3. On or before the 1st June, 1927, the Greek Government 
will issue and deliver to the British Treasury a Serial Bond 
substantially in the form shown in the annex to this Agree- 
ment in respect of each of the instalments to be paid under 
the provisions of Article 2 of this, Agreement. The payments 
due under these Bonds shall be made without deduction for, 
and shall be exempt from, any and all taxes and other public 
dues, present or future, imposed by the authority of the 
Greek Government or any political or local taxing Authority 
in Greece. Interest at the rate of 6 per cent. shall be 
charged on any instalment due and not paid at the due date. 
4. 1f at any time while the payments under Article 2 of 
this Agreement are continuing it appears that the aggregate 
payments effectively received by Great Britain under Allied 
War Debt Funding Agreements and on account of Repara- 
tions or of Liberation Bonds exceed the aggregate payments 
effectively made by Great Britain to the Government of the 
United States of America in respueet of war debts, an account 
shall be drawn up by the British Treasury, interest at 5 per 
cent. being allowed on both sides of the account; and if 
that account shows that the receipts exceed the payments, 
(reat Britain will credit Greece against the payments next 
due by Greece under Article 2 of this Agreement with such 
proportion of that excess as the payments effectively made 
by Greece under Article 2 of this Agreement bear to the 
aggregate sums effectively received by Great Britain under 
all Allied War Debt Funding Agreements. Thereafter a 
similar account will be drawn up by the British Treasury 
sach year, and any further excess of thé receipts over the 
payments shall each year give rise to a credit to Greece of 
a proportion of such excess calculated in the manner indi- 
cated above. On the other hand, any deficit shall be made 
good by an increase in the payments next due by Greece, up 
to a similar proportion of such deficit, within the limit of the 
total amount of the credits already allowed to Greece under 
this Article. For the purpose of this Article any capital 
sums which may hereafter be realised by Great Britain in 
respect of Reparations or of Liberatior Bonds will be taken 
at their annual value. taking account of amortisation. 
5. Save as provided in Article 2 of the present Agreement. 
the British and Greek Governments mutually renounce all 
claims and counter-claims arising out of the various Agree- 
ments relating to the war debt of Greece to Great Britain 
6. As from the coming into force of this Agreement, His 
Majesty’s- Government will waive the requirement of 
Article 4 of the Agreement (No. VI) of the 10th February, 
1918, that the assignment by Greece of security to any 
external loan should be subject to their assent.