Common use of Deposit of Debenture Clause in Contracts

Deposit of Debenture. The Corporation hereby transfers, assigns, mortgages, charges, hypothecates, grants a security interest in and pledges and delivers the Debenture to and deposits the Debenture with the Holder to be held by the Holder as general and continuing collateral security for the payment and performance by the Corporation of all its obligations, indebtedness and liabilities, present or future, direct or indirect, absolute or contingent, matured or not, extended or renewed, to the Lender Parties pursuant to the Credit Agreement (including future advances) and the other Loan Documents (other than the Principal Amount under and as defined in the Debenture), wheresoever and howsoever incurred and any ultimate unpaid balance thereof and whether the same is from time to time reduced and thereafter increased or entirely extinguished and thereafter incurred again and whether the Corporation be bound alone or with another or others and whether as principal or surety (collectively, the “Liabilities”). This Agreement is granted to the Holder on its own behalf and in its capacity as Administrative Agent for and on behalf of the Lender Parties. All of the covenants, representations, warranties, rights, benefits and protections made or given in favour of the Holder hereunder are acknowledged to be for the joint and several benefit of the Holder and each of the Lender Parties from time to time. The Corporation acknowledges that: