Common use of Reliance upon Authority Clause in Contracts

Reliance upon Authority. Prior to the Closing Date, the Borrower shall deliver to the Administrative Agent, a notice setting forth the account of the Borrower ("Designated Account") to which the Administrative Agent is authorized to transfer the proceeds of the Revolving Loans requested hereunder. The Borrower may designate a replacement account from time to time by written notice. All such Designated Accounts must be reasonably satisfactory to the Administrative Agent. The Administrative Agent is entitled to rely conclusively on any person's request for Revolving Loans on behalf of the Borrower, 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 Borrower to make such requests on its behalf.

Appears in 1 contract

Samples: Credit Agreement (Kforce Com Inc)

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Reliance upon Authority. Prior to the Closing Date, the Borrower Representative shall deliver to the Administrative Agent, a notice setting forth the account of the Borrower Representative ("Designated Account") to which the Administrative Agent is authorized to transfer the proceeds of the Revolving Loans requested hereunder. The Borrower Representative may designate a replacement account from time to time by written notice. All such Designated Accounts 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 the BorrowerBorrower Representative, 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 Borrower Representative to make such requests on its behalf.

Appears in 1 contract

Samples: Credit Agreement (Omnova Solutions Inc)

Reliance upon Authority. Prior to the Closing Date, the Borrower Borrowers shall deliver to the Administrative Agent, a notice setting forth the account of the Borrower Borrowers ("Designated Account") to which the Administrative Agent is authorized to transfer the proceeds of the Revolving Loans requested hereunder. The 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 upon any personPerson's request for Revolving Loans on behalf of the BorrowerBorrowers, 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 Borrower Borrowers to make such requests on its behalf.

Appears in 1 contract

Samples: Security Agreement (Cone Mills Corp)

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Reliance upon Authority. Prior to the Closing Date, the Borrower Borrowers shall deliver to the Administrative Agent, a notice setting forth the account of the Borrower Borrowers ("Designated Account") to which the Administrative Agent is authorized to transfer the proceeds of the Revolving Loans requested hereunder. The 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 BorrowerBorrowers, 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 Borrower Borrowers to make such requests on its behalf.

Appears in 1 contract

Samples: Credit Agreement (Westpoint Stevens Inc)

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