ISP98 definition

ISP98 means the “International Standby Practices 1998published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).
ISP98 has the meaning set forth in Section 2.03(h).

Examples of ISP98 in a sentence

AS TO MATTERS NOT ADDRESSED BY THE ISP98, AND TO THE EXTENT NOT INCONSISTENT WITH THE ISP98 OR THE TERMS OF THIS LETTER OF CREDIT, THIS LETTER OF CREDIT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, ARTICLE 5 OF THE UNIFORM COMMERCIAL CODE OF THE STATE OF NEW YORK) AND APPLICABLE U.S. FEDERAL LAW.

As to matters not governed by ISP98, this Letter of Credit shall be governed by and construed in accordance with the laws of the State of New York, including, to the extent not inconsistent with ISP98, the Uniform Commercial Code as in effect in the State of New York.


More Definitions of ISP98

ISP98 means the “International Standby Practices 1998published by the International Chamber of Commerce in ICC publication No. 590 (1998), or such later version thereof as may be in effect at the time of issuance of a Letter of Credit stated to be governed by the ISP98.
ISP98 has the meaning provided in Section 3.02(g)(iii) (Letters of Credit).
ISP98 has the meaning assigned to that term in Section 2.2.