Common use of Expropriation Clause in Contracts

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other Contracting State shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State except for a public purpose related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalizationnationalisation, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory nondiscriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed calculated in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date")earlier. Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the onthe valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also shallalso include interventions or regulatory measures by a Contracting State Party that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, ,control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other Contracting State shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State except for a public purpose related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen choosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date ▇▇▇▇ and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalentinterest, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid lo the investor in a freely convertible currency and allowed to the investorbe freely transferred without delay. 2. In light of the principles set out in paragraph 1 and without Without prejudice to the his rights of the investor under Article 9 of this Agreement, the investor affected shall have the a right to prompt review review, under die law of the Contracting State making the expropriation, by a judicial or other competent and independent authority of the that Contracting State which made the expropriationState, of its caseease, including the valuation of its investment and the payment of compensation therefore, in light of the principles set out in paragraph 1. 3. For further certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the The term "expropriation" shall also include apply to acts of sovereign powers and to interventions or regulatory measures by a Contracting State such as the freezing or blocking of the investment, levying of arbitrary or excessive lax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures, that have a de facto confiscatory or expropriatory effect, effect in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the State of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having such as freezing or blocking of the investment, which have an effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose purpose-related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law lav of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken take or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 8 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State Party which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State Party expropriates the (he assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State Party has an investment, including through though the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one either Contracting State in the territory of the other Contracting State shall not be nationalized, expropriated, dispossessed or subjected subject, directly or indirectly, to direct or indirect measures having of an effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively together referred to as "expropriation") by the other Contracting State except for a public general purpose related relating to the internal needs national interest of that Contracting State and against in return for prompt, adequate and effective compensation and on condition compensation, provided that such measures are recourses have been taken on a non-discriminatory basis and in accordance with due process of law of general applicationgenerally applicable legal procedures. (b) Such This compensation shall amount to is the actual value of the expropriated investment and shall be investment, determined and computed in accordance with internationally recognized valuation principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken expropriation took place or the impending imminent expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "“valuation date"”). Such This compensation shall be is calculated in a freely convertible transferable currency to be chosen by that the investorinvestor chooses, on the basis of the market value of the prevailing market exchange rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than includes the prevailing LIBOR -rate of interest or equivalent, assumed compensation for the project from the date of expropriation until the date of paymentpayment of compensation. (c) Where If the above-mentioned fair market value cannot be readily easily ascertained, the compensation shall will not be determined based on equitable principles taking into account all relevant factors and circumstancescircumstances related to it, such as the capital invested, the nature and duration period of the investment, the replacement value, appreciation, the increase in the value of the investment and current returns, discounted returns The calculated cash flow value, book value and goodwill. The final compensation amount of compensation finally determined shall be promptly is immediately paid to the investorinvestor in a freely convertible currency and allowed to be transferred freely and without delay. 2. In light of the principles set out forth in paragraph 1 1, and without prejudice to the investor's rights of the investor under Article 9 of this Agreement, the aggrieved investor affected shall have the right to prompt review review, by a judicial or other independent competent and independent authority of the that Contracting State which made the expropriationState, of its his case, including the valuation of its investment and the payment of compensation thereforepayments for his investment. 3. For further certainty, expropriation shall include situations where Expropriation also includes cases in which a Contracting State expropriates the assets of a company or enterprise that is incorporated project established or established under the laws in force in its own territory and in which an investor of the other Contracting State has an investment, including investment through the ownership of shares, stocksshares, debentures debentures, rights or other rights or interests. 4. For the purposes of this Agreement, the The term "“expropriation" shall ” also include includes any statutory interventions or regulatory measures by a Contracting State that have a de facto confiscatory such as freezing or expropriatory effectrestricting an investment, in that their imposing special or excessive financial restrictions on an investment, the compulsory sale of all or part of an investment, or other similar measures having the same effect as expropriation, which results in really depriving the investor in fact from of his ownership, control ownership or substantial benefits dominance over his investment or which his fundamental interests in it, or that may result in a loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other Contracting State shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State except for a public purpose related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen choosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a the prevailing commercial rate established on a market basisrate, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalent, from the date of expropriation until the date of payment. (c) . Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investorinvestor in a convertible currency and allowed to be freely transferred without delay. 