MNGA and HyFuels Warranties. MNGA and HyFuels hereby warrants to the Joint Venture that (i) MNGA is a company duly organized and validly existing under the laws of the State of Delaware, USA, and HyFuels is a company duly organized and validly existing under the laws of the state of Florida (ii) it has full power and authority to execute this Agreement and to perform its obligations hereunder, (iii) it has duly authorized the execution of this Agreement and the performance of its obligations hereunder and this Agreement is enforceable against MNGA and HyFuels in accordance with its terms, and (iv) it is the lawful owner of the Magnegas IP or otherwise has the right to transfer the Magnegas IP rights as contemplated hereunder;(v) all the Warranties that MNGA and HyFuels made in the Joint Venture Contract remain true. MNGA and HyFuels make the following extra warranties about the Magnegas IP:
