Authorization of Issuers. Each Guarantor hereby expressly irrevocably authorizes and instructs, without any further instructions from such Guarantor, each issuer of any Pledged Collateral pledged hereunder by such Guarantor 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 Guarantor agrees that such issuer shall be fully protected from liabilities to such Guarantor in so complying and (ii) unless otherwise expressly permitted hereby, pay any dividend or make any other payment with respect to the Pledged Collateral directly to the Agent.
Appears in 3 contracts
Sources: Guaranty, Pledge and Security Agreement, Guaranty, Pledge and Security Agreement (Peplin Inc), Guaranty, Pledge and Security Agreement (Peplin Inc)