## ppea2023019 ## Source details **Canonical URL:** [ppea2023019](https://www.imf.org/-/media/files/publications/pp/2023/english/ppea2023019.pdf) ## Other formats - [Markdown version](/-/media/files/publications/pp/2023/english/ppea2023019.pdf.md) - [Structured JSON version](/-/media/files/publications/pp/2023/english/ppea2023019.pdf.json) --- ### Introduction and RST contribution overview - Six Resilience and Sustainability Trust (RST) contribution agreements finalized between December 2022 and March 2023, including an existing agreement that is amended and restated. - Managing Director wrote to 35 potential contributors seeking contributions totaling at least SDR 33 billion. - Pledges received to date: SDR 30.5 billion from 17 members. - Of which SDR 25.3 billion are pledges to all three RST accounts (LA, DA and RA) that count toward the SDR 33 billion target (corresponding to 76 percent of the targeted contributions and projected demand for loan resources). - Agreements concluded with eleven members (or their institutions); six were reported to the Executive Board in January 2023 and five are presented in this paper. One of the agreements reported in January 2023 has since been amended and restated and is also presented. - No new pledges since the paper that reported the first six agreements to the Board in January 2023. ### Aggregate amounts and account-level allocation - Total amount under the agreements presented: about SDR 9.5 billion across the three RST accounts. - Account-level allocation (approximately): - Loan Account (LA): SDR 7,743 million. - Deposit Account (DA): SDR 1,574 million. - Reserve Account (RA): SDR 155 million. - Finalized or amended contribution agreements summarized (amounts and effective dates as stated): - Bank of Estonia: DA standalone contribution totaling SDR 25 million; effective March 21, 2023. - France (Banque de France and Ministry of the Economy, Finance, and Industrial and Digital Sovereignty): contributions to LA, DA and RA totaling SDR 3,050 million; effective January 2, 2023. - Japan (amended and restated): additional SDR 4,191.8 million to all three accounts; DA and RA agreements effective March 15, 2023, LA agreement effective March 22, 2023. Adds to initial SDR 798 million package effective October 12, 2022, taking Japan’s total to SDR 4,989.8 million across all three RST accounts. - Korea (Ministry of Economy and Finance): contributions totaling SDR 900 million to all three accounts; effective December 8, 2022. - Lithuania (Ministry of Finance and Bank of Lithuania): contribution to the RA effective December 14, 2022, and contributions to the LA and DA effective January 20, 2023, totaling SDR 84.7 million. - Netherlands (Ministry of Foreign Trade and Development Cooperation and De Nederlandsche Bank NV): contribution to the RA effective December 14, 2022, and contribution to the LA and DA effective February 9, 2023, totaling SDR 1,220 million. - Estonia concluded a ‘standalone’ contribution to the DA. ### Uniform substantive terms of contribution agreements - Key uniform terms: - Denomination of all transactions in SDRs. - Minimum threshold relative to committed loan resources: 20 and 2 percent, respectively, for contributions to the deposit and reserve accounts. - Right to seek encashment of outstanding LA and DA contributions in case of a contributor’s balance of payments needs or due to developments in a contributor’s reserves. - Outstanding LA and DA claims remunerated at an interest rate that cannot exceed the SDRi. - Investment of DA and RA resources under a uniform investment strategy. - Exception: Estonia’s standalone DA contribution features a 10-year maturity for the DA; otherwise, timing of drawings, repayments, and financial arrangements in case of termination are the same. - Individual agreements are based on template agreements reflecting these key substantive terms and delineate areas for accommodating individual member preferences. ### Deviations from template and operational specifics - Deviations have been very minor and reflect legal and operational contributor requirements without affecting uniformity of key substantive terms. - Examples and operational clarifications: - Three components of a contribution package may be signed by one counterparty or split into separate agreements for different institutions. - France’s RA contribution specified as the equivalent to the smaller of SDR 50 million or the SDR equivalent of EUR 80 million to address budgetary appropriations; LA contribution set at the equivalent of SDR 2.5 billion but subject to adjustment to ensure RA contribution is at least equal to two percent of the LA contribution. - Although agreements are denominated in SDRs, contributors specified whether contributions would be made in SDRs or freely usable currencies. - RA disbursement media by contributor: - France, Lithuania, Netherlands: euros. - Japan: US dollars. - Korea: SDRs. - DA disbursements by all six members were made in SDRs. - Notification period for the Fund’s intent to draw on loan commitments varies modestly between five and seven days. - Japan’s loan and deposit contributions are in the form of a Note Purchase Agreement (NPA) consistent with template substantive terms. - Template updates reflected in Japan’s amended and restated agreement: - Contribution agreement becomes effective once signed by the country authority and countersigned by the IMF Managing Director and any other conditions met; Borrowing Agreement becomes effective on the last signature date or the date RA and DA contributions are received in full by the Trust, whichever is later. - RA and DA contribution agreement should specify the media of disbursement (SDR or freely usable currency). ### Operational provision for extreme tail risk investment losses on the DA - If financial losses in extreme tail risk scenarios cannot be absorbed by: - (i) available RA balances, and - (ii) accumulated excess DA investment returns retained in the DA, - such losses would be temporarily charged against the DA principal. - In such an event: - RST would pay interest due up to the notional value of the deposit and make “catch-up” payments in the first following quarter where the notional value had increased sufficiently. - Staff would promptly discuss appropriate options with contributors. ### Conclusions and implications - New agreements with six members add critical resources supporting the RST’s continued smooth operations. - Additional contributions from existing pledges and new pledges are needed to ensure the RST is adequately resourced to meet eligible members’ needs in the medium term. - Uniformity of key substantive terms permits a streamlined process for finalizing contribution agreements, promising greater operational efficiency. - Discussions with other contributors are ongoing; staff will keep the Executive Board updated and will periodically circulate additional contribution agreements to the Executive Board for information as finalized. ### Encashment, early repayment, liquidation, transfer provisions (Deposit Account and general rules) - Encashment by Contributor: - Contributor may seek early repayment of all or part of the Deposit (the “Encashed Deposit”) pursuant to Section VI, paragraph 5(e) of the RST Instrument if the Contributor represents its balance of payments and reserve position justifies early repayment and the Trustee, having given the representation the overwhelming benefit of any doubt, agrees. - Encashed Deposit may not exceed: - the Original Amount of the Deposit less any amounts repaid under paragraphs 8 or 9 or transferred under paragraph 11, or - the Notional Value of the Deposit, - whichever is lower. - Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments (evidenced by inclusion of the currency in the Fund’s Financial Transactions Plan). - Early Repayment by Trustee: - Trustee may repay all or part of the Deposit at any time in advance of Maturity Date; repayment amount subject to the same lower‑of limits and Trustee will give at least five (5) Fund business days’ notice prior to any advance repayment. - If a contributor does not provide required consent to a proposed amendment to the RST Instrument, contributor may request return of a portion of the Original Amount based on the ratio of remaining uncommitted loan resources to total loan commitments under the contributor’s Borrowing Agreement (Section X, paragraph 2(b) mechanics). - Liquidation: - If the Trustee winds up Trust operations, Trustee shall repay the Deposit to the Contributor at: - the Original Amount less any amounts repaid under paragraphs 8 or 9 or transferred under paragraph 11, or - the Notional Value, - whichever is lower, and in accordance with liquidation procedures under the RST Instrument. - Trustee shall notify Contributor in advance; payment to an account specified by Contributor (may include an account or trust administered by the Fund). - Transfer of Claims: - Contributor may transfer all or part of any claim on the Deposit Account at any time to: - any member of the Fund, - the central bank or other fiscal agency designated by such a member for Article V, Section 1 purposes, - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3. - Transferee acquires all rights with respect to repayment and interest; the right to request early repayment under paragraph 8 only if transferee is a member or central bank/fiscal agency of a member and, at transfer time, that member’s balance of payments and reserve position was considered sufficiently strong for its currency to be usable under the Fund’s Financial Transactions Plan. ### Modality of payments, exchange rates, and SDR basket rules (applicable across agreements) - Default currency: - Unless otherwise agreed, payments of interest and repayments shall be made in SDRs. - SDR payments: - Credit to contributor’s holdings account in the Special Drawing Rights Department. - If due date is not a Fund business day, payment made on the following business day for the Fund. - Currency payments: - Made to an agreed account; if due date not a business day of the Fund or the Target system or domestic markets of non-euro currencies in the SDR basket, payment made on the next respective business day. - Exchange rates: - Unless otherwise agreed, all transfers, exchanges, payments of interest, or repayments in currencies shall be at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) for the second (Fund) business day before the value date. - If that exchange rate determination date is not a business day in a specified location (e.g., Tokyo or a Permitted Holder’s principal location), the last preceding business day of the Fund that is also a business day in that location applies. - SDR basket changes: - If the Fund changes currency composition or weights of the SDR basket, transfers, exchanges, payments, and distributions made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Loan Account Notes, Deposit Account Notes, Reserve Contribution Agreement — key contractual features (selected) - Loan Account Notes: - Denominated in SDRs; purchase price 100 percent of principal. - Purchases paid by transfer of SDRs on specified value date unless otherwise agreed. - Interest at SDR interest rate (Article XX, Section 3); interest calculated actual day basis; paid quarterly promptly after July 31, October 31, January 31, and April 30. - Permitted Holders only; transfers permitted to Permitted Holders; derivative transactions and transfers of participation interests prohibited. - Maturity generally six months from issue; Trustee may automatically extend maturity in additional periods up to six months unless Trustee notifies otherwise at least five (Fund) business days before maturity. Maturity cannot extend beyond maturity dates for loan disbursements under the RSF for which the Note was issued. - Deposit Account Notes: - Example numeric: total contribution equivalent to SDR 818,002,104 composed of an Initial Deposit Account Note SDR 130,826,464 and Additional Deposit Account Note SDR 687,175,640. - Denominated in SDRs; purchase price 100 percent of principal. - Trustee gives at least seven (Tokyo) business days’ notice of intention to issue Deposit Account Note; payment instructions at least two (Fund) business days prior to value date by SWIFT. - Interest accrues at the SDR interest rate; assets exposed to market and credit risk which could result in potential losses to the value of Deposit Account Notes. - Notional Value concept applies (Principal adjusted for attributed investment earnings/losses and transfers). - Maturity Date examples: November 30, 2050 for Deposit Account Notes in some agreements. - Reserve Contribution Agreement: - Contribution amount examples: - France RA: SDR 50 million or SDR-equivalent of EUR 80 million (whichever applies per paragraph). - Example contributor totals: SDR 81,800,210 (SDR 13,082,646 Initial + SDR 68,717,564 Additional) in one agreement excerpt. - Separate example: Contribution equivalent to SDR 20 million in Netherlands Reserve Contribution Agreement. - Separate example: Contribution equivalent to SDR 14.8 million in one excerpt. - Denominated in SDRs; may be made in SDRs or freely usable currency as determined by Contributor. - No remuneration paid to Contributor in respect of Reserve Contribution. - Contributor has a proportional share in the Reserve Account based on Contribution, transfers from Deposit Account attributed to Contributor, and attributed investment earnings or losses. - Contributor may transfer share at any time to members, central banks/fiscal agencies, or prescribed SDR holders; transferee acquires all rights with respect to transferred amount. - Contribution has no fixed maturity; distributions on liquidation or pursuant Trustee distributions follow Section V of RST Instrument. - Distribution and exchange rate modalities follow the general SDR and SDR basket rules described above. - Effectiveness timing may be tied to domestic budget law sequencing (example: becomes effective on the day after entry into force of relevant article in the French Budget Law for the 2023 fiscal year). ### Country- or contributor-specific numeric and timing highlights (selected excerpts) - Estonia: - DA standalone contribution: SDR 25 million; effective March 21, 2023. - Signatures: Madis Müller /s Date — 6 March 2023 (Governor, Bank of Estonia); Kristalina Georgieva /s Date — March 21, 2023 (Managing Director, IMF). - France: - Total contributions: SDR 3,050 million across LA, DA, RA; effective January 2, 2023. - RA amount specified as SDR 50 million or SDR-equivalent of EUR 80 million (smaller/converted per paragraph). - Signatures: Banque de France and MINISTRY signatories dated 30 November 2022 and December 2, 2022; IMF Managing Director Kristalina Georgieva /s Date — December 2, 2022. - Japan: - Additional contribution: SDR 4,191.8 million to all three accounts, adding to prior SDR 798 million (initial), total SDR 4,989.8 million. - DA and RA agreements effective March 15, 2023; LA agreement effective March 22, 2023. - Amended and Restated Contribution Agreement signatories: GOVERNMENT OF JAPAN — March 14, 2023 — Shunichi Suzuki /s; IMF Managing Director — March 15, 2023 — Kristalina Georgieva /s. - Reserve and Deposit contributions examples denominated in SDRs and U.S. Dollars per excerpt. - Korea: - Contributions totaling SDR 900 million to all three accounts; effective December 8, 2022. - Borrowing Agreement amount example: up to the equivalent of SDR 737.6 million to the Loan Account (Attachment VI excerpt). - Deposit Agreement example: Original Amount of Deposit equivalent to SDR 147.6 million; Maturity Date November 30, 2050. - Modality and drawing periods include drawdown period through November 30, 2030 for certain lending. - Lithuania: - Total contributions in excerpt: SDR 84.7 million (RA effective December 14, 2022; LA and DA effective January 20, 2023). - Reserve Contribution example in excerpt: Contribution equivalent to SDR 14.8 million. - Deposit Agreement and related Final Provisions signatories: Gediminas Šimkus /s Date — December 20, 2022 (Bank of Lithuania); IMF Managing Director Kristalina Georgieva /s Date — January 20, 2023. - Netherlands / De Nederlandsche Bank NV: - Total contributions: SDR 1,220 million across LA, DA, RA; RA effective December 14, 2022; LA and DA effective February 9, 2023. - Borrowing Agreement, Deposit Agreement and Reserve Contribution Agreement excerpts specify: - Borrowing Agreement: drawings denominated in SDRs; notice periods including five (Seoul)/(Fund) business days as applicable; interest at SDR interest rate; interest payment dates quarterly promptly after January 31, April 30, July 31, and October 31. - Deposit Agreement: Original Amount of the Deposit equivalent to SDR 200 million; Maturity Date November 30, 2050; repayment as soon as practicable but not later than 60 calendar days following the Maturity Date. - Signatures: DE NEDERLANDSCHE BANK NV — 1 February 2023 — Klaas Knot /s (President); IMF Managing Director — February 9, 2023 — Kristalina Georgieva /s. ### Annex provisions and selected terms (Loan Account Notes General Terms and Conditions; Deposit Account Note terms; Registered Note forms) - Definitions highlight “Permitted Holder” and “Notes” terminology; Permitted Holders are limited to Contributors, members, fiscal agencies, and Prescribed SDR holders. - Book entry form issuance; Trustee maintains book entry accounts with Note number, issue date, principal amount, and maturity date. - Interest computation and payment schedules consistent across instruments: SDR interest rate, actual day basis, quarterly payments promptly after July 31, October 31, January 31, and April 30. - Transfer mechanics: transfers permitted only to Permitted Holders; transferee assumes rights and obligations; Trustee cancels and reissues Notes as necessary; transfers effective as of agreed value date upon recording. - Restrictions: derivative transactions and transfers of participation interests in any Note are prohibited. *Source: INTRODUCTION and contractual excerpts (ppea2023019) — Resilience and Sustainability Trust contribution agreements, April 6, 2023.* ### INTRODUCTION ### INTRODUCTION ### Overview of RST contribution agreements and pledges - The paper presents six Resilience and Sustainability Trust (RST) contribution agreements finalized between December 2022 and March 2023, including an existing agreement that is amended and restated. - Shortly after the Executive Board’s April 2022 approval of the establishment of the RST, the Managing Director wrote to 35 potential contributors with strong external positions seeking their contributions in a total amount of at least SDR 33 billion. - To date, the Fund has received pledges amounting to SDR 30.5 billion from 17 members, of which SDR 25.3 billion are pledges to all three RST accounts (the Loan Account (LA), Deposit Account (DA) and the Reserve Account (RA)) that count toward the SDR 33 billion target, corresponding to 76 percent of the targeted contributions and projected demand for loan resources. - The Fund has concluded agreements with eleven members (or their institutions); six were reported to the Executive Board in January 2023 and five are presented in this paper. One of the agreements reported in January 2023 has since been amended and restated and is also presented in this paper. - There have been no new pledges since the paper that reported the first six agreements to the Board in January 2023. ### Aggregate amounts and account-level allocation - The agreements presented provide for contributions in a total amount of about SDR 9.5 billion across the three RST accounts. - Altogether, these contribution agreements provide approximately SDR 7,743 million to the LA, approximately SDR 1,574 million to the DA and approximately SDR 155 million to the RA. - Finalized or amended contribution agreements summarized in the paper include: - Bank of Estonia: standalone contribution to the DA totaling SDR 25 million; effective March 21, 2023. - France (Banque de France and Ministry of the Economy, Finance, and Industrial and Digital Sovereignty): contributions to the LA and DA and to the RA totaling SDR 3,050 million; effective January 2, 2023. - Japan (amended and restated): additional SDR 4,191.8 million to all three accounts; DA and RA agreements effective March 15, 2023, LA agreement effective March 22, 2023. These add to the initial SDR 798 million contribution package effective October 12, 2022, taking Japan’s total contribution to SDR 4,989.8 million across all three RST accounts. - Korea (Ministry of Economy and Finance): contributions totaling SDR 900 million to all three accounts; effective December 8, 2022. - Lithuania (Ministry of Finance and Bank of Lithuania): contribution to the RA effective December 14, 2022, and contributions to the LA and DA effective January 20, 2023, totaling SDR 84.7 million. - Netherlands (Ministry of Foreign Trade and Development Cooperation and De Nederlandsche Bank NV): contribution to the RA effective December 14, 2022, and contribution to the LA and DA effective February 9, 2023, totaling SDR 1,220 million. - One member concluded a ‘standalone’ contribution to the DA (Estonia). ### Terms of contribution agreements: uniform substantive terms - Contribution agreements are subject to uniform substantive terms as envisaged in the RST policy paper. - Key uniform terms include: - Denomination of all transactions in SDRs. - Requirement to meet the minimum threshold relative to committed loan resources of 20 and 2 percent, respectively, for contributions to the deposit and reserve accounts. - Right to seek encashment of outstanding loan account and deposit account contributions in case of a contributor’s balance of payments needs or due to developments in a contributor’s reserves. - Outstanding loan and deposit account claims are remunerated at an interest rate that cannot exceed the SDRi. - Investment of DA and RA resources under a uniform investment strategy. - With the exception of Estonia’s standalone DA contribution (which features a 10-year maturity for the DA), all other agreements include the same terms for timing of drawings, repayments, and financial arrangements in case of a termination event. - Individual agreements are based on template agreements reflecting these key substantive terms and delineate areas for accommodating individual member preferences. ### Deviations from the template and operational specifics - Deviations from the standardized template have been very minor and reflect legal and operational requirements of contributors with no implications for the uniformity of key substantive terms. - Examples and operational clarifications: - The three components of the contribution package may be signed by one counterparty or broken up into separate agreements to be signed by different institutions. - To address France’s budgetary appropriations rules, France’s SDR-denominated RA contribution was specified as the equivalent to the smaller of SDR 50 million or the SDR equivalent of EUR 80 million; France’s LA contribution was set at the equivalent of SDR 2.5 billion but subject to adjustment to ensure the RA contribution is at least equal to two percent of the LA contribution as provided under the RST instrument. - While agreements are denominated in SDRs, members specified whether contributions would be made in SDRs or freely usable currencies. - RA disbursements: France, Lithuania, and the Netherlands disbursed in euros; Japan disbursed RA in US dollars; Korea disbursed RA in SDRs. - DA disbursements by all six members were made in SDRs. - Notification period for the Fund’s intent to draw on loan commitments varies modestly between five and seven days. - Japan’s loan and deposit contributions are in the form of a Note Purchase Agreement (NPA) consistent with template substantive terms. - Template updates reflected in Japan’s amended and restated agreement: - A contribution agreement becomes effective once signed by the respective country authority and countersigned by the IMF’s Managing Director and any other conditions for effectiveness are met; however, the Borrowing Agreement becomes effective on the last signature date or the date the contributions to the Reserve and Deposit Accounts are received in full by the Trust, whichever is later. - The RA and DA contribution agreement should specify the media of disbursement (i.e., SDR or a freely usable currency). - Operational provision for extreme tail risk investment losses on the DA: - Any financial losses in extreme tail risk scenarios that cannot be absorbed by (i) available RA balances and (ii) accumulated excess DA investment returns retained in the DA, would be temporarily charged against the DA principal. - In such an event, the RST would pay the interest due up to the notional value of the deposit and make “catch-up” payments in the first following quarter where the notional value had increased sufficiently. - Staff would promptly discuss appropriate options with contributors if such an event might occur. ### Conclusion and implications - The new agreements with six members add critical resources that support the continued smooth operations of the RST. - Additional contributions through finalization of agreements from existing pledges and from new pledges are needed to ensure the RST is adequately resourced to meet eligible members’ needs in the medium term. - The uniformity of key substantive terms allows for a streamlined process in finalizing contribution agreements, promising greater operational efficiency during the agreements’ terms. - Discussions with other contributors are ongoing; staff will keep the Executive Board updated on new developments and will periodically circulate additional contribution agreements to the Executive Board for information as they are finalized. *Source: INTRODUCTION (ppea2023019) — Resilience and Sustainability Trust contribution agreements, April 6, 2023.