Licensee’s Default Under Financing Agreements. Licensee agrees to request any Lender to notify the Judicial Council in writing of any default of Licensee under any agreement with Lender regarding the System. If the Lender notifies the Judicial Council that an event of default under the System Lease or other financing agreement has occurred and that the Lender has elected to exercise its rights and remedies thereunder or under any of the related security documents, then, upon the exercise of such rights and remedies, the Lender or Qualified Purchaser may become the Substitute Licensee and this SLA will remain in full force and effect, subject to Licensee or Qualified Purchaser expressly acknowledging in writing that (i) it is assuming all rights, duties, and obligations of Licensee under this SLA and (ii) it agrees to cure all of Licensee’s defaults under this SLA existing at the time such Substitute Licensee assumes the rights, duties, and obligations of Licensee under this SLA and provided further that the Lender or Qualified Purchaser has included in such notice supporting documentation sufficient to demonstrate to the reasonable satisfaction of the Judicial Council that it has both the financial capacity and the technical ability to perform the duties and obligations required under this SLA at a level equal to or exceeding Licensee's ability. The Judicial Council shall notify the Lender or Qualified Purchaser, as applicable, and Licensee of the Judicial Council’s determination as to whether the proposed Substitute Licensee satisfies the requirements of this section within thirty (30) calendar days of the Judicial Council’s receipt of all the required supporting documentation. If the Judicial Council determines in its reasonable judgment that those standards are satisfied, the Judicial Council shall approve such proposed Substitute Licensee for the remaining Term and on the same terms and conditions contained in this SLA. In the event that Judicial Council determines in its sole reasonable judgment that the proposed Substitute Licensee does not have the financial capacity or the technical ability to perform the duties and obligations required under this SLA, or if the proposed Substitute Licensee has failed to satisfy requirements (i) and (ii) in this section, the Judicial Council shall promptly give the Lender written notice of the Judicial Council's determination and Lender and Licensee shall be prohibited from making such assignment.
Licensee’s Default Under Financing Agreements. The provisions of this Section
