belgiquelex.be - Carrefour Bank of Legislation

22 FEBRUARY 2011. - An Act to approve Decision 14577 - (10/35) of the Board of Directors of the International Monetary Fund of 12 April 2010 on the amendment of the New Borrowing Agreements

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
Article 1^er. This Act regulates a matter under Article 78 of the Constitution.
Art. 2. The King is authorized to accede, on behalf of Belgium, to Decision No. 14577 - (10/35) of the Board of Directors of the International Monetary Fund dated 12 April 2010 concerning the amendment of the New Borrowing Agreements, as annexed.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 22 February 2011.
ALBERT
By the King:
Minister of Finance,
D. REYNDERS
Minister of Foreign Affairs,
S. VANACKERE
Seal of the state seal:
Minister of Justice,
S. DE CLERCK

Annex
Decision No. 14577 - (10/35) of 12 April 2010 of the Board of Directors of the International Monetary Fund on the amendment of the New Borrowing Agreements
Preamble
In order to enable the International Monetary Fund (the "Fund") to more effectively fulfil its role in the international monetary system, a number of countries with sufficient financial capacity to support the international monetary system have agreed to provide resources to the Fund up to certain amounts, in accordance with the terms and conditions of that decision. Since the Fund is an institution that is based on quotas, these credit agreements, granted in accordance with the terms of this decision, will only be punctuated if the means of quotas must be supplemented in order to avoid or combat a deterioration of the international monetary system. In order to implement these intentions, the following terms and conditions are adopted under Article VII, Section 1^re (i) the statutes of the Fund.
Paragraph 1^er. Definitions
(a) In this decision, we must hear
(i) "the amount of a credit agreement": the maximum amount expressed in special drawing rights that a participant undertakes to make available to the Fund under a credit agreement;
(ii) "Statutes": the statutes of the International Monetary Fund;
(iii) "available credit": the amount of a participant's credit agreement reduced from the amounts drawn;
(iv) " borrowed currency": the currency transferred to the Fund account under a credit agreement;
(v) "request of funds": the notification given by the Fund to a participant to make a transfer to the Fund account under its credit agreement;
(vi) "credit agreement": the commitment to provide the Fund with the means as set out in this decision;
(vii) "convertible currency": a currency included in the transaction's quarterly financial transaction program;
(viii) "dasher": the Member State that purchases from the Fund the currency borrowed from the Fund's general account;
(ix) "indebtedness" of the Fund: the amount that the Fund is required to repay under a credit agreement;
(x) "Member State": a Member State of the Fund;
(xi) "participating": a participating Member State or participating institution;
(xii) "participating institution": an official institution of a Member State that has entered into a credit agreement with the Fund, with the consent of that Member State, or an official institution of a non-member State that has entered into a credit agreement with the Fund;
(xiii) "participating Member State": a Member State of the Fund that has entered into a credit agreement with the Fund.
(b) For the purposes of this decision, the Hong Kong Monetary Authority (AMHK) is considered an official institution of the Member State whose territories include Hong Kong, on the understanding that:
(i) loans made by AHK and Fund payments to AHK under this decision are in principle in currencies of the United States of America, unless the Fund and AHK agree on a currency issued by another Member State;
(ii) the amendments to paragraphs 5 (c), 6 (b), 7 (a) and 11 (e) relating to the balance of payments and reservations situation must be understood as a reference to the balance of payments and reservations situation in Hong Kong. AHK will not be entitled to vote on an activation proposal pursuant to paragraph 5(c), will not be included in a resource mobilization program in accordance with paragraph 6 (b) or will not be requested in accordance with paragraph 7 (a) and will be excluded from applications in accordance with paragraph 6 (c) if, on the date of such a proposal, the fund mobilization program of means or of the application, the balance fund is informed that the situation of the and
(iii) AHK may request an advance refund pursuant to paragraph 13 (c) of the AHK receivables if the balance of payments situation in Hong Kong is, according to the Fund, sufficiently solid to justify such acquisition.
Paragraph 2. Credit agreements
(a) Any Member State or institution that adheres to this decision undertakes to provide the Fund, in accordance with the terms of this decision, with the amount of special drawing rights specified in Annex I^re the said decision, which may be periodically amended to reflect changes to the credit agreements and resulting from the application of paragraphs 3 (b), 4, 15 (b), 16, 17 and 19 (b).
(b) Unless otherwise provided in paragraph 1^er (b) (i) or agreement contrary to the Fund, the means provided to the Fund under this decision shall be paid in the currency of the participant. The agreements reached under this paragraph on the use of the currency of another Member State are subject to the consent of the Member State whose currency is used.
Paragraph 3. Access
(a) Any Member State or institution listed in Annex I^re as a new participant may accede to this decision in accordance with paragraph 3 (c).
(b) Any Member State or institution not listed in Annex I^re, may at any time ask to become a participant. The Member State or institution that wishes to become a participant shall, after consultation with the Fund, notify its desire to adhere to this decision and, if the Fund and the participants whose credit agreements represent 85% of the total consent, the Member State or institution may adhere to that decision in accordance with the provisions of paragraph 3 (c). In notifying its desire to adhere to the decision under this paragraph 3 (b), the Member State or the institution specifies the amount, expressed in special drawing rights, of the credit agreement that it is prepared to conclude, provided that this amount shall not be less than the lowest amount of the credit agreements concluded with the participants. The accession of a new participant results in a proportional reduction in the credit agreements of all other participants whose amount is higher than that of the lowest credit agreement: the overall amount of this reduction proportional to the credit agreements of the participants is equal to the amount of the credit agreement of the new participant diminished by any increase in the total of the credit agreements decided under the provisions of paragraph 4 (a), provided that no minimum credit agreement of a participant will be reduced^re.
(c) Any Member State or institution may accede to this decision by depositing with the Fund an instrument specifying that such accession is in accordance with its legislation and that it has taken all necessary measures to be able to comply with the terms of this decision. When the instrument is deposited, the Member State or institution becomes a participant from the date of filing or the effective date of the amendments to that decision referred to in Governing Council Decision No. ... at the last of these two dates.
Paragraph 4. Changes in credit agreements
(a) Where a Member State or institution is authorized to accede to this decision under paragraph 3 (b), the Fund may increase the total amount of credit agreements with the consent of participants whose credit agreements represent 85% of the total; the increase must not exceed the amount of the new participant's credit agreement.
(b) The amount of individual credit agreements of participants may be reviewed periodically, in the light of the changing circumstances, and amended with the agreement of the Fund and of participants whose credit agreements represent 85% of the total, including the participant whose credit agreement is amended. This provision may only be amended with the consent of all participants.
Paragraph 5. Activation period
(a) If the Director General considers that the means available to the Fund in order to provide financial assistance to members by drawing on the General Account means must be completed in order to prevent or combat a deterioration of the international monetary system, it may, after consultation with the Managers and participants, propose to introduce a period of activation during which the Fund (i) may enter into commitments under agreements of the Fund that may make calls for funds from The proposal for the introduction of an activation period must contain information on (i) the overall volume of the potential agreements of the Fund for which the negotiations are advanced, (ii) the relationship between agreements that should be the subject of appeals of funds and agreements that should be considered precautionary measures, (iii) the additional funding requirements that, according to the Director General, will be formulated during the activation period and (iv) the mix of quotas and means This information is updated quarterly during an activation period.)
(b) If there is no consensus among the participants, the decision on whether the participants are willing to accept the Director General's proposal on the introduction of an activation period in accordance with paragraph 5 (a) will be taken through a vote of the participants. A positive decision requires a majority of 85% of the common credit agreements of the voting participants. The decision is communicated to the Fund.
(c) A participant is not allowed to vote if, on the basis of its current and anticipated situation of its balance of payments and reserves, the member is not included in the financial transaction program for the transfer of its currencies during the decision on a proposal for an activation period.
(d) An activation period only produces its effects if it is accepted by participants in accordance with paragraph 5 (b) and is subsequently approved by the Board of Directors.
Paragraph 6. Resource mobilization and fund-raising programme
(a) For the purpose of financing direct purchases during an activation period and commitments in accordance with these agreements during an activation period, calls for funds may be made under individual credit agreements on the basis of the resource mobilization programs approved by the Board of Directors, on a quarterly basis using the quarterly financial transaction programs for the General Means Account. such capacity-building programs will specify, for each participant, the maximum amount that may be the subject of appeals during the reporting period. The Board of Directors may at any time adjust the maximum amounts and change the fund-raising period. With regard to the breakdown of the maximum amounts between participants, the capacity mobilization programme will simply determine an allocation that will imply that participants' available commitments have an equivalent ratio to their credit agreements.
(b) A participant is not included in the mobilization of means program if, on the basis of the current and anticipated situation of its balance of payments and reserves, the Member State is not included and if the Director General does not propose to include it in the quarterly financial transaction program for the transfers of its currencies.
(c) In the event of an appeal to participants during the period of the resource mobilization program, the Director-General shall take into account the objective set out in paragraph 6 (a) regarding the available commitments of participants with an equivalent relationship to their credit agreements. No appeal of funds shall be made to a participant included in the programme of mobilization of means if, on the date of such an appeal of funds, the currency of the Member State is not used in transfers carried out in accordance with the programme of financial transaction due to the situation of the balance of payments and reserves of the Member State.
(d) If the Fund makes an appeal under this paragraph 6, the participant shall immediately execute the transfer in accordance with that fund-raising.
Paragraph 7. Special fund appeal procedures
(a) The appeals of funds executed in accordance with paragraph 11 (e) may be made at any time taking into account the objective set out in paragraph 6 (a) relating to the commitments available to participants who post a report equivalent to their credit agreements, provided that no appeal of funds is made to a participant if, on the basis of the current and planned situation of its balance of payments and its reserves, the member is not included and the Director General Appeals for funds under paragraph 7 (a) are not subject to the procedures referred to in paragraphs 5 and 6.
