Common use of Organization and Qualification; No Subsidiaries Clause in Contracts

Organization and Qualification; No Subsidiaries. The Company is a corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation and has the requisite power and authority to own, lease, and operate its assets and to carry on its business as now being conducted. The Company has not received any notice of proceedings relating to the revocation or modification of any such authorizations. The Company is duly qualified or licensed to do business and is in good standing in each jurisdiction where the character of the assets owned, leased, or operated by it or the nature of its activities makes such qualification or licensing necessary. The Company does not have any subsidiaries. The Company does not directly or indirectly own any equity or similar interest in, or any interest convertible into or exchangeable or exercisable for, any equity or similar interest in, any corporation, partnership, or other business association or entity.