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 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.

Examples of Evergreen Letter of Credit in a sentence

• 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.

• These proposals for Alternative Mechanisms could include such mechanisms as payments made out of the Lock Box established in the Menominee Compact Section XXXIII(C)(9) and (11) for Menominee Compact payments; establishing an Advance Account for the deposit of casino revenue from the Applicant Facility; requiring the Applicant to provide an Evergreen Letter of Credit that would guarantee some or all of the Mitigation Payments; or assigning the Applicant’s State Compact Payments to [FCPC].

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

• Requirements for annual reporting and the issuing of an Evergreen Letter of Credit for maintenance security should be instituted.

More Definitions of Evergreen Letter of Credit

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.

Evergreen Letter of Credit means a Letter of Credit that is automatically renewed or extended unless the relevant LC Issuing Bank gives notice to the account party and/or beneficiary thereof stating that such Letter of Credit will not be extended or renewed.

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

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

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

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 ascribed to it in clause (b) of Annex A to this Agreement.