(b) Appeals for funds pursuant to paragraph 23 may be made at any time. They are not subject to the procedures referred to in paragraphs 5 and 6.
(c) If the Fund makes a call for funds pursuant to this paragraph 7, the participant will immediately execute the transfer in accordance with the call for funds.
Paragraph 8. Nature and proof of debt
(a) The receivable of a participant in respect of the Fund resulting from the appeals of funds made pursuant to this decision is in the form of a loan to the Fund, provided that the Fund will issue, at the request of a participant, one or more promissory notes to the attention of a participant, who purchases them, and to the maximum amount of a fund appeal made to that participant and with the same terms and conditions as those applicable to that participant The Fund may amend CGCs with the participant agreement representing 85% of the total credit agreements.
(b) If a participant's debt to the Fund is in the form of a loan, the Fund shall issue to the participant, at the request of the participant, acts attesting to the Fund's debt. The Fund and the participant agree on the form of these acts. In the event of a refund of the amount of such an act and of any interest due, the act is returned to the Fund that will invalidate it. If the amount of such an act is not fully refunded, the act shall be returned to the Fund and the residual amount shall be replaced by a new act stating a maturity date identical to that of the former act.
(c) If a participant's debt to the Fund is presented in the form of promissory notes, they are issued in the form of an accounting registration. At the request of the participant, the Fund will issue a registered promissory note with the characteristics set out in the Schedule of the CGCs for NAE promissory notes.
Paragraph 9. Interest
(a) The Fund shall pay interest on its indebtedness under this decision at a rate equal to the combined market rate, which the Fund shall periodically calculate to determine the rate of interest it pays on special drawing rights assets or, where appropriate, at a higher rate that may be agreed between the Fund and participants whose credit agreements represent 85% of the total.
(b) Interest is calculated on a daily basis and paid as soon as possible after 31 July, 31 October, 31 January and 30 April.
(c) Interests due to a participant are paid, as the Fund decides in consultation with the participant, in special drawing rights, in the currency of the participant, in the borrowed currency, in a currency to be used freely or, with the participant's agreement, in other currencies that are actually convertible
Paragraph 10. Use of borrowed currencies
The policies and practices of the Fund referred to in section V, sections 3 and 7, of the statutes relating to the use of its general resources, including those relating to the period of use, apply to the purchase of currencies borrowed by the Fund. Nothing in this decision alters the authority of the Fund with respect to requests for the use of its resources submitted by the various Member States. Access to these resources is determined by the Fund's policies and practices and does not depend on the borrowings that the Fund can borrow under this decision.
Paragraph 11. Refunds
(a) Subject to the other provisions of this paragraph 11, the Fund, five years after a transfer has been made by a participant in response to a fund-raising appeal made under this decision, shall reimburse the participant in an amount equal to that transfer, calculated in accordance with the provisions of paragraph 12. If a shooter for the purchase of which the means were made available in accordance with this decision, redeems within five years after the purchase, the Fund shall reimburse participants during the quarterly period during which the redemption is effected, in accordance with paragraph 11 (d). Reimbursement under this subsection 11(a) or subsection 11 (c) shall be effected, as the Fund decides, in the currency borrowed to the extent possible, or in the currency of the participant, or in special drawing rights, subject to not bringing the assets in special drawing rights of the participant beyond the limit provided for in Article XIX, section 4, of the Articles, unless the participant agrees
(b) Before the date specified in paragraph 11 (a), the Fund, after consultation with the participants, may reimburse one or more participants in part or in whole in accordance with paragraph 11 (d). The Fund has the option of repayment under this paragraph 11 (b) in the currency of the participant, in the borrowed currency, in special drawing rights, provided that it does not carry the special drawing rights assets of the participant beyond the limit provided for in section XIX, section 4, of the Regulations, in currency to be used freely or, with the agreement of the participant, in other currencies that are actually convertible.
(c) When a reduction in the Fund's assets in the currency of a shooter is charged to the purchase of a currency borrowed under this decision, the Fund shall promptly reimburse an amount equivalent to the participants. If the Fund has used means in accordance with this decision to finance a purchase in the reserve tranche executed by a dasher and if the assets of the Fund in the currency of the dasher that are not subject to redemption are reduced as a result of net sales of that currency for a quarterly period covered by a financial transaction program, the Fund shall reimburse participants at the beginning of the next quarterly period an amount equivalent to that reduction, Payments made pursuant to paragraph 11 (c) shall be apportioned among participants in accordance with paragraph 11 (d).
(d) Reimbursements pursuant to paragraphs 11a, second sentence, 11 (b) and 11 (c) shall be apportioned among participants taking into account the objective set out in paragraph 6 (a) on the available commitments of participants with an equivalent relationship to their credit agreements. For each participant, refunds are first charged to the longer-term debt of the head of the credit agreement. If, pursuant to paragraph 11 (d), a payment is made for a transferred receivable, the payment is then executed to the recipient of that claim.
(e) Prior to the date specified in paragraph 11 (a), a participant may argue that the balance of payments situation makes it necessary to refund all or part of the Fund's indebtedness to him and to claim that refund. The participant wishing to obtain the refund must consult with the Director General and other participants before giving notice of his intention. The Fund provides a highly favourable presumption of the participant's statement. The refund shall be made immediately, in consultation with the participant, in a currency to be used freely or in special drawing rights, as determined by the Fund, or, with the participant's agreement, in currencies that are actually convertible from other Member States. If the Fund's assets in the currencies to be used for reimbursement are not fully sufficient, the Director-General will make an appeal from some participants to provide the necessary balance under their credit agreement, subject to the limit of their available credit. When making such a call for funds and if the participant who requests the advance refund in the form of the application, (i) a participant, who provides a balance of the head of his or her credit agreement that is not a currency balance to be used freely, will ensure that the balance can be converted into a currency to be used freely from his or her choice and (ii) a participant, who provides a balance of the head of his or her credit agreement that is a currency balance to be used freely,
(f) In the event of a repayment of a debt resulting from an appeal of funds made under this decision, the amount that may be called under the credit agreement of the participant whose debt was born following an appeal of funds executed in accordance with this decision, shall be reconstituted.
(g) Unless otherwise agreed between the Fund and a participating institution, the Fund shall be deemed to have fulfilled its obligation to a participating institution to make a refund in accordance with the provisions of this paragraph, or to pay interest in accordance with the provisions of paragraph 9, if it transfers an equivalent amount of special drawing rights to the Member State in which the Institution is established.
Paragraph 12. Exchange rate
(a) The value of any transfer is calculated on the date the transfer instructions are sent. The calculation shall be made in special drawing fees in accordance with Article XIX, Section 7 (a) of the Regulations and the Fund shall be required to pay an equivalent value.
(b) For the purposes of all provisions of this decision, the value of a currency in respect of special drawing rights shall be calculated by the Fund in accordance with Rule O-2 of the Fund's rules and regulations.
Paragraph 13. Cessibility
(a) Except in the cases referred to in paragraph 13, letters (b) to (l), a participant may not assign all or part of his or her right of reimbursement under a credit agreement only with the prior agreement of the Fund and in the manner that the Fund may approve.
(b) All or any part of the claim for reimbursement resulting from a credit agreement may be assigned at any time to a participant or non-participant who (i) is a member of the Fund, (ii) is the central bank or other tax agent designated by any Member State for the purpose set out in Article V, Section 1^re, the statutes of the Fund ("other tax officer") or (iii) is an official body designated, as the owner of SDR, in accordance with Article XVII, Section 3, of the statutes of the Fund.
(c) As of the date value of the assignment, the assigned receivable is in possession of the beneficiary under the same conditions and provisions as those applicable to the receivables arising under its credit agreements (if the beneficiary is a participant) or to the receivables held by the assignor (if the beneficiary is not a participant), except that (i) in accordance with paragraph 11 (e), the beneficiary does not, on the basis of (ii) if the beneficiary is a non-participant, the reference to the participant's currency is assumed to refer to the beneficiary's currency if the recipient is a Member State; if an institution of a Member State, the reference shall be deemed to refer to the currency of that Member State and in other cases to a currency that may be freely used and determined by the Fund; (iii) in accordance with this paragraph 13, receivables receivables are considered to be called balances of the first participant-in-council in order to determine the commitment available under the credit agreement and the receivables that a participant collects by assignment are not considered to be any balances required to determine the commitment available under the credit agreement.
(d) The cost of the assigned receivable is fixed between the beneficiary and the assignor.
(e) The assignor of a receivable shall immediately inform the Fund of the assigned receivable, the identity of the beneficiary, the amount of the assigned receivable, the agreed price for the assignment and the date value of the assignment.
(f) The Fund registers the assignment and the beneficiary acquires the ownership of the receivable if the assignment has been made in accordance with the provisions and conditions of that decision. Subject to the foregoing, the assignment shall have effect on the agreed value date between the beneficiary and the assignor.
(g) The notification of the recipient(s) that is not a participant is made in writing or via a quick communication method and is sent to or by the tax agent designated by the recipient in accordance with Article V, Section 1^re, Regulations and Rule G-1 of the Rules and Regulations of the Fund, if the Recipient is a Member State or directly by or to the Recipient if the Recipient is not a Member State.
(h) If a debt is disposed of in whole or in part during the quarterly period as described in paragraph 9 (c), the Fund shall then pay interest to the beneficiary on the amount of the receivable that is assigned and that relates to the entire period.
