Due Qualification. Each of the Servicer and each Subservicer is duly qualified to do business and is in good standing as a corporation or limited liability company, as applicable, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the conduct of its business, including the origination and servicing of the Receivables, requires such qualification, licenses or approvals, except where the failure to so qualify could not reasonably be expected to result in a Material Adverse Effect.

Due Qualification. Each of theOrganization and Good Standing. The Servicer and each Subservicer ishas been duly qualified to do businessorganized and is in good standingvalidly existing as a corporation or limited liability company, as applicable, in good standing under the laws of the State of its incorporation or formation, as applicable, with all requisite corporate power and has obtained all necessary licenses and approvals in all jurisdictions in which the ownershipauthority to own or lease of its propertyproperties and orto conduct its business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement and the conduct of its business, includingServicer had at all relevant times, and now has all requisite corporate power and authority to acquire, own, sell and service the originationReceivables and servicing of the Receivables, requires such qualification, licenses or approvals, except where the failure to so qualify could not reasonably be expected to result in a Material Adverse Effect.other Collateral.