The rate of interest shall be 5 per cent. unless the Commission shall determine at some future time that circumstances justify a variation of this rate.
The Commission, in fixing on May 1, 1921, the total amount of the debt of Hungary, may take account of interest due on sums arising out of reparation and of material damage as from November 11, 1918, or any later date that may be fixed by the Commission, up to May 1, 1921.
17.
In case of default by Hungary in the performance of any obligation under this Part of the present Treaty, the Commission will forthwith give notice of such default to each of the interested Powers and may make such recommendations as to the action to be taken in consequence of such default as it may think necessary.
18.
The measures which the Allied and Associated Powers shall have the right to take, in the case of voluntary default by Hungary, and which Hungary agrees not to regard as acts of war, may include economic and financial prohibitions and reprisals, and in general such other measures as the respective Governments may determine to be necessary in the circumstances.
19.
Payments required to be made in gold or its equivalent on account of the proved claims of the Allied and Associated Powers may at any time be accepted by the Commission in the form of chattels, properties, commodities, businesses, rights, concessions within or without Hungarian territory, ships, bonds, shares or securities of any kind or currencies of Hungary or other States, the value of such substitutes for gold being fixed at a fair and just amount by the Commission itself.
20.
The Commission in fixing or accepting payment in specified properties or rights shall have due regard for any legal or equitable interests of the Allied and Associated Powers or of neutral Powers or of their nationals therein.
21.
No member of the Commission shall be responsible, except to the Government appointing him, for any action or omission as such member. No one of the Allied and Associated Governments assumes any responsibility in respect of any other Government.
22.
Subject to the provisions of the present Treaty this Annex may be amended by the unanimous decision of the Governments represented from time to time upon the Commission.
23.
When all the amounts due from Hungary and her allies under the present Treaty or the decisions of the Commission have been discharged, and all sums received, or their equivalents, have been distributed to the Powers interested, the Commission shall be dissolved.
Annex III.
1.
Hungary recognises the right of the Allied and Associated Powers to the replacement ton for ton (gross tonnage) and class for class of all merchant ships and fishing boats lost or damaged owing to the war.
Nevertheless and in spite of the fact that the tonnage of Hungarian shipping at present in existence is much less than that lost by the Allied and Associated Powers in consequence of the aggression of Austria-Hungary and her allies, the right thus recognised will be enforced on the Hungarian ships and boats under the following conditions:
The Hungarian Government on behalf of themselves, and so as to bind all other persons interested, cede to the Allied and Associated Governments the property in all merchant ships and fishing boats belonging to nationals of the former Kingdom of Hungary.
