Authorization of Issuers. Each Loan Party hereby expressly irrevocably authorizes and instructs, without any further instructions from such Loan Party, each issuer of any Pledged Collateral pledged hereunder by such Loan Party to (i) comply with any instruction received by it from the Agent in writing that states that an Event of Default is continuing and is otherwise in accordance with the terms of this Agreement and each Loan Party agrees that such issuer shall be fully protected from liabilities to such Loan Party in so complying and (ii) unless otherwise expressly permitted by this Agreement, during the continuance of an Event of Default pay any dividend or make any other payment with respect to the Pledged Collateral directly to the Agent.
Appears in 4 contracts
Samples: Term Loan and Security Agreement (Genasys Inc.), Credit and Security Agreement (SAExploration Holdings, Inc.), Purchase Money Loan and Security Agreement (SAExploration Holdings, Inc.)
Authorization of Issuers. Each Loan Party hereby expressly and irrevocably authorizes and instructs, without any further instructions from such Loan Party, each issuer of any Pledged Collateral pledged hereunder by such Loan Party to (i) comply with any instruction received by it from the Collateral Agent in writing that states that an Event of Default is continuing and is otherwise in accordance with the terms of this Agreement and each Loan Party agrees that such issuer shall be fully protected from liabilities Liabilities to such Loan Party in so complying and (ii) unless otherwise expressly permitted hereby or by this the Term Loan Agreement, during the continuance of an Event of Default pay any dividend or make any other payment with respect to the Pledged Collateral directly to the AgentCollateral Agent (for the ratable benefit of the Secured Parties).
Appears in 2 contracts
Samples: Guaranty and Security Agreement (Cinedigm Digital Cinema Corp.), Cinema and Administrative Agreement (Cinedigm Digital Cinema Corp.)
