## pr214-signed-canada-2020-borrowing-agreements ## Source details **Canonical URL:** [pr214-signed-canada-2020-borrowing-agreements](https://www.imf.org/-/media/files/news/press-release/2021/pr214/pr214-signed-canada-2020-borrowing-agreements.pdf) ## Other formats - [Markdown version](/-/media/files/news/press-release/2021/pr214/pr214-signed-canada-2020-borrowing-agreements.pdf.md) - [Structured JSON version](/-/media/files/news/press-release/2021/pr214/pr214-signed-canada-2020-borrowing-agreements.pdf.json) --- ### Purposes and principal amounts - Objective: To enhance the resources available on a temporary basis to the Fund for crisis prevention and resolution through bilateral borrowing. - Instrument: Canada agrees to purchase promissory notes issued in accordance with this Agreement and the General Terms and Conditions for International Monetary Fund Series H Notes (Annex 1). - Principal amounts: - Notes in a cumulative principal amount up to the equivalent of SDR 8,200 million (“Principal”) will be issued under this Agreement. - Upon effectiveness of the increase in Canada’s NAB credit arrangement as part of the NAB Reform (Decision No. 16645-(20/5), adopted January 16, 2020), the Principal will be automatically reduced to the equivalent of SDR 3,532 million (the “Rolled Back Principal”). - Terminology: - This Agreement is one of the “2020 Borrowing Agreements”. - Bilateral agreements entered under the August 2016 framework are “2016 Borrowing Agreements”. - Both sets are collectively “Bilateral Borrowing Agreements”. ### Term of the Agreement and activation/deactivation rules - Agreement term: - The term ends on December 31, 2023. - The Fund may extend the term for one further year through December 31, 2024 by Executive Board decision and with Canada’s consent. - Activation conditions and thresholds: - 2020 Borrowing Agreements may be activated only after the Managing Director notifies the Executive Board that the modified FCC is below SDR 100 billion (the “activation threshold”). - The Managing Director will not provide such notification unless: - (i) the NAB are activated as of the time of the notification, or there are no available uncommitted resources under the NAB as of that time, and - (ii) activation has been approved by creditors representing at least 85 percent of the total credit amount committed under the 2020 Borrowing Agreements by creditors eligible to vote. - For creditor polls, a creditor is ineligible to vote if its 2020 Borrowing Agreement is not effective at the time of the vote, or its relevant member is not included in the Fund’s Financial Transactions Plan for transfers of its currency. - The Managing Director may approach creditors before the modified FCC is below the activation threshold in extraordinary circumstances. - Deactivation rules: - Automatic deactivation whenever the NAB is no longer activated, unless there are no available uncommitted resources under the NAB at that time. - Deactivation also occurs if the Managing Director notifies the Executive Board that the modified FCC (excluding Bilateral Borrowing Agreements) has risen above the activation threshold and: - (i) the Executive Board determines activation is no longer necessary; or - (ii) six months have elapsed since the notification and, within that period, the modified FCC (excluding Bilateral Borrowing Agreements) has not fallen below the activation threshold. - If after deactivation the modified FCC falls below the activation threshold, paragraph 2(b) applies again. ### Permitted uses during activation and balance objective - Permitted uses: - (i) fund any outright purchases made from the General Resources Account (“GRA”) during the term of this Agreement, and - (ii) approve commitments of GRA resources under Fund arrangements whose purchases could be funded by issuing Notes under this Agreement at any time during the period of such commitments, including after the expiration of the term or during any period when the Agreement is no longer activated; provided commitments covered under (ii) include any commitment whose approval caused the activation threshold to be reached. - Additional permitted uses: - Following activation, resources may also be used to fund early repayment of claims under other 2020 Borrowing Agreements if relevant creditors request early repayment in the circumstances specified in paragraph 7 of the General Terms and Conditions for International Monetary Fund Series H Notes. - Notes may be issued to fund such early repayments for as long as claims under the 2020 Borrowing Agreements remain outstanding, including after expiration of the term or during deactivation periods. - Balance objective: - Notes for purchase under this Agreement will be issued with the goal of achieving over time broadly balanced positions among creditors under all Bilateral Borrowing Agreements relative to their commitments. ### Estimates, notices, and limits on issuance of Notes - Estimates and inclusion in plans: - Prior to each plan period, the Fund will provide Canada with its best estimates of the amounts of Notes expected to be issued under this Agreement during the forthcoming period, with revised estimates as warranted. - Canada will not be included in the periodic plan, and no Notes will be issued, if Canada is not included and is not being proposed by the Managing Director to be included in the Financial Transactions Plan for transfers of its currency. - No Notes will be issued if Canada was included in the periodic plan but, at issuance time, Canada’s currency is not being used in transfers under the Financial Transactions Plan because of Canada’s balance of payments and reserve position. - If Canada was not in the Financial Transactions Plan at activation vote time but is subsequently included, Notes may be issued to fund purchases made and commitments approved during the activation period unless Canada notifies the Fund it does not wish such issuance. - Notice and payment instructions: - The Fund will give Canada at least five business days’ (Ottawa) notice of its intention to issue Notes for purchase. - The Fund will provide payment instructions at least two business days (Fund) prior to the value date by a rapid authenticated means (e.g., SWIFT). - In exceptional circumstances, notice may be at least three business days (Ottawa) in advance, and Canada would make best efforts to meet such a call. - Issuance limits and restorations: - Payment by the Fund of the principal amount of a Note will not restore pro tanto the amount of Notes that may be issued under this Agreement. - Extension of maturity of a Note in accordance with paragraph 