REPRESENTATIONS AND WARRANTIES
Representations and Warranties of Both Parties. As of the Effective Date, each Party represents and warrants to the other Party that: It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation; It has all authorizations from Governmental Authorities (including Permits) necessary for it to legally perform its obligations under this Agreement; The execution, delivery and performance of this Agreement are within its powers, have been duly authorized by all necessary action and do not violate any of the terms and conditions in its governing documents, any contracts to which it is a party or any Applicable Laws; This Agreement constitutes its legally valid and binding obligation, enforceable against it in accordance with its terms, subject to any Equitable Defenses; It is not Bankrupt and there are not proceedings pending or being contemplated by it or, to its knowledge, threatened against it which would result in it being or become Bankrupt; There is not pending, or to its knowledge, threatened against it or, in the case of Owner, any of its Affiliates, any legal proceedings that could materially adversely affect its ability to perform under this Agreement; With respect to the Party making the representation, no Event of Default has occurred or, if an Event of Default has occurred, no Event of Default is continuing; Entering into this Agreement and performance of the obligations hereunder will not result in an Event of Default or a default under another agreement; It is acting for its own account and its decision to enter into this Agreement is based upon its own judgment, not in reliance upon the advice or recommendations of the other Party and it is capable of assessing and understanding, and understands and accepts, the terms, conditions and risks of this Agreement; It has not relied upon any promises, representations, statements or information of any kind whatsoever that are not contained in this Agreement in deciding to enter into this Agreement.
REPRESENTATIONS AND WARRANTIES
Representations and Warranties of Both Parties. 4.1Each party represents and warrants to the other party that:
