Common use of Nationalization or Expropriation Clause in Contracts

Nationalization or Expropriation. 1. The investments to which this Agreement relates shall not be subject to any measure which might limit the right of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless specifically provided by current, national or local legislation and regulations and orders handed down by Courts or Tribunals having jurisdiction. 2. Investments of investors of one of the Contracting Parties shall not be, "de jure" or "de facto", directly or indirectly nationalized, expropriated, requisitioned or subjected to any measure having an equivalent effect in the territory of the other Contracting Party, except for public purposes or national interest and in exchange for immediate full and effective compensation, and on condition that these measures are taken on a non-discriminatory basis and in conformity with all legal provisions and procedures. 3. The just compensation shall be equivalent to the fair market value of the expropriated investment immediately prior to the moment in which the decision to nationalise or expropriate is announced or made public. Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standards. Compensation shall be calculated in a convertible currency at the prevailing exchange rate applicable on the date on which the decision to nationalise or expropriate is announced or made public and shall include interests calculated on the basis of LIBOR Standards from the date of nationalisation or expropriation to the date of payment. Once the compensation has been determined, it shall be paid without undue delay — and in any case within six months — and the authorisation for its transfer abroad — if necessary — issued promptly. 4. In case that the object of the expropriation is a joint-venture constituted in the territory of one of the Contracting Parties, the compensation to be paid to the investor of the other Contracting Party shall be calculated taking into account the share of such investor in the joint-venture, in accordance with its basic documents. 5. A national or company of either Contracting Party that asserts that all or part of its investment has been expropriated shall have the right to prompt review by the appropriate judicial or administrative authorities of the other Contracting Party to determine whether any such expropriation has occurred and, if so, whether such expropriation and any compensation thereof conforms to the principles of international law, and to decide all other matters relating thereto. 6. If, after the dispossession, the expropriated investment has not been utilized, wholly or partially, for that purpose, the owner or his assignees are entitled to repurchase it at the compensation price calculated according to paragraph 3 of this Article.

Nationalization or Expropriation. 1. The investments to which this Agreement relates shall not be subject to any measure which might limit the right of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless specifically provided (a) Investments made by current, national or local legislation and regulations and orders handed down by Courts or Tribunals having jurisdiction. 2. Investments of investors of one of the Contracting Parties shall not be, "de jure" or "de facto", directly or indirectly nationalized, expropriated, requisitioned or subjected to any measure having an equivalent effect State Party in the territory of the other Contracting State Party shall not be subject to nationalization, expropriation, dispossession or direct or indirect measures having an effect equivalent to nationalization, expropriation and dispossession (hereinafter collectively referred to as "expropriation") by the other State Party, except for reasons of public purposes or national interest utility relating to the internal needs of that State. and in exchange for immediate full upon payment of compensation prompt, adequate and effective compensation, and on condition provided that these such measures are taken on a non-discriminatory basis and in conformity accordance with all legal provisions and proceduresthe application due process of law. 3. The just (b) Such compensation shall be equivalent equal to the real value of the expropriated investment and shall be determined and calculated in accordance with internationally accepted principles of valuation on the basis of the fair market value of the nationalized or expropriated investment immediately prior before the nationalization or expropriation measure was taken or the imminent nationalization or expropriation is publicly known, whichever occurs first (hereinafter referred to as the moment in which the decision to nationalise or expropriate is announced or made public"valuation date"). Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standards. Compensation Such compensation shall be calculated in a freely convertible currency at to be chosen by the prevailing investor, based on the market exchange rate applicable prevailing for such currency on the date on which the decision to nationalise or expropriate is announced or made public Valuation Date, and shall include interests calculated interest at a commercial rate fixed on the basis of the market rate, but in no case at a rate less than or equivalent to the prevailing LIBOR Standards interest rate, from the date of nationalisation or expropriation to until the date of payment. Once the compensation has been determined, it shall be paid without undue delay — and in any case within six months — and the authorisation for its transfer abroad — if necessary — issued promptly. 42. In case that For greater certainty, nationalization or expropriation includes situations where a State Party expropriates the object assets of a company or enterprise incorporated or established under the expropriation is a joint-venture constituted laws in the force in its own territory of one of the Contracting Parties, the compensation to be paid to the in which an investor of the other Contracting State Party shall be calculated taking into account has an investment, including through ownership of shares, securities, bonds or other rights or interests. 3. For the share purposes of such this Agreement, the term "nationalization or expropriation" also refers to interventions or regulatory measures adopted by a State Party which have the effect of de facto nationalization or expropriation, in that their effect is to deprive the investor of ownership, of its control or substantial benefits from its investment or which may result in the joint-ventureloss or damage to the economic value of the investment, in accordance with its basic documents. 5such as freezing or blocking the investment, levying arbitrary or excessive taxes on the investment, forced sale, etc. A national or company of either Contracting Party that asserts that all or part of its investment has been expropriated shall have the right to prompt review by the appropriate judicial investment, or administrative authorities of the other Contracting Party to determine whether any such expropriation has occurred and, if so, whether such expropriation and any compensation thereof conforms to the principles of international law, and to decide all other matters relating theretocomparable measures. 6. If, after the dispossession, the expropriated investment has not been utilized, wholly or partially, for that purpose, the owner or his assignees are entitled to repurchase it at the compensation price calculated according to paragraph 3 of this Article.