4(a) of the General Terms and Conditions for Series H Notes will not reduce the amount of Notes that may be issued under this Agreement. ### Denomination, pricing, and payment mechanics - Denomination and minimum unit: - Notes will be denominated in the special drawing right (SDR). - Notes will be issued in multiples of SDR 10 million. - Purchase price: - 100 percent of the principal amount of each Note. - Payment mechanics: - Unless otherwise agreed, Canada will pay the purchase price on the value date specified in the Fund’s notice, by transfer of the SDR equivalent amount of Canadian dollar to the Fund’s account with Canada’s designated depository. - For Notes purchased under paragraph 2(e), Canada will ensure balances used in the purchase that are not balances of a freely usable currency can be exchanged for a freely usable currency of its choice; for balances that are freely usable currencies, Canada will collaborate with the Fund and other members to enable exchange for another freely usable currency. - Article V obligations: - Canada’s obligations under Article V, Section 3(e) and Article V, Section 7(j) of the Fund’s Articles of Agreement apply to purchase and repurchase transactions in the GRA involving its currency used in purchase of Notes and payments of Principal under this Agreement. - Exchange rate determination: - Purchases of Notes and exchanges of currency will be made at the SDR exchange rate established pursuant to Article XIX, Section 7(a) for the second business day of the Fund before the value date of the purchase or exchange, unless otherwise agreed. - If that exchange rate determination date is not a business day in Ottawa, the date will be the last preceding business day of the Fund that is also a business day in Ottawa. - SDR valuation change: - 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 will be made on the basis of the new method. ### Transferability, settlement, and cooperation - Transfer restrictions: - Canada may not transfer any of its rights or obligations under this Agreement except with prior written consent of the Fund. - Transfers of Notes may be effected pursuant to and subject to the transfer restrictions and other limitations on transfers set forth in the General Terms and Conditions for Series H Notes. - Settlement and cooperation: - Any question arising under this Agreement will be settled by mutual agreement between Canada and the Fund. - Canada stands ready to cooperate with the Fund in the spirit of IMFC/G-20 commitments as needed and appropriate. ### Transitional arrangements and interactions with 2016 Borrowing Agreement and NAB - Repayment and issuance regardless of activation: - Regardless of activation, the Fund will: - (i) subject to paragraph 9(b), issue Notes under this Agreement to repay any outstanding claims under Canada’s 2016 Borrowing Agreement, and - (ii) may issue Notes under this Agreement to fund purchases under commitments approved during an activation of the 2016 Borrowing Agreements or to fund early repayment of claims under other 2016 Borrowing Agreements in case the creditor represents a balance of payments need. - Maximum maturity date for claims from such repayments will be the residual maximum maturity date of the repaid claim. - Any Notes issued under this Agreement resulting from such repayment will be considered claims under the 2016 Bilateral Borrowing Agreements for purposes of early repayment and special calls under paragraph 23 of Decision No. 16645-(20/5), adopted January 16, 2020. - Use of NAB calls for repayment: - To the extent claims under Canada’s 2016 Borrowing Agreement or this Agreement are outstanding when the increase in Canada’s NAB credit arrangement becomes effective, Canada will be deemed to request that the Managing Director make calls under Canada’s NAB credit arrangement up to the maximum available amount, taking into account prudential balances, to fund repayment of such claims (paragraph 23 of Decision No. 11428-(97/6), adopted January 27, 1997 on the NAB, as amended). - If the increase in Canada’s NAB credit arrangement and this Agreement enter into effect at the same time, repayment of Canada’s outstanding claims under the 2016 Borrowing Agreement will be funded first with calls under Canada’s NAB credit arrangement before Notes are issued under this Agreement pursuant to paragraph 9(a). - Notwithstanding paragraph 3(c), repayments of claims resulting from Notes issued under this paragraph 9(b) will restore pro tanto the amount of Notes that can be issued under this Agreement. - Excess claims and limits: - If, after such repayments, Canada’s outstanding claims remain in excess of the Rolled Back Principal, the Fund will repay any outstanding claims in excess of the Rolled Back Principal; claims with shorter remaining maximum maturities will 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 Canada’s 2016 Borrowing Agreement. - No Note will be issued under this Agreement that would cause cumulative principal of Notes under both this Agreement and the 2016 Borrowing Agreement to: - (i) exceed the Principal prior to effectiveness of the increase in Canada’s NAB credit arrangement, or - (ii) exceed the Rolled Back Principal upon and after the effectiveness of the increase in Canada’s NAB credit arrangement. - Exception: Notes issued in an amount beyond the Rolled Back Principal under (ii) are authorized if, within the same day of issuance, any resulting claim exceeding the Rolled Back Principal is repaid with a special call under Canada’s NAB credit arrangement, and Canada hereby requests the Managing Director to make such calls in accordance with paragraph 23 of Decision No. 11428-(97/6), adopted January 27, 1997 on the NAB, as amended. ### Final provisions - Execution: - The Agreement may be executed in duplicate counterparts, each deemed an original, together constituting one instrument. - Effectiveness: - The Agreement will become effective on the date last signed below, or on January 1, 2021, whichever is later. - Signature recorded: - For the International Monetary Fund: Kristalina Georgieva, Managing Director — Date 12/21/2020 (appears on signature pages). ### Annex 1 — Selected General Terms and Conditions for Series H Notes (key operational provisions) - Purpose and definitions: - “Applicable Note Purchase Agreement”, “Borrowing Guidelines”, “Eligible Purchaser”, “Eligible Holder”, “Notes”, “Permitted Holder”, and “Relevant Member” are defined as in the General Terms and Conditions. - Eligible Purchasers: (i) a member of the Fund, and (ii) the central bank of a member of the Fund. - Eligible Holders and Permitted Holders described