## 4. Denomination ## Source details **Canonical URL:** [4. Denomination](https://www.imf.org/-/media/files/news/press-release/2021/pr214/pr214-signed-algeria-2020-borrowing-agreements.pdf) ## Other formats - [Markdown version](/-/media/files/news/press-release/2021/pr214/pr214-signed-algeria-2020-borrowing-agreements.pdf.md) - [Structured JSON version](/-/media/files/news/press-release/2021/pr214/pr214-signed-algeria-2020-borrowing-agreements.pdf.json) --- ### Denomination, Price, and Exchange-Rate Determination - Purchases of Notes and exchanges of currency pursuant to the Agreement are to be made at the exchange rate for the relevant currency in terms of the SDR established pursuant to Article XIX, Section 7(a) of the Fund's Articles of Agreement and the Fund's rules and regulations for the second business day of the Fund before the value date of the purchase or exchange. - If the exchange rate determination date is not a business day in Algiers, the date shall be the last preceding business day of the Fund that is also a business day in Algiers. - For purposes of applying the limit on Fund issuance of Notes (paragraphs 1(a), 8(b) and 8(d)), the US dollar value of each SDR-denominated Note shall be determined and permanently fixed on the value date of issuance based on the US dollar/SDR exchange rate established pursuant to Article XIX, Section 7(a) and the Fund's rules and regulations for the second business day of the Fund before the value date of the issuance. - If that exchange rate determination date is not a business day in Algiers, the date shall be the last preceding business day of the Fund that is also a business day in Algiers. - If the Fund changes the method of valuing the SDR, all purchases and exchanges of currency 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. ### Issuance Limits, Transitional Arrangements, and NAB Reform Interaction - The Bank of Algeria may not transfer rights or obligations under the Agreement except with prior written consent of the Fund; transfers of Notes are subject to transfer restrictions and limitations in the General Terms and Conditions for International Monetary Fund Series G Notes. - Transitional arrangements (paragraph 8): - Regardless of activation, the Fund: - shall issue Notes for purchase under this Agreement to repay any outstanding claims under the Bank of Algeria's 2016 Borrowing Agreement, and - may issue Notes for purchase under this Agreement to fund purchases under commitments approved by the Fund during an activation of the 2016 Borrowing Agreements or to fund early repayment of claims under other 2016 Borrowing Agreements. - If, following entry into effect of the NAB Reform, outstanding claims under the 2016 Borrowing Agreement and this Agreement remain in excess of the Rolled Back Principal (as calculated pursuant to paragraph 5(d)), the Fund shall repay any outstanding claims under the 2016 Borrowing Agreement and this Agreement in excess of the Rolled Back Principal; claims with shorter remaining maximum maturities shall be repaid before those with longer remaining maximum maturities. - After entry into force of this Agreement, the Fund may no longer issue any Notes under the Bank of Algeria's 2016 Borrowing Agreement. - No Note shall be issued under this Agreement that would cause total principal outstanding under both this Agreement and the 2016 Borrowing Agreement at the time of drawing to: - (i) exceed the Principal prior to the effectiveness of the NAB Reform, or - (ii) exceed the Rolled Back Principal upon and after the effectiveness of the NAB Reform, as calculated pursuant to paragraph 5(d). ### Form, Delivery, and Custody of Notes - Notes will only be issued in book entry form. The Fund will establish and maintain in its records a book entry account for each Permitted Holder recording details including number, issue date, principal amount, series, and maturity date. - The Fund will make an appropriate entry in its records as of the value date of each purchase or transfer of a Note; such record entry constitutes delivery. - Upon request, the Fund will issue a registered Series G Note (Annex 2 form) to a Permitted Holder; registered Notes bear as their issue date the value date of the purchase and will be kept in custody by the Fund unless otherwise agreed. - The Fund will cancel a Note upon payment of principal and all accrued interest. If early payment is made for less than the principal amount, the Fund will cancel the Note and issue a new Note for the remainder with the same maturity date. If a maturity date is extended for less than the principal amount, the Fund will cancel the Note and issue a new Note for the remainder with the extended maturity date. - Any Note to be cancelled that is not in the Fund's custody shall be surrendered by the Permitted Holder to the Fund