REPRESENTATIONS AND WARRANTIES OF ARBOR. Each of Arbor and each OVB Fund represent and warrant to and agree with BB&T and each BB&T Fund that:
REPRESENTATIONS AND WARRANTIES OF ARBOR. Except as set forth in the ARBOR Disclosure Schedule (which incorporates ------------------------- all the reports of ARBOR filed with the United States Securities and Exchange Commission) ARBOR represents and warrants to SELLER and LAIZHOU as follows and the PRINICPAL ARBOR SHAREHOLDER, with respect to Section 3.25 only, represents and warrants to SELLER AND LAIZHOU as follows, with the knowledge and understanding that SELLER and LAIZHOU are relying materially upon such representations and warranties.