precisely in definitions. - Form, delivery and custody: - Notes issued only in book entry form; the Fund will maintain book entry accounts recording number, issue date, principal amount, series, and maturity date. - Making an entry in the Fund’s records constitutes delivery to the purchaser or transferee. - On request of a Permitted Holder, the Fund will issue a registered Series H Note substantially in the form set out in Annex 2, bearing the value date of purchase as its issue date. - Unless otherwise agreed, the Fund will keep registered Notes in custody for the Permitted Holder; acceptance of custody by the Fund constitutes delivery. ### Maturity (Annex paragraphs 4–4(d)) - Maturity terms and extensions: - Each Note shall have a maturity date that is three months from its issue date. - The Fund may in its sole discretion elect to extend the maturity date of any Note or any portion thereof by additional periods of three months after the initial maturity date. - The Fund’s extension election is automatically deemed to apply to maturity dates then in effect for all Notes unless, at least five business days (Fund) before a maturity date, the Fund notifies a Permitted Holder by a rapid authenticated means of communication (e.g., SWIFT) that the Fund does not elect to extend the maturity date of the particular Note or portion thereof. - Exception (i): the maturity date of any Note purchased to fund GRA purchases shall not be extended to a date that is later than the tenth anniversary of the date of such Note. - Exception (ii): the maturity date for any Notes purchased to fund the early repayment of other creditors’ claims in accordance with paragraph 2(e) of the Applicable Note Purchase Agreement shall be a single common maturity date that is the longest remaining maximum maturity of any claim for which such early repayment has been requested or the tenth anniversary of the date of the relevant Notes being issued to fund early repayment, whichever is earlier. - Payment on maturity and business-day rule: - The Fund shall pay the principal amount of each Note on the maturity date applicable to that Note in accordance with the extension rules above. - If a maturity date for a Note is not a business day in the place where payment is to be made, the payment date will be the next business day in that place; interest will accrue up to the payment date. - Early payment by the Fund (optional): - The Fund may, at its option, make an early payment in part or in full of the principal amount of any Note prior to its maturity date, after consultation with the relevant Permitted Holder, provided that the Fund notifies the Permitted Holder at least five business days (Fund) before any such payment by a rapid authenticated means of communication (e.g., SWIFT). - Cancellation and reissuance on partial payment or partial extension: - The Fund will cancel a Note upon payment of the principal amount and all accrued interest. - If the Fund makes early payment of less than the principal amount of a Note, the Fund will cancel the Note and issue a new Note for the remainder of the amount, with the same maturity date as the cancelled Note. - If the maturity date of a Note is extended with respect to less than the principal amount of the Note, the Fund will cancel the Note and issue a new Note for the remainder of the amount, with the extended maturity date. - Any Note to be cancelled by the Fund that is not already in the custody of the Fund shall be surrendered by the Permitted Holder to the Fund for cancellation. ### Rate of interest (Annex paragraph 5) - Interest rate benchmark and fallback: - 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 an interest rate higher than the SDR interest rate on outstanding balances from any other borrowing on comparable terms effected pursuant to Article VII, Section 1(i) of the Fund’s Articles of Agreement, and for as long as the payment of such higher interest 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 schedule: - Interest payable on each Note is calculated on the basis of the principal amount of the Note (including the principal amount of any Note issued in substitution of a Note cancelled pursuant to paragraph 4(d)). - Interest accrues daily. - Interest is to be paid promptly by the Fund after each July 31, October 31, January 31, and April 30. ### Transferability of Notes (Annex paragraph 6) - Eligible transfers and Fund assistance: - A Permitted Holder has the right to transfer at any time all or part of any Note to any Eligible Holder. - If requested, the Fund will use its best efforts to arrange such transfers to one or more Eligible Holders identified by the Fund or by the transferor Permitted Holder. - Transfers requiring Fund consent and prohibitions: - Transfers by a Permitted Holder of all or part of any Note to an official entity other than an Eligible Holder shall require the prior written consent of the Fund and may only take place on such additional terms and conditions as the Fund may approve. - In no event shall any Permitted Holder have the right to sell, assign, dispose of or otherwise transfer any Note or any part of any Note, directly or indirectly, to any entity that is not (i) an Eligible Holder, or (ii) an official entity in respect of which the Fund has consented in writing to the transfer pursuant to subparagraph (b). - Derivative transactions in respect of any Note, and transfers of participation interests in any Note, are prohibited. - Conditions and terms on transferees and pricing: - The transferee of a Note transferred pursuant to paragraph 6 shall, as a condition of the transfer, assume in full the obligations of a Permitted Holder pursuant to paragraph 4(a) regarding extensions of the maturity of the Note. - Any Note or part thereof transferred pursuant to paragraph 6 shall be held by the transferee on the same terms and conditions as the Note was held by the transferor, except as provided in paragraph 7 with respect to the right to early payment at the request of a Permitted Holder. - The price of a Note transferred pursuant to paragraph 6 will be as agreed between the transferor and the transferee. - Transfer mechanics and new notes: - Transfers made pursuant to subparagraph (a) and in accordance with paragraph 6 will be effected by a duly authenticated notice of transfer from the transferor to the Fund stating the name of the transferee and the Note being transferred, the transferee’s eligibility for a transfer pursuant to subparagraph (a), and the value date of the transfer. - For all transfers under 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 principal 