CENTRAL BANK OF THE ARGENTINE REPUBLIC

COMMUNICATION "A" 1205
03/06/88

TO FINANCIAL INSTITUTIONS AUTHORIZED TO OPERATE IN FOREIGN EXCHANGE AND FOREIGN EXCHANGE BROKERS:

Ref.: Circular ACTIVE OPERATIONS - OPRAC - 1

We address you to accompany the ordered text as of the date of the provisions issued by this Institution, which are applicable to Point 2. "Special Credit Regimes" of Circular OPRAC-1, which will enter into force together with the modifications to the aforementioned Circular that are announced separately.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Abelardo J. Tejada
Deputy Manager of Foreign and Exchange
Oraldo N. Fernández
Deputy General Manager

ANNEX

I - Credit provisions OPRAC - 1

2. Special credit regimes.

2.1. Prefinancing of promoted exports.

Banks authorized to operate in foreign exchange (Categories B and C) may participate in this regime, intended to finance the production of promoted export goods.

2.1.1. Scope.

Included in this financing system are operations that, must be submitted to the banks with due anticipation to the start of the respective process, are linked to:

2.1.1.1. Production of goods included in lists 1 (with the exception of chapter 01), 2, 3 and 4, which are accompanied in the rules established for the financing of promoted exports (point 2.3.15 to 1.3.19 of this Chapter).

2.1.1.2. Transformation, modernization, repair and adjustment of transport elements, equipment and machinery introduced temporarily into the country for that purpose.

2.1.1.3. Technical services, research and studies, which must be carried out in the country, as a consequence of the sale abroad under the "turnkey" modality of industrial plants or other works.

2.1.2. Beneficiaries.

The following may participate in this regime:

2.1.2.1. The manufacturers and producers of the merchandise to be exported.

2.1.2.2. the providers of the services included in point 2.1.1.2.

2.1.2.3. Export consortia, export cooperatives and international marketing companies constituted in accordance with the provisions of Decrees No. 174/85 and 175/85 of the National Executive Power and their complementary and amending provisions, and registered in the National Registries established in articles 7th. AND 5th. of the aforementioned Decrees, respectively.

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2.1.2.4. Exporters, provided that the respective loan is granted jointly with the manufacturer of the goods included in the operation and that the crediting of the funds is made directly to the producer.

2.1.2.5. Beneficiaries of a Domestic Letter of Credit ("CCD").

2.1.3. Requirements.

The applicant companies, in addition to the general documentation that the intervening banking entity considers necessary to require, must present an irrevocable letter of credit from abroad opened in their favor or a contract or firm purchase order, specifying the conditions of the operation. In the latter case, they must accompany background and references of the purchasing firm and certification - in each case - of the signatures that sign the contract or purchase order. The entities are empowered to accept, as guarantee of the operation, surety insurance policies issued by insurance companies.

Likewise, as a sworn statement, they must present:

2.1.3.1. Information on the details necessary for the consideration of the operation, which are not recorded in the mentioned documents.

2.1.3.2. Production plan and calculation of resources for the manufacture of the products to be exported, when the financial support exceeds 180 days.

2.1.3.3. Detail of the Participation in the cost of the product to be exported, of labor and national raw materials.

2.1.3.4. Information about whether the export is made under the regime instituted for the financing of promoted exports.

2.1.3.5. Commitment not to resort to other financial sources to obtain the prefinancing linked to the operation that originates its request.

2.1.3.6. The export consortia, export cooperatives and international marketing companies referred to in point 2.1.2.3. must, in addition to complying with the requirements provided by this rule, present monthly account renderings on the destination given to the loans received, corresponding to the intervening banking entities to reliably verify that they are applied to the operation of the productive processes.

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2.1.4. Financial regime.

2.1.4.1. The financial support for destinations provided for in point 2.1.1 may reach up to the maximum limits that, in relation to the FOB value of each of the shipments corresponding to the operations agreed, are set forth below:

2.1.4.1.1. The production of capital goods - List 1 - and the transformation, modernization, repair and adjustment of transport elements, equipment and machinery temporarily introduced into the country for that purpose, may be financed up to 80%.

