Each Borrower has been duly organized and is validly existing and in good standing pursuant to the laws of the State of Delaware with requisite power and authority to own its properties and to transact the businesses in which it is now engaged. Each Borrower is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations. Either a relevant Borrower or relevant Manager possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged, and the sole business of each Borrower is the ownership, management and operation of the Properties in each case, except where the failure would not be expected to result in any Material Adverse Change. The ownership of any Borrower is as set forth on the organizational chart attached hereto as Schedule 4.1.1 . No Borrower owns, and no Borrower has at any time in the past owned, an equity interest in any other Person, and no Borrower owns, and no Borrower has at any time owned, any real property other than the Properties.