Default on FF&E Secured Obligations Clause Samples

Default on FF&E Secured Obligations. In the event that any Event of Default shall occur and be continuing with respect to the FF&E Facilities, or if any payment of Lakes Obligations would create an Event of Default under the FF&E Facilities, unless and until the prior Discharge of all FF&E Secured Obligations, the right of Lakes to receive any payments or other distributions with respect to Lakes Obligations shall be deferred until such Event of Default is no longer continuing or the making of such payment will not result in an Event of Default, as the case may be.