INTERIM MEASURE NO. 2.065-18, OF February 23, 2001

Disposes about the Banking Credit Cédule.

The PRESIDENT OF THE REPUBLIC, in the use of the attribution that confers it on art. 62 of the Constitution, adopts the following Provisional Measure, with force of law:

CHAPTER I

OF THE BANK CREDIT BALLOT

Art. 1º The Bank Credit Cédule is credit title issued, per person physical or legal, in favor of financial institution or entity to this equator, representing promise of payment in cash, arising from credit operation, of any modality.

§ 1º The creditor institution must integrate the National Financial System, being admitted to the issuance of the Banking Credit Cédule in favour of institution domiciled in the exterior, as long as the obligation is subject exclusively to Brazilian law and venue.

§ 2º The Bank Credit Cédule in favor of institution domiciled abroad could be issued in foreign currency.

Art. 2º The Bank Credit Cédule could be issued, with or without warranty, real or fidejussory, cedularly constituted.

Single paragraph. The warranty constituted shall be specified in the Banking Credit Cédule, observed the provisions of Chapter II of this Provisional Measure and, in so far as they are not with these conflicting, those of the applicable common or special legislation.

Art. 3º The Bank Credit Cédule is extrajudicial executive title and represents debt in money, certain, liquid and exigible, whether by the sum therein indicated, whether by the debtor balance demonstrated on spreadsheet, or in the extracts of the current account, elaborated as provided for in § 2º.

§ 1º In the Banking Credit Cédule can be paced:

I-the interest on the debt, capitalized or not, the criteria of its incidence and, if it is the case, the periodicity of its capitalization, as well as the expenses and the too many burdens arising from the obligation;

II-the monetary update criteria, as permitted under law, or the debt exchange update criteria, in the form of § 2º of the art. 1º and in the remaining permitted cases in law;

III-the cases of occurrence of mora and of incidence of the fines and contractual penalties, as well as the early maturity hypotheses of the debt;

IV-the criteria for ascertaining and ressaration, by the issuer or by third guarantor, of the debt collection expenses and the honorary law, judicial or extrajudicial, being that the honorary extrajudicial advocacy will not be able to exceed the limit of ten per cent of the total value due;

V-when it is the case, the debt guarantee modality, its extension and the replacement hypotheses of such a guarantee;

VI-the obligations to be fulfilled by the creditor;

VII-the creditor's obligation to issue extracts from the account-current or debt calculation spreadsheets, or from its debtor balance, in accordance with the criteria set out in the Banking Credit Cédule itself, observed the provisions of § 2º; and

VIII-other conditions of granting credit, its guarantees or liquidation, additional obligations of the issuer or of the third guarantor of the obligation, provided that no contravenes the provisions of this Provisional Measure.

§ 2º Whenever necessary, the ascertaining of the exact value of the obligation, or of its debtor balance, represented by the Bank Credit Cédule, will be done by the creditor by means of calculation spreadsheet or from the extracts of the account-current, or of both, documents of these that will integrate the Cédula, noted that:

I-the realized calculations should evidenced in a clear way, accurate and of easy understanding and understanding, the principal value of the debt, its charges and contractual expenses due, the interest repayment and the criteria of its incidence, the share of monetary or currency update, the share corresponding to fines and too many contractual penalties, collection expenses and attorney fees due up to the date of calculation and, finally, the total value of the debt; and

II-the representative bank credit Cédule of debt arising from open account bank credit opening contract will be issued by the total credit value put at the disposal of the issuer, competing for the creditor, pursuant to this paragraph, to discriminate in the extracts of the current account or in the calculation spreadsheets, which will be attached to Cédula, the used plots of the open credit, the increases in the limit of the credit initially granted, the possible debt amortizations and the incidence of charges in the various periods of open credit utilization.

Art. 4º The Bank Credit Cédule must contain the following essential requirements:

I-the denomination "Cédula de Credit Banking";

II-the issuer's promise to pay the debt in cash, certain, liquid and chargeable at its maturity or, in the case of debt arising from the bank credit opening contract, the issuer's pledge to pay the debt in cash, certain, net and chargeable corresponding to the credit used;

III-the date and place of the debt payment and, in the case of parceled payment, the dates and values of each provision, or the criteria for that determination;

IV-the name of the creditor institution, may contain clause to the order;

V-the date and place of its issuance; and

VI-the signing of the issuer and, if it is the case, of the third guarantor of the obligation, or of its respective mandators.