* ### 10. Liquidation. If the Trustee decides to wind up the operations of the Trust, the Trust shall ### 10. Liquidation. If the Trustee decides to wind up the operations of the Trust, the Trust shall ### Liquidation — repayment rule - Repayment to the Contributor upon winding up: the Trustee shall repay the Deposit to the Contributor at the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower, and in accordance with liquidation procedures under the RST Instrument, provided that the Trustee shall notify the Contributor in advance of the repayment. - Payment destination: Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. ### Transfer of Claims (paragraph 11) - Contributor rights: - The Contributor shall have the right to transfer at any time all or part of any claim on the Deposit Account to any member of the Fund, to the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or to any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement (Transferee). - Transferee rights and limits: - The Transferee shall acquire all the rights of the Contributor under this Deposit Agreement with respect to repayment of and interest on the transferred claim. - The Transferee shall acquire the right to request early repayment under paragraph 8 of this Deposit Agreement only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Modality of Interest Payment and Repayment of the Deposit (paragraph 12) - Default currency: - Unless otherwise agreed between the Contributor and the Trustee, payment of interest shall be made in SDRs and repayment of the Deposit shall be made in SDRs. - SDR payments procedure: - Payment of interest and repayment of the Deposit in SDRs shall be made by crediting Estonia’s holdings account in the Special Drawing Rights Department. - If the due date is not a business day of the Fund, the payment shall be made on the following business day for the Fund. - Currency payments procedure: - Payment of interest and repayment of the Deposit by the Trustee in currencies shall be made to an account as agreed between the Trustee and the Contributor. - If the due date is not a business day of the Fund or the Target system and the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange Rate (paragraph 13) - Unless otherwise agreed between the Contributor and the Trustee, all transfers, exchanges, payments of interest, or repayments of the Deposit under this Deposit Agreement in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the transfer, exchange, payment of interest, or repayment. ### SDR Basket (paragraph 14) - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, payments of interest, and repayments of the Deposit two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Final Provisions — dispute resolution, execution, effectiveness - Dispute Resolution: - Any question arising under this Deposit Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - Execution: - This Deposit Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original, and which together shall constitute one and the same instrument. - Effectiveness: - This Deposit Agreement shall become effective on the last date written below. ### Signatures and dates (as executed) - For the Bank of Estonia: - Madis Müller /s Date — 6 March 2023 - Title: Governor - For the INTERNATIONAL MONETARY FUND as Trustee: - Kristalina Georgieva /s Date — March 21, 2023 - Title: Managing Director *Source: ppea2023019 - 10. Liquidation. If the Trustee decides to wind up the operations of the Trust, the Trust shall* ### 8. Encashment. The Contributor shall have the right to seek early repayment of all or part of ### 8. Encashment. The Contributor shall have the right to seek early repayment of all or part of ### Encashment (Deposit Agreement, paragraph 8) - The Contributor may seek early repayment of all or part of the Deposit (the “Encashed Deposit”) pursuant to Section VI, paragraph 5(e) of the RST Instrument if the Contributor represents that the balance of payments and reserve position of France justifies early repayment in advance of the Maturity Date and the Trustee, having given the representation the overwhelming benefit of any doubt, agrees. - The Encashed Deposit amount may not exceed: - the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph or paragraph 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or - the Notional Value of the Deposit, - whichever is lower. - The Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments in France’s balance of payments and reserve position, as evidenced by the inclusion of France’s currency in the Fund’s Financial Transactions Plan. ### Early Repayment (Deposit Agreement, paragraph 9) - (a) The Trustee may repay all or part of the Deposit at any time in advance of the Maturity Date; provided that: - the repayment amount may not exceed the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph or paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower; and - the Trustee will give notice to the Contributor at least five (5) Fund business days prior to any advance repayment. - (b) If France does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph and paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower, with that portion based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### Liquidation (Deposit Agreement, paragraph 10) - If the Trustee decides to wind up the operations of the Trust, the Trust shall repay the Deposit to the Contributor at: - the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or - the Notional Value of the Deposit, - whichever is lower, - and in accordance with liquidation procedures under the RST Instrument. - The Trustee shall notify the Contributor in advance of the repayment. - Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. ### Transfer of Claims (Deposit Agreement, paragraph 11) - (a) The Contributor may transfer at any time all or part of any claim on the Deposit Account to: - any member of the Fund, - the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or - any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - (b) The transferee acquires all rights of the Contributor under this Deposit Agreement with respect to repayment and interest on the transferred claim, except: - the transferee acquires the right to request early repayment under paragraph 8 only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Modality of Interest Payment and Repayment (Deposit Agreement, paragraph 12) - (a) Unless otherwise agreed between the Contributor and the Trustee, payment of interest and repayment of the Deposit shall be made in SDRs. - (b) Payment in SDRs shall be made by crediting the amount due to France’s holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, the payment shall be made on the following business day for the Fund. - (c) Payment in currencies shall be made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange Rate and SDR Basket (Deposit Agreement, paragraphs 13–14) - Exchange rates for any transfers, exchanges, payments of interest, or repayments in currencies shall be: - the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the transfer, exchange, payment of interest, or repayment, - unless otherwise agreed between the Contributor and the Trustee. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, payments of interest, and repayments of the Deposit two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Dispute Resolution, Execution, Effectiveness (Deposit Agreement, paragraphs 15–17) - Any question arising under this Contribution Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - This Contribution Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original. - This Deposit Agreement shall become effective on the last date written below or the date the Reserve Contribution Agreement becomes effective, whichever is later. - Signatures recorded in the document: - For the BANQUE DE FRANCE: 30 November 2022 — François Villeroy de Galhau /s Date, Governor, Banque de France. - For the INTERNATIONAL MONETARY FUND as Trustee: December 2, 2022 — Kristalina Georgieva /s Date, Managing Director. --- ### Reserve Contribution Agreement (Attachment IV) — key terms #### Amount and Denomination (paragraphs 1–2) - Contribution amount: - (i) SDR 50 million or - (ii) if SDR 50 million exceeds EUR 80 million, the SDR-equivalent of EUR 80 million (with this SDR-denominated amount to be determined pursuant to paragraph 9 of this Reserve Contribution Agreement as of the second (Fund) business day before the value date of the transfer of the Contribution to the Reserve Account of the Trust). - Denomination and media: - (a) The Contribution shall be denominated in SDRs. - (b) The Contribution shall be made in either SDRs or a freely usable currency, as determined by the Contributor. - (c) The Contributor shall transfer the Contribution to an account specified by the Trustee on or promptly after the effectiveness of the Contribution Agreement. #### Investment Strategy, Risk, and Remuneration (paragraphs 3–4) - (a) Resources in the Reserve Account shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section V, paragraph 3(a) of the RST Instrument. - (b) The assets of the Reserve Account are exposed to market and credit risk which could result in potential losses to the Contributor’s share in the resources of the Reserve Account. - No remuneration shall be paid to the Contributor in respect of the Contribution. #### Contributor’s Share, Transfer, and Distribution (paragraphs 5–7) - Contributor’s share: - The Contributor shall have a proportional share in the Reserve Account, based on its Contribution, any resources transferred from the Deposit Account and attributed to the Contributor’s contribution to the Deposit Account pursuant to Section VI, Paragraph 5(d) of the RST Instrument, and attributed investment earnings or losses in the Reserve Account. - Transfer of share: - The Contributor may transfer at any time all or part of its share in the Reserve Account to: - any member of the Fund, - any member’s central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or - any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - The transferee acquires all rights of the Contributor under this Reserve Contribution Agreement with respect to the transferred amount. - Distribution: - (a) The Contribution shall have no fixed maturity. - (b) Upon liquidation of the Trust, the Trustee shall distribute to the Contributor its share in the resources of the Reserve Account in accordance with Section V, paragraph 4(c) of the RST Instrument. - (c) Prior to liquidation and following the Trustee’s decision to distribute a portion of the balances in the Reserve Account in accordance with Section V, paragraph 4(d) of the RST Instrument, the Contributor shall receive part of this distribution in proportion to its share in the Reserve Account. - (d) If France does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of its share in the Reserve Account based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. #### Modality of Distribution, Exchange Rates, SDR Basket (paragraphs 8–10) - (a) Unless otherwise agreed, any distribution shall be made in SDRs. - (b) Distribution in SDRs shall be made by crediting France’s holdings account in the Special Drawing Rights Department on a business day of the Fund. - (c) Distribution in currencies shall be made to an account as agreed between the Trustee and the Contributor and on a business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. - Exchange rates for transfers, exchanges, and distribution in currencies shall be: - the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the transfer, exchange or payment, unless otherwise agreed. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and distribution made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. #### Dispute Resolution, Execution, Effectiveness (paragraphs 11–13) - Any question arising under this Contribution Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - This Reserve Contribution Agreement may be executed in one or more duplicate counterparts, each deemed an original. - This Reserve Contribution Agreement shall become effective on the day after the entry into force of the relevant article in the French Budget Law for the 2023 fiscal year, which will be notified to the Fund promptly by the Contributor. - Signatures recorded in the document: - For the MINISTRY OF THE ECONOMY, FINANCE AND THE INDUSTRIAL AND DIGITAL SOVEREIGNTY: 2 December 2022 — Bruno Le Maire /s Date, Minister. - For the INTERNATIONAL MONETARY FUND as Trustee: December 2, 2022 — Kristalina Georgieva /s Date, Managing Director. *Source: Excerpt from the Deposit Agreement and Reserve Contribution Agreement in the provided document.* ### 4. Denomination and Purchase Price. Loan Account Notes shall be denominated in special ### 4. Denomination and Purchase Price ### Loan Account Notes — Denomination and Purchase Price - Loan Account Notes shall be denominated in special drawing rights (SDRs). - The purchase price for each Loan Account Note shall be 100 percent of the principal amount thereof. ### Payment for Purchase of Loan Account Notes, Exchange Rate, and SDR Basket - Payment mechanism: - Unless otherwise agreed between the Trustee and the Contributor, the purchase price of each Loan Account Note shall be paid by the Contributor on the value date specified in the Trustee’s notice under paragraph 3(f) of this Loan Account Note Purchase Agreement by transfer of SDRs to an account specified by the Trustee. - Exchange rate for purchases and exchanges: - Unless otherwise agreed between the Trustee and the Contributor, all purchases of Loan Account Notes where the purchase price is paid in currency and all exchanges of currency pursuant to this Loan Account Note Purchase Agreement shall be made at the exchange rate for the relevant currency in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the purchase or exchange. - If this exchange rate determination date is not a business day in Tokyo, then such date shall be the last preceding business day of the Fund that is also a business day in Tokyo. - SDR basket changes: - If the Fund changes the currency composition or currency weights of the SDR basket, all payment for purchase of Loan Account Notes made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Transfer of Loan Account Notes - The Contributor shall have the right to transfer all or part of a Loan Account Note held by it in accordance with Section VII of the RST Instrument and the General Terms and Conditions for Loan Account Notes attached as Annex 1 to the Amended and Restated Contribution Agreement. ### II. Deposit Account Note Agreement — Key Terms - Total contribution to the Deposit Account: - The Contributor agrees to make a total contribution in an amount equivalent to SDR 818,002,104 to the Deposit Account through: - (a) the previous purchase from the Trustee of a promissory note with a principal amount of SDR 130,826,464 pursuant to the 2022 Contribution Agreement (the “Initial Deposit Account Note”), and - (b) the purchase from the Trustee of another promissory note with a principal amount of SDR 687,175,640, which shall be issued in accordance with the RST Instrument (the “Additional Deposit Account Note” and, together with the Initial Deposit Account Note, the “Deposit Account Notes”). - Denomination, purchase price, issuance: - The Deposit Account Notes shall be denominated in SDRs. - The purchase price for each Deposit Account Note shall be 100 percent of the principal amount thereof. - The Trustee shall issue, and the Contributor shall purchase, the Additional Deposit Account Note promptly on or after the effectiveness of this Deposit Account Note Agreement. - Notices and payment instructions: - Unless otherwise agreed, the Trustee shall give the Contributor at least seven (Tokyo) business days’ notice of the Trustee’s intention to issue any Deposit Account Note for purchase, and shall provide payment instructions at least two (Fund) business days prior to the value date of the transaction by SWIFT. - The purchase price for each Deposit Account Note shall be paid in SDRs. - Unless otherwise agreed, all transfers, exchange, and payments of principal and interest in currencies pursuant to this Deposit Account Note Agreement shall be made at the exchange rate for the relevant currency in terms of the SDR established by the Fund for the second (Fund) business day before the value date; if that date is not a business day in Tokyo, then the last preceding business day of the Fund that is also a business day in Tokyo applies. - Investment strategy and risk disclosure: - The resources in the Deposit Account shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section VI, paragraph 4(a) of the RST Instrument. - The assets of the Deposit Account are exposed to market and credit risk which could result in potential losses to the value of the Deposit Account Notes. ### III. Reserve Contribution Agreement — Key Terms - Amount and composition of Contribution: - The Contributor agrees to provide a total contribution equivalent to SDR 81,800,210 to the Reserve Account of the Trust, consisting of: - (a) SDR 13,082,646 previously transferred to the Reserve Account pursuant to the 2022 Contribution Agreement (the “Initial Contribution”), and - (b) an additional SDR 68,717,564 (the “Additional Contribution”). - Denomination and media: - The Contribution shall be denominated in SDRs. - The Contribution shall be made in U.S. Dollars, calculated in accordance with paragraph 9 below. - The Contributor shall transfer the Additional Contribution to an account specified by the Trustee on or promptly after the effectiveness of this Reserve Contribution Agreement. - Investment strategy and risk disclosure: - The resources in the Reserve Account shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section V, paragraph 3(a) of the RST Instrument. - The assets of the Reserve Account are exposed to market and credit risk which could result in potential losses to the Contributor’s share in the resources of the Reserve Account. - Remuneration: - No remuneration shall be paid to the Contributor in respect of the Contribution. - Contributor’s share and transferability: - The Contributor shall have a proportional share in the Reserve Account, based on its Contribution, any resources transferred from the Deposit Account and attributed to the Contributor’s contribution, and attributed investment earnings or losses. - The Contributor shall have the right to transfer at any time all or part of its share in the Reserve Account to any member of the Fund, to any member’s central bank or other fiscal agency designated for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or to any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3. - Distribution of resources: - The Contribution shall have no fixed maturity. - Upon liquidation of the Trust, the Trustee shall distribute to the Contributor its share in the Reserve Account in accordance with Section V, paragraph 4(c) of the RST Instrument. - Prior to liquidation, following the Trustee’s decision to distribute a portion of the balances, the Contributor shall receive part of this distribution in proportion to its share. - If Japan does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a), the Contributor may request the return of a portion of its share in the Reserve Account based on the ratio of remaining uncommitted loan resources to total loan commitments under the Loan Account Note Purchase Agreement in accordance with Section X, paragraph 2(b). - Modality of distribution: - Unless otherwise agreed, any distribution to the Contributor shall be made in SDRs. - Distribution in SDRs shall be made by crediting Japan’s holdings account in the Special Drawing Rights Department on a business day of the Fund. - Distribution in currencies shall be made to an account as agreed and on the business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. - Exchange rates and SDR basket changes: - Unless otherwise agreed, all transfers, exchanges, and distribution in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund for the second (Fund) business day before the value date. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and distribution made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### IV. Final Provisions - Dispute resolution: - Any question arising under this Amended and Restated Contribution Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - Execution: - This Amended and Restated Contribution Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original. - Effectiveness: - Sections II, III and IV shall become effective on the last date written below. - Section I shall become effective: on the date the Additional Deposit Account Note is purchased or on the date the Additional Contribution to the Reserve Account is received in full by the Trust, whichever is later. - Once Section I becomes effective, this Amended and Restated Contribution Agreement amends and restates, in its entirety, and replaces, the 2022 Contribution Agreement. - Signatures and dates: - For the GOVERNMENT OF JAPAN: - March 14, 2023 - Shunichi Suzuki /s Date - Minister of Finance - For the INTERNATIONAL MONETARY FUND, as TRUSTEE OF THE RESILIENCE AND SUSTAINABILITY TRUST: - March 15, 2023 - Kristalina Georgieva Date - Managing Director /s ### Annex 1 — General Terms and Conditions for Loan Account Notes (Selected Provisions) - Definitions: - “Permitted Holder” means (i) the Contributor, (ii) a member of the Fund, (iii) the central bank or other fiscal agency designated by a member of the Fund for purposes of Article V, Section 1 of the Fund’s Articles of Agreement (“fiscal agency of a member”), and (iv) an official entity that has been prescribed as a holder of special drawing rights (SDRs) pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement (“Prescribed SDR holder”). Permitted Holders shall be the only authorized holders of Notes. - “Notes” mean the promissory notes that are subject to these General Terms and Conditions. - “Relevant Member” means, in the case of a Permitted Holder that is the central bank, fiscal agency or other official institution of a member of the Fund, that member of the Fund. - Form, delivery and custody: - Notes will only be issued in book entry form. The Trustee will establish and maintain in its records a book entry account in the name of each Permitted Holder recording number, issue date, principal amount, and maturity date. - Upon request, the Trust will issue a registered Note substantially in the form set out in Annex 2; registered Notes will bear as their issue date the value date of the purchase. - Maturity and extensions: - Except as otherwise provided, each Note shall have a maturity date that is six months from its issue date. - The Trustee may elect to extend the maturity date of any Note by additional periods of up to six months after the initial maturity date; such an extension is automatic for all Notes unless the Trustee notifies a Permitted Holder at least five (Fund) business days before a maturity date that it does not elect to extend. - In no event shall the maturity date of any Note be extended to a date later than the maturity dates for the loan disbursement under the Resilience and Sustainability Facility of the Trust for which it was issued. - Notes issued in connection with early repayment of other Trust borrowing shall have the maximum maturity dates associated with such other borrowing. - Repayment and cancellation: - The Trustee shall pay the principal amount of each Note on the applicable maturity date. - The Trustee may make an early repayment in part or in full of the principal amount of any Note at any time in advance of maturity upon its receipt of early repayment of the corresponding loan disbursement under the RSF, provided that the Trustee notifies a Permitted Holder at least five (Fund) business days before any such early repayment. - The Trustee will cancel a Note upon repayment of principal and all accrued interest; procedures for cancellation and reissuance where partial repayments or extensions occur are specified. - Rate of interest and payment dates: - Interest on each Note shall be computed at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. - The amount of interest payable on each Note shall be calculated on an actual day basis and shall be paid on a quarterly basis promptly after July 31, October 31, January 31, and April 30 of each year. - Transferability of Notes: - A Permitted Holder has the right to transfer at any time all or part of any Note to any member of the Fund, to the central bank or other fiscal agency of such a member, or to a Prescribed SDR holder. - The transferee shall assume all obligations of the transferor with respect to extensions of maturity. - The price of a Note transferred will be as agreed between transferor and transferee. - The transferor must inform the Trustee promptly of transfers; transfers are recorded and effective as of the agreed value date upon recording. - The Trustee will cancel transferred Notes and issue new Notes in the name of the transferee and, if applicable, the transferor for any retained portion; new Notes retain the issue date and applicable maturity date. - If all or part of a Note is transferred, the Trustee will pay the full interest payment for that period to the transferee. - Derivative transactions in respect of any Note, and transfers of participation interests in any Note, are prohibited. *Excerpted from the Amended and Restated Contribution Agreement and attached General Terms and Conditions provided in the source content.