Condition subsequent clause sample
Condition subsequent. Related Content. In a loan agreement, a condition that must be satisfied by the borrower within a set time period following drawdown. Where a borrower does not satisfy a condition precedent in time for drawdown, the lender may agree to lend the money as long as the borrower agrees to satisfy the condition by a future dateCondition Precedent 2. 1 The obligation of the parties hereunder are conditional upon Admission. 2. 2 If the condition set out in clause 2. 1 is not fulfilled by 5: 00 p. m. on 31 July 2008, this agreement shall cease and determine and no party shall have any claim against any other party for costs, damages, compensation or otherwise in respect of it. condition subsequent clause sample
7. Conditions Precedent to Buyer's Obligation to Close and may terminate the acquisition agreement in accordance with Article 9. A party's right to refuse to consummate the acquisition when a closing condition remains unsatisfied is often conditions or fail to satisfy the requirements of Sections 2. 7(a)(v) and 10. 11, even if a
A condition subsequent is an event or state of affairs that brings an end to something else. A condition subsequent is often used in a legal context as a marker bringing an end to one's legal rights or duties. A condition subsequent may be either an event or a state of affairs that must either (1) occur or (2) fail to continue to occur. Jan 26, 2016 Whether an Unless Clause Is a Condition Precedent or a Condition Subsequent Posted on January 26, 2016 by Ken Adams In MSCD 3. 248, I recommend that you not use in a contract the terms of art condition precedent and condition subsequent:condition subsequent clause sample Apr 13, 2015 In this post, I will explain the conditions precedent clause, which is typically seen in all shareholders agreements. A condition precedent is usually a legal term describing a condition or event that must occur before a contract is considered in effect or any obligations are expected of either party. Here are a few examples.