Template:Nutshell Pledge GMSLA 13

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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).
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