REPRESENTATIONS AND WARRANTIES OF SPACEDEV. 3.1 The SpaceDev and the Guarantor severally warrant (to the extent of $2,500,000 maximum liability to SpaceDev and to the extent of $500,000 maximum liability to Guarantor) to the SIL Shareholders that except as fairly disclosed in the letter to the SIL Shareholders dated the same date as this Agreement and delivered prior to its execution (the "SPACEDEV DISCLOSURE LETTER"), each of the statements set out in this Article 3 below is true and accurate in all material respects.
REPRESENTATIONS AND WARRANTIES OF SPACEDEV. SpaceDev represents, warrants and agrees as follows:
