The Reinsurer and the Reinsured hereby respectively warrant that they are corporations which have been duly incorporated under the laws of their respective jurisdictions with power to enter into this Agreement and to exercise their rights and perform their obligations hereunder and all corporate and other action required to authorise the execution of this Agreement and the performance of their obligations hereunder has been duly taken and the persons executing this Agreement on their behalf have the necessary authority to do so. The person or persons executing this Agreement represent and warrant that they have necessary and appropriate authority to do so.