definiens: ), licenses of rights to as defined under Section 10 1(56 ) of the Bankruptcy Code . Each Party further ag rees that, in the event that any proceeding shall be institute d by or against it seeking to adjudicate it a bankr upt or insolvent, or seeking liquidation, winding up, reor ganization, arrangement, adjustment, protection, re lief of composition or it or its debts under any law relati ng to bankruptcy, insolvency or reorganization or r elief of debtors, or seeking an entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property or i t shall take any action to authorize any of the for egoing actions, the other Party as licensee shall have the right to retain and enforce their rights and license under this Agreement and shall retain and may fully exercise all of thei r respective rights and elections under the Bankrup tcy Code