DEUDAS DE LA REPUBLICA "Public Works Five and a Half per cent Sinking Fund Gold Bonds", of the Republic of Cuba, issued in accordance with deed number thirty four of the twenty sixth of February of the year nineteen hundred and thirty, before Dr. Oscar A. Montero y Beldarrain, which forty million dollars are actualy held by the, Republic of Cuba and are not subject to any other liability than the payment of a twenty million dollars credit made available by the Chase National Bank of the City of New York to the Government for the financing of its payments, and which are not in any other way affected or pledged neither the forty million dollars nor its products. (b) The full ninety per cent of the revenues of the Public Works Law Tax during the fiscal years of 1932-1933 to 1934-1935 inclusive, without other deduction from said revenues than the amount necessary for the preferential payment of the obligations contracted by the Government with the Chase National Bank of the City of Neuw York as set forth in deed number thirty four dated the twenty sixth of February nineteen hundred and thirty, before Dr. Oscar A. Montero y Beldarrain, a Notary of Havana. (c) The total of the remainder not affected up to this moment in favor of the Chase National Bank of the City of New York, of the taxes of the Public Works Law during the fiscal years of 1935-1936 to 1944-1945, both inclusive, in the amount necessary to satisfy completely any sum which may be due for principal and or interest of these Notes. Notwithstanding these guaranties and without prejudicing them the Government of the Republic of Cuba pledges its good faith and credit absolutely and without reserve of any kind to the full payment of the principal and interest of these Notes in the terms specified and with the conditions set forth in the same and in the Agreement for its issuance. This Note is transferable by delivery unless registered as to principal in the name of any person upon the books of the Republic in the Office of the Fiscal Agent at the City of Havana, Republic of Cuba. Such registration shall be duly noted upon this Note in which case no transfer shall be valid unless registered on such books by the registered owner thereof in person or by duly authorized proxy, but it may be transferable again by delivery by registration in the same manner upon the books as a Note to Bearer, and thereafter from time to time this Note may be registered or converted to the bearer, as provided. Notwithstanding the registration of this Note, as to principal, the coupons, corresponding to the same shall always be payable to the bearer and transferable by delivery. This Note shall not be valid or negotiable until it has been countersigned for authentication by the Fiscal Agent. 318