Concurrent Conditions Clause Samples
A concurrent conditions clause establishes that the obligations of each party under a contract are to be performed simultaneously, with each party's duty to perform dependent on the other party's readiness and willingness to fulfill their own obligations. For example, in a sales contract, the seller's obligation to deliver goods and the buyer's obligation to pay occur at the same time, so neither party is required to act unless the other is also prepared to perform. This clause ensures fairness and mutual accountability by preventing one party from being forced to perform without assurance that the other will do the same.
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Concurrent Conditions. The performance or tender of performance at Closing of all matters applicable to a Party under this Agreement shall be deemed concurrent conditions and no Party shall be required at Closing to perform, or tender performance of, the obligations of such Party hereunder unless, coincident therewith, each other Party from whom performance is required under this Agreement performs or tenders performance of its obligations hereunder.
Concurrent Conditions. The parties acknowledge that each of the conditions set forth below have been satisfied or shall be satisfied or waived concurrently with the signing of this Agreement and the filing of the Agreement of Merger:
Concurrent Conditions. 3.1 Concurrent with the making of the Loan hereunder, there shall be delivered to the Lenders:
(i) this Agreement, duly executed and delivered by the Borrower;
(ii) the Promissory Note in the amount of the Loan duly executed and delivered by the Borrower;
(iii) a favorable opinion of counsel for the Borrower addressed to the Lenders and dated the date of the making of the Loan hereunder, in the form attached as Exhibit 3.1(iii) hereof; and
(iv) a certificate of an authorized officer or representative of the Borrower in the form and substance acceptable to the Lenders.
Concurrent Conditions. 5.1 This Agreement shall be effective upon due execution and delivery by the Contractor and each Customer and upon the satisfaction of the following conditions (the “Effective Date of Contract (“EDC”)):
(a) ABS and the Contractor shall enter into the ABS Procurement Agreement.
(b) Satmex and the Contractor shall enter into the Satmex Procurement Agreement.
(c) ABS and Satmex shall enter into the Bilateral Agreement (which they shall confirm to the Contractor). However, their failure to agree or changes they make to the Bilateral Agreement shall not affect their obligations to perform under this Agreement or the Satellite Procurement Agreements.
(d) in accordance with the Satellite Procurement Agreements, the Contractor shall have received from each Customer the initial Milestone payments for such Customer’s Firm Satellites plus, from each Customer, an amount equal to 50% of the initial Milestone payment for F-4.
Concurrent Conditions. Concurrent with the consummation of the purchase of each of the First Stage Notes and Second Stage Notes, there shall be delivered to investors:
a. this Agreement, ▇▇▇▇ executed and delivered by PlayNet and the purchasing investor;
b. the Senior Secured Notes in the aggregate principal amount invested by each investor hereunder and the warrant relating to such Senior Secured Notes each duly executed and delivered by PlayNet;
c. a favorable opinion of counsel for PlayNet addressed to the investors and dated the date of the Senior Secured Notes issued hereunder in the form of the opinion included as Exhibit 8 hereof;
d. a certificate of an authorized officer of PlayNet as to such matters as the investors of the Senior Secured Notes may reasonably request.
Concurrent Conditions. As a condition to closing for all parties hereto, each of the following transactions (collectively, the "Concurrent Transactions") shall have been consummated at or prior to the Closing:
Concurrent Conditions. All deliveries, exchanges, and other actions to be taken at the Closing shall be deemed to occur simultaneously, and the performance of all such actions shall be concurrent conditions to all other such actions.
Concurrent Conditions. At the Closing, all of the following shall occur, all of which shall be deemed concurrent conditions:
(a) Seller, at Seller's sole cost and expense, shall deliver or cause to be delivered to Title Company, as escrow agent, for the immediate disbursement and delivery by the Title Company as hereinafter set forth, the following:
1. A Deed ("DEED"), in form and substance identical to that attached hereto as EXHIBIT "B" and by this reference made a part hereof, fully executed and acknowledged by Seller, conveying to Buyer title to the Mineral Interests and assigning the Geothermal Lease to Buyer, subject to the Permitted Encumbrances.
2. The Easement, in form and substance identical to that attached hereto as EXHIBIT "D" and by this reference made a part hereof, fully executed and acknowledged by Seller.
3. The Memorandum of Easement, ("Memorandum") in form and substance identical to that attached as EXHIBIT "B" to EXHIBIT "D" hereto, and by this reference made a part hereof, fully executed and acknowledged by Seller.
4. The Assignment of Rights (as hereinafter defined), in form and substance identical to that attached hereto as EXHIBIT "C" and by this reference made a part hereof, fully executed by Seller and the Qualified Intermediary (as hereinafter defined) in triplicate originals.
5. An Affidavit ("AFFIDAVIT") that Seller is not a "foreign person" as defined in Section 1445 of the Internal Revenue Code of 1986, as amended.