Nationalization or Expropriation. 1. The Investors' investments to which this Agreement relates in each of the two Contracting Parties, including their profits, shall not be de jure or de facto expropriated or subject to any measure which might limit the right of ownership, possession, control measures having a similar effect to nationalization or enjoyment of the investments, permanently or temporarily, unless specifically provided by current, national or local legislation and regulations and orders handed down by Courts or Tribunals having jurisdiction. 2. Investments of investors of one of the Contracting Parties shall not be, expropriation (hereafter referred to as "de jureexpropriation" or "de facto", directly or indirectly nationalized, expropriated, requisitioned or subjected to any measure having an equivalent effect in ) In the territory of the other Contracting Party, except for public and national interest, jure or de facto, expropriated or subject to measures having a similar effect to nationalization or expropriation (hereafter referred to as "expropriation") in Territory of the other Contracting Party, except for public purposes or and of national interest interest. Expropriation must be carried out in accordance with law and in exchange for immediate full and effective compensation, and on condition that these measures are taken on a non-discriminatory basis and in conformity with all legal provisions will be accompanied by the payment of a prompt, adequate and procedures. 3effective remedy. The just This compensation shall be equivalent to the fair market value of the expropriated investment immediately prior to before the moment in which the expropriation decision to nationalise or expropriate is announced or made public. Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standardshas been announced. Compensation shall be calculated in a convertible currency at must include the prevailing exchange rate applicable on the date on which the decision to nationalise or expropriate is announced or made public and shall include interests interest calculated on the LIBOR basis of LIBOR Standards from the date of nationalisation or expropriation to on the date of payment. Once the compensation has been determined, it shall payment and must be paid made without undue delay — and in any case within six months — two months. It must actually be executable and the authorisation for its transfer abroad — if necessary — issued promptlyfreely transferable in convertible currency. 42. In case that The provisions of this Article shall also apply when a Contracting Party expropriates the object assets of a company constituted under the laws in force in its territory and of which the investors of the expropriation other Contracting Party have shares. Where the subject of the exemption is a joint-venture mixed company constituted in the territory of one of the two Contracting Parties, the compensation to be paid payable to the investor of the other Contracting Party shall be calculated taking into account the share amount of such that investor in the joint-venture, in accordance mixed Compliance with its basic constituent documents. 53. A national or company The investor of either one of the two Contracting Party that asserts Parties claiming that all or part of its the investment has been expropriated hit by expropriation shall have the right to prompt an urgent review by the appropriate competent judicial or administrative authorities of the other Contracting Party in order to determine whether any such expropriation has occurred andmeasure If yes, if so, whether such expropriation this measure and any the compensation thereof conforms to are in conformity with the provisions of this Agreement and the principles of international law, law and in order to decide on all other matters relating theretorelated matters. 64. IfCompensation will be considered effective if paid in the same currency as the foreign investor made the investment, after to the dispossessionextent that this currency is - or remains - convertible, or otherwise, in any other currency accepted by the expropriated investment has not been utilized, wholly or partially, for that purpose, the owner or his assignees are entitled to repurchase it at the compensation price calculated according to paragraph 3 of this Articleinvestor. Compensation must be freely transferable.