2.1.4.1.2. The production of "durable and semi-durable" goods - List 2 -, up to 70%.

2.1.4.1.3. The production of "other products" included in list 3, up to 65%.

2.1.4.1.4. The production of "other products" included in list 4 (points 2.3.18 and 2.3.19), up to 65%.

In the case of vessels classified as "capital goods", and of platforms for underwater drilling, up to 80% of the real value of the construction may be financed, provided that it is not higher than the sum of the FOB amount and the reimbursements or re-entries. Inputs - whatever their origin - that local shipyards bring in under temporary admission regimes and are paid abroad at the time of export of the vessel, must not be taken into account for the calculation of the amount of prefinancing.

Technical services, research and studies, which must be carried out in the country, as a consequence of the sale abroad under the "turnkey" modality of industrial plants or other works. The financial conditions shall be those that apply to goods classified as "capital", that is, credit for 80% of their value at a one-year term.

For all goods included in this regime, when the FOB value is adjusted based on contractual clauses, the prefinancing may be increased exclusively for the installments remaining to be paid at the time of documenting the percentage of price increase in foreign currency. The credit corresponding to the installments to be paid may be increased by the same percentage by which the FOB value increases.

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2.1.4.2. The proportions referred to in point 2.1.4.1 are only applicable when the total of raw materials and materials of foreign origin for direct use, commissions of representatives abroad, royalties, promotion expenses abroad and profits - according to the exporter's sworn statement - does not exceed 40% of the FOB value. Additionally, it must be taken into account that the sum of the aforementioned concepts, excluding profit, does not exceed 30% of the FOB value.

The information related to the total of foreign raw materials and materials for direct use, commissions of representatives abroad, promotion expenses abroad and royalties, may be provided by the applicant in a global form.

2.1.4.3. In the event that the limits of the previous point are exceeded, the maximum amount that can be financed is reduced by the measure of the excess determined with respect to the provisions of said point.

2.1.4.4. The intervening bank must monitor the degree of indebtedness of the beneficiary and require guarantees in accordance with the amount of the authorized operation.

2.1.4.5. For the purposes of determining the amount to be financed in australes in accordance with the provisions of point 2.1.4.1, the FOB value of the merchandise to be exported must be converted in accordance with the rules provided for the settlement of foreign currency from promoted exports. If the amount thus calculated is higher than the financial needs reported by the applicant, the credit must not exceed the latter figure.

The amount to be financed for each of the stages of the production process may be adjusted by the intervening bank, calculating the australes to be credited at the exchange rates, as applicable, of the day on which the bank decides to adjust the respective stage. If the amount thus calculated is higher than the real fund needs of the respective stage, the credit must not exceed them. In no case may the amount of the credit corresponding to stages already paid be adjusted.

2.1.4.6. The beneficiary of an irrevocable Domestic Letter of Credit, CCD, may obtain financial support that will reach, at most, up to 100% of the amount in

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australes of the Domestic Letter of Credit opened in its favor.

2.1.5. Terms

2.1.5.1. For capital goods - List 1 and vehicles for the transport of persons, except those destined for collective transport (NADE Position 87.02.01.00) - up to one year, without exceeding 60 days from the effective date of export.

In the case of vessels classified as "capital goods", and of platforms for underwater drilling, the prefinancing may reach up to three years, without exceeding 60 days from the effective date of export.

2.1.5.2. For durable and semi-durable goods - List 2 - and other products included in list 3, up to 180 days, without exceeding 60 days from the effective date of export.

2.1.5.3. For the "other products" included in list 4 (points 2.3.18 and 2.3.19) - with the exception of the products detailed in point 2.1.15.3 - up to 150 days, without exceeding 60 days from the effective date of export.

2.1.5.4. For the transformation, modernization, repair and adjustment of transport elements, equipment and machinery temporarily introduced into the country for that purpose, up to one year, without exceeding 60 days from the effective date of export.

2.1.5.5. Technical services, research and studies carried out in the country, as a consequence of the sale abroad under the "turnkey" modality of industrial plants or other works, up to one year, without exceeding 60 days from the effective date of export.

2.1.5.6. In the case of financing the production of goods, or of services for their subsequent export in accordance with the terms of the rules established for the financing of promoted exports, the credit must be cancelled by the granting bank, no later than 90 days after the respective shipment, even if the maximum validity period has not expired.

2.1.5.7. The 60 or 90 day waiting period to cancel the loans - counted from the effective date of export and without exceeding the maximum periods establis-

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hed - is only intended to allow the indispensable time that the beneficiary may need to collect the foreign currency from the respective shipment or to discount the bills through the promoted export financing regime. In no case may the prefinancing period exceed the settlement date of the corresponding foreign currency or the discounting of the bills.