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 Notes 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 pursuant to paragraph 4. - If all or part of a Note is transferred during a quarterly period as described in paragraph 5(b), the Fund will pay interest to the transferee on the principal amount of the Note for the whole of that period. ### Early payment by Permitted Holders (Annex paragraph 7) - Eligible Permitted Holders for holder-requested early payment: - Rights in subparagraph (b) apply only to Permitted Holders of Notes that are either: - (i) Eligible Purchasers in respect of such Notes, or - (ii) transferees of such Notes pursuant to paragraphs 6(a) or 6(b) for which the following conditions are met: - (A) the transferee is a member of the Fund, or the central bank or fiscal agency of a member of the Fund, and - (B) at the time of transfer, the balance of payments and reserve position of the member or Relevant Member, as the case may be, was considered sufficiently strong in the opinion of the Fund that its currency was being used in transfers under the Financial Transactions Plan. - Conditions for obtaining early payment at face value: - A Permitted Holder described above shall obtain early payment at face value of all or a portion of the principal of Notes held by such Permitted Holder if: - (i) the Permitted Holder represents that its balance of payments and reserve position (the balance of payments and reserve position of the Relevant Member if the Permitted Holder is the central bank or fiscal agency of a member) justifies early payment, and - (ii) the Fund, having given this representation the overwhelming benefit of any doubt, determines that there is a need for early payment as requested by the Permitted Holder in light of the balance of payments and reserve position of the Permitted Holder or the Relevant Member, as the case may be. - Currencies for early payment: - After consultation with the Permitted Holder, the Fund may make payments pursuant to paragraph 7 in SDRs or a freely usable currency as determined by the Fund or, with the agreement of the Permitted Holder, in the currencies of other members that are included in the Fund’s periodic Financial Transactions Plan for transfers. ### Media and modalities of payments on the Notes (Annex paragraphs 8–9) - Currencies and media for principal payments (except paragraph 7): - Payments by the Fund of the principal amount of Notes shall be made to a Permitted Holder, as determined by the Fund, in: - (i) the currency borrowed whenever feasible, if the Permitted Holder is the original purchaser, - (ii) the currency of the Permitted Holder, if the Permitted Holder is a member of the Fund, - (iii) the currency of the Relevant Member, if the Permitted Holder is the central bank or fiscal agency of a member of the Fund, or is a prescribed SDR holder that is an official institution of a member, - (iv) special drawing rights, if the Permitted Holder is covered by clauses (ii) or (iii) or is otherwise a prescribed SDR holder (provided that it does not increase the member’s holdings of special drawing rights above the limit under Article XIX, Section 4 of the Fund’s Articles of Agreement unless the member agrees to accept special drawing rights above that limit in such payment, in the case of a Permitted Holder covered by clause (ii)), - (v) any freely usable currency determined by the Fund in the case of any Permitted Holder, or - (vi) other currencies that are included in the Fund’s periodic Financial Transactions Plan for transfers, with the agreement of the Permitted Holder. - Interest payment modalities: - Payments by the Fund of interest on the Notes will normally be made in SDRs if the Permitted Holder is a member of the Fund or a central bank or fiscal agency of such a member, or a prescribed SDR holder. - In the case of a member of the Fund or a central bank or fiscal agency of such a member, the Fund and the Permitted Holder may agree that interest payments will be made in the currency of the Relevant Member. - Payments of interest to other Permitted Holders will be made in a freely usable currency as determined by the Fund. - Payment execution mechanics: - Payments made by the Fund to a Permitted Holder in currency will be made by crediting the amount due to an account specified in advance by the Permitted Holder for purposes of receiving such payments, or, in the case of a Permitted Holder that is 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 of the Relevant Member as the case may be. - Effective exchange rate for payments: - Unless otherwise agreed between a Permitted Holder and the Fund, all payments in currency of principal and interest will 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 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. - Changes in method of valuation of SDR: - 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, settlement, and registered Note form (Annex paragraphs 11–Annex 2) - 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. - Settlement of questions: - Any question arising under any Note shall be settled by mutual agreement between the relevant Permitted Holder and the Fund. - Form of Registered Series H Note (Annex 2 highlights): - Registered Note fields include Number, SDR amount, Issue Date, and Maturity Date (with bracketed reference to automatic extensions). - The Registered Note restates transfer prohibitions: 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(B) 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 terms on the Registered Note reiterate accrual daily at the SDR interest rate and payment promptly after each July 31, October 31, January 31, and April 30, with payment modalities as specified above. *International Monetary Fund — pr214-signed-canada-2020-borrowing-agreements (extracts provided in source PDF).