§ 1º The Banking Credit Cédule may be the object of assignment in accordance with the provisions of common law, in which case the transferee, even not being a financial institution or entity to be equated with, shall be subrogated in all the rights of the transferor, and may, including, charge the interest and too much charge in the paced form in the Cédula.

§ 2º The Banking Credit Cédule will be issued in writing, in so many avenues as many as the parties that it intervies, signed by the creditor, the issuer and the third guarantor, if any, or by their respective mandators, owing each party to receive a route.

§ 3º Only the route of the creditor will be negotiable, and it must appear in the remaining ways to expression "non-negotiable".

§ 4º The Banking Credit Cédule can be adjourn, rectified and ratified upon written document, dated, with the requirements set out in the preceding paragraph, passing that document to integrate Cédula for all purposes.

CHAPTER II

DAS GUARANTEES CEDULARLY CONSTITUTED

Art. 5º The bond formation of the obligation represented by the Bank Credit Cédule is disciplined by this Interim Measuring, the provisions of the common or special legislation that do not go with it conflicting.

Art. 6º The assurance of the Banking Credit Cédule could be either fidejussory or real, in this latter case constituted by the well-patrimonial of any species, available and disposable, movable or immaterial, material or immaterial, present or future, fungible or unfungible, consumable or not, the title of which is owned by the issuer itself or the third guarantor of the principal obligation.

Paragraph single. The rights pledge is for the mere notification to the debtor of the apested right.

Art. 7º The constitution of the warranty could be made in the Bank Credit Cédule itself or in separate document, in this case making, in the Cédula, mention of such circumstance.

Art. 8º The constitutive good of the warranty is to be described and individualized so that allows for your easy identification.

Single paragraph. The description and individualisation of the constitutive good of the guarantee may be replaced by the remission to the document or certificate expedited by the competent entity, which will integrate the Banking Credit Cédule for all purposes.

Art. 9º The guarantee of the obligation will cover, in addition to the main constitutive of the guarantee, all its accessories, benfeits of any kind, valuations to any title, fruits and any good linked to the main good by physical, intellectual, industrial or natural accessory.

§ 1º The creditor will be able to averbar, in the competent organ for the registration of the constitutive good of the guarantee, the existence of any other good by it covered.

§ 2º Until the effective settlement of the obligation guaranteed, the goods covered by the guarantee will not be able to, without prior written permission from the creditor, be altered, withdrawn, dislocated or destroyed, nor will they be able to have their destination modified, except where the warranty is constituted by semovents or by vehicles, automotors or not, and the removal or displacement of these goods is inherent in the activity of the issuer of the Bank Credit Cédule, or the third provider of the guarantee.

Art. 10. The constitutive goods of pignoratan warranty or object of fiduciary disposal may, at the discretion of the creditor, remain under the direct possession of the issuer or the third provider of the guarantee, pursuant to the possessory constituting clause, in case in that the parties should specify the place in which the good will be guarded and retained until the effective settlement of the guaranteed obligation.

§ 1º The issuer and, if it is the case, the third provider of the guarantee will respond in solidarity with the guard and conservation of the constitutive good of the warranty.

§ 2º When the warranty is provided by legal person, this will indicate representatives to reply in the terms of the preceding paragraph.

Art. 11. For the efficacy, in the face of third parties, of pignoraterial guarantee or fiduciary disposal, it will be sufficient, in the case of motor vehicles of any kind, the averaging of the burden on the respective transit organ, where the registration should be made for the acquisition or transfer of rights.

Art. 12. The creditor may require that the constitutive good of the warranty be covered by insurance until the effective settlement of the guaranteed obligation, where the creditor will be appointed as sole beneficiary of the security-related policy and will be authorized to receive the indemnification to liquidate or amortize the guaranteed obligation.

Art. 13. If the constitutive good of the warranty is misappropriated, or if it is damaged or perished by fact attributable to the third party, the creditor undergoes the right to the indemnity due by the expropriate or the third causer of the damage, up to the amount required to liquidate or amortize the guaranteed obligation.

Art. 14. In the cases provided for in the arts. 12 and 13 of this Provisional Measure, shall provide the creditor to demand the replacement of the guarantee, or its reinforcement, waiving the right to the perception of the value relating to the indemnity.

Art. 15. The creditor may require the replacement or reinforcement of the warranty, in the event of loss, deterioration or decrease in its value.

Paragraph single. The creditor shall notify the issuer in writing and, if it is the case, the third guarantor, to either replace or strengthen the guarantee within fifteen days, under penalty of advance due maturity of the secured debt.

