'Minutes memos despatches etc' [‎55r] (109/156)

\oZ
£)
at such dates as may be indicated by the Persian Government after the British
Financial Adviser shall have taken up the duties of his office at Tehran, as provided for
in the aforesaid agreement.
Art. 2. The Persian Government undertakes to pay interest monthly at the rate
of 7 per cent, per annum upon sums advanced in accordance with article 1 up to
20th March, 1921, and thereafter to pay monthly such amount as will suffice to
liquidate the principal sum and interest thereon at 7 per cent, per annum in twenty
years.
Art. 3. All the revenues and Customs receipts assigned in virtue of the contract
of the 8th May, 1911,* for the repayment of the loan of 1,250,000Z. are a-ssigned for
the repayment of the present loan with continuity of all conditions stipulated in
the said contract, and with priority over all debts other than the 1911 loan and
subsequent advances made by the British Government. In case of insufficiency of the
receipts indicated above the Persian Government undertakes to make good the necessary
sums from other resources, and for this purpose the Persian Government hereby assigns
to the service of the present loan, and of the other advances above mentioned, in
priority and with continuity of conditions stipulated in the aforesaid contract, the
Customs receipts of all other regions, in so far as these receipts are or shall be at its
disposal.
Art. 4. The Persian Government will have the right of repayment of the present
loan at any date out of the proceeds of any British loan which it may contract tor.
No. 2a.
Article 5 of Contract between the Persian Government and the Imperial Bank of 1 ersia
relatinq to the Persian Government Five per Cent. Loan of 1,250,0002. of May 8,
1911.
I
5. THE Imperial Government of Persia specially assigns to the service of the loan,
and as a first charge thereon, subject only to prior charges amounting to 15,7142. Is. I0d.
per annum for three years, and 30,2782. 12s. 7d. per annum from the year 1913 to the
year 1928. The full net customs receipts of every description which the Government
now is, or at any time hereafter may be, entitled to collect and receive at all ports or
places ’in the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. , including Bushire, Bunder Abbas, Lingah, Mohammerah,
and Ahwaz, which receipts are hereby made payable to the Bank, and the Imperial
Government of Persia hereby engages forthwith after receipt thereof to pay to the Bank
all such Customs receipts as aforesaid without deduction other than for actual expenses
of administration of the customs of the said ports disbursed prior to the date of such
^ a ^ n (aA The Imperial Government of Persia undertakes that throughout the continuance
of the loan all sums collected by the Customs Administration shall be paid to the Bank
at the ports of collection, or at its nearest branch, week by week for meeting the prior
charges referred to above and for the service _of the loan, and an account of such receipts
shall be submitted to the Persian Government by the Bank at the end of each month.
(6.) The bank shall, out of the moneys so collected, pay the prior charges above-
mentioned, and the interest and sinking fund of the loan, and shall hold the surplus at
the disposal of the Imperial Government of Persia. , , ir _ .
(c.) The bank undertakes, out of the moneys so received, to pay on behalf of the
Imperial Government of Persia the half-yearly coupon in London, and supervise the
working of the sinking fund and service of the loan free of charges connected with the
same
(d ) In the event of the Customs receipts of the above-mentioned ports for any
three months falling short of the amount required for the prior charges and the service
of the loan either for interest or amortisation, the Imperial Government of Persia binds
itself to make good such deficiency from other sources of Government revenue, and
further should receipts from these sources fall below the amount required as above,
the Persian Government hereby assigns for this purpose the revenue derived from the
receipts of the telegraphs—this assignment to constitute a second charge on the said
telegraph receipts up to the year 1928, after which the telegraph receipts will be free.
* See No. 2 ▲.