Deferral Not a Default Clause Samples

Deferral Not a Default. Great Lakes agrees that any deferral pursuant to this Section 2 of payment of any Lakes Notes shall not constitute a default under the Management Agreement, Development Agreement, Lakes Notes, or any agreement and instruments referred to therein so long as the 2014 Notes have not been accelerated. For avoidance of doubt, the foregoing sentence shall not limit, restrict or otherwise impair any right of Great Lakes or any of its successors, assigns or transferees to terminate or exercise any other right or remedy under the Management Agreement, the Development Agreement or any other Transaction Documents (as defined in the Development Agreement) in accordance with the terms thereof, other than as a result of such non-payment under the Lakes Notes.

Deferral Not a Default. Lakes agrees that any deferral pursuant to this Section 2 of the payment of any Lakes Obligations shall not constitute a default under any Lakes Transaction Document so long as the FF&E Facilities have not been accelerated. Notwithstanding the foregoing, this Agreement shall not limit, restrict or otherwise impair any right of Lakes to terminate the Development and Management Agreement or any other Lakes Transaction Document in accordance with the terms thereof other than as a result of any such non-payment under the Lakes Notes.