Calculated field for If/then statement

We have built a field on the Company Module for "Billing Email Address". On the quote Module, I have created a calculated field that pulls in that data (related($billing_accounts,"billingemailaddress_c").

However, if the company module billing email field is blank, we would like it to populate with the data from the Quote Contacts Email address ($billing_contact_email_c) that is listed on the quote. 

So, it will default to the billing address from the Company module but if there isn't one, it will populate with the email address of the contact on the quote. 

Is there a quick and easy solution to this? 

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