Common use of Trust Irrevocable Clause in Contracts

Trust Irrevocable. Grantor specifically directs that except as otherwise provided herein, the Trust herein created is irrevocable and that there are no conditions or reservations of power in Grantor to revoke, alter, or amend this Agreement, in whole or in part; provided, however, that the Trust may be amended as necessary at any time to obtain a favorable ruling from the Internal Revenue Service with respect to the tax consequences of the establishment and settlement of the Trust, and may be amended by revising or deleting part or all of such terms and provisions of Article VI as may be permitted by the law then applicable to such Article VI subject to the approval of Grantor and Employee. There are no conditions or reservations of power in Grantor to free any or all of the property constituting said Trust estate from the terms of this Trust.