Common use of Where one Contracting Clause in Contracts

Where one Contracting. Party has provided a financial guarantee against non-commercial risks in respect of an investment made by one of its investors in the territory of the other Contracting Party, the latter Contracting Party shall, once the former Contracting Party has made a first payment in connection with the financial guarantee, recognize the transfer to the former Contracting Party of the economic rights of the investor. Such transfer shall enable the former Contracting Party to be the direct beneficiary of any payments in compensation to which the original investor might be entitled.

Where one Contracting. Party has provided a granted any financial guarantee against non-commercial risks in respect of with regard to an investment made by one of its investors an investor in the territory of the other Contracting Party, the latter Contracting Party shall, once the former Contracting Party has made a first payment in connection with the financial guarantee, shall recognize the transfer to the former Contracting Party of the economic rights of the investor. Such transfer shall enable the former first Contracting Party by virtue of the principle of subrogation to be the direct beneficiary rights of any payments in compensation to which the original investor might be entitledwhen payment has been made under this guarantee by the first Contracting Party.

Where one Contracting. Party has provided a financial guarantee against non-commercial risks in respect of an investment made by one of its investors in the territory of the other Contracting Party, the latter Contracting Party Party, shall, once the former Contracting Party has had made a first payment in connection with the financial guarantee, recognize the transfer to the former Contracting Party of the economic rights of the investor. Such transfer shall enable the former Contracting Party to be the direct beneficiary of any payments in compensation to for which the original investor might be entitled.