This sets the name of the server that you are connecting to. This is not a mandatory field and you can use a * to indicate that the remote server can use any name when connecting to yours. Or you can use a mask like *.webmaster.com which means that you can have any text in front of .webmaster.com.
Example:
/as server ChatNow set name *
/as server ChatNow set name *.webchat.org
/as server ChatNow set name irc.webchat.org