* ### 6. Early Payment by the Trust at Request of Certain Permitted Holders. ### 6. Early Payment by the Trust at Request of Certain Permitted Holders ### Applicability of early-payment rights - Rights in subparagraph (b) apply only to a Permitted Holder that is: - (A) the Contributor, or - (B) a member of the Fund or the central bank or other fiscal agency of a member of the Fund that has acquired the Notes by transfer if, at the time of such 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 for its currency to be usable in transfers under the Financial Transactions Plan. ### Conditions and procedure for early payment by the Trust - A Permitted Holder covered above may seek early payment of all or part of the principal amount of its Notes if: - The Permitted Holder (or the Relevant Member for central banks or fiscal agencies) represents that its balance of payments and reserve position justifies early payment in advance of maturity. - The Trustee, "having given this representation the overwhelming benefit of any doubt," agrees. - If the Trustee agrees, the Trust shall, pursuant to Section IV, paragraph 3(b) of the RST Instrument: - Pay the principal amount of the Permitted Holder’s Notes then outstanding, up to the amount for which early payment has been requested; - Such payment is subject to the availability of resources under borrowing agreements and note purchase agreements to finance the Loan Account of the Trust. ### 7. Media and Modalities of Payments on the Notes ### Currency and account mechanics - Unless otherwise agreed between the Trustee and the Permitted Holder: - Payments of the principal amount of the Notes and of interest on the Notes by the Trustee shall be made in SDRs. - Payments in SDRs by the Trustee: - Shall be made by crediting the holdings account in the Special Drawing Rights Department of the Permitted Holder or of the Relevant Member, as the case may be. - If the due date is not a business day of the Fund, the payment shall be made on the following business day of the Fund. - Payments by the Trustee in currencies: - Shall be made to an account as agreed between the Trustee and the Permitted Holder. - If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### 8. Effective Exchange Rate for Payments - Unless otherwise agreed, 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 (Fund) business day 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. ### 9. Changes in Method of Valuation of SDR - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and payments of principal and interest on the Notes made two or more (Fund) business days after the effective date of the change will be made on the basis of the new SDR basket. ### 10. Settlement of Questions - Any question arising under any Note shall be settled by mutual agreement between the relevant Permitted Holder and the Trustee. *Annex and Related Provisions (selected terms drawn from subsequent annexes in the same content unit)* ### Form of Registered Loan Account Note (Annex 2 — key elements) - Form identifies the instrument as RESILIENCE AND SUSTAINABILITY TRUST REGISTERED LOAN ACCOUNT 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. - Interest is calculated on an actual day basis and paid on a quarterly basis promptly after July 31, October 31, January 31, and April 30 of each year. - Payments of interest shall be made in SDRs, or such currency as may be agreed between the registered holder and the Trustee. - Transfers and derivative transactions are restricted: holders may not transfer to entities that are not Permitted Holders; derivative transactions and transfers of participation interests are prohibited. ### Terms and Conditions for Deposit Account Note (Annex 3 — definitions and mechanics) - Definitions: - “Holder” means the Contributor or the most recent transferee; the Holder must be a Permitted Holder. - “Maturity Date” means November 30, 2050. - “Notional Value” = Principal Amount adjusted for attributed investment earnings or losses, interest payments under paragraph 3, and attributed transfers pursuant to Section VI, paragraph 1(c) and paragraph 4(b)(2) of the Trust Instrument. - “Permitted Holder” means (i) the Contributor, (ii) a member of the Fund, (iii) the central bank or other fiscal agency designated by a member for Article V, Section 1 purposes, and (iv) an official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3. - Form, delivery and custody: - Notes issued only in book entry form; Trustee maintains book entry account recording Note number, issue date and Principal Amount. - Upon request, Trustee will issue a registered Note substantially in the form set out in Annex 4; Trustee will keep registered Notes in custody unless otherwise agreed. ### Interest (paragraph 3) - Interest accrues on the Principal Amount at the SDR interest rate (Article XX, Section 3). - Interest payable calculated on an actual day basis and paid promptly after July 31, October 31, January 31, and April 30 of each year. - Any payment of interest shall be limited to the Notional Value of the Note. ### Encashment (paragraph 4) - Rights in subparagraph (b) apply only to a Holder that is: - (i) the Contributor or - (ii) a member of the Fund or the central bank or other fiscal agency of a member that acquired the Notes by transfer if, at the time of transfer, the balance of payments and reserve position was considered sufficiently strong for its currency to be usable under the Financial Transactions Plan. - A Holder covered may seek early repayment of all or part of the Principal Amount (the “Encashed Amount”) pursuant to Section VI, paragraph 5(e) of the RST Instrument if: - The Holder represents that its balance of payments and reserve position justifies early payment; and - The Trustee, having given the representation the overwhelming benefit of any doubt, agrees. - The Encashed Amount may not exceed the Notional Value of the Note. - By exercising the right, the Holder agrees to restore an amount equivalent to the Encashed Amount to the Deposit Account as soon as practicable in light of favorable developments, evidenced by inclusion of its currency in the Fund’s Financial Transactions Plan; when restored, the Principal Amount of the Note will be increased accordingly. - Principal Amount and Notional Value shall be adjusted for amounts repaid or restored. - For early repayments, the Trustee will cancel the repaid Note and, if registered, the Holder must surrender it; Trustee will issue new Notes for any part not repaid or reflecting restored amounts. Issue date of the new Note will be the issue date of the cancelled Note. ### Early Repayment by Trustee (paragraph 5) - The Trustee may redeem any Note, in whole or in part, at any time in advance of the Maturity Date; repayment may not exceed the Notional Value of the Note. - The Trustee will give notice to the Contributor at least five (5) Fund business days prior to any redemption. - If Japan does not provide required consent to a proposed amendment to the RST Instrument and the Contributor is the Holder, a portion of such Note will be repayable at the option of the Contributor; repayment may not exceed the Notional Value and the repayable portion will be based on the ratio of remaining unissued notes to total note purchase commitments under the Contributor’s Loan Account Note Purchase Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. - Upon early repayment, Principal Amount and Notional Value are adjusted; Trustee cancels repaid Notes and issues new Notes for any part not repaid (issue date equals cancelled Note’s issue date). ### Liquidation (paragraph 6) - If Trustee winds up Trust operations, Trustee shall redeem 100 percent of the Principal Amount of any Note in accordance with liquidation procedures under the RST Instrument; repayment may not exceed the Notional Value; Trustee shall notify Holder in advance. - Payment will be made to an account specified by the Holder, which can include an account or trust administered by the Fund. Following redemption, Notes will be cancelled. ### Transferability of Notes (paragraph 7) - A Holder may transfer at any time all or part of any Note to any other Permitted Holder. - Transferor must inform Trustee promptly of the transfer amount, transferee name, agreed price, and value date; Trustee records the transfer and it is effective as of the agreed value date. - For transfers, Trustee cancels transferred Note and issues new Note(s) in the name of transferee and, if applicable, transferor for retained amounts; issue dates of new Notes equal cancelled Note’s issue date. - If less than full Principal Amount transferred, the Principal and Notional Values of the new Notes are adjusted proportionally as specified. - Trustee will pay interest for the full period on the amount transferred to the transferee. - Derivative transactions and transfers of participation interests in any Note are prohibited. *Source: ppea2023019 - 6. Early Payment by the Trust at Request of Certain Permitted Holders.* ### 8. Payment upon Maturity. As soon as practicable following the Maturity Date, the Trustee shall ### 8. Payment upon Maturity. As soon as practicable following the Maturity Date, the Trustee shall ### Payment upon Maturity - As soon as practicable following the Maturity Date, the Trustee shall repay the Holder of a Note the Principal Amount or the Notional Value of that Note, whichever is lower. ### Media and Modalities of Payments; Cancellation of Note; and Payment after Cancellation - (a) Unless otherwise agreed between the Holder and the Trustee, the Trustee shall pay interest and make repayment of the Note in SDRs. - (b) Payment of interest and repayment of the Notes in SDRs shall be made by crediting the amount due to the Holder’s or Relevant Member’s, as applicable, account in the Special Drawing Rights Department. - If the due date is not a business day of the Fund, the payment shall be made on the following business day for the Fund. - (c) Payment of interest and repayment of the Notes in currencies shall be made to an account agreed between the Trustee and the Holder. - If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. - (d) Upon the full repayment of the Principal Amount or the Notional Value of the Note, whichever is lower, the relevant Note shall be cancelled, and any remaining interest accrued from the last interest payment date to, but excluding, that repayment date shall be paid to the Holder at the end of the Fund financial quarter in which the repayment was made. - (e) To the extent any transfers are received in the Deposit Account of the Trust pursuant to Section VI, paragraph 1(c) of the RST Instrument after the cancellation of a Note under subparagraph (d) of this paragraph 9, the Trustee shall promptly pay to the last Holder of that Note any amounts received that are attributable to that Note. ### Exchange Rates - Unless otherwise agreed between a Holder and the Trustee, all payments of interest and repayments in currency under these Terms and Conditions 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 (Fund) business day before the value date of the payment. - If this exchange rate determination date is not a business day in the 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 Holder’s principal location. ### SDR Basket - If the Fund changes the currency composition or currency weights of the SDR basket, all payments of interest on the Notes and repayments of the Notes two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Dispute Resolution - Any question arising under any Note shall be settled by mutual agreement between the Holder and the Trustee. ### Annex 4 — RESILIENCE AND SUSTAINABILITY TRUST: JAPAN DEPOSIT ACCOUNT NOTE (Key terms) - Number: ___________ - Amount: SDR ___________ - Issue Date: _____________ - Maturity Date: November 30, 2050 - Repayment at Maturity: As soon as practicable following November 30, 2050 (the “Maturity Date”), the Fund, as Trustee, promises to pay to the Contributor, or registered transferee the lower of: (i) the Principal Amount of the Note or (ii) the Notional Value of the Note. - Transfer and use restrictions: NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES LAWS OF ANY JURISDICTION; holders restricted to (I) a MEMBER OF THE FUND, (II) THE CENTRAL BANK OR OTHER FISCAL AGENCY DESIGNATED BY A MEMBER OF THE FUND FOR PURPOSES OF ARTICLE V, SECTION 1 OF THE FUND’S ARTICLES OF AGREEMENT, OR (III) AN OFFICIAL ENTITY PRESCRIBED AS A HOLDER OF SPECIAL DRAWING RIGHTS PURSUANT TO ARTICLE XVII, SECTION 3 OF THE FUND’S ARTICLES OF AGREEMENT. DERIVATIVE TRANSACTIONS AND TRANSFERS OF PARTICIPATION INTERESTS IN THIS NOTE ARE PROHIBITED. - 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; calculated on an actual day basis; paid quarterly promptly after July 31, October 31, January 31, and April 30 of each year. - Interest payments limited to the Notional Value of the Note. - Payments in SDRs shall be made by crediting the SDR Department account of the registered holder (if any), or of the member for which the registered holder serves as central bank or other fiscal agency or other official institution. ### Attachment VI — Contribution Agreement (Korea) — I. Borrowing Agreement (Key numeric, timing, and procedural terms) - 1. Amount: The Contributor agrees to lend an amount up to the equivalent of SDR 737.6 million to the Loan Account of the Trust. - 2. Drawings: - (a) Drawings may be made at any time during the period from the effective date of this Borrowing Agreement through November 30, 2030 (the “drawdown period”) to finance loan disbursements under the RSF. - (b) Drawings may finance early repayment of outstanding Trust borrowing under other