(i) Unless otherwise agreed between the Fund and a beneficiary who is a participating institution or the central bank or another tax agent designated by a member in accordance with section V, section 1^re, from the Fund's statutes, it is recognized that the Fund has met its obligations if it reimburses the beneficiary in special drawing rights in accordance with paragraph 11 of NAE decision or if it pays interest in accordance with paragraph 9, if the Fund transfers an equivalent amount in special drawing rights on the account of the Member State in which the institution is established.
(j) Upon request, the Fund provides an assistant in the development of assignments.
(k) The beneficiary of a receivable may, at the time of the assignment, request that a receivable in the form of a loan from the Fund be converted to a promissory note submitted to the GTAs applicable to NAE promissory notes referred to in Appendix II to this decision, and that a receivable in the form of a promissory note be converted to a receivable in the form of a loan.
(l) Derived transactions relating to any receivable resulting from this decision and the assignment of shares in any receivable are prohibited.
Paragraph 14. Notifications
Any notification given under this decision to a participating Member State or a participating Member State shall be forwarded by letter or by the earliest channels and addressed to the financial body or by the financial body of the participating Member State designated in accordance with Article V, section 1^re, statutes and G-1 of the Fund ' s Rules and Regulations. Any notification given to a participating institution or a participating institution shall be forwarded by letter or by the earliest means to that institution or institution.
Paragraph 15. Amendment
(a) Subject to the provisions of paragraphs 4 (b), 15 (b) and 16, this decision shall not be amended during the period specified in paragraph 19 (a) and for any subsequent extension period that may be decided under the provisions of paragraph 19 (b) except by a decision of the Fund and with the consent of participants whose credit agreements represent 85 per cent of the total. This consent will not be required to amend the decision when it is extended under the provisions of paragraph 19 (b).
(b) If a participant considers that an amendment against which he or she has voted materially infringes his or her interests, the participant is entitled to withdraw his or her membership in this decision by giving notification to the Fund and other participants within 90 days of the date of adoption of that amendment. This provision may only be amended with the consent of all participants
Paragraph 16. Withdrawal of membership
Without prejudice to the provisions of paragraph 15 (b), a participant may withdraw its membership in this decision in accordance with the provisions of paragraph 19 (b), but may not do so during the period specified in paragraph 19 (a) only with the agreement of the Fund and all participants. This provision may only be amended with the consent of all participants.
Paragraph 17. Fund withdrawal
If a participating Member State, or a Member State with a participating institution, withdraws from the Fund, the credit agreement of that participant shall expire on the date on which the withdrawal takes effect. The indebtedness of the Fund under the credit agreement in question is treated as an amount due by the Fund for the purposes of Article XXVI, Section 3 and Schedule J of the Regulations.
Paragraph 18. Suspension of foreign exchange transactions and liquidation
(a) The Fund's right to initiate appeals under the provisions of paragraphs 6, 11 (e) and 23 and the obligation to make refunds under the provisions of paragraph 11 shall be suspended during any interruption of exchange transactions under Article XXVII of the Regulations.
(b) In the event of the Fund's liquidation, credit agreements will end and the Fund's indebtedness will constitute commitments within the meaning of Schedule K to the Regulations. For the purposes of paragraph 1^er (a) of Schedule K, the currency in which the Fund's commitments will be payable will first be the currency borrowed, then the currency of the participant and finally the currency of the shooter for the purchases of which the participants made transfers related to the tenders executed in accordance with paragraph 6.
Paragraph 19. Period of validity and extension
(a) This decision will apply until November 16, 2012. When the extension of this decision will be considered for the period following the above-mentioned period, the Fund and the participants will review the implementation of the decision, including (i) experiences accumulated with activation procedures and (ii) the consequences of the Fourteenth General Revision of Quotas on the overall volume of quotas, and will consult to decide on any possible change.
(b) This decision may be extended for any period(s) and any amendments to which the Fund may decide, subject to the provisions of paragraphs 4 (b), 15 (b) and 16. The Fund shall make a decision on the extension and amendment, if any, not later than 12 months before the expiry of the period specified in paragraph 19 (a). A participant may notify the Fund, at least six months before the expiry of the period specified in paragraph 19 (a), of its intention to withdraw its membership to the decision so extended. In the absence of such a notification, participants will be deemed to continue to adhere to the extended decision. Any withdrawal of membership by a participant in accordance with the provisions of this paragraph 19 (b), shall not prevent its subsequent accession under the provisions of paragraph 3 (b).
(c) If this decision is repealed or is not extended, the provisions of paragraphs 8 to 14, 17 and 18 (b) will nevertheless continue to apply with respect to any debt of the Fund under credit agreements in effect on the date of the repeal or expiry of this decision, until the refund is completed. If a participant withdraws its accession to this decision in accordance with the provisions of paragraph 15 (b), paragraph 16 or paragraph 19 (b), it shall cease to be a participant under this decision, but paragraphs 8 to 14, 17 and 18 (b) of that decision, on the date of withdrawal, shall nevertheless continue to be applicable to any debt of the Fund resulting from the old credit agreement until the refund is completed
Paragraph 20. Interpretation
Any question of interpretation raised by this decision (including GTAs for NAE promissory notes) that would not fall within the scope of Article XXIX of the statutes will be resolved to the mutual satisfaction of the Fund, the participant who raised the issue, and all other participants. For the purposes of this paragraph 20, participants are deemed to include former participants to whom paragraphs 8 to 14, 17 and 18 (b) continue to be applicable under subsection 19 (c), to the extent that one of these former participants is concerned with a question of interpretation raised.
Paragraph 21. Report with the General Borrowing Agreements and the Associated Borrowing Agreements
(a) When deciding to activate the New Borrowing Agreements or the General Borrowing Agreements, the Fund will be guided by the principle that the New Borrowing Agreements are the first and main remedy, provided that if a proposal for the introduction of a period of activation of the new General Borrowing Agreements is not approved in accordance with paragraph 5 (a), a proposal for tenders made on the basis of
(b) The outstanding draws and commitments under the New Borrowing Agreements and the General Borrowing Agreements will not exceed SDR 367.467.36 million, or any other total amount of credit agreements that may be applicable in accordance with this decision. The available credit of a participant under the New Borrowing Agreements is reduced by the amount of any unpaid draw on the amount of its credit agreement and its commitments under the General Borrowing Agreements. The available credit of a participant under the General Borrowing Agreements is reduced to the extent that the amount of his or her credit agreement under the General Borrowing Agreements exceeds his or her available credit under the New Borrowing Agreements.
(c) References to the drawings and commitments under the General Agreements of Borrowing include the drawings and commitments under the Associated Borrowing Agreements referred to in paragraph 23 of the General Agreements of Borrowing.
Paragraph 22. Other borrowing agreements
Nothing prevents the Fund from entering into other borrowing agreements.
Paragraph 23. Transitional measures relating to amendments made pursuant to Decision No. 14577 - (10/35) of 12 April 2010.
At the request of a participant who holds receivables, either in the form of loans or promissory notes, in respect of the Fund in respect of the securities of bilateral borrowing agreements that the Fund has entered into before the coming into force of the amendments to this decision and as explained in Decision No. 14577 - (10/35) of 12 April 2010, the Director General will make appeals for funds under the participating receivables agreement. Similarly, appeals for funds will be made, at the request of the participant concerned, to a participant who is a participating institution in order to reimburse claims held by the Member State of which it is an institution or by the central bank or another tax agent designated by the member, or to a participant who is a Member State in order to reimburse claims held by the central bank or another tax agent designated by the Member State. Despite paragraph 11 (a) of this decision, the due date for credit agreements resulting from such appeals is the due date for the Bilateral Borrowing Agreement for the reimbursement of which the appeal was made.
Paragraph 24. Delay of draws
No draws are made under this decision until participants representing at least 70% of all credit agreements of new members referred to in Appendix I^re approved the decision in accordance with paragraph 3 (c).
Annex 1^re
Participants and credit agreements
(in millions of special drawing rights)


Annex 2
Provisions and general conditions applicable to promissory notes issued by the International Monetary Fund under the New Borrowing Agreements (NAE)
These are the General Provisions and Conditions for NAE promissory notes (the " promissory notes") issued by e International Monetary Fund (the "fund") in accordance with paragraphs 8 and 13 (k) of Governing Council Decision No. 11428-(97/6) of 27 January 1997 on New Borrowing Agreements (the "NAE Decision", as amended. The provisions that are not otherwise defined in these General Terms and Conditions shall cover the meaning that they have in NAE Decision.
Paragraph 1^er. Issue of promissory notes to participants and other owners
(a) In accordance with paragraph 8 (a) of NAE decision, the Fund issues promissory notes to the NAE participant who makes the application. The members of the Fund, for the amount requested, shall subscribe to the maximum amount of the Fund's call to the participant under its credit agreement. ÷ the recipient's claim in the form of a loan, the Fund issue promissory notes to the beneficiary in exchange for the debt in the form of a loan, in accordance with subsection 13(k) of the NAE decision.
(b) promissory notes are issued in special drawing rights.
Paragraph 2. Form, issuance and retention of promissory notes
(a) promissory notes are issued in the form of an accounting registration. The Fund will open an account in its files and keep it on behalf of any licensee. This account will include all relevant details of all promissory notes issued, including the number, the date of issuance, the amount of the principal and the due date. In accordance with paragraph 13 of NAE Decision, the Fund will, on the date of each purchase or exchange or transfer of a promissory note, make appropriate annotations in its files and with respect to the details of the promissory note purchased or transferred. The inclusion of such annotations in the Fund's files is considered to be a correspondent for the issue of the promissory note to the purchaser or recipient and the person so mentioned is considered to be the holder of such a promissory note for all purposes.
(b) At the request of the licensee, the Fund shall issue a registered ticket in the form explained in the schedule to these General Terms and Conditions, including, without limitation, the explanation of the restrictions on the transfer of promissory notes. The date of issuance on each registered ticket is the date of purchase of the promissory note or the date value of the receivable in the form of a loan to which an exchange was made in accordance with paragraph 13 (k) of the NAE decision. This promissory note is issued on behalf of the holder concerned. Unless otherwise agreed between a licensee and the Fund, the Fund retains the registered promissory notes for the licensee and the retention acceptance by the Fund is considered to be the delivery of the registered promissory notes to the licensee.
Paragraph 3. Interest
(a) The Fund pays interest on promissory notes. This interest is calculated at the rate equal to the composite market rate that the Fund calculates periodically to determine the rate at which it pays interest in the possession of special drawing fees or any other higher rate as agreed between the Fund and the participants who represent at least 85% of all credit agreements.
(b) Interest is calculated on a daily basis and paid as soon as possible after 31 July, 31 October, 31 January and 30 April.
(c) Interests due to a participant are paid, as the Fund decides in consultation with the participant, in special drawing rights, in the participant's currency, in the borrowed currency, in a currency to be used freely or, with the participant's agreement, in other currencies that are actually convertible.
Paragraph 4. Deadline: Fund Refund
(a) The promissory notes have a duration of five years, on the understanding that the promissory notes issued in accordance with paragraph 13 (k) of the NAE decision have the duration of the debt in the form of a loan for which they were exchanged. Reimbursement to the holder is carried out in accordance with paragraph 11 of NAE decision.
(b) The Fund deletes a promissory note (i) when refunding the sum to the principal and all interest, (ii) if a promissory note has been transferred in accordance with paragraph 6 of these Terms and Conditions or (iii) if a promissory note has been exchanged for a receivable in the form of a loan, in accordance with paragraph 13 (k) of NAE decision. If the Fund makes an advance refund of less than the principal amount of a promissory note, the Fund will delete the promissory note and issue a new promissory note for the balance of the amount.
(c) The licensee shall forward to the Fund for the purpose of deleting any promissory note that must be deleted and that is not yet retained by the Fund.
Paragraph 5. Exchange rate
For the purposes of these Terms and Conditions, the Fund calculates the value of a special drawing currency in accordance with Rule O-2 of the Fund's Rules and Regulations.
Paragraph 6. Cessibility of promissory notes
(a) Except in the cases referred to in the letters (b) to (l) below, a participant or other licensee shall not transfer, in whole or in part, his or her promissory notes, unless he or she has obtained the prior agreement of the Fund and complies with the terms and conditions that the Fund must approve. Any other transfer by a participant or other licensee is neither valid nor has any consequences.
(b) Any or all of any promissory note may be assigned at any time to a participant in the NAE or to a non-participant who (i) is a member of the Fund, (ii) is the central bank or other tax agent designated by any Member State for the purpose set out in Article V, Section 1^re, the statutes of the Fund ("other tax officer") or (iii) is an official body designated, as the owner of SDR, in accordance with Article XVII, Section 3, of the statutes of the Fund.
(c) As of the date value of the assignment, the assigned receivable is in possession of the beneficiary under the same conditions and provisions as those applicable to the receivables arising under its credit agreements (if the beneficiary is a participant in the NAE) or the promissory note held by the assignor (if the beneficiary is not a participant in the NAE), except that (i) in accordance with paragraph 11 (e), the beneficiary (ii) if the beneficiary is a non-participant, the reference to the currency of the participant made in paragraph 11 of NAE decision is assumed to refer to the currency of the beneficiary if the beneficiary is a Member State; if an institution of a Member State, the reference shall be deemed to refer to the currency of that Member State and in other cases to a currency that may be freely used and determined by the Fund.
(d) The price of the assigned ticket is fixed between the recipient and the transferor.
(e) The transferor of a promissory note shall immediately inform the Fund of the assigned promissory note, the identity of the recipient, the amount of the assigned promissory note, the agreed price for the assignment and the date of the assignment.
(f) The Fund registers the assignment and the beneficiary acquires the ownership of the receivable if the assignment has been made in accordance with the provisions and conditions of NAE and these General Terms and Conditions. Subject to the foregoing, the assignment shall have effect on the agreed value date between the beneficiary and the assignor.
(g) On the date of the assignment, the beneficiary of a promissory note may request that the promissory note held by the Fund be converted for a debt in respect of a loan held by the recipient in accordance with paragraph 13 (k) of Decision NAE, subject to the same conditions and provisions as the promissory note transferred.
(h) The notification of the recipient(s) that is not a participant in the NAE is made in writing or via a quick means of communication and is sent to or by the tax agent designated by the recipient in accordance with Article V, Section 1^re, Regulations and Rule G-1 of the Rules and Regulations of the Fund, if the Recipient is a Member State or directly by or to the Recipient if the Recipient is not a Member State.
(i) If a promissory note is assigned in whole or in part during a quarterly period as described in paragraph 3 (b) of these General Terms and Conditions, the Fund shall then pay the beneficiary interest on the amount of the assigned promissory note and relating to the entire period.
(j) Upon request, the Fund provides assistance in the development of transfers.
(k) The Fund shall delete the promissory note in full or partially disposed of in all transfers carried out in accordance with this paragraph 6. If the promissory note is a registered ticket, the transferor shall forward for the deletion, as a condition of the transfer, any promissory note that is not retained by the Fund. Upon deletion of the relevant promissory note, the Fund issues a new promissory note on behalf of the recipient for the amount transferred from the amount to the principal and, if necessary, a new promissory note on behalf of the assignor for the amount of the sum to the principal that it may retain. The date of issuance of any new promissory note is the date of issuance of the cancelled promissory note and the new promissory notes have the same date (including any date value resulting from the extensions of a previous date) as the cancelled promissory note. The form and delivery of any new promissory notes are those referred to in paragraph 2 of these Terms and Conditions.
(l) Derived transactions relating to any promissory note and the assignment of interest in any promissory note are prohibited.
Paragraph 7. Notifications
A notification to or by the beneficiary that is a participating Member State shall be made in writing or via a quick means of communication and shall be sent to or by the tax agent of the participating Member State designated in accordance with Article V, Section 1^rethe Regulations and Rules of the Fund and Rule G-1. A notification to or by a participating institution is made in writing or via a quick means of communication and is sent to or by the participating institution.
Paragraph 8. Interpretation
Any question of interpretation relating to any promissory notes that do not fall within the provisions of Article XXIX of the Statutes is resolved to the mutual satisfaction of the Fund, the participant in the NAE who made the divergence of opinion and all other NAE participants. For the purposes of this paragraph 8, participants also include former NAE participants who continue to be subject to paragraphs 8 to 14, 17 and 18 (b) of NAE Decision pursuant to paragraph 19 (c) of NAE Decision, provided that one or more of these former participants are affected by a discrepancy on the interpretation that is made.
Paragraph 9. NAE Decision and amendments to GDs
The promissory notes are subject to these General Terms and Conditions and any receivables related to or relating to them shall be subject to the provisions and conditions of the NAE Decision as applicable. Any amendment to these General Terms and Conditions, approved in accordance with paragraph 8 (a) of Decision NAE, applies to all promissory notes submitted to Decision NAE.
Form of a registered NAE ticket
N° DTS
International Monetary Fund
Registered NAE promissory note
Date of issuance:
Deadline:
The International Monetary Fund ("the Fund") hereby undertakes, for the value it benefits, to pay to ...
being the registered holder of this promissory note, an amount equal to ... special drawing rights (SDR ...)
at the above-mentioned due date and to pay further interest as mentioned below.
This promissory note is issued in accordance with the New Borrowing Agreements (the "NAE") and the General Provisions and Conditions applicable to NAE promissory notes of the International Monetary Fund (the "Terms and Conditions"). Any holder of this promissory note shall be deemed to have entered into an agreement on the General Provisions and Conditions and the relevant provisions of the AES, including, without reservation, the due date, the interest rate, the provisions and conditions relating to the advance refund at the request of the Fund or the holder and the provisions and conditions relating to the transfer of the promissory note to order or part of it.
It's a big deal.
THE TITULAR OF THIS ORDERS NEED TO FURTHER VENDAR, ATRIBUER, ALIENER OR THE EDERATION OF A MANIERE, DIRECT OR INDIRECTLY, A ENTRY THAT IS NOT (I) MEMBERS OF THE FUND, (II) THE BANQUE CENTRAL OR AGAIN^re STATUS, (III) A OFFICIAL ENTITIES DESIGNED IN ITS QUALITY OF SPECIAL TIRING RIGHTS IN VERTUTION OF ARTICLE XVII, SECTION 3, OF THE STATUS OF THE FONDS OR (IV) A ENTRY FOR THE FUNDS AGAINST THE GENERAL ASSEMBLY ON THE TRANSFER CONFORMATION
ALL TRANSACTION RELATIVE TO THIS ORDERS AND TRANSFER OF PARTICIPATIONS IN THIS ORDERS, IS INTERDITE.
The Fund pays interest on this promissory note. The interest rate is equal to the combined market rate, which the Fund periodically calculates to determine the interest rate it pays on special drawing rights assets or, where applicable, at a higher rate that may be agreed between the Fund and participants representing at least 85% of all credit agreements. Interest is calculated on a daily basis and paid as soon as possible after 31 July, 31 October, 31 January and 30 April. Interests due to a participant are paid, as the Fund decides in consultation with the participant, in special drawing rights, in the participant's currency, in the borrowed currency, in a currency to be used freely or, with the participant's agreement, in other currencies that are actually convertible.
