Quebec Matters. For the purpose of holding any hypothec granted to the Hypothecary Representative (as defined below) pursuant to the laws of the Province of Québec to secure the prompt payment and performance of any and all Obligations by any Loan Party, each of the Lenders and L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent as part of its duties as Administrative Agent, and, to the extent necessary, ratifies the appointment and authorization of the Administrative Agent, to act as the hypothecary representative of the creditors as contemplated under Article 2692 of the Civil Code of Québec (in such capacity, the "Hypothecary Representative"), and to enter into, to take and to hold on behalf of the Secured Parties, as applicable, and for their benefit, any such hypothec, and to exercise such powers and duties that are conferred upon the Hypothecary Representative under any related deed of hypothec. The Hypothecary Representative 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 Hypothecary Representative pursuant to any such deed of hypothec and applicable law, and (b) benefit from and be subject to all provisions hereof with respect to the Administrative Agent mutatis mutandis, including, without limitation, all such provisions with respect to the liability or responsibility to and indemnification by the Secured Parties and Loan Parties. Any Person who becomes a Lender or other Secured Party shall, by its execution of the instrumenting agreement, be deemed to have consented to and confirmed the Hypothecary Representative as the person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken by the Hypothecary Representative in such capacity. The substitution of the Administrative Agent pursuant to the provisions of this Section 9.13 also constitutes the substitution of the Administrative Agent as the Hypothecary Representative.
Appears in 1 contract
Quebec Matters. For the purpose of holding any hypothec granted to the Hypothecary Representative (as defined below) pursuant to the laws of the Province of Québec to secure the prompt payment and performance of any and all Obligations by any Loan Party, each of the Lenders and L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent as part of its duties as Administrative Agent, and, to the extent necessary, ratifies the appointment and authorization of the Administrative Agent, to act as the hypothecary representative of the creditors as contemplated under Article 2692 of the Civil Code of Québec (in such capacity, the "Hypothecary Representative"), and to enter into, to take and to hold on behalf of the Secured Parties, as applicable, and for their benefit, any such hypothec, and to exercise such powers and duties that are conferred upon the Hypothecary Representative under any related deed of hypothec. The Hypothecary Representative 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 Hypothecary Representative pursuant to any such deed of hypothec and applicable law, and (b) benefit from and be subject to all provisions hereof with respect to the Administrative Agent mutatis mutandis, including, without limitation, all such provisions with respect to the liability or responsibility to and indemnification by the Secured Parties and Loan Parties. Any Person who becomes a Lender or other Secured Party shall, by its execution of the instrumenting agreement, be deemed to have consented to and confirmed the Hypothecary Representative as the person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken by the Hypothecary Representative in such capacity. The substitution of the Administrative Agent pursuant to the provisions of this Section 9.13 also constitutes the substitution of the Administrative Agent as the Hypothecary Representative.
Appears in 1 contract
Quebec Matters. For the purpose purposes of holding any hypothec granted to the Hypothecary Representative (as defined below) pursuant to grant of security under the laws of the Province of Québec to secure Quebec which may now or in the prompt payment and performance of any and all Obligations future be granted or provided by any Loan Party, each of the Lenders (including in its capacity as a potential Hedge Bank, Cash Management Bank or PBLOC Bank) and the L/C Issuer hereby irrevocably authorizes and appoints and authorizes the Administrative Agent as part of its duties as Administrative Agent, and, to the extent necessary, ratifies the appointment and authorization of the Administrative Agent, to act as the hypothecary representative holder of an irrevocable power of attorney (fondé de pouvoir) (within the creditors as contemplated under meaning of Article 2692 of the Civil Code of Québec (Quebec) in such capacity, the "Hypothecary Representative"), and to enter into, to take and order to hold on behalf any hypothec granted under the laws of the Secured PartiesProvince of Quebec as security for any debenture, as applicable, and for their benefit, bond or other title of indebtedness that may be issued by any such hypothec, Loan Party pursuant to a deed of hypothec and to exercise such powers rights and duties that as are conferred upon a fondé de pouvoir under the Hypothecary Representative under any related deed of hypothec. The Hypothecary Representative 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 Hypothecary Representative pursuant to any such relevant deed of hypothec and applicable lawlaws (with the power to delegate any such rights or duties). Moreover, and (b) benefit from and be subject to all provisions hereof with in respect to of any pledge by any