Common use of Existing Financing Clause in Contracts

Existing Financing. The documents listed on Exhibit C-6 are all of the principal Existing Financing Documents, other than Uniform Commercial Code financing statements. Seller has provided to Purchaser a correct and complete copy of, or given Purchaser access to, each of the Existing Financing Documents and all amendments thereto. All of the Existing Financing Documents are in full force and effect in accordance with their terms. There exists no material default on the part of the Company or any of its Affiliates under the Existing Financing Documents or any event or condition which after notice or passage of time or both would constitute such a default. To the Knowledge of Seller, there exists no material default on the part of any other party under the Existing Financing Documents or any event or condition which after notice or passage of time or both would constitute such a default. The Existing Financing Documents do not require the consent of any party thereto to the consummation of the Transaction, other than the consent of the Existing Lenders to the assignment of certain of the Existing Management Agreements. As of the Closing Date, the outstanding principal balance of the Existing Financing is as follows: FFI Financing: $122,775,736 FKy Financing: $ 7,340,387 FRC-I Financing: $ 26,589,254 FRP Financing: $ 47,433,317 Panther Financing: $ 32,215,000 As of the Closing Date, the capitalized value of the Lafayette Lease is $8,933,821, and the capitalized value of the Lexington Lease is $2,380,387, in each case determined in accordance with GAAP.