## Loan Agreement between the Bank of Lithuania and the International Monetary Fund ## Source details **Canonical URL:** [Loan Agreement between the Bank of Lithuania and the International Monetary Fund](https://www.imf.org/-/media/files/news/press-release/2021/pr214/pr214-com-version-lithuania-2020-borrowing-agreements.pdf) ## Other formats - [Markdown version](/-/media/files/news/press-release/2021/pr214/pr214-com-version-lithuania-2020-borrowing-agreements.pdf.md) - [Structured JSON version](/-/media/files/news/press-release/2021/pr214/pr214-com-version-lithuania-2020-borrowing-agreements.pdf.json) --- ### Purposes and Amounts - Purpose: to enhance the Fund’s resources on a temporary basis for crisis prevention and resolution through bilateral borrowing. - Loan Amount: SDR-denominated amount up to the equivalent of EUR 690 million. - Rolled Back Loan Amount upon effectiveness of the NAB Reform: SDR-denominated amount up to the equivalent of EUR 297 million. - Legal basis: Article VII, Section 1(i) of the Fund’s Articles of Agreement and the Guidelines for Borrowing by the Fund. - Terminology: this agreement is a “2020 Borrowing Agreement”; collectively with other such agreements and the “2016 Borrowing Agreements” they are the “Bilateral Borrowing Agreements.” ### Term of the Agreement and Activation Conditions - Term end date: December 31, 2023. - Possible extension: one further year through December 31, 2024 by Executive Board decision and Bank of Lithuania consent. - Activation threshold for 2020 Borrowing Agreements: modified FCC is below SDR 100 billion. - Additional activation conditions: - NAB must be activated as of notification time, or there must be no available uncommitted NAB resources at that time. - Activation must be approved by creditors representing at least 85 percent of total credit amount committed under the 2020 Borrowing Agreements by creditors eligible to vote. - Creditor voting: Managing Director proposes activation in writing and requests creditors’ vote; creditors not effective or not in Financial Transactions Plan are ineligible to vote. - Early approach: Managing Director may approach creditors before modified FCC drops below threshold in extraordinary circumstances. ### Use, Deactivation, and Scope of Drawings - If activated: - Fund may use resources to fund outright purchases from the GRA during the term of this agreement. - Fund may approve commitments of GRA resources whose purchases could be funded by drawings under this agreement at any time during the period of such commitments, including after expiration of the term or during periods when the agreement is not activated, provided such commitments include any approval that caused activation threshold to be reached. - Deactivation triggers: - Automatic deactivation when NAB is no longer activated unless there are no available uncommitted NAB resources. - Deactivation if Managing Director notifies Executive Board that modified FCC (excluding Bilateral Borrowing Agreements) has risen above activation threshold and (i) Executive Board determines activation no longer necessary; or (ii) six months elapse since notification without modified FCC falling below threshold. - Use for early repayment of other 2020 Borrowing Agreements: - Post-activation, resources may fund early repayment of claims under other 2020 Borrowing Agreements if relevant creditors request early repayment as specified in paragraph 8. - Drawings to fund such early repayment may be made while claims under 2020 Borrowing Agreements remain outstanding, including after term expiration or during deactivation. - Drawing objective: achieve over time broadly balanced positions among creditors under all Bilateral Borrowing Agreements relative to commitments. ### Estimates, Notices, and Limits on Drawings - Fund obligations: - Provide Bank of Lithuania with best estimates of expected drawings prior to each plan period and revised estimates as warranted. - Exclusions from periodic plan and drawing conditions: - Bank of Lithuania not included and no drawings if Lithuania not included in Financial Transactions Plan for transfers of its currency. - No drawings if at time of drawing Lithuania’s currency is not used in transfers because of Lithuania’s balance of payments and reserve position. - If Lithuania was not included at activation vote but is subsequently included, drawings may be made unless Bank of Lithuania notifies Fund it does not wish to be drawn upon. - Notice timelines: - Fund shall give at least five business days’ (Vilnius) notice of intent to draw and provide payment instructions at least two business days (Fund) prior to value date by rapid authenticated means (e.g., SWIFT). - Exceptional circumstances: at least three business days (Vilnius) notice with Bank of Lithuania making best efforts to meet such a call. ### Evidence of Indebtedness - Publication: outstanding drawings will be included in the statements of Lithuania’s position in the Fund published monthly by the Fund. - Instruments: - At Bank of Lithuania’s request, Fund shall issue non-negotiable instruments evidencing indebtedness. - Upon repayment of an instrument and accrued interest, instrument returned for