Evergreen clause definition
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. If prior notice of expiration is not given by the issuer, the letter of credit is automatically extended for one year.
Evergreen clause means a provision that automatically renews a letter of credit for a time certain if the issuer of the letter of credit fails to affirmatively signify its intention to nonrenew upon expiration;
Evergreen clause means a provision in a letter of credit or its confirmation that prevents the expiration of the letter of credit or its confirmation without written notice to the beneficiary from the issuing or confirming bank or trust company as provided by this administrative regulation.
More Definitions of Evergreen clause
Evergreen clause means one which specifically states that expiration of a letter of credit will not take place without a sixty-day notice by the issuer. If prior notice of expiration is not given by the issuer, the letter of credit is automatically extended for one year.
Evergreen clause or automatic renewal language, as follows:
Evergreen clause means a contract provision that allows the term of service in a
Evergreen clause. This agreement shall automatically and perpetually renew to subsequent and additional 3 year terms unless the Employee receives formal notification by majority vote of the City Commission of their intent not to new this agreement on or before six months prior to the expiration of the current term. without taking action (Majority to keep).
Evergreen clause the provisions of this contract shall remain in full force and effect even after the contracts expiration except that there will be no additional economic increases granted provided the parties are engaged in n egotiations for a successor agreement.
Evergreen clause means one which a clause specifically states stating that the
Evergreen clause means a provision in a letter of credit or its confirmation which prevents the expiration of the letter of credit or its confirmation without due written notice to the beneficiary and the Commissioner from the issuing or confirming bank.