Artikel 10

(a). The Turkish Government shall pay to the creditor moratorium interest at the rate of 3 per cent, per annum in respect of any payment in the process of transfer provided, however, that such payment has not been used in Turkey by virtue of Article 9.
(b). Notwithstanding the provisions of the preceding paragraph, no moratorium interest shall be payable whenever, in accordance with the terms of the underlying contract, duly authorised by the Turkish authorities, the debtor has undertaken to pay interest to the creditor from the date on which payment is due until the completion of its transfer (in the present Agreement called “contractual moratorium interest”). Payments made to the Central Bank of the Republic of Turkey in respect of contractual moratorium interest shall be:
(i) calculated in accordance with the principles set out in paragraph (a) (iii) of Article 5 and transferred to the creditor concerned in accordance with the provisions of this Article and with the principles set out in paragraph (a) (ii) of Article 6; and
(ii) deemed to be moratorium interest for the purposes of transfer as provided in paragraphs (d) and (e).
(c). Moratorium interest shall be payable as from the date of the signature of the present Agreement or the date on which the payment is due, whichever is the later date, until the completion of the transfer of the payment or its utilisation by virtue of Article 9. Moratorium interest shall be determined and transferred in the appropriate currency.
(d). Subject to paragraph (e), moratorium interest shall be paid and transferred to the creditor concerned on 31st December of each year provided, however, that, whenever the payment to which such interest relates is transferred, the moratorium interest remaining payable in respect thereof shall be transferred at the same time.
(e). Notwithstanding the provisions of paragraph (d), moratorium interest on payments in the process of transfer which, under that paragraph, falls due on 31st December, 1959, may be transferred thereafter provided it is transferred as soon as possible and, in any event, before 1st January, 1961. Whenever it is transferred at any date after 31st December, 1959, the whole of the interest payable up to the former date, in accordance with paragraph (c), shall be paid and transferred at the same time.