Contingent Liability

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 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. View More

Contingent Liability. Shall mean, as to any Person, any guarantee of indebtedness or any other obligation of any second Person or any assurance with respect to the financial condition of any second Person, whether direct, indirect or contingent, including, without limitation, (i) any purchase or repurchase agreement or other arrangement of whatever nature having the effect of assuring or holding harmless any third Person against loss with respect to any obligation of such second Person... and (ii) any Customer Advances; provided, however, that the term "Contingent Obligation" shall not include (y) endorsements of instruments for deposit or collection in the ordinary course of business or (z) any obligations to reimburse an issuer of a letter of credit permitted under subsection 5(p). View More