WAL Letter Clause Samples
A WAL (Write-Ahead Logging) Letter clause defines the requirements and procedures for generating and handling formal written communications related to the logging of database transactions before they are committed. In practice, this clause may specify the format, timing, and recipients of such letters, ensuring that all parties are promptly informed of critical changes or events in the transaction log. The core function of this clause is to maintain transparency and accountability in transaction processing, helping to prevent data loss and ensure the integrity of records.
WAL Letter. (a) In the event that prior to the Closing Time paragraph 2 of the WAL Letter is repudiated by WAL (in the reasonable opinion of Vendor) or is otherwise terminated, invalidated or otherwise ceases to be an enforceable obligation of WAL, Vendor shall be immediately entitled to terminate this Agreement and all obligations of Barrick and Vendor hereunder unless, within 24 hours of any such termination, Purchaser provides Vendor with evidence satisfactory to Vendor that Purchaser will fully indemnify Vendor and BGSA for all Losses suffered by Vendor or BGSA if this Agreement is not so terminated.
(b) In the event that prior to the Closing Time paragraph 2 of the WAL Letter is revoked or repudiated by WAL (in the reasonable opinion of Purchaser) or is otherwise terminated, invalidated or otherwise ceases to be an enforceable obligation of WAL, Purchaser shall be immediately entitled to terminate this Agreement and all obligations of Purchaser hereunder, provided that at such time Purchaser and parties acting jointly or in concert with Purchaser do not hold more than 50% of the outstanding shares of WAL and are able to vote such shares or nominees of Purchaser and of parties acting jointly or in concert with Purchaser do not represent voting control of the board of directors of WAL.
(c) Purchaser covenants and agrees that it shall take no action, directly or indirectly, in furtherance of any exercise by WAL of its rights under Section 14.2 of the Joint Venture Agreement in respect of the transactions contemplated in this Agreement.
(d) Vendor covenants and agrees to take all such actions as are necessary to ensure BGSA does not agree with WAL to amend or withdraw the WAL Letter