Part IX
Financial Clauses
Any Power to which German territory is ceded will normally assume in respect thereof a fair portion of the German pre-war debt, the amount to be fixed in each case in accordance with certain stated principles by the Reparation Commission. But France shall have no liability for German debt in respect of Alsace-Lorraine.
The value of German Government property in ceded territory will normally be credited to Germany on account of reparation; but no credit will be given for any German Government property in Alsace-Lorraine; nor will Mandatory Powers either assume any portion of Germany's pre-war debts or give any credits for German Government property.
Germany is required to pay the total cost of the Armies of Occupation from the date of the Armistice for so long as they are maintained on German territory. This cost is a first charge on her resources; the next charge is for reparation.