Common use of Choice of foreign courts Clause in Contracts

Choice of foreign courts. The Spanish courts will determine the validity of the submission to exclusive jurisdiction contained in clause 14 of the Standard Provisions of the Underwriting Agreement and clause 1.15 of the Indenture, in accordance with the laws of Spain although such agreements are subject to the laws of the State of New York. In view of that, the submission contained in clause 14 of the Standard Provisions of the Underwriting Agreement and clause 1.15 of the Indenture to any federal or state court in the Borough of Manhattan, the City of New York as the dispute resolution proceeding thereunder is valid and shall be recognized and enforced by the Spanish courts in any action or proceedings brought in relation thereto before them, provided that said submission is formally alleged in accordance with the procedural laws of Spain.