(Signatures)

NEW ARRANGEMENTS TO BORROW
Preamble
In order to enable the International Monetary Fund (the " Fund") to fulfil more effectively its role in the international monetary system, a number of countries with the financial capacity to support the international monetary system have agreed to provide resources to the Fund up to specified amounts in accordance with the terms and conditions of this decision. As the Fund is a quota-based institution, the credit arrangements provided for under the terms of this decision shall only be drawn upon when quota resources need to be supplemented in order to forestall or cope with an impairment of the international monetary system. In order to give effect to these intentions, the following terms and conditions are adopted under Article VII, Section 1 (i) of the Fund's Articles of Agreement.
Paragraph 1. Definitions
(a) As used in this decision the term :
(i) « amount of a credit arrangement » means the maximum amount expressed in special drawing rights that a participant undertakes to make available to the Fund under a credit arrangement;
(ii) "Articles" means the Articles of Agreement of the Fund;
(iii) "available commitment" means a participant's credit arrangement less any drawn and outstanding balances;
(iv) « borrowed currency » or « currency borrowed » means currency transferred to the Fund's account under a credit arrangement;
(v) "call" means a notice by the Fund to a participant to make a transfer under its credit arrangement to the Fund's account;
(vi) "credit arrangement" means an undertaking to provide resources to the Fund on the terms and conditions of this decision;
(vii) currency actually convertible means currency included in the Fund's quarterly financial transactions plan for transfers;
(viii) " drawer" means a member that purchases borrowed currency from the General Resources Account of the Fund;
(ix) "indebtedness of the Fund" means the amount the Fund is committed to repay under a credit arrangement;
(x) "member" means a member of the Fund;
(xi) « participant » means a participating member or a participating institution;
(xii) « participating institution » means an official institution of a member that has entered into a credit arrangement with the Fund with the consent of the member; and
(xiii) « participating member » means a member that has entered into a credit arrangement with the Fund.
(b) For the purposes of this decision, the Monetary Authority of Hong Kong (the "HKMA") shall be regarded as an official institution of the member whose territories include Hong Kong, provided that:
(i) loans by the HKMA and payments by the Fund to the HKMA under this decision shall be made in the currency of the United States of America, unless the currency of another member is agreed between the Fund and the HKMA;
(ii) the references to balance of payments and reserve position in paragraphs 5 (c), 6 (b), 6 (c), 7 (a), and 11 (e) shall be understood to refer to the balance of payments and reserve position of Hong Kong. The HKMA shall not be eligible to vote on a proposal for activation under paragraph 5(c), included in a resources mobilization plan under paragraph 6 (b), or subject to calls under paragraph 7 (a), and shall be excluded from calls in accordance with paragraph 6 (c), if, at the time of voting on any such proposal, approval of any such resource mobilization plan, or making of any such call, the HKMA notifies the Fund that Hong Kong's present and prospective reserve and
(iii) the HKMA shall have the right to request early repayment in accordance with paragraph 13 (c) with respect to claims transferred to the HKMA if at the time of the transfer the balance of payments position of Hong Kong is, in the opinion of the Fund, sufficiently strong to justify such a right.
Paragraph 2. Credit Arrangements
(a) A member or institution that adheres to this decision undertakes to provide resources to the Fund on the terms and conditions of this decision up to the amount in special drawing rights set forth in Annex I to this decision
("Annex I"), which may be amended from time to time in order to take into account changes in credit arrangements resulting from the application of paragraphs 3 (b), 4, 15 (b), 16, 17 and 19 (b).
(b) Except as set forth in paragraph 1 (b) (i) or otherwise agreed with the Fund, resources provided to the Fund under this decision shall be made in the currency of the participant. Agreements under this paragraph for the use of the currency of another member shall be subject to the competition of any member whose currency shall be used.
Paragraph 3. Adherence
(a) Any member or institution specified in Annex I as a new participant may adhere to this decision in accordance with paragraph 3 (c).
(b) Any member or institution not specified in Annex I, may apply to become a participant at any time. Any such member or institution that wishes to become a participant shall, after consultation with the Fund, give notice of its willingness to adhere to this decision, and, if the Fund and participants representing 85 percent of total credit arrangements shall so agree, the member or institution may adhere in accordance with paragraph 3 (c). When giving notice of its willingness to adhere under this paragraph 3 (b), a member or institution shall specify the amount, expressed in special drawing rights, of the credit arrangement which it is willing to enter into, provided that the amount shall not be less than the credit arrangement of the participant with the smallest credit arrangement. The admission of a new participant shall lead to a proportional reduction in the credit arrangements of all existing participants whose credit arrangements are above that of the participant with the smallest credit arrangement : such proportional reduction in the credit arrangements of participants shall be in an aggregate amount equal to the amount of the new participant's credit arrangement less any increase in total credit arrangements decided in accordance with paragraph 4 (a), provided that no participant's credit arrangement shall be
reduced below the minimum amount set out in Annex I.
(c) A member or institution shall adhere to this decision by depositing with the Fund an instrument setting forth that it has adhered in accordance with its law and has taken all steps necessary to enable it to carry out the terms and conditions of this decision. On the deposit of the instrument the member or institution shall be a participant as of the date of the deposit or of the effective date of the amendments to this decision set out in Executive Board Decision No. 14577-(10/35), adopted on April 12, 2010, whichever is later.
Paragraph 4. Changes in Amounts of Credit Arrangements
(a) When a member or institution is authorized under paragraph 3 (b) to adhere to this decision, the total amount of credit arrangements may be increased by the Fund with the agreement of participants representing 85 percent of total credit arrangements; the increase shall not exceed the amount of the new participant's credit arrangement.
(b) The amounts of participants' individual credit arrangements may be reviewed from time to time in the light of developing circumstances and changed with the agreement of the Fund and of participants representing 85 percent of total credit arrangements, including each participant whose credit arrangement is changed. This provision may be amended only with the consent of all participants.
Paragraph 5. Activation Period
(a) When the Managing Director considers that the Fund's resources available for the purpose of providing financing to members from the General Resources Account need to be supplemented in order to forestall or cope with an impairment of the international monetary system, and after consultations with Executive Directors and participants, the Managing Director may make a proposal for the establishment of an activation period during which the Fund may (i) make commitments under Fund arrangements for which it may make calls on participants under their credit arrangements, purchase and (ii) provided that an activation period shall not exceed 6 months, and provided further that the amount covered by calls to fund such commitments under arrangements and outright purchases shall not exceed the maximum amount specified in the proposal. The proposal for the establishment of an activation period shall include information on (i) the overall size of possible Fund arrangements on which discussions are advanced, (ii) the balance between arrangements that are expected to be drawn upon and arrangements that are expected to be precautionary, (iii) additional financing needs that, in the opinion of the Managing Director, may arise during the proposed activation period, and (iv) the mix of quota and NAB resources for purchases from the General Resources Account in the period following the approval of an activation period. The information will be updated quarterly during an activation period.
(b) If there is not unanimity among the participants, the question whether the participants are prepared to accept the Managing Director's proposal for the establishment of an activation period in accordance with paragraph 5(a) will be decided by a poll of the participants. A favorable decision shall require an 85 percent majority of total credit arrangements of participants eligible to vote. The decision shall be notified to the Fund.
(c) A participant shall not be eligible to vote if, based on its present and prospective balance of payments and reserve position, the member is not included in the financial transactions plan for transfers of its currency at the time of the decision on a proposal for an activation period.
(d) An activation period shall become effective only if it is accepted by participants pursuant to paragraph 5 (b) and is then approved by the Executive Board.
Paragraph 6. Resource Mobilization Plans and Calls
(a) To fund outright purchases during an activation period and commitments under arrangements approved during an activation period, calls under individual credit arrangements of participants may be made on the basis of resource mobilization plans approved by the Executive Board normally on a quarterly basis in conjunction with the quarterly financial transactions plan for the General Resources Account. Such resource mobilization plans shall specify for each participant the maximum amount for which calls may be made during the applicable period. The Executive Board may at any time amend such a plan to change the maximum amounts and period for calls. With respect to the allocation of the maximum amounts among participants, the resource mobilization plan shall normally establish an allocation that would result in the available commitments of participants being of equal proportion relative to their credit arrangements.
(b) A participant shall not be included in the resource mobilization plan when, based on its present and prospective balance of payments and reserve position, the member is not included and is not being proposed by the Managing Director to be included in the list of countries in the quarterly financial transactions plan for transfers of its currency.
(c) Calls during the period of a resource mobilization plan shall be made on participants by the Managing Director with due regard to the objective specified in paragraph 6 (a) of achieving available commitments of participants that are of equal proportion relative to their credit arrangements. No call shall be made on a participant that has been included in the resource mobilization plan if, at the time of such call, the member's currency is not being used in transfers under the financial transactions plan because of the member's balance of payments and reserve position.
(d) When the Fund makes a call pursuant to this paragraph 6, the participant shall promptly make the transfer in accordance with the call.
Paragraph 7. Procedures for Special Calls
(a) Calls pursuant to paragraph 11 (e) may be made at any time with due regard to the objective specified in paragraph 6 (a) of achieving commitments of participants that are of equal proportion relative to their credit arrangements, provided that no such call shall be made on a participant, when, based on its present and prospective balance of payments and reserve position, the member is not included and is not being proposed by the Managing Director to be included in the list of transfers in the quarterly financial Calls under this paragraph 7 (a) shall not be subject to the procedures set forth in either paragraph 5 or paragraph 6.
(b) Calls pursuant to paragraph 23 may be made at any time; they shall not be subject to the procedures set forth in either paragraph 5 or paragraph 6.
(c) When the Fund makes a call pursuant to this paragraph 7, the participant shall promptly make the transfer in accordance with the call.