cancellation. - If partial repayment, returned and new instrument for remainder substituted with same maturity date. ### Maturity and Repayment Mechanics - Standard maturity: three months from drawing date for each drawing. - Automatic extension: - Fund may elect to extend maturity by additional periods of three months; extensions deemed elected for all outstanding drawings unless Fund notifies Bank of Lithuania at least five business days (Fund) before a maturity date that it does not elect to extend. - Extension limits: - Maturity for drawings to fund purchases from the GRA shall not be extended later than the tenth anniversary of the drawing date. - Maturity for drawings to fund early repayments under paragraph 2(e) shall be a single common maturity date equal to the longest remaining maximum maturity of any claim for which early repayment requested or the tenth anniversary of the relevant drawing, whichever is earlier. - Following an Executive Board determination of exceptional circumstances due to shortage of Fund resources in relation to obligations, Fund, with Bank of Lithuania agreement, may extend maximum maturity up to an additional five years. - Repayment: - Fund shall repay principal on applicable maturity date. - Fund may make early repayment in part or full after consultation and with at least five business days (Fund) notice by rapid authenticated means. - Repayments restore pro tanto the amount available to be drawn. Extensions do not reduce drawable amount. - If maturity date is not a business day where payment is made, payment is next business day in that place; interest accrues up to payment date. ### Rate of Interest and Payment Schedule - Interest rate: SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. - Exception: if Fund pays a higher interest rate on outstanding balances from any other comparable borrowing effected pursuant to Article VII, Section 1(i), interest rate payable under this agreement shall be equivalent to that higher rate for as long as it remains in effect. - Interest calculation and payment: - Interest calculated on outstanding amount; accrues daily. - Interest paid promptly after each July 31, October 31, January 31, and April 30. ### Denomination, Media, and Modalities of Drawings and Payments - Denomination: each drawing and corresponding repayment denominated in SDRs. - Payment mechanics: - Unless otherwise agreed, Bank of Lithuania pays amount of each drawing by transfer of SDR equivalent amount of euro to Fund’s account at designated depository of Lithuania on specified value date. - For drawings under paragraph 2(e), Bank of Lithuania ensures balances not in freely usable currency can be exchanged for a freely usable currency of its choice; for balances that are freely usable currencies, Bank of Lithuania shall collaborate to enable exchange for another freely usable currency. - Repayment currencies: - Repayment of principal shall be, as determined by Fund, in the currency borrowed whenever feasible, in euro, in special drawing rights (subject to Article XIX, Section 4 limit unless Lithuania agrees otherwise), in freely usable currencies, or with Bank of Lithuania agreement in other currencies included in Financial Transactions Plan for transfers. - Interest payments: normally in SDRs; Fund and Bank of Lithuania may agree interest payments in euro. - Payment destinations: - Euro payments to account specified by Bank of Lithuania. - SDR payments by crediting Lithuania’s account in the Special Drawing Rights Department. - Payments in any other currency to account specified by Bank of Lithuania. ### Early Repayment at Request of the Bank of Lithuania - Conditions for Bank of Lithuania-initiated early repayment at face value: - (i) Bank of Lithuania represents that Lithuania’s balance of payments and reserve position justifies such repayment. - (ii) Fund, giving representation the overwhelming benefit of any doubt, determines early repayment is needed in light of Lithuania’s balance of payments and reserve position. - After consultation, Fund may make repayments pursuant to this paragraph in SDRs or a freely usable currency as determined by Fund or, with Bank of Lithuania agreement, in currencies of other members included in the Financial Transactions Plan for transfers. ### Transferability of Claims and Obligations - General restriction: Bank of Lithuania may not transfer obligations or claims except with prior Fund consent and on terms Fund approves, except as provided in subparagraphs (b)–(h). - Permitted transfers (subparagraph (b)): - Bank of Lithuania may transfer all or part of any claim on the Fund to any member, to central bank or other fiscal agency designated by any member for Article V, Section 1 purposes, or to any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3. - Conditions on transferees (subparagraph (c)): - Transferee must assume liability re paragraph 5(a) regarding extension of maturities related to transferred claim and regarding extension of maximum maturity in exceptional circumstances. - Transferred claim held on same terms except: - (i) transferee acquires right to request early repayment under paragraph 8 only if it is a member or central