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United States Senate Resolution No. 56, 11 August 2005

Original Language Title: Resolução do Senado Federal nº 56, de 11 de agosto de 2005

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I get to know that the Federal Senate has approved, and I, Renan Calheiros, President, in the terms of the art. 48, inciso XXVIII, of the Internal Rules, promulgated the following

R E S O L U Ç Ã

No. 56, OF 2005

Authorizes the Federative Republic of Brazil to grant guarantee external credit operation, to be contracted by the National Economic and Social Development Bank-BNDES, at the total value equivalent to up to US$ 1,000,000,000.00 (one billion U.S. dollars), together with the Inter-American Bank of Development-BID.

The Federal Senate resolves:

Art. 1º It is the Federative Republic of Brazil authorized to grant guarantee to the external credit operation to be contracted by the National Economic Development and Social Development Bank-BNDES, at the total value equivalent to up to US$ 1,000,000,000.00 (one billion U.S. dollars), together with the Inter-American Development Bank-BID.

Paragraph single. The advent resources of this credit operation are intended for the partial financing of the Program Development of Micro, Small and Medium Enterprises (Multissetorial IV).

Art. 2º The basic financial conditions of the credit operation are as follows:

I-debtor: National Economic Development Bank and Social-BNDES;

II-creditor: Inter-American Development Bank-BID;

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

IV-deadline: 240 (two hundred and forty) months;

V-deficiency: 54 (fifty-four) months;

VI-interest: required semestically, calculated on the periodic debtor balance of the loan, at an annual rate for each quarter comprised of:

a) rate of interest Libor quarterly to dollar american;

b) more (or less) a cost margin related to the loans that finance the Libor modality loans;

c) plus the net value of any cost / profit generated by operations to mitigate the Libor fluctuations; and

d) plus the margin for loans from the ordinary capital;

VII-credit commission: required semester in the same interest payment dates and calculated on the basis of the rate of 0.75% a.a. (seventy-five hundrths per cent a year) on the undisbursed balance of the loan, coming into force 60 (sixty) days after the signing of the Contract; the borrower, at first, will pay the 0.25% a.a. Credit Commission. (twenty-five hundrths per cent per annum), and this percentage may be modified semi-annually by the BID without, under any circumstances, it may exceed the target percentage of 0.75% a.a. (seventy-five hunduths per cent per year);

VIII-resources for inspection and supervision general: during the period of disbursements, no funding resources will be set aside for the fulfillment of general inspection and supervision expenses, unless the Bank establishes otherwise during such period; in no case, to meet the referred to expenditures in a given semester, may be allocated higher than 1% (one percent) on the value of the loan, divided by the number of semesters understood in the original period of disbursements;

IX-deadline for disbursement: up to 4 (four) years;

X-amortization: semiannual and consecutive plots, of values as much as possible equals, winning the first 6 (six) months from the date initially scheduled for the final disbursement and the last no later than 20 (twenty) years after the signing of the Contract.

Art. 3º The authorization granted by this Resolution is to be exercised within 540 (five hundred and forty) days, counted from the date of its publication.

Art. 4º This Resolution goes into effect on the date of its publication.

Federal Senate, on August 11, 2005

Senator Renan Calheiros

President of the Federal Senate