Common use of Quebec Hypothec Clause in Contracts

Quebec Hypothec. You hereby create a hypothec on the universality of all present and future equipment and other property acquired from time to time under this Agreement and at any time located in the Province of Quebec, in the amount of $1,000,000, as security for all Advances and other obligations under this Agreement and to evidence and protect our interest in the Equipment and Meters. This hypothec may be registered by us at the Register of Personal and Movable Real Rights (Quebec). You also agree, at our request, to use commercially reasonable efforts to obtain a cession of rank (priority agreement) from the holder of each hypothec registered at the Register of Personal and Movable Real Rights (Quebec) in priority to ours such that we will have a first-ranking hypothec on all such equipment and other property acquired under this Agreement. The foregoing hypothec will subsist pursuant to Article 2797 of the Civil Code of Quebec notwithstanding any fluctuation or repayment of Advances until your obligations in respect of Advances have been discharged in full.