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PBR » Topics » We would be required to pay judgments of Brazilian courts enforcing our obligations under the standby purchase agreement only in Reais.This excerpt taken from the PBR 20-F filed Jun 30, 2005. We would be required to pay judgments of Brazilian courts enforcing our obligations under the standby purchase agreement only in Reais.
If proceedings were brought in Brazil seeking to enforce our obligations in respect of the standby purchase agreement, we would be required to discharge our obligations only in Reais. Under the Brazilian exchange control limitations, 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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