2. In light of the principles set out in paragraph 1 and without Without prejudice to the his rights of the investor under Article 9 of this Agreement, the investor affected shall have the a right to prompt review review, under the law of the Contracting State making the expropriation, by a judicial or other competent and independent authority of the that Contracting State which made the expropriationState, of its case, including the valuation of its investment and the payment of compensation therefore, in light of the principles set out in paragraph 1. 3. For further certaintythe avoidance of doubt, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the The term "expropriation" shall also include apply to interventions or regulatory measures by a Contracting State such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable measures, that have a de facto confiscatory or expropriatory effect, effect in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action intervention by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the state territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory nondiscriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment investment, and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken expropriation took place or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State Party expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State Party has an investment, including through though the ownership of shares, stocks, debentures or other rights or interests., 4. (d) For the purposes purpose of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, Party such as the freezing or blocking seizure of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measuresa legal investment and its activities. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one any of the Contracting State Parties in the territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed expropriated or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are were taken on a non-non- discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment investments and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State Party expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State Party has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 43. For the purposes of this Agreement, the term "expropriation" shall also include any interventions or regulatory measures by a Contracting State Party that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax taxes on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one or e Contracting State Party in the territory of the other Contracting State Party shall not be nationalized, . expropriated, . dispossessed or subjected to direct or indirect measures having laving effect equivalent to nationalization, . expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, . adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, . whichever is the earlier (hereinafter referred to as the "valuation violation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, . on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, . however, . in no event less than the prevailing LIBOR -rate LIBOR-rate of interest or equivalent, . from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, . the compensation shall be determined on m equitable principles taking into account all relevant factors and circumstances, . such as the capital invested, . the nature and duration of the investment, . replacement value, . appreciation, . current returns, . discounted cash flow value, . book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, . the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State Party which made the expropriation, . of its case, . including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, . expropriation shall include situations where a Contracting State Party expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State Party has an investment, . including through the ownership of shares, . stocks, . debentures or other rights or interests. 4. For the purposes of this Agreement, . the term "expropriation" shall also include interventions or regulatory measures by a Contracting State Party that have a de facto Jacto confiscatory or expropriatory effect, . in that their effect results in depriving the investor in fact from his ownership, . control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, . such as the freezing or blocking of the investment, . levying of arbitrary or excessive tax on the particular investment, . compulsory sale of all or part of the investment, . or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, . as a result of an action by a Contracting State Party in any company in which investment is made by investors of the other Contracting State, Party. the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State Party which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State Party expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State Party has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the The term "expropriation" shall also include interventions or regulatory measures by a Contracting State Party that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax taxes on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other Contracting State shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State except for a public purpose related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen choosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a the prevailing commercial rate established on a market basisrate, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without Without prejudice to the his rights of the investor under Article 9 of this Agreement, the investor affected shall have the a right to prompt review review, under the law of the Contracting State making the expropriation, by a judicial or other competent and independent authority of the that Contracting State which made the expropriationState, of its case, including the valuation of its investment and the payment of compensation therefore, in light of the principles set out in paragraph 1. 3. For further certaintythe avoidance of doubt, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the The term "expropriation" shall also include apply to interventions or regulatory measures by a Contracting State such as the freezing or blocking of the investment, levying of arbitrary of excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable measures, that have a de facto confiscatory or expropriatory effect, effect in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action intervention by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-non- discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated paid in a freely convertible currency to be chosen by the investor, on the basis of the investor at prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having an effect equivalent to nationalization, expropriation or dispossession dispossession, such as freezing the investment or imposing an unjustified or exaggerated tax or any other measures having the same effect as expropriation (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs national benefit of that Contracting State Party, and against prompt, adequate and effective compensation and on the condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general applicationgenerally applicable legal procedures. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with the internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time investment, immediately before the expropriatory action measure was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the fair market value of the prevailing market exchange rate of exchange for that currency on the valuation date and shall include interest at an appropriate amount to compensate for any loss that may occur due to a commercial rate established on a market basis, however, delay in no event less than the prevailing LIBOR -rate of interest or equivalentpayment, from the date of expropriation until the date of paymentactual payment date, provided that the investor is not responsible for such delay. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on the basis of equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of circumstances related to the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investorinvestor in a freely convertible currency and without delay. 2. In light of the principles set out in paragraph Paragraph 1 and without prejudice to the rights of the investor under Article 9 10 of this Agreement, the affected investor affected shall have the right to prompt review of his case, by a judicial or other competent specialized and independent authority of the that Contracting State Party which made the expropriation, of its case, including the valuation of its evaluating his investment and the payment of compensation thereforethereon. 3. For further certainty, expropriation Expropriation shall also include situations where a Contracting State Party expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State Party has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other Contracting State shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "“expropriation"”) by the other Contracting State except for a public purpose related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "“valuation date"”). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "“expropriation" ” shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) 1. Investments made by of investors of one of the Contracting State Parties shall not, in the territory of the other Contracting State shall not Party, be nationalizedde jure or de facto, expropriatedwholly or partially, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation expropriation, or dispossession any measure having similar effects (hereinafter collectively referred to as in Followed by "expropriation") by the other Contracting State ), except for a public purpose related to the internal needs purposes or for reasons of that Contracting State national interest and against prompttimely, adequate and effective compensation and on condition provided that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general applicationthe procedures established by law. (b) Such 2. The compensation provided for in paragraph 1 of this Article shall amount be equivalent to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at on the time date immediately before preceding the expropriatory action date on which the expropriation was taken made or in which the impending expropriation became publicly knowndecision was officially announced. In the case where an expropriation is a mixed company constituted in the territory of one of the Contracting Parties, whichever is the earlier (hereinafter referred compensation payable to as the "valuation date"). Such compensation investor of the other Contracting Party shall be calculated in a freely convertible currency to be chosen by taking into account the investor, on 's participation in the basis mixed company in accordance with The constitutive documents of the prevailing market rate latter. 3. Compensation will be paid without undue delay and in any case within three months of exchange for that currency the date on which the valuation date and shall include amount of compensation has been determined. Compensation will be added to the interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate of interest or equivalent, from the expiration date of expropriation until the date of payment, calculated at the official discount rate set by the central bank of the Contracting Party in whose territory the investment was made. (c) Where 4. Compensation will be paid in currency freely convertible at the above-mentioned fair market value cannot rate applicable on the date immediately preceding the date on which the expropriation was effected or where the expropriation decision was officially announced. Such compensation will be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration freely transferable. 5. In view of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount provisions of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected of one of the two Contracting Parties who denounces that all or part of his investment has been expropriated shall have the right to prompt review timely examine such complaint by a the competent judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor Administrative authorities of the other Contracting State has an investment, including through Party in order to determine whether the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effectexpropriation took place and, in that their effect results in depriving the investor in fact from his ownershipa positive case, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, whether such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to expropriation and any compensation would be in accordance with the principles of international law and in order to decide on all other matters It is connected. 6. The provisions of this Article shall also exist whenapply to all types of profits, as a result of an action by a Contracting State and, in any company in which investment is made by investors the event of the other Contracting Statewinding-up of the investment, to the investment is impaired in substanceincome deriving from it from the investor.

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other Contracting State shall not be nationalizednationalised, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalizationnationalisation, expropriation or dispossession (hereinafter collectively referred to as "“expropriation"”) by the other Contracting State except for a public purpose related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "“valuation date"”). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a the prevailing commercial rate established on a market basisrate, however, in no event less than the prevailing LIBOR -rate – rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as in particular the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investorinvestor in a freely convertible currency and allowed to be freely transferred without delay. 2. In light of the principles set out in paragraph 1 and without Without prejudice to the his rights of the investor under Article 9 of this Agreement, the investor affected shall have the a right to prompt review review, under the law of the Contracting State making the expropriation, by a judicial or other competent and independent authority of the that Contracting State which made the expropriationState, of its case, including the valuation of its investment and the payment of compensation therefore, in light of the principles set out in paragraph 1. 