contingent contract definition

contingent contract means a contract to do something or not to do something where an event, collateral to a contract, does or does not happen;
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contingent contract means a Sales Agreement for a Residence that contains contingencies or other conditions that are reasonably acceptable to Lender and otherwise meets the conditions for such Residence to be Under Contract.
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Examples of contingent contract in a sentence

  • On or before the end of the Contingency Period, Buyer will send written notice to Seller and each party to a Contingent Contract stating whether Buyer will assume the applicable Contingent Contract.

  • Any Contingent Contract not assumed by Buyer in accordance with this Section 4 will be deemed to be rejected by Buyer as of the earlier of (a) 11:59 p.m. Arizona time on the date Buyer sends notice to Seller of such rejection; or (b) 11:59 p.m. Arizona time on the last day of the Contingency Period.

  • Any Contingent Contract assumed by Buyer in accordance with this Section 4 will be treated for all purposes of this Agreement as an Assumed Contract assumed as of the Closing Date, and Buyer will be entitled to all amounts paid by the applicable Contingent Customer to Seller pursuant to the applicable Contingent Customer Contract.

  • Buyer will render the services (the "Contingent Services") specified in each Customer Contract designated as a Contingent Contract (the "Contingent Customer Contracts") to the applicable customer (the "Contingent Customer") for a period of not more than thirty (30) days after the Closing Date (the "Contingency Period").

  • El Paso's obligation hereunder to maintain and make available to New Mexico, the amount of contingent capacity represented by the Contingent Contract Demand shall be contingent to the extent herein provided, upon availability to El Paso in day-to-day and hour-to-hour operation of its electric system of the particular generating units named in paragraph A5·3.

  • The maximum Contingent Contract Payment payable pursuant to Section 2.8(c) will be reduced by the amount of any Contingent Extension Payment made pursuant to this Section 2.8(d).

  • The maximum Contingent Contract Payment payable pursuant to Section 2.8(c), and the maximum Contingent Sale Payment payable pursuant to Section 2.8(e), if any and as applicable, will be reduced by the amount of any Contingent Termination Payment made pursuant to this Section 2.8(h).

  • El Paso will deliver contingent capacity in amounts which New Mexico may from time to time require up to a maximum rate of delivery equal to the Contingent Contract Demand.

Related to contingent contract

  • Contingent Liabilities means, respectively, each obligation and liability of the Credit Parties and all such obligations and liabilities of the Credit Parties incurred pursuant to any agreement, undertaking or arrangement by which any Credit Party either: (i) guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, dividend, obligation or other liability of any other Person in any manner (other than by endorsement of instruments in the course of collection), including without limitation, any indebtedness, dividend or other obligation which may be issued or incurred at some future time; (ii) guarantees the payment of dividends or other distributions upon the shares or ownership interest of any other Person; (iii) undertakes or agrees (whether contingently or otherwise): (A) to purchase, repurchase, or otherwise acquire any indebtedness, obligation or liability of any other Person or any property or assets constituting security therefor; (B) to advance or provide funds for the payment or discharge of any indebtedness, obligation or liability of any other Person (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets, level of income, working capital or other financial condition of any other Person; or (C) to make payment to any other Person other than for value received; (iv) agrees to lease property or to purchase securities, property or services from such other Person with the purpose or intent of assuring the owner of such indebtedness or obligation of the ability of such other Person to make payment of the indebtedness or obligation; (v) to induce the issuance of, or in connection with the issuance of, any letter of credit for the benefit of such other Person; or (vi) undertakes or agrees otherwise to assure or insure a creditor against loss. The amount of any Contingent Liability shall (subject to any limitation set forth herein) be deemed to be the outstanding principal amount (or maximum permitted principal amount, if larger) of the indebtedness, obligation or other liability guaranteed or supported thereby.

  • Contingent Liability means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of any other Person. The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount, if larger) of the debt, obligation or other liability guaranteed thereby.

  • Contingent Obligations means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent:

  • Contingent Obligation means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto.