Common use of Fiscal Adjustment Clause in Contracts

Fiscal Adjustment. (i) The Borrower has achieved in 2007 a primary surplus of at least R$1,076 million in compliance with the PAF-2007-2009 as evidenced through Ofício No. 3195/2008/COREM/STN sent by STN to the Borrower on April, 11, 2008.

Fiscal Adjustment. (i) The Borrower has achieved in 2007 a primary surplus of at least R$1,076 million R$ 1.1 billion in compliance 2008 and of R$ 1.4 billion in 2009, evaluated in accordance with the methodologies included in the PAF-2007-2009 as evidenced through Ofício No. 3195/2008/COREM/STN official data included in letters sent by STN to the Borrower on April, 11, 2008for 2008 and by the Borrower to STN for 2009; all in form and substance satisfactory to the Bank which may include prior exchange of views between the Bank and STN.