* ### 1. Purposes and Amounts. ### pr214-signed-canada-2020-borrowing-agreements - 1. Purposes and Amounts. ### Purposes and Amounts - Objective: To enhance the resources available on a temporary basis to the Fund for crisis prevention and resolution through bilateral borrowing. - Instrument: Canada agrees to purchase promissory notes issued in accordance with this Agreement and the General Terms and Conditions for International Monetary Fund Series H Notes (Annex 1). - Principal amounts: - Notes in a cumulative principal amount up to the equivalent of SDR 8,200 million (“Principal”) will be issued under this Agreement. - Upon effectiveness of the increase in Canada’s NAB credit arrangement as part of the NAB Reform (Decision No. 16645-(20/5), adopted January 16, 2020), the Principal will be automatically reduced to the equivalent of SDR 3,532 million (the “Rolled Back Principal”). - Terminology: - This Agreement is one of the “2020 Borrowing Agreements”. - Bilateral agreements entered under the August 2016 framework are “2016 Borrowing Agreements”. - Both sets are collectively “Bilateral Borrowing Agreements”. ### Term of the Agreement and Use - Agreement term: - The term ends on December 31, 2023. - The Fund may extend the term for one further year through December 31, 2024 by Executive Board decision and with Canada’s consent. - Activation conditions and thresholds: - 2020 Borrowing Agreements may be activated only after the Managing Director notifies the Executive Board that the modified FCC is below SDR 100 billion (the “activation threshold”). - The Managing Director will not provide such notification unless: - (i) the NAB are activated as of the time of the notification, or there are no available uncommitted resources under the NAB as of that time, and - (ii) activation has been approved by creditors representing at least 85 percent of the total credit amount committed under the 2020 Borrowing Agreements by creditors eligible to vote. - For creditor polls, a creditor is ineligible to vote if its 2020 Borrowing Agreement is not effective at the time of the vote, or its relevant member is not included in the Fund’s Financial Transactions Plan for transfers of its currency. - The Managing Director may approach creditors before the modified FCC is below the activation threshold in extraordinary circumstances. - Deactivation rules: - Automatic deactivation whenever the NAB is no longer activated, unless there are no available uncommitted resources under the NAB at that time. - Deactivation also occurs if the Managing Director notifies the Executive Board that the modified FCC (excluding Bilateral Borrowing Agreements) has risen above the activation threshold and: - (i) the Executive Board determines activation is no longer necessary; or - (ii) six months have elapsed since the notification and, within that period, the modified FCC (excluding Bilateral Borrowing Agreements) has not fallen below the activation threshold. - If after deactivation the modified FCC falls below the activation threshold, paragraph 2(b) applies again. - Permitted uses during activation: - The Fund may use resources under this Agreement to: - (i) fund any outright purchases made from the General Resources Account (“GRA”) during the term of this Agreement, and - (ii) approve commitments of GRA resources under Fund arrangements whose purchases could be funded by issuing Notes under this Agreement at any time during the period of such commitments, including after the expiration of the term or during any period when the Agreement is no longer activated; provided commitments covered under (ii) include any commitment whose approval caused the activation threshold to be reached. - Following activation, resources may also be used to fund early repayment of claims under other 2020 Borrowing Agreements if relevant creditors request early repayment in the circumstances specified in paragraph 7 of the General Terms and Conditions for International Monetary Fund Series H Notes. - Notes may be issued to fund such early repayments for as long as claims under the 2020 Borrowing Agreements remain outstanding, including after expiration of the term or during deactivation periods. - Balance objective: Notes for purchase under this Agreement will be issued with the goal of achieving over time broadly balanced positions among creditors under all Bilateral Borrowing Agreements relative to their commitments. ### Estimates, Notices and Limits on Issuance of Notes - Estimates and inclusion in plans: - Prior to each plan period, the Fund will provide Canada with its best estimates of the amounts of Notes expected to be issued under this Agreement during the forthcoming period, with revised estimates as warranted. - Canada will not be included in the periodic plan, and no Notes will be issued, if Canada is not included and is not being proposed by the Managing Director to be included in the Financial Transactions Plan for transfers of its currency. - No Notes will be issued if Canada was included in the periodic plan but, at issuance time, Canada’s currency is not being used in transfers under the Financial Transactions Plan because of Canada’s balance of payments and reserve position. - If Canada was not in the Financial Transactions Plan at activation vote time but is subsequently included, Notes may be issued to fund purchases made and commitments approved during the activation period unless Canada notifies the Fund it does not wish such issuance. - Notice and payment instructions: - The Fund will give Canada at least five business days’ (Ottawa) notice of its intention to issue Notes for purchase. - The Fund will provide payment instructions at least two business days (Fund) prior to the value date by a rapid authenticated means (e.g., SWIFT). - In exceptional circumstances, notice may be at least three business days (Ottawa) in advance, and Canada would make best efforts to meet such a call. - Issuance limits and restorations: - Payment by the Fund of the principal amount of a Note will not restore pro tanto the amount of Notes that may be issued under this Agreement. - Extension of maturity of a Note in accordance with paragraph 4(a) of the General Terms and Conditions for Series H Notes will not reduce the amount of Notes that may be issued under this Agreement. ### Denomination and Price - Denomination: Notes will be denominated in the special drawing right (SDR). - Minimum unit: Notes will be issued in multiples of SDR 10 million. - Purchase price: 100 percent of the principal amount of each Note. ### Payments for Purchases, Exchanges of Currencies and SDR Valuation - Payment mechanics: - Unless otherwise agreed, Canada will pay the purchase price on the value date specified in the Fund’s notice, by transfer of the SDR equivalent amount of Canadian dollar to the Fund’s account with Canada’s designated depository. - For Notes purchased under paragraph 2(e), Canada will ensure balances used in the purchase that are not balances of a freely usable currency can be exchanged for a freely usable currency of its choice; for balances that are freely usable currencies, Canada will collaborate with the Fund and other members to enable exchange for another freely usable currency. - Article V obligations: - Canada’s obligations under Article V, Section 3(e) and Article V, Section 7(j) of the Fund’s Articles of Agreement apply to purchase and repurchase transactions in the GRA involving its