Common use of Irrevocability of Trust Clause in Contracts

Irrevocability of Trust. Subject to the provisions of paragraph THREE, above, regarding the claims of unsecured creditors of Grantor, the Trust shall be irrevocable and may not be altered or amended in any substantive respect, or revoked or terminated by the Grantor in whole or in part, without the express written consent of a majority of the Beneficiaries of the Trust; provided, however, that the Trust Agreement may be amended, as may be necessary, either: (A) To obtain a favorable ruling from the Internal Revenue Service with respect to the tax consequences of the establishment and settlement of the Trust, or (B) To make nonsubstantive changes, which have no affect upon the amount of any Beneficiary's benefits, the time of receipt of benefits, the identity of any recipient of benefits, or the reversion of any assets to the Grantor prior to the Trustee's satisfaction of all the Trustee's obligations hereunder.