ORGANIZATION; GOOD STANDING. The Seller is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of Louisiana and has all requisite corporate power and authority to own and lease its properties and assets and to carry on its business as currently conducted. Except as set forth on the Disclosure Schedule, the Seller has no subsidiaries and no equity, profit sharing, participation or other ownership interest (including any general partnership interest) in any corporation, partnership, limited partnership or other entity. The Seller is duly qualified and licensed to do business and is in good standing in all jurisdictions where the nature of its business makes such qualification necessary, which such jurisdictions are set forth on the Disclosure Schedule.
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