Party A represents and warrants to Party B as follows:
3.1. Party A is the sole legal and beneficial owners of the Pledged Equity Interests under this Agreement;
3.2 The Pledged Equity Interests are fully paid up so that there are no monies or liabilities outstanding or payable in respect of the Pledged Equity Interests;
3.3 Party A has full power and capacity to enter into this Agreement and to perform its obligations and to create the security expressed to be created under this Agreement and this Agreement constitutes its legal, valid and binding obligations enforceable against it in accordance with its terms;
3.4 The Pledged Equity Interests are not subject to any dispute, have not been created as a security in any way;
3.5 The Pledged Equity Interests are not subject to disposal under any claim by any third party and neither Party A nor any related party is or has ever declared bankruptcy, sought protection from their creditors, or been placed under receivership; and
3.6 Party A has not undertaken to sell any of the Pledged Equity Interests pursuant to any sale and purchase arrangement, or pursuant to any agreement having the same or similar effect.