for cancellation. ### Maturity, Extensions, and Exceptional Extensions - Standard maturity: - Each Note shall have a maturity date that is three months from its issue date, except as otherwise provided. - The Fund may in its sole discretion extend the maturity date of any Note or portion thereof by additional periods of three months after the initial maturity date; the Fund is automatically deemed to have elected such extensions for all Notes unless, at least five business days (Fund) before a maturity date, the Fund notifies a Permitted Holder by rapid authenticated means (e.g., SWIFT) that it does not elect to extend that maturity date. - Specific constraints on extensions: - Maturity date of any Note purchased to fund GRIA purchases shall not be extended to a date later than the tenth anniversary of the date of such Note. - Maturity date for any Notes purchased to fund early repayment of other creditors' claims (per paragraph 2(e) of the Applicable Note Purchase Agreement) shall be a single common maturity date equal to the longest remaining maximum maturity of any claim for which early repayment is requested or the tenth anniversary of the date of the relevant Notes being issued to fund early repayment, whichever is earlier. - Exceptional extension: - Following an Executive Board determination that exceptional circumstances exist due to a shortage of Fund resources in relation to Fund obligations falling due, the Fund, with the agreement of the Permitted Holder, may extend the maximum maturity for Notes purchased up to an additional five years. - Payment mechanics: - The Fund shall pay the principal amount of each Note on the applicable maturity date. If the maturity date is not a business day where payment is to be made, payment will be on the next business day in that place, with interest accruing up to the payment date. - The Fund may, at its option, make an early payment in part or in full of principal after consultation with the relevant Permitted Holder, provided the Fund notifies the Permitted Holder at least five business days (Fund) before such payment by rapid authenticated means (e.g., SWIFT). ### Interest Rate and Interest Payments - Each Note bears interest at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund's Articles of Agreement. - If the Fund pays a higher interest rate on outstanding balances from any other borrowing on comparable terms effected pursuant to Article VII, Section 1(i), and for as long as such higher rate remains in effect, the interest rate payable on each Note will be equivalent to the interest rate paid by the Fund on such other comparable borrowing. - Interest calculation and payment timing: - Interest payable on each Note is calculated on the basis of the principal amount of the Note (including any Note issued in substitution of a cancelled Note). - Interest accrues daily and is to be paid promptly by the Fund after each July 31, October 31, January 31, and April 30. ### Transferability, Transfer Pricing, and Prohibitions - A Permitted Holder may transfer at any time all or part of any Note to any Eligible Holder; the Fund will use its best efforts to arrange such transfers if requested. - Transfers to an official entity other than an Eligible Holder require prior written consent of the Fund and may be subject to additional terms and conditions approved by the Fund. - Absolute prohibitions and conditions: - No Permitted Holder may transfer Notes, directly or indirectly, to any entity that is not (i) an Eligible Holder, or (ii) an official entity for which the Fund has consented in writing. - Derivative transactions in respect of any Note, and transfers of participation interests in any Note, are prohibited. - Transfer mechanics: - The transferee shall assume in full the obligations of a Permitted Holder pursuant to paragraph 4(a) regarding extensions of maturity and related exceptional-extension conditions. - The price of a Note transferred pursuant to paragraph 6 will be as agreed between transferor and transferee. - For transfers, the Fund will cancel the Note transferred in whole or in part and, if registered, the transferor must surrender any registered Note not in the Fund's custody for cancellation. The Fund will issue new Note(s) to transferee and, where appropriate, to transferor for any retained principal, with issue date equal to the cancelled Note's issue date and the same applicable maturity date. ### Early Payment at Request of Certain Permitted Holders - Applicability: - Rights to early payment apply only to Permitted Holders that are either (i) Eligible Purchasers in respect of such Notes, or (ii) transferees pursuant to paragraphs 6(a) or 6(b) for which: - (A) the transferee is a member of the Fund, or the central bank or fiscal agency of a member, and - (B) at the time of transfer, the balance