Nationalization or Expropriation. 11 . The investments to which Investments covered by this Agreement relates shall will not be subject to any measure which might limit that may have the right effect of ownershiplimiting, in a fixed or indefinite manner, the rights of possession, control or and enjoyment of the investments, permanently or temporarilyrights to them, unless specifically provided by currentnational laws or regulations Or local, or as a result of administrative decisions and judgments issued by the competent judicial authorities. . Investments covered by this Agreement will not be subject to any measure that may have the effect of limiting, in a fixed or indefinite manner, the rights of possession, control and enjoyment of rights to them, unless specifically provided by national laws or local legislation regulations Or local, or as a result of administrative decisions and regulations and orders handed down judgments issued by Courts or Tribunals having jurisdictionthe competent judicial authorities. 22 . Investments Investors of investors of one of the Contracting Parties shall not be, "de jure" or "de facto", directly or indirectly be nationalized, expropriated, requisitioned seized, or subjected to any measure measures having an equivalent effect similar effects in the territory of the other Contracting Party, except for the sake of public purposes or interest for reasons of national interest and in exchange for immediate against an immediate, full And effective compensation and effective compensation, and on condition provided that these such measures are taken on a non-discriminatory basis and in conformity accordance with all legal provisions and procedures. 3. The just . Investors of Contracting Parties shall not be nationalized, expropriated, seized, or subjected to measures having similar effects in the territory of the other Contracting Party, for the sake of public interest for reasons of national interest and against an immediate, full And effective compensation and provided that such measures are taken on a non-discriminatory basis and in accordance with all legal provisions and procedures. Compensation shall be equivalent to the fair market value of the expropriated investment immediately prior to before the moment in date on which the decision to nationalise actual nationalization, expropriation or expropriate is confiscation has been announced or made public. Whenever there are difficulties In the absence of an agreement between the Contracting Party on whose territory the investment is made and the investor in ascertaining the fair market valuenationalization or expropriation procedure, it the compensation shall be determined according to based on the internationally acknowledged evaluation standardssame benchmarks and exchange rates as those used in the constitutive documents investment. 3 . Compensation shall be calculated equivalent to the fair market value of the nationalized, expropriated or confiscated property in a convertible currency at order to reintegrate the prevailing investor into the same credit position as if it were found that expropriation or nationalization measures had not been taken. . Compensation shall be equivalent to the fair market value of the nationalized, expropriated or confiscated property in order to reintegrate the investor into the same credit position as if it were found that expropriation or nationalization measures had not been taken. 4 . The exchange rate applicable to any compensation shall be that prevailing on the date on which immediately preceding when the decision to nationalise nationalize or expropriate is has been announced or made public and public. . The exchange rate applicable to any compensation shall include interests calculated be that prevailing on the basis of LIBOR Standards date immediately preceding when the decision to nationalize or expropriate has been announced or made public. 5 . Compensation shall be determined without delay and in any case within three months, in the currency in which the investment capital has been provided, or in a freely convertible currency, including accrued interest, payable on a semi- annual Libor as from the date of nationalisation or nationalization Or expropriation to until the date of payment. Once the compensation has been determined, it . Compensation shall be paid determined without undue delay — and in any case within six months — and three months, in the authorisation for its transfer abroad — if necessary — issued promptlycurrency in which the investment capital has been provided, or in a freely convertible currency, including accrued interest, payable on a semi-annual Libor as from the date of nationalization Or expropriation until the date of payment. 46 . In case that the object The provisions of the expropriation is a joint-venture constituted paragraph 2 of this Article shall also apply to income arising from an investment and, in the territory event of one of the Contracting Partiesliquidation, the compensation benefits deriving from such an investment. . The provisions of paragraph 2 of this Article shall also apply to be paid to the investor of the other Contracting Party shall be calculated taking into account the share of such investor income arising from an investment and, in the joint-ventureevent of liquidation, in accordance with its basic documentsthe benefits deriving from such an investment. 57 . A national citizen or a company of either Contracting Party that asserts claiming that all or part of its the investment has been expropriated shall have the right to prompt review by request the appropriate supervision of the competent judicial or administrative authorities of the other Contracting Party to determine whether any such the ' The expropriation has occurred andis this type and in that case, if so, whether such expropriation and any compensation thereof conforms to are in accordance with the recognized principles of international law, law and to decide a decision is made regarding any other related issue. . A citizen or a company of either Party claiming that all other matters relating thereto. 6. If, after or part of the dispossession, the expropriated investment has not been utilizedexpropriated shall have the right to request the supervision of the competent judicial or administrative authorities of the other Party to determine whether the ' The expropriation occurred is this type and in that case, wholly or partially, for that purpose, if such expropriation and any compensation are in accordance with the owner or his assignees are entitled to repurchase it at the compensation price calculated according to paragraph 3 recognized principles of this Articleinternational law and a decision is made regarding any other related issue.

