Common use of Hypothecary Representative Clause in Contracts

Hypothecary Representative. The Trustee is hereby appointed and accepts its appointment as the hypothecary representative (fondé de pouvoir) of all present and future Secured Parties as contemplated by article 2692 of the Civil Code of Quebec to enter into, to take and to hold, on behalf of and for the benefit of each of the Secured Parties, any hypothec granted on property pursuant to the laws of the Province of Quebec and to exercise such powers and duties which are conferred upon the Trustee under any deed of hypothec or herein or under any other agreement. Any Person who becomes a Secured Party will be deemed to have consented to and confirmed the Trustee as hypothecary representative and to have ratified as of the date such Person becomes a Secured Party all actions taken by the hypothecary representative. For greater certainty, the purchase of any Note by any Noteholder shall constitute ratification by such Noteholder of the appointment of the Trustee constituted hereunder and the incurrence of any debt by the Securitization Entities with the other Secured Parties pursuant to the applicable Transaction Document shall constitute such ratification by such Secured Party of such appointment constituted hereunder. The execution by the Trustee, acting as hypothecary representative, prior to the execution of this Base Indenture of any deeds of hypothec, pledges or other similar documents is hereby ratified and confirmed. Notwithstanding the provisions of Section 32 of An Act respecting the special powers of legal persons (Quebec), the Trustee may acquire and be the holder of any bond, note or other title of indebtedness issued by the Co-Issuers. The Trustee, acting as hypothecary representative for the Secured Parties, shall have the same rights, powers, immunities, indemnities and exclusions from liability as are prescribed in favor of Trustee in this Base Indenture, which shall apply mutatis mutandis. Without limitation, the provisions of the Base Indenture regarding the resignation or removal of the Trustee shall apply mutatis mutandis to the resignation or removal and appointment of a successor to the Trustee acting as hypothecary representative for the Secured Parties.

Hypothecary Representative. The Trustee is Without limiting the powers of the Collateral Agent under this Agreement and the Security Agreements, to the extent necessary for the purposes of holding any Security Agreement granted by any Loan Party pursuant to the laws of the Province of Québec, each Loan Party and each of the Secured Parties party hereto hereby appointed irrevocably appoints and accepts authorizes the Collateral Agent, as part of its appointment duties as Collateral Agent, to act as the hypothecary representative (fondé de pouvoir) of all present and future Secured Parties as contemplated by article under Article 2692 of the Civil Code of Quebec Quebec. Any Person who becomes a Secured Party or successor Collateral Agent shall be deemed to enter into, have consented to take and to hold, ratified the foregoing appointment of the Collateral Agent as the hypothecary representative on behalf of and for the benefit of each of the all Secured Parties, including such Person and any hypothec granted on property Affiliate of such Person designated above as a Secured Party. The execution prior to the date hereof by the Collateral Agent in its capacity as hypothecary representative of any Security Agreements made pursuant to the laws of the Province of Quebec Quebec, is hereby ratified and confirmed. The appointment of a successor Collateral Agent pursuant to exercise such powers and duties which are conferred upon the Trustee terms hereof also constitutes the appointment of a successor hypothecary representative under this Section without any further agreement, act or formality (subject to, prior to the successor hypothecary representative exercising the rights relating to the hypothec created under any deed such Security Agreement, the publication by registration of hypothec or herein or under any other agreement. Any Person who becomes a Secured Party will be deemed to have consented to and confirmed notice of replacement in the Trustee as hypothecary representative and to have ratified as applicable registers in accordance with the terms of Article 2692 of the date such Person becomes a Secured Party all actions taken by the hypothecary representativeCivil Code of Quebec). For greater certainty, the purchase of any Note by any Noteholder shall constitute ratification by such Noteholder of the appointment of the Trustee constituted hereunder and the incurrence of any debt by the Securitization Entities with the other Secured Parties pursuant to the applicable Transaction Document shall constitute such ratification by such Secured Party of such appointment constituted hereunder. The execution by the TrusteeCollateral Agent, acting as hypothecary representative, prior to the execution of this Base Indenture of any deeds of hypothec, pledges or other similar documents is hereby ratified and confirmed. Notwithstanding the provisions of Section 32 of An Act respecting the special powers of legal persons (Quebec), the Trustee may acquire and be the holder of any bond, note or other title of indebtedness issued by the Co-Issuers. The Trustee, acting as hypothecary representative for the Secured Parties, shall will have the same rights, powers, immunities, indemnities and exclusions from liability as are prescribed in favor of Trustee the Collateral Agent in this Base IndentureAgreement, which shall will apply mutatis mutandis. Without limitation, the provisions of the Base Indenture regarding the resignation or removal of the Trustee shall apply mutatis mutandis to the resignation or removal and appointment of a successor to the Trustee acting as hypothecary representative for the Secured Parties.