CHAPTER III

OF THE SPECIAL PROVISIONS

Art. 16. In revolving credit operations, the credit limit granted will be repurchased, automatically and during the term of the Banking Credit Cédule, whenever the debtor, not being in arrears or defaults, amortize or liquidate the debt.

Art. 17. For purposes of protest lavrature, the Bank Credit Cédule may be forwarded, by copy, to the officer of the office, provided that the creditor institution declares to be in possession of its sole negotiable route and indicates the value by which it will be protested, including in the case of partial protest.

Art. 18. The validity and efficacy of the Banking Credit Cédule does not depend on registration, but the actual guarantees, by it constituted, shall be subject, to be worth against third parties, to the records or aversions provided for in the applicable law, with the amendments introduced by this Provisional Measure.

Art. 19. Financial institutions, when authorized by the Central Bank of Brazil and under the conditions established by the National Monetary Council, will be able to issue Certificates of Bank-CCB Credit Cédules with effective ballast in Cédulas Credit: Banking held in custody, to negotiate these credits on the national or international market, with people members or not from the National Financial System.

§ 1º The Bank Credit Cédules issued in the form provided in this Interim Measulus, which give rise to the CCBs, should remain custodians in financial institution authorized under the terms of the caput, which will make the collection together to the respective debtors.

§ 2º The CCBs could be unfolded or regrouped by convenience of the issuer or the acquirer.

§ 3º The capital ingress, in the case of external market trading, will be registered at the Central Bank of Brazil upon proof of the effective trading of the foreign exchange in the Country.

§ 4º The CCBs may be issued in the physical or scriptural form and, in both cases, registered in magnetic files organized by the issuer, of which constaron:

I-the location and the date of issue;

II-the name of the depositor of the Bank Credit Cédules;

III-the name of the issuing financial institution;

IV-the denomination "Certificate of Banking Credit Cédule-CCB";

V-the express indication of the respective ballot or ballots under which it has been issued, the principal value, the charges persuited and the amortization season, total or partial, and the final maturity;

VI-the name of the issuers debtors of the Cédules de Bank Credit; and

VII-the place and the dates of payment of the principal and the rescue charges of the Banking Credit Cédules.

§ 5º The CCB may be transferred upon endorsement or term of assignment, if scriptural, owing in any case, the transfer shall be dated and signed by its holder or representative with special powers and averaged to the issuing institution, within the maximum period of two days.

§ 6º The expenses and charges arising from the transfer and averaging of the CCB will be supported by the transferee, unless otherwise convention otherwise.

CHAPTER IV

OF THE GENERAL PROVISIONS

Art. 20. It applies to the Banking Credit Cédules, in that it does not counter the provisions of this Provisional Measure, the foreign exchange legislation, waived the protest to ensure the right of return against endorsers, guarantors and third parties guaranteed.

Art. 21. Credit and receivables securities, represented in the scriptural or physical form, which have been the subject of discount, will be able to be admitted to the rediscount to the Central Bank of Brazil, observing the standards and instructions downloaded by the National Monetary Council.

§ 1º The credit securities and receivables of which treats the caput will consider transferred, for the purposes of rediscount, to the property of the Central Bank of Brazil, provided that they are enrolled in a constant electronic tradition of the Central Bank Information System-SISBACEN, or, still, in the term of tradition provided for in § 1º of the art. 5º of Decree No 21,499, of June 9, 1932, with the essay given by art. 1º of Decree No. 21,928, of October 10, 1932.

§ 2º Entend enrolled in the terms of tradition referred to in the preceding paragraph the credit and receivables securities relating to them and described, observing the requirements, criteria and forms set out by the National Monetary Council.

§ 3º The enrollment will produce the same legal effects of the endorsement, only by perfecting with the Receipt, by the proponent financial institution of the rediscount, of acceptance message from the Central Bank of Brazil, or, not being electronic the term of tradition, after the signing of the parties.

§ 4º The credit titles and representative documents of receivables, inscribed in the terms of tradition, may, at the discretion of the Central Bank of Brazil, remain in the direct possession of the beneficiary financial institution of the rebate, which will keep them and retain them in deposit, and shall proceed, as commissioner del credere, to their judicial collection or extrajudicial.

Art. 22. They are convalidated the acts practiced on the basis of the Provisional Measure No. 2.065-17, of January 25, 2001.

Art. 23. This Interim Measure shall come into force on the date of its publication.

Brasilia, 23 of February 2001; 180º of Independence and 113º of the Republic.

FERNANDO HENRIQUE CARDOSO

Amaury Guilherme Bier

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