Template:GMSLA 2010 14: Difference between revisions
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{{gmslaprov|14}}.'''{{gmslaprov| | {{gmslaprov|14}}.'''{{gmslaprov|Borrower's Warranties}}'''<br> | ||
Each {{gmslaprov|Party}} hereby warrants and undertakes to the other on a continuing basis to the intent that such warranties shall survive the completion of any transaction contemplated herein that, where acting as a {{gmslaprov|Borrower}}: <br> | Each {{gmslaprov|Party}} hereby warrants and undertakes to the other on a continuing basis to the intent that such warranties shall survive the completion of any transaction contemplated herein that, where acting as a {{gmslaprov|Borrower}}: <br> | ||
:14(a) it has all necessary licences and approvals, and is duly authorised and empowered, to perform its duties and obligations under this {{gmslaprov|Agreement}} and will do nothing prejudicial to the continuation of such authorisation, licences or approvals; <br> | :{{gmslaprov|14(a)}} it has all necessary licences and approvals, and is duly authorised and empowered, to perform its duties and obligations under this {{gmslaprov|Agreement}} and will do nothing prejudicial to the continuation of such authorisation, licences or approvals; <br> | ||
:14(b) it is not restricted under the terms of its constitution or in any other manner from borrowing {{gmslaprov|Securities}} in accordance with this {{gmslaprov|Agreement}} or from otherwise performing its obligations hereunder; <br> | :{{gmslaprov|14(b)}} it is not restricted under the terms of its constitution or in any other manner from borrowing {{gmslaprov|Securities}} in accordance with this {{gmslaprov|Agreement}} or from otherwise performing its obligations hereunder; <br> | ||
:14(c) it is absolutely entitled to pass full legal and beneficial ownership of all {{gmslaprov|Collateral}} provided by it hereunder to {{gmslaprov|Lender}} free from all liens, charges and encumbrances; <br> | :{{gmslaprov|14(c)}} it is absolutely entitled to pass full legal and beneficial ownership of all {{gmslaprov|Collateral}} provided by it hereunder to {{gmslaprov|Lender}} free from all liens, charges and encumbrances; <br> | ||
:14(d) it is acting as principal in respect of this {{gmslaprov|Agreement}}; and <br> | :{{gmslaprov|14(d)}} it is acting as principal in respect of this {{gmslaprov|Agreement}}; and <br> | ||
:14(e) it is not entering into a {{gmslaprov|Loan}} for the primary purpose of obtaining or exercising voting rights in respect of the {{gmslaprov|Loaned Securities}}. <br> | :{{gmslaprov|14(e)}} it is not entering into a {{gmslaprov|Loan}} for the primary purpose of obtaining or exercising voting rights in respect of the {{gmslaprov|Loaned Securities}}. <br> | ||
Revision as of 14:42, 24 January 2013
14.Borrower's Warranties
Each Party hereby warrants and undertakes to the other on a continuing basis to the intent that such warranties shall survive the completion of any transaction contemplated herein that, where acting as a Borrower:
- 14(a) it has all necessary licences and approvals, and is duly authorised and empowered, to perform its duties and obligations under this Agreement and will do nothing prejudicial to the continuation of such authorisation, licences or approvals;
- 14(b) it is not restricted under the terms of its constitution or in any other manner from borrowing Securities in accordance with this Agreement or from otherwise performing its obligations hereunder;
- 14(c) it is absolutely entitled to pass full legal and beneficial ownership of all Collateral provided by it hereunder to Lender free from all liens, charges and encumbrances;
- 14(d) it is acting as principal in respect of this Agreement; and
- 14(e) it is not entering into a Loan for the primary purpose of obtaining or exercising voting rights in respect of the Loaned Securities.