Common use of Representation of Lender and Agent to Bank Clause in Contracts

Representation of Lender and Agent to Bank. Each of Lender and Agent represents and warrants to Bank that their respective Authorized Persons are duly and properly authorized to give Instructions to Bank on Lender’s or Agent’s behalf, as the case may be. The Securities Lending Agency Agreement contains provisions that all Collateral shall be received by Bank and transmitted to Agent to be held and administered by Agent for the benefit of each Lender in a separate collateral Account (each a “Collateral Account”). It shall be Agent’s duty to value and xxxx to market on a daily basis all Securities subject to Loan and all pledged Collateral received pursuant to each Borrowing Agreement in accordance with the terms of the Securities Lending Agency Agreement (including provisions specifying that Agent may rely upon third parties as a source for valuation) and, where applicable, request the Borrower to deliver sufficient Additional Collateral to satisfy the applicable margin requirement. Pursuant to each Borrowing Agreement, Agent shall claim the Borrowers for all Distributions, cash and non-cash, payable on Securities subject to Loan and cause the same to be deposited or otherwise credited for the benefit of Lender.