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ulation of Interest.
7ithstanding anything herein contained, the interest Pay-
ym time to time on the bonds proposed to be issued shall
puted on the amount of the principal outstanding on the
18 interest date, with adjustments in respect of any pay-
in account of principal which may have been made since
vious interest date.
hange for Marketable Obligations.
t Britain will issue to the United States at any time or
me to time, at the request of the Secretary of the Treasury
United States, in exchange for any or all of the bonds
'd to be issued hereunder and held by the United States,
v6 engraved bonds in form suitable for sale to the public,
‘amounts and denominations as the Secretary of the
"y of the United States may request, in bearer form, with
m for registration as to principal, and/or in fully registered
nd otherwise on the same terms and conditions, as to
f issue and maturity, rate or rates of interest, exemption
ation, payment in bonds of the United States issued
© 1ssued after 6th April, 1917, payment before maturity,
e like, as the bonds surrendered on such exchange,
that the bonds shall carry such provision for repayment
wipal as shall be agreed upon; provided that if no
ent to the contrary is arrived at, any such bonds
mtain separate provision for payments before maturity,
ing substantially to the table of repayments prescribed by
ph 6 of this proposal and in form satisfactory to she
ry of the Treasury of the United States, such payments
mputed on a basis to accomplish the retirement of any
onds by December 15, 1984, and to be made through
drawings for redemption at par and accrued interest.
ments of principal thus made before maturity on any
nds shall be deducted from the payments required to be
y Great Britain to the United States in the corresponding
nder the terms of the table of repayments set forth in
ph 6 of this proposal.
Britain will deliver definitive engraved bonds to the
States In accordance herewith within six months of
8 notice of any such request from the Secretary of the
y of the United States, and pending the delivery
definitive engraved bonds will, at the request of
retary of the Treasury of the United States, deliver
ry bonds or interim receipts in a form to be agreed upon
shree months of the receipt of such request. The United
refore offering any such bonds or interim receipts for sale
+ Britain will first offer them to Great Britain for pur-
b par and accrued interest, and Great Britain shall like-
ve the option, in lieu of issuing to the United States any