Executory Contract Clause Samples

Executory Contract. This Contract shall be deemed only executory to the extent of the monies available, and no liability shall be incurred by the Sponsor beyond the monies legally available for the purposes hereof.

Executory Contract. It is expressly understood that this Agreement is an executory contract as long as both parties are required to perform under this Agreement. On the insolvency of the Reinsurer, if this Agreement is not confirmed by the Reinsurer and given status as an “Administrative Expense”, then the Company may terminate for nonperformance without additional payment other than those required under Section 10.1.

Executory Contract. Should Lessee file any proceeding under federal bankruptcy or other comparable federal or state insolvency laws, it shall, in addition to any other requirement under 11 U.S.C., Section 365 or other applicable provisions, be required to cure any and all obligations hereunder prior to being allowed to assume this Lease.

Executory Contract. Notwithstanding any provision in this Agreement to the contrary, the Subservicer acknowledges and agrees that, in the event it files bankruptcy under 11 U.S.C. § 101 et seq. (the “Bankruptcy Code”), this Agreement is an “executory contract” within the meaning of Section 365 of the Bankruptcy Code and, therefore, the Subservicer shall have no right to modify on any basis whatsoever (other than in accordance with the terms hereof), including without limitation Section 105 of the Bankruptcy Code, any of the terms, provisions or conditions of this Agreement in any such bankruptcy proceeding and hereby irrevocably waives any such right. Further, the Subservicer acknowledges and agrees that its services provided under this Agreement are essential and should the Subservicer fail to perform its obligations under this Agreement, the Owner/Servicer shall suffer irreparable harm and, consequently, the Owner/Servicer shall have the right to seek on an expedited basis an order from the bankruptcy court: (a) lifting the Section 362 automatic stay so as to permit the Owner/Servicer to terminate this Agreement; and (b) compelling the Subservicer to immediately assume or reject this Agreement in accordance with the provisions of Section 365 of the Bankruptcy Code. In the event this Agreement is rejected under Section 365 of the Bankruptcy Code, this Agreement shall be terminated and the Subservicer agrees to immediately comply with its obligations under this Agreement with respect to termination of this Agreement in accordance with Section 5.4 hereof. Finally, the Subservicer acknowledges and agrees that Section 506(c) of the Bankruptcy Code has no application to this Agreement and, even if it did, the Subservicer hereby expressly waives any right to surcharge the Owner/Servicer under Section 506(c) of the Bankruptcy Code.

Executory Contract. In the event either party to the Agreement is the subject of Insolvency Proceedings, the receiver of the insolvent, with respect to future Monthly Settlements, may affirm or reject the Agreement, but not affirm the rewards and reject the burdens. If this Agreement is neither affirmed nor rejected within one hundred and twenty (120) days after a party becomes the subject of Insolvency Proceedings, then the Agreement shall be deemed to be rejected. If either party is the subject of Insolvency Proceedings other than liquidation proceedings, then the other party may request adequate assurance of continued performance and the first priority administrative expense with respect to future performance prior to the time the Agreement is either affirmed or rejected, and if such is not provided, then, after one hundred and twenty (120) days, the other party may treat its future performance as terminated.

Executory Contract. This Agreement is a contract and will not be considered valid until signed by both parties. By execution of this Agreement, the respective parties acknowledge that each has executed this Agreement with full and complete authority to do so. Town and Contractor warrant that the individuals who have signed this Agreement have the legal power, right, and authority to enter into this Agreement so as to bind each respective party to perform the obligations and conditions imposed upon each party herein. a. If Contractor is a sole proprietorship, the Agreement shall be executed by the business owner personally. If Contractor is a partnership, the Agreement shall be executed by one of the partners that has authority to bind the partnership. If Contractor is a corporation, the Agreement must be executed by two authorized signatories. The first must be one of the following: chairman of the board, president or any vice president; the second signature must be a secretary, any assistant secretary, the chief financial officer or any assistant treasurer. If Contractor is a joint venture, the Agreement must be executed on behalf of each participating firm by officers or other individuals who have the full and proper authorization to bind the entity. If Contractor is a limited liability company, the Agreement shall be executed by the manager or one of the members that has authority to bind the limited liability company.

Executory Contract. It is understood by and between the parties hereto that this Agreement shall be deemed executory to the extent of the monies available to Owner and no liability on account thereof shall be incurred by Owner beyond monies available for the purpose thereof. In no event shall any claim be asserted under this Agreement by Consultant or any Subconsultant against any member, officer, employee, lessee, consultant or agent of Owner or the State of New York. By execution of this Agreement, Consultant agrees to look solely to Owner with respect to any claim that may arise.

Executory Contract. Buyer and Seller each hereby agree that there are ongoing material obligations owed by each to the other under this Agreement, other than the right to payment, such that the Agreement is an “executory contract” within the contemplation of Section 365 of the Bankruptcy Code.

Executory Contract. This Contract shall be deemed only executory to the extent of the monies available, and no liability shall be incurred by the Sponsor beyond the monies legally available for the purposes hereof. Sponsor by: Date: Consultant by: Date: STATE OF NEW YORK COUNTY OF __ ss: On this day of , 2021 before me, the subscriber, personally appeared to me known, who, being by me duly sworn, did depose and say; that he/she resides in the , New York; that he/she is the _ of the , the corporation described in and which executed the foregoing instrument; that he/she is authorized with the execution of the matter herein provided for, and that he/she signed and acknowledged the said instrument in his/her position as a duly authorized representative of Sponsor. Notary Public, County, N.Y. STATE OF NEW YORK COUNTY OF ss: On this day of , 2021 before me, the subscriber, personally appeared to me known, who, being by me duly sworn, did depose and say; that he/she resides in the , New York; that he/she is the of the , the corporation described in and which executed the foregoing instrument; that he/she is authorized with the execution of the matter herein provided for, and that he/she signed and acknowledged the said instrument in his/her position as a duly authorized representative of Consultant. Notary Public, County, N.Y. PIN: BIN: