Common use of Settlement of Accounts Clause in Contracts

Settlement of Accounts. 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) contracted before it ceased to be a member is outstanding, but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions: (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor or other contracting party with respect to equity investment or other financing, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 of Article 6. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, on loans, guarantees, equity investments and other financing referred to in sub- paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments or other financing which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 of Article 6, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.

Settlement of Accounts. 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments loans or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) guarantees contracted before it ceased to be a member is outstanding, but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing loans and guarantees entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions: (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor borrower or other contracting party with respect to equity investment or other financingguarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 5 of Article 66 of this Agreement. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, on loans, guarantees, equity investments loans and other financing guarantees referred to in sub- sub-paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments guarantees or other financing loans which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 5 to Article 6 of Article 6this Agreement, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 45 of this Agreement within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.six

Settlement of Accounts. 1. After the date on which a country State, Territory or Institution ceases to be a member, it that former member shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments loans or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) guarantees contracted before it ceased to be a member is outstanding, ; but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing loans and guarantees entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country State, Territory or Institution ceases to be a member, the Bank shall arrange for the repurchase of such countrymember's shares by the he Bank as a part of the settlement of accounts with such country member in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a memberof cessation of membership. 3. The payment repayment for shares repurchased by the Bank under this Article shall be governed by the following conditions: (ia) Any amount due to the country member concerned for its shares shall be withheld so long as that countrymember, its central bank or any of its agencies, instrumentalities political sub-divisions or political subdivisions agencies remains liable, as borrower, guarantor borrower or other contracting party with respect to equity investment or other financingguarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country member for future calls on its subscription for shares in accordance with paragraph 3 6 of Article 67. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a memberits membership ceases. (iib) Payments for shares may be made from time to time, upon their surrender of the corresponding stock certificates by the country former member concerned, to the extent by which the amount due as to the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, liabilities on loans, guarantees, equity investments loans and other financing guarantees referred to in sub- sub-paragraph (ia) of this paragraph, until the former member has received the full repurchase price. (iiic) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (ivd) If losses are sustained by the Bank on any loans, guarantees, equity investments guarantees or other financing loans which were outstanding on the date when a country ceased to be a member of cessation of membership and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country former member concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 6 of Article 67, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 44 within six (6) months of the date upon which the membership of any country ceases to be a membermember ceases, all rights of the country member concerned shall be determined in accordance with the provisions of Articles 41 44 to 4346. Such country That member shall be considered as still a member for purposes of such Articles but shall have no voting rights.

Settlement of Accounts. 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) contracted before it ceased to be a member is outstanding, but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's ’s shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions: (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor or other contracting party with respect to equity investment or other financing, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 of Article 6. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, on loans, guarantees, equity investments and other financing referred to in sub- sub-paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments or other financing which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 of Article 6, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.

Settlement of Accounts. 1. After the date on which a country State ceases to be a membermember (hereinafter in this article called the “termination date”), it the member shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments loans or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) guarantees contracted before it ceased to be a member the termination date is outstanding, ; but it shall not cease to incur liabilities with respect to loans, guarantees, equity investments or other financing loans and guarantees entered into thereafter by the Bank nor and to share either in the income or the expenses of the Bank. 2. At the time a country State ceases to be a member, the Bank shall arrange for the repurchase of such country's its shares by the Bank as a part of the settlement of accounts with such country that State in accordance with the provisions of paragraphs 3 and 4 of this Articlearticle. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a membertermination date. 3. The payment for shares repurchased by the Bank under this Article article shall be governed by the following conditions: (i) a. Any amount due to the country State concerned for its shares shall be withheld so long as that countryState, its central bank Central Bank or any of its agencies, instrumentalities or political subdivisions agencies remains liable, as borrower, guarantor borrower or other contracting party with respect to equity investment or other financingguarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on State resulting from its subscription for shares in accordance with paragraph 3 4 of Article 6article 7 of this Agreement. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a membertermination date. (ii) b. Payments for shares may be made from time to time, upon their surrender by the Government of the corresponding stock certificates by the country State concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article article exceeds the aggregate amount of liabilities, liabilities on loans, guarantees, equity investments loans and other financing guarantees referred to in sub- sub-paragraph (ia) of this paragraph, paragraph until the former member has received the full repurchase price. (iii) c. Payments shall be made in the currency of the State receiving payment or, if such available currencies as the Bank determinescurrency is not available, taking into account its financial positionin convertible currency. (iv) d. If losses are sustained by the Bank on any loans, guarantees, equity investments guarantees or other financing loans which were outstanding on the termination date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country State concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced reduced, if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 4 of Article 6article 7 of this Agreement, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. e. If the Bank terminates its operations pursuant to Article 41 article 47 of this Agreement within six (6) months of the date upon which any country ceases to be a membertermination date, all rights of the country State concerned shall be determined in accordance with the provisions of Articles 41 its articles 47 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights49.

Settlement of Accounts. 1The Trustee shall keep full accounts of all of its receipts and disbursements. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank Its books and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) contracted before it ceased to be a member is outstanding, but it shall not incur liabilities records with respect to loans, guarantees, equity investments or other financing entered into thereafter the Trust Fund shall be open to inspection by the Bank nor share either Employer, any Participant or any Beneficiary of a deceased Participant or their representatives at all times during business hours of the Trustee. Within sixty days after December31 of each year, or any termination of the duties of the Trustee, the Trustee shall prepare, sign and mail to the Employer and the Administrator an account of its acts and transactions as Trustee hereunder. If, within sixty days after the mailing of the account or any amended account, the Employer and the Administrator have not filed with the Trustee notice of any objection to any act or transaction of the Trustee, the account or amended account shall become an account stated. If any objection has been filed, and if the objecting party is satisfied that it should be withdrawn or if the account is adjusted to the objecting party's satisfaction, the objecting party shall in writing filed with the income Trustee signify its approval of the account and it shall become an account stated. When an account becomes an account stated, such account shall be finally settled, and the Trustee shall be completely discharged and released, as if such account had been settled and allowed by a judgment or decree of a court of competent jurisdiction in an action or proceeding in which the Trustee, the Employer and the Administrator were parties. The Trustee, the Employer or the expenses Administrator shall have the right to apply at any time to a court of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange competent jurisdiction for the repurchase of such country's shares by the Bank as a part of the judicial settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions: (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor or other contracting party with respect to equity investment or other financing, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 of Article 6Trustee not previously settled as hereinabove provided. In any event, no amount due to a member for its shares such action or proceeding it shall be paid until six (6) months after necessary to join as parties the date on which Trustee, the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of Employer and the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, on loans, guarantees, equity investments Administrator and other financing referred to in sub- paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments any judgment or decree entered therein shall be made in conclusive upon all such available currencies as the Bank determines, taking into account its financial positionparties. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments or other financing which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 of Article 6, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.

Settlement of Accounts. 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) contracted con- tracted before it ceased to be a member is outstanding, but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's ’s shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions provi- sions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditionscon- ditions: (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor or other contracting party with respect to equity investment or other financing, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription sub- scription for shares in accordance with paragraph 3 of Article 6. In any event, no amount due to a member mem- ber for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates certifi- xxxxx by the country concerned, to the extent by which the amount due as the repurchase price in accordance accord- ance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, on loans, guarantees, equity investments and other financing referred to in sub- sub-paragraph (i) of this paragraph, until the former for- mer member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments or other financing which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In additionaddi- tion, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph para- graph 3 of Article 6, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determineddeter- mined. 4. If the Bank terminates its operations pursuant to Article 41 within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.

Settlement of Accounts. 1. After the date on which with governments ceasing to be members (a) When a country government ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) loan sort guarantees contracted before it ceased to be a member is outstanding, are out standing; but it shall not cease to incur liabilities with respect to loans, guarantees, equity investments or other financing lo loans and guarantees entered into thereafter by the Bank nor and to share either in the income or the expenses of the Bank. 2. (b) At the time a country government ceases to be a member, the Bank shall arrange for the repurchase of such country's its shares by the Bank as a part of the settlement of accounts with such country in government m accordance with the provisions of paragraphs 3 (c) and 4 of this Article(d) below. For this purpose, purpose the repurchase price of the shares shall be the value shown by the books of the Bank on the date day the country government ceases to be a member. 3. (c) The payment for shares repurchased by the Bank under this Article section shall be governed by the following conditions: (i) Any amount due to the country concerned government for its shares shall be withheld so long as that countrythe government, its central bank or any of its agencies, instrumentalities or political subdivisions agencies remains liable, as borrower, guarantor borrower or other contracting party with respect to equity investment or other financingguarantor, to the Bank and such amount may, at the option of the Bank, be applied on en any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on government resulting from its subscription for shares in accordance with paragraph 3 of under Article 6II, Section 5(ii). In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on upon which the country government ceases to be a member. (ii) Payments for shares may be made from time to time, upon their surrender of the corresponding stock certificates by the country concernedgovernment, to the extent by which the amount due as the repurchase repurchases price in accordance with paragraph 2 of this Article (b) above exceeds the aggregate amount of liabilities, liabilities on loans, guarantees, equity investments loans and other financing referred to guarantees in sub- paragraph (c) (i) of this paragraph, above until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the currency of the country receiving payment or at the option of the Bank determines, taking into account its financial positionin gold. (iv) If losses are sustained by the Bank on any guarantees. Participations in loans, guarantees, equity investments or other financing loans which were outstanding on the date when a country the government ceased to be a member member, and the amount of such losses exceeds the amount of the reserve provided against losses on that datethe date when the government ceased to be a member, the country concerned such government shall repay, be obligated to repay upon demand, demand the amount by which the repurchase price of its shares would have been reduced reduced, if the losses had been taken into account when the repurchase price was determined. In addition, the former member government shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 of under Article 6II, Section 5(ii), to the same extent that it would fould have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. (d) If the Bank terminates suspends permanently its operations pursuant to Article 41 under Section 5(b) of this Article, within six (6) months of the date upon which any country government ceases to be a member, all rights of the country concerned such government shall be determined in accordance with by the provisions previsions of Articles 41 to 43. Such country shall be considered as still a member for purposes Section 5 of such Articles but shall have no voting rightsthis Article.

