1. (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. (2) "Evergreen clause" means a provision in a letter of credit that prevents the letter from expiring unless the issuer provides advance notice.

Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:

KEY: insurance

Date of Last Change: November 8, 2021

Notice of Continuation: January 5, 2022

Authorizing, and Implemented or Interpreted Law: 31A-17-404