SUB-ANNEX TO ANNEX VII Overeenkomst nopens Duitse buitenlandse schulden
Agreed provisions designed to clarify various questions in connection with Annex VII
The Chairman,
The Tripartite Commission on German Debts,
29, Chesham Place,
London, S.W. 1.
London, 9th February, 1953.
Mr. Chairman,
We refer to our letter of the 21st November, 1952, to which we attached four exchanges of letters designed to clarify various questions in connection with the Agreement of the 21st November, 1952, on Goldmark liabilities and Reichsmark liabilities with a Gold Clause, having a specific foreign character.
It was suggested that for the sake of simplicity these four exchanges of letters might be embodied in one document, to be annexed to the above-mentioned Agreement of the 21st November, 1952. The text of such an Annex has now been agreed on between us, and we have the honour to submit it to your herewith, in English and German, and to request that it may be appended as an Annex to the Agreement referred to.
Please accept, Mr. Chairman, the expression of our highest esteem.
(sd) HERMANN J. ABS.
Head of the German Delegation
for External Debts.
(sd) N. J. F. LEGGETT.
Chairman of Negotiating
Committee B at the Conference
on German External Debts.
Annex to Agreement of 21st November, 1952, on Goldmark liabilities and Reichsmark liabilities with a Gold Clause, having a specific foreign character
The following provisions shall constitute an Annex to the Agreement dated 21st November, 1952:
1. Is is confirmed that the transfer of amounts due in respect of claims expressed in Goldmarks or in Reichsmarks with a Gold Clause or Gold Option, under Appendices 3 and 4 of the Report of the Conference on German External Debts, shall be treated as if they were payable in a non-German currency in a foreign country in accordance with Article 11, paragraph 1 (a) of the draft Intergovernmental Agreement on German External Debts.
2. It is agreed that the existence of a “trusteeship contract”, as referred to in the last paragraph of Article I 2 of the Agreement of 21st November, 1952, may be proved not only by a document of contract or letters referring to the trusteeship but also by the treatment of the foreign lender as a creditor which was extended to him over the years by the competent German foreign exchange control authorities.
3. It is agreed that, in the case of mortgages (i.e., all Grundpfandrechte) securing claims expressed in non-German currency which are converted at the rate of 1 Deutschemark = 1 Reichsmark or Reichsmark with a Gold Clause or Gold Option in accordance with Article I, paragraph 2, Clauses 1, 2 and 5 of the 40th Executory Ordinance to the Currency Conversion Law, that conversion is final; this affords the reason why such case is not included in the Agreement of 21st November, 1952.
4. Under Article V of the Agreement of 21st November, 1952, the creditors have reserved the right, in the case of their claims (including real estate liens) against secondary debtors, to demand final settlement of the conversion at the rate of 1 Deutschemark = 1 Goldmark or 1 Reichsmark with a Gold Clause or Gold Option, in the event that in the offer made by any particular German primary debtor for settlement of his liability the security offered is not deemed by the creditor to be sufficient. In this connexion the head of the German Delegation for External Debts, Mr. Hermann J. Abs, will seek to influence the respective primary debtors to make without delay to their foreign creditors offers of settlement which if accepted will leave the creditors in a position in no way inferior to their present position as provided in the 40th Executory Ordinance to the Currency Conversion Law. If such offers are made and accepted it is contemplated that the creditors will withdraw the reservation made by them in Article V as regards the conversion of their claims against the secondary debtors.
Although the above-mentioned reservation strictly relates only to creditors whose cases are covered by the 40th Executory Ordinance to the Currency Conversion Law and Article 15 of that Law (as amended by Law 46), i.e., United Nations Nationals, it is agreed that, according to the principle of non-discrimination and equal tteatment of all creditors, such reservation shall also apply to claims against secondary debtors of creditors who are not United Nations Nationals.
- Regeling
- Overeenkomst nopens Duitse buitenlandse schulden
- Soort
- Verdrag
- Geldend vanaf
- 01-08-1958
- BWB-id
- BWBV0005325
- Versie
- 1958-08-01_0