Prior to the consummation of the Acquisition, the Borrower is a corporation, duly formed, validly existing and in good standing under the laws of the State of Louisiana. Following the consummation of the Acquisition, the Borrower is a corporation, duly formed, validly existing and in good standing under the laws of the State of Louisiana; provided that if the Borrower changes its form of organization within seven (7) days after the Effective Date, the Borrower shall be a limited liability company, duly formed, validly existing and in good standing under the laws of a state of the United States of America.