Common use of REPURCHASE BY A MEMBER OF ITS CURRENCY HELD BY THE FUND Clause in Contracts

REPURCHASE BY A MEMBER OF ITS CURRENCY HELD BY THE FUND. (a) A member may repurchase from the Fund and the Fund shall sell for gold any part of the Fund's holdings of its currency in excess of its quota. (b) At the end of each financial year of the Fund, a member shall repurchase from the Fund with gold or convertible currencies, as determined in accordance with Schedule B, part of the Fund's holdings of its currency under the following conditions: (i) Each member shall use in repurchases of its own currency from the Fund an amount of its monetary reserves equal in value to one-half of any increase that has occurred during the year in the Fund's holdings of its currency plus one-half of any increase, or minus one-half of any decrease, that has occurred during the year in the member's monetary reserves. This rule shall not apply when a member's monetary reserves have decreased during the year by more than the Fund's holdings of its currency have increased. (ii) If after the repurchase described in (i) above (if required) has been made, a member's holdings of another member's currency (or of gold acquired from that member) are found to have increased by reason of transactions in terms of that currency with other members or persons in their territories, the member whose holdings of such currency (or gold) have thus increased shall use the increase to repurchase its own currency from the Fund. (c) None of the adjustments described in (b) above shall be carried to a point at which (i) the member's monetary reserves are below its quota, or (ii) the Fund's holdings of its currency are below seventy-five percent of its quota, or (iii) the Fund's holdings of any currency required to be used are above seventy-five percent of the quota of the member concerned.

REPURCHASE BY A MEMBER OF ITS CURRENCY HELD BY THE FUND. (a) A member may repurchase from the Fund and the Fund shall sell for gold any part of the Fund's ’s holdings of its currency in excess of its quota. (b) At the end of each financial year of the Fund, a member shall repurchase from the Fund with gold or convertible currencies, as determined in accordance with Schedule B, part of the Fund's ’s holdings of its currency under the following conditions: (i) Each member shall use in repurchases of its own currency from the Fund an amount of its monetary reserves equal in value to one-half of any increase that has occurred during the year in the Fund's ’s holdings of its currency plus one-half of any increase, or minus one-half of any decrease, that has occurred during the year in the member's ’s monetary reserves. This rule shall not apply when a member's ’s monetary reserves have decreased during the year by more than the Fund's ’s holdings of its currency have increased. (ii) If after the repurchase described in (i) above (if required) has been made, a member's ’s holdings of another member's ’s currency (or of gold acquired from that member) are found to have increased by reason of transactions in terms of that currency with other members or persons in their territories, the member whose holdings of such currency (or gold) have thus increased shall use the increase to repurchase its own currency from the Fund. (c) None of the adjustments described in (b) above shall be carried to a point at which (i) the member's ’s monetary reserves are below its quota, or (ii) the Fund's ’s holdings of its currency are below seventy-five percent of its quota, or (iii) the Fund's ’s holdings of any currency required to be used are above seventy-five percent of the quota of the member concerned.

REPURCHASE BY A MEMBER OF ITS CURRENCY HELD BY THE FUND. (a) A member may repurchase from the Fund and the Fund shall sell for gold any part of the Fund's holdings of its currency in excess of its quota. (b) At the end of each financial year of the Fund, a member shall repurchase from the Fund with gold or convertible currencies, as determined in accordance with Schedule B, part of the Fund's holdings of its currency under the following conditions: (i) Each member shall use in repurchases of its own currency from the Fund an amount of its monetary reserves equal in value to one-one- half of any increase that has occurred during the year in the Fund's holdings of its currency plus one-half of any increase, or minus one-half of any decrease, that has occurred during the year in the member's monetary reserves. This rule shall not apply when a member's monetary reserves have decreased during the year by more than the Fund's holdings of its currency have increased. (ii) If after the repurchase described in (i) above (if required) has been made, a member's holdings of another member's currency (or of gold acquired from that member) are found to have increased by reason of transactions in terms of that currency with other members or persons in their territories, the member whose holdings of such currency (or gold) have thus increased shall use the increase to repurchase its own currency from the Fund. (c) None of the adjustments described in (b) above shall be carried to a point at which (i) the member's monetary reserves are below its quota, or (ii) the Fund's holdings of its currency are below seventy-seventy- five percent of its quota, or (iii) the Fund's holdings of any currency required to be used are above seventy-seventy- five percent of the quota of the member concerned.