currency used in purchase of Notes and payments of Principal under this Agreement. - Exchange rate determination: - Purchases of Notes and exchanges of currency will be made at the SDR exchange rate established pursuant to Article XIX, Section 7(a) for the second business day of the Fund before the value date of the purchase or exchange, unless otherwise agreed. - If that exchange rate determination date is not a business day in Ottawa, the date will be the last preceding business day of the Fund that is also a business day in Ottawa. - SDR valuation change: - 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 will be made on the basis of the new method. ### Transferability - Canada may not transfer any of its rights or obligations under this Agreement except with prior written consent of the Fund. - Transfers of Notes may be effected pursuant to and subject to the transfer restrictions and other limitations on transfers set forth in the General Terms and Conditions for Series H Notes. ### Settlement of Questions and Cooperation - Settlement: Any question arising under this Agreement will be settled by mutual agreement between Canada and the Fund. - Cooperation: Canada stands ready to cooperate with the Fund in the spirit of IMFC/G-20 commitments as needed and appropriate. ### Transitional Arrangements - Repayment and issuance regardless of activation: - Regardless of activation, the Fund will: - (i) subject to paragraph 9(b), issue Notes under this Agreement to repay any outstanding claims under Canada’s 2016 Borrowing Agreement, and - (ii) may issue Notes under this Agreement to fund purchases under commitments approved during an activation of the 2016 Borrowing Agreements or to fund early repayment of claims under other 2016 Borrowing Agreements in case the creditor represents a balance of payments need. - Maximum maturity date for claims from such repayments will be the residual maximum maturity date of the repaid claim. - Any Notes issued under this Agreement resulting from such repayment will be considered claims under the 2016 Bilateral Borrowing Agreements for purposes of early repayment and special calls under paragraph 23 of Decision No. 16645-(20/5), adopted January 16, 2020. - Use of NAB calls for repayment: - To the extent claims under Canada’s 2016 Borrowing Agreement or this Agreement are outstanding when the increase in Canada’s NAB credit arrangement becomes effective, Canada will be deemed to request that the Managing Director make calls under Canada’s NAB credit arrangement up to the maximum available amount, taking into account prudential balances, to fund repayment of such claims (paragraph 23 of Decision No. 11428-(97/6), adopted January 27, 1997 on the NAB, as amended). - If the increase in Canada’s NAB credit arrangement and this Agreement enter into effect at the same time, repayment of Canada’s outstanding claims under the 2016 Borrowing Agreement will be funded first with calls under Canada’s NAB credit arrangement before Notes are issued under this Agreement pursuant to paragraph 9(a). - Notwithstanding paragraph 3(c), repayments of claims resulting from Notes issued under this paragraph 9(b) will restore pro tanto the amount of Notes that can be issued under this Agreement. - Excess claims over Rolled Back Principal: - If, after such repayments, Canada’s outstanding claims remain in excess of the Rolled Back Principal, the Fund will repay any outstanding claims in excess of the Rolled Back Principal; claims with shorter remaining maximum maturities will be repaid before those with longer remaining maximum maturities. - Cessation and limits: - After entry into force of this Agreement, the Fund may no longer issue any Notes under Canada’s 2016 Borrowing Agreement. - No Note will be issued under this Agreement that would cause cumulative principal of Notes under both this Agreement and the 2016 Borrowing Agreement to: - (i) exceed the Principal prior to effectiveness of the increase in Canada’s NAB credit arrangement, or - (ii) exceed the Rolled Back Principal upon and after the effectiveness of the increase in Canada’s NAB credit arrangement. - Exception: Notes issued in an amount beyond the Rolled Back Principal under (ii) are authorized if, within the same day of issuance, any resulting claim exceeding the Rolled Back Principal is repaid with a special call under Canada’s NAB credit arrangement, and Canada hereby requests the Managing Director to make such calls in accordance with paragraph 23 of Decision No. 11428-(97/6), adopted January 27, 1997 on the NAB, as amended. ### Final Provisions - Execution: - The Agreement may be executed in duplicate counterparts, each deemed an original, together constituting one instrument. - Effectiveness: - The Agreement will become effective on the date last signed below, or on January 1, 2021, whichever is later. - Signatures recorded: - For the International Monetary Fund: Kristalina Georgieva, Managing Director — Date 12/21/2020 (appears on signature pages). ### Annex 1 — General Terms and Conditions for International Monetary Fund Series H Notes (selected provisions) - Purpose: General Terms and Conditions for Series H Notes referred to in the Applicable Note Purchase Agreement. - Key definitions include: - “Applicable Note Purchase Agreement”: the Note Purchase Agreement between the Fund and the original Eligible Purchaser to whom the Fund issued the Note or issued any Note in cancellation of which the Note was issued. - “Borrowing Guidelines”: Guidelines for Borrowing by the Fund. - “Eligible Purchaser”: (i) a member of the Fund, and (ii) the central bank of a member of the Fund. - “Eligible Holder”: (i) an Eligible Purchaser, (ii) a fiscal agency designated by a member for Article V, Section 1 purposes, and (iii) a prescribed SDR holder. - “Notes”: promissory notes (International Monetary Fund Series H Notes) subject to these General Terms and Conditions. - “Permitted Holder”: (i) an Eligible Holder, and (ii) any other official entity for whom the Fund has consented in writing to a transfer of Notes pursuant to subparagraph 6(b). - “Relevant Member”: for a Permitted Holder that is central bank, fiscal agency or other official institution, that member. - Eligible purchasers and permitted holders: - The Fund will issue Notes solely to Eligible Purchasers. - Each Eligible Purchaser will enter into a Note Purchase Agreement with the Fund. - Permitted Holders are the only authorized holders of the Notes. - Form, delivery and custody: - Notes issued only in book entry form; the Fund will maintain book entry accounts recording number, issue date, principal amount, series, and maturity date. - Making an entry in the Fund’s records constitutes delivery to the purchaser or transferee. - On request of a Permitted Holder, the Fund will issue a registered Series H Note substantially in the form set out in Annex 2, bearing the value date of purchase as its issue date. - Unless otherwise agreed, the Fund will keep registered Notes in custody for the Permitted Holder; acceptance of custody by the Fund constitutes delivery. *International Monetary Fund — pr214-signed-canada-2020-borrowing-agreements (extracts provided in source PDF).