Template:Nutshell Pledge GMSLA 13: Difference between revisions
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{{ | {{pgmslaprov|13}}. '''{{pgmslaprov|Lender’s Warranties}}''' <br> | ||
Each {{ | Each {{pgmslaprov|Party}} warrants on a continuing basis that when it is a {{pgmslaprov|Lender}}: | ||
:(a) it has [[capacity and authority]] to perform its obligations; | :(a) it has [[capacity and authority]] to perform its obligations; | ||
:(b) there are no restrictions on it lending {{ | :(b) there are no restrictions on it lending {{pgmslaprov|Securities}} or performing its obligations under this {{pgmslaprov|Agreement}}; | ||
:(c) it is able to pass legal and beneficial ownership of {{ | :(c) it is able to pass legal and beneficial ownership of {{pgmslaprov|Securities}} lent under this {{pgmslaprov|Agreement}} to {{pgmslaprov|Borrower}} free from encumbrances; and | ||
:(d) it is acts as a [[principal]] (except under {{ | :(d) it is acts as a [[principal]] (except under {{pgmslaprov|Agency Loan}}s). <br> | ||
Latest revision as of 18:30, 19 January 2021
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).