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Default =IF(B1,"",SUMPRODUCT(--(B$1:B$5=""),--(A1<A$1:A$5))+1), Biff formula

In a solution posted by Biff on Oct 24, 3:18AM, subjected "Vlookup formula
criteria" in a reply to gmunro question, Biff used an IF function with
following structu
=IF(B1,"",SUMPRODUCT(--(B$1:B$5=""),--(A1<A$1:A$5))+1)
I thought in an If function the first part should show the condition,
second: action if the outcome is true and third is the action if outcome is
false.
Here the condition is only B1, so what is the condition?

 
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