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International Centre for Settlement of Investment Disputes: Fedax N.V. v. the Republic of Venezuela

Published online by Cambridge University Press:  27 February 2017

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Type
Judicial and Similar Proceedings
Information
International Legal Materials , Volume 37 , Issue 6 , November 1998 , pp. 1391 - 1398
Copyright
Copyright © American Society of International Law 1998

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References

Endnotes

* 'This text was reproduced and reformatted from the document originally supplied by Fedax N.V.

Date of dispatch to the parties: March 9, 1998.

1 Tribunal's translation of promissory notes as they relate to interest:

This promissory note shall bear from [date] until it is due an annual interest equal to the London Interbank Offered Rate (LIBOR) for six-month deposits in U.S. dollars, as established further below, adjustable and payable at maturity on 7 May and 7 November of each year, except the last payment of interest which shall be made when this promissory note becomes due …

The LIBOR rate shall be that established by the Union Bank of Switzerland, London, England, two working days immediately before the beginning of the corresponding period of interest…

Calculation of interest shall be made on the basis of the number of days passed in respect of one year of 365 days…

In case the Republic of Venezuela fails to pay this promissory note at maturity, it shall pay penalty interest on the amount of capital at the rate of interest of this note, plus 1% annually, until its total payment.

2 Republica de Venezuela: Ley Orgánica de Crédito Público, 12 August 1983, Gaceta Oficial de la República de Venezuela, 14 de Septiembre de 1983, as amended, Gaceta Legal. No. 594, 30 de Septiembre de 1983.

3 Ibrahim F.1. Shihata and Antonio R. Parra: “Applicable Substantive Law in Disputes Between States and Private Foreign Parties: The Case of Arbitration under the ICSID Convention”, ICSID Review — Foreign Investment Law Journal, Vol. 9 No. 2 (Fall 1994), 183-213, at 212.