Borrower and each other Borrower Party is duly organized, validly existing and in good standing under the laws of the state of its formation or existence and is in compliance with all Requirements of Law applicable to doing business in the state in which the Project is located. Borrower is not a “foreign person” within the meaning of §l445(f)(3) of the Code. Borrower and each other Borrower Party has only one state of incorporation or organization which is set forth in Schedule 5.1 . All other information governing the formation and existence of Borrower and each other Borrower Party contained in Schedule 5.1 , including the ownership structure of Borrower and its constituent entities, is true and correct as of the Closing Date.