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TOSBF » Topics » 13- Contractual commitments, warranty bonds, sureties and guarantees granted

This excerpt taken from the TOSBF 6-K filed Sep 8, 2009.

13- Contractual commitments, warranty bonds, sureties and guarantees granted


The warranty bonds, sureties and guarantees as of June 30, 2009 and December 31, 2008, which are not disclosed in the remaining notes, amount to 16 and 79, respectively.


Innova S.A. has agreements with certain financial institutions whereby it may request cash advances on account receivable from clients that comply with a certain credit status for a maximum amount of approximately US$ 55 million with recourse. Pursuant to the terms and conditions of the agreements, Innova S.A. bears the credit risk for the amounts received in the event of default of the debtor, the relevant amount must be paid by Innova S.A. As of June 30, 2009, amounts advanced totaled US$ 16 million.


In addition, as of June 30, 2009, the Company had the following contractual commitments:




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(1)- Net of transportation capacity sold to third parties (see Note 5).





 




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