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. 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. 5. When a member has reached an agreement with the Fund covered in point 3, the Fund uses the currencies of other members assigned to that member in accordance with point 2 (d) to pay the member`s currency, the other members who have entered into agreements with the Fund under 3, under 3. Each amount thus collected is cashed in the currency of the member to whom it has been allocated.
This is an example of an article of the agreement: this agreement is based on Article VII, Section 1, paragraph i, of the Fund`s statutes, which authorizes the Fund to borrow from members of the Fund or other sources if it believes that such measures are appropriate to replenish its assets in a member`s currency on the General Resources Account (ARS).
