Common use of Quebec Security Clause in Contracts

Quebec Security. For greater certainty, and without limiting the powers of the Agent or any other Person acting as an agent or mandatary for the Agent hereunder or under any of the other Loan Documents, the Borrower hereby acknowledges that, for purposes of holding any security granted by the Borrower or any Restricted Subsidiary on property pursuant to the laws of the Province of Quebec to secure obligations of the Borrower or any Restricted Subsidiary under any debenture, the Agent shall be the holder of an irrevocable power of attorney (fondé de pouvoir) (within the meaning of the Civil Code of Quebec) for all present and future Lenders and in particular for all present and future holders of any such debenture. Each Lender hereby irrevocably constitutes, to the extent necessary, the Agent as the holder of an irrevocable power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of Quebec) in order to hold security granted by the Borrower or any Restricted Subsidiary in the Province of Quebec to secure the obligations of the Borrower or any Restricted Subsidiary under any debenture. Each assignee of a Lender shall be deemed to have confirmed and ratified the constitution of the Agent as the holder of such irrevocable power of attorney (fondé de pouvoir) by execution of an Assignment and Transfer. Notwithstanding the provisions of section 32 of the An Act respecting the special powers of legal persons (Quebec), the Agent may acquire and be the holder of any debenture. The Borrower hereby acknowledges that such debenture constitutes a title of indebtedness, as such term is used in Article 2692 of the Civil Code of Quebec.

Quebec Security. For greater certainty, and without limiting the powers of the Agent or any other Person acting as an agent or mandatary for the Administrative Agent hereunder or under any of the other Loan Documents, each of the Borrower Borrowers hereby acknowledges thatthat the Administrative Agent shall, for purposes of holding any security granted by the Canadian Borrower or any Restricted Subsidiary Foreign Guarantor on property pursuant to the laws of the Province of Quebec to secure obligations of the Canadian Borrower or any Restricted Subsidiary Foreign Guarantor under any debenturedebenture (the "Canadian Obligations"), the Agent shall be the holder of an irrevocable power of attorney (fondé fonde de pouvoir) (within the meaning of the Civil Code of Quebec) for all present and future Lenders Lenders, Agents and hedging counterparties pursuant to any Specified Hedge Agreement and in particular for all present and future holders of any such debenture. Each Lender of the Lenders (for themselves and for all present and future affiliates that may become hedging counterparties pursuant to any Specified Hedge Agreement) hereby irrevocably constitutes, to the extent necessary, the Administrative Agent as the holder of an irrevocable power of attorney (fondé fonde de pouvoir) (within the meaning of Article 2692 of the Civil Code of Quebec) in order to hold security granted by the Canadian Borrower or any Restricted Subsidiary Foreign Guarantor in the Province of Quebec to secure the obligations of the Borrower or any Restricted Subsidiary under any debentureCanadian Obligations. Each assignee of a Lender Lender, Agent or a hedging counterparty pursuant to any Specified Hedge Agreement shall be deemed to have confirmed and ratified the constitution of the Administrative Agent as the holder of such irrevocable power of attorney (fondé fonde de pouvoir) by execution of an Assignment the relevant assignment and Transferassumption agreement. Notwithstanding the provisions of section Section 32 of the An Special Corporate Powers Act respecting the special powers of legal persons (Quebec), the Administrative Agent may acquire and be the holder of any debenture. The Canadian Borrower hereby acknowledges that such debenture constitutes a title of indebtedness, as such term is used in Article 2692 of the Civil Code of Quebec.