Irrevocable definition

Irrevocable means a letter of credit that cannot be modified or revoked without the consent of the beneficiary once the beneficiary is established.

Irrevocable means if used in reference to a trust, a trust that is not revocable, including a formerly revocable trust that has become irrevocable, whether by the death of a settlor or otherwise.

Irrevocable means the Payment is cannot be reversed in accordance with the New Zealand Bankers’ Association Same Day Cleared Payment SCP Business rules.

Examples of Irrevocable in a sentence

• Such security deposit shall take the form of cash, an Irrevocable Letter of Credit (BellSouth form), Surety Bond (BellSouth form) or, in BellSouth’s sole discretion, some other form of security.

• This Irrevocable Fee Protection Agreement shall remain unchanged until the transaction(s) under the said Contract & this Fee Protection Agreement has been completed and terminated.

• The bidder will be required to execute an Irrevocable Real Estate Purchase Agreement immediately following the close of the auction and provide the required Xxxxxxx Money within 24 hours to the Seller in a check payable to Ness Bros.

• In lieu of a bond, the Concessionaire may substitute another financial instrument (such as an Irrevocable Standby Letter of Credit), which must be sufficiently secure and acceptable to State.

• Such security deposit shall take the form of cash, an Irrevocable Letter of Credit (BellSouth form), Surety Bond (BellSouth form) or, in its sole discretion, some other form of security.

More Definitions of Irrevocable

Irrevocable means that you cannot change this beneficiary without their written consent.

Irrevocable means the trust that has been declared as irrevocable because the Creator/s, Grantor/s and/or Exchangor/s do not retain any right/s to revoke, amend, or modify the trust orhave the assets returned to them without independent trustee approval.

Irrevocable means the legal instrument cannot be changed or terminated in any way by anyone.

Irrevocable means “incapable of being recalled or revoked : past recall : UNALTERABLE,” Webster’s Third New International Dictionary 1196 (unabridged ed. 2002); and also “committed beyond recall,” Black’s Law

Irrevocable means that the grantor (person who created the trust) does not possess power to terminate or revoke trust.

Irrevocable means that You have given up Your right to change the Beneficiary named. If You die, the rights of Ownership will vest in the executors, administrators or assigns of the Owner.

Irrevocable means that the benefit may not be forfeited. However, a benefit plan can be considered by the Department provided that payments to the plan are made irrevocably by the employer, even though certain employees may forfeit their individual rights to the benefits under certain prescribed conditions. Thus, if payments are made by the employer, and no return of those payments is possible, the plan would be acceptable, even though individual employees might not receive the benefits under certain situations. Benefits forfeited by such employees remain in an escrow account for the use of the other employees.