Common use of Quebec Hypothec Clause in Contracts

Quebec Hypothec. If any property (including the Equipment and Meters) leased or provided under this Agreement is located in the Province of Quebec, you hereby create pursuant to the laws of Quebec a hypothec on all such property (including the Equipment and Meters) in the amount of $1,000,000 as security for all Advances and other financial obligations under this Agreement and to protect our interest in the property. We may register this hypothec with the Register of Personal and Movable Real Rights (Quebec). You agree, at our request, to use commercially reasonable efforts to obtain a cession of rank (priority agreement) from the holder of each hypothec registered in priority to ours so that we will have a first-ranking hypothec on all such property. The foregoing hypothec will subsist regardless of any fluctuation or repayment of Advances or performance of all your financial obligations until they have been discharged in full.