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PBR » Topics » Enforcement of our obligations under the standby purchase agreement might take longer than expected.This excerpt taken from the PBR 20-F filed May 22, 2009. Enforcement of
our obligations under the standby purchase agreement might take
longer than expected.
We have entered into a standby purchase agreement in support of
some of PifCo’s obligations under its notes and indentures.
Our obligation to purchase from the PifCo noteholders any unpaid
amounts of principal, interest and other amounts
due under the PifCo notes and the indenture applies, subject to
certain limitations, irrespective of whether any such amounts
are due at the maturity of the PifCo notes or otherwise.
We have been advised by our counsel that the enforcement of the
standby purchase agreement in Brazil against us, if necessary,
will occur under a form of judicial process that, while similar,
has certain procedural differences from those applicable to
enforcement of a guarantee and, as a result, the enforcement of
the standby purchase agreement may take longer than would
otherwise be the case with a guarantee.
This excerpt taken from the PBR 20-F filed Jun 30, 2005. Enforcement of our obligations under the standby purchase agreement might take longer than expected.
We have entered into standby purchase agreements in support of PIFCo’s obligations under its notes and indentures. Our obligation to purchase from the PIFCo noteholders any unpaid amounts of principal, interest and other amounts due under the PIFCo notes and the indenture applies, subject to certain limitations, irrespective of whether any such amounts are due at maturity of the PIFCo notes or otherwise. See “Additional Information—PIFCo Senior Notes—Standby Purchase Agreements” and “Additional Information—PIFCo Global Notes—Standby Purchase Agreements.”
We have been advised by our counsel that the enforcement of the standby purchase agreement in Brazil against us, if necessary, will occur under a form of judicial process that, while similar, has certain procedural differences from those applicable to enforcement of a guarantee and, as a result, the enforcement of the standby purchase agreement may take longer than would otherwise be the case with a guarantee.
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