* ### 4. Maturity. ### 4. Maturity ### Maturity terms and extension mechanics - Each Note shall have a maturity date that is three months from its issue date. - The Fund may in its sole discretion elect to extend the maturity date of any Note or any portion thereof by additional periods of three months after the initial maturity date. - The Fund’s extension election is automatically deemed to apply to maturity dates then in effect for all Notes unless, at least five business days (Fund) before a maturity date, the Fund notifies a Permitted Holder by a rapid authenticated means of communication (e.g., SWIFT) that the Fund does not elect to extend the maturity date of the particular Note or portion thereof. - Exception (i): the maturity date of any Note purchased to fund GRA purchases shall not be extended to a date that is later than the tenth anniversary of the date of such Note. - Exception (ii): the maturity date for any Notes purchased to fund the early repayment of other creditors’ claims in accordance with paragraph 2(e) of the Applicable Note Purchase Agreement shall be a single common maturity date that is the longest remaining maximum maturity of any claim for which such early repayment has been requested or the tenth anniversary of the date of the relevant Notes being issued to fund early repayment, whichever is earlier. ### Payment on maturity and business-day rule - The Fund shall pay the principal amount of each Note on the maturity date applicable to that Note in accordance with the extension rules above. - If a maturity date for a Note is not a business day in the place where payment is to be made, the payment date will be the next business day in that place; interest will accrue up to the payment date. ### Early payment by the Fund (optional) - The Fund may, at its option, make an early payment in part or in full of the principal amount of any Note prior to its maturity date, after consultation with the relevant Permitted Holder, provided that the Fund notifies the Permitted Holder at least five business days (Fund) before any such payment by a rapid authenticated means of communication (e.g., SWIFT). ### Cancellation and reissuance on partial payment or partial extension - The Fund will cancel a Note upon payment of the principal amount and all accrued interest. - If the Fund makes early payment of less than the principal amount of a Note, the Fund will cancel the Note and issue a new Note for the remainder of the amount, with the same maturity date as the cancelled Note. - If the maturity date of a Note is extended with respect to less than the principal amount of the Note, the Fund will cancel the Note and issue a new Note for the remainder of the amount, with the extended maturity date. - Any Note to be cancelled by the Fund that is not already in the custody of the Fund shall be surrendered by the Permitted Holder to the Fund for cancellation. --- ### 5. Rate of Interest ### Interest rate benchmark and fallback - 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 an interest rate higher than the SDR interest rate on outstanding balances from any other borrowing on comparable terms effected pursuant to Article VII, Section 1(i) of the Fund’s Articles of Agreement, and for as long as the payment of such higher interest 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 schedule - Interest payable on each Note is calculated on the basis of the principal amount of the Note (including the principal amount of any Note issued in substitution of a Note cancelled pursuant to paragraph 4(d)). - Interest accrues daily. - Interest is to be paid promptly by the Fund after each July 31, October 31, January 31, and April 30. --- ### 6. Transferability of Notes ### Eligible transfers and Fund assistance - A Permitted Holder has the right to transfer at any time all or part of any Note to any Eligible Holder. - If requested, the Fund will use its best efforts to arrange such transfers to one or more Eligible Holders identified by the Fund or by the transferor Permitted Holder. ### Transfers requiring Fund consent and prohibitions - Transfers by a Permitted Holder of all or part of any Note to an official entity other than an Eligible Holder shall require the prior written consent of the Fund and may only take place on such additional terms and conditions as the Fund may approve. - In no event shall any Permitted Holder have the right to sell, assign, dispose of or otherwise transfer any Note or any part of any Note, directly or indirectly, to any entity that is not (i) an Eligible Holder, or (ii) an official entity in respect of which the Fund has consented in writing to the transfer pursuant to subparagraph (b). - Derivative transactions in respect of any Note, and transfers of participation interests in any Note, are prohibited. ### Conditions and terms on transferees and pricing - The transferee of a Note transferred pursuant to paragraph 6 shall, as a condition of the transfer, assume in full the obligations of a Permitted Holder pursuant to paragraph 4(a) regarding extensions of the maturity of the Note. - Any Note or part thereof transferred pursuant to paragraph 6 shall be held by the transferee on the same terms and conditions as the Note was held by the transferor, except as provided in paragraph 7 with respect to the right to early payment at the request of a Permitted Holder. - The price of a Note transferred pursuant to paragraph 6 will be as agreed between the transferor and the transferee. ### Transfer mechanics and new notes - Transfers made pursuant to subparagraph (a) and in accordance with paragraph 6 will be effected by a duly authenticated notice of transfer from the transferor to the Fund stating the name of the transferee and the Note being transferred, the transferee’s eligibility for a transfer pursuant to subparagraph (a), and the value date of the transfer. - For all transfers under 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 principal 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 Notes 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 