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

• Further, the Court recognized the internal inconsistency of such a position by the use of the plural ‘terms’ in the applicable provision.4Automatic renewal provisions (also known as Evergreen clauses) in this commercial agreement between sophisticated business entities are routinely enforced, both in Texas, and other jurisdictions.An Evergreen clause is simply an automatic renewal provision that continues in perpetuity.

• For Interruptible or Park and Loan agreements: The K Beg Date must be either the current date or a date in the future. The K End Date defaults to a term of one year if the agreement type selected is an interruptible or park and loan agreement. Evergreen clause defaults to month-to-month.

• ACTION: Lynda will further investigate the SOCC contract and its interpretation of its salary schedule related to RCC’s interpretation of faculty salary and the Evergreen clause.

• Xxxxxx shall be provided an "Evergreen" clause in said agreement which will automatically renew agreement for an additional year at the end of each twelve month term.

• Our legal counsel said that is close to an Evergreen clause which are not legal so she advised us to stay away from it.

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:

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 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.

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