Evergreen Guarantee definition

Evergreen Guarantee means a guarantee which includes a provision which automatically extends the expiry date thereof for a specified period unless, within some period of time in advance of the then applicable expiry date thereof, the Bank gives notice to the beneficiary to the effect that such guarantee will not be so extended.
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Examples of Evergreen Guarantee in a sentence

  • In addition, upon the direction of the Borrower for any Evergreen Guarantee, the Bank shall give such notice as is necessary to prevent an automatic extension of the expiry date of such Evergreen Guarantee; provided, however, that in no event shall the Bank have liability to the Borrower for its failure to give such notice if written direction to give such notice is received by the Bank less than twenty (20) days prior to the Non-Extension Date for such Evergreen Guarantee.

  • If as of the date twenty (20) days prior to the Non-Extension Date of any Evergreen Guarantee the Bank has not have received a written direction from the Borrower to not cause or permit such extension, the Bank shall nonetheless be permitted (but shall not be obligated) to allow such guarantee to automatically extend for up to 364 days and the Borrower hereby authorizes such extension.

  • Notwithstanding the foregoing, if as a consequence of the automatic extension of any Evergreen Guarantee the expiry date thereof would be a date later than the date falling 364 days after the Availability Expiry Date, then on or prior to the Non-Extension Date with respect to such Evergreen Guarantee the Bank shall give such notice as is necessary to prevent such automatic extension.