Evergreen Letter of Credit definition

Evergreen Letter of Credit has the meaning set forth in Section 2.01.

Evergreen Letter of Credit shall have the meaning given to that term in Section 2.02(b)(iii).

Evergreen Letter of Credit means a Letter of Credit that is automatically extended unless the Issuing Bank gives notice to the beneficiary thereof stating that such Letter of Credit will not be extended.

Examples of Evergreen Letter of Credit in a sentence

• Notwithstanding anything to the contrary contained herein, the Issuing Lender shall have no obligation to permit the renewal of any Evergreen Letter of Credit at any time.

• Notwithstanding anything to the contrary contained herein, the L/C Issuer shall have no obligation to permit the renewal of any Evergreen Letter of Credit at any time.

• Once an Evergreen Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) L/C Issuer to permit the extension of such Letter of Credit at any time to an expiration date not later than the expiration date permitted under this paragraph.

• Issuing Bank may, in its sole and absolute discretion, elect not to permit an Evergreen Letter of Credit to be extended or renewed at any time.

• Promptly upon issuing any Additional Letter of Credit or extending any Letter of Credit (or allowing any Evergreen Letter of Credit to be extended), the relevant LC Issuing Bank will notify the Administrative Agent of the date of such Letter of Credit, the amount thereof, the beneficiary or beneficiaries thereof and the expiry date or extended expiry date thereof.

More Definitions of Evergreen Letter of Credit

Evergreen Letter of Credit means any Letter of Credit 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 Issuing Bank notifies the beneficiary thereof prior to such expiration date that such Issuing Bank elects not to renew or extend such Letter of Credit.

Evergreen Letter of Credit is defined in Section 4.4(d).

Evergreen Letter of Credit has the meaning assigned thereto in Section 3.07(a).

Evergreen Letter of Credit is defined in Section 2.3(b).

Evergreen Letter of Credit has the meaning ascribed to it in clause (b) of Annex A to this Agreement.

Evergreen Letter of Credit means a Letter of Credit 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 Issuing Bank thereof notifies the beneficiary thereof prior to such expiration date that such Issuing Bank elects not to renew or extend such Letter of Credit.

Evergreen Letter of Credit has the meaning assigned to it in Section 2.5(o).