3. For further certaintythe avoidance of doubt, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes The provisions of this Agreement, the term "expropriation" Article shall also include apply to interventions or regulatory measures by a Contracting State such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable measures, that have a de facto confiscatory or expropriatory effect, effect in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments investments made by investors of one Contracting State Party in the territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected subject, directly or indirectly, to direct or indirect measures having of an effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation"“Expropriation”) by the other Contracting State contracting party except for a public general purpose related to the internal needs national interest of that Contracting State contracting party and against promptin return for immediate, adequate and effective compensation and on condition compensation, provided that such those measures are were taken on a non-discriminatory basis and in accordance with due process of law of general applicationgenerally applicable legal procedures. (b) Such The amount of such compensation shall amount to be the actual value of the expropriated investment and shall be investment, determined and computed in accordance with internationally recognized valuation principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before prior to the expropriatory action was taken expropriation taking place or the impending imminent expropriation became publicly knownbecoming public, whichever is the earlier earlier; (hereinafter referred to as “the "valuation date"date of the valuation" (when the occurrence is known). Such .” This compensation shall be is calculated in a freely convertible currency to be chosen by the investor, investor on the basis of the market value of the exchange rate prevailing market rate of exchange for that currency on the valuation date and shall include includes interest at a the prevailing commercial market rate established based on a the market basisrate, however, Provided that it is not in no event any way less than the prevailing LIBOR -rate of interest rate in London banks (Libor) or equivalent, its equivalent from the date of expropriation until the date of payment. (c) Where If the above-mentioned fair market value cannot be readily easily ascertained, the compensation shall be is determined based on equitable principles principles, taking into account all relevant factors and circumstancescircumstances related to it, such as the capital invested, the nature and duration period of the investment, replacement value, appreciationdepreciation, current returns, discounted calculated cash flow value and book value, book value and goodwillcommercial fame. The final compensation amount of compensation finally determined shall be promptly is paid immediately to the investor. 2. In light of the principles set out forth in paragraph 1 Paragraph (1) and without prejudice to the rights of the investor under contained in Article 9 of this Agreement, the affected investor affected shall have the right to prompt an immediate review of his case by a judicial authority or other independent competent and independent authority of the Contracting State which made Party that has expropriated the expropriation, of its caseproperty, including the valuation Including an assessment of its his investment and the payment of compensation thereforepayments for that investment. 3. For further certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "“expropriation" shall ” also include includes interventions or regulatory measures legal procedures carried out by a Contracting State contracting party that have a de facto confiscatory or expropriatory effect, in the same effect as expropriation and that their effect results result in depriving the investor in fact from of his ownership, control ownership or substantial benefits dominance over or his essential interests in his investment or which that may result in a loss or damage to the economic value of the investment, such as the freezing or blocking seizure of the investment, levying the imposition of an arbitrary or excessive tax on the investment, the compulsory sale of all or and part of the investment, or other comparable acts or similar measures. 54. A claim to compensation in accordance with In the principles and provisions of this Article shall also exist when, as a result of an action by event that a Contracting State Party expropriates the assets of a company created or incorporated under the law in force in any company part of its territory, in which investment is made by investors of the other Contracting StateParty own shares, it shall, to the investment is impaired extent necessary, to secure compensation in substanceaccordance with this Article, be available to those investors.

Expropriation. (a) Investments made by investors of one any Contracting State Party in the territory of the State of the other Contracting State Party shall not be nationalized, expropriated, dispossessed expropriated or subjected to direct or indirect measures having effect equivalent to nationalization, nationalization or expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are were taken on a non-discriminatory basis and in accordance with due process legislation of law the state of general applicationthe Contracting Party. (b) Such compensation shall amount to the actual value of the expropriated investment investments and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State Party expropriates the assets of a company or enterprise that is incorporated or established under the laws national legislation of the state of the Contracting Party in force in its own territory in which an investor of the other Contracting State Party has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 43. For the purposes of this Agreement, the term "expropriation" shall also include any interventions or regulatory measures by a Contracting State Party that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax taxes on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the state territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the he actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately immediateh before the expropriatory expropriator action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by b; the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest losses of the investor from the date of expropriation to the date of the compensation payment, calculated at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate - rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily legaly ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State Party which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State Party expropriates the assets of a company or enterprise enterpi se that is incorporated or established under the laws in force in its own state territory in which an investor of the other Contracting State Party has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that Party on which their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State Party in any company in which investment is made by investors of the other Contracting StateParty, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other either Contracting State shall not be nationalized, expropriated, dispossessed expropriated or subjected to direct or indirect measures having effect equivalent to nationalization, nationalization or expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State except for a the public purpose interest related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application, and are not contrary to any undertaking which that Contracting State may have given to the investor. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the investment expropriated investment at the time immediately before the expropriatory action was taken expropriation or the impending expropriation became publicly known, whichever is known in such a way as to effect the earlier value of the investment (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and date. Such compensation shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate of interest or equivalentcommercial market rate, from the date of expropriation until the date of payment. (c) . Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstancesaccount, such as inter alia, the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value goodwill and goodwillother relevant factors. The amount of compensation finally determined shall be promptly paid to the investorinvestor in freely convert-ible currency and allowed to be transferred without delay. (2. In light of the principles set out in paragraph 1 and ) The investor affected shall, without prejudice to the his rights of the investor under Article 9 of this Agreement, the investor affected shall have the a right to prompt review review, under the law of the Contracting State making the expropriation, by a judicial or other competent and independent authority of the that Contracting State which made the expropriationState, of its case, including of the valuation of its investment investment, and of the payment amount of compensation thereforecompensation, in accordance with the principles set out in paragraph (1). (3. For further certainty, expropriation ) The provisions of paragraphs 1 and 2 of this Article shall include situations also apply where a Contracting State expropriates the assets investment of a company juridical person which is established or enterprise that is incorporated or established under the laws law in force in its own territory and in which an investor of the other Contracting State has an investment, including through the ownership or any of its investors own shares, stocks, debentures or other rights or interests. (4. For the purposes ) The provisions of this AgreementArticle shall apply to any direct or indirect measure of expropriation, nationalization or other similar measures such as freezing, blocking of assets, levy of unreasonable taxation, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, any state intervention, impairment, deprivation of management or other comparable acts control of any kind with respect to, or a measure resulting in loss of or damage to the economic value of such an investment, if the effect of such measure or a series of such measures, would be tantamount to expropriation. (5. ) A claim to compensation in accordance with the principles and provisions of this Article Agreement shall also exist when, as a result of an action intervention by a Contracting State in any company in which investment is investments are made by investors of the other Contracting State, the investment is impaired in substancesubstantially affected.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the State of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having such as freezing or blocking of the investment, which have an effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "“expropriation"”) by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken take or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "“valuation date"”). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate – rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 8 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State Party which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State Party expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State Party has an investment, including through though the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalizationnationalisation, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed calculated in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date")earlier. Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State Party that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other Contracting State shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State except for a public purpose related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen choosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate LIBOR- rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further farther certainty, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownershipwonership, control or of substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax taxes on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (aA) Investments made by investors of one a Contracting State in the territory of the other Contracting State State, shall not be nationalized, nationalized or expropriated, dispossessed acquired or subjected to subjugated, in a direct or indirect measures manner, to procedures having effect equivalent to nationalization, nationalization or expropriation or dispossession (hereinafter collectively referred to collectively as after "expropriation") by the other Contracting State State, except for a public purpose related to general purpose, and in the internal needs national interest of that Contracting State State, and against in return for a prompt, adequate and effective compensation and on condition compensation, provided that such measures are those actions have been taken on a non-discriminatory the basis of non- discrimination and in accordance with due process of law of general applicationlegal procedures applicable in general. (bB) Such The amount of this compensation shall amount to be the actual value of the expropriated investment investment, and shall be is determined and computed calculated in accordance with the internationally recognized principles of valuation principle on the basis of the fair market value of the expropriated investment at a time that precedes an expropriation or where the time immediately before the expropriatory action was taken or the impending investment expropriation became publicly knownknow, whichever is the earlier known before (hereinafter referred to as the "valuation datedate of assessment"). Such This compensation shall be is calculated in a freely convertible currency to be chosen by the investor, investor on the basis of the market value of the exchange rate prevailing market rate of exchange for that currency on the valuation date and shall include includes interest at a market price. The commercial rate established on a market basisinterest, however, should not be less in no event less than any way on the prevailing LIBOR -rate interest rate at the banks of interest London (LIBOR) or equivalent, equivalent from the date of expropriation until the date of payment. (cC) Where If the above-mentioned fair market value mentioned above cannot be readily easily ascertained, the compensation shall will be determined based on equitable the principles of fairness, taking into account all relevant the factors and circumstancescircumstances related to it, such as the capital invested, and the nature and duration of the investment, replacement value, appreciationthe increase in investment and ongoing revenue value, current returns, discounted the calculated value of the cash flow valueflow, book value and goodwillreputation. The exact amount of compensation is finally determined shall be promptly paid immediately to the investorMscher. 2. In the light of the principles set out forth in paragraph 1 1, and without prejudice to the rights of the investor under mentioned in Article 9 of this AgreementConvention, the affected investor affected shall have has the right to prompt an immediate review of his case by a the judicial or other competent and independent authority of the Contracting State in which made the expropriation, of its caseexpropriation takes place, including the valuation assessment of its the investment and compensation payments for the payment of compensation thereforeinvestment. 