Paragraph 8. Nature and Evidence of Indebtedness
(a) A participant's claim on the Fund arising from calls under this decision shall be in the form of a loan to the Fund; provided that, at the request of a participant, the Fund shall issue to the participant and the participant shall purchase, for up to the amount of any call on that participant, one or more promisedsory notes (each a « Note » or together the « Notes ») that have the same substantive terms as loans extended under this decision and are subject to the General Terms and Conditions for NAB Notes set forth in Annex II to this decision (the « GTC »). The GTC may be amended by a decision of the Fund with the agreement of participants representing 85 percent of total credit arrangements, provided that any amendment of the GTC shall be consistent with the terms of this decision. The amended GTC shall apply upon effectiveness to all outstanding Notes issued under this decision.
(b) In cases where a participant's claim on the Fund is in the form of a loan, the Fund shall issue to the participant, at its request, instruments evidencing the Fund's indebtedness. The form of the instruments shall be agreed between the Fund and the participant. Upon repayment of the amount of any such instrument and all increasedd interest, the instrument shall be returned to the Fund for cancellation. If less than the amount of any such instrument is repaid, the instrument shall be returned to the Fund and a new instrument for the remainder of the amount shall be substituted with the same maturity date as in the old instrument.
(c) In cases where a participant's claim on the Fund is in the form of Notes, such Notes shall be issued in book entry form. Upon the request of a participant, the Fund shall issue a registered Note substantially in the form as set out in the Appendix to the GTC. Upon repayment of any Note and all increasedd interest, the Note shall be returned to the Fund for cancellation. If less than the amount of any such Note is repaid, the Note shall be returned to the Fund and a new Note for the remainder of the amount shall be substituted with the same maturity date as in the old Note.
Paragraph 9. Interest
(a) The Fund shall pay interest on its indebtedness under this decision at a rate equal to the combined market interest rate computed by the Fund from time to time for the purpose of determining the rate at which it country interest on holdings of special drawing rights or any such higher rate as may be agreed between the Fund and participants representing 85 percent of the total credit arrangements.
(b) Interest shall increase daily and shall be paid as soon as possible after each July 31, October 31, January 31, and April 30.
(c) Interest due to a participant shall be paid, as determined by the Fund in consultation with the participant, in special drawing rights, in the participant's currency, in the currency borrowed, in freely usable currencies, or, with the agreement of the participant, in other currencies that are actually convertible.
Paragraph 10. Use of Borrowed Currency
The Fund's policies and practices under Article V, Sections 3 and 7 of the Articles on the use of its general resources, including those relating to the period of use, shall apply to purchases of currency borrowed by the Fund. Nothing in this decision shall affect the authority of the Fund with respect to requests for the use of its resources by individual members, and access to these resources by members shall be determined by the Fund's policies and practices, and shall not depend on whether the Fund can borrow under this decision.
Paragraph 11. Repayment by the Fund
(a) Subject to the other provisions of this paragraph 11, the Fund, five years after a transfer by a participant in response to a call under this decision, shall repay the participant an amount equivalent to the transfer calculated in accordance with paragraph 12. If a drawer for whose purchase resources were made available under this decision repurchases on a date earlier than five years after its purchase, the Fund shall repay participants an equivalent amount during the quarterly period in which the repurchase is made in accordance with paragraph 11(d). Repayment under this paragraph 11 (a) or under paragraph 11 (c) shall be, as determined by the Fund, in the currency borrowed whenever feasible, in the currency of the participant, in special drawing rights in an amount that does not increase the participant's holdings of special drawing rights above the limit under Article XIX, Section 4 of the Articles actually unless the participant agrees to accept special drawing rights above that limit in such repayment, in freely usable currencies, or, with currencies
(b) Before the date prescribed in paragraph 1l (a), the Fund, after consultation with participants, may make repayment in part or in full to one or several participants in accordance with paragraph 11 (d). The Fund shall have the option to make repayment under this paragraph 11 (b) in the participant's currency, in the currency borrowed, in special drawing rights in an amount that does not increase the participant's holdings of special drawing rights above the limit under Article XIX, Section 4 of the Articles unless the participant agrees to accept special drawing rights above that limit in such repayment, in freely usable currencies, or, with the agreement of the participant, in other currencies that
(c) Whenever a reduction in the Fund's holdings of a drawer's currency is attributed to a purchase of currency borrowed under this decision, the Fund shall promptly repay an equivalent amount to participants. If the Fund has used resources under this decision to finance a reserve tranche purchase by a drawer and the Fund's holdings of the drawer's currency that are not subject to repurchase are reduced as a result of net sales of that currency during a quarterly period covered by a financial transactions plan, the Fund shall repay at the beginning of the next quarterly period an amount equivalent to that reduction to participants, up to the amount of the reserve tranche purchase. Payments under this paragraph 11 (c) shall be allocated among participants in accordance with paragraph 11 (d).
(d) Repayments under paragraphs 11 (a), second sentence, 11 (b) and 11 (c) shall be allocated among participants with due regard to the objective specified in paragraph 6(a) of achieving available commitments of participants that are of equal proportion relative to their credit arrangements. For each participant, repayments shall be applied first to the longest outstanding claim under its credit arrangement. If repayment is to be made in accordance with this paragraph 11 (d) on a claim that has been transferred, the repayment shall be made to the transferee of such claim.
(e) Before the date prescribed in paragraph 11 (a), a participant may give notice representing that there is a balance of payments need for repayment of part or all of the Fund's indebtedness and requesting such repayment. The participant seeking such repayment shall consult with the Managing Director and with the other participants before giving notice. The Fund shall give the overwhelming benefit of any doubt to the participant's representation. Repayment shall be made promptly after consultation with the participant in freely usable currencies or in special drawing rights, as determined by the Fund, or, with the agreement of the participant, in the currencies of other members that are actually convertible. If the Fund's holdings of currencies in which repayment should be made are not wholly adequate, the Managing Director shall make calls on individual participants to provide the necessary balances under their credit arrangements subject to the limit of their available commitments. At the time of such call, and if so requested by the participant seeking early repayment, (i) a participant providing balances under its credit arrangement that are not balances of a freely usable currency shall ensure that such balances can be exchanged for a freely usable currency of its choice, and (ii) a participant providing balances under its credit arrangement that are balances of a freely usable currency, shall collaborate with the Fund and other members to enable such balances to freely.
(f) When a repayment is made on a claim arising from a call under this decision, the amount that can be called for under the credit arrangement of the participant under which the claim arose as a result of a call under this decision shall be restored pro tanto.
(g) Unless otherwise agreed between the Fund and a participating institution, the Fund shall be deemed to have discharged its obligations to a participating institution to make repayment in accordance with the provisions of this paragraph 11 or to pay interest in accordance with the provisions of paragraph 9 if the Fund transfers an equivalent amount in special drawing rights to the member in which the participating institution is established.
Paragraph 12. Rates of Exchange
(a) The value of any transfer shall be calculated as of the date of the dispatch of the instructions for the transfer. The calculation shall be made in terms of the special drawing right in accordance with Article XIX, Section 7 (a) of the Articles, and the Fund shall be obliged to repay an equivalent value.
(b) For all of the purposes of this decision, the value of a currency in terms of the special drawing right shall be calculated by the Fund in accordance with Rule O-2 of the Fund's Rules and Regulations.
Paragraph 13. Transferability
(a) No participant or non-participant holder may transfer all or any part of its claim to repayment under a credit arrangement except (i) in accordance with this paragraph 13 or (ii) with the prior consent of the Fund and on such terms and conditions as the Fund may approve.
(b) All or part of any claim to repayment under a credit arrangement may be transferred at any time to a participant or to a non-participant that is either (i) a member of the Fund, (ii) the central bank or other fiscal agency designated by any member for purposes of Article V, Section 1 of the Articles (" other fiscal agency"), or (iii) an official entity that has been prescribed as a holder of special drawing rights pursuant to Article XVII, Section 3 of the Articles
(c) As from the value date of the transfer, the transferred claim shall be held by the transferee on the same terms and conditions as claims originating under its credit arrangement (in the case of transferees that are participants) or as the claim was held by the transferor (in the case of strong member that are non-participants), except transferee that (i) the transferee shall have the right to request early repayment of the transferred claim on balance of payments grounds only (ii) if the transferee is a non-participant, references to the participant's currency shall be deemed to refer (A) if the transferee is a member, to the transferee's currency, (B) if the transferee is an institution of a member, to the currency of that member, and (C) in other cases, to a freely usable currency as determined by the Fund; and (iii) claims transferred in accordance with this paragraph 13 shall be considered drawn balances of the first transferor participant for purposes of determining the available commitment under its credit arrangement, and claims obtained by a participant under a transfer shall not be considered drawn balances of the transferee for purposes of determining the available commitment under its credit arrangement.
(d) The price for the claim transferred shall be as agreed between the transferee and the transferor.
(e) The transferor of a claim shall inform the Fund promptly of the claim that is being transferred, the name of the transferee, the amount of the claim that is being transferred, the agreed price for transfer of the claim, and the value date of the transfer.
(f) The transfer shall be registered by the Fund and the transferee shall become the holder of the claim if the transfer is in accordance with the terms and conditions of this decision. Subject to the foregoing, the transfer shall be effective as of the value date agreed between the transferee and the transferor.
(g) Notice to or by a transferee that is a non-participant shall be in writing or by rapid means of communication and shall be given to or by the fiscal agency designated by the transferee in accordance with Article V, Section 1 of the Articles and Rule G-1 of the Rules and Regulations of the Fund if the transferee is a member, or to or by the transferee directly if the transferee is not a member.
(h) If all or part of a claim is transferred during a quarterly period as described in paragraph 9 (b), the Fund shall pay interest to the transferee on the amount of the claim transferred for the whole of that period.