Nationalization or Expropriation. 1. The Covered investments to which this Agreement relates shall not be subject subjected to any measure measures which might limit the right of ownership, possession, control or enjoyment enjoinment of the investments, either permanently or temporarily, unless specifically provided for by current, national or local legislation laws and regulations and regulations, or orders handed down issued by competent Courts or Tribunals having jurisdictionTribunals. 2. Investments Covered investments and the activities connected with a covered investment of investors of one of the Contracting Parties Parties, shall not be, "de jure" or "de facto", directly or indirectly nationalized, expropriated, requisitioned or subjected to any measure through measures having an equivalent effect in the territory of the other Contracting Partyeffect, nationalized, or expropriated, except for a public purposes purpose or national interest and in exchange for immediate full prompt, adequate and effective compensation, and on condition that these measures are taken on a non-non- discriminatory basis and in conformity with all legal provisions and procedures. 3. For greater certainty, except when a measure is so severe in light of its purpose that it results manifestly excessive, general non-discriminatory measures of a Party that are designed and applied to protect legitimate public welfare objectives do not constitute indirect expropriation. 4. The just compensation referred to in paragraph 2, shall be equivalent to the fair market value of the expropriated investment at the time immediately prior to the moment in which the decision to nationalise nationalize or expropriate is was announced or made public. Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standards. Compensation shall be calculated in a convertible currency at the prevailing exchange rate applicable on the date on which the decision to nationalise nationalize or expropriate is was announced or made public public, and shall include interests calculated on the basis of LIBOR Standards EURIBOR index from the date of nationalisation nationalization or expropriation to the date of paymentpayment and shall be freely collectable and transferable. Once the compensation has been determined, it shall be paid without undue delay — and in any case within six months — and the authorisation for its transfer abroad — if necessary — issued promptlydelay. 45. In case that the object of the expropriation is a joint-venture constituted in the territory of one of the either Contracting PartiesParty, the compensation to be paid to the investor of the other a Contracting Party shall be calculated taking into account the share of involvement of such investor in the joint-venture, venture in accordance with its basic documents. 5. A national or company relevant documents and adopting the same evaluations criteria referred to in paragraph 4 of either Contracting Party that asserts that all or part of its investment has been expropriated shall have the right to prompt review by the appropriate judicial or administrative authorities of the other Contracting Party to determine whether any such expropriation has occurred and, if so, whether such expropriation and any compensation thereof conforms to the principles of international law, and to decide all other matters relating theretothis Article. 6. If, after the dispossessionexpropriation, the expropriated investment has does not been utilizedserve the anticipated purpose, wholly or partially, for that purpose, the former owner or his assignees are of his/its assignee/s shall be entitled to repurchase it at it. The price of such expropriated investment shall be calculated with reference to the date on which the repurchasing takes place, adopting the same evaluation criteria taken into account when calculating the compensation price calculated according referred to in paragraph 3 4 of this Article.

