Common use of Representations of Lender Clause in Contracts

Representations of Lender. Lender represents and warrants to Chase that: (i) this Lending Agreement is, and each Loan shall be, legally and validly entered into, and does not and shall not violate any statute, regulation, rule, order or judgment binding on Lender, or any provision of Lender's charter or by-laws, or any agreement binding on Lender or affecting its property; (ii) the person executing this Lending Agreement and all Authorized Persons acting on behalf of Lender has and have been duly and properly authorized to do so; (iii) it is lending Securities as principal and shall not transfer, assign or encumber its interest in, or rights with respect to, any Securities available for Loan hereunder; and (iv) it is the beneficial owner of all Securities or otherwise has the right to lend Securities pursuant to the policies and restrictions contained in each Lender's prospectus and statement of additional information; and (v) it is entitled to receive all interest, dividends and other distributions ("Distributions") made by the issuer with respect to such Securities. Lender shall promptly identify to Chase by notice, which notice may be oral, any Securities that are no longer subject to the representations contained in (b).