Where one Contracting. Party has provided a financial guarantee against non-commercial risks in respect of an investment by one of its investors in the territory of the other Contracting Party, the latter shall agree to the subrogation of the first Contracting Party in respect of the investor's economic rights as from the time when the first Contracting Party makes a first payment to be charged against the guarantee it has provided. This subrogation will enable the first Contracting Party to receive directly any payment of compensation to which the investor may be entitled. With regard to rights of ownership, use or enjoyment, or any other real right, the subrogation may only take place after the relevant permits have been obtained, in compliance with the legislation in force in the territory of the Contracting Party where the investment was made.
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