WebSphere Commerce 7 | Local Toolkit | "Loose Archive Resources path" Error

When ever you notice the following exception when you start the server in local environment,



Check whether all the paths and configurations are proper in the following files,
1. workspace\WC\xml\config\ToolkitModuleConfig.xml
2. workspace\.metadata\.plugins\com.ibm.etools.wrd.websphere.v7\looseconfigurations\WebSphereCommerceTestServer\WC\looseconfig.xmi