Circular No. 2312 — Regulates the Establishment and Operation of Consortium Groups Referenced in Air Travel Tickets

CIRCULAR NO. 002312

REGULATES THE ESTABLISHMENT AND OPERATION OF CONSORTIUM GROUPS REFERENCED IN AIR TRAVEL TICKETS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION HELD ON 19.05.93, BASED ON LAW NO. 8.177, OF 01.03.91, DECIDED:

ART. 1. TO AUTHORIZE THE ESTABLISHMENT AND OPERATION OF CONSORTIUM GROUPS REFERENCED IN AIR TRAVEL TICKETS, AS DISCIPLINED IN THE ANNEXED REGULATION.

ART. 2. FOR THE ESTABLISHMENT AND ADMINISTRATION OF CONSORTIUM GROUPS REFERENCED IN AIR TRAVEL TICKETS, THE ADMINISTRATOR MUST REQUEST SPECIFIC AUTHORIZATION FROM THE CENTRAL BANK OF BRAZIL FOR THIS PURPOSE, OBSERVING ALSO THAT THE ADMINISTRATOR:

I - MUST BE WITHIN THE MINIMUM LIMITS OF REALIZED CAPITAL AND NET EQUITY ESTABLISHED IN THE CURRENT REGULATION;

II - MUST OBSERVE, FOR ITS OBLIGATIONS REPRESENTED BY THE SUM OF THE MONTHLY COLLECTION PRESCRIBED FOR THE ESTABLISHED GROUPS, A LIMIT OF 15 (FIFTEEN) TIMES THE VALUE OF THE RESPECTIVE NET EQUITY OR, IN THE CASE OF NON-PROFIT CIVIC ASSOCIATIONS, THE SUM OF THE RESPECTIVE SOCIAL EQUITY;

III - MUST NOT HAVE PENDING ISSUES:

A - OF DELIVERY OF GOODS, IN ACCORDANCE WITH THE CURRENT REGULATION;

B - OF REMITTANCE, TO THE CENTRAL BANK, OF FINANCIAL STATEMENTS AND DATA RELATING TO ITS OPERATIONS, IN ACCORDANCE WITH THE CURRENT REGULATION;

IV - MUST PRESENT ADJUSTED NET EQUITY (PLA) EQUAL TO OR GREATER THAN 12 (TWELVE) TIMES THE MINIMUM CAPITAL REQUIRED FOR A MOVABLE GOODS CONSORTIUM ADMINISTRATOR, A RELATIONSHIP THAT WILL BE VERIFIED IN THE DATA CONTAINED IN THE LAST SEMESTRAL BALANCE SHEET SENT TO THE CENTRAL BANK, FROM THE BALANCE SHEET TAKEN ON 31.12.92;

V - MUST HAVE AS ITS EXCLUSIVE SOCIAL OBJECT THE ADMINISTRATION OF CONSORTIUMS.

PARAGRAPH 1. ADMINISTRATORS ALREADY AUTHORIZED TO ADMINISTER CONSORTIUM GROUPS WHOSE EXCLUSIVE SOCIAL OBJECT IS NOT THE ADMINISTRATION OF CONSORTIUMS MAY BE AUTHORIZED AS PROVIDED IN THE PREVIOUS ARTICLE, OBSERVING THAT IF THE ADMINISTRATOR, ON 31.12.93, IS NOT WITHIN THE REQUIREMENT OF ITEM V OF THIS ARTICLE, THE EXISTING BALANCE OF UNSUBSCRIBED SHARES, EXCEPT THOSE OF WITHDRAWN AND EXCLUDED MEMBERS OF ONGOING GROUPS, WILL BE CANCELLED.

PARAGRAPH 2. THE PROVISIONS OF ITEMS I, IV, AND V OF THIS ARTICLE DO NOT APPLY TO NON-PROFIT CIVIC ASSOCIATIONS THAT ADMINISTER OR COME TO ADMINISTER CONSORTIUM GROUPS.

PARAGRAPH 3. THE PROCESSES RELATING TO THE REQUEST OF THIS ARTICLE MUST BE:

A - ACCOMPANIED BY A REQUEST CONTAINING:

1. NAME(S) AND COMPLETE ADDRESS(ES) OF THE REQUESTER(S);

2. REGISTRATION NUMBER WITH THE CGC/MF;

3. COPY OF THE DRAFT SPECIFIC ADHESION CONTRACT FOR GROUPS REFERENCED IN AIR TRAVEL TICKETS;

4. COPY OF THE DRAFT BREAKAGE OF GUARANTEE INSURANCE CONTRACT;

5. FULL NAME(S) OF THE SIGNATORY(IES);

B - SENT TO THE CENTRAL BANK OF BRAZIL/REGIONAL DELEGACY THAT HAS JURISDICTION OVER THE ADMINISTRATOR'S HEADQUARTERS.

ART. 3. THE CENTRAL BANK OF BRAZIL MAY DETERMINE THE IMPEDIMENT OF THE ADMINISTRATOR TO ESTABLISH CONSORTIUM GROUPS REFERENCED IN AIR TRAVEL TICKETS WHenever IRREGULARITIES AGAINST THE ADMINISTRATOR OR ITS ADMINISTRATORS ARE FOUND, CHARACTERIZED BY NON-OBSERVANCE OF THE LEGISLATION AND CURRENT REGULATORY NORMS, OR PENDING ISSUES WITH CONSUMER PROTECTION AGENCIES ARE CONFIRMED.

ART. 4. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), MAY 26, 1993

CLÁUDIO NESS MAUCH
DIRECTOR

ANNEXED REGULATION

CHAPTER I

OF THE OBJECT OF THE GROUP, MODALITIES, AND SPECIFICATION

SECTION I

OF THE OBJECT OF THE GROUP

ART. 1. DOMESTIC AND/OR INTERNATIONAL AIR TRAVEL TICKETS MAY BE THE OBJECT OF A CONSORTIUM GROUP COVERED BY THIS REGULATION.

SECTION II

OF THE MODALITIES

ART. 2. THE ESTABLISHMENT OF A CONSORTIUM GROUP REFERENCED IN AN AIR TRAVEL TICKET WITH INSTALLMENTS AND CREDIT LINKED IS ADMITTED:

I - TO THE PRICE OF THE AIR TRAVEL TICKET SPECIFIED IN THE ADHESION CONTRACT;

II - TO A PRICE INDEX.

ART. 3. FOR THE ESTABLISHMENT OF A CONSORTIUM GROUP LINKED TO A PRICE INDEX, THE PRICE INDEX THAT WILL MONTHLY ADJUST THE INSTALLMENTS AND CREDIT DUE TO THE CONSORTIUM MEMBER MUST BE DEFINED IN THE ADHESION CONTRACT, AS WELL AS A SUBSTITUTE INDEX IN CASE OF ITS EXTINCTION OR FAILURE TO BE DISCLOSED IN A TIMELY MANNER.

PARAGRAPH 1. THE PRICE INDEX REFERRED TO IN THE "CAPUT" MUST HAVE A REGULARLY CALCULATED SERIES AND BE OF PUBLIC KNOWLEDGE, AND THE EXCHANGE OF INDEX DURING THE VALIDITY OF THE CONTRACT IS PROHIBITED, EXCEPT IN THE CASE OF ITS EXTINCTION.

PARAGRAPH 2. THE USE OF THE REFERENCE RATE (TR) AND INDICES OR INDICATORS OBTAINED FROM INTEREST RATES IS PROHIBITED.

SECTION III

OF THE SPECIFICATION

ART. 4. THE AIR TRAVEL TICKET, OBJECT OF THE GROUP, MUST BE SPECIFIED IN THE ADHESION CONTRACT, BY TRAVEL SEGMENT(S) AND AIR TRANSPORT COMPANY.

PARAGRAPH 1. IN THE CONSORTIUM GROUP LINKED TO THE PRICE OF AN AIR TRAVEL TICKET, THE CONSORTIUM MEMBER WILL BE CONTEMPLATED WITH CREDIT OF VALUE EQUIVALENT TO THAT OF THE PRICE OF THE SERVICE OBJECT OF THE GROUP REFERENCED IN THE ADHESION CONTRACT, VALID ON THE DATE OF CONTEMPLATION, WITHOUT PREJUDICE OF THE PROVISION IN PARAGRAPH 2 OF ART. 14 OF THIS REGULATION.

PARAGRAPH 2. IN THE CONSORTIUM GROUP LINKED TO A PRICE INDEX:

A - THE SPECIFICATION IS EXCLUSIVELY FOR THE PRICE OF THE SERVICE OBJECT OF THE GROUP, VALID ON THE DATE OF ITS ESTABLISHMENT, TO SERVE AS THE CALCULATION BASE FOR THE 1st (FIRST) INSTALLMENT;

B - THERE IS NO GUARANTEE OF CREDIT IN VALUE SUFFICIENT FOR THE ACQUISITION OF THE SERVICE SPECIFIED IN THE CONTRACT, ON THE DATE OF CONTEMPLATION.

CHAPTER II

OF THE ESTABLISHMENT OF A GROUP AND DURATION PERIOD

SECTION I

OF THE ESTABLISHMENT OF A GROUP

ART. 5. THE GROUP WILL BE CONSIDERED ESTABLISHED ON THE DATE OF THE FIRST ORDINARY GENERAL ASSEMBLY CONVOKED BY THE ADMINISTRATOR, OBSERVING THAT THE CONVOCATION MAY ONLY BE MADE AFTER THE ADHESION OF, AT LEAST, 70% (SEVENTY PERCENT) OF THE PARTICIPANTS PRESCRIBED FOR THE GROUP.

PARAGRAPH 1. THE ESTABLISHMENT OF A NEW GROUP REFERENCED IN AIR TRAVEL TICKETS IS PROHIBITED WHILE 90% (NINETY PERCENT), AT LEAST, OF THE SHARES OF AN ESTABLISHED GROUP IN ACCORDANCE WITH THE "CAPUT" ARE NOT SUBSCRIBED.

PARAGRAPH 2. THE PROHIBITION OF THE PREVIOUS PARAGRAPH DOES NOT APPLY TO GROUPS THAT OBSERVE A MINIMUM DIFFERENTIAL OF 6 (SIX) MONTHS IN DURATION PERIODS.

PARAGRAPH 3. THE ESTABLISHMENT OF CONSORTIUM GROUPS REFERENCED IN UP TO 4 (FOUR) TYPES OF SERVICE COVERED BY THIS REGULATION OF DIFFERENTIATED PRICES IS PERMITTED, PROVIDED THAT THE VALUE OF THE SERVICE THAT CONSTITUTES THE PRICE CATEGORY IS NOT LESS THAN 50% (FIFTY PERCENT) OF THE PRICE OF THE SERVICE THAT INTEGRATES THE HIGHER VALUE CATEGORY, ON THE DATE OF ESTABLISHMENT OF THE GROUPS.

