Right to Cure Applicable Sample Clauses

Right to Cure Applicable. In the event either party to the Service Agreement sends notice of termination pursuant to Section 7.1 of the Service Agreement, such party shall also provide Secured Party with such notice. In the event any such termination notice is sent by Custodian, and Licensee (as defined in the Service Agreement) has a right to cure under the Service Agreement, Custodian shall also notify Secured Party in the event Licensee fails to timely effect such cure and such notice shall describe the nature of the cure required. Secured Party shall have ten (10) days from receipt of Custodian’s notice to effect such cure and, upon such cure, Secured Party may, in its sole discretion as to all Electronic Collateral in the Electronic Account as of the date the cure is made, either: (i) assume all of Licensee’s rights and obligations under the Service Agreement or (ii) exercise the rights of Licensee in the Winding Down provision Section 7.2 of the Service Agreement. If Secured Party fails to timely cure, the Service Agreement shall terminate and this Agreement shall concurrently terminate, and Section 7.3 of the Service Agreement shall apply as to all Electronic Collateral in the Electronic Account.