Common use of Irrevocability and Termination Clause in Contracts

Irrevocability and Termination. Subject to the right of the parties to amend this Escrow Agreement as provided in Sections XIV (Successor Escrow Agent) and XVI (Amendment of the Escrow Agreement), this Fund will be irrevocable and continue until terminated by the written notification of the Beneficiary. If the Escrow Agreement is terminated for any reason, the Escrow Amount shall be transferred to the Beneficiary for deposit in the Environmental Response Fund. The Escrow Agreement shall be terminated when the Escrow Agent receives written notice from the Beneficiary that the Fund is no longer necessary.