Common use of Effects of Bankruptcy Clause in Contracts

Effects of Bankruptcy. The parties understand and agree that the rights and licenses granted under or pursuant to this Agreement by one party to the other are, for all purposes of Section 365(n) of Title 11 of the United States Code, licenses of rights to "intellectual property" as defined in Title 11, and that each party, as licensee of such rights under this Agreement shall retain and may fully exercise all of its rights and elections under Title 11.

Effects of Bankruptcy. The parties Parties understand and agree that the rights and licenses granted under or pursuant to this Agreement by one party Party to the other are, for all purposes of Section 365(n) of Title 11 of the United States Code, licenses of rights to "intellectual property" as defined in Title 11, and that each partyParty, as licensee of such rights under this Agreement shall retain and may fully exercise all of its rights and elections under Title 11.