2010年-IMF国际货币组织全球_Note_Purchase_Agreement_with_Brazil_14页_323kb

Summary of the Note Purchase Agreement Between the Federative Republic of Brazil and the International Monetary Fund

Core Content

This document outlines the Note Purchase Agreement between the Federative Republic of Brazil (Brazil) and the International Monetary Fund (IMF). The agreement details the terms and conditions under which Brazil will purchase promissory notes (Series A and B) from the IMF, with Banco Central do Brasil (BCB) acting as the agent for Brazil in the execution of the agreement.

The purpose of the agreement is to support the IMF's ability to provide balance of payments assistance, particularly to developing and emerging market countries affected by the global financial crisis. The notes are denominated in Special Drawing Rights (SDR) and are subject to a maximum issuance limit of USD 10 billion.

Main Points and Key Information

1. Purposes and Amounts

• Brazil agrees to purchase Notes from the IMF.
• Notes are issued in multiples of SDR 10 million.
• The total amount of Notes issued under this agreement shall not exceed USD 10 billion.
• All Notes issued under this agreement are Series A Notes.

2. Term of the Agreement

• The Availability Period lasts for two years starting from the date of the first Note issuance or January 21, 2010, whichever is earlier.
• The Fund must provide at least five business days' notice to BCB before issuing Notes.
• The Fund provides payment instructions at least two business days prior to the value date.
• Brazil may terminate the agreement if it participates in an enlarged and amended New Arrangements to Borrow (NAB) that becomes effective after the agreement date.

3. Use, Estimates, and Limits on Issuance of Notes

• Notes can be issued in connection with the General Resources Account or the payment of outstanding indebtedness under Article VII, Section 1(i) of the IMF's Articles of Agreement.
• The Fund may not issue Notes exceeding SDR 0.4 billion per calendar week.
• The Fund provides quarterly estimates of Note issuance to BCB.
• The principal amount of a Note is not restored upon payment.
• The cumulative issuance of Notes must not exceed USD 10 billion at any time.

4. Denomination and Price

• Notes are denominated in SDR.
• The purchase price is 100% of the principal amount of the Note.

5. Payments, Currency Exchanges, and SDR Valuation

• Payments are made by transfer of SDR equivalent amount of Brazilian Reais to the Fund's designated account.
• Currency exchanges are governed by the Fund's Articles of Agreement.
• SDR valuation is based on the exchange rate established on the second business day before the value date.
• If the exchange rate determination date is not a business day in Brasília, it is adjusted to the last preceding business day in Brasília.

6. Termination of Purchases

• Brazil's commitment to purchase Notes can be terminated if it represents that its balance of payments and reserve position does not justify further purchases.
• The Fund must give this representation the overwhelming benefit of any doubt before determining termination.

7. Transferability of Notes

• Brazil may not transfer any rights or obligations under this agreement without the Fund's consent.
• Transfers of Notes are allowed only to Eligible Holders or entities with written consent.
• Derivative transactions and participation transfers are prohibited.
• Upon transfer, the transferee assumes all obligations of the transferor, including the right to early repayment.

8. Settlement of Questions

• Any dispute or question arising under the agreement shall be resolved by mutual agreement between Brazil and the Fund.

9. Final Provisions

• The agreement can be executed in three counterparts, all of which are equal in force.
• The agreement becomes effective on the last signed date.

Annex I: General Terms and Conditions for IMF Series A and B Notes

Definitions

• Applicable Note Purchase Agreement refers to the agreement between the Fund and the original Eligible Purchaser.
• Eligible Purchaser includes IMF members and central banks or fiscal agencies of such members.
• Eligible Holder includes Eligible Purchasers, fiscal agencies, and prescribed SDR holders.
• Notes are issued in Series A or B; Series A Notes are eligible for early payment.
• Permitted Holder includes Eligible Holders and any official entity with written consent.

Series, Form, Delivery, and Custody

• Notes are issued in book entry form.
• The Fund maintains records of all issued Notes.
• Registered Notes are issued in Annex II or III, depending on the Series.
• The issue date is the value date of the purchase.
• Custody of registered Notes is managed by the Fund.

Maturity

• Notes have a maturity of three months from the issue date.
• The Fund may extend maturity by three months at its discretion.
• Early payment is allowed at the Fund's discretion, with conditions on the maturity date change for the remaining amount.

Interest Rate

• Interest is based on the SDR interest rate.
• If the Fund pays a higher interest rate on other comparable borrowings, the Notes will bear that rate.
• Interest is paid quarterly on July 31, October 31, January 31, and April 30.

Transferability

• Transfers are allowed only to Eligible Holders or with Fund's written consent.
• Transfers require surrender of registered Notes for cancellation and issuance of new Notes.

Payment Modalities

• Principal and interest can be paid in currency or SDRs.
• Payments are made via pre-specified accounts.
• SDR payments are credited to the SDR Department account.

Exchange Rate

• Payments are made at the exchange rate determined by the Fund on the second business day before the value date.
• If the exchange rate determination date is not a business day in Brasília, it is adjusted to the last preceding business day in Brasília.

Changes in SDR Valuation Method

• If the Fund changes the method of SDR valuation, all payments two or more business days after the change are made based on the new method.

Non-Subordination of Claims

• Claims from Notes are not subordinate to other borrowings under Article VII, Section 1(i) of the Fund's Articles of Agreement.

Settlement of Questions

• Any disputes under the Notes are settled by mutual agreement between the Permitted Holder and the Fund.

Annex II and III: Forms of Registered Series A and B Notes

• Notes are issued in book entry form.
• They include legends on transfer restrictions.
• Interest is paid quarterly and in SDRs or freely usable currency.
• Derivative transactions and participation transfers are prohibited.
• The registered holder must be an Eligible Holder or have written consent for transfers.