of payments and reserve position of the member or Relevant Member was considered sufficiently strong in the opinion of the Fund that its currency was being used in transfers under the Financial Transactions Plan. - Early payment entitlement: - A qualifying Permitted Holder shall obtain early payment at face value of all or a portion of principal if: - (i) the Permitted Holder represents that its balance of payments and reserve position (or Relevant Member's) justifies early payment, and - (ii) the Fund, after giving the representation the overwhelming benefit of any doubt, determines there is a need for early payment in light of the balance of payments and reserve position of the Permitted Holder or Relevant Member. ### Media and Modalities of Payments on the Notes - Principal payments by the Fund to a Permitted Holder (unless otherwise provided in paragraph 7) shall be made: - (i) in the currency borrowed whenever feasible if the Permitted Holder is the original purchaser, - (ii) in the currency of the Permitted Holder if the Permitted Holder is a member of the Fund, - (iii) in the currency of the Relevant Member if the Permitted Holder is the central bank or fiscal agency of a member or a prescribed SDR holder that is an official institution of a member, - (iv) in special drawing rights if the Permitted Holder is covered by clauses (ii) or (iii) or is otherwise a prescribed SDR holder (subject to Article XIX, Section 4 limits unless the member agrees to accept SDRs above that limit), - (v) any freely usable currency determined by the Fund in the case of any Permitted Holder, or - (vi) other currencies included in the Fund's periodic Financial Transactions Plan for transfers, with the Permitted Holder's agreement. - Interest payments: - Normally made in SDRs if the Permitted Holder is a Fund member or central bank/fiscal agency of a member or a prescribed SDR holder; the Fund and Permitted Holder may agree interest be paid in the Relevant Member's currency for members or central banks/fiscal agencies. - Payments of interest to other Permitted Holders will be made in a freely usable currency as determined by the Fund. - Payment execution: - Currency payments will be made by crediting an account specified in advance by the Permitted Holder or, for a Fund member, by debiting the Fund's account with the designated depository of that member as determined by the Fund. - Payments in SDRs will be made by crediting the SDR Department account of the Permitted Holder or Relevant Member as applicable. - Effective exchange rate for payments: - Unless otherwise agreed between a Permitted Holder and the Fund, all currency payments of principal and interest under these General Terms and Conditions will be made at the (text truncated at source). ### Additional Provisions and Non-Subordination - If the Fund changes the method of valuing the SDR, all payments of principal and interest on the Notes made two or more business days of the Fund after the effective date of the change will be made on the basis of the new method of valuation. - Non-subordination: - The Fund will not take any action that would have the effect of making a Permitted Holder's claim on the Fund resulting from any Note 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. *Source: pr214-signed-algeria-2020-borrowing-agreements - 4. Denomination* ### 12. Seftlement ### Settlement of Questions - Any question arising under any Note shall be settled by mutual agreement between the relevant Permitted Holder and the Fund. ### Exchange Rate Determination for Payments - Exchange rates for the relevant currencies in terms of the SDR established pursuant to Article xlx, 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 payment. - If this exchange rate determination date is not a business day in the Permitted Holder's principal location, then such date will be the last preceding business day of the Fund that is also a business day in the Permitted Holder's principal location. ### Form of Registered Series G Note — Promises and Terms - The INTERNATIONAL MONETARY FUND ("the Fund"), for value received, hereby promises 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 one of a series of "Series G Notes" issued in accordance with the General Terms and Conditions for International Monetary Fund Series G Notes (the 'General Terms and Conditions") and the Applicable Note Purchase Agreement as such term is defined in 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 Applicable Note Purchase Agreement, including without limitation: - the maturity date (including the terms on which it may be extended at the sole option of the Fund from time to time), - the interest rate, - the terms and conditions of early payment at the request of the Fund or the holder hereof, - the terms and conditions of transfer of this Note or