borrowing agreements as long as claims under such borrowing agreements remain outstanding. - (c) Trustee’s drawings shall be suspended following the Contributor’s request for early repayment under paragraph 6 or when Korea is no longer included for transfers in the Fund’s Financial Transactions Plan. - (d) If Korea does not consent to a proposed amendment to the RST Instrument pursuant to Section X, paragraph 2(a), further drawings to finance any new commitment of loans under the RSF made after the effectiveness of the proposed amendment shall be suspended. - (e) If any installment of principal or interest is not paid to the Contributor within a period of ten (Fund) business days after its due date, the Trustee shall not make further drawings pending consultations; Trustee may resume once all arrears are discharged. - (f) Unless otherwise agreed, the Trustee shall give the Contributor at least five (Seoul) business days’ notice of intention to draw and provide payment instructions at least two (Fund) business days prior to the value date by SWIFT. - 3. Denomination, Media, and Claim Certificate: - (a) Each drawing denominated in SDRs; amount paid by transfer of SDRs to an account specified by the Trustee on the value date. - (b) Trustee shall issue, upon request, a non‑negotiable certificate evidencing its claim on the Trust resulting from a drawing outstanding. - 4. Interest: - (a) Each drawing bears interest at the SDR interest rate established by the Fund pursuant to Article XX, Section 3. - (b) Interest calculated on an actual day basis and paid on all outstanding drawings quarterly promptly after January 31, April 30, July 31, and October 31 of each year. - 5. Maturity and Repayment: Each drawing repaid in accordance with the repayment schedule for the loan disbursement under the RSF for which it was drawn; Trustee to provide information on specific repayment schedule at time of each drawing. - 6. Encashment: Contributor may seek early repayment of all or part of principal pursuant to Section IV, paragraph 3(b) of the RST Instrument if Contributor represents that Korea’s balance of payments and reserve position justifies it and Trustee agrees; early repayment subject to availability of resources. - 7. Early Repayment: Trustee may repay any drawing in advance upon receipt of early repayment of corresponding loan disbursement under the RSF, with at least five (5) (Fund) business days’ notice to Contributor. - 8. Modality of Principal Repayment and Interest Payments: - (a) Unless otherwise agreed, payments by the Trustee shall be made in SDRs. - (b) Payments in SDRs shall be made by crediting Korea’s holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, payment made on the following business day of the Fund. - (c) Payments in currencies shall be made to an account as agreed; if due date not a business day of the Fund or the Target system or domestic markets of non-euro currencies in the SDR basket, payment made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. - 9. Transfer of Claims: - (a) Contributor may transfer all or part of any claim at any time to any member of the Fund, to the central bank or other fiscal agency designated by such a member, or to any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3. - (b) Transferee acquires all rights of the Contributor with respect to repayment of principal and interest on the transferred claim, except the right to request early repayment under paragraph 6 only if transferee is a member or the central bank or fiscal agency of a member and, at time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. - 10. Exchange Rates: Unless otherwise agreed, all transfers, exchanges, and payments of principal and interest in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund pursuant to Article XIX, Section 7(a) for the second (Fund) business day before the value date of the transfer, exchange or payment. - 11. SDR Basket: If the Fund changes the currency composition or weights, all transfers, exchanges, and payments made two or more (Fund) business days after the effective date shall be made on the basis of the new SDR basket. ### II. Deposit Agreement (Key numeric, timing, and risk terms) - 1. Amount of the Deposit: The Contributor shall make a deposit (the “Deposit”) equivalent to SDR 147.6 million with the Deposit Account of the Trust (the “Original Amount of the Deposit”). - 2. Denomination and Media: - (a) The Deposit shall be denominated in SDRs. - (b) The Deposit shall be made in either SDRs or a freely usable currency, as determined by the Contributor. - (c) The Deposit shall be made promptly on or after the effectiveness of the Contribution Agreement. - 3. Maturity: The Deposit shall mature on November 30, 2050 (the “Maturity Date”). - 4. Investment Strategy and Risk Disclosure: - (a) Resources from the Deposit shall be invested by the Trustee in accordance with the guidelines adopted pursuant to Section VI, paragraph 4(a) of the RST Instrument. - (b) The assets of the Deposit Account are exposed to market and credit risk which could result in potential losses to the Original Amount of the Deposit. - 5. Notional Value of the Deposit: For purposes of paragraphs 6, 7, 8, and 9, the Trustee shall calculate the notional value of the Deposit based on the Original Amount of the Deposit and subsequently any attributed investment earnings or losses, interest payments made to the Contributor pursuant to paragraph 6, if any, and transfers pursuant to paragraphs 8, 9, 10 or 11 or pursuant to Section VI, paragraphs 1(c) and 4(b)(2) of the RST Instrument (“Notional Value”). - 6. Interest: - (a) Trustee shall pay the Contributor interest on the Original Amount of the Deposit less any amounts repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 at the SDR interest rate established by the Fund pursuant to Article XX, Section 3. Interest shall accrue daily and shall be paid promptly on a quarterly basis after January 31, April 30, July 31 and October 31 of each year. Any payment of interest shall be limited to the Notional Value of the Deposit. - (b) Following any full repayment of the Deposit in accordance with paragraphs 7 and 9, all remaining interest shall be paid to the Contributor at the end of the Fund financial quarter in which repayment was made. - 7. Repayment upon Maturity: As soon as practicable following the Maturity Date, the Trustee shall repay the Deposit to the Contributor. The repayment amount shall be the lower of: - (a) the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, and - (b) the Notional Value of the Deposit. - To the extent any transfers are received in the Deposit Account pursuant to Section VI, paragraph 1(c) after the Maturity Date, the Trustee shall promptly repay to the Contributor any amounts received that are attributable to the Deposit. - 8. Encashment: - Contributor may seek early repayment of all or part of the Deposit (the “Encashed Deposit”) pursuant to Section VI, paragraph 5(e) if Contributor represents that Korea’s balance of payments and reserve position justifies early repayment and the Trustee agrees. - Encashed Deposit amount may not exceed the Original Amount of the Deposit less any amounts repaid under this paragraph or paragraph 9 or transferred under paragraph 11, or the Notional Value, whichever is lower. - Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments in Korea’s balance of payments and reserve position, as evidenced by inclusion of Korea’s currency in the Fund’s Financial Transactions Plan. - 9. Early Repayment: - (a) Trustee may repay all or part of the Deposit at any time in advance of the Maturity Date; repayment amount may not exceed the Original Amount of the Deposit less any amounts repaid under this paragraph or paragraph 8 or transferred under paragraph 11, or the Notional Value, whichever is lower; Trustee will give notice at least five (5) Fund business days prior to any advance repayment. - (b) If Korea does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a), the Contributor may request return of a portion of the Original Amount of the Deposit less any amounts repaid under this paragraph and paragraph 8 or transferred under paragraph 11, or the Notional Value, whichever is lower, with that portion based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. *International Monetary Fund — Excerpted Terms and Conditions and Contribution Agreement provisions as provided in the source content.* ### 10. Liquidation. If the Trustee decides to wind up the operations of the Trust, the Trust shall ### ppea2023019 - 10. Liquidation. If the Trustee decides to wind up the operations of the Trust, the Trust shall ### Liquidation (Paragraph 10) - Repayment on liquidation: - The Trust shall repay the Deposit to the Contributor at: - the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or - the Notional Value of the Deposit, - whichever is lower. - Repayment shall be in accordance with liquidation procedures under the RST Instrument. - The Trustee shall notify the Contributor in advance of the repayment. - Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. ### Transfer of Claims (Paragraph 11) - Rights of the Contributor: - The Contributor may transfer at any time all or part of any claim on the Deposit Account to: - any member of the Fund, - the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - Rights of transferee: - The transferee acquires all rights of the Contributor under this Deposit Agreement with respect to repayment of and interest on the transferred claim. - The transferee acquires the right to request early repayment under paragraph 8 only if: - it is a member or the central bank or other fiscal agency of a member, and - at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Modality of Interest Payment and Repayment of the Deposit (Paragraph 12) - Default modalities: - Unless otherwise agreed, payment of interest shall be made in SDRs and repayment of the Deposit shall be made in SDRs. - Procedures for SDR payments: - Payment of interest and repayment in SDRs shall be made by crediting the amount due to Korea’s holdings account in the Special Drawing Rights Department. - If the due date is not a business day of the Fund, the payment shall be made on the following business day for the Fund. - Procedures for currency payments: - Payment of interest and repayment by the Trustee in currencies shall be made to an account as agreed between the Trustee and the Contributor. - If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange Rate (Paragraph 13) - Unless otherwise agreed, all transfers, exchanges, payments of interest, or repayments in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the transfer, exchange, payment of interest, or repayment. ### SDR Basket (Paragraph 14) - If the Fund changes the currency composition or currency weights of the SDR basket: - all transfers, exchanges, payments of interest, and repayments of the Deposit two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### III. Reserve Contribution Agreement — Key Provisions - Contribution amount: - The Contributor shall provide a contribution equivalent to SDR 14.8 million to the Reserve Account of the Trust (the “Contribution”). - Denomination and media: - The Contribution shall be denominated in SDRs. - The Contribution shall be made in either SDRs or a freely usable currency, as determined by the Contributor. - The Contributor shall transfer the Contribution to an account specified by the Trustee on or promptly after the effectiveness of the Contribution Agreement. - Investment strategy and risk disclosure: - Resources in the Reserve Account shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section V, paragraph 3(a) of the RST Instrument. - The assets of the Reserve Account are exposed to market and credit risk which could result in potential losses to the Contributor’s share in the resources of the Reserve Account. - Remuneration: - No remuneration shall be paid to the Contributor in respect of the Contribution. - Contributor’s share in the Reserve Account: - The Contributor shall have a proportional share in the Reserve Account, based on: - its Contribution, - any resources transferred from the Deposit Account and attributed to the Contributor’s contribution to the Deposit Account pursuant to Section VI, Paragraph 5(d) of the RST Instrument, - attributed investment earnings or losses in the Reserve Account. - Transfer of the Contributor’s share: - The Contributor may transfer at any time all or part of its share in the Reserve Account to: - any member of the Fund, - any member’s central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - The transferee acquires all rights of the Contributor under this Reserve Contribution Agreement with respect to the transferred amount. - Distribution of resources in the Reserve Account: - The Contribution shall have no fixed maturity. - Upon liquidation of the Trust, the Trustee shall distribute to the Contributor its share in the resources of the Reserve Account of the Trust in accordance with Section V, paragraph 4(c) of the RST Instrument. - Prior to liquidation and following the Trustee’s decision to distribute a portion of the balances in the Reserve Account in accordance with Section V, paragraph 4(d) of the RST Instrument, the Contributor shall receive part of this distribution in proportion to its share in the Reserve Account. - If Korea does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of its share in the Reserve Account based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. - Modality of distribution: - Unless otherwise agreed, any distribution shall be made in SDRs. - Distribution in SDRs shall be made by crediting Korea’s holdings account in the Special Drawing Rights Department on a business day of the Fund. - Distribution in currencies shall be made to an account as agreed between the Trustee and the Contributor and on a business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. - Exchange rates: - Unless otherwise agreed, all transfers, exchanges, and distribution in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the transfer, exchange or payment. - SDR Basket: - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and distribution made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. *Source: Contribution Agreement text (pp. 52–56) in the provided PDF content.