Page:United States Statutes at Large Volume 60 Part 2.djvu/358

 INTERNATIONAL AGREEMENTS OTHER THAN TREATIES [60 STAT. anticipate payment of or repurchase part or all of the Bank's own obligations. Other available - (d) All other currencies available to the Bank, including those raised in the market or otherwise borrowed under Section 1 (a) (ii) of this Article, those obtained by the sale of gold, those received as payments of interest and other charges for direct loans made under Sections 1 (a) (i) and (ii), and those received as payments of com- missions and other charges under Section 1 (a) (iii), shall be used or exchanged for other currencies or gold required in the operations of the Bank without restriction by the members whose currencies are offered. (e) Currencies raised in the markets of members by borrowers on loans guaranteed by the Bank under Section 1 (a) (iii) of this Arti- cle, shall also be used or exchanged for other currencies without restriction by such members. Section 3. Provision of currencies for direct loans The following provisions shall apply to direct loans under Sections An4p. 144 . 1 (a) (i) and (ii) of this Article: (a) The Bank shall furnish the borrower with such currencies of members, other than the member in whose territories the project is located, as are needed by the borrower for expenditures to be made in the territories of such other members to carry out the purposes of the loan. (b) The Bank may, in exceptional circumstances when local cur- rency required for the purposes of the loan cannot be raised by the borrower on reasonable terms, provide the borrower as part of the loan with an appropriate amount of that currency. (c) The Bank, if the project gives rise indirectly to an increased need for foreign exchange by the member in whose territories the project is located, may in exceptional circumstances provide the bor- rower as part of the loan with an appropriate amount of gold or foreign exchange not in excess of the borrower's local expenditure in connection with the purposes of the loan. (d) The Bank may, in exceptional circumstances, at the request of a member in whose territories a portion of the loan is spent, repur- chase with gold or foreign exchange a part of that member's cur- rency thus spent but in no case shall the part so repurchased exceed the amount by which the expenditure of the loan in those territories gives rise to an increased need for foreign exchange. Section 4. Payment prowvsion for direct loans Ante, p.1. Loan contracts under Section 1 (a) (i) or (ii) of this Article shall be made in accordance with the following payment provisions: Interest and amorti- terms zation payments, et. (a) The terms and conditions of interest and amortization pay- ments, maturity and dates of payment of each loan shall be deter- mined by the Bank. The Bank shall also determine the rate and any other terms and conditions of commission to be charged in connection with such loan. 1446

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