United States Senate Resolution No. 34, Of 13 December 2001

Original Language Title: Resolução do Senado Federal nº 34, de 13 de dezembro de 2001

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Do I know that the Senate approved, and I, Ramez Tebet, President, pursuant to art. 48, item 28 of the rules of procedure, enact the following resolution No. 34 of 2001 Authorizes the temporary lifting of the debt limit of Petrobras Transporte S.A. (Transpetro) in more R$ 1,010,000,000.00 (one billion and 10 million reais).
The Senate resolves: Art. first is the Petrobras Transporte S.A. (Transpetro) authorized pursuant to art. 52, subparagraph VII, of the Federal Constitution, and resolution No. 96 of 1989, re-established by resolution No. 17 of 1992, both the Senate, raising temporarily and in exceptional character, your debt limit in more R$ 1,010,000,000.00 (one billion and 10 million dollars) for the purpose of: Art. first is the Petrobrás Transportes s.a. (Transpetro) authorized pursuant to art. 52, subparagraph VII, of the Federal Constitution, and resolution No. 96 of 1989, re-established by resolution No. 17 of 1992, both the Senate, raising temporarily and in exceptional character, your debt limit in R$ 1,389,160,000.00 (one billion, 389 million, 160,000 dollars), with the purpose of: (amended by resolution No. 6 , 2003) I-assume debt of Petrobrás S.A. on 26 (twenty-six) vessels mortgaged to the merchant marine Fund, managed by the Banco Nacional de Desenvolvimento Econômico e Social (BNDES), in guarantee of financing your construction contracts, worth R$ 595,000,000.00 (595 million);
II-hire purchase financing of 4 (four) new oil tankers, in the framework of the project Navigates Brazil;
III-run investment program, where he contemplates the acquisition of headquarters for the company, as well as computer and telecommunications equipment.
Art. 2 the credit operation referred to in item I of the art. 1st characterized accounting transfer of assets and liabilities between Petrobras S.A. and your subsidiary Petrobras Transporte S.A. (Transpetro) with the following characteristics: I-transfer of 26 (twenty-six) vessels of Petrobrás S.A. for Petrobras Transporte S.A. (Transpetro);
II-transfer of debt relating to 26 (twenty-six) vessels referred to in item I of Petrobrás S.A. for Petrobras Transporte S.A. (Transpetro), which are mortgaged to the merchant marine Fund, managed by the Banco Nacional de Desenvolvimento Econômico e Social (BNDES), in guarantee of your construction financing contracts.
Art. 3 the credit operation referred to in item II of art. 1st will present the following characteristics: (I) financial-lender: merchant marine Fund, managed by the Banco Nacional de Desenvolvimento Econômico e Social (BNDES);
II-amount: R$ 379,000,000.00 (379 million dollars);
II-amount: R$ 758,160,000.00 (758 million, 160,000 dollars); (Wording by resolution No. 6, 2003)
III-deadline: 20 (twenty) years;
IV-grace period: period of construction of vessel or 4 (four) years, whichever is less;
V-interest: 4% p.a. (4% per year) more exchange rate correction for the U.S. dollar;
VI-amortization: constant amortization system.
Art. 4 the operation of credit mentioned in item III of art. 1 submit the following financial features: I-mode: leasing to be hired by the private financial system;
II-amount: R$ 36,000,000.00 (36 million);
III-term: not more than 6 (six) years;
IV interest: not more than 15% per year (15% per year).
Art. 5 the authorisation granted by this resolution must be exercised within 540 (540) days, counted of the date of your publication. (See art. 2 of resolution No. 6, 2003)
Art. 6. This resolution shall enter into force on the date of your publication.
Senate, on 13 December 2001 SENATOR RAMEZ TEBET President of Federal Senate attachment (s)

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