Rumbai12Here is the definition:ir·rev·o·ca·ble...

Rumbai12

Here is the definition:

ir·rev·o·ca·ble [ih-rev-uh-kuh-buhl] Show IPA
adjective
not to be revoked or recalled; unable to be repealed or annulled; unalterable: an irrevocable decree.
Origin:
1350–1400; Middle English < Latin irrevocabilis. See ir-2 , revocable

Related forms
ir·rev·o·ca·bil·i·ty, ir·rev·o·ca·ble·ness, noun
ir·rev·o·ca·bly, adverb
non·ir·rev·o·ca·bil·i·ty, noun
non·ir·rev·o·ca·ble, adjective
non·ir·rev·o·ca·ble·ness, noun
non·ir·rev·o·ca·b·ly, adverb
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2013.


So, the terms and conditions of the deal can NOT be altered as long as FAS come up with their side of the bargain. It is not the same as "unconditional". What this does is provide certainty for the junior backer of the 20%. The goalposts can't be shifted. IMO this is very attractive for the 20% participants and makes finding the additional $65m much easier knowing that someone is willing to stump up $260m in an irrevocable agreement.

In business, and indeed in some private loan agreements, the lender will issue an "irrevocable loan agreement", subject to terms and conditions being finalised and met. This is common practise. It gives the borrower security knowing that the offer can not be changed as long as the conditions are met. There is nothing underhand or deceitful in such an arrangement.

I hope that clears things up for you.