Settlement of Accounts. 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments loans or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) guarantees contracted before it ceased to be a member is outstanding, but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing loans and guarantees entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions: (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor borrower or other contracting party with respect to equity investment or other financingguarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 5 of Article 66 of this Agreement. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, on loans, guarantees, equity investments loans and other financing guarantees referred to in sub- sub paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments guarantees or other financing loans which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 5 to Article 6 of Article 6this Agreement, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 45 of this Agreement within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 45 to 4347 of this Agreement. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.

Settlement of Accounts. 1. After the date on which a country State ceases to be a membermember (hereinafter in this article called the “termination date”), it the member shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments loans or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) guarantees contracted before it ceased to be a member the termination date is outstanding, ; but it shall not cease to incur liabilities with respect to loans, guarantees, equity investments or other financing loans and guarantees entered into thereafter by the Bank nor and to share either in the income or the expenses of the Bank. 2. At the time a country State ceases to be a member, the Bank shall arrange for the repurchase of such country's its shares by the Bank as a part of the settlement of accounts with such country that State in accordance with the provisions of paragraphs 3 and 4 of this Articlearticle. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a membertermination date. 3. The payment for shares repurchased by the Bank under this Article article shall be governed by the following conditions: (ia) Any amount due to the country State concerned for its shares shall be withheld so long as that countryState, its central bank Central Bank or any of its agencies, instrumentalities or political subdivisions agencies remains liable, as borrower, guarantor borrower or other contracting party with respect to equity investment or other financingguarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on State resulting from its subscription for shares in accordance with paragraph 3 4 of Article 6article 7 of this Agreement. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a membertermination date. (iib) Payments for shares may be made from time to time, upon their surrender by the Government of the corresponding stock certificates by the country State concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article article exceeds the aggregate amount of liabilities, liabilities on loans, guarantees, equity investments loans and other financing guarantees referred to in sub- sub-paragraph (ia) of this paragraph, paragraph until the former member has received the full repurchase price. (iiic) Payments shall be made in the currency of the State receiving payment or, if such available currencies as the Bank determinescurrency is not available, taking into account its financial positionin convertible currency. (ivd) If losses are sustained by the Bank on any loans, guarantees, equity investments guarantees or other financing loans which were outstanding on the termination date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country State concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced reduced, if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 4 of Article 6article 7 of this Agreement, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. e) If the Bank terminates its operations pursuant to Article 41 article 47 of this Agreement within six (6) months of the date upon which any country ceases to be a membertermination date, all rights of the country State concerned shall be determined in accordance with the provisions of Articles 41 its articles 47 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights49.

