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 Article, 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 Section 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 currency 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 borrower 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, repurchase with gold or foreign exchange a part of that member's currency 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 provisions for direct loans
Loan contracts under Section 1 (a) (I) or (II) of this Article shall be made in accordance with the following payment provisions:
