Cure Cap definition
Examples of Cure Cap in a sentence
The Cure Costs with respect to any Non-Assumed Contract that becomes an Assigned Contract shall be paid by Seller, subject to the Cure Cap, upon the later of (a) as soon as practicable after such Cure Costs are finally determined by the Bankruptcy Court and (b) as soon as practicable after the effectiveness of the assumption and assignment of such Assigned Contract.
If Seller elects to use reasonable efforts to cure any one or more of Purchaser Title Objections, Seller shall in no event be required to bring or settle a lawsuit to clear any title defects and, except for Seller Mortgages, Seller shall never be required to expend more than the amount of the Title Cure Cap to cure all Purchaser Title Objections.
Upon objection by the non-debtor party to any Assumed Contract, Purchaser or, upon prior written request of Purchaser, Seller shall either settle the objection of such party (subject to approval of Purchaser if such settlement sets a higher Cure Amount than the applicable Cure Cap for such Assumed Contract) or shall litigate such objection under procedures as the Bankruptcy Court shall approve and proscribe.
Purchaser and Seller shall each pay 50% of the amount required to cure such Post-Closing Contracts up to the amount remaining in the Overall Cure Cap.
Notwithstanding the foregoing, in no event shall Seller be obligated to pay a Pre-Petition Cure Amount for any Assumed Contract that is in excess of the corresponding Cure Cap.
For the avoidance of doubt, all Cure Amounts and Employee Costs in excess of the Cap Amount shall be paid by Seller subject to the Excess Cure Cap Amount.
The Assumed Liabilities shall include Cure Costs in excess of the Cure Cap.
In the event such cure costs exceed the Overall Cure Cap, Purchaser shall be responsible for such excess amounts; provided, however, that in the event Purchaser, Seller, and the counterparty to a Post-Closing Contract are unable to reach an agreement as to cure amount, or if the Bankruptcy Court adjudicates a dispute over a cure amount in an amount unacceptable to Purchaser, Purchaser shall have the right to not take assignment of such Post-Closing Contract and shall not be responsible for any cure amount.
If the Clause (iv) Cure Cap shall be exceeded, and if WWP Sponsor notifies Investor in writing that WWP Sponsor is not willing to expend in excess of the Clause (iv) Cure Cap, then, in such instance, Investor may nevertheless close hereunder, subject to such exceptions, with a credit against the purchase price in the amount required to cure such condition up to the Clause (iv) Cure Cap.
Seller shall in no event be required to bring or settle a lawsuit to clear any claimed title or survey defects or New Matters and, except for Seller Mortgages, Seller shall never be required to expend more than the amount of the Title Cure Cap to cure any such New Matters.