Common use of Applicability of ISP and UCP Clause in Contracts

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Issuer shall not be responsible to any Borrower for, and the L/C Issuer’s rights and remedies against such Borrower shall not be impaired by, any action or inaction of the L/C Issuer required under any Law or practice that is required to be applied to any Letter of Credit, including the Law of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit an L/C is issued (including any such agreement applicable to an Existing Letter of CreditL/C), (i) the rules of the ISP shall apply to each standby Letter of CreditL/C and each Bond L/C, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits (“UCP”), as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). L/C. Notwithstanding the foregoing, the each L/C Issuer shall not be responsible to any Borrower for, and the such L/C Issuer’s rights and remedies against such Borrower shall not be impaired by, any action or inaction of the such L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditL/C or this Agreement, including the Law or any order of a jurisdiction where the such L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 L/C chooses such Law law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP 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 the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the no L/C Issuer shall not be responsible to any the Borrower for, and the such L/C Issuer’s rights and remedies against such the Borrower shall not be impaired by, any action or inaction of the such L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of Credit, including the Law or any order of a jurisdiction where the such L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the applicable Borrower Parent or the Canadian Borrower, as applicable, when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Commercial Letter of Credit). Notwithstanding the foregoing, the L/C Issuer shall not be responsible to any Borrower the Borrowers for, and the L/C Issuer’s rights and remedies against such Borrower the Borrowers shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the applicable Borrower Cxxxxxxxx when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Issuer shall not be responsible to any Borrower Cxxxxxxxx for, and the L/C Issuer’s rights and remedies against such Borrower Cxxxxxxxx shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit an L/C is issued (including any such agreement applicable to an Existing Letter of CreditL/C), (i) the rules of the ISP shall apply to each standby Letter of CreditL/C and each Bond L/C, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits (“UCP”), as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). L/C. Notwithstanding the foregoing, the each L/C Issuer shall not be responsible to any Borrower for, and the such L/C Issuer’s rights and remedies against such Borrower shall not be impaired by, any action or inaction of the such L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditL/C or this Agreement, including the Law or any order of a jurisdiction where the such L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 L/C chooses such Law law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the such applicable L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the no L/C Issuer shall not be responsible to any the Borrower for, and the no L/C Issuer’s rights and remedies against such the Borrower shall not be impaired by, any action or inaction of the any applicable L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the any applicable L/C Issuer or the 75911819_12 beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower Borrower, when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit)issued, (i) the Borrower may specify that either the rules of the ISP shall or the rules of the Uniform Customs and Practice for Documentary Credits (“UCP”), as most recently published by the International Chamber of Commerce at the time of issuance, apply to each standby Letter of Credit, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Issuer shall not be responsible to any the Borrower for, and the L/C Issuer’s rights and remedies against such the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required under any Law law, order, or practice that is required to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Letter of Credit Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit)issued, (i) the rules of the ISP shall be stated therein to apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall be stated therein to apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Letter of Credit Issuer shall not be responsible to any Borrower the Borrowers for, and the L/C Letter of Credit Issuer’s rights and remedies against such Borrower the Borrowers shall not be impaired by, any action or inaction of the L/C Letter of Credit Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law applicable law or any order of a jurisdiction where the L/C Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Letter of Credit Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Commercial Letter of Credit). Notwithstanding the foregoing, the L/C Letter of Credit Issuer shall not be responsible to any the applicable Borrower for, and the L/C Letter of Credit Issuer’s rights and remedies against such the applicable Borrower shall not be impaired by, any action or inaction of the L/C Letter of Credit Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law applicable law or any order of a jurisdiction where the L/C Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Issuer shall not be responsible to any Borrower for, and the L/C Issuer’s rights and remedies against such Borrower the Borrowers shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the such applicable L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the no L/C Issuer shall not be responsible to any the Borrower for, and the no L/C Issuer’s rights and remedies against such the Borrower shall not be impaired by, any action or inaction of the any applicable L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the any applicable L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 Exhibit 10.3 Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such Law law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of CreditCredit issued by such L/C Issuer, and (ii) the rules of the UCP shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected issued by such Borrower or the beneficiary of such Letter of Credit)L/C Issuer. Notwithstanding the foregoing, the no L/C Issuer shall not be responsible to any Borrower for, and the no L/C Issuer’s rights and remedies against such any Borrower shall not be impaired by, any action or inaction of the such L/C Issuer that is consistent with this Agreement and that is required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the such L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit an L/C is issued (including any such agreement applicable to an Existing Letter of CreditL/C), (i) the rules of the ISP shall apply to each standby Letter of CreditL/C and each Bond L/C, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits (“UCP”), as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). L/C. Notwithstanding the foregoing, the each L/C Issuer shall not be responsible to any Borrower for, and the such L/C Issuer’s rights and remedies against such Borrower shall not be impaired by, any action or inaction of the such L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditL/C or this Agreement, including the Law or any order of a jurisdiction where the such L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 L/C chooses such Law law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Letter of Credit Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Letter of Credit Issuer shall not be responsible to any the Borrower for, and the L/C Letter of Credit Issuer’s rights and remedies against such the Borrower shall not be impaired by, any action or inaction of the L/C Letter of Credit Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law applicable law or any order of a jurisdiction where the L/C Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.. 3.10

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the applicable Borrower Agent, when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuanceUCP shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Issuer shall not be responsible to any Borrower for, and the L/C Issuer’s rights and remedies against such Borrower the Borrowers shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the such applicable L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the no L/C Issuer shall not be responsible to any the Borrower for, and the no L/C Issuer’s rights and remedies against such the Borrower shall not be impaired by, any action or inaction of the any applicable L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the any applicable L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the applicable Borrower when a Letter of Credit an L/C is issued (including any such agreement applicable to an Existing Letter of CreditL/ C), (i) the rules of the ISP shall apply to each standby Letter of CreditL/C and each Bond L/C, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits (“UCP”), as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). L/C. Notwithstanding the foregoing, the each L/C Issuer shall not be responsible to any Borrower for, and the such L/C Issuer’s rights and remedies against such Borrower shall not be impaired by, any action or inaction of the such L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditL/C or this Agreement, including the Law or any order of a jurisdiction where the such L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 L/C chooses such Law law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Issuer shall not be responsible to any Borrower for, and the L/C Issuer’s rights and remedies against such Borrower the Borrowers shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the an L/C Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuanceUCP shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the no L/C Issuer shall not be responsible to any Borrower for, and the no L/C Issuer’s rights and remedies against such any Borrower shall not be impaired by, any action or inaction of the such L/C Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law or any order of a jurisdiction where the such L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Letter of Credit Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Letter of Credit Issuer shall not be responsible to any the Borrower for, and the L/C Letter of Credit Issuer’s rights and remedies against such the Borrower shall not be impaired by, any action or inaction of the L/C Letter of Credit Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law applicable law or any order of a jurisdiction where the L/C Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, 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 law or practice.

Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Letter of Credit Issuer and the applicable Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit (it being understood that the applicable Borrower may request that any particular Letter of Credit be governed by either the ISP or the UCP, as selected by such Borrower or the beneficiary of such Letter of Credit). Notwithstanding the foregoing, the L/C Letter of Credit Issuer shall not be responsible to any the Borrower for, and the L/C Letter of Credit Issuer’s rights and remedies against such the Borrower shall not be impaired by, any action or inaction of the L/C Letter of Credit Issuer required or permitted under any Law law, order, or practice that is required or permitted to be applied to any Letter of CreditCredit or this Agreement, including the Law applicable law or any order of a jurisdiction where the L/C Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - 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 law or practice.