Rashi: This is a noun ? destruction, like "Chavulah Lo Avdes" (Daniel 6:23). It cannot be a verb, for then there would be a Kamatz Gadol under the Ches, and not Chataf Patach.

Ibn Ezra: This is ruining [Your Mitzvos], like "Mechabelim Keramim."

Malbim: It is an expression of a security. It is a noun, and not an infinitive. Yisrael were obligated to guard the Torah. When they do not pay the debt, Hashem takes all their desired matters (the Mikdash and Eretz Yisrael) as security for their sins, until they will pay their debts. Then, He will return the Mikdash ? "Lamah Yiktzof ha'Elokim Al Kolecha v'Chibel Es Ma'ase Yadecha." The Mishkan is called so, for it was taken as a Mashkon (security) for Yisrael's sins. "Chavol Chavalnu" ? we gave to Him securities.