any part thereof. ### Registration, Transfer Restrictions, and Prohibitions - THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES LAWS OF ANY JURISDICTION. - IN NO EVENT SHALL ANY HOLDER OF THIS NOTE SELL, ASSIGN, DISPOSE OF OR OTHERWISE TRANSFER THIS NOTE, DIRECTLY OR INDIRECTLY, TO ANY ENTITY THAT IS NOT: - (I) A MEMBER OF THE FUND OR THE CENTRAL BANK OF A MEMBER OF THE FUND, - (II) A FISCAL AGENCY DESIGNATED BY A MEMBER OF THE FUND FOR PURPOSES OF ARTICLE V, SECTION 1 OF THE FUND'S ARTICLES OF AGREEMENT, - (III) AN OFFICIAL ENTITY THAT HAS BEEN PRESCRIBED AS A HOLDER OF SPECIAL DRAWING RIGHTS PURSUANT TO ARTICLE XVII, SECTION 3 OF THE FUND'S ARTICLES OF AGREEMENT, OR - (IV) ANY OTHER OFFICIAL ENTITY IN RESPECT OF WHICH THE FUND HAS CONSENTED IN WRITING TO A TRANSFER PURSUANT TO PARAGRAPH 6(8) OF THE GENERAL TERMS AND CONDITIONS. - ANY DERIVATIVE TRANSACTIONS IN RESPECT OF THIS NOTE, AND TRANSFERS OF PARTICIPATION INTERESTS IN THIS NOTE, ARE PROHIBITED. ### Interest: Rate, Accrual, and Payment Mechanics - Interest shall accrue daily on the principal amount of this Note at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund's Articles of Agreement; - provided however that, if the Fund pays an interest rate higher than the SDR interest rate on outstanding balances from any other borrowing on comparable terms that has been effected pursuant to Article Vll, Seciion 1(i) of the Fund's Articles of Agreement, and for as long as the payment of such higher interest rate remains in effect, then the interest rate payable on this Note shall be equivalent to the interest rate paid by the Fund on such other comparable borrowing. - Interest shall be paid promptly after each July 31, October 31, January 31, and April 30. - Payments of interest shall normally be made in SDRs if the registered holder is a member of the Fund, or a central bank or fiscal agency of a member of the Fund, or a prescribed holder of SDRs; - provided that the Fund and such registered holder may agree that interest payments will be made in the currency of the Relevant Member, or in a freely usable currency as determined by the Fund in the case of other registered holders. - Payments in SDRs shall be made by crediting the SDR Department account of the registered holder, or of the member for which the registered holder serves as central bank or fiscal agency in the case of registered holders that are the central bank or fiscal agency of a member of the Fund. *pr214-signed-algeria-2020-borrowing-agreements - 12. Seftlement* ### 4. Denomination ### pr214-signed-algeria-2020-borrowing-agreements - 4. Denomination ### Denomination, Price, and Exchange-Rate Determination - Purchases of Notes and exchanges of currency pursuant to the Agreement are to be made at the exchange rate for the relevant currency in terms of the SDR established pursuant to Article XIX, Section 7(a) of the Fund's Articles of Agreement and the Fund's rules and regulations for the second business day of the Fund before the value date of the purchase or exchange. - If the exchange rate determination date is not a business day in Algiers, the date shall be the last preceding business day of the Fund that is also a business day in Algiers. - For purposes of applying the limit on Fund issuance of Notes (paragraphs 1(a), 8(b) and 8(d)), the US dollar value of each SDR-denominated Note shall be determined and permanently fixed on the value date of issuance based on the US dollar/SDR exchange rate established pursuant to Article XIX, Section 7(a) and the Fund's rules and regulations for the second business day of the Fund before the value date of the issuance. - If that exchange rate determination date is not a business day in Algiers, the date shall be the last preceding business day of the Fund that is also a business day in Algiers. - If the Fund changes the method of valuing the SDR, all purchases and exchanges of currency 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. ### Issuance Limits, Transitional Arrangements, and NAB Reform Interaction - The Bank of Algeria may not transfer rights or obligations under the Agreement except with prior written consent of the Fund; transfers of Notes are subject to transfer restrictions and limitations in the General Terms and Conditions for International Monetary Fund Series G Notes. - Transitional arrangements (paragraph 8): - Regardless of activation, the Fund: - shall issue Notes for purchase under this Agreement to repay any outstanding claims under the Bank of Algeria's 2016 Borrowing Agreement, and - may issue Notes for purchase under this Agreement to fund purchases under commitments approved by the Fund during an activation of the 2016 Borrowing Agreements or to fund early repayment of claims under other 2016 Borrowing Agreements. - If, following entry into effect of the NAB