Duration and Irrevocability Clause Samples
The 'Duration and Irrevocability' clause defines how long an agreement, offer, or obligation remains in effect and whether it can be withdrawn or altered during that period. Typically, this clause specifies a fixed time frame or event after which the agreement expires, and it may state that the parties cannot revoke or modify their commitments until that time has elapsed. Its core practical function is to provide certainty and stability by ensuring that parties cannot unilaterally change or terminate their obligations before the agreed-upon duration ends.
Duration and Irrevocability. (a) This Agreement may be declared to have been terminated pursuant to Article 392 of the General Law of Credit Instruments and Transactions, (i) should compliance with the purposes of the present Agreement prove impossible, (ii) by agreement between any and all of the parties to the present Agreement (but not by the beneficiaries mentioned in the present Agreement that do not formalize it as parties or do not explicitly adhere to the terms set forth herein), (iii) should the trust constituted herein be declared null by a competent judicial authority on grounds of it being regarded as defrauding the lenders, (iv) should the Trustee hold the present Agreement to have been terminated as a result of noncompliance of the payment of the fees payable to the Trustee under the present Agreement for a period equal to or in excess of three (3) periods of three hundred sixty (360) days from the date of the present document, or (v) should the Assets Held in Trust be disposed of in accordance with the extrajudicial execution procedure stipulated in Clause Seven of the present Agreement.
(b) The present Agreement shall be irrevocable and shall remain in effect until the Termination Date, except that the obligations of the Trustors under Clauses Twelve, Nineteen and Twenty of the present Agreement (and any clauses relating to the latter) shall remain in effect after the Termination Date for the applicable limitation period.
Duration and Irrevocability. This Agreement may be terminated, as permitted under Article 392 of the General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito), (i) if the satisfaction of the purposes of the trust created hereunder, shall become impossible, (ii) by agreement of any and all parties hereto (but not of any beneficiaries specified herein, that are not executing or otherwise adhering expressly to the terms of this Agreement), (iii) if the trust created hereunder shall be declared null and void by a competent judicial authority, as fraudulent to third parties, (iv) if the Trustee shall have terminated this Agreement, as a result of the fees specified herein as payable to the Trustee, not having been paid for a period equal to or greater than three (3) 360-day periods, counted from the date hereof, or (v) if the Trust Assets are sold pursuant to the non-judicial foreclosure procedure specified in Clause Seventh of this Agreement.
Duration and Irrevocability. This Agreement shall be irrevocable and shall remain in force as long as necessary to accomplish the purposes stipulated herein, and may not be terminated unless (i) any of the circumstances specified in Article 392 of the General Securities and Credit Operations Act (except as specified in section VI of this Article) occurs, and (ii) the Trust Assets are returned to the Trustors.
Duration and Irrevocability. This Agreement shall be irrevocable and shall remain in full force and effect until all the Restructuring Obligations are satisfied and paid in full, which shall be notified in writing by the Shared Payment and Collateral Agent (which notice will not be unreasonably withheld or delayed), upon request by the Grantors and may not be terminated, except (i) upon the occurrence of any of the events contemplated in article 392 of the LGTOC (except the event contemplated in section VI of such article) or (ii) if all of the Assets are sold pursuant to the terms hereof. The parties hereto agree that the Trust may terminate as provided in the preceding paragraph without the need for the consent of or notice to the Yankee Notes Trustee, in the understanding that as of the termination hereof no security interest will exist in favor of the Shared Payment and Collateral Agent, the SEN Holders or the Bank Holders and therefore no security interest will have to be maintained in favor of the Yankee Notes Trustee, or the holders of the Yankee Notes or Yankee Guarantees.