Common use of Issuer’s Organization and Power Clause in Contracts

Issuer’s Organization and Power. The Issuer has been duly formed and is validly existing as a statutory trust under the laws of the State of Delaware, and has all requisite trust power and authority to own its properties and conduct its business as presently conducted and to execute, deliver and perform the Basic Documents to which it is a party, and to authorize the issuance of the Notes, and to consummate the transactions contemplated by the Basic Documents to which it is a party.

Issuer’s Organization and Power. The Issuer has been duly formed and is validly existing as a statutory trust under the laws of the State of Delaware, and has all requisite trust power and authority to own its properties and conduct its business as presently conducted and to execute, deliver and perform the Basic Documents to which it is a party, and to authorize the issuance of the Class 200[•]-[A][B][C][•] Notes, and to consummate the transactions contemplated by the Basic Documents to which it is a party.

Issuer’s Organization and Power. The Issuer has been duly formed and is validly existing as a statutory business trust under the laws of the State of Delaware, and has all requisite trust power and authority to own its properties and conduct its business as presently conducted and to execute, deliver and perform the Basic Documents to which it is a party, and to authorize the issuance of the Class [ ] Notes, and to consummate the transactions contemplated by the Basic Documents to which it is a party.

Issuer’s Organization and Power. The Issuer has been duly formed and is validly existing as a statutory trust under the laws of the State of Delaware, and has all requisite trust power and authority to own its properties and conduct its business as presently conducted and to execute, deliver and perform the Basic Documents to which it is a party, and to authorize the issuance of the Class 2006-A7 Notes, and to consummate the transactions contemplated by the Basic Documents to which it is a party.

Issuer’s Organization and Power. The Issuer has been duly formed and is validly existing as a statutory trust under the laws of the State of Delaware, and has all requisite trust power and authority to own its properties and conduct its business as presently conducted and to execute, deliver and perform the Basic Documents to which it is a party, and to authorize the issuance of the Class 2009-A1 Notes, and to consummate the transactions contemplated by the Basic Documents to which it is a party.