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nents falling due on or after the 15th September, 1928, as 
is the sum of one million pounds (£1,000,000) to any sub- 
“at 15th March or 15th September, not more than two years 
> t from its due date, but only on condition that in case Ttaly 
at any time exercise this option as to the payment of any 
ment, the instalments falling due in the second succeeding 
“annot be postponed at all unless and until the instalments 
vo years and one year previous thereto shall actually have 
paid in full. All such postponed payments shall bear 
3t at the rate of 5 per cent. per annum, pavable half-vearlv. 
r 
[he accounts relating to the war debt of Italy to Great 
1, including the accounts in connection with the Wheat 
ttive and War Risks Insurance schemes, shall be finally 
, and the British Treasury shall be entitled to retain any 
credited or to be credited to Italy in respect of such 
ats. Save as provided in this Agreement, the contracting 
s and their agents reciprocally renounce all claims or 
'r-claims against the other contracting party or their agents 
pect of the above-mentioned accounts or the services and 
tes to which they relate. 
at Britain likewise renounces all claims outstanding against 
‘nL respect of the hire of ex-enemy shipping. 
If at any time it appears that the aggregate payments 
vely received by Great Britain under Allied War Debt 
ng Agreements and on account of reparations or of 
ition bonds exceed the aggregate payments effectively, 
’y Great Britain to the Government of the United States 
erica in respect of war debts, an account shall be drawn 
the British Treasury, interest at 5 per cent. being allowed 
th sides of the account; and if that account shows that 
celpts exceed the payments, Great Britain will credit Italy 
3t the payments next due by Italy under Article 1 of this 
ment with such proportion of that excess as the payments 
vely made by Italy under Article 1 of this Agreement bear 
aggregate sums effectively received by Great Britain under 
lied War Debt Funding Agreements. Thereafter, a similar 
ht will be drawn up by the British Treasury each year, and 
urther excess of the receipts over the payments shall each 
jIve rise to a credit to Ttaly of a proportion of such excess 
ated in the manner indicated above. On the other hand. 
eficit shall be made good by an increase in the payments 
lue by Italy up to a similar proportion of such deficit within 
mit of the total amount of the credits alreadv allowed to 
under this Article. 
the purpose of this Article any capital sums which may 
fter be realised by (sreat Britain in respect of Reparations or 
beration Bonds will be taken at their annual value. taking 
nt of amortisation 
ay