Each Loan Party is duly and validly organized and existing and in good standing under the laws of its jurisdiction of incorporation or formation. Each Loan Party is authorized to do business and is in good standing in all jurisdictions in which such qualifications or authorizations are necessary except where the failure to be so qualified or authorized could not reasonably be expected to result in a Material Adverse Change. As of the Effective Date, each Loan Party's type of organization and jurisdiction of incorporation or formation are set forth on Schedule 4.1 .