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A REVISION OF THE TREATY

annual drawings at par. These bonds are hereinafter referred toas bonds of Series (A).

(B) Bonds for a further amount of 38 milliard gold marks(£1,900,000,000). These bonds shall be created and deliveredat the latest on November 1, 1921. There shall be an annualpayment from funds to be provided by Germany as prescribedin this agreement in each year from November 1, 1921, equalin amount to 6 per cent of the nominal value of the issued bonds,out of which there shall be paid interest at 5 per cent per annum,payable half-yearly on the bonds outstanding at any time andthe balance to sinking fund for the redemption of the bondsby annual drawings at par. These bonds are hereinafter referredto as bonds of Series (B).

(C) Bonds for 82 milliards of gold marks (£4,100,000,000),subject to such subsequent adjustment by creation or cancella-tion of bonds as may be required under Paragraph (1). Thesebonds shall be created and delivered to the Beparation Com-mission, without coupons attached, at latest on November 1,1921 ; they shall be issued by the Commission as and when itis satisfied that the payments which Germany undertakes tomake in pursuance of this agreement are sufficient to providefor the payment of interest and sinking fund on such bonds.There shall be an annual payment from funds to be providedby Germany as prescribed in this agreement in each year fromthe date of issue by the Reparation Commission equal in amountto 6 per cent of the nominal value of the issued bonds, out ofwhich shall be paid interest at 5 per cent per annum, payablehalf-yearly on the bonds outstanding at any time, and thebalance to sinking fund for the redemption of the bonds byannual drawings at par. The German Government shall supplyto the Commission coupons for such bonds as and when issuedby the Commission. These bonds are hereinafter referred to asbonds of Series (C).

3. The bonds provided for in Article 2 shall be signed German Government bearer bonds, in such form and in such denomina-tions as the Reparation Commission shall prescribe for the