Quebec Collateral. (i) For greater certainty, and without limiting the powers of Canadian Agent, each of the Secured Parties (and each subsequent maker of any Loan by its making thereof) hereby irrevocably constitutes GE Canada as the holder of an irrevocable power of attorney (fondé de pouvoir within the meaning of Article 2692 of the Civil Code of Québec) in order to hold hypothecs and security granted by any Credit Party on property pursuant to the laws of the Province of Québec in order to secure obligations of any Credit Party under any bond, debenture or similar title of indebtedness, issued by any Credit Party, and hereby agrees that GE Canada, as Canadian Agent, may act as the bondholder and mandatary (i.e. agent) with respect to any shares, capital stock or other securities or any bond, debenture or similar title of indebtedness that may be issued by any Credit Party and pledged in favour of GE Canada, as Canadian Agent, for the benefit of the Secured Parties. The execution by GE Canada, acting as fondé de pouvoir and mandatary, prior to the Agreement of any deeds of hypothec or other security documents is hereby ratified and confirmed.
Quebec Collateral. For the purposes of creating a solidarité active in accordance with Article 1541 of the Civil Code of Québec between each Lender, taken individually, on the one hand, and the Agent, on the other hand, each Obligor granting a Lien (hypothec) to the Agent under the Civil Code of Quebec and each such Lender acknowledge and agree with the Agent that such Lender and the Agent are hereby conferred the legal status of solidary creditors of each such Obligor in respect of all indebtedness, liabilities and other obligations, present and future, owed by each such Obligor to the Agent and such Lender hereunder and under the other Loan Documents (collectively, the "Solidary Claim") and that, accordingly, but subject (for the avoidance of doubt) to Article 1542 of the Civil Code of Québec, each such Obligor is irrevocably bound towards the Agent and each Lender in respect of the entire Solidary Claim of the Agent and such Lender. As a result of the foregoing, the parties hereto acknowledge that the Agent and each Lender shall at all times have a valid and effective right of action for the entire Solidary Claim of the Agent and such Lender and the right to give full acquittance for it. Accordingly, and without limiting the generality of the foregoing, the Agent, as solidary creditor with each Lender, shall at all times have a valid and effective right of action in respect of the Solidary Claim and the right to give a full acquittance for same. By its execution of the Loan Documents to which it is a party, each such Obligor not a party hereto shall also be deemed to have accepted the stipulations hereinabove provided. The parties further agree and acknowledge that such Liens (hypothecs) under the Loan Documents shall be granted to the Agent, for its own benefit and for the benefit of the Lenders, as solidary creditor as hereinabove set forth. For purposes of any Collateral located in Quebec or charged by any deed of hypothec, "personal property" shall be deemed to include "movable property", "security interest" shall be deemed to include a "hypothec" and "UCC" shall be deemed to include "the Civil Code of Quebec".
Quebec Collateral. As of the Closing Date, the fair market value of all tangible Collateral located in Quebec does not exceed C$750,000.
Quebec Collateral. The Loan Parties will not, and will not permit any of their Subsidiaries to own Collateral in Quebec having a fair market value in excess of C$750,000 unless the Agent has confirmed in writing that it is satisfied that the Loan Parties or Subsidiaries owning such Collateral in Quebec have taken all action that the Agent has requested in order to perfect and protect the Agent’s security interest in such Collateral under the laws of Quebec.
Quebec Collateral. For the purposes of holding any pledges, assignments, hypothecs, mortgages and security interests granted by any of the Loan Parties pursuant to the laws of the Province of Quebec, National Bank Trust Inc. and any successor trustee and any replacement trustee shall be the holder of an irrevocable power of attorney authorizing National Bank Trust Inc. and any successor trustee and replacement trustee to act on behalf of all present and future Lenders and Issuers. By executing a Commitment Transfer Supplement or in any other manner becoming a Lender or Issuer under the Loan Agreement, any future Purchasing Lender, Transferee, Lender or Issuer, as applicable, shall be deemed to ratify the power of attorney granted to National Bank Trust Inc. and any successor trustee and any replacement trustee hereunder.
