Rate of Interest. (a) 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; provided however that, if the Fund pays an interest rate higher than the SDR interest rate on outstanding balances from any other borrowing on comparable terms that has been effected pursuant to Article VII, Section 1(i) of the Fund’s Articles of Agreement, and for as long as the payment of such higher interest rate remains in effect, the interest rate payable on drawings under this agreement shall be equivalent to the interest rate paid by the Fund on such other comparable borrowing.
Appears in 34 contracts
Samples: Borrowing Agreement, Loan Agreement, Loan Agreement
Rate of Interest. (a) Each drawing shall bear Note bears interest at the SDR interest rate established by the Fund pursuant to Article XX, Section 3 of the Fund’s Articles of Agreement; provided however thathowever, if the Fund pays an interest rate higher than the SDR interest rate on outstanding balances from any other borrowing on comparable terms that has been effected pursuant to Article VII, Section 1(i) of the Fund’s Articles of Agreement, and for as long as the payment of such higher interest rate remains in effect, the interest rate payable on drawings under this agreement shall each Note will be equivalent to the interest rate paid by the Fund on such other comparable borrowing.
Appears in 6 contracts
Samples: Note Purchase Agreement, Note Purchase Agreement, Note Purchase Agreement
