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(b) 70 per cent of total official external reserves held on 24 September 1973; or
(c) 70 per cent of total official external reserves held on the last working day in London of March 1974.
(2) The guarantee will not be abrogated in the case of a purely accidental failure to satisfy the conditions specified in this paragraph, provided that these conditions are satisfied on
the date on which advices are next due after the advice date on
which such failure occurred.
Eligible Balances
4.
(1)
Subject to the provisions of this paragraph, the balances to which the guarantee applies are the balances eligible for guarantee under the Sterling Agreement at the close of business in London on 24 September 1973, the last working day of March 1974 or the last working day of December 1974 ("the relevant days"), whichever are the lowest:
Provided that:
(a) in order to arrive at the balances eligible for guarantee on the last working day of December 1974, the amount which, in accordance with the provisions of the Sterling Agreement which relate to balances eligible for guarantee, must be deducted from official sterling reserves will be deemed not to exceed the amount in
sterling so deducted in arriving at the amount due under the previous Declaration; and
(b) nothing in this sub-paragraph will make any type of sterling asset eligible for guarantee which was not so eligible under the Sterling Agreement.
(2) In circumstances in which, as a result of the deduction of short-term advances and overdrafts referred to in
paragraph 6(3)(c), total official external reserves are less than
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