bank/other fiscal agency of a member and at transfer time the member’s balance of payments and reserve position is considered sufficiently strong in the Fund’s opinion that its currency is used in transfers under the Financial Transactions Plan; - (ii) if transferee is a member or its central bank/other fiscal agency, reference to euro in paragraph 7 deemed to refer to the relevant member’s currency; otherwise deemed to refer to a freely usable currency determined by the Fund; - (iii) payments related to transferred claim made to account specified by transferee; - (iv) references to business days (Vilnius) deemed to refer to business days where transferee is situated. - Price of transferred claim: as agreed between Bank of Lithuania and transferee. - Notification: Bank of Lithuania shall notify Fund promptly of claim transferred, name of transferee, amount transferred, agreed price, and value date. - Recordation: transfers notified under subparagraph (e) shall be reflected in Fund records if in accordance with paragraph 9 terms and conditions. ### Transfer mechanics and interest on transferred claims - Transfer effective date: value date agreed between the Bank of Lithuania and the transferee. - Interest on transferred claims: - If all or part of a claim is transferred during a quarterly period as described in paragraph 6(b), the Fund shall pay interest to the transferee on the amount of the claim transferred for the whole of that period. - Assistance: If requested, the Fund shall assist in seeking to arrange transfers. ### Effective Exchange Rate - Default exchange rate rule: - All drawings, exchanges, and payments of principal and interest under this agreement shall be made at the exchange rates for the relevant currencies in terms of the SDR established pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second business day of the Fund before the value date of the transfer, exchange or payment, unless otherwise agreed between the Bank of Lithuania and the Fund. - If this exchange rate determination date is not a business day in Vilnius, such date shall be the last preceding business day of the Fund that is also a business day in Vilnius. - For purposes of applying the limit on drawings as specified in paragraphs 1(a), 14(a) and 14(b), the euro value of each SDR-denominated drawing shall be determined and permanently fixed on the value date of the drawing based on the euro/SDR exchange rate established pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second business day of the Fund before the value date of the drawing. - If this exchange rate determination date is not a business day in Vilnius, such date shall be the last preceding business day of the Fund that is also a business day in Vilnius. ### Changes in method of valuation of SDR - If the Fund changes the method of valuing the SDR, all transfers, exchanges and payments of principal and interest made two or more business days of the Fund after the effective date of the change shall be made on the basis of the new method of valuation. ### Non-subordination of claims - The Fund agrees that it will not take any action that would have the effect of making the Bank of Lithuania’s claims on the Fund resulting from outstanding drawings under this agreement subordinate in any way to claims on the Fund resulting from any other borrowing effected pursuant to Article VII, Section 1(i) of the Fund’s Articles of Agreement. ### Settlement of questions - Any question arising under this agreement shall be settled by mutual agreement between the Bank of Lithuania and the Fund. ### Transitional arrangements - If, following the entry into effect of the NAB Reform, Lithuania’s outstanding claims under this agreement are in excess of the Rolled Back Loan Amount as calculated pursuant to paragraph 10(b), the Fund shall repay any outstanding claims under this agreement in excess of the Rolled Back Loan Amount; provided that claims with shorter remaining maximum maturities shall be repaid before those with longer remaining maximum maturities. - No drawing under this agreement shall be made that would cause the total outstanding drawings under this agreement, at the time of such drawing, to (i) exceed the Loan Amount prior to the effectiveness of the NAB Reform, or (ii) exceed the Rolled Back Loan Amount upon and after the effectiveness of the NAB Reform, as calculated pursuant to paragraph 10(b). ### Final provisions and Signatures - Execution: This agreement may be executed in duplicate counterparts, each of which shall be deemed an original and both of which together shall constitute but one and the same instrument. - Effective date: This agreement shall become effective on the date last signed below, or on the date on which Lithuania provides the concurrence that is required under Article VII, Section 1(i) of the Fund’s Articles of Agreement for Fund borrowing of euro from the Bank of Lithuania, or on January 1, 2021, whichever is later. - Signatures: Signature blocks are provided for the Bank of Lithuania (Name, Title, Date) and for the International Monetary Fund (Kristalina Georgieva, Managing Director, Date). Duplicate signature pages are present for the Bank of Lithuania