Hypothecs Sample Clauses
The HYPOTHECS clause establishes a legal right for a creditor to secure a debt by designating specific property of the debtor as collateral, without transferring possession. In practice, this means that if the debtor defaults on their obligations, the creditor may have the right to seize or sell the hypothecated property to recover the owed amount. This clause is commonly used in civil law jurisdictions for securing loans against real estate or other valuable assets. Its core function is to provide creditors with a form of security interest, thereby reducing their risk and encouraging lending by ensuring there is a clear mechanism for debt recovery.
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Hypothecs. The Tenant will, within ten (10) days after notice from the Landlord remove or cause to be removed any legal hypothecs published or registered against the title of the Landlord or to the Building if such hypothec is as a result of work done by the Tenant or by anyone (other than the Landlord) on behalf of the Tenant. Notwithstanding the foregoing, if the Tenant is contesting in good faith the claim and cannot obtain a discharge without paying the creditor the claim being contested, the Tenant will provide security reasonably acceptable to the Landlord to cover one hundred and fifty percent (150%) of the amount being claimed. If the presence of such hypothec hinders a sale or a financing by the Landlord, the Tenant undertakes, within ten (10) days following a written request by the Landlord, to have the hypothec radiated failing which the Landlord may proceed with the radiation by paying the creditor who benefits from the charge, the whole at the Tenant’s cost. Notwithstanding any other provision set forth herein, the Tenant shall be permitted to ▇▇▇▇▇ ▇ ▇▇▇▇, mortgage, debenture, charge or encumbrance which may attach to the goods, trade fixtures, furnishings or equipment of the Tenant located in the Premises, excluding leasehold improvements (hereinafter collectively called the “Equipment”)so long as:
(a) any such lien, mortgage, debenture, charge or encumbrance arises through any bona fide financing done by the Tenant in accordance with the Tenant’s normal business practice or by reason of any sale and leaseback agreement entered into by the Tenant for financing purposes with respect to the Equipment (excluding leasehold improvements); and
(b) The Tenant is not in default under any such lien, mortgage, debenture, charge or encumbrance, or any such sale or leaseback agreement.
Hypothecs. At the option of the Landlord, this Lease shall be subject and subordinate to any and all hypothecs, charges and deeds of trust, which may now or at any time hereafter affect the Leased Premises in whole or in part, or the Property whether or not any such hypothec, charge or deed of trust affects only the Leased Premises or the Property or affects other premises as well. On request at any time and from time to time of the Landlord or of the hypothecary creditor, chargee or trustee under any such hypothec, charge or deed of trust, the Tenant shall promptly, at no cost to the Landlord or hypothecary creditor, chargee or trustee:
(a) attorn to such hypothecary creditor, chargee or trustee and become its tenant of the Leased Premises or the tenant of the Leased Premises of any purchaser from such hypothecary creditor, chargee or trustee in the event of an exercise of any permitted power of sale contained in any such hypothec, charge or deed of trust for the then unexpired residue of the Term on the terms herein contained; and/or
(b) postpone and subordinate this Lease to such hypothec, charge or deed of trust to the intent that this Lease and all right, title and interest of the Tenant in the Leased Premises shall be subject to the rights of such hypothecary creditor, chargee or trustee as fully as if such hypothec, charge or deed of trust had been executed and registered and the money thereby secured had been advanced before the execution of this Lease (and notwithstanding any authority or consent of such hypothecary creditor, or trustee, express or implied, to the making of this Lease). Any such attornment or postponement and subordination shall extend to all renewals, modifications, consolidations, replacements and extension of any such hypothec, charge or deed of trust and every instrument supplemental or ancillary thereto or in implementation thereof. The Tenant shall forthwith execute any instruments of attornment or postponement and subordination which may be so requested to give effect to this Section. Any such hypothecary creditor, chargee or trustee under any hypothec, charge or deed of trust may, at its option, subordinate its interest in such hypothec, charge or deed of trust to the interest of the Tenant in this Lease and the Leased Premises.
Hypothecs. 13.1 The Tenant will not make any action, or omit to commit an action reasonably required, nor require that any act or gesture be done that will have the effect to put the Lessor or its eligible party in default by virtue of any agreement entered into between the Lessor and any loaner of the Lessor benefiting from an hypothec on the immoveable where the leased premises are located, or any other guarantee on said immoveable.
13.2 The Tenant acknowledges that the immoveable is affected of an hypothec and accepts the presents as a valid signification of the lease transportation and of any rent relating to the lease in favor of the loaner pursuant to the Deed of Hypothec. Nevertheless, the Tenant will continue to pay the rent to the Lessor, as prescribed in the present lease until the Tenant is duly noticed by the loaner to pay it the rent or to any other person it designates.
13.3 The Tenant accepts to comply with all directives of the hypothecary loaner of the Lessor, concerning the payment of the rent and other obligations of the Tenant by virtue of this lease.
13.4 In order to guarantee the performance of all and each of its obligations by virtue of the presents, the Lessor waives a moveable hypothec without delivery of second rank for a value which equals the rent and the operation costs for the first year of the lease. The Tenant undertakes to sign any document and to behave and pose any action, in order to give full effect to the presents.
Hypothecs. Duly executed originals of the Hypothecs given by each Borrower, Canadian Subsidiary Guarantor, Ultimate Parent and each US Subsidiary Guarantor, and all instruments, documents and agreements executed pursuant thereto.
Hypothecs. An agreed English translation of each of the Hypothec, the Power of Attorney to Establish Hypothecs and the Power of Attorney to Sell, initialled by the Borrower and the Lender.
Hypothecs