condition precedent


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condition precedent

n. 1) in a contract, an event which must take place before a party to a contract must perform or do their part. 2) in a deed to real property, an event which has to occur before the title (or other right) to the property will actually be in the name (vest) of the party receiving title. Examples: if the ship makes it to port, the buyer agrees to pay for the freight on the ship and unload it; when daughter Gracella marries she shall then have full title to the property. (See: condition)

References in periodicals archive ?
The court went on to find that an obligation to give to the insurer notice in writing "as soon as practicable of any circumstance of which [the insured] shall become aware" was a condition precedent even though it was not described as such and was not even subject to a catch-all provision (as in Aspen).
The pre-acquisition agreement contemplates that the Offeror will have 21 days to provide to Asia Pacific copies of a standby letter of credit or other form of recognized documentary credit demonstrating the ability to pay for the Sought Securities deposited under the Offer as well as approval of the Bank of Thailand for the foreign exchange to make the Offer and that the Offer will be mailed to shareholders within 37 days (subject to a maximum extension of 15 business days, if necessary, to enable Asia Pacific to satisfy the condition precedents to making the Offer, and a further maximum period of 5 business days for the Offeror to finalise the offer documentation).
The successful acquisition of at least one of these properties is a condition precedent to closing.
Funding outs for the liquidity facility are limited to the bankruptcy of EFC and a condition precedent to any liquidity funding is the existence of the insurance policy from XLWI.
Consummation of this transaction is subject to certain condition precedent, including approval by MBSC's shareholders.
Upon exercise of the option, NUEP will file a registration statement with the SEC, as SEC approval is a key condition precedent to the implementation of the option agreement.
The `BB-' rating on the proposed $285 million credit facilities (facilities) has also been withdrawn because the consummation of the IPO was a condition precedent to the closing of the facilities, and the facilities' rating was also contingent upon and pro-forma for the closing of the IPO.
GPI will acquire the whole ownership of the holding company held by ArcLight subject to condition precedents including the approvals of the bond holders and the FERC.
Closing of the transaction is subject to certain condition precedents as well as customary pre-closing conditions.