REPRESENTATIONS AND WARRANTIES OF BREK AND BREK PETROLEUM. Brek and Brek Petroleum hereby jointly and severally represent and warrant to the Company Parties as follows:
REPRESENTATIONS AND WARRANTIES OF BREK AND BREK PETROLEUM. Brek and Brek Petroleum hereby jointly and severally represent and warrant to the Company Parties as follows: Organization and Qualification. Brek and Brek Petroleum are corporations duly organized, validly existing and in good standing under the laws of their respective jurisdictions, and have the requisite corporate power and authority to own or lease all material property that they purport to own or lease and to carry on their business as now being conducted. Brek and Brek Petroleum are, and following the Closing will be, duly qualified as foreign corporations, and are in good standing in each jurisdiction where the character of their properties owned or held under lease or the nature of their activities makes such qualification necessary, except to the extent that the failure to so qualify would not have a material adverse effect on the business or financial condition of Brek or Brek Petroleum.
