Applicable law — 1993 Consolidation Agreement between Czech and Slovak Republics — Law applicable to Consolidation Agreement — Consolidation Agreement containing legally binding obligations — Whether Consolidation Agreement governed by public international law — Whether Consolidation Agreement governed by Czech public law — Article 7(4) of Consolidation Agreement — Laws of Czech Republic — 1992 Bilateral Investment Treaty between Czech and Slovak Republics

Arbitration — Arbitration proceedings by Claimant against Slovak Republic for breach of obligations under 1993 Consolidation Agreement — Article 3 of Consolidation Agreement — Meaning and scope — Whether receivables properly assigned for purposes of Article 3 — “On-balance sheet” and “off-balance sheet” receivables — Claimant claiming damages

Damages — Slovak Republic’s alleged breach of its obligation to cover losses pursuant to Article 3 of Consolidation Agreement — Coverage losses — Locus standi — Calculation of damages — Principal amount of loan — Interest — Capitalization — Lost profit — Costs