and the International Monetary Fund. *Source: pr214-com-version-lithuania-2020-borrowing-agreements - Section 2* ### Section 1 ### Loan Agreement between the Bank of Lithuania and the International Monetary Fund ### Purposes and Amounts - Purpose: to enhance the Fund’s resources on a temporary basis for crisis prevention and resolution through bilateral borrowing. - Loan Amount: SDR-denominated amount up to the equivalent of EUR 690 million. - Rolled Back Loan Amount upon effectiveness of the NAB Reform: SDR-denominated amount up to the equivalent of EUR 297 million. - Legal basis: Article VII, Section 1(i) of the Fund’s Articles of Agreement and the Guidelines for Borrowing by the Fund. - Terminology: this agreement is a “2020 Borrowing Agreement”; collectively with other such agreements and the “2016 Borrowing Agreements” they are the “Bilateral Borrowing Agreements.” ### Term of the Agreement and Activation Conditions - Term end date: December 31, 2023. - Possible extension: one further year through December 31, 2024 by Executive Board decision and Bank of Lithuania consent. - Activation threshold for 2020 Borrowing Agreements: modified FCC is below SDR 100 billion. - Additional activation conditions: - NAB must be activated as of notification time, or there must be no available uncommitted NAB resources at that time. - Activation must be approved by creditors representing at least 85 percent of total credit amount committed under the 2020 Borrowing Agreements by creditors eligible to vote. - Creditor voting: Managing Director proposes activation in writing and requests creditors’ vote; creditors not effective or not in Financial Transactions Plan are ineligible to vote. - Early approach: Managing Director may approach creditors before modified FCC drops below threshold in extraordinary circumstances. ### Use, Deactivation, and Scope of Drawings - If activated: - Fund may use resources to fund outright purchases from the GRA during the term of this agreement. - Fund may approve commitments of GRA resources whose purchases could be funded by drawings under this agreement at any time during the period of such commitments, including after expiration of the term or during periods when the agreement is not activated, provided such commitments include any approval that caused activation threshold to be reached. - Deactivation triggers: - Automatic deactivation when NAB is no longer activated unless there are no available uncommitted NAB resources. - Deactivation if Managing Director notifies Executive Board that modified FCC (excluding Bilateral Borrowing Agreements) has risen above activation threshold and (i) Executive Board determines activation no longer necessary; or (ii) six months elapse since notification without modified FCC falling below threshold. - Use for early repayment of other 2020 Borrowing Agreements: - Post-activation, resources may fund early repayment of claims under other 2020 Borrowing Agreements if relevant creditors request early repayment as specified in paragraph 8. - Drawings to fund such early repayment may be made while claims under 2020 Borrowing Agreements remain outstanding, including after term expiration or during deactivation. - Drawing objective: achieve over time broadly balanced positions among creditors under all Bilateral Borrowing Agreements relative to commitments. ### Estimates, Notices, and Limits on Drawings - Fund obligations: - Provide Bank of Lithuania with best estimates of expected drawings prior to each plan period and revised estimates as warranted. - Exclusions from periodic plan and drawing conditions: - Bank of Lithuania not included and no drawings if Lithuania not included in Financial Transactions Plan for transfers of its currency. - No drawings if at time of drawing Lithuania’s currency is not used in transfers because of Lithuania’s balance of payments and reserve position. - If Lithuania was not included at activation vote but is subsequently included, drawings may be made unless Bank of Lithuania notifies Fund it does not wish to be drawn upon. - Notice timelines: - Fund shall give at least five business days’ (Vilnius) notice of intent to draw and provide payment instructions at least two business days (Fund) prior to value date by rapid authenticated means (e.g., SWIFT). - Exceptional circumstances: at least three business days (Vilnius) notice with Bank of Lithuania making best efforts to meet such a call. ### Evidence of Indebtedness - Publication: outstanding drawings will be included in the statements of Lithuania’s position in the Fund published monthly by the Fund. - Instruments: - At Bank of Lithuania’s request, Fund shall issue non-negotiable instruments evidencing indebtedness. - Upon repayment of an instrument and accrued interest, instrument returned for cancellation. - If partial repayment, returned and new instrument for remainder substituted with same maturity date. ### Maturity and Repayment Mechanics - Standard maturity: three months from drawing date for each drawing. - Automatic extension: - Fund may elect to extend maturity by additional periods of three months; extensions deemed elected for all outstanding drawings unless Fund notifies Bank of Lithuania at least five business days (Fund) before a maturity date that it does not elect to extend. - Extension limits: - Maturity for drawings to fund purchases from the GRA shall not be extended later than the tenth anniversary of the drawing date. - Maturity for drawings to fund early repayments under paragraph 2(e) shall be a single common maturity date equal to the longest remaining maximum maturity of any claim for which early repayment requested or the tenth anniversary of the relevant drawing, whichever is earlier. - Following an Executive Board determination of exceptional circumstances due to shortage of Fund resources in relation to obligations, Fund, with Bank of Lithuania agreement, may extend maximum maturity up to an additional five years. - Repayment: - Fund shall repay principal on applicable maturity date. - Fund may make early repayment in part or full after consultation and with at least five business days (Fund) notice by rapid authenticated means. - Repayments restore pro tanto the amount available to be drawn. Extensions do not reduce drawable amount. - If maturity date is not a business day where payment is made, payment is next business day in that place; interest accrues up to payment date. ### Rate of Interest and Payment Schedule - Interest rate: SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. - Exception: if Fund pays a higher interest rate on outstanding balances from any other comparable borrowing effected pursuant to Article VII, Section 1(i), interest rate payable under this agreement shall be equivalent to that higher rate for as long as it remains in effect. - Interest calculation and payment: - Interest calculated on outstanding amount; accrues daily. - Interest paid promptly after each July 31, October 31, January 31, and April 30. ### Denomination, Media, and Modalities of Drawings and Payments - Denomination: each drawing and corresponding repayment denominated in SDRs. - Payment mechanics: - Unless otherwise agreed, Bank of Lithuania pays amount of each drawing by transfer of SDR equivalent amount of euro to Fund’s account at designated depository of Lithuania on specified value date. - For drawings under paragraph 2(e), Bank of Lithuania ensures balances not in freely usable currency can be exchanged for a freely usable currency of its choice; for balances that are freely usable currencies, Bank of Lithuania shall collaborate to enable exchange for another freely usable currency. - Repayment currencies: - Repayment of principal shall be, as determined by Fund, in the currency borrowed whenever feasible, in euro, in special drawing rights (subject to Article XIX, Section 4 limit unless Lithuania agrees otherwise), in freely usable currencies, or with Bank of Lithuania agreement in other currencies included in Financial Transactions Plan for transfers. - Interest payments: normally in SDRs; Fund and Bank of Lithuania may agree interest payments in euro. - Payment destinations: - Euro payments to account specified by Bank of Lithuania. - SDR payments by crediting Lithuania’s account in the Special Drawing Rights Department. - Payments in any other currency to account specified by Bank of Lithuania. ### Early Repayment at Request of the Bank of Lithuania - Conditions for Bank of Lithuania-initiated early repayment at face value: - (i) Bank of Lithuania represents that Lithuania’s balance of payments and reserve position justifies such repayment. - (ii) Fund, giving representation the overwhelming benefit of any doubt, determines early repayment is needed in light of Lithuania’s balance of payments and reserve position. - After consultation, Fund may make repayments pursuant to this paragraph in SDRs or a freely usable currency as determined by Fund or, with Bank of Lithuania agreement, in currencies of other members included in the Financial Transactions Plan for transfers. ### Transferability of Claims and Obligations - General restriction: Bank of Lithuania may not transfer obligations or claims except with prior Fund consent and on terms Fund approves, except as provided in subparagraphs (b)–(h). - Permitted transfers (subparagraph (b)): - Bank of Lithuania may transfer all or part of any claim on the Fund to any member, to central bank or other fiscal agency designated by any member for Article V, Section 1 purposes, or to any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3. - Conditions on transferees (subparagraph (c)): - Transferee must assume liability re paragraph 5(a) regarding extension of maturities related to transferred claim and regarding extension of maximum maturity in exceptional circumstances. - Transferred claim held on same terms except: - (i) transferee acquires right to request early repayment under paragraph 8 only if it is a member or central bank/other fiscal agency of a member and at transfer time the member’s balance of payments and reserve position is considered sufficiently strong in the Fund’s opinion that its currency is used in transfers under the Financial Transactions Plan; - (ii) if transferee is a member or its central bank/other fiscal agency, reference to euro in paragraph 7 deemed to refer to the relevant member’s