Energy Charter Treaty

64 with that Contracting Party’s obligations under the Articles of Agreement of the International Monetary Fund.] 55 (6) Notwithstanding subparagraph (1)(b), a Contracting Party may restrict the transfer of a Return in kind in circumstances where the Contracting Party is permitted under Article 29(2)(a) or the WTO Agreement 56 to restrict or prohibit the exportation or the sale for export of the product constituting the Return in kind; provided that a Contracting Party shall permit transfers of Returns in kind to be effected as authorised or specified in an investment agreement, investment authorisation, or other written agreement between the Contracting Party and either an Investor of another Contracting Party or its Investment. Article 15: Subrogation (1) If a Contracting Party or its designated agency (hereinafter referred to as the “Indemnifying Party”) makes a payment under an indemnity or guarantee given in respect of an Investment of an Investor (hereinafter referred to as the “Party Indemnified”) in the Area of another Contracting Party (hereinafter referred to as the “Host Party”), the Host Party shall recognise: (a) the assignment to the Indemnifying Party of all the rights and claims in respect of such Investment; and (b) the right of the Indemnifying Party to exercise all such rights and enforce such claims by virtue of subrogation. (2) The Indemnifying Party shall be entitled in all circumstances to: (a) the same treatment in respect of the rights and claims acquired by it by virtue of the assignment referred to in paragraph (1); and (b) the same payments due pursuant to those rights and claims, as the Party Indemnified was entitled to receive by virtue of this Treaty in respect of the Investment concerned. (3) In any proceeding under Article 26, a Contracting Party shall not assert as a defence, counterclaim, right of set-off or for any other reason, that indemnification or other compensation for all or part of the alleged 55 Final Act of the European Energy Charter Conference, Understanding 12. 56 Modification based on Art. 2 of the Amendment to the Trade-Related Provisions of the Energy Charter Treaty.