Common use of Verification of Accounts Clause in Contracts

Verification of Accounts. Agent shall have the right, at any time or times hereafter, in Agent's name or in the name of a nominee of Agent, to verify the validity, amount or any other matter relating to any Accounts, by mail, telephone, telegraph or otherwise and in any event to sign any Borrower's name on any verification of Accounts and notices thereof to Account Debtors. Prior to the occurrence of a Default or Event of Default, Agent shall give the applicable Borrower telephonic or written notice prior to any such verification.

Appears in 3 contracts

Samples: Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp)

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Verification of Accounts. The Agent shall have the right, at any time or times hereafter, in Agent's name or in the name of the Borrower or a nominee of the Agent, or during the pendency of an Event of Default, in the Agent's name, to verify with Account Debtors the validity, amount or any other matter relating to any AccountsAccount, by mail, telephone, telegraph or otherwise and in any event to sign any Borrower's name on any verification of Accounts and notices thereof to Account Debtors. Prior to the occurrence of a Default or Event of Default, Agent shall give the applicable Borrower telephonic or written notice prior to any such verificationperson.

Appears in 2 contracts

Samples: Loan and Security Agreement (Telular Corp), Loan and Security Agreement (Plainwell Inc)

Verification of Accounts. The Agent shall have the right, at any time or times hereafter, in the Agent's name or in the name of a nominee of the Agent, to verify the validity, amount or any other matter relating to any Accounts, by mail, telephone, telegraph or otherwise and in any event to sign any Borrower's name on any verification otherwise. The Agent shall promptly notify the Borrower of Accounts and notices thereof to Account Debtors. Prior to the occurrence commencement of a Default or Event of Defaultverification process; provided, that it is understood and agreed that the Agent shall give not be required to specify which Accounts of the applicable Borrower telephonic or written notice prior are to any such verificationbe verified.

Appears in 2 contracts

Samples: Loan and Security Agreement (Amcraft Building Products Co Inc), Loan and Security Agreement (American Builders & Contractors Supply Co Inc)

Verification of Accounts. Agent shall have the right, at any time or times hereafter, in Agent's name or in the name of a nominee of Agent, to verify the validity, amount or any other matter relating to any Accounts, by mail, telephone, telegraph or otherwise and in any event to sign any Borrower's name on any verification of Accounts and notices thereof to Account Debtors. Prior to the occurrence of a Default or Event of Default, Agent shall give the applicable Borrower telephonic or written notice prior to any such verificationotherwise.

Appears in 2 contracts

Samples: Loan and Security Agreement (Webco Industries Inc), Loan and Security Agreement (Webco Industries Inc)

Verification of Accounts. The Agent shall have the right, at any ------------------------ time or times hereafter, in the Agent's name or in the name of a nominee of the Agent, to verify the validity, amount or any other matter relating to any Accounts, by mail, telephone, telegraph or otherwise and in any event to sign any Borrower's name on any verification otherwise. The Agent shall promptly notify the Borrower of Accounts and notices thereof to Account Debtors. Prior to the occurrence commencement of a Default or Event of Defaultverification process; provided, -------- that it is understood and agreed that the Agent shall give not be required to specify which Accounts of the applicable Borrower telephonic or written notice prior are to any such verificationbe verified.

Appears in 1 contract

Samples: Loan and Security Agreement (American Builders & Contractors Supply Co Inc)

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Verification of Accounts. After the occurrence of a Default hereunder, Agent shall have the right, at any time or times hereafterthereafter, in Agent's name or name, in the name of a nominee of AgentAgent or in Debtor's name, to verify the validity, amount or any other matter relating to any Accounts, by mail, telephone, telegraph or otherwise and in any event to sign any Borrower's name on any verification of Accounts and notices thereof to Account Debtors. Prior to the occurrence of a Default or Event of Default, Agent shall give the applicable Borrower telephonic or written notice prior to any such verificationotherwise.

Appears in 1 contract

Samples: Security Agreement (Fundex Games LTD)

Verification of Accounts. Agent shall have the right, at any time or times hereafter, in Agent's name or in the name of a nominee of Agent (or after the occurrence and during the continuance of a Default, in Agent's name), to verify the validity, amount or any other matter relating to any AccountsAccounts of any Obligor, by mail, telephone, telegraph or otherwise and in any event to sign any Borrowerthe applicable Obligor's name on any verification of Accounts and notices thereof to Account Debtors. Prior to the occurrence of a Default or Event of Default, Agent shall give the applicable Borrower telephonic or written notice prior to any such verification.

Appears in 1 contract

Samples: Loan and Security Agreement (Action Performance Companies Inc)

Verification of Accounts. The Agent shall have the right, at any time or times hereafter, in Agent's name or right in the name of the Agent or a nominee of the Agent, to verify the validity, amount or any other matter relating to any AccountsAccounts of the Borrower, by mail, telephone, telegraph facsimile or otherwise and in any event to sign any Borrower's name on any verification of Accounts and notices thereof to Account Debtors. Prior to the occurrence of a Default or Event of Default, Agent shall give the applicable Borrower telephonic or written notice prior to any such verificationotherwise.

Appears in 1 contract

Samples: Loan and Security Agreement (Phoenix Footwear Group Inc)

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