* ### 5. Notional Value of the Deposit. For the purposes set out in paragraphs 6, 7, 8, and 9 of this ### 5. Notional Value of the Deposit ### Notional Value (definition) - The Trustee shall calculate the Notional Value of the Deposit based on: - the Original Amount of the Deposit; and - subsequently any attributed investment earnings or losses, interest payments made to the Contributor pursuant to paragraph 6 of this Deposit Agreement, if any, and transfers pursuant to paragraphs 8, 9, 10 or 11 of this Deposit Agreement or pursuant to Section VI, paragraphs 1(c) and 4(b)(2) of the RST Instrument. ### 6. Interest - (a) The Trustee shall pay the Contributor interest on the Original Amount of the Deposit less any amounts repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. - Any payment of interest shall be limited to the Notional Value of the Deposit. - (b) Following any full repayment of the Deposit in accordance with paragraphs 7 and 9 of this Deposit Agreement, all remaining interest under paragraph 6(a) shall be paid to the Contributor at the end of the Fund financial quarter in which repayment was made. ### 7. Repayment upon Maturity - As soon as practicable following the Maturity Date, the Trustee shall repay the Deposit to the Contributor. - The repayment amount shall be the lower of: - (a) the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, and - (b) the Notional Value of the Deposit. - To the extent any transfers are received in the Deposit Account pursuant to Section VI, paragraph 1(c) of the RST Instrument after the Maturity Date, the Trustee shall promptly repay to the Contributor any amounts received that are attributable to the Deposit. ### 8. Encashment (early repayment by Contributor) - The Contributor may seek early repayment of all or part of the Deposit (the “Encashed Deposit”) pursuant to Section VI, paragraph 5(e) of the RST Instrument if the Contributor represents that the balance of payments and reserve position of Lithuania justifies early repayment and the Trustee, having given the representation the overwhelming benefit of any doubt, agrees. - The Encashed Deposit amount may not exceed: - the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph or paragraph 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or - the Notional Value of the Deposit, - whichever is lower. - The Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments in Lithuania’s balance of payments and reserve position, as evidenced by the inclusion of Lithuania’s currency in the Fund’s Financial Transactions Plan. ### 9. Early Repayment (by Trustee and conditional Contributor request) - (a) The Trustee may repay all or part of the Deposit at any time in advance of the Maturity Date; provided that the repayment amount may not exceed: - the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph or paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or - the Notional Value of the Deposit, - whichever is lower; - and provided further that the Trustee will give notice to the Contributor at least five (5) Fund business days prior to any advance repayment. - (b) If Lithuania does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of the Original Amount of the Deposit less any amount(s) repaid to the Contributor under this paragraph and paragraph 8 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or the Notional Value of the Deposit, whichever is lower, with that portion based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### 10. Liquidation - If the Trustee decides to wind up the operations of the Trust, the Trust shall repay the Deposit to the Contributor at: - the Original Amount of the Deposit less any amount(s) repaid to the Contributor under paragraphs 8 or 9 or transferred by the Contributor under paragraph 11 of this Deposit Agreement, or - the Notional Value of the Deposit, - whichever is lower, - and in accordance with liquidation procedures under the RST Instrument. - The Trustee shall notify the Contributor in advance of the repayment. - Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. ### 11. Transfer of Claims - (a) The Contributor may transfer at any time all or part of any claim on the Deposit Account to: - any member of the Fund, - the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or - any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - (b) The transferee shall acquire all the rights of the Contributor under this Deposit Agreement with respect to repayment of and interest on the transferred claim, except: - the transferee shall acquire the right to request early repayment under paragraph 8 only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### 12. Modality of Interest Payment and Repayment - (a) Unless otherwise agreed between the Contributor and the Trustee, payment of interest and repayment of the Deposit shall be made in SDRs. - (b) Payment in SDRs shall be made by crediting the amount due to Lithuania’s holdings account in the Special Drawing Rights Department. - If the due date is not a business day of the Fund, the payment shall be made on the following business day for the Fund. - (c) Payment in currencies shall be made to an account as agreed between the Trustee and the Contributor. - If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### 13. Exchange Rate - Unless otherwise agreed, all transfers, exchanges, payments of interest, or repayments of the Deposit in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the transfer, exchange, payment of interest, or repayment. ### 14. SDR Basket - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, payments of interest, and repayments of the Deposit two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### III. Final Provisions - 1. Dispute Resolution: Any question arising under this Contribution Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - 2. Execution: This Contribution Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original, and which together shall constitute one and the same instrument. - 3. Effectiveness: This Contribution Agreement shall become effective on the last date written below. - Signature dates and signatories as recorded: - For THE BANK OF LITHUANIA: December 20, 2022 — Gediminas Šimkus /s, Chairman of the Board. - For the INTERNATIONAL MONETARY FUND as Trustee: January 20, 2023 — Kristalina Georgieva /s, Managing Director. *Source: Excerpt from the Deposit Agreement and related Final Provisions, ppea2023019.* ### 3. Denomination, Media, and Claim Certificate. ### 3. Denomination, Media, and Claim Certificate. ### Denomination and Payment (Borrowing Agreement) - Each drawing shall be denominated in SDRs. - Payment by the Contributor shall be on the value date specified in the Trustee’s notice by transfer of SDRs, or if agreed between the Trustee and the Contributor, the SDR equivalent amount in Euros to an account specified by the Trustee. ### Claim Certificate (Borrowing Agreement) - Upon request, the Trustee shall issue to the Contributor a non-negotiable certificate evidencing its claim on the Trust resulting from a drawing outstanding under this Borrowing Agreement. ### Interest (Borrowing Agreement) - Each drawing shall bear interest at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. - Interest payable for each drawing shall be calculated on an actual day basis and shall be paid on all outstanding drawings on a quarterly basis promptly after January 31, April 30, July 31, and October 31 of each year. ### Maturity and Repayment (Borrowing Agreement) - Except as otherwise provided, each drawing shall be repaid in accordance with the repayment schedule for the loan disbursement under the RSF for which it was drawn. - At the time of each drawing, the Trustee shall provide information to the Contributor on the specific repayment schedule for the amount drawn. ### Encashment and Early Repayment (Borrowing Agreement) - Contributor’s right to seek early repayment of all or part of the principal of its outstanding claims on the Loan Account of the Trust pursuant to Section IV, paragraph 3(b) of the RST Instrument if the Contributor represents that the balance of payments and reserve position of the Netherlands justifies the early repayment, and the Trustee, having given this representation the overwhelming benefit of any doubt, agrees. - Early repayment is subject to the availability of resources under borrowing agreements to the Loan Account of the Trust. - The Trustee may repay any drawing or part thereof in advance of maturity upon its receipt of early repayment of the corresponding loan disbursement under the RSF, provided that the Trustee will give notice to the Contributor at least five (5) (Fund) business days prior to such advance repayment. ### Modality of Principal Repayment and Interest Payments (Borrowing Agreement) - Unless otherwise agreed, Trustee payments of interest shall be made in SDRs. - Payments in SDRs shall be made by crediting the Netherlands’ holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, payment shall be made on the following business day of the Fund. - Payments by the Trustee in currencies shall be made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Transfer of Claims (Borrowing Agreement) - Contributor may transfer at any time all or part of any claim to: - any member of the Fund, - the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - The transferee acquires all rights of the Contributor under this Borrowing Agreement concerning repayment of principal and interest, except the right to request early repayment under paragraph 6 is acquired only if the transferee is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Exchange Rates and SDR Basket (Borrowing Agreement) - Unless otherwise agreed, all transfers, exchanges, and payments of principal and interest in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the transfer, exchange or payment. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and payments of principal and interest made two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Dispute Resolution, Execution, and Effectiveness (Borrowing Agreement) - Any question arising under this Borrowing Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - The Borrowing Agreement may be executed in one or more duplicate counterparts, each deemed an original. - The Borrowing Agreement shall become effective on the last date written below or the date on which the Reserve Contribution Agreement becomes effective, whichever is later. ### Signatures (Borrowing Agreement) - For DE NEDERLANDSCHE BANK NV: - 1 February 2023 — Klaas Knot /s Date — President - For the INTERNATIONAL MONETARY FUND as Trustee: - February 9, 2023 — Kristalina Georgieva /s Date — Managing Director --- ### Attachment X. Deposit Agreement Between De Nederlandsche Bank NV and the International Monetary Fund, as Trustee of the Resilience and Sustainability Trust ### Purpose and Parties - Fund established the Resilience and Sustainability Trust (the “Trust”) to provide loans under the Resilience and Sustainability Facility (the “RSF”). - Netherlands committed to contribute to the Loan Account, the Deposit Account and the Reserve Account of the Trust. - De Nederlandsche Bank NV (the “Contributor”) and the Fund, as Trustee (the “Trustee”), agree on the terms of this Deposit Agreement. ### Amount, Denomination, Media, and Timing (Deposit Agreement) - The Contributor shall make a deposit equivalent to SDR 200 million with the Deposit Account of the Trust (the “Original Amount of the Deposit”). - The Deposit shall be denominated in SDRs. - The Deposit shall be made in either SDRs or a freely usable currency, as determined by the Contributor. - The Deposit shall be made promptly on or after the effectiveness of the Deposit Agreement. ### Maturity (Deposit Agreement) - The Deposit shall mature on November 30, 2050 (the “Maturity Date”). ### Investment Strategy and Risk Disclosure (Deposit Agreement) - Resources from the Deposit shall be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section VI, paragraph 4(a) of the RST Instrument. - The assets of the Deposit Account are exposed to market and credit risk which could result in potential losses to the Original Amount of the Deposit. ### Notional Value (Deposit Agreement) - For purposes of paragraphs 6, 7, 8, and 9, the Trustee shall calculate the notional value of the Deposit based on: - the Original Amount of the Deposit and - subsequently any attributed investment earnings or losses, interest payments made to the Contributor pursuant to paragraph 6, if any, and transfers pursuant to paragraphs 8, 9, 10 or 11 of this Deposit Agreement or pursuant to Section VI, paragraphs 1(c) and 4(b)(2) of the RST Instrument (“Notional Value”). ### Interest (Deposit Agreement) - Trustee shall pay the Contributor interest on the Original Amount of the Deposit less any amounts repaid under paragraphs 8 or 9 or transferred under paragraph 11 at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement. - Interest shall accrue daily and shall be paid promptly by the Trustee on a quarterly basis after January 31, April 30, July 31 and October 31 of each year. - Any payment of interest shall be limited to the Notional Value of the Deposit. - Following any full repayment of the Deposit in accordance with paragraphs 7 and 9, all remaining interest under paragraph 6(a) shall be paid to the Contributor at the end of the Fund financial quarter in which repayment was made. ### Repayment upon Maturity (Deposit Agreement) - As soon as practicable but not later than 60 calendar days following the Maturity Date, the Trustee shall repay the Deposit to the Contributor. - The repayment amount shall be the lower of: - (a) the Original Amount of the Deposit less any amount(s) repaid under paragraphs 8 or 9 or transferred under paragraph 11, and - (b) the Notional Value of the Deposit. - To the extent any transfers are received in the Deposit Account pursuant to Section VI, paragraph 1(c) of the RST Instrument after the Maturity Date, the Trustee shall promptly repay to the Contributor any amounts received that are attributable to the Deposit. ### Encashment and Early Repayment (Deposit Agreement) - Encashment: - Contributor may seek early repayment of all or part of the Deposit (the “Encashed Deposit”) pursuant to Section VI, paragraph 5(e) of the RST Instrument if the Contributor represents that the balance of payments and reserve position of the Netherlands justifies the early repayment and the Trustee, having given the representation the overwhelming benefit of any doubt, agrees. - The Encashed Deposit amount may not exceed the Original Amount of the Deposit less any amount(s) repaid under this paragraph or paragraph 9 or transferred under paragraph 11, or the Notional Value of the Deposit, whichever is lower. - Contributor agrees to restore an amount equivalent to the Encashed Deposit to the Deposit Account as soon as practicable in light of favorable developments in the Netherlands’ balance of payments and reserve position, as evidenced by inclusion of the Netherlands’ currency in the Fund’s Financial Transactions Plan. - Early Repayment by Trustee: - Trustee may repay all or part of the Deposit at any time in advance of the Maturity Date; provided repayment amount may not exceed the Original Amount less any amounts repaid under this paragraph or paragraph 8 or transferred under paragraph 11, or the Notional Value, whichever is lower. - Trustee will give notice to the Contributor at least five (5) Fund business days prior to any advance repayment. - If the Netherlands does not consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of the Original Amount less any amounts repaid under this paragraph and paragraph 8 or transferred under paragraph 11, or the Notional Value, whichever is lower, based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### Liquidation (Deposit Agreement) - If the Trustee decides to wind up the operations of the Trust, the Trust shall repay the Deposit to the Contributor at the Original Amount less any amounts repaid under paragraphs 8 or 9 or transferred under paragraph 11, or the Notional Value, whichever is lower, and in accordance with liquidation procedures under the RST Instrument, provided that the Trustee shall notify the Contributor in advance of the repayment. - Payment will be made to an account specified by the Contributor, which can include an account or trust administered by the Fund. ### Transfer of Claims (Deposit Agreement) - Contributor may transfer at any time all or part of any claim on the Deposit Account to: - any member of the Fund, - the central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, or - any official entity prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - The transferee acquires all rights of the Contributor under this Deposit Agreement with respect to repayment of and interest on the transferred claim, except the transferee acquires the right to request early repayment under paragraph 8 only if it is a member or the central bank or other fiscal agency of a member and, at the time of transfer, the member’s balance of payments and reserve position was considered sufficiently strong in the opinion of the Fund for its currency to be usable in transfers under the Fund’s Financial Transactions Plan. ### Modality of Interest Payment and Repayment (Deposit Agreement) - Unless otherwise agreed, payment of interest and repayment of the Deposit shall be made in SDRs. - Payment of interest and repayment in SDRs shall be made by crediting the Netherlands’ holdings account in the Special Drawing Rights Department. If the due date is not a business day of the Fund, payment shall be made on the following business day for the Fund. - Payment in currencies shall be made to an account as agreed between the Trustee and the Contributor. If the due date is not a business day of the Fund or the Target system or the domestic markets of the non-euro currencies included in the SDR basket, the payment shall be made on the following business day for the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange Rate and SDR Basket (Deposit Agreement) - Unless otherwise agreed, all transfers, exchanges, payments of interest, or repayments of the Deposit in currencies shall be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, payments of interest, and repayments of the Deposit two or more (Fund) business days after the effective date of the change shall be made on the basis of the new SDR basket. ### Dispute Resolution, Execution, and Effectiveness (Deposit Agreement) - Any question arising under this Deposit Agreement shall be settled by mutual agreement between the Contributor and the Trustee. - The Deposit Agreement may be executed in one or more duplicate counterparts, each of which shall be deemed an original. - The Deposit Agreement shall become effective on the last date written below or the date on which the Reserve Contribution Agreement becomes effective, whichever is later. ### Signatures (Deposit Agreement) - For DE NEDERLANDSCHE BANK NV: - 1 February 2023 — Klaas Knot /s Date — President - For the INTERNATIONAL MONETARY FUND as Trustee: - February 9, 2023 — Kristalina Georgieva /s Date — Managing Director *Source: ppea2023019 - 3. Denomination, Media, and Claim Certificate.* ### 1. Amount. The Contributor will provide a contribution equivalent to SDR 20 million to the ### ppea2023019 - 1. Amount. The Contributor will provide a contribution equivalent to SDR 20 million to the ### Amount and Denomination - The Contributor will provide a contribution equivalent to SDR 20 million to the Reserve Account of the Trust (the “Contribution”). - (a) The Contribution will be denominated in SDRs. - (b) The Contribution will be made in either SDRs or a freely usable currency, as determined by the Contributor. - (c) The Contributor will transfer the Contribution to an account specified by the Trustee on or promptly after the effectiveness of the Reserve Contribution Agreement. ### Investment Strategy and Risk Disclosure - (a) The resources in the Reserve Account will be invested by the Trustee in accordance with the guidelines adopted by the Trustee pursuant to Section V, paragraph 3(a) of the RST Instrument. - (b) The assets of the Reserve Account are exposed to the market and credit risk which could result in potential losses to the Contributor’s share in the resources of the Reserve Account. ### Remuneration - No remuneration will be paid to the Contributor in respect of the Contribution. ### Contributor’s Share and Transfer Rights - The Contributor will have a proportional share in the Reserve Account, based on its Contribution, any resources that are transferred from the Deposit Account and attributed to the Contributor’s contribution to the Deposit Account pursuant to Section VI, Paragraph 5(d) of the RST Instrument, and attributed investment earnings or losses in the Reserve Account. - The Contributor will have the right to transfer at any time all or part of its share in the Reserve Account to: - any member of the Fund, - any member’s central bank or other fiscal agency designated by such a member for purposes of Article V, Section 1 of the Fund’s Articles of Agreement, - or any official entity that has been prescribed as a holder of SDRs pursuant to Article XVII, Section 3 of the Fund’s Articles of Agreement. - The transferee will acquire all the rights of the Contributor under this Reserve Contribution Agreement with respect to the transferred amount. ### Distribution of Resources in the Reserve Account - (a) The Contribution will have no fixed maturity. - (b) Upon the liquidation of the Trust, the Trustee will distribute to the Contributor its share in the resources of the Reserve Account of the Trust in accordance with Section V, paragraph 4(c) of the RST Instrument. - (c) Prior to the liquidation of the Trust and following the Trustee’s decision to distribute a portion of the balances in the Reserve Account of the RST in accordance with Section V, paragraph 4(d) of the RST Instrument, the Contributor will receive part of this distribution in proportion to its share in the Reserve Account. - (d) If the Netherlands does not provide its consent to a proposed amendment to the RST Instrument as required under Section X, paragraph 2(a) of the RST Instrument, the Contributor may request the return of a portion of its share in the Reserve Account based on the ratio of remaining uncommitted loan resources to total loan commitments under the Contributor’s Borrowing Agreement in accordance with Section X, paragraph 2(b) of the RST Instrument. ### Modality of Distribution - (a) Unless otherwise decided between the Trustee and the Contributor, any distribution to the Contributor under this Reserve Contribution Agreement will be made in SDRs. - (b) Distribution in SDRs will be made by crediting the Netherlands’ holdings account in the Special Drawing Rights Department on a business day of the Fund. - (c) Distribution in currencies will be made to an account as mutually decided between the Trustee and the Contributor and on a business day of the Fund, the Target system and the domestic markets of the non-euro currencies included in the SDR basket. ### Exchange Rates and SDR Basket - Unless otherwise decided between the Trustee and the Contributor, all transfers, exchanges, and distribution in currencies will be made at the exchange rates for the relevant currencies in terms of the SDR established by the Fund 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 (Fund) business day before the value date of the transfer, exchange or payment. - If the Fund changes the currency composition or currency weights of the SDR basket, all transfers, exchanges, and distribution made two or more (Fund) business days after the effective date of the change will be made on the basis of the new SDR basket. ### Dispute Resolution, Execution, and Effectiveness - Any question arising under this Reserve Contribution Agreement will be settled by mutual agreement between the Contributor and the Trustee. - This Reserve Contribution Agreement may be signed in one or more duplicate counterparts, each of which will be deemed an original, and which together will constitute one and the same instrument. - This Reserve Contribution Agreement will become effective on the last date written below. ### Signatures and Dates - For the MINISTER FOR FOREIGN TRADE AND DEVELOPMENT COOPERATION FOR THE NETHERLANDS as Contributor: 12 December 2022 — Gerard Steeghs /s, Director Multilateral Organisations and Human Rights Department (DMM). - For the INTERNATIONAL MONETARY FUND as Trustee: December 14, 2022 — Kristalina Georgieva /s, Managing Director. *Source: Reserve Contribution Agreement text (ppea2023019).* --- _Source: https://www.imf.org/-/media/files/publications/pp/2023/english/ppea2023019.pdf_