satisfactory to the Administrative Agent. The Administrative Agent is entitled to rely conclusively on any person's ’s request for Revolving Loans on behalf of any Borrower or the Borrowers’ Agent, so long as the proceeds thereof are to be transferred to the Designated Account. The Administrative Agent has no duty to verify the identity of any individual representing himself or herself as a person authorized by any Borrower or the Administrative Borrower Borrowers’ Agent to make such requests on its behalf.

Appears in 2 contracts

Samples: Credit Agreement (Kforce Inc), Credit Agreement (Kforce Inc)

Reliance upon Authority. Prior to the Closing Date, the Administrative Borrower Borrowers shall deliver to the Agent, on behalf of the Borrowers, a notice setting forth the account of the Administrative Borrower such Borrowers (the "Designated Account") to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested hereunderhereunder by Administrative Borrower. The Administrative Borrower Borrowers may designate a replacement account from time to time by written noticenotice by at least two Responsible Officers. All such Designated Accounts must be reasonably satisfactory to the Agent. The Agent is entitled to rely conclusively on any person's request for Revolving Loans on behalf of the Borrowersany Borrower, so long as the proceeds thereof are to be transferred to the Designated Account. The Agent has no duty to verify the identity of any individual representing himself or herself as a person authorized by the Administrative any Borrower to make such requests on its behalfbehalf such Borrower.

Appears in 1 contract

Samples: Credit Agreement (3com Corp)

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Reliance upon Authority. Prior to the Closing Date, the Administrative Borrower Borrowers shall deliver to the Administrative Agent, on behalf of the Borrowers, a notice setting forth the account of the Administrative Borrower Borrowers (the "Designated Account") to which the Administrative Agent is authorized to transfer the proceeds of the Revolving Loans requested hereunder. The Administrative Borrower Borrowers may designate a replacement account from time to time by written notice. All such The Designated Accounts Account must be reasonably satisfactory to the Administrative Agent. The Administrative Agent is entitled to rely conclusively on any personPerson's request for Revolving Loans on behalf of the Borrowers, so long as the proceeds thereof are to be transferred to the Designated Account. The Administrative Agent has no duty to verify the identity of any individual representing himself or herself as a person authorized by the Administrative Borrower Borrowers to make such requests on its behalf.

Appears in 1 contract

Samples: Post Petition Credit Agreement (Westpoint Stevens Inc)

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