This Undertaking shall be deemed commercial in nature and shall not be regarded as a governmental or public act. The Republic waives for itself and its assets and revenues, to the extent permitted by applicable law, any and all immunity from suit, execution, or other legal process in connection with any action or proceedings to obtain or enforce an arbitral award relating to this Undertaking.
Notwithstanding the foregoing, the Republic does not waive any such immunity:
(a) in respect of property which is (i) used by a diplomatic or consular mission of the Philippines, (ii) of a military character and under the control of a military authority or defense agency of the Republic, or (iii) located in the Philippines and dedicated to a public or government use; or
(b) in respect of special accounts with banks outside the Republic of the Philippines which are established pursuant to binding agreements between the Republic and its lenders, are administered by paying agents, and are pledged and used solely to service the Republic's external debt to such lenders.
Nothing in this provision is intended to waive immunity from attachment prior to entry of a judgment in aid of execution of an award.