Common use of Québec Security Clause in Contracts

Québec Security. For the purposes of any hypothec or other security document granted under the laws of the Province of Quebec as security for any debenture, bond or other title of indebtedness which may now or in the future be required to be provided by any Credit Party, the Collateral Agent is hereby irrevocably authorized and appointed by each of the Secured Parties and, if applicable, on behalf of any of its Affiliates which is a Secured Party, to act as the holder of an irrevocable power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of Quebec) to act on behalf of the present and future holders of any debenture, bond or other title of indebtedness and to exercise such rights and duties as are conferred upon a fondé de pouvoir under the relevant deed of hypothec and applicable laws (with the power to delegate any such rights or duties). Moreover, in respect of any pledge by any such Credit Party of any such debenture, bond or other title of indebtedness as security for any obligations arising under the Credit Documents, the Collateral Agent shall also be authorized to hold such debenture, bond or other title of indebtedness as agent and pledgee for its own account and for the benefit of all Secured Parties, the whole notwithstanding the provisions of Section 32 of the An Act respecting the Special Powers of Legal Persons (Quebec). The execution prior to the date hereof by the Collateral Agent in its capacity as fondé de pouvoir of any deed of hypothec or other security documents made pursuant to the laws of the Province of Quebec, is hereby ratified and confirmed. Any Person who becomes a Secured Party or successor Collateral Agent shall be deemed to have consented to and ratified the foregoing appointment of the Collateral Agent as fondé de pouvoir, agent and mandatary on behalf of all Secured Parties, including such Person and any Affiliate of such Person designated above as a Secured Party. For greater certainty, the Collateral 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 Collateral Agent in this Agreement, which shall apply mutatis mutandis. In the event of the resignation of the Collateral Agent and appointment of a successor Collateral Agent, such successor Collateral Agent shall also act as the holder of an irrevocable power of attorney (fondé de pouvoir).

Québec Security. For the purposes of the grant of any hypothec or other security document granted Québec Security Agreements under the laws of the Province of Quebec as security for any debenture, bond or other title of indebtedness Québec which may now or in the future be required to be provided delivered by any Credit Party, the Collateral Agent is hereby irrevocably authorized and appointed by each of the Secured Parties and, if applicable, on behalf of any of its Affiliates which is a Secured Party, Agent and each Lender to act as the holder of an irrevocable power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of QuebecQuébec) in order to act on behalf hold any hypothec granted under the laws of the present and future holders Province of Québec as security for any debenture, bond or other title of indebtedness that may be issued by any such Credit Party pursuant to a deed of hypothec and to exercise such rights and duties as are conferred upon a fondé de pouvoir under the relevant deed of hypothec and applicable laws (with the power to delegate any such rights or duties). Moreover, in respect of any pledge by any such Credit Party of any such debenture, bond or other title of indebtedness as security for any obligations arising under the Credit DocumentsObligations, the Collateral Agent shall also be authorized to hold such debenture, bond or other title of indebtedness as agent agent, custodian and pledgee for its own account and for the benefit of all Agents and all Lenders (collectively, the "Secured PartiesCreditors"), the whole notwithstanding the provisions of Section 32 of the An Act respecting the Special Powers of Legal Persons (QuebecQuébec). The execution prior to the date hereof by the Collateral Agent in its capacity as fondé de pouvoir of Agent]of any deed of hypothec or other security documents Quebec Security Agreement made pursuant to the laws of the Province of QuebecQuébec, is hereby ratified and confirmed. Any Person person who becomes an Agent or a Secured Party or successor Collateral Agent Lender shall be deemed to have consented to and ratified the foregoing appointment of the Collateral Agent as fondé de pouvoir, agent and mandatary custodian on behalf of all Secured Parties, including such Person and any Affiliate of such Person designated above as a Secured PartyCreditors. For greater certainty, the Collateral 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 favour of the Collateral Agent in this Agreement, which shall apply mutatis mutandis. In the event of the resignation of the Collateral Agent and appointment of a successor Collateral Agent, such successor Collateral Agent shall also act as the holder of an irrevocable power of attorney (fondé de pouvoir)) as set out above and as agent and custodian on behalf of the Secured Creditors. The Collateral Agent agrees to act in each of the aforementioned capacities.

Québec Security. For the purposes of the grant of any hypothec or other security document granted Québec Security Agreements under the laws of the Province of Quebec as security for any debenture, bond or other title of indebtedness Québec which may now or in the future be required to be provided delivered by any Credit Party, the Collateral Agent is hereby irrevocably authorized and appointed by each of the Secured Parties and, if applicable, on behalf of any of its Affiliates which is a Secured Party, Agent and each Lender to act as the holder of an irrevocable power of attorney (fondé de pouvoir) (within the meaning of Article 2692 of the Civil Code of QuebecQuébec) in order to act on behalf hold any hypothec granted under the laws of the present and future holders Province of Québec as security for any debenture, bond or other title of indebtedness that may be issued by any such Credit Party pursuant to a deed of hypothec and to exercise such rights and duties as are conferred upon a fondé de pouvoir under the relevant deed of hypothec and applicable laws (with the power to delegate any such rights or duties). Moreover, in respect of any pledge by any such Credit Party of any such debenture, bond or other title of indebtedness as security for any obligations arising under the Credit DocumentsObligations, the Collateral Agent shall also be authorized to hold such debenture, bond or other title of indebtedness as agent agent, custodian and pledgee for its own account and for the benefit of all Agents and all Lenders (collectively, the “Secured PartiesCreditors”), the whole notwithstanding the provisions of Section 32 of the An Act respecting the Special Powers of Legal Persons (QuebecQuébec). The execution prior to the date hereof by the Collateral Agent in its capacity as fondé de pouvoir of Agent]of any deed of hypothec or other security documents Quebec Security Agreement made pursuant to the laws of the Province of QuebecQuébec, is hereby ratified and confirmed. Any Person person who becomes an Agent or a Secured Party or successor Collateral Agent Lender shall be deemed to have consented to and ratified the foregoing appointment of the Collateral Agent as fondé de pouvoir, agent and mandatary custodian on behalf of all Secured Parties, including such Person and any Affiliate of such Person designated above as a Secured PartyCreditors. For greater certainty, the Collateral 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 favour of the Collateral Agent in this Agreement, which shall apply mutatis mutandis. In the event of the resignation of the Collateral Agent and appointment of a successor Collateral Agent, such successor Collateral Agent shall also act as the holder of an irrevocable power of attorney (fondé de pouvoir)) as set out above and as agent and custodian on behalf of the Secured Creditors. The Collateral Agent agrees to act in each of the aforementioned capacities.