3. For further certaintyclarity, expropriation shall include situations where includes cases in which a Contracting State expropriates assumes ownership of the assets of a company or enterprise that is incorporated a project created or established under the laws in force in its own territory in which territory, who has an investor of the other Contracting State has an investmentinvestment in it, including through the ownership of sharesstocks and shares and debt securities, stocks, debentures rights or other rights or interestsbenefits. 4. For the purposes of this Agreement, the term "expropriationExpropriation" shall also include interventions or regulatory measures taken by a Contracting the State and that have a de facto confiscatory or expropriatory the same expropriation effect, in that their effect results in depriving which deprives the investor in fact from of his ownershipeffective ownership or dominion over, control or substantial benefits over the core of his investment or which may result in loss or damage to the economic value of the investment, such as freezing of applicable interests, the freezing or blocking of the investment, levying imposition of arbitrary or excessive tax on the investment, or compulsory sale of all or part of the investment, or other comparable acts or measuressimilar procedures. 5. A claim to Claims for compensation in accordance with the principles and provisions of this Article article, shall also exist when, be made when the investment is threatened as a result of an action by a Contracting State actual state intervention in any company in which the investment is made by investors an investor of the other Contracting State, and the investment damage is impaired in substanceat the substance of the investment.

Expropriation. (a) Investments made by investors of one Contracting State in the territory of the other Contracting State shall not be nationalizednationalised, expropriated, dispossessed or subjected to direct or indirect measures having effect equivalent to nationalizationnationalisation, expropriation or dispossession (hereinafter collectively referred to as "expropriation") by the other Contracting State except for a public purpose related to the internal needs of that Contracting State and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "valuation date"). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a the prevailing commercial rate established on a market basisrate, however, in no event less than the prevailing LIBOR -rate — rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as in particular the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investorinvestor in a freely convertible currency and allowed to be freely transferred without delay. 22 . In light of the principles set out in paragraph 1 and without Without prejudice to the his rights of the investor under Article 9 of this Agreement, the investor affected shall have the a right to prompt review review, under the law of the Contracting State making the expropriation, by a judicial or other competent and independent authority of the that Contracting State which made the expropriationState, of its case, including the valuation of its investment and the payment of compensation therefore, in light of the principles set out in paragraph 1. 33 . For further certaintythe avoidance of doubt, expropriation shall include situations where a Contracting State expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State has an investment, including through the ownership of shares, stocks, debentures or other rights or interests. 44 . For the purposes The provisions of this Agreement, the term "expropriation" Article shall also include apply to interventions or regulatory measures by a Contracting State such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable measures, that have a de facto confiscatory or expropriatory effect, effect in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 55 . A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the State of the other Contracting State Party shall not be nationalized, expropriated, dispossessed or subjected to direct or indirect measures having such as freezing or blocking of the investment, which have an effect equivalent to nationalization, expropriation or dispossession (hereinafter collectively referred to as "“expropriation"”) by the other Contracting State Party except for a public purpose related to the internal needs of that Contracting State Party and against prompt, adequate and effective compensation and on condition that such measures are taken on a non-discriminatory basis and in accordance with due process of law of general application. (b) Such compensation shall amount to the actual value of the expropriated investment and shall be determined and computed in accordance with internationally recognized principles of valuation on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken take or the impending expropriation became publicly known, whichever is the earlier (hereinafter referred to as the "“valuation date"”). Such compensation shall be calculated in a freely convertible currency to be chosen by the investor, on the basis of the prevailing market rate of exchange for that currency on the valuation date and shall include interest at a commercial rate established on a market basis, however, in no event less than the prevailing LIBOR -rate – rate of interest or equivalent, from the date of expropriation until the date of payment. (c) Where the above-mentioned fair market value cannot be readily ascertained, the compensation shall be determined on equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciation, current returns, discounted cash flow value, book value and goodwill. The amount of compensation finally determined shall be promptly paid to the investor. 2. In light of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article 9 8 of this Agreement, the investor affected shall have the right to prompt review by a judicial or other competent and independent authority of the Contracting State Party which made the expropriation, of its case, including the valuation of its investment and the payment of compensation therefore. 3. For further certainty, expropriation shall include situations where a Contracting State Party expropriates the assets of a company or enterprise that is incorporated or established under the laws in force in its own territory in which an investor of the other Contracting State Party has an investment, including through though the ownership of shares, stocks, debentures or other rights or interests. 4. For the purposes of this Agreement, the term "expropriation" shall also include interventions or regulatory measures by a Contracting State that have a de facto confiscatory or expropriatory effect, in that their effect results in depriving the investor in fact from his ownership, control or substantial benefits over his investment or which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying of arbitrary or excessive tax on the investment, compulsory sale of all or part of the investment, or other comparable acts or measures. 5. A claim to compensation in accordance with the principles and provisions of this Article shall also exist when, as a result of an action by a Contracting State in any company in which investment is made by investors of the other Contracting State, the investment is impaired in substance.

