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From: Webster's Revised Unabridged Dictionary (1913)

 Ul·ti·ma·tum n.; pl. E. Ultimatums L. Ultimata
 1. A final proposition, concession, or condition; especially, the final propositions, conditions, or terms, offered by either of the parties in a diplomatic negotiation; the most favorable terms that a negotiator can offer, the rejection of which usually puts an end to the hesitation.