ERP's Representations and Warranties. ERP hereby represents and warrants to Contributors, as of the date hereof and as of the date of the Closing, that ERP has the right and the power to execute and deliver this Agreement and to perform its obligations hereunder, and all necessary corporate action with respect thereto has been duly and validly taken. The ERP Units issued hereunder shall be immediately exchangeable for common shares of beneficial interest of EQR as provided in, and subject to, the terms of the agreement of limited partnership of ERP.
ERP's Representations and Warranties. ERP represents and warrants to USL as follows:
