ERDEM-NEWSLETTER-2018-metin

256 NEWSLETTER 2018 Contracts to which banks are parties, related to the transactions concluded by the Ministry within the scope of Law on Public Financing and Debt Management No. 4749 Allowed N/A Contracts to which Turkish resident commercial airway enterprises engaged in passenger, cargo and mail carriage, companies providing technical maintenance services with respect to aircrafts, their motors, parts and accessories, public and private establishments having license for providing ground services in airports within the scope of civil aviation legislation, enterprises and companies established by the foregoing establishments and companies in which the foregoing establishments hold more than 50% of the shares are parties Allowed • Immovable sale and lease contracts • Employment contracts Existing Contracts The Decree covers not only contracts that are made after the ef- fective date of the Decree, but also all existing contracts. Pursuant to provisionalArticle 8 of the Decree, within 30 (thirty) days from 13 Sep- tember 2018, the effective date of the Decree, the amounts determined in foreign currencies under existing contracts shall be re-determined by the parties as Turkish currency, except in cases determined by the Ministry. The obligation to re-determine foreign currency amounts shall not apply to already collected receivables, or to receivables that are due, but which have not yet been collected. As an exemption to the re-determination obligation, pursuant to Article 8/22 of the Com- muniqué, vehicle lease contracts, including construction vehicles that have been executed prior to entry into force of provisional Article 8 of the Decree are exempt from the said Article.