(i) Unless otherwise agreed between the Fund and a transferee that is either a participating institution or the central bank or other fiscal agency designated by any member for purposes of Article V, Section 1 of the Articles, the Fund shall be deemed to have discharged its obligations to make repayment to such transferee in special drawing rights in accordance with paragraph 11 or to pay interest in special drawing rights in accordance with paragraph 9 if the Fund transfers an equivalent amount in special drawing rights to the account of the member in which
(j) If requested, the Fund shall assist in seeking to arrange transfers.
(k) The transferee of a claim may request at the time of transfer that a claim in the form of a loan be exchanged by the Fund for a Note on the same substantive terms subject to the GTC, or that a claim in the form of a Note be exchanged for a loan claim on the same substantive terms.
(l) Derivative transactions in respect of any claim under this decision, and transfer of participation interests in any claim, are prohibited.
Paragraph 14. Notices
Notice to or by a participating member under this decision shall be in writing or by rapid means of communication and shall be given to or by the fiscal agency of the participating member designated in accordance with Article V, Section 1 of the Articles and Rule G-1 of the Rules and Regulations of the Fund. Notice to or by a participating institution shall be in writing or by rapid means of communication and shall be given to or by the participating institution.
Paragraph 15. Amendment
(a) Except as provided in paragraphs 4 (b), 15 (b) and 16, this decision may be amended during the period prescribed in paragraph 19 (a) and any subsequent renewal periods that may be decided pursuant to paragraph 19 (b) only by a decision of the Fund and with the competition of participants representing 85 percent of total credit arrangements. Such competition shall not be necessary for the modification of the decision on its renewal pursuant to paragraph 19 (b).
(b) If in its view an amendment materially affects the interest of a participant that voted against the amendment, the participant shall have the right to withdraw its adherence to this decision by giving notice to the Fund and the other participants within 90 days from the date the amendment was adopted. This provision may be amended only with the consent of all participants.
Paragraph 16. Withdrawal of Adherence
Without prejudice to paragraph 15 (b), a participant may withdraw its adherence to this decision in accordance with paragraph 19 (b) but may not withdraw within the period prescribed in paragraph 19 (a) except with the agreement of the Fund and all participants. This provision may be amended only with the consent of all participants.
Paragraph 17. Withdrawal from Membership
If a participating member or a member whose institution is a participant withdraws from membership in the Fund, the participant's credit arrangement shall cease at the same time as the withdrawal effect takes. The Fund's indebtedness under the relevant credit arrangement shall be treated as an amount due from the Fund for the purpose of Article XXVI, Section 3 and Schedule J of the Articles.
Paragraph 18. Suspension of Exchange Transactions and Liquidation
(a) The right of the Fund to make calls under paragraphs 6, 11 (e), and 23 and the obligation to make repayments under paragraph 11 shall be suspended during any suspension of exchange transactions under Article XXVII of the Articles.
(b) In the event of liquidation of the Fund, credit arrangements shall cease and the Fund's indebtedness shall constitute liabilities under Schedule K of the Articles. For the purpose of paragraph 1 (a) of Schedule K, the currency in which the liability of the Fund shall be payable shall be first the currency borrowed, then the participant's currency and finally the currency of the drawer for whose purchases transfers were made by the participants in connection with calls under paragraph 6.
Paragraph 19. Period and Renewal
(a) This decision shall continue in existence until November 16, 2012. When considering a renewal of this decision for any period following the period referred to in this paragraph 19 (a), the Fund and the participants shall review the functioning of this decision and, in particular, (i) the experience with the procedures for activation and (ii) the impact of the Fourteenth General Review of Quotas on the overall size of quotas, and shall consult on any possible modifications.
(b) This decision may be renewed for such period or periods and with such modifications, subject to paragraphs 4 (b), 15 (b) and 16, as the Fund may decide. The Fund shall adopt a decision on renewal and modification, if any, not later than twelve months before the end of the period prescribed in paragraph 19 (a). Any participant may advise the Fund not less than six months before the end of the period prescribed in paragraph 19 (a) that it will withdraw its adherence to the decision as renewed. In the absence of such notice, a participant shall be deemed to continue to adhere to the decision as renewed. Withdrawal of adherence in accordance with this paragraph 19 (b) by a participant shall not preclude its subsequent adherence in accordance with paragraph 3 (b).
(c) If this decision is terminated or not renewed, paragraphs 8 through 14, 17 and 18 (b) shall nevertheless continue to apply in connection with any indebtedness of the Fund under credit arrangements in existence at the date of the termination or expiration of the decision until repayment is completed. If a participant withdraws its adherence to this decision in accordance with paragraph 15 (b), paragraph 16, or paragraph 19 (b), it shall cease to be a participant under the decision, but paragraphs 8 through 14, 17 and 18 (b) of the decision as of the date of the withdrawal shall nevertheless continue to apply to any indebtedness of the Fund under such former arrangement until repayment has been completed.
Paragraph 20. Interpretation
Any question of interpretation raised in connection with this decision (including the GTC) which does not fall within the purview of Article XXIX of the Articles shall be settled to the mutual satisfaction of the Fund, the participant or transferee of a claim raising the question, and all other participants. For the purpose of this paragraph 20 participants shall be deemed to include those former participants to which paragraphs 8 through 14, 17 and 18 (b) continue to apply pursuant to paragraph 19 (c) to the extent that any such former participant is affected by a question of interpretation that is raised.
Paragraph 21. Relationship with the General Arrangements to Borrow and Associated Borrowing Arrangements
(a) When considering whether to activate the New Arrangements to Borrow or the General Arrangements to Borrow, the Fund shall be guided by the principle that the New Arrangements to Borrow shall be the facility of first and principal recourse, except that in the event that a proposal for the establishment of an activation period under the New Arrangements to Borrow is not accepted under paragraph 5 (a), a proposal for calls may be made under the General Arrangements to Borrow.
(b) Outstanding drawings and available commitments under the New Arrangements to Borrow and the General Arrangements to Borrow shall not exceed SDR 367,467.36 million, or such other amount of total credit arrangements as may be in effect in accordance with this decision. The available commitment of a participant under the New Arrangements to Borrow shall be reduced pro tanto by any outstanding drawings on, and commitments of, the participant under the General Arrangements to Borrow. The available commitment of a participant under the General Arrangements to Borrow shall be reduced pro tanto by the extent to which its credit arrangement under the General Arrangements to Borrow exceeds its available commitment under the New Arrangements to Borrow.
(c) References to drawings and commitments under the General Arrangements to Borrow shall include drawings and commitments under the Associated Borrowing Arrangements referred to in paragraph 23 of the General Arrangements to Borrow.
Paragraph 22. Other Borrowing Arrangements
Nothing in this decision shall preclude the Fund from entering into any other types of borrowing arrangements.
Paragraph 23. Transitional Arrangements for Amendments Adopted Pursuant to Decision No. 14577-(10/35), adopted on April 12, 2010
At the request of a participant that holds claims, either in the form of loans or notes, on the Fund under bilateral borrowing agreements entered into by the Fund prior to the effectiveness of the amendments to this decision set forth in Decision No. 14577-(10/35), adopted on April 12, 2010, the Managing Director shall make calls under the credit arrangement of such a participant to fund the repayment of such claims. Similarly, at the request of the relevant participant, calls shall be made on a participant that is a participating institution for the repayment of such claims held by the member of which it is an official institution or by the central bank or other fiscal agency designated by the member, or on a participant that is a member for the repayment of such claims held by the central bank or other fiscal agency designated by the member. Notwithstanding paragraph 11 (a), the maturity date of claims under credit arrangements arising from such calls shall be the maturity date of the bilateral borrowing agreement claim for whose repayment the call was made.
Paragraph 24. Delay in Drawings
No drawings shall be made under this decision until participants representing at least 70 percent of the total credit arrangements of new participants listed in Annex I have adhered to this decision in accordance with paragraph 3 (c).
General Terms and Conditions for Notes Issued by the International Monetary Fund under the New Arrangements to Borrow (the "NAB")
These are the General Terms and Conditions for the promisedsory notes (the "Notes") issued by the International Monetary Fund (the " Fund") in accordance with paragraphs 8 and 13(k) of Executive Board Decision No. 11428-(97/6), January 27, 1997, on the New Arrangements to Borrow (the "NAB Decision"), as amended. Terms that are not otherwise defined in these General Terms and Conditions shall have the meaning ascribed to them in the NAB Decision.
Paragraph 1. Issuance of Notes to Participants and Other Holders
(a) At the request of a participant pursuant to paragraph 8 (a) of the NAB Decision the Fund will issue to the participant, and the participant shall purchase, Notes in the amount requested, up to the amount of the Fund's call on the participant under its credit arrangement. At the request of the transferee of a loan claim, the Fund will issue Notes to the transferee in exchange for the loan claim pursuant to paragraph 13 (k) of the NAB Decision.
(b) Notes shall be denominated in the special drawing right.
Paragraph 2. Form, Delivery and Custody of Notes
(a) Notes will be issued in book entry form. The Fund will establish and maintain in its records a book entry account in the name of each holder recording relevant details of all Notes issued, including the number, issue date, principal amount, and maturity date. As of the value date of each purchase, or of each exchange or transfer of a Note in accordance with paragraph 13 of the NAB Decision, the Fund will make an appropriate entry in its records regarding details of the Note purchased or transferred. The making of such an entry in the records of the Fund shall constitute a taking of delivery of the Note by the purchaser or transferee, and the person so listed with respect to such Note shall be the holder thereof for all purposes.
(b) Upon the request of a holder, the Fund will issue to the holder a registered Note substantially in the form set out in the Appendix to these General Terms and Conditions, including without limitation the legend regarding restrictions on transfer of Notes. Each such registered Note will bear as its issue date the value date of the purchase of the Note or the value date of the loan claim for which it was exchanged pursuant to paragraph 13 (k) of the NAB Decision and shall be issued in the name of the relevant holder. Unless otherwise agreed between a holder and the Fund, the Fund will keep such registered Notes in custody for the holder, and acceptance of custody by the Fund shall constitute delivery of such registered Notes to the holder.