The effective date of export shall be understood as the date of completion of customs shipment.

2.1.6. Agreement on funds.

2.1.6.1. It must not exceed the maximum percentages and periods established in points 2.1.4. "Financial Regime" and 2.1.5. "Periods", nor exceed the real needs of the productive process as judged by the entity.

The financial support must necessarily be graduated according to the financial needs of the productive process. When the requested financing period exceeds 180 days, the companies receiving the credit must submit a schedule of expenditures throughout the production period, in accordance with the details in point 2.1.3.2. above.

The entities must take the necessary precautions so that the users of this credit line notify them of the eventual existence of factors that cause delays in the productive process of the goods to be exported that may consequently delay their shipment beyond the periods permitted by the rule. Such communication must be made effective at the time the circumstance indicated above is noticed, and the banks must immediately forward it to this Institution.

The existence of such notice in a timely and proper manner is an indispensable requirement for the Central Bank to consider eventual deviations from the rule, which may subsequently be requested for the respective operations.

If problems such as those foreseen above arise and in order to determine their existence, the authorized intervening entities must carry out the technical and accounting inspections provided for in point 2.1.7.3. If they reliably verify inconveniences that lead to shipments beyond the periods provided in point 2.1.5., they must suspend the fund credits applicable to address the productive process affected.

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2.1.6.2. Between the determination of the goods and their shipment, a period of 60 days must not be exceeded.

2.1.7. Obligations of the beneficiaries.

2.1.7.1. Submit the shipment documentation to the intervening bank.

2.1.7.2. Carry out through the Bank all foreign exchange operations related to the export that is prefinanced.

2.1.7.3. Allow the technical and accounting inspections that the Bank deems necessary to verify compliance with the provisions established in this regulation or in the respective agreements and provide all the vouchers and evidence requested for that purpose.

2.1. 8. Adjustment clause.

The crediting of the advances of funds from the Central Bank (point 2.1.10.2.1.) and of the loans from the entities to their clients shall be made through the same Exchange Market where the foreign currency from the export is negotiated, at the closing buyer exchange rate for the US dollar registered at the Banco de la Nación Argentina on the days the respective operations are credited or cancelled.

2.1. 9. Interest.

For the operations of point 2.1.10.2., the entities must charge as interest the rate periodically set by this Bank, payable quarterly in arrears and at the maturity of the operation. The rate of point 2.1.10.2.1. must be applied to the adjusted loan amount and for its settlement they must use numerals expressed in US dollars on the basis of daily balances, computing a year of 365 days, converting to australes according to the quotation of the last business day of each quarter. For the operations of point 2.1.10.1., the rate shall be the one freely agreed upon by exporters and entities, net of the remuneration charged by this Bank, referred to in point 2.1.11.1.

2.1.10. Resources.

To attend to the operations covered by the preceding rules, the entities may apply:

2.1.10.1. External resources in foreign currency (excluding those from the "Amendment and reformulation of the Commercial Credit and Deposit Facility of 1985", of

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the "Commercial Credit and Deposit Facility of 1987" and of the "Letter of Commitment of the Commercial Credit Maintenance Facility of 1987", provided for in the Argentine Financial Plan 1987).

The funds that enter from abroad for this purpose shall be negotiated through the same exchange market corresponding to the goods prefinanced by this regime.

2.1.10.2. The special support of the Central Bank of the Argentine Republic.

1. When the financing needs exceed the resources mentioned in the previous point, the Central Bank shall grant an advance of funds under the conditions established in this rule.

This support will be conditioned on the total prefinancing operations served with resources of the Central Bank - including the supports of Communication "A" 886 and of point 2.1.10.2. of this rule - not exceeding 100% of the Computable Equity Responsibility of the requesting entity reported in the last Form 2965 submitted to this Institution.

For the amount exceeding 50% of the computable equity responsibility up to the 100% referred to in the preceding paragraph, the entities must constitute the special financial asset referred to in Communication "A" 793 of 31/10/85 and its amendments, in all cases, which will remain pledged in favor of this Bank to the extent of the excess over 50% of the Computable Equity Responsibility.

In cases where excesses over the established limit are verified, the entities must allocate the recoveries of prefinancing credits, first, to cancel such excesses, without prejudice to the fact that they may also apply the increase in lending capacity.

