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United States Senate Resolution No. 57, November 12 2010

Original Language Title: Resolução do Senado Federal nº 57, de 12 de novembro de 2010

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I do know that the Federal Senate has approved, and I, José Sarney, President, in the terms of art. 48, inciso XXVIII, of the Rules of Procedure, promulgated the following

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No. 57, DE 2010

Authorizes the National Bank of Economic and Social Development (BNDES) to hire external credit operation, with Union guarantee, with the Inter-American Development Bank (BID), in the total value of up to US$ 1,000,000,000.00 (one billion dollars Americans).

The Federal Senate resolves:

Art. 1º It is the National Bank for Economic and Social Development (BNDES) authorized to hire external credit operation, with Union guarantee, with the Inter-American Development Bank (BID), in the total value of up to US$ 1,000,000,000.00 (one billion U.S. dollars).

Single Paragraph. The features advected from the external credit operation referred to in the caput are intended for the partial financing of the " BNDES Program of Multissetorial Support for Micro, Small and Medium Enterprises-First Step of the Line of Line Convengen Conditional Credit (CCLIP)-II ".

Art. 2º The credit operation referred to in art. 1º should be carried out under the following conditions:

I-dever: National Bank for Economic and Social Development (BNDES) ;

II-credor: Inter-American Development Bank (BID) ;

III-guarantor: Federative Republic of Brazil ;

IV-value: up to US$ 1,000,000,000.00 (one billion U.S. dollars) ;

V-modality: loan of the unimonetary mechanism with interest rate based on Libor;

VI-deadline of disbursement: 4 (four) years, counted from the duration of the contract ;

VII-amortization: in 32 (thirty-two) semiannual and consecutive plots, of values as much as possible equal, by winning the first 4 (four) years and 6 (six) months after the date of signing of the contract, and the last, 20 (twenty) years after that date ;

VIII-interest: required semester and calculated on the debtor balance of the loan, at a rate annual for each quarter comprised of the interest rate Libor quarterly to U.S. dollar, more, or less, a cost margin related to the borrowings of the unimonetary mechanism based on Libor, plus the net worth of any cost or profit generated by operations to mitigate Libor fluctuations, plus the current (spread) margin for loans from ordinary capital ;

IX-credit commission: up to 0.75% a.a. (seventy five hundredths per cent a year), calculated on the undisbursed balance of the loan, required together with interest, entering into force 60 (sixty) days after signing the contract ;

X-expenses with general inspection and supervision: up to 1% (one per cent) of the loan value ; currently this fee is not being charged ;

XI-amortization of the debtor balance in real: fixed for each disbursement, by means of BID letter, on the basis of the conditions proposed by BNDES, and may be in monthly, quarterly, semi-annual, annual or single instalments (bullet) at the end of the maturity, provided that the maximum amortization period does not exceed 20 (twenty) years from the subscription of the contract and the average life of the loan is no longer than 12.25 years.

XII-interest applicable to debtor balances in real: defined for each disbursement, constant of the Letter of Conversion Notification sent by the BID, in percent previously accepted by BNDES, and paid together with amortization.

Single Paragraph. The dates of payment of the principal, financial charges and planned disbursements may be changed depending on the date of signing of the loan contract.

Art. 3º It is the Union authorized to grant BNDES guarantee in the external credit operation referred to in this Resolution.

Single Paragraph. Prior to the signing of the contractual instruments, the Ministry of Finance will substantiate compliance with the conditions for the first disbursement, as stipulated in the loan agreement, and the BNDES adimation to the Union and the entities controlled by the Federal Public Power.

Art. 4º The maximum period for the exercise of this authorisation shall be 540 (five hundred and forty) days, counted from the publication of this Resolution.

Art. 5º This Resolution shall enter into force on the date of its publication.

Federal Senate, on November 12, 2010.

Senator JOSÉ SARNEY

President of the Federal Senate