Template:ISDA English Law Credit Support Deed 2018 9

9. Representations
Each party represents to the other party (which representations will be deemed to be repeated as of each date on which it, as the Chargor, transfers Eligible Credit Support (IM)) that:

(i) it has the power to grant a security interest in any Eligible Credit Support (IM) it transfers as the Chargor to the Segregated Accounts under this Deed and has taken all necessary actions to authorise the granting of that security interest;

(ii) it is the beneficial owner of all Eligible Credit Support (IM) (and rights thereto) it transfers as the Chargor to the Segregated Accounts under this Deed, free and clear of any security interest, lien, encumbrance or other interest or restriction other than the security interest granted under Paragraph 2 and other than (A) a lien routinely imposed on all securities in a clearing system in which any such Eligible Credit Support (IM) may be held or (B) any security interest referred to in, or in connection with, the Control Agreement and each such item of Eligible Credit Support (IM) is fully paid and is not subject to any option to purchase or similar right;

(iii) upon the transfer of any Eligible Credit Support (IM) by it as the Chargor to the Segregated Accounts under the terms of this Deed, the Secured Party will have a valid and perfected first priority security interest in such Eligible Credit Support (IM) except to the extent subordinate to (A) any lien routinely imposed on all securities in a clearing system in which any such Eligible Credit Support (IM) may be held or (B) any security interest referred to in, or in connection with, the Control Agreement; and

(iv) the performance by it as the Chargor of its obligations under this Deed will not result in the creation of any security interest, lien or other interest or encumbrance in or on any Posted Credit Support (IM) other than the security interest created under this Deed (other than (A) any lien routinely imposed on all securities in a clearing system in which any such Posted Credit Support (IM) may be held or (B) any security interest referred to in, or in connection with, the Control Agreement).