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attached as exhibit A to the Motion. The terms and conditions cf <br />the Agreement are summarized in the Motion. There is a re~~ent <br />amendment to the rate structure in the Agreement also explained <br />in the Motion. The facts and representations in the Motion are <br />incorporated herein by reference. <br />CF&I Steel believes that it has met the legal standards, as <br />described below, for assumption of the Agreement. <br />A. The Agreement is an Executory Contracts. <br />The Agreement is an executory contracts under the prevailing <br />view that "executory contract" in 11 U.S.C. § 365 means a <br />contract "on which performance remains due to some extent on both <br />sides." H.R. Rep. No. 95-595, 95th Cong., 1st Sess. 437; S. Rep. <br />No. 95-989, 95th Cong., 2d Sess. 58 (1978) (cited in N.L.R.B. v. <br />Bildisco and Bildisco, 104 S.Ct. 1188, 1194 n. 6 (1984)). <br />At the petition date in this case (November 7, 1990), <br />neither CF&I Steel nor Coastal had completed their material <br />performance under the Agreement. <br />B. CF&I's Business Judgment. <br />The business judgment test is the proper standard to apply <br />in determining whethar a debtor in possession may accept or <br />reject an executory contract. In re Structurlite Plastics Corp., <br />86 Bankr. 922 (Bankr. S.D. Ohio 1988) (to assume executory <br />contract, debtor must establish that assumption represents sound <br />business judgment); In re Chi-Fenn Huang, 23 Bankr. 798 (9th Cir. <br />BAP 1982) (business judgment rule is standard which controls the <br />court's right to assume or reject contract). <br />2 <br />