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PBR » Topics » We would be required to pay judgments of Brazilian courts enforcing our obligations under the guaranty and standby purchase agreement relating to PifCos notes only in reais.This excerpt taken from the PBR 20-F filed May 22, 2009. We would be
required to pay judgments of Brazilian courts enforcing our
obligations under the guaranty and standby purchase agreement
relating to PifCo’s notes only in reais.
If proceedings were brought in Brazil seeking to enforce our
obligations in respect of the guaranty and standby purchase
agreement relating to PifCo’s notes, we would be required
to discharge our obligations only in reais. Under the
Brazilian exchange control rules, an obligation to pay amounts
denominated in a currency other than reais, which is
payable in Brazil pursuant to a decision of a Brazilian court,
may be satisfied in reais at the rate of exchange, as
determined by the Central Bank of Brazil, in effect on the date
of payment.
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