Quebec Collateral. (i) For greater certainty, and without limiting the powers of Canadian Agent, each of the Secured Parties (and each subsequent maker of any Loan by its making thereof) hereby irrevocably constitutes Chase Canada as the holder of an irrevocable power of attorney (fondé de pouvoir within the meaning of Article 2692 of the Civil Code of Québec) in order to hold hypothecs and security granted by any Credit Party on property pursuant to the laws of the Province of Québec in order to secure obligations of any Credit Party under any bond, debenture or similar title of indebtedness, issued by any Credit Party, and hereby agrees that Chase Canada, as Canadian Agent, may act as the bondholder and mandatary (i.e. agent) with respect to any shares, capital stock or other securities or any bond, debenture or similar title of indebtedness that may be issued by any Credit Party and pledged in favour of Chase Canada, as Canadian Agent, for the benefit of the Secured Parties. To the extent necessary, each Secured Party appoints and authorizes Chase Canada, as Canadian Agent, to act as agent and custodian for and on behalf of the Secured Parties to hold any bond, debenture and or similar titles of indebtedness issued under any hypothec and pledged in favor of the Secured Parties and to execute the related pledge agreement. The execution by Chase Canada, acting as fondé de pouvoir and mandatary, prior to the Agreement of any deeds of hypothec or other security documents is hereby ratified and confirmed.
Quebec Collateral. For greater certainty, and without limiting the powers of Agent or any other Person acting as mandatary (agent) of the Agent, each of the Secured Parties hereby irrevocably constitutes 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 Québec) in order to hold hypothecs and security granted by any Credit Party on Property pursuant to the laws of the Province of Québec in order to secure obligations of any Credit Party under any bond, debenture or other title of indebtedness, issued by any Credit Party, and hereby agrees that Agent, may act as the bondholder and mandatary (i.e., agent) with respect to any shares, capital stock or other securities or any bond, debenture or similar title of indebtedness that may be issued by any Credit Party and pledged in favor of Agent, for the benefit of the Secured Parties. The execution by the Agent, acting as fondé de pouvoir and mandatary, prior to the Agreement of any deeds of hypothec or other security documents is hereby ratified and confirmed. Notwithstanding the provisions of Section 32 of An Act respecting the special powers of legal persons (Québec), Agent may acquire and be the holder of any bond or debenture issued by any Credit Party (i.e., the fondé de pouvoir may acquire and hold the first bond issued under any deed of hypothec by any Credit Party). The constitution of the Agent as fondé de pouvoir and as bondholder and mandatary set forth in the first paragraph of this clause (d), shall be deemed to have been ratified and confirmed by each Person accepting an assignment of, a participation in or an arrangement in respect of, all or any portion of any Secured Parties’ rights and obligations under the Agreement by the execution of an assignment, including an Assignment or other agreement pursuant to which it becomes such assignee or participant, and by each successor Agent by the execution of an Assignment or other agreement, or by the compliance with other formalities, as the case may be, pursuant to which it becomes a successor Agent under the Agreement. The Agent acting as fondé de pouvoir shall have the same rights, powers, immunities, indemnities and exclusions from liability as are prescribed in favour of Agent in the Agreement, which shall apply mutatis mutandis to the Agent acting as fondé de pouvoir.
Quebec Collateral. 78 8.27 Release of JVS Pledge.................................................79 ARTICLE IX EVENTS OF DEFAULT
Quebec Collateral. Promptly upon request of the Canadian Agent (acting at the direction or with the consent of the Required Lenders), grant, and cause each Subsidiary to grant, to the Canadian Agent a perfected security interest in all assets of Parent or such Subsidiary located in, and all accounts of Parent or such Subsidiary owed by Persons located in, the Province of Quebec.
Quebec Collateral. For the purposes of holding any pledges, assignments, hypothecs, mortgages and security interests granted by any of the Loan Parties pursuant to the laws of the Province of Quebec, National Bank Trust Inc. and any successor trustee and any replacement trustee shall be the holder of an irrevocable power of attorney authorizing National Bank Trust Inc. and any successor trustee and replacement trustee to act on behalf of all present and future Lenders and
