ARTICLE III
REPRESENTATIONS AND WARRANTIES OF BUYER
To induce Seller to enter into and perform its obligations under this Agreement, Buyer hereby represents and warrants to Seller as of the date hereof as follows:
Section 3.1 Existence. Buyer has been duly organized and is validly existing and in good standing under the laws of Cyprus. Prior to the date hereof, Seller has been provided with complete and correct copies of Buyer’s articles of association, bylaws or other equivalent organizational documents, and each so delivered is in full force and effect.
Section 3.2 Authority and Capacity; No Conflicts. Buyer has all requisite power, authority and capacity to enter into and perform its obligations under this Agreement and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the consummation of the Transaction has been duly and validly taken. The consummation of the Transaction will not (i) violate any law applicable to Buyer, (ii) result in a breach of or default under Buyer’s organizational documents or (iii) result in a breach of or default under any agreement to which Buyer is a party or by which Buyer is bound, except, in the case of clauses (i) and (iii) above, for any such violation or breach, that would not, individually or in the aggregate, reasonably be expected to prevent, materially delay or materially impair the consummation of the Transaction. No authorization by the shareholders of Buyer is required to consummate the Transaction.
Section 3.3 Binding Agreement. This Agreement has been duly authorized, executed and delivered by or on behalf of Buyer and, when executed and delivered by Seller, will constitute a valid and binding agreement of Buyer, enforceable against it in accordance with its terms, subject to the Bankruptcy and Equity Exception.
Section 3.4 No Approvals or Consents. No notices, reports or other filings are required to be made by Buyer, nor are any consents, registrations, approvals, permits or authorizations required to be obtained by Buyer from, any third party or any legislative, executive, judicial, or administrative body, including any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality, of the government of the United States or of any foreign country, any state or any political subdivision of any such government (whether state, provincial, county, city, municipal or otherwise) in connection with the execution, delivery and performance of this Agreement, except those that (a) have been obtained or made or (b) the failure to make or obtain would not, individually or in the aggregate, reasonably be expected to prevent, materially delay or materially impair the consummation of the Transaction.
Section 3.5 Non-Reliance. Buyer (a) acknowledges and understands that as an affiliate of the Partnership, Seller may be in possession of and may not have disclosed to Buyer material non-public information regarding the Partnership and its affiliates that may impact the value of the Purchased Units and/or may be material to a reasonable investor when making investment or disposition decisions, including the decision to enter into this Agreement, (b) is not relying on Seller for any legal, tax, investment, accounting or regulatory advice, (c) has consulted with its own advisors concerning such matters, (d) has conducted to its satisfaction an independent investigation and verification of the financial condition, results of operations, assets, liabilities,
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