PARAGRAPH 4. AFTER ESTABLISHED, EACH GROUP WILL HAVE ITS OWN IDENTIFICATION AND WILL BE AUTONOMOUS RELATIVE TO THE OTHERS FORMED BY THE ADMINISTRATOR.

ART. 6. AT THE TIME OF ADHESION TO THE GROUP, THE CONSORTIUM MEMBER MUST BE REQUIRED TO PROVIDE PROOF OF ECONOMIC-FINANCIAL SITUATION COMPATIBLE WITH THEIR PARTICIPATION IN THE PLAN, WITHOUT PREJUDICE OF THE PRESENTATION OF DOCUMENTS RELATING TO GUARANTEES FOR THE PAYMENT OF THE SERVICE, AT THE TIME OF CONTEMPLATION.

ART. 7. THE MAXIMUM NUMBER OF PARTICIPANTS IN EACH GROUP, ON THE DATE OF ESTABLISHMENT, WILL BE THE RESULT OF MULTIPLYING THE NUMBER OF MONTHS FIXED FOR ITS DURATION BY THE QUANTITY OF CREDITS PRESCRIBED FOR MONTHLY CONTEMPLATION.

SINGLE PARAGRAPH. IN THE EVENT OF WITHDRAWAL OR EXCLUSION OF CONSORTIUM MEMBERS, THE GROUP MAY CONTINUE TO OPERATE WITH ANY NUMBER OF PARTICIPANTS, WITHOUT PREJUDICE OF THE PROVISION IN ITEM IV OF ART. 49 OF THIS REGULATION.

ART. 8. THE FORMATION OF NATIONAL SCOPE CONSORTIUM GROUPS IS CONDITIONED ON THE ADMINISTRATOR'S CAPACITY TO HOLD GENERAL ASSEMBLIES, EVEN BY NON-CONVENTIONAL MEANS, THAT ALLOW EFFECTIVE PARTICIPATION OF ITS MEMBERS.

SINGLE PARAGRAPH. A NATIONAL SCOPE CONSORTIUM GROUP IS CONSIDERED ONE WHOSE PARTICIPANTS ARE DOMICILED IN DIFFERENT MUNICIPALITIES.

ART. 9. THE ADMINISTRATOR, ITS PARTNERS, MANAGERS, DIRECTORS, AND REPRESENTATIVES WITH MANAGEMENT FUNCTIONS MAY PARTICIPATE IN CONSORTIUM GROUPS ADMINISTERED BY IT, PROVIDED THAT:

I - THEY DO NOT COMPETE IN THE DISTRIBUTION SYSTEM;

II - THE SERVICE CORRESPONDING TO THEIR PARTICIPATION IS ATTRIBUTED TO THEM AFTER THE CONTEMPLATION OF ALL OTHER CONSORTIUM MEMBERS OF THE GROUP.

SINGLE PARAGRAPH. THE PROVISION IN THIS ARTICLE APPLIES TO THE COMPANY LINKED TO THE ADMINISTRATOR THAT PARTICIPATES IN CONSORTIUM GROUPS ADMINISTERED BY IT.

SECTION II

OF THE DURATION PERIOD OF GROUPS

ART. 10. THE CONSORTIUM GROUP REFERENCED IN AN AIR TRAVEL TICKET WILL HAVE A MAXIMUM DURATION PERIOD OF 36 (THIRTY-SIX) MONTHS.

CHAPTER III

OF CONTEMPLATION

ART. 11. CONTEMPLATION IS THE ATTRIBUTION TO THE CONSORTIUM MEMBER OF THE RIGHT TO USE THE CREDIT THAT WILL BE AT THEIR DISPOSAL FOR THE PAYMENT OF THE SERVICE, OBSERVING THE PROVISION IN CHAPTER IV OF THIS REGULATION.

PARAGRAPH 1. CONTEMPLATION WILL BE MADE EXCLUSIVELY THROUGH DRAWS AND BIDS.

PARAGRAPH 2. FOR THE PURPOSE OF CONTEMPLATION, THE DATES OF THE ORDINARY GENERAL ASSEMBLIES WILL ALWAYS BE CONSIDERED.

PARAGRAPH 3. THE ADMINISTRATOR MUST NOTIFY THE ABSENT CONTEMPLATED CONSORTIUM MEMBER OF THEIR CONTEMPLATION, VIA LETTER, WITH ACKNOWLEDGMENT OF RECEIPT (AR), OR NOTIFICATORY TELEGRAM, THE DISPATCH OF WHICH MUST BE MADE ON THE 1st (FIRST) BUSINESS DAY AFTER THE HOLDING OF THE CONTEMPLATION ASSEMBLY.

ART. 12. CONTEMPLATION IS CONDITIONED ON THE EXISTENCE OF SUFFICIENT RESOURCES IN THE COMMON FUND, FOR THE DISTRIBUTION OF, AT LEAST, 1 (ONE) CREDIT FOR THE PAYMENT OF THE SERVICE, OBSERVING THAT:

I - IF THERE ARE COMPATIBLE RESOURCES IN THE COMMON FUND, AS MANY DRAWS AS THE RESOURCES OF THIS FUND ARE SUFFICIENT MUST BE CARRIED OUT;

II - IF THE RESOURCES OF THE COMMON FUND ARE NOT SUFFICIENT FOR THE DISTRIBUTION OF CREDIT BY DRAW, CREDITS MAY BE DISTRIBUTED BY BID.

SINGLE PARAGRAPH. THE ADMINISTRATOR THAT FAILS TO COMPLY WITH THE PROVISION IN THIS ARTICLE WILL BE HELD RESPONSIBLE FOR THE DAMAGES CAUSED TO THE CONTEMPLATED CONSORTIUM MEMBER.

ART. 13. BIDS, WHICH WILL ALWAYS BE MADE IN CASH, MUST BE OFFERED:

I - IN PERCENTAGES OF THE PRICE, VALID ON THE DATE OF THE ASSEMBLY, OF THE SERVICE REFERENCED IN THE ADHESION CONTRACT COVERED BY ART. 4 OF THIS REGULATION, IN CONSORTIUM GROUPS LINKED TO THE PRICE OF THE SERVICE;

II - IN MULTIPLES OF THE VALUE OF THE MONTHLY INSTALLMENT VALID ON THE DATE OF THE ASSEMBLY IN WHICH OFFERED, IN CONSORTIUM GROUPS LINKED TO A PRICE INDEX.

PARAGRAPH 1. THE VALUE OF THE BID CANNOT BE:

A - LESS THAN 10% (TEN PERCENT) OF THE CONSORTIUM MEMBER'S DEBT BALANCE;

B - GREATER THAN THE NUMBER OF FUTURE INSTALLMENTS, EXCLUDING THOSE COVERED BY ITEMS II AND III OF ART. 60 OF THIS REGULATION.

PARAGRAPH 2. THE WINNING BID WILL BE CONSIDERED THE ONE THAT, REPRESENTING THE HIGHEST PERCENTAGE OF THE PRICE OF THE SERVICE OR THE HIGHEST NUMBER OF INSTALLMENTS, ACCORDING TO THE CONSORTIUM MODALITY, ADDED TO THE CASH BALANCE, IS SUFFICIENT FOR THE CONTEMPLATION OF CREDIT FOR THE PAYMENT OF THE SERVICE.

PARAGRAPH 3. THE CRITERION FOR BREAKING TIES IN BIDS MUST BE DEFINED IN THE ADHESION CONTRACT.

PARAGRAPH 4. THE BIDS, IF WINNING, WILL BE CONSIDERED ADVANCE PAYMENTS OF FUTURE INSTALLMENTS, AS ESTABLISHED IN SECTION II OF CHAPTER VII OF THIS REGULATION, AND THE LOSERS WILL BE REFUNDED AT THE ACT.

ART. 14. THE ADMINISTRATOR MUST MAKE AVAILABLE TO THE CONTEMPLATED CONSORTIUM MEMBER THE RESPECTIVE CREDIT, VALID ON THE DATE OF THE HOLDING OF THE CONTEMPLATION ASSEMBLY:

I - BY THE 1st (FIRST) BUSINESS DAY FOLLOWING THE DATE OF THE ASSEMBLY, IN CONTEMPLATION BY DRAW;

II - BY the 3rd (THIRD) BUSINESS DAY FOLLOWING THE DATE OF THE ASSEMBLY, IN CONTEMPLATION BY BID.

PARAGRAPH 1. THE RESOURCES RELATING TO THE CREDIT COVERED BY THIS ARTICLE MUST REMAIN DEPOSITED IN A LINKED ACCOUNT, APPLIED IN THE MANNER PRESCRIBED BY DECREE-LAW NO. 1.290, OF 03.12.73.

PARAGRAPH 2. IN THE CONSORTIUM GROUP LINKED TO THE PRICE OF THE SERVICE, THE GENERAL CONSTITUTION ASSEMBLY MAY DETERMINE A PERIOD, UP TO 10 (TEN) BUSINESS DAYS, DURING WHICH THE GROUP WILL BE RESPONSIBLE FOR THE VARIATION IN THE PRICE OF THE SERVICE REFERENCED IN THE CONTRACT THAT OCCURS SINCE THE DATE OF THE HOLDING OF THE CONTEMPLATION ASSEMBLY.

PARAGRAPH 3. IF THE CONSTITUTION ASSEMBLY DECIDES ON THE DETERMINATION OF A PERIOD FOR THE PURPOSES OF THE PREVIOUS PARAGRAPH, THE SAME ASSEMBLY MUST PROVIDE FOR THE PROCEDURES TO BE ADOPTED, IF THE SERVICE REFERENCED IN THE CONTRACT COMES TO UNDERGO A PRICE ADJUSTMENT IN THE PERIOD COVERED AND THE GROUP DOES NOT HAVE SUFFICIENT RESOURCES IN THE COMMON FUND FOR ITS ACQUISITION, UNTIL THE DIFFERENCE IS PAID BY THE RESPECTIVE MEMBERS OF THE GROUP.

