Common use of Enforcement of Judgments Clause in Contracts

Enforcement of Judgments. A final and conclusive judgment in respect of the Underwriting Agreement obtained against the Companies in the federal courts of the United States of America located in the City and County of New York or courts of the State of New York would be recognised and enforced by Luxembourg courts subject to the applicable enforcement procedure (exequatur). Pursuant to Luxembourg case law, the granting of exequatur is subject to the following requirements: (a) the foreign court order must be enforceable in the country of origin, (b) the court of origin must have had jurisdiction both according to its own laws and to the Luxembourg conflict of jurisdictions rules, (c) the foreign procedure must have been regular according to the laws of the country of origin, (d) the foreign decision must not violate the rights of defense,