Article Agreement

4. Where the Fund`s holdings in the currency of an outgoing member are greater than the amount owed to it and no agreement is reached on the accounting method within six months of the date of withdrawal, the former member is required to repay the excess currency in a freely usable currency. The repayment is made at the rates at which the Fund would sell these currencies at the time of the Fund`s exit. The outgoing member is required to complete the withdrawal within five years of the date of revocation or a longer period set by the Fund, but is not required to repay more than one-tenth of the Fund`s excess assets on its currency at the time of exit, plus other purchases of the currency during that semester , over a period of one semester. If the member who retires does not fulfil this obligation, the fund may, in each market, liquidate in an orderly manner the amount of money that should have been repaid. In addition to commitments made with respect to special drawing rights arising from other articles of this agreement, each participant undertakes to cooperate with the Fund and other participants to ensure the proper functioning of the Underwriting Rights Department and the correct use of special drawing rights in accordance with this agreement and to make the Special Drawing Right the main reserve asset of the international monetary system. 2. If the commitment that remains at the Fund`s expense after the imposition under Article XXIV, Section 2, Point b), and no agreement is reached within six months of the closing date, the terminating member commits to it within three years of the end or within the longer period set by the Fund. The terminating participant fulfils this obligation, for example: (a) by paying a currency freely usable to the Fund, or b) by obtaining special drawing rights in accordance with Article XXIV, Section 6, of the General Resource Account, or in agreement with a participant designated by the Fund or another holder, and by compensating for these special drawing rights. This agreement is based on Article VII, Section 1, paragraph 1, of the Fund`s statutes, which authorizes the Fund to borrow from Fund members or other sources if it believes that such measures are appropriate to replenish its holdings in a member`s currency on the General Resources Account (ARG). 1. If the remaining commitment to be pending after the imposition pursuant to Article XXIV, point b), is notified to the terminating participant and if the agreement on liquidation between the Fund and the terminating member is not reached within six months of the termination date, the Fund terminates this balance of special drawing rights in equal semi-annual tranches within a maximum of five years from the closing date. The Fund maintains this balance, as it determines: (a) by paying the terminated member the sums made available by other fund participants in accordance with Article XXIV, Section 5, or (b) by allowing the terminating subscriber to use his special drawing rights to obtain his own currency or currency freely usable from a participant designated by the Fund.

, the general resource account or another owner. In addition to the obligations arising from other provisions of this agreement, each member assumes the obligations under this article. When a member withdraws from the Fund, the Fund`s normal operations and operations are interrupted in its currency and the settlement of all accounts between the Fund and the Fund is carried out by appropriate agreement between the Fund and the Fund.

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