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• • • • • • • • • • • • Such principal sum and the interest thereon will be paid in the City of New York, State of New York, United States of America, at the office or agency maintained in said City by the Obligors for the service of said Loan, in gold coin of the United States of America of the standard weight and fineness existing at the date hereof, without deduction for any British or French taxes, present or future. The Obligors covenant that upon surrender for such purpose of this bond with all unmatured coupons attached, to the Bond not later than April 15th, 1920 (or at maturity, if written notice to the Obligors of election to make such exchange at maturity shall have been delivered to such Bond Registrar on or before April 15, 1920) the Obligors, without expense to the holder, will issue an exchange for this bond a joint and several bond of the Obligors, of equal principal amount, bearing interest at the rate of four and one-half per cent (4-1/2%) per annum, payable semi-annually on April 15th and October 15th, in each year, and having annexed all unmatured interest coupons, payable as to principal October 15, 1940, but redeemable at the option of the Obligors by the payment of the principal amount thereof with accrued interest, on October 15, 1930, or on any semi-annual interest payment date intention to redeem the same shall have been given by publication thereof in at least one newspaper in the City of New York at least once in each of twelve successive calendar weeks, the first publication of such notice to be not less than three nor more than four months prior to the day fixed for such redemption, both principal and interest of said Four and one-half per cent. Bonds to be payable in the City of New York in gold coin of the United States of America of such present standard of weight and fineness without deduction for any British or French taxes, present or future.

 This bond may be registered in the name of the holder, but only as to principal sum thereof, by presenting the same for such purpose to the Bond Registrar of the Obligors in the City of New York, for notation of such registration thereon. After such registration no transfer shall be valid unless made by the registered owner in person or by his duly authorized attorney and similarly noted hereon, but transferability by delivery may be restored by transfer to bearer and like notation thereof hereon.