PARAGRAPH 4. THE CONSORTIUM MEMBER WILL HAVE AT THEIR DISPOSAL FOR THE ACQUISITION OF THE SERVICE:

A - IF A PARTICIPANT IN A GROUP THAT HAS NOT OPTED FOR THE PROVISION IN PARAGRAPH 2 OF THIS ARTICLE, THE VALUE OF THE CREDIT COVERED BY THE "CAPUT" OF THIS ARTICLE INCREASED, UP TO THE DATE PRIOR TO ITS EFFECTIVE USE, OF THE NET YIELDS DERIVING FROM THEIR FINANCIAL APPLICATION, IN THE MANNER OF PARAGRAPH 1 OF THIS ARTICLE;

B - IF A PARTICIPANT IN A GROUP THAT HAS OPTED FOR THE PROVISION IN PARAGRAPH 2 OF THIS ARTICLE:

1. IF THE SERVICE IS ACQUIRED DURING THE PERIOD IN WHICH THE GROUP ASSUMED RESPONSIBILITY FOR ITS PRICE, THE VALUE OF THE SERVICE REFERENCED IN THE CONTRACT VALID ON THE DAY OF ITS ACQUISITION, OBSERVING THAT THE NET FINANCIAL YIELDS OBTAINED IN THE SAID PERIOD ARE REVERTED IN FAVOR OF THE GROUP;

2. IF THE SERVICE IS NOT ACQUIRED DURING THE PERIOD IN WHICH THE GROUP ASSUMED RESPONSIBILITY FOR ITS PRICE, THE VALUE CORRESPONDING TO THE PRICE OF THE SERVICE REFERENCED IN THE CONTRACT VALID ON THE LAST DAY OF THE PERIOD DURING WHICH THE GROUP ASSUMED RESPONSIBILITY FOR ITS PRICE, INCREASED BY THE NET FINANCIAL YIELDS OBTAINED FROM THE BUSINESS DAY IMMEDIATELY FOLLOWING THE MATURITY OF THE SAID PERIOD UNTIL THE BUSINESS DAY IMMEDIATELY PRIOR TO ITS EFFECTIVE USE.

ART. 15. CONTEMPLATION MAY ONLY BE CANCELLED, WITH THE RETURN OF THE CREDIT AND THE RESPECTIVE FINANCIAL YIELDS TO THE COMMON FUND, WHEN THE CONTEMPLATED CONSORTIUM MEMBER:

I - FAILS TO PRESENT THE GUARANTEES REQUIRED WITHIN 10 (TEN) BUSINESS DAYS COUNTED FROM NOTIFICATION OF CONTEMPLATION;

II - FAILS TO USE THE CREDIT AT THEIR DISPOSAL, DELAYING THE PAYMENT OF TWO MONTHLY INSTALLMENTS, CONSECUTIVE OR NOT.

PARAGRAPH 1. IN THE EVENT OF CANCELLATION OF CONTEMPLATION, IF THE VALUE THAT RETURNS TO THE COMMON FUND -- INCLUDING THE YIELDS DERIVING FROM THE FINANCIAL APPLICATION OF THE RESOURCES BETWEEN THE DATE ON WHICH THE CREDIT WAS MADE AVAILABLE TO THE CONTEMPLATED CONSORTIUM MEMBER AND THE DATE OF THE HOLDING OF THE ORDINARY GENERAL ASSEMBLY IMMEDIATELY FOLLOWING THE DATE OF CANCELLATION OF CONTEMPLATION -- IS LESS THAN THAT OF THE CREDIT DUE ON THE DATE OF THE SAID ASSEMBLY, THE CORRESPONDING DIFFERENCE WILL BE ADDED TO THE VALUE OF the 1st (FIRST) SUBSEQUENT INSTALLMENT OF THE CONSORTIUM MEMBER WHOSE CONTEMPLATION WAS CANCELLED.

PARAGRAPH 2. IN CASES OF CANCELLATION OF CONTEMPLATION BY BID, THE SAME MUST BE RETURNED, INCREASED BY THE YIELDS OF THE RESPECTIVE FINANCIAL APPLICATION.

PARAGRAPH 3. IN THE EVENT OF THE PROVISION IN THIS ARTICLE, THE ADMINISTRATOR MUST DISTRIBUTE ANOTHER CREDIT, BY DRAW, IN THE ORDINARY GENERAL ASSEMBLY IMMEDIATELY FOLLOWING THE DATE OF CANCELLATION, IF THERE ARE SUFFICIENT RESOURCES.

CHAPTER IV

OF THE ACQUISITION OF THE SERVICE, PAYMENT OF THE SERVICE, AND GUARANTEES

SECTION I

OF THE ACQUISITION OF THE SERVICE

ART. 16. THE CONTEMPLATED CONSORTIUM MEMBER MAY ACQUIRE WITH THE RESPECTIVE CREDIT, CORRECTED IN THE MANNER PRESCRIBED IN THIS REGULATION:

I - THE AIR TRAVEL TICKET REFERENCED IN THE CONTRACT OR ANY OTHER AIR TRAVEL TICKET;

II - CREDIT WITH AIR TRANSPORT COMPANIES FOR THE PURCHASE OF AIR TRAVEL TICKETS.

SINGLE PARAGRAPH. AIR TRAVEL TICKETS MAY ONLY BE ACQUIRED FROM AIR TRANSPORT COMPANIES OR TRAVEL AGENCIES AND TRAVEL AND TOURISM AGENCIES HOLDING A CLASSIFICATION CERTIFICATE ISSUED BY THE BRAZILIAN INSTITUTE OF TOURISM - EMBRATUR, OBSERVING THE PROVISION IN ART. 1 OF THIS REGULATION.

ART. 17. IF THE AIR TRAVEL TICKET IS ACQUIRED AT A PRICE:

I - GREATER THAN THE CREDIT, AS DEFINED IN ART. 14 OF THIS REGULATION, THE CONTEMPLATED CONSORTIUM MEMBER WILL BE RESPONSIBLE FOR THE PRICE DIFFERENCE THAT EXISTS;

II - LESS THAN THE CREDIT, AS DEFINED IN THE SAID ART. 14 OF THIS REGULATION, THE DIFFERENCE, AT THE OPTION OF THE CONSORTIUM MEMBER, MUST BE USED:

A - IN THE ACQUISITION OF A SERVICE SIMILAR TO THAT REFERENCED IN THE CONTRACT;

B - TO PAY THE FUTURE INSTALLMENTS IN REVERSE ORDER, STARTING FROM THE LAST;

C - IN THE ACQUISITION OF CREDIT WITH AIR TRANSPORT COMPANIES FOR THE PURCHASE OF AIR TRAVEL TICKETS.

ART. 18. FOR THE PAYMENT OF THE SERVICE:

I - THE CONSORTIUM MEMBER:

A - WILL HAVE CREDIT AS DEFINED IN ART. 14 OF THIS REGULATION;

B - MUST PRESENT THE DOCUMENTS RELATING TO THE GUARANTEES REQUIRED, AS AGREED IN THE ADHESION CONTRACT, OBSERVING THE PROVISIONS OF SECTION II OF THIS CHAPTER;

II - THE ADMINISTRATOR MUST RULE ON THE DOCUMENTS COVERED BY THE PREVIOUS ITEM PRESENTED BY THE CONTEMPLATED CONSORTIUM MEMBER WITHIN A MAXIMUM PERIOD OF 03 (THREE) BUSINESS DAYS COUNTED FROM THE DATE OF ITS PRESENTATION;

III - AFTER MEETING THE REQUIREMENTS COVERED BY ITEMS I, ALINIA "B", AND II OF THIS ARTICLE, THE CONTEMPLATED CONSORTIUM MEMBER WILL FORMALIZE A REQUEST TO THE ADMINISTRATOR FOR AUTHORIZATION TO FORMALIZE A SERVICE PROVISION CONTRACT WITH AN AIR TRANSPORT COMPANY, TRAVEL AGENCY, OR TRAVEL AND TOURISM AGENCY, WITH WHOM THE SERVICE PROVISION CONTRACT WILL BE SIGNED, INFORMING IN THE REQUEST THE DESCRIPTION OF THE SERVICE TO BE ACQUIRED, THE RESPECTIVE PRICE, AND THE INDICATION OF THE SERVICE PROVIDING COMPANY, OBSERVING THE PROVISION IN THE SINGLE PARAGRAPH OF ART. 16 OF THIS REGULATION. IN THE CASE OF ACQUISITION OF CREDIT WITH AN AIR TRANSPORT COMPANY, AS PRESCRIBED IN ITEM II OF ART. 16 AND ALINIA "C" OF ITEM II OF ART. 17 OF THIS REGULATION, THE VALUE OF THE CREDIT AND THE AIR TRANSPORT COMPANY MUST BE INFORMED;

IV - THE ADMINISTRATOR MUST:

A - DELIVER TO THE CONSORTIUM MEMBER THE AUTHORIZATION TO FORMALIZE THE SERVICE PROVISION CONTRACT ON THE FIRST BUSINESS DAY SUBSEQUENT TO ITS FORMAL REQUEST, MAKING IT CONTAIN:

1. THE DESCRIPTION OF THE SERVICE, WITH RESPECTIVE PRICE, OR THE AMOUNT OF CREDIT FOR ACQUISITION OF AN AIR TRAVEL TICKET, AND THE INDICATION OF THE SERVICE PROVIDING COMPANY, OBSERVING THE PROVISION IN THE PREVIOUS ITEM OF THIS REGULATION, AS INFORMED BY THE CONSORTIUM MEMBER;

2. THE VALUE OF THE CREDIT, IF THE PRICE OF THE SERVICE TO BE PROVIDED IS EQUAL TO OR GREATER THAN THIS VALUE, OR THE VALUE CORRESPONDING TO ITS PRICE, IF THE INFORMATION PROVIDED BY THE CONSORTIUM MEMBER IS LESS THAN THE VALUE OF THE CREDIT;

3. THE INFORMATION THAT PAYMENT WILL BE EFFECTED ON THE FIRST BUSINESS DAY SUBSEQUENT TO THE PRESENTATION OF THE SERVICE PROVISION CONTRACT, SIGNED BY THE CONTEMPLATED CONSORTIUM MEMBER AND A PERSON WITH MANAGEMENT POWER IN THE CONTRACTED COMPANY;

B - EFFECT PAYMENT TO THE AIR TRANSPORT COMPANY, TRAVEL AGENCY, OR TRAVEL AND TOURISM AGENCY ON THE FIRST BUSINESS DAY SUBSEQUENT TO THE PRESENTATION OF THE SERVICE PROVISION CONTRACT, WITH THE SIGNATURES DULY RECOGNIZED.

PARAGRAPH 1. THE ADMINISTRATOR MAY ONLY EFFECT PAYMENT IF THE SERVICE PROVISION CONTRACT WAS MADE THROUGH ITS FORMAL AUTHORIZATION.

PARAGRAPH 2. THE ADMINISTRATOR THAT FAILS TO RULE WITHIN THE PERIOD PRESCRIBED IN ITEM II OF THIS ARTICLE WILL BE RESPONSIBLE FOR THE PRICE DIFFERENTIAL THAT OCCURS SUBSEQUENT TO THE PRESENTATION OF THE DOCUMENTS REQUIRED FROM THE CONTEMPLATED CONSORTIUM MEMBER.

PARAGRAPH 3. THE CONSORTIUM MEMBER MUST USE THE CREDIT, UPDATED IN THE MANNER ESTABLISHED IN ARTICLE 14 OF THIS REGULATION, BY THE 10TH (TENTH) BUSINESS DAY AFTER THE DATE OF THE LAST CONTEMPLATION ASSEMBLY OF THE GROUP.

PARAGRAPH 4. IF THE CREDIT IS NOT USED WITHIN THE PERIOD ESTABLISHED IN THE PREVIOUS PARAGRAPH, THE ADMINISTRATOR SHALL ACQUIRE, BY THE 3RD (THIRD) BUSINESS DAY FOLLOWING THE EXPIRATION OF THE PERIOD, FOR THE CONTEMPLATED CONSORTIUM MEMBER, THE SERVICE REFERRED TO IN THE CONTRACT OR, IF RESOURCES ARE INSUFFICIENT, A SIMILAR SERVICE.

ART. 19. THE AUTHORIZATION TO FORMALIZE THE SERVICE PROVISION CONTRACT MAY BE ISSUED IN FAVOR OF THIRD PARTIES, UPON WRITTEN REQUEST BY THE CONTEMPLATED MEMBER, WITH PRIOR CONSENT OF THE ADMINISTRATOR AND TRANSFER OF THE ADHERENCE CONTRACT.

SINGLE PARAGRAPH. IF CONSENT IS NOT GIVEN, THE ADMINISTRATOR MUST, WITHIN A MAXIMUM PERIOD OF 3 (THREE) DAYS, DELIVER TO THE REQUESTING CONSORTIUM MEMBER A WRITTEN JUSTIFICATION OF ITS DECISION.

ART. 20. THE RELEASE OF THE CREDIT IS DEPENDENT ON THE CONTEMPLATED CONSORTIUM MEMBER MAKING PAYMENT OF ANY LATE OBLIGATIONS AFTER CONTEMPLATION.

SECTION II

OF GUARANTEES

ART. 21. THE ADMINISTRATOR MAY DEMAND GUARANTEES FROM THE CONTEMPLATED CONSORTIUM MEMBER FOR PAYMENT OF FUTURE INSTALLMENTS, PROVIDED THEY ARE PROPORTIONAL TO THE DEBTS AND EXPRESSLY PROVIDED FOR IN THE ADHERENCE CONTRACT, UNLESS THE CONSORTIUM MEMBER PRESENTS A BANK GUARANTEE.

CHAPTER V

OF PAYMENTS DUE BY THE CONSORTIUM MEMBER

SECTION I

OF THE MONTHLY INSTALLMENT

ART. 22. CONSORTIUM MEMBERS ARE OBLIGATED TO PAY, MONTHLY, AN INSTALLMENT WHOSE VALUE WILL BE THE SUM OF THE AMOUNTS REFERRING TO THE COMMON FUND, ADMINISTRATIVE FEE, AND INSURANCE PREMIUMS, OBSERVING THAT:

I - THE AMOUNT DESTINED TO THE FORMATION OF THE GROUP'S COMMON FUND, REGULATED IN THE MANNER OF SECTION I OF CHAPTER VI OF THIS REGULATION, WILL BE CALCULATED OBSERVING THE FOLLOWING:

A - IN THE CONSORTIUM GROUP LINKED TO THE SERVICE PRICE:

1. A PERCENTAGE WILL BE DEFINED, DIVIDING 100% (ONE HUNDRED PERCENT) BY THE TOTAL NUMBER OF MONTHS FIXED FOR THE DURATION OF THE GROUP;

2. THE VALUE OF THE MONTHLY CONTRIBUTION, DUE TO THE COMMON FUND, WILL BE THE RESULT OF THE APPLICATION OF THE PERCENTAGE REFERRED TO IN THE PREVIOUS SUBSECTION ON THE SERVICE PRICE REFERENCED IN THE CONTRACT IN FORCE ON THE DATE OF THE CONTEMPLATION ASSEMBLY;

B - IN THE CONSORTIUM GROUP LINKED TO A PRICE INDEX:

1. IN THE 1st (FIRST) INSTALLMENT, DIVIDING THE AMOUNT REFERRING TO THE SERVICE PRICE REFERENCED IN THE ADHERENCE CONTRACT, IN FORCE ON THE DATE OF THE GROUP'S CONSTITUTION, BY THE NUMBER OF MONTHS PRESCRIBED FOR THE DURATION OF THE GROUP;

2. IN SUBSEQUENT INSTALLMENTS, APPLYING THE VARIATION OF THE PRICE INDEX PROVIDED FOR IN THE ADHERENCE CONTRACT OCCURRING IN THE IMMEDIATELY PREVIOUS MONTH, ON THE VALUE OF THE MONTHLY CONTRIBUTION DUE TO THE COMMON FUND;

II - THE PORTION RELATING TO THE ADMINISTRATOR'S REMUNERATION, WHICH COMPOSES THE MONTHLY INSTALLMENT, REGULATED IN THE MANNER of Section II of Chapter VI of this Regulation, shall be calculated by applying the percentage fixed in the Adherence Contract regarding the Administrative Fee, on the value of the monthly contribution due to the Common Fund;

III - THE PORTION RELATING TO THE GUARANTEE BREAK INSURANCE PREMIUM, WHICH COMPOSES THE MONTHLY INSTALLMENT, REGULATED IN THE MANNER OF SECTION III OF CHAPTER VI OF THIS REGULATION, WILL BE CALCULATED BY APPLYING THE PERCENTAGE FIXED IN THE ADHERENCE CONTRACT, NOT EXCEEDING 5% (FIVE PERCENT), ON THE VALUE OF THE MONTHLY CONTRIBUTION DUE TO THE COMMON FUND;

IV - THE PORTION RELATING TO THE GROUP LIFE INSURANCE PREMIUM FOR PAYMENT OF FUTURE INSTALLMENTS, REGULATED IN THE MANNER OF SECTION III OF CHAPTER VI OF THIS REGULATION.

SECTION II

OF OTHER PAYMENTS

ART. 23. THE CONSORTIUM MEMBER WILL ALSO BE SUBJECT TO PAYMENT:

I - OF INSTALLMENT DIFFERENCES, OBSERVING THE REGULATION OF SECTION IV OF CHAPTER VII OF THIS REGULATION;

II - OF EXPENSES, DULY PROVEN BY THE ADMINISTRATOR, REFERRING TO THE REGISTRATION OF GUARANTEES PROVIDED;

III - OF INTEREST UP TO 1% (ONE PERCENT) PER MONTH AND LATE PENALTY UP TO 10% (TEN PERCENT) CALCULATED ON THE UPDATED VALUE OF LATE MONTHLY INSTALLMENTS, IN THE MANNER PROVIDED IN ART. 34 OF THIS REGULATION;

IV - OF JUDICIAL COLLECTION EXPENSES, IN THE TERMS OF THE JUDGMENT;

V - OF VALUE CORRESPONDING TO THE ADHERENCE FEE TO THE CONSORTIUM GROUP, OBSERVING THE PROVISION OF ART. 29 OF THIS REGULATION;

VI - OF VALUE CORRESPONDING TO THE UPDATE OF THE CREDIT REFERRED TO IN PARAGRAPH 2 OF ART. 14 OF THIS REGULATION, WHEN APPLICABLE;

VII - OF EXPENSES ARISING FROM THE REGISTRATION OF CONTRACT ASSIGNMENT, DULY PROVEN BY THE ADMINISTRATOR.

ART. 24. THE CHARGING OF ANY OTHER VALUES NOT FORESEEN IN THIS CHAPTER IS PROHIBITED.

CHAPTER VI

OF THE COMMON FUND, THE ADMINISTRATOR'S REMUNERATION AND THE GUARANTEE BREAK AND GROUP LIFE INSURANCES

SECTION I

OF THE COMMON FUND

ART. 25. THE COMMON FUND WILL BE CONSTITUTED BY THE RESOURCES:

I - FORESEEN IN ITEM I OF ART. 22 OF THIS REGULATION;

II - DERIVING FROM FINANCIAL YIELD ON THE RESOURCES OF THE FUND ITSELF;

III - DERIVING FROM INTEREST AND PENALTIES, IN THE MANNER OF ART. 40 OF THIS REGULATION;

IV - DERIVING FROM PAYMENT, MADE BY A CONSORTIUM MEMBER ADMITTED TO THE GROUP IN THE QUOTA OF A WITHDRAWN OR EXCLUDED PARTICIPANT, OF THE CONTRIBUTIONS RELATING TO THE COMMON FUND, PREVIOUSLY PAID;

V - DERIVING FROM THE REDUCTION OF THE VALUE TO BE RESTITUTED TO A WITHDRAWN OR EXCLUDED PARTICIPANT, OBSERVING THE PROVISION OF ART. 59 OF THIS REGULATION.

ART. 26. THE RESOURCES OF THE COMMON FUND WILL BE USED FOR:

I - ACQUISITION OF SERVICES FOR CONTEMPLATED CONSORTIUM MEMBERS;

II - COVERAGE OF EXPENSES FOR RETURN, TO THE WITHDRAWN OR EXCLUDED PARTICIPANT, OBSERVING THE PROVISION OF ART. 59 OF THIS REGULATION;

III - RETURN, TO CONSORTIUM MEMBERS WHO HAVE NOT BEEN EXCLUDED OR WITHDRAWN, OF THE BALANCE EXISTING AT THE END OF THE GROUP'S OPERATIONS, PROPORTIONAL TO THEIR MONTHLY INSTALLMENTS PAID.

SECTION II

OF THE ADMINISTRATOR'S REMUNERATION

ART. 27. THE ADMINISTRATOR'S REMUNERATION FOR THE FORMATION, ORGANIZATION, AND ADMINISTRATION OF THE CONSORTIUM GROUP WILL BE CONSTITUTED BY THE FOLLOWING RESOURCES:

I - FORESEEN IN ITEM II OF ART. 22 OF THIS REGULATION;

II - DERIVING FROM INTEREST AND PENALTIES, UP TO THE PERCENTAGE REFERRED TO IN ART. 40 OF THIS REGULATION.

ART. 28. ADMINISTRATORS MUST OBSERVE, FOR THE PURPOSE OF FIXING THE ADMINISTRATIVE FEE, IN ADDITION TO THE PRICE, IN FORCE ON THE DATE OF ITS CONSTITUTION, OF THE SERVICE SPECIFIED IN THE ADHERENCE CONTRACT, THE FOLLOWING LIMITS, WHOSE VALUES WILL BE UPDATED MONTHLY BY THE SAME INDEX ESTABLISHED FOR THE MONETARY CORRECTION OF THE FINANCIAL STATEMENTS:

I - MAXIMUM OF 12% (TWELVE PERCENT), WHEN THE VALUE IS UP TO CR$120,000,000.00 (ONE HUNDRED AND TWENTY MILLION CRUZEIROS);

II - MAXIMUM OF 10% (TEN PERCENT), WHEN THE VALUE IS SUPERIOR TO CR$120,000,000.00 (ONE HUNDRED AND TWENTY MILLION CRUZEIROS).

SINGLE PARAGRAPH. NON-PROFIT ASSOCIATIONS MAY ONLY CHARGE EFFECTIVE AND DULY PROVEN EXPENSES WITH THE MANAGEMENT OF THE GROUP, NOT EXCEEDING HALF OF THE PERCENTAGES ESTABLISHED IN THIS ARTICLE.

ART. 29. THE ADMINISTRATOR IS ENTITLED TO CHARGE THE CONSORTIUM MEMBER, AT THE TIME OF FORMALIZING THEIR ADHERENCE TO THE GROUP, A VALUE CORRESPONDING TO 1% (ONE PERCENT) OF THE SERVICE PRICE SPECIFIED IN THE ADHERENCE CONTRACT, IN FORCE ON THAT DATE.

PARAGRAPH 1. ONCE THE GROUP IS CONSTITUTED, THE CHARGED VALUE MUST BE COMPENSATED IN THE ADMINISTRATIVE FEE.

PARAGRAPH 2. IF THE GROUP IS NOT CONSTITUTED WITHIN 90 (NINETY) DAYS COUNTED FROM THE FORMALIZATION OF ADHERENCE, FROM THE FIRST BUSINESS DAY FOLLOWING THIS PERIOD, THE ADMINISTRATOR MUST RETURN TO THE ADHERENT THE VALUE CHARGED IN THE MANNER PERMITTED BY THIS ARTICLE, INCREASED BY THE NET YIELDS DERIVING FROM ITS FINANCIAL APPLICATION, IN THE MANNER PROVIDED IN Decree-Law No. 1,290, of 03.12.73.

SECTION III

OF GUARANTEE BREAK INSURANCE AND GROUP LIFE INSURANCE

ART. 30. THE INSURANCES WILL BE DESTINED:

I - TO COVER NON-PAYMENT OF FUTURE INSTALLMENTS BY CONTEMPLATED CONSORTIUM MEMBERS, IN THE CASE OF GUARANTEE BREAK INSURANCE;

II - TO PAYMENT OF FUTURE INSTALLMENTS, IN THE CASE OF GROUP LIFE INSURANCE.

SINGLE PARAGRAPH. THE AMOUNT RELATING TO THE INSTALLMENT PORTIONS REFERRING TO INSURANCE PREMIUMS, IN THE MANNER PROVIDED IN ITEMS III AND IV OF ART. 22 OF THIS REGULATION, MUST BE PASSED ON TO THE INSURER, BY THE ADMINISTRATOR, BY THE 4TH (FOURTH) BUSINESS DAY AFTER ITS RECEIPT.

CHAPTER VII

OF MATURITY, ADVANCEMENTS, LATE PAYMENT
AND INSTALLMENT DIFFERENCES

SECTION I

OF MATURITY

ART. 31. MUST BE DELIVERED TO THE CONSORTIUM MEMBER AT THE ORDINARY GENERAL CONSTITUTION ASSEMBLY, OR SENT TOGETHER WITH THE COLLECTION OF the 1st (FIRST) INSTALLMENT:

I - THE CALENDAR WITH THE MATURITY DATES OF THE GROUP'S MONTHLY INSTALLMENTS, WHICH MAY BE REVIEWED QUARTERLY BY THE ADMINISTRATOR;

II - INFORMATION ON THE PAYMENT LOCATION.

PARAGRAPH 1. THE MATURITY OF THE FIRST INSTALLMENT MUST BE SET FOR 15 (FIFTEEN) DAYS AFTER THE REALIZATION OF THE ORDINARY GENERAL CONSTITUTION ASSEMBLY OF THE GROUP, WHEN THIS EVENT IS NOT REALIZED TOGETHER WITH THE FIRST DISTRIBUTION ASSEMBLY, AND, FOR ALL OTHER SITUATIONS, MUST BE SET FOR UP TO THE 6th (SIXTH) BUSINESS DAY IMMEDIATELY PRIOR TO THE REALIZATION OF THE ORDINARY GENERAL ASSEMBLY.

PARAGRAPH 2. IF IT FALLS ON A NON-BUSINESS DAY, THE MATURITY OF THE INSTALLMENT WILL AUTOMATICALLY PASS TO THE FIRST SUBSEQUENT BUSINESS DAY.

ART. 32. THE CONSORTIUM MEMBER WHO DOES NOT MAKE PAYMENT OF THE MONTHLY INSTALLMENT BY THE DATE FIXED FOR ITS MATURITY WILL BE PREVENTED FROM COMPETING IN DRAWS OR PARTICIPATING IN BIDS AT THE RESPECTIVE ORDINARY GENERAL ASSEMBLY.

SECTION II

OF INSTALLMENT ADVANCEMENTS

ART. 33. THE CONSORTIUM MEMBER MAY DEDUCT THE BALANCE DUE ON THEIR INSTALLMENTS, IN REVERSE ORDER STARTING FROM THE LAST, IN WHOLE OR IN PART, EXCLUSIVELY:

I - BY MEANS OF A WINNING BID;

II - IN CASE OF USE OF CREDIT DIFFERENCE, IN THE MANNER DEFINED IN ALINÉA "B" OF ITEM II OF ART. 17 OF THIS REGULATION;

III - TO FEASIBILITY CONTEMPLATIONS, SINCE THE CONSORTIUM MEMBER HAS BEEN CONTEMPLATED AND THE VALUE OF THE ADVANCEMENTS, ADDED TO THE AVAILABILITIES, IS SUFFICIENT FOR THE ACQUISITION OF ONE OR MORE SERVICES OBJECT OF THE PLAN.

SINGLE PARAGRAPH. THE BALANCE DUE INCLUDES:

A - FOR PARTICIPANTS OF CONSORTIUM GROUPS LINKED TO THE SERVICE PRICE, THE UNPAID VALUE OF THE INSTALLMENTS AND INSTALLMENT DIFFERENCES, REFERRED TO, RESPECTIVELY, IN ART. 22 OF THIS REGULATION AND SECTION IV OF THIS CHAPTER;

B - FOR PARTICIPANTS OF CONSORTIUM GROUPS LINKED TO A PRICE INDEX, THE UNPAID VALUE OF THE INSTALLMENTS, REFERRED TO IN ART. 22 OF THIS REGULATION.

SECTION III

OF LATE INSTALLMENT PAYMENT

ART. 34. INSTALLMENTS PAID AFTER THE MATURITY DATE WILL HAVE THEIR VALUES UPDATED:

I - IN THE CONSORTIUM GROUP LINKED TO THE SERVICE PRICE, ACCORDING TO THE SERVICE PRICE REFERENCED IN THE CONTRACT, IN FORCE ON THE DATE OF THE ORDINARY GENERAL ASSEMBLY SUBSEQUENT TO THE DATE OF EFFECTIVE PAYMENT;

II - IN THE CONSORTIUM GROUP LINKED TO A PRICE INDEX, BY THE ACCUMULATED VARIATION OF THE PRICE INDEX PROVIDED FOR IN THE CONTRACT, DURING THE PERIOD OF LATE PAYMENT, OBSERVING THAT:

A - IF PAID ON MATURITY DATE, THE UPDATE WILL BE DUE UNTIL THE DATE, INCLUSIVE, OF THE SUBSEQUENT ORDINARY GENERAL ASSEMBLY;

B - IF PAID OUTSIDE MATURITY DATE, THE UPDATE WILL BE DUE UNTIL THE DATE, INCLUSIVE, OF THE ORDINARY GENERAL ASSEMBLY SUBSEQUENT TO THE FIRST MATURITY DATE AFTER THE OCCURRENCE OF PAYMENT.

ART. 35. THE CONSORTIUM MEMBER WHO LATE-PAYS INSTALLMENTS IS SUBJECT TO THE CHARGES REFERRED TO IN ITEMS IV AND V OF ART. 23 OF THIS REGULATION.

SECTION IV

OF INSTALLMENT DIFFERENCES

ART. 36. THE PROVISIONS OF THIS SECTION APPLY EXCLUSIVELY TO CONSORTIUM GROUPS LINKED TO THE SERVICE PRICE.

ART. 37. THE INSTALLMENT DIFFERENCE REFERS TO THE AMOUNT PAID LESS OR MORE IN RELATION TO THE SERVICE PRICE REFERENCED IN THE CONTRACT, IN FORCE ON THE DATE OF THE REALIZATION OF THE RESPECTIVE ORDINARY GENERAL ASSEMBLY OR UP TO 10 (TEN) BUSINESS DAYS AFTER ITS REALIZATION, IF THE GROUP ASSUMES RESPONSIBILITY FOR THE PRICE VARIATION IN THAT PERIOD, IN THE MANNER PERMITTED IN PARAGRAPH 2 OF ART. 14 OF THIS REGULATION.

ART. 38. THE VALUE OF THE INSTALLMENT DIFFERENCE CHARGED LESS OR MORE, CONVERTED INTO A PERCENTAGE OF THE SERVICE PRICE, MUST BE CHARGED OR COMPENSATED IN THE IMMEDIATELY SUBSEQUENT INSTALLMENT.

ART. 39. UNTIMELY CHARGING OF INSTALLMENT DIFFERENCES TO CONSORTIUM MEMBERS IS PROHIBITED.

CHAPTER VIII

OF RESOURCES COLLECTED FROM CONSORTIUM GROUPS

SECTION I

OF THE DESTINATION OF INTEREST AND PENALTY COLLECTIONS

ART. 40. THE VALUES RECEIVED RELATING TO INTEREST AND PENALTIES WILL HAVE THE FOLLOWING DESTINATION:

I - 10% (TEN PERCENT) TO THE ADMINISTRATOR;

II - THE REMAINING TO THE GROUP'S COMMON FUND.

SECTION II

OF THE APPLICATION OF RESOURCES COLLECTED FROM CONSORTIUM MEMBERS

ART. 41. RESOURCES COLLECTED FROM CONSORTIUM MEMBERS MUST BE DEPOSITED IN A MULTIPLE BANK WITH COMMERCIAL PORTFOLIO, COMMERCIAL BANK, OR SAVINGS BANK AND APPLIED, SINCE THEIR AVAILABILITY, IN THE MANNER PROVIDED IN Decree-Law No. 1,290, of 03.12.73.

PARAGRAPH 1. THE CONSORTIUM ADMINISTRATOR MUST PERFORM DAILY CONTROL OF THE MOVEMENT OF ACCOUNTS COMPONENTS OF THE AVAILABILITIES OF CONSORTIUM GROUPS, INCLUDING BANK DEPOSITS, WITH A VIEW TO THE RECONCILIATION OF GLOBAL RECEIPTS FOR THE ANALYTICAL IDENTIFICATION OF THE BANK BALANCE BY CONSORTIUM GROUP.

PARAGRAPH 2. THE MAINTENANCE OF INDIVIDUALIZED BANK DEPOSIT ACCOUNTS BY GROUP IS PERMITTED.

SECTION III

OF THE USE OF GROUP RESOURCES

ART. 42. THE USE OF GROUP RESOURCES, AS WELL AS YIELDS DERIVING FROM THEIR APPLICATIONS, MAY ONLY BE MADE BY ISSUING CHECKS, WITH A DECLARATION ON THE REVERSE OF THE PAYMENT'S PURPOSE, IN FAVOR OF:

I - THE AIR TRANSPORT COMPANY OR TRAVEL AGENCY OR TRAVEL AND TOURISM AGENCY, WITH WHOM A SERVICE PROVISION CONTRACT HAS BEEN SIGNED, IN THE TERMS OF THE REGULATION CONTAINED IN SECTION I OF CHAPTER IV, FOR THE PURPOSE OF THE RESPECTIVE PAYMENT, SPECIFYING THE NUMBER AND DATE OF THE SERVICE PROVISION CONTRACT;

II - PARTICIPANTS WHO HAVE REMAINED IN THE GROUP AND WITHDRAWN AND EXCLUDED, FOR RETURN OF DUE VALUES, IN THE MANNER PROVIDED IN CHAPTER IX OF THIS REGULATION;

III - THE ADMINISTRATOR, IN OTHER PAYMENTS MADE IN THE MANNER OF THE REGULATION IN FORCE.

CHAPTER IX

OF THE CLOSURE OF THE GROUP

ART. 43. WITHIN 30 (THIRTY) DAYS AFTER THE CONTEMPLATION OF PARTICIPANTS OF THE RESPECTIVE GROUPS AND PLACING AT THEIR DISPOSAL THE CREDITS DUE FOR THE ACQUISITION OF THE SERVICE, THE ADMINISTRATOR MUST ADOPT THE FOLLOWING PROCEDURES, IN THE ORDER MENTIONED:

I - PROCEED WITH THE RELEVANT RETURN TO WITHDRAWN OR EXCLUDED PARTICIPANTS, OBSERVING THE PROVISION OF ART. 59 OF THIS REGULATION;

II - RESTITUTE TO GROUP PARTICIPANTS, EXCEPT EXCLUDED AND WITHDRAWN, THE BALANCES EXISTING IN THE COMMON FUND, PROPORTIONALLY TO THEIR RESPECTIVE MONTHLY INSTALLMENTS PAID.

ART. 44. AFTER 30 (THIRTY) DAYS FROM THE RETURNS AND RESTITUTIONS REFERRED TO IN THE PREVIOUS ARTICLE, THE ADMINISTRATOR, MONTHLY, MUST RESTITUTE TO GROUP PARTICIPANTS, EXCEPT EXCLUDED AND WITHDRAWN, PROPORTIONALLY TO THEIR RESPECTIVE MONTHLY INSTALLMENTS PAID, THE BALANCES DERIVING FROM THE RECEIPT OF DEBTS OF NON-PAYING CONSORTIUM MEMBERS.

ART. 45. THE CLOSURE OF THE GROUP'S OPERATIONS MUST BE EFFECTED WITHIN 30 (THIRTY) DAYS AFTER RECEIPT OF ALL DEBTS OR AFTER EXHAUSTING ALL MEANS OF COLLECTION ADMITTED IN LAW.

CHAPTER X

OF ORDINARY GENERAL ASSEMBLIES

SECTION I

OF THE CONSTITUTION ASSEMBLY

ART. 46. AT THE ORDINARY GENERAL CONSTITUTION ASSEMBLY OF THE GROUP, THE ADMINISTRATOR MUST:

I - PROVE THE PLACEMENT OF 70% (SEVENTY PERCENT) OF ITS QUOTAS;

II - PROMOTE THE ELECTION OF 3 (THREE) CONSORTIUM MEMBERS WHO, IN THE CAPACITY OF GROUP REPRESENTATIVES AND WITH FREE MANDATE, WILL HAVE THE RESPONSIBILITY TO OVERSEE THE ADMINISTRATOR'S ACTS IN THE CONDUCT OF CONSORTIUM OPERATIONS OF THE RESPECTIVE GROUP;

III - MAKE AVAILABLE TO CONSORTIUM MEMBERS WHO HAVE THE RIGHT TO VOTE AT ORDINARY AND EXTRAORDINARY GENERAL ASSEMBLIES, IN THE MANNER REGULATED IN PARAGRAPH 2 OF ART. 48 AND ART. 53 OF THIS REGULATION, PROVIDING COPIES ALWAYS WHEN REQUESTED:

A - THE LIST CONTAINING THE NAME AND COMPLETE ADDRESS OF ALL ITS PARTICIPANTS, PRESENTING, WHEN APPLICABLE, DOCUMENT IN WHICH THE CONSORTIUM MEMBER'S DISAGREEMENT WITH THE DISCLOSURE OF THESE INFORMATION IS FORMALIZED, SIGNED WHEN SIGNED THE ADHERENCE CONTRACT;

B - THE CALENDAR WITH THE MATURITY DATES OF THE GROUP'S INSTALLMENTS AND DATES OF THE RESPECTIVE ASSEMBLIES;

IV - DECIDE REGARDING THE PERIOD FORESEEN IN PARAGRAPH 3 OF ART. 14 OF THIS REGULATION.

PARAGRAPH 1. IT IS PERMITTED TO REALIZE, IN A SINGLE EVENT, THE CONSTITUTION ASSEMBLY ON THE SAME DAY AS THE FIRST DISTRIBUTION ASSEMBLY, OBSERVING THE PROVISION IN ALINÉA "A" OF PARAGRAPH 1 OF ART. 48 OF THIS REGULATION.

PARAGRAPH 2. AT THE CONSTITUTION ASSEMBLY, IF REALIZED SEPARATELY, THE POSSIBILITY OF CONTEMPLATIONS IS PROHIBITED.

PARAGRAPH 3. THE ADHERING CONSORTIUM MEMBER MAY DECIDE ON THEIR CONTINUATION OR NOT IN THE GROUP, AS A RESULT OF:

A - NON-PROOF OF THE PROVISION IN ITEM I OF THIS ARTICLE;

B - NON-COMPLIANCE WITH THE PROVISION IN ITEM III OF THIS ARTICLE, OR INCOMPLETE PRESENTATION OF THE LIST REFERRED TO IN ALINÉA "A".

PARAGRAPH 4. EMPLOYEES, PARTNERS, MANAGERS, DIRECTORS, AND REPRESENTATIVES WITH MANAGEMENT POWERS OF THE ADMINISTRATOR OR COMPANIES LINKED TO IT MAY NOT COMPETE FOR ELECTION AS GROUP REPRESENTATIVES.

PARAGRAPH 5. THE CHANGE OF MATURITY DATE SCHEDULED IN THE CALENDAR REFERRED TO IN ALINÉA "B" OF ITEM III OF THIS ARTICLE, IF THE PERIOD FORESEEN IN ITEM I OF ART. 31 OF THIS REGULATION IS NOT OBSERVED, WILL BE SUBJECT TO PRIOR APPROVAL BY ORDINARY GENERAL ASSEMBLY.

ART. 47. THE GROUP REPRESENTATIVES, ELECTED IN THE MANNER OF ITEM II OF THE PREVIOUS ARTICLE, WILL HAVE ACCESS, ON ANY DATE, TO ALL STATEMENTS AND DOCUMENTS PERTINENT TO THE GROUP'S OPERATIONS.

SINGLE PARAGRAPH. GROUP REPRESENTATIVES MUST BE CONSORTIUM MEMBERS NOT CONTEMPLATED, OBSERVING THAT:

A - THE SUBSTITUTION OF A REPRESENTATIVE DUE TO THEIR CONTEMPLATION MUST OCCUR AT THE ORDINARY GENERAL ASSEMBLY SUBSEQUENT TO THE RESPECTIVE CONTEMPLATION, IN THE MANNER OF ITEM II OF THE PREVIOUS ARTICLE;

B - A GROUP REPRESENTATIVE MAY, AT ANY TIME, AT THE GROUP'S DISCRETION, BE SUBSTITUTED BY DELIBERATION OF THE MAJORITY OF CONSORTIUM MEMBERS, AT AN ORDINARY GENERAL ASSEMBLY.

SECTION II

OF OTHER ORDINARY GENERAL ASSEMBLIES

ART. 48. THE ORDINARY GENERAL ASSEMBLY IS DESTINED TO CONTEMPLATION AND TO THE ATTENDANCE AND PROVISION OF INFORMATION TO CONSORTIUM MEMBERS.

PARAGRAPH 1. THE ORDINARY GENERAL ASSEMBLY:

A - MUST BE REALIZED BY THE 6th (SIXTH) BUSINESS DAY AFTER THE MATURITY DATE OF THE GROUP'S INSTALLMENTS, MONTHLY, IN A LOCATION, DATE, AND TIME ESTABLISHED IN ADVANCE BY THE ADMINISTRATOR;

B - WILL BE PUBLIC AND REALIZED IN A SINGLE CALL, WITH ANY NUMBER OF CONSORTIUM MEMBERS, THEIR LEGAL REPRESENTATIVES, OR DULY CONSTITUTED ATTORNEYS, THE ADMINISTRATOR MAY REPRESENT ABSENT PARTIES IF SO PROVIDED CONTRACTUALLY.

PARAGRAPH 2. EACH SHARE OF PARTICIPATION IN THE GROUP SHALL ENTITLE THE HOLDER TO ONE VOTE AT THE ORDINARY GENERAL ASSEMBLY, WITH CONSORTIUM MEMBERS CURRENT WITH THEIR CONTRIBUTIONS AND THOSE WITH UP TO 1 (ONE) LATE INSTALLMENT BEING ELIGIBLE TO DELIBERATE AND VOTE.

PARAGRAPH 3. THE CONVENING OF THE ORDINARY GENERAL ASSEMBLY REFERENCED IN THIS SECTION IS MANDATORY FOR THE PURPOSE OF INFORMING AND PROVIDING INFORMATION TO THE CONSORTIUM MEMBERS.

CHAPTER XI

OF THE EXTRAORDINARY GENERAL ASSEMBLIES

ART. 49. IT IS THE RESPONSIBILITY OF THE EXTRAORDINARY GENERAL ASSEMBLY OF THE CONSORTIUM MEMBERS TO DELIBERATE ON:

I - PROPOSAL TO THE CENTRAL BANK OF BRAZIL:

A - THE SUBSTITUTION OF THE ADMINISTRATOR, IN THE EVENT OF IRREGULARITIES IN THE COMPLIANCE WITH LEGAL AND REGULATORY PROVISIONS REGARDING THE ADMINISTRATION OF THE CONSORTIUM GROUP OR THE CLAUSES ESTABLISHED IN THE ADHESION CONTRACT;

B - BY THE ADMINISTRATOR, AT ITS DISCRETION, THE TRANSFER OF A GROUP TO ANOTHER CONSORTIUM ADMINISTRATOR, WHICH MUST SATISFY THE LEGAL AND REGULATORY REQUIREMENTS;

C - BY THE ADMINISTRATOR, FOR THE MERGER OF CONSORTIUM GROUPS ADMINISTERED BY IT;

II - EXTENSION OF THE DURATION OF THE GROUP IN THE EVENT OF FACTS THAT EXCESSIVELY BURDEN THE CONSORTIUM MEMBERS OR OTHER EVENTS THAT DIFFICULT THE SATISFACTION OF THEIR OBLIGATIONS;

III - SUSPENSION OF PAYMENT OF UP TO 2 (TWO) INSTALLMENTS, WITH A CONSEQUENT EXTENSION OF THE TERM BY AN EQUAL PERIOD, IN THE EVENT OF FACTS THAT EXCESSIVELY BURDEN THE CONSORTIUM MEMBERS OR OTHER EVENTS THAT DIFFICULT THE SATISFACTION OF THEIR OBLIGATIONS;

IV - CLOSING OF THE GROUP IN CASES OF WITHDRAWALS OR EXCLUSIONS IN NUMBERS THAT COMPROMISE THE DELIVERY OF SERVICES TO ACTIVE CONSORTIUM MEMBERS WITHIN THE TERM ESTABLISHED IN THE CONTRACT.

ART. 50. THE EXTRAORDINARY GENERAL ASSEMBLY MUST BE CONVOKED BY THE ADMINISTRATOR, WHICH IS OBLIGATED TO DO SO WITHIN A MAXIMUM PERIOD OF 5 (FIVE) DAYS, COUNTED FROM THE DATE OF REQUEST BY AT LEAST 30% (THIRTY PERCENT) OF THE ACTIVE PARTICIPANTS OF THE GROUP.

ART. 51. THE CONVOCATION OF THE EXTRAORDINARY GENERAL ASSEMBLY SHALL BE MADE BY SENDING A LETTER, WITH ACKNOWLEDGMENT OF RECEIPT (AR), TO ALL ACTIVE PARTICIPANTS OF THE GROUP, WITH UP TO 8 (EIGHT) DAYS' NOTICE PRIOR TO ITS CONVENING, COUNTING THIS PERIOD INCLUDING THE DAY OF THE MEETING AND EXCLUDING THE DAY OF DISPATCH OF THE LETTER.

ART. 52. THE CONVOCATION MUST INCLUDE, MANDATORILY, INFORMATION REGARDING THE DAY, TIME, AND LOCATION WHERE THE ASSEMBLY WILL BE HELD, AS WELL AS THE MATTERS TO BE DELIBERATED.

ART. 53. EACH SHARE SHALL ENTITLE THE HOLDER TO ONE VOTE AT THE EXTRAORDINARY GENERAL ASSEMBLY, WITH PARTICIPANTS CURRENT WITH THE PAYMENT OF CONTRIBUTIONS OR WITH A DELAY OF UP TO 1 (ONE) INSTALLMENT BEING ELIGIBLE TO VOTE.

ART. 54. THE DELIBERATIONS OF THE EXTRAORDINARY GENERAL ASSEMBLY, WHICH SHALL BE INSTALLED WITH ANY NUMBER OF PARTICIPANTS, SHALL BE TAKEN BY A MAJORITY OF THE VOTES OF THE CONSORTIUM MEMBERS PRESENT, NOT COUNTING BLANK VOTES.

ART. 55. PARTICIPANTS OF THE GROUP, THEIR LEGAL REPRESENTATIVES, AND DULY CONSTITUTED ATTORNEYS WITH SPECIFIC POWERS TO DELIBERATE ON THE SUBJECT MATTER CONTAINED IN THE CONVOCATION OF THE ASSEMBLY MAY VOTE AT THE EXTRAORDINARY GENERAL ASSEMBLY, PROVIDED THAT, IN DELIBERATIONS REGARDING THE SUBJECTS RELATED TO ITEMS II, III, AND IV OF ART. 49 OF THIS REGULATIONS, ONLY NON-CONTEMPLATED CONSORTIUM MEMBERS MAY VOTE.

ART. 56. AT THE EXTRAORDINARY GENERAL ASSEMBLY DESTINED TO DELIBERATE ON THE SUBJECTS REFERENCED IN ART. 49 OF THIS REGULATIONS, THE ADMINISTRATOR MAY ONLY REPRESENT A CONSORTIUM MEMBER IF THAT MEMBER GRANTS SPECIFIC POWERS FOR THE EVENT, NOT APPLYING, IN THIS CASE, THE PROVISIONS OF ALINÉA "B" OF PARAGRAPH 1 OF ART. 48 OF THIS REGULATIONS.

CHAPTER XII

OF THE DISSOLUTION OF THE GROUP BY DECISION OF THE AGE

ART. 57. DELIBERATED AT THE EXTRAORDINARY GENERAL ASSEMBLY FOR THE DISSOLUTION OF THE GROUP:

I - THE CONTEMPLATED CONSORTIUM MEMBERS SHALL COLLECT THE CONTRIBUTIONS RELATING TO THE COMMON FUND DUE ON THEIR RESPECTIVE DUE DATES, ADJUSTED:

A - BY AN INDEX OF PRICES OF A REGULARLY CALCULATED SERIES AND OF PUBLIC KNOWLEDGE, ESTABLISHED AT THE AGE, IF PARTICIPANTS OF CONSORTIUM GROUPS LINKED TO THE PRICE OF THE GOOD;

B - BY THE PRICE INDEX PROVIDED FOR IN THE ADHESION CONTRACT, IF PARTICIPANTS OF CONSORTIUM GROUPS LINKED TO A PRICE INDEX;

II - THE AMOUNTS COLLECTED IN ACCORDANCE WITH THE PREVIOUS ITEM SHALL BE RESTITUTED MONTHLY, ACCORDING TO CASH AVAILABILITY, BY PROPORTIONAL ALLOCATION TO THE CREDIT BALANCE OF EACH ONE, FIRST TO THE ACTIVE NON-CONTEMPLATED CONSORTIUM MEMBERS AND, SUBSEQUENTLY, TO THE WITHDRAWING OR EXCLUDED PARTIES.

CHAPTER XIII

OF THE WITHDRAWAL, EXCLUSION, AND SUBSTITUTION OF THE CONSORTIUM MEMBER

SECTION I

OF WITHDRAWAL AND EXCLUSION

ART. 58. THE CONSORTIUM MEMBER WHO FORMALLY REQUESTS THEIR REMOVAL FROM THE GROUP SHALL BE CONSIDERED WITHDRAWING, AND THAT WHO FAILS TO COMPLY WITH THEIR CONTRACTUAL FINANCIAL OBLIGATIONS MAY BE EXCLUDED.

PARAGRAPH 1. WITHDRAWAL SHALL BE EFFECTIVE ON THE DATE OF THE REQUEST.

PARAGRAPH 2. EXCLUSION FOR DEFAULT MAY OCCUR, INDEPENDENTLY OF NOTIFICATION OR JUDICIAL INTERPELLATION, IN CASE OF FAILURE TO PAY 2 (TWO) OR MORE CONSECUTIVE OR ALTERNATING MONTHLY INSTALLMENTS.

PARAGRAPH 3. BEFORE EXCLUSION, THE DEFAULTING PARTICIPANT MAY REESTABLISH THEIR RIGHTS, THROUGH THE PAYMENT OF THE RESPECTIVE INSTALLMENTS AND DIFFERENCES OF INSTALLMENTS IN ARREAR, WITH THEIR VALUES ADJUSTED, PLUS INTEREST AND LATE PENALTIES ESTABLISHED IN THE CONTRACT.

PARAGRAPH 4. WITHDRAWAL OR EXCLUSION MAY ONLY OCCUR BEFORE CONTEMPLATION.

PARAGRAPH 5. THE CONSORTIUM MEMBER WHO, AFTER HAVING CAUSED THE CANCELLATION OF CONTEMPLATION, COMES TO WITHDRAW WITHOUT HAVING MADE THE PAYMENT OF THE DUE DIFFERENCE, MUST REIMBURSE THE GROUP AT THE MOMENT WHEN THE VALUES TO WHICH THEY ARE ENTITLED ARE RESTITUTED TO THEM.

ART. 59. TO WITHDRAWING OR EXCLUDED PARTICIPANTS, OR TO THEIR SUCCESSORS, THE AMOUNTS PAID BY THEM TO THE COMMON FUND SHALL BE RETURNED WITHIN 30 (THIRTY) DAYS AFTER THE LAST DUE CREDIT FOR THE ACQUISITION OF THE SERVICE HAS BEEN MADE AVAILABLE TO THE CONSORTIUM MEMBERS OF THE GROUP, OBSERVED THAT:

I - UPON EFFECTIVE WITHDRAWAL OR EXCLUSION OF THE PARTICIPANT, THE ADMINISTRATOR MUST FORMALY COMMUNICATE TO THEM THE PERCENTAGE PAID OF THE VALUE OF THE SERVICE REFERENCED IN THE CONTRACT, VALID ON THE DATE OF THE LAST ASSEMBLY BEFORE EXCLUSION OR WITHDRAWAL;

II - ON THE DATE OF MAKING AVAILABLE TO THE CONSORTIUM MEMBERS THE LAST DUE CREDIT, THE VALUE PERTAINING TO EACH EXCLUDED OR WITHDRAWING PARTY SHALL BE DETERMINED BASED ON THE VALUE OF THE CREDIT, VALID ON THAT DATE;

III - A REDUCTION PERCENTAGE, REFERRING TO THE PREFIXATION OF DAMAGES CAUSED TO THE GROUP, INVERSELY PROPORTIONAL TO THE PARTICIPATION OF THE EXCLUDED OR WITHDRAWING PARTY, SHALL BE APPLIED TO THE DETERMINED VALUE, WHOSE PRODUCT SHALL BE CREDITED TO THE GROUP, OBSERVING:

A - IN THE CASE OF A PARTICIPANT OF A GROUP LINKED TO THE PRICE OF THE SERVICE:

AMORTIZED PERCENTAGE: REDUCER:

UP TO 40% 15%

ABOVE 40% UP TO 60% 10%

ABOVE 60% UP TO 80% 5%

ABOVE 80% ZERO;

B - IN THE CASE OF A PARTICIPANT OF A GROUP LINKED TO A PRICE INDEX:

AMORTIZED PERCENTAGE: REDUCER:

UP TO 40% 20%

ABOVE 40% UP TO 60% 15%

ABOVE 60% UP TO 80% 10%

ABOVE 80% ZERO;

IV - FROM THE VALUE TO BE RETURNED, AN AMOUNT RELATING TO THE REMUNERATION OF THE ADMINISTRATOR, APPROPRIATED ON THE DATE OF THE RETURN IN QUESTION, CORRESPONDING TO THE PRODUCT OF THE NUMBER OF MONTHS OF EXCLUSION/WITHDRAWAL BY THE VALUE OF A PARCEL CALCULATED IN ACCORDANCE WITH ITEM II OF ART. 22 OF THIS REGULATIONS, CONSIDERING FOR THE PURPOSE OF THIS CALCULATION:

A - THE SAME VALUE OF THE CREDIT REFERENCED IN ITEM II OF THIS ARTICLE;

B - 50% (FIFTY PERCENT) OF THE PERCENTAGE FIXED IN THE ADHESION CONTRACT REGARDING THE ADMINISTRATION FEE.

SECTION II

OF THE SUBSTITUTION OF THE CONSORTIUM MEMBER

ART. 60. THE CONSORTIUM MEMBER ADMITTED INTO THE GROUP, IN SUBSTITUTION FOR THE EXCLUDED OR WITHDRAWING PARTY, SHALL BE OBLIGATED TO PAY THE CONTRIBUTIONS PROVIDED FOR IN THE CONTRACT, OBSERVING THE FOLLOWING PROVISIONS:

I - THE CONTRIBUTIONS DUE SHALL BE COLLECTED NORMALLY, IN THE MANNER PROVIDED FOR THE OTHER PARTICIPANTS OF THE GROUP;

II - THE CONTRIBUTIONS AND DIFFERENCES OF DUE CONTRIBUTIONS SHALL BE PAID BY THE TERM PROVIDED FOR THE CLOSING OF THE GROUP, IN INSTALLMENTS OR IN A SINGLE PAYMENT, UPDATED IN THE MANNER PROVIDED FOR IN THE CONTRACT;

III - THE CONTRIBUTIONS ALREADY PAID BY THE EXCLUDED OR WITHDRAWING PARTY SHALL BE SETTLED BY THE ADMITTED CONSORTIUM MEMBER BY THE TERM PROVIDED FOR THE CLOSING OF THE GROUP, ACCORDING TO THE VALUE VALID ON THE DAY OF THE ASSEMBLY OF THE MONTH.

CHAPTER XIV

OF THE ADHESION CONTRACT TO A CONSORTIUM GROUP

ART. 61. THE ADHESION CONTRACT IS THE INSTRUMENT, SIGNED BY THE CONSORTIUM MEMBER AND THE ADMINISTRATOR, THAT CREATES A JURIDICAL AND OBLIGATIONAL BOND BETWEEN THE PARTIES AND BY WHICH THE CONSORTIUM MEMBER FORMALIZES THEIR ENTRY INTO A CONSORTIUM GROUP.

SINGLE PARAGRAPH. THE CONTRACT MUST OBSERVE THE PROVISIONS OF SECTION III, ART. 54, OF LAW NO. 8.078, OF 09/11/1990.

ART. 62. THE ADHESION CONTRACT TO A CONSORTIUM GROUP MUST CONTAIN:

I - THE COMPLETE IDENTIFICATION OF THE CONTRACTING PARTIES;

II - THE OBJECT OF THE PLAN, OBSERVING THE PROVISIONS OF ART. 4 OF THIS REGULATIONS;

III - THE METHOD OF CALCULATION OF THE 1st (FIRST) INSTALLMENT AND SUBSEQUENT ONES, OBSERVING THE PROVISIONS OF ART. 22 OF THIS REGULATIONS;

IV - THE DURATION TERM OF THE GROUP;

V - THE SPECIFICATION OF THE PERCENTAGE TO BE CHARGED AS:

A - ADMINISTRATION FEE;

B - BREAKAGE OF GUARANTEE INSURANCE PREMIUM;

C - LIFE INSURANCE PREMIUM FOR GROUP PAYMENT OF DUE INSTALLMENTS;

VI - THE MANDATORY MONTHLY PAYMENT OF CONTRIBUTIONS PROVIDED FOR IN ART. 22 OF THIS REGULATIONS;

VII - THE LIST OF PAYMENTS TO WHICH THE CONSORTIUM MEMBER WILL BE SUBJECT, OBSERVING THE PROVISIONS OF ART. 23 OF THIS REGULATIONS;

VIII - THE LOCATION WHERE THE ASSEMBLIES OF THE RESPECTIVE GROUPS WILL BE HELD AND WHERE THE CONSORTIUM MEMBER MAY OBTAIN ALL INFORMATION REGARDING THE GROUP AND THEIR PARTICIPATION, AS WELL AS WHETHER THE GROUP WILL BE NATIONAL OR LOCAL;

IX - TYPES OF GUARANTEES, PROPORTIONAL TO THE DUE INSTALLMENTS, THAT MAY BE DEMANDED FROM THE CONTEMPLATED CONSORTIUM MEMBER, UNLESS THE CONSORTIUM MEMBER PRESENTS A BANK GUARANTEE;

X - THE PROHIBITION REFERENCED IN ART. 24 OF THIS REGULATIONS;

XI - THE PROVISIONS REFERENCED IN ARTS. 11, 12, 13, 14, 15, 16, 17, 18, 20, 58, AND 59 OF THIS REGULATIONS;

XII - THE METHOD OF DRAWING AND THE CRITERION FOR BREAKING TIES IN BIDS;

XIII - THE PROVISION FOR THE ADHERING CONSORTIUM MEMBER TO BE ABLE TO WITHDRAW FROM THE CONTRACT, RECEIVING THE VALUES PAID FOR ANY REASON, IMMEDIATELY, PLUS THE RETURNS FROM THEIR FINANCIAL APPLICATION:

A - WITHIN 7 (SEVEN) DAYS OF THE SIGNING OF THE ADHESION CONTRACT, ALWAYS WHEN THE CONTRACTING OCCURS OUTSIDE THE DEPENDENCIES OF THE ADMINISTRATOR;

B - IN THE SITUATIONS REFERENCED IN PARAGRAPH 3 OF ART. 46 OF THIS REGULATIONS;

XIV - LOCATION AND DATE OF SIGNATURES.

PARAGRAPH 1. THE ADHESION CONTRACT OF A CONSORTIUM GROUP LINKED TO THE PRICE OF THE SERVICE MUST ALSO CONTAIN:

A - THE CRITERION FOR DEFINING THE PRICE OF THE SERVICE THAT, MONTHLY, WILL BE USED AS THE BASIS FOR CALCULATING THE INSTALLMENTS;

B - THE PROVISION REFERENCED IN PARAGRAPH 1 OF ART. 4 OF THIS REGULATIONS.

PARAGRAPH 2. THE ADHESION CONTRACT OF A CONSORTIUM GROUP LINKED TO A PRICE INDEX MUST ALSO CONTAIN:

A - THE DEFINITION OF THE PRICE INDEX THAT WILL ADJUST THE MONTHLY INSTALLMENTS, AS WELL AS THE SUBSTITUTIVE INDEX, OBSERVING THE PROVISIONS OF ART. 3 OF THIS REGULATIONS;

B - THE PROVISION REFERENCED IN PARAGRAPH 2 OF ART. 4 OF THIS REGULATIONS.

CHAPTER XV

OF GENERAL PROVISIONS

ART. 63. FOR THE PURPOSES OF THE PROVISIONS OF THE SINGLE PARAGRAPH OF ART. 9 AND PARAGRAPH 4 OF ART. 46 OF THIS REGULATIONS, A COMPANY SHALL BE CONSIDERED AFFILIATED TO THE COMPANY:

I - IN WHICH ONE PARTICIPATES WITH 10% (TEN PERCENT) OR MORE OF THE CAPITAL OF ANOTHER, DIRECTLY OR INDIRECTLY;

II - IN WHICH ADMINISTRATORS, AS WELL AS THEIR RESPECTIVE RELATIVES UP TO THE SECOND DEGREE, OF ONE PARTICIPATE, JOINTLY OR SEPARATELY, WITH 10% (TEN PERCENT) OR MORE OF THE CAPITAL OF ANOTHER, DIRECTLY OR INDIRECTLY;

III - IN WHICH PARTNERS OR SHAREHOLDERS WITH 10% (TEN PERCENT) OR MORE OF THE CAPITAL OF ONE PARTICIPATE WITH 10% (TEN PERCENT) OF THE CAPITAL OF ANOTHER, DIRECTLY OR INDIRECTLY;

IV - THAT HAVE A COMMON ADMINISTRATOR.

ART. 64. THE DIFFERENCE OF THE INDEMNITY REFERENCING LIFE INSURANCE, IF ANY, AFTER AMORTIZING THE OUTSTANDING BALANCE OF THE CONSORTIUM MEMBER, MUST BE IMMEDIATELY DELIVERED BY THE ADMINISTRATOR TO THEIR SUCCESSORS.

ART. 65. ADMINISTRATORS ARE OBLIGATED TO:

I - RECORD MINUTES OF THE ORDINARY AND EXTRAORDINARY GENERAL ASSEMBLIES AND OCCURRENCE TERMS;

II - DRAW UP THE CLOSING BULLETIN OF THE OPERATIONS OF THE GROUP, WITHIN 60 (SIXTY) DAYS AFTER THE HOLDING OF THE LAST ASSEMBLY.