Paragraph 3. Interest
(a) The Fund shall pay interest on Notes at a rate equal to the combined market interest rate computed by the Fund from time to time for the purpose of determining the rate at which it country interest on holdings of special drawing rights or any such higher rate as may be agreed between the Fund and participants representing 85 percent of the total credit arrangements under the NAB Decision.
(b) Interest shall increase daily and shall be paid as soon as possible after each July 31, October 31, January 31, and April 30.
(c) Interest due to a holder shall be paid, as determined by the Fund in consultation with the holder, in special drawing rights, in the holder's currency if the holder is a member, in the currency borrowed, in freely usable currencies, or, with the agreement of the holder, in other currencies that are actually convertible.
Paragraph 4. Maturity; Repayment by the Fund
(a) Notes have a maturity of five years, provided that a Note issued pursuant to paragraph 13(k) of the NAB Decision shall have the maturity of the loan claim for which it was exchanged. Repayment of the Note principal to a holder is made in accordance with paragraph 11 of the NAB Decision.
(b) The Fund will cancel a Note (i) upon payment of the principal amount of the Note and all increasedd interest, (ii) if a Note is transferred in accordance with paragraph 6 of these General Terms and Conditions, or (iii) if a Note is exchanged for a loan claim in accordance with paragraph 13 (k) of the NAB Decision. If the Fund makes early payment of less than the main amount of a Note, the Fund will cancel the Note and issue a new Note for the remainder of the amount.
(c) Any registered Note to be cancelled by the Fund that is not already in the custody of the Fund shall be surrendered by the holder to the Fund for cancellation.
Paragraph 5. Rates of Exchange
For all of the purposes of these General Terms and Conditions, the value of a currency in terms of the special drawing right shall be calculated by the Fund in accordance with Rule O-2 of the Fund's Rules and Regulations.
Paragraph 6. Transferability of Notes
(a) A holder may not transfer all or any part of its Notes except (i) in accordance with this paragraph 6 or (ii) with the prior consent of the Fund and on such terms and conditions as the Fund may approve. Any other purported transfer by a participant or other holder shall be of no force or effect.
(b) All or part of any Note may be transferred at any time to a participant or to a non-participant that is either (i) a member of the Fund, (ii) the central bank or other fiscal agency designated by any member for purposes of Article V, Section 1 of the Articles (" other fiscal agency"), or (iii) an official entity that has been prescribed as a holder of special drawing rights pursuant to Article XVII, Section 3 of the Articles.
(c) As from the value date of the transfer, the Note shall be held by the transferee on the same terms and conditions as Notes originating under its credit arrangement (in the case of transferees that are participants in the NAB), or as the Note was held by the transferor (in the case of transferees that are non-participants in the NAB), except that (i) the transferee shall have the right to request early repayment of the transferred Note on balance of payments grounds pursuant to paragraph 11 (e) of the NAB Decision only if the transferee is a member, or the institution of a member, whose balance of payment and reserve position, at the time of the transfer justify, is considered sufficiently strong for its currency to be usable in transfers under the Fund's financial transactions plan, or, in the case of the HKMA, the balance of payments position of Hong Kong at the time of the transfer is, (ii) if the transferee is a non-participant, references in paragraph 11 of the NAB Decision to the participant's currency shall be deemed to refer (A) if the transferee is a member, to the transferee's currency, (B) if the transferee is an institution of a member, to the currency of that member, and (C) in other cases, to a freely usable currency as determined by the Fund; and (iii) Notes transferred in accordance with this paragraph 6 shall be considered drawn balances of the first transferor participant for purposes of determining the available commitment under its credit arrangement, and Notes obtained by a transferee participant shall not be considered drawn balances of such participant for purposes of determining the available commitment under its credit arrangement.
(d) The price for the Note transferred shall be as agreed between the transferee and the transferor.
(e) The transferor of a Note shall inform the Fund promptly of the Note that is being transferred, the name of the transferee, the amount of the Note that is being transferred, the agreed price for transfer of the Note, and the value date of the transfer.
(f) The transfer shall be registered by the Fund and the transferee shall become the holder of the Note only if such transfer is in accordance with the terms and conditions of the NAB Decision and these General Terms and Conditions. Subject to the foregoing, upon registration, the transfer shall be effective as of the value date agreed between the transferee and the transferor.
(g) The transferee of a Note may request at the time of transfer that the Note be exchanged by the Fund for a loan claim pursuant to paragraph 13 (k) of the NAB Decision to be held by the transferee on the same substantive terms as the transferred Note.
(h) Notice to or by a transferee that is a non-participant shall be in writing or by rapid means of communication and shall be given to or by the fiscal agency designated by the transferee in accordance with Article V, Section 1 of the Articles and Rule G-1 of the Rules and Regulations of the Fund if the transferee is a member, or to or by the transferee itself if the transferee is not a member.
(i) If all or part of a Note is transferred during a quarterly period as described in paragraph 3 (b) of these General Terms and Conditions, the Fund shall pay interest to the transferee holder on the relevant interest payment date on the amount of the Note transferred for the whole of that period.
(j) If requested, the Fund shall assist in seeking to arrange transfers.
(k) For all transfers under this paragraph 6, the Fund will cancel the Note that has been transferred in whole or in part and, if the Note is a registered Note, the transferor shall, as a condition for the transfer, surrender for cancellation any such registered Note that is not already in the custody of the Fund. Upon cancellation of the relevant Note, the Fund will issue a new Note in the name of the transferee for the main amount transferred and, where appropriate, a new Note in the name of the transferor for any part of the principal amount retained by it. The issue date of each new Note will be the issue date of the cancelled Note, and the new Note will have the same maturity date (including any maturity date resulting from extensions of a previous maturity date) that is applicable to the cancelled Note. The form and delivery of each new Note will be as specified in paragraph 2 of these General Terms and Conditions.
(l) Derivative transactions in respect of any Note, and transfers of participation interests in any Note, are prohibited.
Paragraph 7. Notices
Notice to or by a holder who is a participating member shall be in writing or by rapid means of communication and shall be given to or by the fiscal agency of the participating member designated in accordance with Article V, Section 1 of the Articles and Rule G-1 of the Rules and Regulations of the Fund. Notice to or by a holder who is a participating institution shall be in writing or by rapid means of communication and shall be given to or by the participating institution.
Paragraph 8. Interpretation
Any question of interpretation raised in connection with any Note which does not fall within the purview of Article XXIX of the Articles shall be settled to the mutual satisfaction of the Fund, the holder raising the question, and all participants in the NAB. For the purpose of this paragraph 8, holder shall be deemed to include those former participants in the NAB to which paragraphs 8 through 14, 17 and 18 (b) of the NAB Decision continue to apply pursuant to paragraph 19 (c) of the NAB Decision to the extent that any such former participant is affected by a question of interpretation that is raised.
Paragraph 9. NAB Decision and Changes in the GTC
Notes subject to these General Terms and Conditions, and any claims thereunder or with respect thereto, are subject to the terms and conditions of the NAB Decision as in effect from time to time. Any amendments to these General Terms and Conditions adopted in accordance with paragraph 8 (a) of the NAB Decision shall apply to all outstanding Notes issued under the NAB Decision.
Form of Registered NAB Note
Number SDR
INTERNATIONAL MONETARY FUND
REGISTERED NAB NOTE
Issue Date:
Maturity Date:
The INTERNATIONAL MONETARY FUND ("the Fund"), for value received, hereby promised to pay to
being the registered holder of this Note, an amount equivalent to
Special Drawing Rights (SDR)
on the maturity date specified above and to pay interest thereon as set forth below.
This Note is issued in accordance with the New Arrangements to Borrow (the "NAB") and the General Terms and Conditions for Notes Issued by the International Monetary Fund under the New Arrangements to Borrow (the "General Terms and Conditions"). Each holder of this Note is deemed to have agreed to the General Terms and Conditions and relevant terms of the NAB, as they may be amended in accordance with the NAB Decision, including without limitation the maturity date, the interest rate, the terms and conditions of early payment at the request of the Fund or the holder hereof, and the terms and conditions transfer of this Note or any part thereof.
This NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES LAWS OF ANY JURISDICTION. HOLDER OF THIS NOTE SELL, ASSIGN, DISPOSE OF ORWISE TRANSFER THIS NOTE, DIRECTLY OR INDIRECTLY, TO ANY ENTITY THAT IS NOT (I) A MEMBER OF THE FUND, (II) THE CENTRAL BANK OR OTHER FISCAL AGENCY DESIGNATED BY A MEMBERRP ANY DERIVATIVE TRANSACTIONS IN RESPECT OF THIS NOTE, AND TRANSFERS OF PARTICIPATION INTERESTS IN THIS NOTE, ARE PROHIBITED.
The Fund shall pay interest on this Note at a rate equal to the combined market interest rate computed by the Fund from time to time for the purpose of determining the rate at which it country interest on holdings of special drawing rights or any such higher as may be agreed between the Fund and participants representing 85 percent of the total credit arrangements under the NAB. Interest shall increase daily and shall be paid as soon as possible after each July 31, October 31, January 31, and April 30. Interest due to a holder shall be paid, as determined by the Fund in consultation with the holder, in special drawing rights, in the holder's currency if the holder is a member, in the currency borrowed, or in other currencies that are actually convertible.
Previous documents:
Doc 53 0990/ (2010/2011):
001: Bill.
002: Report.
See also:
Full report: 27 January 2011.