conditions precedent

conditions precedent
The meaning of this term depends on the context in which it is used:
• In contract law, a condition in a contract which provides that the agreement or certain parts of the agreement will only come into force if and when certain conditions are met. No binding contract exists until the condition precedent has been satisfied.
• In banking terms, a condition in a loan agreement that must be satisfied by the borrower before it may request a drawdown and the lender is obliged to lend. Unless otherwise provided, the rest of the loan agreement will be binding on the borrower on execution and it will be obliged to pay fees and make representations from then.
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USA
This term has a number of meanings. In the context of:
• Corporate, the conditions in a contract that must be satisfied before the agreement or certain parts of the agreement come into force.
• Finance, a condition in a loan agreement that the borrower must satisfy before it may request a drawdown and the lender is obligated to lend. Unless otherwise provided, the rest of the loan agreement will be binding on the borrower on execution and it will be obligated to pay fees and comply with the terms of the loan agreement.
Glossary

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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Look at other dictionaries:

  • CONDITIONS — (Heb. תְּנָאִים, tena im). Definition Conditions is an ambiguous word inasmuch as it refers not only to the external factors upon which the existence of an agreement is made to depend but also to the actual terms of the contract itself. Thus, one …   Encyclopedia of Judaism

  • concurrent conditions — Conditions which must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed. When each party to a transaction is subject to mutual conditions precedent, these …   Black's law dictionary

  • concurrent conditions — Conditions which must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed. When each party to a transaction is subject to mutual conditions precedent, these …   Black's law dictionary

  • condition precedent — see condition Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. condition precedent …   Law dictionary

  • condition precedent — conˈdition ˌprecedent noun [countable] LAW a condition in a contract that will only come into force once something stated in the contract happens or becomes true: • The continuing existence of the lease was not a condition precedent to the right… …   Financial and business terms

  • Condition precedent — refers to an event or state of affairs that is required before something else will occur. In contract law a condition precedent is an event which must occur, unless its non occurrence is excused, before performance under a contract becomes due, i …   Wikipedia

  • concurrent conditions — The conditions in a contract whereof performance by one party of his promises is conditioned upon performance by the other party of his promises; in other words, concurrent conditions are mutual conditions precedent to be performed simultaneously …   Ballentine's law dictionary

  • Kosovo independence precedent — For discussion of the impact of the Kosovo secession on international relations, see International recognition of Kosovo. For discussion over the legality of the Kosovo secession, see Political status of Kosovo. The Assembly of Kosovo, then a… …   Wikipedia

  • Modifications du contrat de travail et des conditions de travail en France — Droit du travail en France Sources du droit du travail Internationales : OIT · UE Étatiques : Constitution · Loi · Règlement · Jurisprudence Professionnelles : Convention collective · Usage et engagement unilatéral · Règlement… …   Wikipédia en Français

  • Human Conditions — Album par Richard Ashcroft Sortie 21 octobre 2002 Enregistrement Rockfield Studio …   Wikipédia en Français

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