Common use of AVAILABILITY OF THE CREDIT Clause in Contracts

AVAILABILITY OF THE CREDIT. 7.1. The funds shall be made available to the BENEFICIARY in installments and according to the requirements for the execution of the project, provided it respects the BNDES’ financial schedule, which is subject to the definition of funds, for its use, by Brazilian Monetary Council and to the availability of funds arising from the Credit Facility Agreement no. 91.2.149.6.1.013, which is referred to in subsection 2.1. above. 7.2. The amount of each installment of sub-credits “A” and “C” to be made available to the BENEFICIARY shall be calculated according to the criterion established by the law that defined the Long-term Income Tax (TJLP) to calculate the outstanding balances of the financing agreements entered into through the BNDES System up to November 30, 1994. 7.3. The funds shall be transferred by the FINANCIAL AGENTS to the BENEFICIARY, in the following proportions, pursuant to the Syndicate Agreement, which is part of this instrument: Banco Bradesco S.A. 80,852,380.00 21.83 Banco Itaú S.A. 80,852,380.00 21.83 Unibanco – Unão de Bancos Brasileiros S.A. 80,852,380.00 21.83 Banco Alfa de Investimentos S.A. 80,852,380.00 21.83 Banco BBA Creditanstalt S.A. 46,963,480.00 12.68 TOTAL: 370,373,000.00 100.00 7.4. The funds shall be transferred by the FINANCIAL AGENTS to the BENEFICIARY, on the third business day after the date of receipt of the funds of Sub-credits “A” and “C” and on the second business day after the date of receipt of the funds of Sub-credit “B”. 7.5. No release shall be made prior to the transfer by the BNDES to the FINANCIAL AGENTS of the amount corresponding to each of them, and no responsibility shall be borne by the FINANCIAL AGENTS should the BNDES halt the disbursements or carry them out only on a partial basis or subject them to conditions that were not provided for in this Agreement or, still, cancel, fully or partially, the credit granted to the FINANCIAL AGENTS, without these being responsible for this. 7.6. If, for any reason, the BNDES does not transfer to the FINANCIAL AGENTS the amount required for the loan, or should it halt any release of funds to be transferred to the BENEFICIARY, this AGREEMENT shall be fully or partially terminated, for all legal purposes and regardless of any judicial or extrajudicial notification. In that event, the BENEFICIARY shall have no right—to be demanded from the FINANCIAL AGENTS—, and, as a result, no claim to compensation or reimbursement of any emerging loss or loss of profits arising from the failure to grant the credits might be made. In addition, should any disbursement have been carried out, all obligations assumed up to then pursuant to this Agreement shall remain in force up to their full settlement.