ISP Rules definition

ISP Rules is defined in Section 10.9.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

ISP Rules is defined in Section 12.9.

ISP Rules means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

Examples of ISP Rules in a sentence

• Each Letter of Credit shall be governed by, and construed in accordance with, the laws or rules designated in such Letter of Credit or the related Letter of Credit Agreement, or if no laws or rules are designated, the International Standby Practices (ISP98 — International Chamber of Commerce Publication Number 590 (the “ISP Rules”)) and, as to matters not governed by the ISP Rules, the internal laws of the State of New York.

• Each Letter of Credit shall be governed by, and construed in accordance with, the laws or rules designated in such Letter of Credit or the related Letter of Credit Agreement, or if no laws or rules are designated, the International Standby Practices (ISP98 - International Chamber of Commerce Publication Number 590 (the "ISP Rules")) and, as to matters not governed by the ISP Rules, the internal laws of the State of New York.

• Each Letter of Credit shall be governed by, and construed in accordance with, the laws or rules designated in such Letter of Credit or the related Letter of Credit Agreement, or if no laws or rules are designated, the International Standby Practices (ISP98 – International Chamber of Commerce Publication Number 590 (the “ISP Rules”)) and, as to matters not governed by the ISP Rules, the internal laws of the State of New York.

• Unless otherwise expressly agreed by the applicable Issuer and the applicable Borrower when a Letter of Credit is issued, the ISP Rules shall apply to each standby Letter of Credit.

• Unless otherwise expressly agreed by the applicable DSR LC Issuer and the Borrower, when a DSR Letter of Credit is issued, the ISP Rules shall apply to each standby DSR Letter of Credit and as to all matters not governed thereby, the laws of the State of New York shall apply to such matters.

• Unless otherwise expressly agreed by the Issuer and the Borrower when a Letter of Credit is issued, the ISP Rules shall apply to each standby Letter of Credit.

• Unless otherwise expressly agreed by the applicable DSR LC Issuer and the Borrowers, when a DSR Letter of Credit is issued, the ISP Rules shall apply to each standby DSR Letter of Credit and as to all matters not governed thereby, the laws of the State of New York shall apply to such matters.

• Unless otherwise expressly agreed by the Issuing Bank and the Borrower, when a Letter of Credit is issued, the ISP Rules shall apply to each standby Letter of Credit and as to all matters not governed thereby, the laws of the State of New York.

More Definitions of ISP Rules

ISP Rules the International Standby Practices 1998 (International Chamber of Commerce Publication No. 590) and any subsequent revision thereof adopted by the International Chamber of Commerce and in effect on the date a Letter of Credit is issued.

ISP Rules is defined in SECTION 10.9. -18- "ISSUANCE REQUEST" means a Letter of Credit request and certificate duly executed by an Authorized Officer of the Borrower, substantially in the form of EXHIBIT B-2 hereto.