Account Verification Attorney in Fact Proxy Sample Clauses

The 'Account Verification; Attorney in Fact; Proxy' clause authorizes a designated party to act on behalf of an account holder for the purpose of verifying account information and conducting related transactions. In practice, this means the appointed attorney-in-fact or proxy can access account records, confirm balances, or execute instructions as if they were the account holder, often through a power of attorney or similar legal instrument. This clause ensures that necessary account actions can be taken efficiently when the account holder is unavailable or requires representation, thereby facilitating smooth account management and reducing administrative delays.
Account Verification Attorney in Fact Proxy. From the Effective Date and thereafter until the Specified Date:
View SourceView Similar (2)
Account Verification Attorney in Fact Proxy. (a) The Borrower acknowledges that after the occurrence and during the continuance of an Event of Default, after prior written notice to the Borrower of its intent to do so, the Collateral Agent may in its own name, or in the name of the Borrower, communicate with the Account Debtors of the Borrower to verify with such Persons the existence, amount and terms of, and any other matter reasonably relating to, the Accounts owing by such Account Debtor to the Borrower (including any Instruments, Chattel Paper, payment intangibles and/or other Receivables that are Collateral relating to such Accounts). (i) The Borrower hereby appoints, effective upon the occurrence and during the continuance of an Event of Default, the Collateral Agent as its attorney-in-fact (1) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for such Liens as are permitted by Section 6.02), (2) to endorse and collect any cash proceeds of the Collateral and to apply the proceeds of any Collateral received by the Collateral Agent to the Obligations as provided herein or in the Credit Agreement or any other Loan Document, (3) to demand payment or enforce payment of the Receivables in the name of the Collateral Agent or the Borrower and to endorse any and all checks, drafts, and other instruments for the payment of money relating to the Receivables, (4) to sign the Borrower’s name on any invoice or b▇▇▇ of lading relating to the Receivables, drafts against any Account Debtor of the Borrower, assignments and verifications of Receivables, (5) to exercise all of the Borrower’s rights and remedies with respect to the collection of the Receivables and any other Collateral, (6) to settle, adjust, compromise, extend or renew the Receivables, (7) to settle, adjust or compromise any legal proceedings brought to collect Receivables and (8) to use information contained in any data processing, electronic or information systems relating to Collateral; and the Borrower agrees to reimburse the Collateral Agent for any reasonable payment made or any reasonable documented expense incurred by the Collateral Agent in connection with any of the foregoing, in accordance with, and solely to the extent required by, the provisions Section 10.03; provided that, this authorization shall not relieve the Borrower of any of its obligations under this Agreement or under any other Security Documents. (ii) All acts of said attorney or designee are hereby ratified and approved by the Bor...
View Source
Account Verification Attorney in Fact Proxy. 1Account Verification. The Administrative Agent may at any time, in the Administrative Agent’s own name, in the name of a nominee of the Administrative Agent, or in the name of any Grantor communicate (by mail, telephone, facsimile or otherwise) with the Account Debtors of any such Grantor, parties to contracts with any such Grantor and obligors in respect of Instruments of any such Grantor to verify with such Persons, to the Administrative Agent’s reasonable satisfaction, the existence, amount, terms of, and any other matter relating to, Accounts, Instruments, Chattel Paper, payment intangibles and/or other Receivables.
View Source
Account Verification Attorney in Fact Proxy 
View SourceView Similar (193)

Related to Account Verification Attorney in Fact Proxy

  • Control Agreement; Appointment of Attorney-in-Fact The Advisor agrees to execute and deliver to the Board, in form and substance satisfactory to the Board, a Control Agreement by, between and among the Trust, the Advisor and the Securities Intermediary (the “Control Agreement”) pursuant to and consistent with Section 8-106(c) of the New York Uniform Commercial Code, which shall terminate when the Collateral Account is no longer required under this Agreement. Without limiting the foregoing, for so long as the Collateral Account in required under the Agreement, the Advisor hereby irrevocably constitutes and appoints the Trust, through any officer thereof, with full power of substitution, as Advisor's true and lawful Attorney-in-Fact, with full irrevocable power and authority in place and stead of the Advisor and in the name of the Advisor or in the Trust's own name, from time to time, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate actions and to execute and deliver any and all documents and instruments which the Board deems necessary to accomplish the purpose of this Agreement, which power of attorney is coupled with an interest and shall be irrevocable. Without limiting the generality of the foregoing, the Trust shall have the right and power following any Collateral Event to receive, endorse and collect all checks and other orders for the payment of money made payable to the Advisor representing any interest payment, dividend, or other distribution payable in respect of or to the Collateral, or any part thereof, and to give full discharge for the same. So long as a Collateral Event has occurred and is continuing, the Board, in its discretion, may direct the Advisor or Advisor's agent to transfer the Collateral in certificated or uncertificated form into the name and account of the Trust or its designee.