Nationalization or Expropriation. 1. The investments to which this Agreement relates shall not be subject to any measure which might limit the right of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless specifically save where Specifically provided by current, current national or local legislation and or regulations and orders handed down by Courts or Tribunals having jurisdiction. 2. Investments investments of investors of one of the a Contracting Parties Party shall not be, "be de jure" jure or "de facto", directly or indirectly nationalizedindirectly, Nationalized, expropriated, requisitioned or subjected to any measure measures having an equivalent effect in the territory of the other Contracting Party, except for public purposes or in national interest and in exchange for immediate immediate, full and effective compensation, and on condition that these measures are taken on a non-discriminatory basis and in conformity with all legal provisions and procedures. 3. The just compensation shall be equivalent established in the national currency on the basis of the real international market values immediately prior to the fair market value of moment on which the expropriated investment decision to nationalize or to expropriate is announced or made public. 4. The exchange rate applicable to any such compensation shall be that prevailing on the date immediately prior to the moment in which the decision to nationalise nationalization or expropriate is expropriation has been announced or made public. 5. Whenever there are difficulties Without restricting the scope of the above paragraph, in ascertaining case that the fair market valueobject of nationalization, it shall expropriation, or similar action by a Contracting Party, is a company with mixed capital, the evaluation of the share of the investor of the other Contracting Party will be determined according to in the internationally acknowledged evaluation standardscurrency of the investment, not lower than the starting value of the investment increased by capital increases and revaluation of capital, undistributed profits and reserve funds and diminished by the value of capital reductions and losses. 6. Compensation shall will be calculated considered as actual if it has been paid in a convertible the same currency at the prevailing exchange rate applicable on the date on in which the decision to nationalise investment has been made by the investor, in as much as such currency is - or expropriate is announced or made public and shall include interests calculated on remains - convertible, or, otherwise, in any other currency accepted by the basis of LIBOR Standards investor. 7. Compensation will be considered as timely if it takes place without undue delay and, in any case, within one month from the date of nationalisation the establishment of the value thereof. 8. Compensation shall include interest calculated on a six Months LIBOR basis from the date of nationalization or expropriation to the date of payment. Once the compensation has been determined, it shall be paid without undue delay — and in any case within six months — and the authorisation for its transfer abroad — if necessary — issued promptly. 4. In case that the object of the expropriation is a joint-venture constituted in the territory of one of the Contracting Parties, the compensation to be paid to the investor of the other Contracting Party shall be calculated taking into account the share of such investor in the joint-venture, in accordance with its basic documents. 59. A national or company of either Contracting Party that asserts that all or part of its investment has been expropriated shall have the a right to prompt review by the appropriate judicial or administrative authorities of the other Contracting Party to determine whether any such expropriation has occurred conforms to national law principles and international law. 10. The provisions of paragraph (2) of this Article shall also apply to profits accruing to an investment and, if soin the event of winding-up, whether such expropriation and any compensation thereof conforms to the principles proceeds of international law, and to decide all other matters relating theretoliquidation. 611. If, after the dispossession, the expropriated investment good concerned has not been utilized, wholly or partially, for that purpose, the owner Owner or his assignees are entitled to repurchase it the repurchasing Of the good at the compensation price calculated according to paragraph 3 of this Articlemarket price.

Nationalization or Expropriation. 1. The investments to which this Agreement relates (a) Investments of either Contracting Party or its natural or legal persons shall not be subject to nationalization, expropriation, or any measure which might limit similar measures except by a decision from the right relevant court based on the applicable laws. (b) Neither Contracting Party, as itself or through one of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless specifically provided by current, national its agencies or local legislation and regulations and orders handed down by Courts institutions, shall take or Tribunals having jurisdiction. 2. Investments of investors of one of the Contracting Parties shall not be, "de jure" or "de facto"authorize any action if this action can, directly or indirectly, affect the ownership of the investment, fully or partially deprive the investor of some of his core rights, prohibit the investor from exercising his power over the asset or the ownership or use of his capital, or from exercising control over the investment, its management, accessing its benefits, making its profits or guaranteeing its growth and prosperity. (c) Neither Contracting Party shall nationalize, expropriate, freeze, or directly or indirectly nationalized, expropriated, requisitioned subject investments of either Contracting Party or subjected any of its natural or legal persons to any measure measures having an equivalent effect to nationalization or expropriation in the territory of the other Contracting Party, except for including levying of taxes and the forced sale of all or part of an investment. All the measures mentioned in Paragraphs (b) and (c) are referred to as "expropriation", unless the expropriation is: (a) For a public purposes or national interest purpose (b) Is carried out under the law and in exchange for immediate full and effective compensation, and on condition that these measures are taken accordance with the constitution of the host country (c) Nondiscriminatory (d) Based on a non-discriminatory basis decision by the relevant legal authorities (e) The legal or administrative bodies in the host country shall grant the right of prompt review to the investor to assess whether the expropriation has taken place and if it was done in conformity accordance with all its legal provisions and regulations. (f) The investor shall have the right to appeal the expropriation or any interim measures in front of the relevant court in the other Contracting Party who executed these procedures. 