What exactly is part of the estate may depend on whether an asset is encumbered or not, or is held subject to an executory contract with a third person, such as a contract of sale or lease.
westbank> The term "executory contract" refers to a contract, the contractual obligations of which fail to be performed by the relevant contracting parties, or some of the equal obligations have been performed.
In response to a question, it was noted that, if the licensee paid the royalties upfront, the agreement would be fully performed (i.e. there would be no executory contract) and thus the insolvency representative could not terminate the licence agreement (see recommendation 70 of the UNCITRAL Legislative Guide on Insolvency Law).
westbank> Article 8Where an executory contract turns to be a loss contract, the obligation generated from the loss contract which meets the provisions of Article 4 of these Standards shall be recognized as an estimated debts.
Examples are used only to help you translate the word or expression searched in various contexts. They are not selected or validated by us and can contain inappropriate terms or ideas. Please report examples to be edited or not to be displayed. Potentially sensitive, inappropriate or colloquial translations are usually marked in red or in orange.
No results found for this meaning.
Synonyms and analogies of "executory contract" in English