Common use of Public Debt Clause in Contracts

Public Debt. 1. The Parties recognize that the purchase of debt issued by a Party entails commercial risk. For greater certainty, no award may be made in favour of a disputing investor for a claim with respect to default or non- payment of debt issued by a Party unless the disputing investor meets its burden of proving that such default or non-payment constitutes an uncompensated expropriation for purposes of Article 10.10 (Expropriation and Nationalisation) or a breach of any other obligation under this Chapter.

Public Debt. 1. The Parties recognize recognise that the purchase of debt issued by a Party entails commercial risk. For greater certainty, no award may shall be made in favour of a disputing investor for a claim under Article 17 (Submission of a Claim) with respect to default or non- non-payment of debt issued by a Party unless the disputing investor meets its burden of proving that such default or non-non- payment constitutes a breach of an obligation under Chapter II (Protection), including an uncompensated expropriation for purposes of pursuant to Article 10.10 6 (Expropriation and Nationalisation) or a breach of any other obligation under this ChapterExpropriation).

Public Debt. 1. The Parties recognize that the purchase of debt issued by a Party entails commercial risk. For greater certainty, no award may be made in favour of a disputing investor for a claim with respect to default or non- non­ payment of debt issued by a Party unless the disputing investor meets its burden of proving that such default or non-payment non­payment constitutes an uncompensated expropriation for purposes of Article 10.10 (Expropriation and Nationalisation) or a breach of any other obligation under this Chapter.

Public Debt. 1. The Parties recognize recognise that the purchase of debt issued by a Party entails commercial risk. For greater certainty, no award may shall be made in favour of a disputing investor for a claim under Article 17 (Submission of a Claim) with respect to default or non- non-payment of debt issued by a Party unless the disputing investor meets its burden of proving that such default or non-payment constitutes a breach of an obligation under Chapter II (Protection), including an uncompensated expropriation for purposes of pursuant to Article 10.10 6 (Expropriation and Nationalisation) or a breach of any other obligation under this ChapterExpropriation).