Irrevocable Instruction Letter Sample Clauses
An Irrevocable Instruction Letter is a formal directive issued by a party, typically to a third party such as a bank or escrow agent, instructing them to take specific actions that cannot be altered or revoked without the consent of all involved parties. For example, it may instruct a bank to release funds to a seller upon fulfillment of certain conditions, or direct a transfer agent to issue shares to a buyer once payment is confirmed. The core practical function of this clause is to provide assurance and enforceability by ensuring that the instructed actions will be carried out as agreed, thereby reducing the risk of non-performance or unilateral changes.
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Irrevocable Instruction Letter. The Irrevocable Instruction Letter duly executed and delivered by Seller and being in full force and effect, free of any modification or waiver.
Irrevocable Instruction Letter. The Irrevocable Instruction Letter executed by the Sellers and acknowledged and agreed to by the Buyer and the Bank.
Irrevocable Instruction Letter. To the extent that either Seller enters into an Interest Rate Protection Agreement or similar arrangement with the Buyer or its Affiliate, such Seller shall execute and deliver an Irrevocable Instruction Letter to Buyer and its Affiliate.
Irrevocable Instruction Letter. Liraz hereby releases the Company from all liabilities and obligations under the Letter of Instruction referred to in section 2 of the agreement between the parties dated on or about November 30, 2005 (the “November 2005 Agreement”). Simultaneously with the execution and delivery of this agreement, the Company is terminating that Letter of Instruction and executing and delivering to Bank of America, N.A. (the “Depository”) the Irrevocable Instruction Letter. The Company shall maintain deposits at the Depository sufficient to enable the Depository to carry out all the instructions in the Irrevocable Instruction Letter. The Company acknowledges that Liraz is an intended beneficiary of the Irrevocable Instruction Letter. The Company represents and warrants to Liraz that the Depository is the primary bank or other financial institution at which the Company maintains a checking account or holds deposits. Until $120,000 shall have been paid to the Bank pursuant to the Irrevocable Instruction Letter, the Company shall not amend, withdraw, or terminate, or otherwise permit to become ineffective, the Irrevocable Instruction Letter, and shall not maintain a checking, deposit, or similar account in any bank or other financial institution (other than the Depository) unless it so notifies Liraz at least two weeks in advance of any change in financial institution, and enters into an irrevocable instruction letter substantially the same as the Irrevocable Instruction Letter referred to above, which irrevocable instruction letter is reasonably satisfactory to Liraz.