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Condition Precedent. The condition precedent in Section 2(a)(iii)(1) does not apply to a payment and delivery owing by a party if the other party shall have satisfied in full all its payment or delivery obligations under Section 2(a)(i) and shall at the relevant time have no future payment or delivery obligations, whether absolute or contingent ...
Notwithstanding anything to the contrary contained in this Agreement, Tenant and Landlord acknowledge and agree that the effectiveness of this Agreement shall be subject to the following condition precedent (“Condition Precedent”) having been satisfied: Landlord shall have entered into a lease agreement with a third party (“New Tenant ...
A condition precedent is a condition or an event that must occur before a right, claim, duty, or interests arises. A condition precedent is contrasted with a condition subsequent. In a contract, a condition precedent is an event that must occur before the parties are obligated to perform.
Condition Precedent. This Agreement shall be effective upon the occurrence of each of the following conditions precedent: (a) receipt by the Administrative Agent of counterparts of this Agreement duly executed by the Borrower, the Guarantors, the Required Lenders and the Administrative Agent and (b) the issuance of the 2020 Convertible Notes ...
Apr 22, 2024 · A condition precedent is a stipulation that defines certain conditions that must either occur or be met by either party to ensure progress or execution of a contract. Condition precedents are ...
A condition precedent is a clause in a given agreement that is required to trigger certain contract obligations. If you fail to satisfy a condition precedent to your contract, then it may allow the defendant (the breaching party) to shield themselves from liability — the defendant can reasonably argue that they did not actually commit breach ...
Jun 8, 2024 · A conditions precedent clause is a contractual provision that specifies certain requirements or events that must occur or be fulfilled before a particular obligation, duty, or liability takes effect. This clause is a vital aspect of contract drafting, as it clarifies the circumstances under which specific contractual obligations are triggered.
Mar 30, 2017 · What is Condition Precedent. A condition precedent is an event that must occur, or a state of affairs that must exist, before something else will occur. In contracts that refer to a condition precedent it is entirely possible that one party will never have to fulfill his duties, because the condition was not met.
This practice note looks at the purpose and types of condition precedent clauses wherein contractual obligations are made conditionally or "subject to" some event. This practice note discusses how these clauses are interpreted, including how to determine whether a clause is a "true" condition precedent, how imprecise language in a condition ...
Sep 19, 2022 · A condition precedent is an explicit or implicit clause within a contract that says the other party must accomplish its duty before the contract can move forward.
