Common use of Bankruptcy Status Clause in Contracts

Bankruptcy Status. The parties acknowledge that the Licensed Technology is “intellectual property” for purposes of Section 365(n) of the U.S. Bankruptcy Code and that Licensee will have the right to exercise all rights provided by Section 365(n) with respect to the Licensed Technology. [TBD – Canadian equivalent] [The Canadian equivalent is section 65.11(7) of the Bankruptcy and Insolvency Act, which is as follows:

Bankruptcy Status. The parties acknowledge that the Licensed Technology is “intellectual property” for purposes of Section 365(n) of the U.S. Bankruptcy Code and that Licensee will have the right to exercise all rights provided by Section 365(n) with respect to the Licensed Technology. [TBD – Canadian equivalent] [The Canadian equivalent should be included here as well, which is section 65.11(7) of the Bankruptcy and Insolvency Act, which is as follows:)