Utah Admin. Code R590-114-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1)
"Clean" means a letter of credit that does not require the presentation of any
document other than a sight draft for a draw upon available funds.
(2) "Evergreen clause" means a provision in a
letter of credit that prevents the letter from expiring unless the issuer
provides advance notice.
Notes
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