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 applicable Borrower shall deliver to the Agent a writing setting forth (i) the account of 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 officers authorized to request Revolving Loans on behalf of such Borrower, and shall provide the Agent with a specimen signature of each such officer. The Agent shall be entitled to rely conclusively on such officer's authority to request Revolving Loans on behalf of the applicable Borrower, the proceeds of which are to be transferred to any of the accounts of the applicable Borrower specified by 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 applicable Borrower to make such requests on its behalf.

Appears in 2 contracts

Sources: Loan and Security Agreement (Hills Stores Co /De/), Loan and Security Agreement (Hills Stores Co /De/)

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 applicable each Borrower shall deliver to the Agent a writing setting forth (i) the account of such the 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 officers persons authorized to request Revolving Loans on behalf of such Borrower, and shall provide the Agent with a specimen signature of each such officerperson. The Agent shall be entitled to rely conclusively on such officerperson's authority to request Revolving Loans on behalf of the applicable such Borrower, the proceeds of which are to be transferred to any of the accounts of the applicable Borrower specified by 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 applicable such Borrower to make such requests on its behalf.

Appears in 1 contract

Sources: 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 CLAUSES (iI) and (iiII), the applicable Borrower Borrowers shall deliver to the Agent a writing setting forth (i) the account, such account of such Borrower being acceptable to the Agent, to which the Agent is authorized by the Borrowers to transfer the proceeds of the Revolving Loans requested by such Borrower pursuant to this SECTION 2.2, and (ii) the names of the officers individuals authorized to request Revolving Loans on behalf of such each Borrower, and shall provide the Agent with a specimen signature of each such officerindividual. The Agent shall be entitled to rely conclusively on any such officerindividual's authority to request Revolving Loans on behalf of the applicable a Borrower, the proceeds of which are to be transferred to any of the accounts of the applicable Borrower account specified by such Borrower the Borrowers 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 applicable any Borrower to make such requests on its behalf.

Appears in 1 contract

Sources: Loan and Security Agreement (Pentacon 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)) with respect to such Borrower, the applicable each Borrower shall deliver to the Agent a writing setting forth (i) the account of such Borrower to which the Agent is authorized to transfer the proceeds of the Revolving Loans requested by such Borrower pursuant to this SECTION Section 2.2, and (ii) the names of the officers authorized to request Revolving Loans on behalf of such Borrower, and shall provide the Agent with a specimen signature of each such officer. The Agent shall be entitled to rely conclusively on such officer's ’s authority to request Revolving Loans on behalf of the applicable Borrower, the proceeds of which are to be transferred to any of the accounts of the applicable Borrower specified by such Borrower pursuant to the immediately preceding sentence, until the Agent receives written notice from such Borrower 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 applicable Borrower to make such requests on its behalf.

Appears in 1 contract

Sources: Loan and Security Agreement (Manhattan Bagel Co Inc)