Settlement of Accounts. 1. After the date on which Paragraph a) provides that after a country ceases to be a member, it no longer shall share in the profits or losses of the Bank, nor shall it incur any liability with respect to loans and guarantees entered into by the Bank thereafter. It provides that the (former) member shall remain liable for its direct obligations to all amounts it owes the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments loans or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) guarantees contracted by the Bank before it the date on which the country ceased to be a member is remains outstanding, but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time Paragraph b) provides that when a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank capital stock as a part of the settlement of accounts with such country in accordance with pursuant to the provisions of paragraphs 3 and 4 of this Article. For ; but the country shall have no other rights under this purpose, Agreement except as provided in this Article and in Article 46. Paragraph c) provides that the Bank and the country ceasing to be a member may agree on the repurchase price of the shares shall be capital stock on such terms as are deemed appropriate in the value shown by circumstances, without regard to the books provisions of the Bank on following paragraph. Such agreement may provide, among other things, for a final settlement of all obligations of the date country to the Bank. Paragraph d) provides that in the instance that the agreement referred to in the preceding paragraph has not been consummated within 6 (six) months after the country ceases to be a member. 3. The payment for shares repurchased by member or such other time as the Bank under this Article and such country may agree upon, the repurchase price of such country's capital stock shall be governed by its book value, according to the books of the Bank, on the date when the country ceased to be a member. It provides that such repurchase shall be subject to the following conditions: (i) Any i. the payment may be made in such installments, at such times and in such available currencies as the Bank determines, taking into account the financial position of the Bank; ii. any amount due to which the Bank owes the country concerned for the repurchase of its shares capital stock shall be withheld so long as to the extent that country, its central bank the country or any of its agencies, instrumentalities subdivisions or political subdivisions agencies remains liable, as borrower, guarantor or other contracting party with respect to equity investment or other financing, liable to the Bank and such as a result of loan or guarantee operations. The amount withheld may, at the option of the Bank, be applied on any such liability as it matures. No However, no amount shall be withheld on account of the country's contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 pursuant to Article 9(c); iii. if the Bank sustains net losses on any loans or participations, or as a result of Article 6. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, on loans, guarantees, equity investments and other financing referred to in sub- paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments or other financing which were outstanding on the date when a the country ceased to be a member member, and the amount of such losses exceeds the amount of the reserve reserves provided against losses therefore on that such date, the such country concerned shall repay, upon demand, repay on demand the amount by which the repurchase price of its shares would have been reduced reduced, if the losses had been taken into account when the repurchase price book value of the shares, according to the books of the Bank, was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 of pursuant to Article 69(c), to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was had been determined. 4. If the Bank terminates its operations pursuant to Article 41 within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 to 43. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.

Settlement of Accounts. 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments loans or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) guarantees contracted before it ceased to be a member is outstanding, ; but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing loans and guarantees entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's ’s shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions: (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor borrower or other contracting party with respect to equity investment or other financingguarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 5 of Article 66 of this Agreement. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, liabilities on loans, guarantees, equity investments loans and other financing guarantees referred to in sub- sub-paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments guarantees or other financing loans which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 5 of Article 66 of this Agreement, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 45 of this Agreement within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 45 to 4347 of this Agreement. Such country shall be considered as still a member for purposes of such Articles but shall have no voting rights.

Settlement of Accounts. 1. After the date on which a country ceases to be a member, it shall remain liable for its direct obligations to the Bank and for its contingent liabilities to the Bank so long as any part of the loans, guarantees, equity investments loans or other forms of financing under paragraph 2 (vi) of Article 11 (hereinafter, other financing) guarantees contracted before it ceased to be a member is outstanding, ; but it shall not incur liabilities with respect to loans, guarantees, equity investments or other financing loans and guarantees entered into thereafter by the Bank nor share either in the income or the expenses of the Bank. 2. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article. For this purpose, the repurchase price of the shares shall be the value shown by the books of the Bank on the date the country ceases to be a member. 3. The payment for shares repurchased by the Bank under this Article shall be governed by the following conditions:following (i) Any amount due to the country concerned for its shares shall be withheld so long as that country, its central bank or any of its agencies, instrumentalities or political subdivisions remains liable, as borrower, guarantor borrower or other contracting party with respect to equity investment or other financingguarantor, to the Bank and such amount may, at the option of the Bank, be applied on any such liability as it matures. No amount shall be withheld on account of the contingent liability of the country for future calls on its subscription for shares in accordance with paragraph 3 5 of Article 66 of this Agreement. In any event, no amount due to a member for its shares shall be paid until six (6) months after the date on which the country ceases to be a member. (ii) Payments for shares may be made from time to time, upon surrender of the corresponding stock certificates by the country concerned, to the extent by which the amount due as the repurchase price in accordance with paragraph 2 of this Article exceeds the aggregate amount of liabilities, liabilities on loans, guarantees, equity investments loans and other financing guarantees referred to in sub- sub-paragraph (i) of this paragraph, until the former member has received the full repurchase price. (iii) Payments shall be made in such available currencies as the Bank determines, taking into account its financial position. (iv) If losses are sustained by the Bank on any loans, guarantees, equity investments guarantees or other financing loans which were outstanding on the date when a country ceased to be a member and the amount of such losses exceeds the amount of the reserve provided against losses on that date, the country concerned shall repay, upon demand, the amount by which the repurchase price of its shares would have been reduced if the losses had been taken into account when the repurchase price was determined. In addition, the former member shall remain liable on any call for unpaid subscriptions in accordance with paragraph 3 5 of Article 66 of this Agreement, to the same extent that it would have been required to respond if the impairment of capital had occurred and the call had been made at the time the repurchase price of its shares was determined. 4. If the Bank terminates its operations pursuant to Article 41 45 of this Agreement within six (6) months of the date upon which any country ceases to be a member, all rights of the country concerned shall be determined in accordance with the provisions of Articles 41 45 to 4347 of this Agreement. Such country shall be considered as still a • member for purposes of such Articles but shall have no voting rights.