Definition of "executory" [ex•ec•u•to•ry]

• Of or relating to execution or administration; executive. (adjective)
• In effect; operative. (adjective)
• Law Intended to go into effect or having the potential of becoming effective at a future time; contingent. (adjective)

American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

• "In both instances, however, the investors' lawyers balked at Lehman's plan because the liquidating investment bank intends to assume the derivatives deals as so-called executory contracts—that is, a contract under which both parties still have performance obligations remaining."
• "Yesterday's term was executory, which is defined as:"
• "This clause is self-executory, that is to say, its enforcement is dependent upon the judicial process."