Template:Nutshell Pledge GMSLA 13

13. Lender’s Warranties
Each Party warrants on a continuing basis that when it is a Lender:

(a) it has capacity and authority to perform its obligations;

(b) there are no restrictions on it lending Securities or performing its obligations under this Agreement;

(c) it is able to pass legal and beneficial ownership of Securities lent under this Agreement to Borrower free from encumbrances; and

(d) it is acts as a principal (except under Agency Loans).