TNAG-2826-FCO40-4079-Investment-Protection-and-Promotion-Agreements-(IPPA)-betwee-1993 — Page 74

ARTICLE 8

Subrogation

(1)

If one Contracting Party or its designated Agency makes a

payment under an indemnity given in respect of an investment in

the area of the other Contracting Party, the latter Contracting

Party shall recognise the assignment to the former Contracting

Party or its designated Agency by law or by legal transaction of

all the rights and claims of the indemnified investor and that the

former Contracting Party or its designated Agency is entitled to

exercise such rights and enforce such claims by virtue of

subrogation, to the same extent as that investor.

(2)

The former Contracting Party or its designated Agency

shall be entitled in all circumstances to the

in all circumstances to the same treatment in

respect of the rights and claims acquired by it by virtue of the

assignment and any payments received in pursuance of those rights

and claims as the indemnified investor was entitled to receive by

virtue of this Agreement in respect of the investment concerned

and its related returns.

(3)

Any payment received by the former Contracting Party or

its designated Agency in pursuance of the rights and claims

acquired shall be freely convertible and transferable

accordance with the relevant provisions of this Agreement.

in

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