currency; otherwise deemed to refer to a freely usable currency determined by the Fund; - (iii) payments related to transferred claim made to account specified by transferee; - (iv) references to business days (Vilnius) deemed to refer to business days where transferee is situated. - Price of transferred claim: as agreed between Bank of Lithuania and transferee. - Notification: Bank of Lithuania shall notify Fund promptly of claim transferred, name of transferee, amount transferred, agreed price, and value date. - Recordation: transfers notified under subparagraph (e) shall be reflected in Fund records if in accordance with paragraph 9 terms and conditions. *Loan Agreement between the Bank of Lithuania and the International Monetary Fund* ### Section 2 ### pr214-com-version-lithuania-2020-borrowing-agreements - Section 2 ### Transfer mechanics and interest on transferred claims - The transfer shall be effective as of the value date agreed between the Bank of Lithuania and the transferee. - If all or part of a claim is transferred during a quarterly period as described in paragraph 6(b), the Fund shall pay interest to the transferee on the amount of the claim transferred for the whole of that period. - If requested, the Fund shall assist in seeking to arrange transfers. ### Effective Exchange Rate - Unless otherwise agreed between the Bank of Lithuania and the Fund, all drawings, exchanges, and payments of principal and interest under this agreement shall be made at the exchange rates for the relevant currencies in terms of the SDR established pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second business day of the Fund before the value date of the transfer, exchange or payment. - If this exchange rate determination date is not a business day in Vilnius, such date shall be the last preceding business day of the Fund that is also a business day in Vilnius. - For purposes of applying the limit on drawings as specified in paragraphs 1(a), 14(a) and 14(b), the euro value of each SDR-denominated drawing shall be determined and permanently fixed on the value date of the drawing based on the euro/SDR exchange rate established pursuant to Article XIX, Section 7(a) of the Fund’s Articles of Agreement and the rules and regulations of the Fund thereunder for the second business day of the Fund before the value date of the drawing. - If this exchange rate determination date is not a business day in Vilnius, such date shall be the last preceding business day of the Fund that is also a business day in Vilnius. ### Changes in method of valuation of SDR - If the Fund changes the method of valuing the SDR, all transfers, exchanges and payments of principal and interest made two or more business days of the Fund after the effective date of the change shall be made on the basis of the new method of valuation. ### Non-subordination of claims - The Fund agrees that it will not take any action that would have the effect of making the Bank of Lithuania’s claims on the Fund resulting from outstanding drawings under this agreement subordinate in any way to claims on the Fund resulting from any other borrowing effected pursuant to Article VII, Section 1(i) of the Fund’s Articles of Agreement. ### Settlement of questions - Any question arising under this agreement shall be settled by mutual agreement between the Bank of Lithuania and the Fund. ### Transitional arrangements - If, following the entry into effect of the NAB Reform, Lithuania’s outstanding claims under this agreement are in excess of the Rolled Back Loan Amount as calculated pursuant to paragraph 10(b), the Fund shall repay any outstanding claims under this agreement in excess of the Rolled Back Loan Amount; provided that claims with shorter remaining maximum maturities shall be repaid before those with longer remaining maximum maturities. - No drawing under this agreement shall be made that would cause the total outstanding drawings under this agreement, at the time of such drawing, to (i) exceed the Loan Amount prior to the effectiveness of the NAB Reform, or (ii) exceed the Rolled Back Loan Amount upon and after the effectiveness of the NAB Reform, as calculated pursuant to paragraph 10(b). ### Final provisions - This agreement may be executed in duplicate counterparts, each of which shall be deemed an original and both of which together shall constitute but one and the same instrument. - This agreement shall become effective on the date last signed below, or on the date on which Lithuania provides the concurrence that is required under Article VII, Section 1(i) of the Fund’s Articles of Agreement for Fund borrowing of euro from the Bank of Lithuania, or on January 1, 2021, whichever is later. ### Signatures - Signature blocks are provided for the Bank of Lithuania (Name, Title, Date) and for the International Monetary Fund (Kristalina Georgieva, Managing Director, Date). - Duplicate signature pages are present for the Bank of Lithuania and the International Monetary Fund. *Source: pr214-com-version-lithuania-2020-borrowing-agreements - Section 2* --- _Source: https://www.imf.org/-/media/files/news/press-release/2021/pr214/pr214-com-version-lithuania-2020-borrowing-agreements.pdf_