Evergreen LC definition

Evergreen LC means a Letter of Credit 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 Administrative Agent gives notice to the beneficiary to the effect that such Letter of Credit will not be so extended.
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Evergreen LC means any Facility LC that, by its terms, provides that it shall be automatically renewed or extended for a stated period of time at the end of its then-scheduled expiration date unless the applicable LC Issuer notifies the beneficiary thereof prior to such expiration date that such LC Issuer elects not to renew or extend such Facility LC.
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Examples of Evergreen LC in a sentence

  • The Issuing Bank shall be under no obligation to so extend or permit the extension of any Evergreen LC if the Issuing Bank would have no obligation as of the proposed effective date of extension to issue or amend such Evergreen LC in its extended form under the terms of this Agreement (including Section 4.02).

  • The Issuing Bank will provide to the Administrative Agent and the Borrower a copy of any notice of non-extension given to an Evergreen LC beneficiary pursuant to this Section.

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

  • In furtherance of the foregoing, any Evergreen LC that remains outstanding after the Facility LC Expiration Date shall, for purposes of this Agreement and the other Loan Documents (other than the LC Issuer Agreement to which such LC Issuer is a party), be deemed to have expired on the Facility LC Expiration Date.

  • Notwithstanding the foregoing or any other provision contained in this Agreement or any other Loan Document to the contrary, in no event shall the Lenders have any obligation to purchase a participation in the reimbursement obligation of the Borrower to any LC Issuer, or otherwise to pay any amount to (or for the account of) such LC Issuer or any other Person, in respect of a drawing under an Evergreen LC that occurs after the Facility LC Expiration Date.

  • No Facility LC shall have an expiry date later than the date that occurs one year from the date of issuance of such Facility LC (or, in the case of any extension of a Facility LC, one year from the date of effectiveness of such extension), subject, in the case of any Evergreen LC, to automatic annual renewal or extension.

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

  • The Issuing Bank will provide to the Administrative Agent and the Applicable Borrower a copy of any notice of non-extension given to an Evergreen LC beneficiary pursuant to this Section.