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.

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.

More Definitions of Evergreen clause

Evergreen clause means a contract provision that allows the term of service in a

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: “This type of surety is for an initial term that expires on . This type of surety shall automatically be extended without amendment for one year from the present or any future expiration date unless the issuing bank notifies the beneficiary in writing sent certified mail, return receipt requested, or by personal service, at least sixty (60) days prior to any expiration date that this letter of credit will not be renewed.

Evergreen clause means a contract clause that provides that the contract is automatically renewed unless notice to the contrary is given by one of the parties to the contract;

Evergreen clause means a provision in a letter of credit or its confirmation that prevents the

Evergreen clause means one which a clause specifically states stating that the

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.  No purpose with Florida Severance Limitation  Just allows Commission to “sunset” a manager without taking action (Majority to keep).