Rejectable Executory Contract definition
Examples of Rejectable Executory Contract in a sentence
Purchaser shall, from the date hereof until the Executory Contract Designation Deadline, have the right to designate in writing additional Personal Property it wishes to designate as Purchased Assets if such Personal Property is located at a parcel of leased real property where the underlying lease has been designated as a Rejectable Executory Contract pursuant to Section 6.6 following the Closing.
If it is determined under the procedures set forth in the Plan that Seller may not assume and assign to Purchaser any Assumable Executory Contract, such Executory Contract shall cease to be an Assumable Executory Contract and shall be an Excluded Contract and a Rejectable Executory Contract.
Seller may, from the date hereof until the Executory Contract Designation Deadline, provide written notice (a “Notice of Intent to Reject”) to Purchaser of Seller’s intent to designate any Executory Contract (that has not been designated as an Assumable Executory Contract or a Deferred Executory Contract) as a Rejectable Executory Contract (each a “Proposed Rejectable Executory Contract”).
Notwithstanding anything else to the contrary herein, any Executory Contract that has not been specifically designated as an Assumable Executory Contract as of the Executory Contract Designation Deadline, including any Deferred Executory Contract, shall automatically be deemed to be a Rejectable Executory Contract and an Excluded Contract hereunder.
Each Proposed Rejectable Executory Contract that has not been designated by Purchaser as an Assumable Executory Contract or Deferred Executory Contract during the applicable Option Period shall automatically, without further action by Seller, be designated as an Executory Contract that Seller may, but are not obligated to, reject pursuant Section 365 of the Bankruptcy Code (a “Rejectable Executory Contract”).