REPRESENTATIONS AND WARRANTIES OF MERRY LAND PROPERTIES. Merry Land Properties represents and warrants to Merry Land that, (i) as of the date hereof, Merry Land Properties has no obligations with respect to any indebtedness or other material Liabilities of a definite or ascertainable amount other than the indebtedness evidenced by the Senior Debt Documents, and the Subordinated Debt Documents, and (ii) upon the consummation of the transactions contemplated by this Agreement, the Agreed Value Balance Sheet (prepared in accordance with the definitions set forth in this Agreement) shall be accurate and complete in all material respects.
