Licenses and Rights Survive Bankruptcy and Insolvency Clause Samples

Licenses and Rights Survive Bankruptcy and Insolvency. In the event of the commencement of bankruptcy proceedings by or against the Supplier (or a Supplier Affiliate) under the U.S. Bankruptcy Code, the Parties intend that all rights and licenses granted under or pursuant to this Agreement by the Supplier to VITA are, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual property,” as defined in Section 101 of the U.S. Bankruptcy Code and to the fullest extent applicable and possible, VITA shall have benefit of the provisions of Section 365(n) of the U.S. Bankruptcy Code, or successor provision.