Representations and Warranties of Xxxxx Xxxxx represents and --------------------------------------- warrants to, and covenants and agrees with, Universal as follows: (a) Xxxxx has all requisite power and authority to execute, deliver and perform this Agreement, and all corporate acts and proceedings required for the authorization, execution and delivery of this Agreement and the performance of this Agreement have been lawfully and validly taken or will have been so taken prior to the Option Closing. (b) This Agreement constitutes the legal, valid and binding obligation of Xxxxx and is enforceable against Xxxxx in accordance with its terms, except as such enforcement is limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors' rights generally. (c) Xxxxx acknowledges that it has conducted and is continuing to conduct an independent due diligence investigation of Interplay, including but not limited to an investigation and verification of the financial condition, results of operation, assets, liabilities, properties, prospects or projected operations of Interplay. Xxxxx further acknowledges that, in making its determination to acquire, or exercise, the Option contemplated by this Agreement, Universal shall not have been deemed to have made to Xxxxx any representation or warranty other than as expressly made by Universal in Section 5 hereof. Without limiting the generality of the foregoing, Universal makes no representation or warranty to Xxxxx with respect to the financial condition, results of operation, assets, liabilities, properties, prospects and projected operations of Interplay or any other information or documents (financial or otherwise) made available to Xxxxx or its counsel, accountants or advisers with respect to Interplay. (i) Xxxxx is acquiring the Option and the Option Stock for investment purposes only, for its own account, and not as nominee or agent for any other person or entity, and not with the view to, or for resale in connection with, any distribution thereof within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and (ii) Xxxxx is an "accredited -------------- investor" within the meaning of Regulation D of the Securities and Exchange Commission under the Securities Act.
REPRESENTATIONS AND WARRANTIES OF SPAC SPAC hereby represents and warrants to each Company Shareholder and the Company during the Exclusivity Period as follows: