Offering and Sale of Debt Securities, Resale of Debt Securities. (a) Each Underwriter severally represents to and agrees with Brazil that it has not offered, sold or delivered and it will not offer, sell or deliver, directly or indirectly, any of Debt Securities or distribute or publish the Registration Statement, the Basic Prospectus or the Prospectus or any offering circular, form of application, advertisement or other document or information relating to the Debt Securities, in any jurisdiction (including any Member State of the European Economic Area that has implemented the Prospectus Directive) except in accordance with foreign offering and sale requirements set forth in the Prospectus and otherwise under circumstances that will, to the best of its knowledge and belief, result in compliance with all applicable laws and regulations thereof (including, without limitation, any prospectus delivery requirements) and which will not impose any obligations on Brazil except as contained in this Agreement.
