Condition precedent
From ACT Wiki
1. Loan agreement.
A condition of a loan agreement which must be satisfied before the loan may be drawn down.
2. Law - contracts.
More generally in contract law, a contractual condition which must be satisfied, before a party becomes legally obliged to perform their side of the contract.
3. Wider context.
Even more generally, any event which must happen first, before another event can happen.