Reform, outstanding claims under the 2016 Borrowing Agreement and this Agreement remain in excess of the Rolled Back Principal (as calculated pursuant to paragraph 5(d)), the Fund shall repay any outstanding claims under the 2016 Borrowing Agreement and this Agreement in excess of the Rolled Back Principal; claims with shorter remaining maximum maturities shall be repaid before those with longer remaining maximum maturities. - After entry into force of this Agreement, the Fund may no longer issue any Notes under the Bank of Algeria's 2016 Borrowing Agreement. - No Note shall be issued under this Agreement that would cause total principal outstanding under both this Agreement and the 2016 Borrowing Agreement at the time of drawing to: - (i) exceed the Principal prior to the effectiveness of the NAB Reform, or - (ii) exceed the Rolled Back Principal upon and after the effectiveness of the NAB Reform, as calculated pursuant to paragraph 5(d). ### Form, Delivery, and Custody of Notes - Notes will only be issued in book entry form. The Fund will establish and maintain in its records a book entry account for each Permitted Holder recording details including number, issue date, principal amount, series, and maturity date. - The Fund will make an appropriate entry in its records as of the value date of each purchase or transfer of a Note; such record entry constitutes delivery. - Upon request, the Fund will issue a registered Series G Note (Annex 2 form) to a Permitted Holder; registered Notes bear as their issue date the value date of the purchase and will be kept in custody by the Fund unless otherwise agreed. - The Fund will cancel a Note upon payment of principal and all accrued interest. If early payment is made for less than the principal amount, the Fund will cancel the Note and issue a new Note for the remainder with the same maturity date. If a maturity date is extended for less than the principal amount, the Fund will cancel the Note and issue a new Note for the remainder with the extended maturity date. - Any Note to be cancelled that is not in the Fund's custody shall be surrendered by the Permitted Holder to the Fund for cancellation. ### Maturity, Extensions, and Exceptional Extensions - Standard maturity: - Each Note shall have a maturity date that is three months from its issue date, except as otherwise provided. - The Fund may in its sole discretion extend the maturity date of any Note or portion thereof by additional periods of three months after the initial maturity date; the Fund is automatically deemed to have elected such extensions for all Notes unless, at least five business days (Fund) before a maturity date, the Fund notifies a Permitted Holder by rapid authenticated means (e.g., SWIFT) that it does not elect to extend that maturity date. - Specific constraints on extensions: - Maturity date of any Note purchased to fund GRIA purchases shall not be extended to a date later than the tenth anniversary of the date of such Note. - Maturity date for any Notes purchased to fund early repayment of other creditors' claims (per paragraph 2(e) of the Applicable Note Purchase Agreement) shall be a single common maturity date equal to the longest remaining maximum maturity of any claim for which early repayment is requested or the tenth anniversary of the date of the relevant Notes being issued to fund early repayment, whichever is earlier. - Exceptional extension: - Following an Executive Board determination that exceptional circumstances exist due to a shortage of Fund resources in relation to Fund obligations falling due, the Fund, with the agreement of the Permitted Holder, may extend the maximum maturity for Notes purchased up to an additional five years. - Payment mechanics: - The Fund shall pay the principal amount of each Note on the applicable maturity date. If the maturity date is not a business day where payment is to be made, payment will be on the next business day in that place, with interest accruing up to the payment date. - The Fund may, at its option, make an early payment in part or in full of principal after consultation with the relevant Permitted Holder, provided the Fund notifies the Permitted Holder at least five business days (Fund) before such payment by rapid authenticated means (e.g., SWIFT). ### Interest Rate and Interest Payments - Each Note bears interest at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund's Articles of Agreement. - If the Fund pays a higher interest rate on outstanding balances from any other borrowing on comparable terms effected pursuant to Article VII, Section 1(i), and for as long as such higher rate remains in effect, the interest rate payable on each Note will be equivalent to the interest rate paid by the Fund on such other comparable borrowing. - Interest calculation and payment timing: - Interest payable on each Note is calculated on the basis of the principal amount of the Note (including any Note issued in substitution of a cancelled Note). - Interest accrues daily and is to be paid promptly by the Fund after each July 31, October 31, January 31, and April 30. ### Transferability, Transfers Pricing, and Prohibitions - A Permitted Holder may transfer at any time all or part of any Note to any Eligible Holder; the Fund will use its best efforts to arrange such transfers if requested. - Transfers to an official entity other than an Eligible Holder require prior written consent of the Fund and may be subject to additional terms and conditions approved by the Fund. - Absolute prohibitions and conditions: - No Permitted Holder may transfer Notes, directly or indirectly, to any entity that is not (i) an Eligible Holder, or (ii) an official entity for which the Fund has consented in writing. - Derivative transactions in respect of any Note, and transfers of participation interests in any Note, are prohibited. - Transfer mechanics: - The transferee shall assume in full the obligations of a Permitted Holder pursuant to paragraph 4(a) regarding extensions of maturity and related exceptional-extension conditions. - The price of a Note transferred pursuant to paragraph 6 will be as agreed between transferor and transferee. - For transfers, the Fund will cancel the Note transferred in whole or in part and, if registered, the transferor must surrender any registered Note not in the Fund's custody for cancellation. The Fund will issue new Note(s) to transferee and, where appropriate, to transferor for any retained principal, with issue date equal to the cancelled Note's issue date and the same applicable maturity date. ### Early Payment at Request of Certain Permitted Holders - Applicability: - Rights to early payment apply only to Permitted Holders that are either (i) Eligible Purchasers in respect of such Notes, or (ii) transferees pursuant to paragraphs 6(a) or 6(b) for which: - (A) the transferee is a member of the Fund, or the central bank or fiscal agency of a member, and - (B) at the time of transfer, the balance of payments and reserve position of the member or Relevant Member was considered sufficiently strong in the opinion of the Fund that its currency was being used in transfers under the Financial Transactions Plan. - Early payment entitlement: - A qualifying Permitted Holder shall obtain early payment at face value of all or a portion of principal if: - (i) the Permitted Holder represents that its balance of payments and reserve position (or Relevant Member's) justifies early payment, and - (ii) the Fund, after giving the representation the overwhelming benefit of any doubt, determines there is a need for early payment in light of the balance of payments and reserve position of the Permitted Holder or Relevant Member. ### Media and Modalities of Payments on the Notes - Principal payments by the Fund to a Permitted Holder (unless otherwise provided in paragraph 7) shall be made: - (i) in the currency borrowed whenever feasible if the Permitted Holder is the original purchaser, - (ii) in the currency of the Permitted Holder if the Permitted Holder is a member of the Fund, - (iii) in the currency of the Relevant Member if the Permitted Holder is the central bank or fiscal agency of a member or a prescribed SDR holder that is an official institution of a member, - (iv) in special drawing rights if the Permitted Holder is covered by clauses (ii) or (iii) or is otherwise a prescribed SDR holder (subject to Article XIX, Section 4 limits unless the member agrees to accept SDRs above that limit), - (v) any freely usable currency determined by the Fund in the case of any Permitted Holder, or - (vi) other currencies included in the Fund's periodic Financial Transactions Plan for transfers, with the Permitted Holder's agreement. - Interest payments: - Normally made in SDRs if the Permitted Holder is a Fund member or central bank/fiscal agency of a member or a prescribed SDR holder; the Fund and Permitted Holder may agree interest be paid in the Relevant Member's currency for members or central banks/fiscal agencies. - Payments of interest to other Permitted Holders will be made in a freely usable currency as determined by the Fund. - Payment execution: - Currency payments will be made by crediting an account specified in advance by the Permitted Holder or, for a Fund member, by debiting the Fund's account with the designated depository of that member as determined by the Fund. - Payments in SDRs will be made by crediting the SDR Department account of the Permitted Holder or Relevant Member as applicable. - Effective exchange rate for payments: - Unless otherwise agreed between a Permitted Holder and the Fund, all currency payments of principal and