Full text: American debt

3. Calculation of Interest. 
Notwithstanding anything herein contained, the interest pay- 
able from time to time on the bonds proposed to be issued shall 
be computed on the amount of the principal outstanding on the 
previous interest date, with adjustments in respect of any pay- 
ment on account of principal which may have been made since 
the previous interest date. 
J. Exchange for Marketable Obligations. 
Great Britain will issue to the United States at any time or 
from time to time, at the request of the Secretary of the Treasury 
of the United States, in exchange for any or all of the bonds 
proposed to be issued hereunder and held by the United States, 
definitive engraved bonds in form suitable for sale to the public, 
in such amounts and denominations as the Secretary of the 
Treasury of the United States may request, in bearer form, with 
provision for registration as to principal, and/or in fully registered 
form, and otherwise on the same terms and conditions, as to 
dates of issue and maturity, rate or rates of interest, exemption 
from taxation, payment in bonds of the United States issued 
or to be issued after 6th April, 1917, payment before maturity, 
and the like, as the bonds surrendered on such exchange, 
except that the bonds shall carry such provision for repayment 
of principal as shall be agreed upon; provided that if no 
agreement to the contrary is arrived at, any such bonds 
shall contain separate provision for payments before maturity, 
wonforming substantially to the table of repayments prescribed by 
paragraph 6 of this proposal and in form satisfactory to the 
Secretary of the Treasury of the United States, such payments 
‘0 be computed on a basis to accomplish the retirement of any 
such bonds by December 15, 1984, and to be made through 
wnual drawings for redemption at par and accrued interest, 
Any payments of principal thus made before maturity on any 
such bonds shall be deducted from the payments required to be 
made by Great Britain to the United States in the corresponding 
years under the terms of the table of repayments set forth in 
paragraph 6 of this proposal. 
Great Britain will deliver definitive engraved bonds to the 
United States in accordance herewith within six months of 
receiving notice of any such request from the Secretary of the 
Treasury of the United States, and pending the delivery 
of the definitive engraved bonds will, at the request of 
the Becretary of the Treasury of the United States, deliver 
temporary bonds or interim receipts in a form to be agreed upon 
within three months of the receipt of such request. The United 
States before offering any such bonds or interim receipts for sale 
in Great Britain will first offer them to Great Britain for pur- 
chase at par and accrued interest, and Great Britain shall like. 
wise have the option, in lieu of issuing to the United States any

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