Deed of Hypothec Sample Clauses
A Deed of Hypothec is a legal instrument that establishes a security interest over property, typically real estate, to secure the performance of an obligation, such as repayment of a loan. In practice, this clause allows a lender to register a charge against the borrower's property, giving the lender rights to seize or sell the property if the borrower defaults. The core function of a Deed of Hypothec is to protect the lender by providing collateral, thereby reducing the risk of loss if the borrower fails to meet their obligations.
Deed of Hypothec. For the purposes of holding any security granted by any Borrower or any other Credit Party pursuant to the laws of the Province of Quebec to secure payment of any bond issued by any Borrower or any Credit Party, each Lender hereby irrevocably appoints and authorizes Administrative Agent and, to the extent necessary, ratifies the appointment and authorization of Administrative Agent, to act as the person holding the power of attorney (i.e., “fondé de pouvoir”) (in such capacity, the “Attorney”) of Administrative Agent and the Lenders as contemplated under Article 2692 of the Civil Code of Québec, and to enter into, to take and to hold on its behalf, and for its benefit, any hypothec, and to exercise such powers and duties that are conferred upon the Attorney under any hypothec. Moreover, without prejudice to such appointment and authorization to act as the person holding the power of attorney as aforesaid, each Lender hereby irrevocably appoints and authorizes Administrative Agent (in such capacity, the “Custodian”) to act as agent and custodian for and on behalf of itself and the Lenders to hold and be the sole registered holder of any bond which may be issued under any hypothec, the whole notwithstanding Section 32 of An Act respecting the special powers of legal persons (Quebec) or any other applicable law, and to execute all related documents. Each of the Attorney and the Custodian shall: (a) have the sole and exclusive right and authority to exercise, except as may be otherwise specifically restricted by the terms hereof, all rights and remedies given to the Attorney and the Custodian (as applicable) pursuant to any hypothec, bond, pledge, applicable laws or otherwise, (b) benefit from and be subject to all provisions hereof with respect to Administrative Agent mutatis mutandis, including, without limitation, all such provisions with respect to the liability or responsibility to and indemnification by the Lenders, and (c) be entitled to delegate from time to time any of its powers or duties under any hypothec, bond, or pledge on such terms and conditions as it may determine from time to time. Any person who becomes a Lender shall, by its execution of an assignment agreement, be deemed to have consented to and confirmed: (i) the Attorney as the person holding the power of attorney as aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken by the Attorney in such capacity, and (ii) the Custodian as the agent and custodian as...
Deed of Hypothec. This twenty-first (21st) day of December, two thousand and eighteen (2018).
Deed of Hypothec. No later than June 26, 2023 at 11:59 p.m. New York City time (as such deadline may be extended by the Administrative Agent (acting at the Direction of the Required Lenders)), the Borrower shall cause Cyxtera Communications Canada, ULC to enter into the Deed of Hypothec, and shall provide to the Administrative Agent evidence that such Deed of Hypothec has been registered with the Register of Personal and Moveable Real Rights (Québec).
Deed of Hypothec. This l (lth) day of April, two thousand and twenty (2020).
Deed of Hypothec the deed of hypothec executed by the Canadian Borrower in favour of the Fondé de Pouvoir, by which the Canadian Borrower has granted the Fondé de Pouvoir a first priority Lien (subject only to Permitted Liens) on all of its present and after-acquired assets under Quebec law. Default – an event or condition the occurrence of which would, with the lapse of time or the giving of notice, or both, become an Event of Default.