Executory Contract definition
Examples of Executory Contract in a sentence
If, at any time prior to the Closing Date, any Seller Party becomes aware that it is a party to an Executory Contract that is not listed on the Available Contract Schedule (each, an “Undisclosed Contract”), Seller will update the Available Contract Schedule with respect to such Undisclosed Contract and (i) file with the Bankruptcy Court such updated schedule, and (ii) serve a Cure Notice, which notice shall include such updated schedule, to the non-debtor counterparty to such Undisclosed Contract.
Promptly following the close of the Auction, Seller shall (i) file with the Bankruptcy Court a list of each Executory Contract and the proposed amount of the Cure Costs associated with such Executory Contract (such list, the “Available Contract Schedule”) and (ii) serve written notice (each, a “Cure Notice”) to the non-debtor counterparty to each Executory Contract, which notice shall include the Available Contract Schedule.
Any Executory Contract not designated by Buyer in writing as a Transferred Executory Contract on or before the Designation Deadline shall be deemed an Excluded Contract.
From time to time prior to the Designation Deadline, Buyer may elect, by written notice to Seller, to remove any Transferred Executory Contract from Schedule 2.2(b) and from and after such date such Executory Contract shall be deemed for all purposes hereunder an Excluded Contract.
Notwithstanding the foregoing, an Executory Contract shall not be a Transferred Executory Contract hereunder and shall not be assigned to, or assumed by, any Seller Party if such Executory Contract is validly terminated by the other party thereto, or terminates or expires in accordance with its own terms on or prior to the Designation Deadline and is not continued or otherwise extended prior to or upon assumption.