Expropriation. (a) Investments made by investors of one Contracting State Party in the territory of the other Contracting State Party shall not be nationalizednationalised, expropriated, dispossessed or subjected to any direct or indirect measures having an effect equivalent to nationalizationnationalisation, expropriation or dispossession (hereinafter collectively referred to generally as "expropriation") by the other Contracting State Party, except in the case of measures taken in the public interest for a public purpose related to the internal needs purposes of that Contracting State Party, subject to the prompt payment of effective and against prompt, adequate and effective compensation and on condition provided that such measures are taken on a non-discriminatory basis and in accordance with due process of law a lawful procedure of general application. (b) Such The amount of such compensation shall amount will correspond to the actual real value of the expropriated investment and shall will be determined and computed calculated in accordance with internationally recognized principles of accepted valuation principles, based on the basis of the fair market value of the expropriated investment at the time immediately before the expropriatory action was taken expropriation takes place or the impending expropriation became publicly knownintention to expropriate is made public, whichever is the earlier occurs first (hereinafter referred to as the "valuation date"). Such The compensation shall will be calculated in a freely convertible currency to be chosen by currency, at the option of the investor, on the basis of the exchange rate prevailing market rate of exchange for that currency on the valuation date Valuation Date and shall will include interest at a commercial rate established on a market basisbasis - which may not, however, in no event be less than the prevailing LIBOR -rate of interest rate or equivalent, an equivalent rate - from the date of expropriation until the date of payment. (c) Where If the above-mentioned fair market value referred to above cannot be readily ascertainedestimated, the amount of compensation shall will be determined on the basis of equitable principles taking into account all relevant factors and circumstances, such as the capital invested, the nature and duration of the investment, replacement value, appreciationcapital gains, current returnsincome, discounted cash flow net present value, book value and goodwill. The Once the amount of compensation has been finally determined shall determined, it will be promptly paid to the investorinvestor without delay. 2. In light On the basis of the principles set out in paragraph 1 and without prejudice to the rights of the investor under Article article 9 of this Agreement, the investor affected shall have the right be entitled to prompt seek review as soon as possible, by a judicial authority or other competent and independent authority of the Contracting State which made Party making the expropriation, in the case of its casethe investor, including the valuation of its investment and the payment of compensation thereforecompensation. 3. For further certaintythe sake of clarity, expropriation it is agreed that the term "expropriation" shall include situations where a of expropriation, by one of the Contracting State expropriates Parties, the assets of a company or an enterprise that is incorporated or constituted established under the laws in force in its own territory in which an investor of the other Contracting State Party has made an investment, including through in the ownership form of shares, stocks, debentures or stocks and other rights or interestsforms of participation. 4. For the purposes of this Agreement, the term "expropriation" shall will also include cover the interventions or regulatory measures by a either of the Contracting State that Parties who have a de facto confiscatory or expropriatory effectequivalent to expropriation, in the sense that their these measures have the effect results in depriving of removing effectively the investor in fact from of his ownership, ownership or control of the investment or substantial benefits over his investment therefrom, as well as the interventions or measures which may result in loss or damage to the economic value of the investment, such as the freezing or blocking of the investment, levying the lifting of arbitrary or excessive tax taxes on the investment, the compulsory sale of all or any part of the investment, investment or other comparable acts actions or similar measures. 5. A claim to compensation in In accordance with the principles and provisions of this Article shall Article, a claim for compensation may also exist when, as be made where a result measure taken by one of an action by the Contracting Parties in respect of a Contracting State in any company in which investment is made by investors of the other Contracting State, Party have invested has had the investment is impaired in substanceeffect of fundamentally affecting the investment.