pursuant to paragraph 4. - If all or part of a Note is transferred during a quarterly period as described in paragraph 5(b), the Fund will pay interest to the transferee on the principal amount of the Note for the whole of that period. --- ### 7. Early Payment by the Fund at Request of Certain Permitted Holders ### Eligible Permitted Holders for holder-requested early payment - Rights in subparagraph (b) apply only to Permitted Holders of Notes that are either: - (i) Eligible Purchasers in respect of such Notes, or - (ii) transferees of such Notes pursuant to paragraphs 6(a) or 6(b) for which the following conditions are met: - (A) the transferee is a member of the Fund, or the central bank or fiscal agency of a member of the Fund, and - (B) at the time of transfer, the balance of payments and reserve position of the member or Relevant Member, as the case may be, was considered sufficiently strong in the opinion of the Fund that its currency was being used in transfers under the Financial Transactions Plan. ### Conditions for obtaining early payment at face value - A Permitted Holder described above shall obtain early payment at face value of all or a portion of the principal of Notes held by such Permitted Holder if: - (i) the Permitted Holder represents that its balance of payments and reserve position (the balance of payments and reserve position of the Relevant Member if the Permitted Holder is the central bank or fiscal agency of a member) justifies early payment, and - (ii) the Fund, having given this representation the overwhelming benefit of any doubt, determines that there is a need for early payment as requested by the Permitted Holder in light of the balance of payments and reserve position of the Permitted Holder or the Relevant Member, as the case may be. ### Currencies for early payment - After consultation with the Permitted Holder, the Fund may make payments pursuant to paragraph 7 in SDRs or a freely usable currency as determined by the Fund or, with the agreement of the Permitted Holder, in the currencies of other members that are included in the Fund’s periodic Financial Transactions Plan for transfers. --- ### 8. Media and Modalities of Payments on the Notes ### Currencies and media for principal payments (except paragraph 7) - Except as otherwise provided in paragraph 7, payments by the Fund of the principal amount of Notes shall be made to a Permitted Holder, as determined by the Fund, in: - (i) the currency borrowed whenever feasible, if the Permitted Holder is the original purchaser, - (ii) the currency of the Permitted Holder, if the Permitted Holder is a member of the Fund, - (iii) the currency of the Relevant Member, if the Permitted Holder is the central bank or fiscal agency of a member of the Fund, or is a prescribed SDR holder that is an official institution of a member, - (iv) special drawing rights, if the Permitted Holder is covered by clauses (ii) or (iii) or is otherwise a prescribed SDR holder (provided that it does not increase the member’s holdings of special drawing rights above the limit under Article XIX, Section 4 of the Fund’s Articles of Agreement unless the member agrees to accept special drawing rights above that limit in such payment, in the case of a Permitted Holder covered by clause (ii)), - (v) any freely usable currency determined by the Fund in the case of any Permitted Holder, or - (vi) other currencies that are included in the Fund’s periodic Financial Transactions Plan for transfers, with the agreement of the Permitted Holder. ### Interest payment modalities - Payments by the Fund of interest on the Notes will normally be made in SDRs if the Permitted Holder is a member of the Fund or a central bank or fiscal agency of such a member, or a prescribed SDR holder. - In the case of a member of the Fund or a central bank or fiscal agency of such a member, the Fund and the Permitted Holder may agree that interest payments will be made in the currency of the Relevant Member. - Payments of interest to other Permitted Holders will be made in a freely usable currency as determined by the Fund. ### Payment execution mechanics - Payments made by the Fund to a Permitted Holder in currency will be made by crediting the amount due to an account specified in advance by the Permitted Holder for purposes of receiving such payments, or, in the case of a Permitted Holder that is 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 of the Relevant Member as the case may be. --- ### 9. Effective Exchange Rate for Payments - Unless otherwise agreed between a Permitted Holder and the Fund, all payments in currency of principal and interest will 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 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. --- ### 10. Changes in Method of Valuation of SDR - 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. --- ### 11. Non-Subordination of Claims - 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. --- ### 12. Settlement of Questions - Any question arising under any Note shall be settled by mutual agreement between the relevant Permitted Holder and the Fund. --- ### ANNEX 2. Form of Registered Series H Note ### Key elements of the Registered Note form - The Registered Note includes fields for Number, SDR amount, Issue Date, and Maturity Date (with a bracketed note: [to include description of automatic extensions of maturity and extension option in exceptional circumstances]). - The Note promises to pay the registered holder an amount equivalent to specified Special Drawing Rights on the maturity date and to pay interest as set forth. - The Note is one of a series of “Series H Notes” issued in accordance with the General Terms and Conditions and the Applicable Note Purchase Agreement. - Holders are deemed to have agreed to the General Terms and Conditions, including maturity, interest rate, early payment terms, and transfer terms. ### Transfer and derivative prohibitions stated on the Note - The Note states: 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(B) 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 terms reiterated on the Note - Interest accrues daily on the principal amount 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 comparable borrowing effected pursuant to Article VII, Section 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 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. *International Monetary Fund — General Terms and Conditions for Series H Notes (excerpt: paragraphs 4–12 and Annex 2).* --- _Source: https://www.imf.org/-/media/files/news/press-release/2021/pr214/pr214-signed-canada-2020-borrowing-agreements.pdf_