In the "Observations" item of Form 4028 for the constitution of the Special Financial Asset, the entities must record the following: "The amount in australes affected to the constitution of the Special Financial Asset of Communication "A" 793, of 31/10/85, and its amendments is delivered as a pledge guarantee for the fulfillment of the credits for prefinancing of promoted exports referred to in Cir-

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cular OPRAC-1, point 2.1., to the extent that the use of the credit for the aforementioned concept exceeds 50% of the Computable Equity Responsibility of this Institution".

The aforementioned declaration of constitution of pledge guarantee must be signed by the person(s) who have the powers to bind with pledge guarantee, the requesting entity. On the first occasion, and then if changes in the signatories are verified, an authenticated copy of the respective powers or of the legal authorizations conferred must be accompanied.

2. The registered entities may obtain from this Institution loans in accordance with point 4.1.1. of Communication "A" 725 of 25/07/85, whose average use in each month may not exceed 20% of the monthly average of the daily balances of deposits (principal) registered during the preceding month.

In order to determine the possibilities of access, the entities will deduct from the monthly average of daily balances of deposits (principal) registered during the preceding month, the amount of loans pending cancellation at the date of presentation, granted by the regime of Communication "A" 764 of 03/09/85.

This support will be conditioned on the total prefinancing operations processed by point 2.1.10.2.1., by the regime of Communication "A" 886 of 13/05/86, and by this point 2.1.10.2.2., not exceeding 50% of the computable equity responsibility of the requesting entity, reported in the last form 2965 submitted to this Institution.

2.1.10.3. For access to the resources of point 2.1.10.2.1. the entities must be in compliance with the provisions of Circular Monetary Regulations REMON - 1 - 273 (communication "A" 793 of 31/10/85), and its amendments.

2.1.11. Remuneration of the entities.

For the intervention of the entities of this regime, the Central Bank recognizes:

2.1.11.1. Operations served with resources of point 2.1.10.1.: the rate that this Bank sets to be applied as a rate reduction to the exporter.

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2.1.11.2. Operations served with resources of the Central Bank:

2.1.11.2.1. Those referred to in point 2.1.10.2.1.: the rate that this Bank sets, on the adjusted amount of the loan.

2.1.11.2.2. Those referred to in point 2.1.10.2.2.: the rate that this Bank sets.

The entities must transfer to the Central Bank the difference between the rate paid by the beneficiary of the credit and the remuneration set for the preceding points (2.1.11.2.1. and 2.1.11.2.2.).

The aforementioned percentages will be payable or credited, as the case may be, per calendar quarter elapsed and at the maturity of the operation. For their settlement, when applicable, the numerals expressed in United States dollars will be used on the basis of daily balances, computing a year of 365 days and converting to australes according to the quotation of the last business day prior to the maturity date.

In order for the recognition of the rate set in point 2.1.11.1. above and point 2.1.13.2. to become final, the respective shipping permit with customs clearance must be sent to this Central Bank within forty-five (45) days following the export. In case of non-compliance with the prefinanced export, the Central Bank will not recognize the rate set in the aforementioned points 2.1.11.1. and 2.1.13.2. and will proceed to the automatic debit in the current account of the intervening entity of the amounts credited in foreign currency for this concept, plus accrued interest at the rate set for point 2.1.13.1.

2.1.12. Consultations.

The intervening banks may raise before this Central Bank consultations related to any exception to these rules, with due anticipation and their reasoned opinion. In these cases it is indispensable to provide a complete development of the operation in question and the reasons that justify the request.

2.1.13. Delays in the Export.

If at the maturity of the maximum term admitted for the prefinancing, the export is not carried out totally or partially, the entities may, under their exclusive responsibility and after determining that the reasons invoked by the beneficiaries justify it, grant an extension of up to 60 days. For said period corresponding:

2.1.13.1. For operations served with resources of point 2.1.10.2.: they will charge the exporter the rates that it sets

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this Bank. On the adjusted amount of the loan in the case of point 2.1.10.2.1. Entities must transfer to the Central Bank the difference between said rate and the remunerations set in point 2.1.11.2.

2.1.13.2. For operations served with resources from point 2.1.10.1. this Bank will set the rate corresponding to the remuneration to be applied as a rate reduction to the exporter.

2.1.14. Non-compliances.

2.1.14.1. If, after the period arising from the extension admitted by point 2.1.13., the export of the merchandise is not carried out, the intervening entity, under its sole responsibility and after determining that the invoked reasons justify it, may grant extensions that will reach, at most, thirty days. For the period covered by said extension, the entities must pay the charges that are set and the rate of point 2.1.9. The amount of the charge established in this point may not be less than that arising from applying the interest rate of point 2.1.13.

