Common use of Hypothecary Representative Clause in Contracts

Hypothecary Representative. Each Lender hereby irrevocably appoints and authorizes the Collateral Agent to act as hypothecary representative of the Secured Parties as contemplated under Article 2692 of the Civil Code of Québec, and to enter into, to take and to hold on their behalf, and for their benefit, any security, including any hypothec or other Lien, and to exercise such powers and duties that are conferred upon the Collateral Agent, as hypothecary representative, under any Credit Facility Documents. Any Person who becomes a Secured Party shall, upon becoming a Secured Party, be deemed to have consented to and confirmed the Collateral Agent as the hypothecary representative of the Secured Parties and to have ratified, as of the date it becomes a Secured Party, all actions taken by the Collateral Agent in such capacity. The substitution of the Collateral Agent pursuant to the provisions of Section 13.9 also constitutes the substitution of the Collateral Agent as hypothecary representative as aforesaid.

Hypothecary Representative. Each Lender hereby irrevocably appoints and authorizes the Collateral Agent to act as hypothecary representative of the Secured Parties as contemplated under Article 2692 of the Civil Code of Québec, and to enter into, to take and to hold on their behalf, and for their benefit, any security, including any hypothec or other Lien, and to exercise such powers and duties that are conferred upon the Collateral Agent, as hypothecary representative, under any Credit Facility Documents. Any Person who becomes a Secured Party shall, upon becoming a Secured Party, be deemed to have consented to and confirmed the Collateral Agent as the hypothecary representative of the Secured Parties and to have ratified, as of the date it becomes a Secured Party, all actions taken by the Collateral Agent in such capacity. The substitution of the Collateral Agent pursuant to the provisions of Section 13.9 11 also constitutes the substitution of the Collateral Agent as hypothecary representative as aforesaid.