Due Qualification. The Borrower is duly qualified to do business and is in good standing as a Delaware limited liability company and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination, purchase, sale, pledge and servicing of the Receivables).

Due Qualification.Organization and Good Standing. The Borrower ishas been duly qualified to do businessorganized, and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with all requisite power and authority to own or lease its properties and conduct its business as a Delaware limited liability companysuch business is presently conducted, and the Borrower had at all relevant times, and now has obtained all necessary licensespower, authority and approvals in all jurisdictions in whichlegal right to acquire, own, sell and pledge the ownership or lease of property orReceivables and the conduct of its business requires such qualifications, licenses or approvals (including, as applicable, the origination, purchase, sale, pledge and servicing of the Receivables).other Collateral.

DueOrganization and Qualification. TheEach Borrower is duly qualified to do businessorganized, validly existing and is in good standing as a Delaware limited liability company under the Laws of Delaware, and has obtained all necessary licensesis duly licensed or registered, as applicable, and approvals in all jurisdictionsgood standing as a foreign corporation or limited liability company in each jurisdiction in which the ownership or leasenature of propertythe business transacted or the conduct of its business requiresproperty owned is such qualifications, licensesas to require licensing or approvals (including,qualification as applicable, the origination, purchase, sale, pledge and servicing of the Receivables).such.