Contingent Obligation Definition Example with 4 Variations

Contingent Obligation. As with respect to any Person, any obligation or arrangement of such Person guaranteeing to guarantee or intending intended to guarantee any Indebtedness, Debt, leases, dividends or other payment obligations ('primary obligations') ("primary obligations") of any other Person (the 'primary obligor') "primary obligor") in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect guarantee, endorsement (other than for collection or deposit in the... ordinary course of business), co-making, discounting with recourse or sale with recourse by such Person of the obligation of a primary obligor, (b) the obligation to make take-or-pay or similar payments, if required, regardless of nonperformance by any other party or parties to an agreement or (c) any obligation of such Person, whether or not contingent, (a) (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (b) (ii) to advance or supply funds (i) (A) for the purchase or payment of any such primary obligation or (ii) (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c) (iii) to purchase property, assets, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (d) (iv) otherwise to assure or hold harmless the owner holder of such primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) thereunder), as determined by such Person in good faith. faith View More

Contingent Obligation. As as applied to any Person, any obligation direct or indirect liability of such that Person guaranteeing or intending with respect to guarantee any Indebtedness, leases, dividends lease, dividend, guaranty, letter of credit or other obligations ('primary obligations') obligation, contractual or otherwise (the "primary obligation") of any other another Person (the 'primary obligor') in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, "primary obligor"), whether or not contingent, (a) to purchase any purchase, repurchase or otherwise acquire such primary obligation obligations or any property constituting direct or indirect security therefor, (b) to advance or supply provide funds (i) for the purchase payment or payment of discharge or any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial condition of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation obligation, or (d) otherwise to assure or hold harmless the owner of any such primary obligation against loss or failure or inability to perform in respect thereof. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. thereof. View More

Contingent Obligation. As means, as applied to any Person, any obligation direct or indirect liability of such that Person guaranteeing or intending with respect to guarantee any Indebtedness, leases, dividends lease, dividend, guaranty, letter of credit or other obligations ('primary obligations') obligation, contractual or otherwise (the "primary obligation") of any other another Person (the 'primary obligor') in any manner, whether directly or indirectly, including, without limitation, any obligation of such... Person, "primary obligor"), whether or not contingent, (a) to purchase any purchase, repurchase or otherwise acquire such primary obligation obligations or any property constituting direct or indirect security therefor, (b) to advance or supply provide funds (i) for the purchase payment or payment discharge of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency or any balance sheet item, level of income or financial condition of the primary obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation obligation, or (d) otherwise to assure or hold harmless the owner of any such primary obligation against loss or failure or inability to perform in 16 respect thereof. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. thereof. View More

Contingent Obligation. As as to any Person, Person shall mean the undrawn face amount of any letters of credit issued for the account of such Person and shall also mean any obligation of such Person guaranteeing or intending to guarantee having the economic effect of guaranteeing any Indebtedness, leases, dividends dividends, letters of credit or other obligations ('primary obligations') ("Primary Obligations") of any other Person (the 'primary obligor') "Primary Obligor") in any manner, whether directly or... indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (a) to purchase any such primary obligation Primary Obligation or any property constituting direct or indirect security therefor, therefore, (b) to advance or supply funds (i) for the purchase or payment of any such primary obligation Primary Obligation or (ii) to maintain working capital or equity capital of the primary obligor Primary Obligor or otherwise to maintain the net worth financial condition or solvency of the primary obligor, Primary Obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of obligee under any such primary obligation Primary Obligation of the ability of the primary obligor Primary Obligor to make payment of such primary obligation Primary Obligation, or (d) otherwise to assure or hold harmless the owner of obligee under such primary obligation Primary Obligation against loss in respect thereof. The amount of any thereof; provided, however, that the term Contingent Obligation shall be deemed to be an amount equal to not include endorsements of instruments for deposit or collection in the stated or determinable amount ordinary course of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. business. View More