interest under these General Terms and Conditions will be made at the (text truncated at source). ### Additional Provisions and Non-Subordination - If the Fund changes the method of valuing the SDR, all payments of principal and interest on the Notes made two or more business days of the Fund after the effective date of the change will be made on the basis of the new method of valuation. - Non-subordination: - The Fund will not take any action that would have the effect of making a Permitted Holder's claim on the Fund resulting from any Note 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. *Source: pr214-signed-algeria-2020-borrowing-agreements - 4. Denomination* ### 12. Seftlement ### 12. Seftlement ### Settlement of Questions - Any question arising under any Note shall be settled by mutual agreement between the relevant Permitted Holder and the Fund. ### Exchange Rate Determination for Payments - Exchange rates for the relevant currencies in terms of the SDR established pursuant to Article xlx, 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 payment. - If this exchange rate determination date is not a business day in the Permitted Holder's principal location, then such date will be the last preceding business day of the Fund that is also a business day in the Permitted Holder's principal location. ### Form of Registered Series G Note — Promises and Terms - The INTERNATIONAL MONETARY FUND ("the Fund"), for value received, hereby promises 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 one of a series of "Series G Notes" issued in accordance with the General Terms and Conditions for International Monetary Fund Series G Notes (the 'General Terms and Conditions") and the Applicable Note Purchase Agreement as such term is defined in 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 Applicable Note Purchase Agreement, including without limitation: - the maturity date (including the terms on which it may be extended at the sole option of the Fund from time to time), - the interest rate, - the terms and conditions of early payment at the request of the Fund or the holder hereof, - the terms and conditions of transfer of this Note or any part thereof. ### Registration, Transfer Restrictions, and Prohibitions - THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES LAWS OF ANY JURISDICTION. - IN NO EVENT SHALL ANY HOLDER OF THIS NOTE SELL, ASSIGN, DISPOSE OF OR OTHERWISE TRANSFER THIS NOTE, DIRECTLY OR INDIRECTLY, TO ANY ENTITY THAT IS NOT: - (I) A MEMBER OF THE FUND OR THE CENTRAL BANK OF A MEMBER OF THE FUND, - (II) A FISCAL AGENCY DESIGNATED BY A MEMBER OF THE FUND FOR PURPOSES OF ARTICLE V, SECTION 1 OF THE FUND'S ARTICLES OF AGREEMENT, - (III) AN OFFICIAL ENTITY THAT HAS BEEN PRESCRIBED AS A HOLDER OF SPECIAL DRAWING RIGHTS PURSUANT TO ARTICLE XVII, SECTION 3 OF THE FUND'S ARTICLES OF AGREEMENT, OR - (IV) ANY OTHER OFFICIAL ENTITY IN RESPECT OF WHICH THE FUND HAS CONSENTED IN WRITING TO A TRANSFER PURSUANT TO PARAGRAPH 6(8) OF THE GENERAL TERMS AND CONDITIONS. - ANY DERIVATIVE TRANSACTIONS IN RESPECT OF THIS NOTE, AND TRANSFERS OF PARTICIPATION INTERESTS IN THIS NOTE, ARE PROHIBITED. ### Interest: Rate, Accrual, and Payment Mechanics - Interest shall accrue daily on the principal amount of this Note at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund's Articles of Agreement; - provided however that, if the Fund pays an interest rate higher than the SDR interest rate on outstanding balances from any other borrowing on comparable terms that has been effected pursuant to Article Vll, Seciion 1(i) of the Fund's Articles of Agreement, and for as long as the payment of such higher interest rate remains in effect, then the interest rate payable on this Note shall be equivalent to the interest rate paid by the Fund on such other comparable borrowing. - Interest shall be paid promptly after each July 31, October 31, January 31, and April 30. - Payments of interest shall normally be made in SDRs if the registered holder is a member of the Fund, or a central bank or fiscal agency of a member of the Fund, or a prescribed holder of SDRs; - provided that the Fund and such registered holder may agree that interest payments will be made in the currency of the Relevant Member, or in a freely usable currency as determined by the Fund in the case of other registered holders. - Payments in SDRs shall be made by crediting the SDR Department account of the registered holder, or of the member for which the registered holder serves as central bank or fiscal agency in the case of registered holders that are the central bank or fiscal agency of a member of the Fund. *pr214-signed-algeria-2020-borrowing-agreements - 12. Seftlement* --- _Source: https://www.imf.org/-/media/files/news/press-release/2021/pr214/pr214-signed-algeria-2020-borrowing-agreements.pdf_