Common use of Representations of the Bank Clause in Contracts

Representations of the Bank. The Bank represents and warrants that: (1) it is the legal and actual owner, free and clear of all liens and claims, of all Eligible Securities pledged pursuant to this Agreement; (2) the form of this Agreement was approved by its board of directors; (3) this Agreement was executed by an officer of the Bank who was authorized by the Bank’s board of directors to do so and will at all times be maintained as an official record of the Bank; (4) all securities pledged pursuant to this Agreement are Eligible Securities and that all letters of credit and surety bonds obtained by the Bank in satisfaction of its obligations hereunder and of which the Local Government is the beneficiary are Eligible Collateral; (5) the Bank is a bank or trust company located and authorized to do business in the State of New York; and, (6) all acts, conditions and things required to exist, happen or be performed on its part precedent to and in the execution and delivery of this Agreement exist or have happened or have been performed.