Common use of Election of Rights Clause in Contracts

Election of Rights. Within ten (10) days following the release of any Deposit Materials, Popular shall send to EVERTEC written notice specifying (a) the Deposit Materials with respect to which it elects to exercise the Rights, which may be all or any part of the Deposit Materials released pursuant to Section 3.2 (the “Specified Materials”), and (b) the applicable term or terms of the license for which Popular elects to exercise the Rights with respect such Deposit Materials, which term(s) may be perpetual, term-limited or renewable, in each case, as specified by Popular (the “Specified Term”). In each case, the rights of Popular and its Affiliates that are specified pursuant to this Section 4.3 are referred to herein as the “Elected License”.

Election of Rights. Within ten (10) days following the release of any Deposit Materials, Popular shall send to EVERTEC written notice specifying (a) the Deposit Materials with respect to which it elects to exercise the Rights, which may be all or any part of the Deposit Materials released pursuant to Section 3.2 (the “Specified Materials”), and (b) the applicable term or terms of the license for which Popular elects to exercise the Rights with respect to such Deposit Materials, which term(s) may be perpetual, term-limited or renewable, in each case, as specified by Popular (the “Specified Term”). In each case, the rights of Popular and its Affiliates that are specified pursuant to this Section 4.3 are referred to herein as the “Elected License”.