Common use of Applicability of ISP98 and UCP Clause in Contracts

Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the applicable Issuing Lender and the Company when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (a) the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) (“ISP98”) shall apply to each standby Letter of Credit, and (b) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance (the “UCP”), shall apply to each commercial Letter of Credit (it being understood that if applicable local law or other governing rules require the UCP to apply to a standby Letter of Credit, the UCP and not ISP98 shall so apply).

Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the applicable Issuing Lender Issuer and the Company when a Letter of Credit is issued (including any such agreement applicable to an Existing a Letter of CreditCredit outstanding on the date hereof), (a) the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & &Practice (or such later version thereof as may be in effect at the time of issuance) (“ISP98”) shall apply to each standby Letter of Credit, and (b) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance (the “UCP”), ) shall apply to each commercial Letter of Credit (it being understood that if applicable local law or other governing rules require the UCP to apply to a standby Company may request that any particular Letter of CreditCredit be governed by either ISP98 or the UCP, as selected by the UCP and not ISP98 shall so applyCompany).

Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the applicable Issuing Lender relevant L/C Issuer and the Company Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Revolving Letter of Credit), (ai) the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) (“ISP98”) shall apply to each standby Letter of Credit, and (bii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce (the “ICC”) at the time of issuance (the “UCP”), shall apply to each commercial Letter of Credit (it being understood that if applicable local law or other governing rules require Credit, and in each case to the UCP to extent not inconsistent with the above referred rules, the laws of the State of New York shall apply to a standby each Letter of Credit, the UCP and not ISP98 shall so apply).

Applicability of ISP98 and UCP. Unless otherwise expressly agreed by the applicable Issuing Lender Issuer and the Company when a Letter of Credit is issued (including any such agreement applicable to an Existing a Letter of CreditCredit outstanding on the date hereof), (a) the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) (“ISP98”) shall apply to each standby Letter of Credit, and (b) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance (the “UCP”), ) shall apply to each commercial Letter of Credit (it being understood that if applicable local law or other governing rules require the UCP to apply to a standby Company may request that any particular Letter of CreditCredit be governed by either ISP98 or the UCP, as selected by the UCP and not ISP98 shall so applyCompany).