7} 
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Anhang. 
The annual sum required for the service of interest and amortization 
of the Loan, on the basis of present exchange rates, will not exceed about 
91,500,000 Gold Marks, The payments to the Agent-General for Reparation 
Payments have been fixed at 1,000,000,000 Gold Marks for the first year 
and are expected to increase thereafter until they reach 2,500,000,000 Gold 
Marks for the fifth and subsequent years. The annual gross receipts of 
the controlled revenues are estimated at not less than 1,000,000,000 Gold 
Marks, The German (Government may not create any further charge upon 
the controlled revenues ranking in priority to or pari passu with the charge 
created in favor of the bondholders of this issue, 
The German Government has executed a General Bond whereby 
S, Parker Gilbert (the Agent-General for Reparation Payments), N. D. Jay 
and C, E. ter Meulen have been appointed Trustees for the bondholders of 
the Loan. In the event of the termination of the appointment of a Trustee, 
other than the Aygyent-General for Reparation Payments, the power of 
appointing a new Trustee is vested in the remaining Trustees, 
The German Government have agreed that, 15 days prior to the due 
date of any instalment of interest and 15 days prior to the due date of 
any redemption moneys, there shall be paid to the Trustees the whole of 
the funds required to meet the service of such interest and redemption. 
With a view to carrying into effect this provision, arrangement is made 
for the payment to the Trustees by the Agent-General for Reparation Pay- 
ments on the fifteenth day of each calendar month of a sum equivalent to 
at least one-twelfth of the amount necessary io meet the service of the 
Loan for one year, 
The Reparation Commission considers it desirable that the Agent- 
General for Reparation Payments should, ex officio, be one of the Trustees 
for the bondholders, In order to ensure, if possible, the continuation of 
this arrangement, the Reparation Commission will, in the event of the 
post of Agent-General becoming vacant, consult with the remaining 
Trustees with a view to appointing to the vacant post a person satisfactory 
to them as representing the bondholders, 
For the purpose of providing the necessary foreign currencies for the 
service of the Loan, the German Government, the Reparation Commission, 
the Transfer Committee and the Agent-General for Reparation Payments 
have agreed that funds required to be sent abroad for that purpose shall 
have an absolute right of remittance, which right shall have priority over 
the remittance of funds required to be remitted in discharge of revaration 
payments or other liabilities.. . 
Article 3 of Annex IV of the Final Protocol of the London Conference 
Dated 16th August, 1924: 
“In order to secure the service of the loan of 800 million gold marks 
contemplated by the Experts plan, and in order to facilitate the issue of 
that loan to the publie, the signatory Governments hereby declare that, in 
case sanctions have to be imposed in consequence of a default by Germany 
they will safeguard any specific securities which may be pledged to the 
service of the loan. 
“The signatory Governments further declare that they consider the 
service of the loan as entitled to absolute priority as regards any resources 
of Germany so far as such resources may have been subjected to a general 
charge in favor of the said loan and also as regards any resources that 
May arise as a result of the imposition of sanctions ” 
Dr, Luther, 
Minister of Finances of the German Reich, 
10th October, 1924,