3. (g) The just expropriation shall be accompanied by adequate, effective and fair compensation. (h) Such compensation shall be equivalent to calculated on the basis of the fair market value of the expropriated investment immediately prior to the moment in which the nationalization or expropriation decision to nationalise or expropriate is was announced or made public. Whenever there are difficulties in ascertaining the fair market valuebecame publicly known, it and shall be determined according to in accordance with the internationally acknowledged evaluation standardsrecognized principles of valuation such as the market value. Compensation Where the market value cannot be readily ascertained, the compensation shall be calculated determined based on equitable principles taking into account the capital invested, depreciation, capital already repatriated, replacement value, goodwill and other relevant factors. In case of delay in the payment of compensation, a compensation amount shall be paid which is to place the investor in a convertible currency at position no less favorable than the prevailing exchange rate applicable position he would have been in had the compensation been paid immediately on the date on which of expropriation or nationalization. To achieve this goal, the decision compensation is to nationalise or expropriate is announced or made public and shall include interests calculated on additional compensation reflecting the basis current market interest rate, in the currency of LIBOR Standards the investment, from the date of nationalisation the expropriation or expropriation to nationalization and until the date of payment. Once a Where a Contracting Party nationalizes or expropriates the compensation has been determined, it shall be paid without undue delay — investment of a legal person that is established or licensed under the law in force in its territory and in any case within six months — and the authorisation for its transfer abroad — if necessary — issued promptly. 4. In case that the object of the expropriation is a joint-venture constituted in the territory of one of the Contracting Parties, the compensation to be paid to the investor of which the other Contracting Party or any of its investors own shares, stocks, debentures or other rights or interests, it shall ensure that prompt, adequate and effective compensation is paid and allowed to be repatriated. Such compensation shall be calculated taking into account the share of such investor in the joint-venture, determined and paid in accordance with its basic documents. 5. A national or company the provisions of either Contracting Party that asserts that all or part of its investment has been expropriated shall have the right to prompt review by the appropriate judicial or administrative authorities of the other Contracting Party to determine whether any such expropriation has occurred and, if so, whether such expropriation and any compensation thereof conforms to the principles of international law, and to decide all other matters relating thereto. 6. If, after the dispossession, the expropriated investment has not been utilized, wholly or partially, for that purpose, the owner or his assignees are entitled to repurchase it at the compensation price calculated according to paragraph 3 of this Article.Paragraph

Nationalization or Expropriation. 1. The investments to which this Agreement relates shall not be subject to any measure which might limit the right of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless save where specifically provided by current, national or local legislation and regulations and orders handed down or regulations, or by Courts or final decision of court of Tribunals having jurisdiction. 2. Investments of investors of one of the Contracting Parties shall not be, "de jure" or "de facto", directly or indirectly be nationalized, expropriated, requisitioned or subjected to any measure measures having an equivalent effect in the territory of the other Contracting Party, except for public purposes or national interest interest. However, such measures shall be subject to prompt and in exchange for immediate full and effective compensation, adequate compensation and on condition that these measures are taken on a non-discriminatory basis and in conformity with all legal provisions and proceduresbasis. 3. The just compensation shall be equivalent to the fair market value of the expropriated investment immediately prior to the moment in which the decision to nationalise or expropriate is announced or made public. Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standards. Compensation shall be calculated in a convertible currency at the prevailing exchange rate applicable on the date on which the decision to nationalise or expropriate is announced or made public and shall include interests calculated established on the basis of LIBOR Standards from the date of nationalisation or expropriation real market values in accordance to the laws as may be decided by a judgment. In case of delay of the payment from this date the value of payment. Once the compensation has been determined, it shall be paid without undue delay — reconsidered according to the price of the present date and in any case within six months — and the authorisation for its transfer abroad — if necessary — issued promptlyplace. 4. In case that the object of the expropriation is a joint-venture constituted in the territory of one of the Contracting Parties, the compensation to Compensation will be paid to the investor of the other Contracting Party shall be calculated taking into account the share of such investor in the joint-venture, in accordance with its basic documentsconsidered as prompt if it takes place without undue delay. 5. A national or company An investor of either Contracting Party party that asserts that all or part of its investment has been expropriated nationalized or expropriated, shall have the a right to prompt review by the appropriate judicial or administrative authorities of the other Contracting Party where the investment was established, to determine whether any such expropriation or nationalization has occurred in fact occured and, if so, so whether such expropriation or nationalization and any compensation thereof conforms to the principles laws and regulation and to the provisions of international lawthis Agreement, and to decide all other matters relating thereto. 6. If, after In the dispossessionabsence of an Agreement between the investor and the authority responsible, the expropriated amount of compensation will be calculated according to the procedures for the Settlement of Disputes in Article 9 of this Agreement. Compensation will be freely transferable.Article 9 of this Agreement. Compensation will be freely transferable. 7. The provisions of paragraph 2, of this Article shall also apply to profits accruing to an investment.paragraph 2, of this Article shall also apply to profits accruing to an investment. 8. If after nationalization or expropriation the investment has concerned is not been utilized, wholly or partially, for that purpose, the owner or his assignees are investor is entitled to repurchase it repurchasing the investment at the compensation price calculated according to paragraph 3 of this Articlemarket price.

