Representations and Warranties of the Owner and the Covenantor. The Owner and the Covenantor hereby jointly and severally represent and warrant to and in favour of the Royalty Holder and acknowledge and agree that the Royalty Holder is entering into this Agreement on the basis of such representations and warranties, namely, that they each have the corporate or limited liability company power, capacity and authority to execute, deliver and perform this Agreement and the execution, delivery and performance of this Agreement by each of the Owner and the Covenantor have been duly authorized by all required corporate or limited liability company action of each of the Owner and the Covenantor and this Agreement represents a valid and binding obligation of each of the Owner and the Covenantor duly enforceable against each of the Owner and the Covenantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency or similar laws or by equitable principles generally.
