When a duly authenticated request is received for a purchase in accordance with Article V, Section 3, other than a reserve tranche purchase or a purchase under a stand-by or extended arrangement, the Fund shall promptly consider the request. Except when the Executive Board decides otherwise, instructions for a transfer of currency shall be given by the Fund on the day of its decision approving the purchase, unless such decision has been taken after the close of the business day, in which case instructions shall be given not later than the close of the first business day following the decision. When a request is received for a reserve tranche purchase of currency, or subject to (b) below for a purchase of currency in accordance with a stand-by or extended arrangement, the Fund's instructions to the appropriate depository to make the transfer shall be given not later than the close of the first business day following receipt of the request.

The value date for a purchase that involves resources borrowed by the Fund under the policy on enlarged access, and that is in accordance with the stand-by or extended arrangement, will normally be either the 15th or the last day of the month, or the preceding business day if the day selected is not a business day. If the request for the purchase is not received in the Fund in time for its instructions to be issued for the first of these value dates following the date of receipt, the purchase will be executed at the next such value date.

Repurchases in respect of a purchase financed with resources borrowed under the policy on enlarged access should be made normally with a value date of either the 6th day or 22nd day of the month, or the next business day if the day selected is not a business day, provided that repurchase will be completed not later than seven years from the date of the purchase.

Members should consult the Fund in a timely manner with respect to the time they expect to make a purchase or a repurchase and in order to ascertain the date by which a request to purchase must be made or instructions given by the member to depositories with respect to a repurchase in order for instructions to be given for a specific date.

Instructions for the transfer of currency for any purchase, other than a reserve tranche purchase, shall be rescinded, to the extent that it is feasible, during the period between the issuance of the instructions and the value date for the purchase if, during that period, the member requesting the purchase has any overdue financial obligation to the Fund or is failing to meet a repurchase expectation pursuant to the Guidelines on Corrective Action with respect to a noncomplying purchase.