Internal War Loans Belligerent Countries

German Empire
5% Bonds and 4^% Treasury Certificates
(Seventh War Loan)
Dated—5% Bonds April 1, 1918,
4Y2% Treasury Certificates January 1, 1918.
Due—Bonds "unkundbar" until October 1, 1924 (see Note
P- IO 5)-
Treasury Certificates due July 1, 1967, but subject to
drawings or at the Government's option to entire redemption
as described under Right of Redemption.
Period of Subscription—September 19, 1917 to October 18,
1917.
Right of Redemption—See Note on "unkundbar" regarding
5% Bonds.
Treasury Certificates are redeemable by drawings in
series in January and July for payment six months later
at no. Drawings begin July, 1918, on which date two
drawings will be made instead of one, thereby making
Treasury Certificates of this loan redeemable according to
the same redemption plan as that of the Treasury Certificates
of the Sixth War Loan. Treasury Certificates not
drawn for payment are "unkundbar" until July 1, 1927.
The Government reserves the right to call the entire outstanding
amount of Certificates for redemption at par on
or after July 1, 1927. If the Government exercises its right
of redemption the holder instead of cash may ask for 4%
Treasury Certificates which are redeemable by drawings
at 115, in accordance with the redemption plan for the original
Treasury Certificates. Not earlier than ten years after
the date the original Treasury Certificates may be entirely
called for redemption, the Government reserves the right
to call the entire outstanding amount of 4% Treasury Certificates
for redemption at par, in which case the holder
instead of cash may ask for 3j4% Treasury Certificates
which are redeemable by drawings at 120 in accordance
with the same plan as the previous Treasury Certificates.
No further redemption or conversion privilege can be announced
by the Government. The Government must announce
its intention to entirely redeem any of the above
certificates at least six months before the redemption dates
and such dates can only be regular interest dates. All
Treasury Certificates mature July I, 1967, and all such Certificates
as may be outstanding and not drawn for payment
shall on that date be paid at no, 115 or 120, according
as the Certificates may be either 4^/2%, 4% or 3^%'.
The Government will appropriate each year an amount
103