Common use of Corporate Authority; Binding Nature of Agreement Clause in Contracts

Corporate Authority; Binding Nature of Agreement. Each of Ocean and OAC has the corporate power to enter into this Agreement and to carry out their respective obligations hereunder. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by the Boards of Directors of Ocean and OAC and no other corporate proceedings on the part of Ocean or OAC are necessary to authorize the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. This Agreement constitutes the valid and binding obligations of each of Ocean and OAC and is enforceable against them in accordance with its terms.