Examples of Evergreen clause in a sentence
Evergreen clause" means one that specifically states the expiration of a letter of credit will not take place without a 60-day notice by the issuer and one that allows the issuer to conduct an annual review of the account party's financial condition.
The Evergreen clause states that Direct Energy had “discretion” to set the variable rate “based upon business and market conditions.” J.A. 157.
He contends that “reasonable consumers” would likely interpret the Evergreen clause to mean that the variable rate would reflect “the costs of procuring power .
And the experts’ interpretation of the Evergreen clause would be irrelevant even if they had opined on its legal meaning because “the construction of unambiguous contract terms is strictly a judicial function.” 31A Am. Jur.
At the same time, the experts made clear that they did not “offer an opinion on” how the Evergreen clause should be interpreted.