Common use of Applicability of ISP; Limitation of Liability Clause in Contracts

Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by the Lender and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit. Notwithstanding the foregoing, the Lender shall not be responsible to the Borrower for, and the Lender’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Lender required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the Lender or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice; provided, that, the foregoing waivers shall not apply to any claims against the Lender for direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Law) suffered by the Borrower that are determined by a court of competent jurisdiction in a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of the Lender.

Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by the Lender applicable L/C Issuer and the Borrower when a Letter of Credit is issuedissued by it (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of Credit. Notwithstanding the foregoing, the Lender no L/C Issuer shall not be responsible to the Borrower for, and the Lenderno L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Lender any L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the Lender any L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice; provided, that, . Each L/C Issuer shall act on behalf of the foregoing waivers shall not apply Revolving Lenders with respect to any claims against Letters of Credit issued by it and the Lender for direct damages documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (as opposed A) provided to consequential damages, claims Administrative Agent in Article IX with respect of which are hereby waived by the Borrower to the extent permitted by applicable Law) any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the Borrower that are determined by a court of competent jurisdiction term “Administrative Agent” as used in a final Article IX included such L/C Issuer with respect to such acts or omissions, and nonappealable judgment (B) as additionally provided herein with respect to have resulted from the gross negligence or willful misconduct of the Lendersuch L/C Issuer.

Applicability of ISP; Limitation of Liability. Unless otherwise expressly agreed by the Lender L/C Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit. Notwithstanding the foregoing, the Lender L/C Issuer shall not be responsible to the Borrower for, and the LenderL/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Lender L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the Lender L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice; provided, that, the foregoing waivers shall not apply to any claims against the Lender L/C Issuer for direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable Law) suffered by the Borrower that are determined by a court of competent jurisdiction in a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of the LenderL/C Issuer.