Common use of No Immunities, etc Clause in Contracts

No Immunities, etc. Each Guarantor is subject to civil and commercial law with respect to its obligations under this Agreement and the other Credit Documents, and the execution, delivery and performance by each such Guarantor of any Credit Documents constitute and will constitute private and commercial acts and not public or governmental acts. Neither such Guarantor nor any of its property, whether or not held for its own account, has any immunity (sovereign or other similar immunity) from any suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or other similar immunity) under laws of the jurisdiction in which such Guarantor is organized and existing in respect of its obligations under this Agreement and the other Credit Documents. Each such Guarantor has waived every immunity (sovereign or otherwise) to which it or any of its properties would otherwise be entitled from any legal action, suit or proceeding, from jurisdiction of any court and from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) under the laws of the jurisdiction in which such Guarantor is organized and existing in respect of its obligations under this Agreement and the other Credit Documents. The waiver by each such Guarantor described in the immediately preceding sentence is the legal, valid and binding obligation of such Guarantor.