Nationalization or Expropriation. 1. The investments to which this Agreement relates shall not be subject to any measure which might limit the right of ownership, possession, control or enjoyment of the investments, permanently or temporarily, unless specifically provided Investment by current, national or local legislation and regulations and orders handed down by Courts or Tribunals having jurisdiction. 2. Investments of investors of one of the either Contracting Parties Party shall not be, "de jure" or "de facto", directly or indirectly nationalized, expropriated, requisitioned or subjected to any measure having an equivalent effect enjoy full protection and security in the territory of the other Contracting Party. 2. Investments by investors of either Contracting Party shall not be, directly or indirectly, expropriated, nationalized or subjected to any other measure the effects of which would be tantamount to expropriation or nationalization in the territory of the other Contracting Party except for the public purposes or national interest and in exchange for immediate against full and effective compensation, and on condition that these measures are taken on a non-discriminatory basis and in conformity with all legal provisions and procedures. 3. The just Such compensation shall be equivalent to the fair market real economic value of the expropriated investment immediately prior to the moment in which the decision to nationalise or expropriate is announced or made public. Whenever there are difficulties in ascertaining the fair market value, it shall be determined according to the internationally acknowledged evaluation standards. Compensation shall be calculated in a convertible currency at the prevailing exchange rate applicable on before the date on which the decision to nationalise actual or expropriate is threatened expropriation, nationalization or comparable measure has been announced or made public publicly known. The compensation shall be paid without undue delay and shall include interests carry interest calculated on the basis of LIBOR Standards from standards until the date time of nationalisation or expropriation to the date of payment. Once the compensation has been determinedpayments, it shall be paid without undue delay — effectively realizable and freely transferable. Provisions shall have been made in any case within six months — an appropriate manner at or prior to the time of expropriation, nationalization, or comparable measure for the determination and payment of such compensation. 3. Investors of either Contracting Party shall enjoy most-favoured nation treatment in the authorisation territory of other Contracting Party in respect of the matter provided for its transfer abroad — if necessary — issued promptlyin this Article. 4. In case that the object of the expropriation is a joint-venture constituted Compensation will be considered as actual if it will have been paid in the territory of one of same currency in which the Contracting Parties, investment has been made by the compensation to be paid to the investor of the other Contracting Party shall be calculated taking into account the share of such investor in the joint-ventureforeign investor, in accordance with its basic documentsas much as such currency is —or remains— convertible, or, otherwise, in any other currency accepted by the investor 5. Compensation will be considered as timely if it takes place without undue delay and, in any case, within six months. 56. A national or company of either Contracting Party that asserts that all or part of its investment has been expropriated shall have the a right to prompt review by the appropriate judicial or administrative authorities of the other Contracting Party to determine whether any compensation of such expropriation has occurred and, if so, whether such expropriation and any compensation thereof conforms is in conformity to the principles laws and regulations of international law, and to decide all other matters relating theretothe expropriating party. 67. If, after the dispossession, the expropriated investment property concerned has not been utilized, wholly or partially, for that purpose, the owner or his assignees are entitled to repurchase it the repurchasing of the good at the compensation price calculated according to paragraph 3 of this Articlemarket price.