Common use of Current Defaults Clause in Contracts

Current Defaults. Marriott hereby acknowledges that, to its knowledge, no current or past defaults by the franchisees exist under the Exhibit C Hotel Franchise Agreements (excluding life safety and ADA issues), nor has Marriott issued any formal "red zone" notifications with respect to the Exhibit C Hotels. The parties agree that any default thereunder declared or occurring subsequent to the date hereof shall be addressed pursuant to the terms of such Franchise Agreements.

Current Defaults. Marriott hereby acknowledges that, to its knowledge, no current or past defaults by the franchisees exist under the Exhibit C B Hotel Franchise Agreements (excluding life safety and ADA issues), nor has Marriott issued any formal "red zone" notifications with respect to the Exhibit C B Hotels. The parties agree that any default thereunder declared or occurring subsequent to the date hereof shall be addressed pursuant to the terms of such Franchise Agreements.