such Loan Party of any such debenture, bond or other title of indebtedness, as security for any Obligations the Administrative Agent mutatis mutandisshall also be authorized to hold such debenture, includingbond or other title of indebtedness as agent and pledgee for its own account and for the benefit of any of the other Secured Parties, without limitation, all such the whole notwithstanding the provisions with respect to of Section 32 of An Act respecting the liability or responsibility to and indemnification by the Secured Parties and Loan PartiesSpecial Powers of Legal Persons (Quebec). Any Person person who becomes a Lender or other Secured Party shall, by its execution of the instrumenting agreement, under this Agreement shall be deemed to have consented to and confirmed ratified the Hypothecary Representative as the person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken by the Hypothecary Representative in such capacity. The substitution of the Administrative Agent pursuant to the provisions of this Section 9.13 also constitutes the substitution foregoing appointment of the Administrative Agent as fondé de pouvoir, and as agent and mandatary on behalf of the Hypothecary Representative.relevant Secured Parties. For greater certainty, the Administrative Agent, acting as the holder of an irrevocable power of attorney (fondé de pouvoir), shall have the same rights, powers, immunities, indemnities and exclusions from liability as are prescribed in favor of the Administrative Agent in this Agreement, which shall apply mutatis mutandis. In the event of the resignation and appointment of a successor Administrative Agent under this Agreement, such successor Administrative Agent shall also act as the holder of an irrevocable power of attorney (fondé de pouvoir). 128
Appears in 1 contract
Samples: Credit Agreement (Tetra Tech Inc)
Quebec Matters. For the purpose purposes of holding any hypothec granted to the Hypothecary Representative (as defined below) pursuant to grant of security under the laws of the Province of Québec to secure Quebec which may now or in the prompt payment and performance of any and all Obligations future be granted or provided by any Loan Party, each of the Lenders (including in its capacity as a potential Hedge Bank or Cash Management Bank) and the L/C Issuer hereby irrevocably authorizes and appoints and authorizes the Administrative Agent as part of its duties as Administrative Agent, and, to the extent necessary, ratifies the appointment and authorization of the Administrative Agent, to act as the hypothecary representative holder of an irrevocable power of attorney (fondé de pouvoir) (within the creditors as contemplated under meaning of Article 2692 of the Civil Code of Québec (Quebec) in such capacity, the "Hypothecary Representative"), and to enter into, to take and order to hold on behalf any hypothec granted under the laws of the Secured PartiesProvince of Quebec as security for any debenture, as applicable, and for their benefit, bond or other title of indebtedness that may be issued by any such hypothec, Loan Party pursuant to a deed of hypothec and to exercise such powers rights and duties that as are conferred upon a fondé de pouvoir under the Hypothecary Representative under any related deed of hypothec. The Hypothecary Representative 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 Hypothecary Representative pursuant to any such relevant deed of hypothec and applicable lawlaws (with the power to delegate any such rights or duties). Moreover, and (b) benefit from and be subject to all provisions hereof with in respect to of any pledge by any such Loan Party of any such debenture, bond or other title of indebtedness, as security for any Obligations the Administrative Agent mutatis mutandisshall also be authorized to hold such debenture, includingbond or other title of indebtedness as agent and pledgee for its own account and for the benefit of any of the other Secured Parties, without limitation, all such the whole notwithstanding the provisions with respect to of Section 32 of An Act respecting the liability or responsibility to and indemnification by the Secured Parties and Loan PartiesSpecial Powers of Legal Persons (Quebec). Any Person person who becomes a Lender or other Secured Party shall, by its execution of the instrumenting agreement, under this Agreement shall be deemed to have consented to and confirmed ratified the Hypothecary Representative as the person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid and to have ratified, as of the date it becomes a Lender, all actions taken by the Hypothecary Representative in such capacity. The substitution of the Administrative Agent pursuant to the provisions of this Section 9.13 also constitutes the substitution foregoing appointment of the Administrative Agent as fondé de pouvoir, and as agent and mandatary on behalf of the Hypothecary Representativerelevant Secured Parties. For greater certainty, the Administrative Agent, acting as the holder of an irrevocable power of attorney (fondé de pouvoir), shall have the same rights, powers, immunities, indemnities and exclusions from liability as are prescribed in favor of the Administrative Agent in this Agreement, which shall apply mutatis mutandis. In the event of the resignation and appointment of a successor Administrative Agent under this Agreement, such successor Administrative Agent shall also act as the holder of an irrevocable power of attorney (fondé de pouvoir).
Appears in 1 contract
Samples: Credit Agreement (Tetra Tech Inc)