If, after the maximum periods established in point 2.1.5., the extension of point 2.1.13. and that provided in the preceding paragraph, the export is not completed, the intervening entities must immediately cancel the balance of the credit and pay the charge set by this Central Bank, for the entire term of the loan to prefinance exports. The amount of the resulting charge must be transferred to the Central Bank.

For the purposes of calculating the charge (for extension or for cancellation due to non-compliance with the export), the amount of the loan in australes shall be considered as capital (amount agreed in foreign currency at the exchange rate in force on the day of the crediting of funds). In the case of non-compliance with the export, total or partial, the amount of the loan shall be paid to this Bank, adjusted by the variation of the US dollar exchange rate when applicable, during the period of use of funds, the interest rate of point 2.1.9. and the charge that is established, and payments that may have been made previously may be deducted.

The same procedure must be adopted when the export of the merchandise is not carried out at the maturities established in the preceding point 2.1.5., if the entities judge it inconvenient to grant the extension admitted in point 2.1.13.

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In the event of exports that cover partial amounts, for the balances not applied to the prefinancing of promoted exports, the procedure indicated above shall be followed. For the purposes of calculating the charge, to determine the capital and the date from which it must be computed, the percentage of non-compliance that may have been incurred shall be established - which arises from considering the FOB value actually exported and that foreseen for the granting of the loan - which must be applied to each of the stages, and for amounts of prefinancing actually disbursed. Without prejudice to the foregoing, if the export of the merchandise is not carried out for reasons attributable to the beneficiary of the credit, or it is verified that the funds have been applied to another purpose, the Central Bank may suspend the offending firm from this regime for the period that is determined, making the measure known to the banking system and to the Secretariat of Industry and Foreign Trade

The entities must gather and keep at the disposal of the Central Bank all the elements related to the operations that allow determining the responsibility of the beneficiary of the credit in cases of non-compliance.

Any other deviation from the rules or improper use of funds will be penalized by this bank with an interest rate equivalent to that resulting from applying the charge referred to in the provisions of this point, or the rate of point 2.1.13., whichever is higher.

2.1.14.2. The charge that will govern for these operations for the extension period, except that provided in point 2.1.13. of Circular OPRAC-1, or for the entire term of the loan in case of non-compliance, will be: the one arising from comparing the charge index detailed below, corresponding to the day of the agreement of the funds or the maturity of the loan, and the day of its cancellation, and is applicable when said quotient is greater than 1.

The charge index referred to in the preceding paragraph is the following:

[
(
)
]t
1 á c t
I r t 1
I t
I
+

−
−
=

where:

I = Charge index for non-compliance t correspon-

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ding to day t of month j. By definition it is I = 100. o

r t = Maximum rediscount rate - daily equivalent - to address temporary illiquidity situations (Communication "A" 1028 of 14/10/87 and its complementary and amending provisions), corresponding to day t of month j, expressed in per unit. If day t is not a business day, the rate corresponding to the last immediate preceding business day shall be considered in the calculation.

& = Coefficient applicable to the maximum rediscount rate expressed in per unit terms. Initially, & = 0.30 is established.

ct = Rate of variation in the Official Exchange Market that the buyer's exchange rate of the Banco de la Nación Argentina undergoes between day t and day t-1 of month j, expressed in per unit terms.

2.1.14.3. For the accreditation of the charges in point 2.1.14.1. in favor of this Bank, the intervening entities shall use forms 3896 or 4098, in which they shall record the number of this communication, the operation number, the name of the exporting firm, and whether the charge is paid for extension, cancellation, or both concepts. In the case of extensions under point 2.1.14., the charge must be made effective on the day following its cancellation and, if non-compliances are verified, at the latest within ten business days counted from the final maturity of the operation.

2.1.14.4. When the operations are attended with the resources of point 2.1.10.1., the entities may grant the extension referred to in the first paragraph of point 2.1.14.1. and, in case of non-compliance, the return of the funds received may only be made through the procedures indicated below:

a. In accordance with the rules that, on the date on which the negotiation of the foreign currency occurred, govern the reimbursement of financial loans in foreign currency. The term must be counted from the moment it ceased to be in force as prefinancing of exports under this regime, or

b. With access to the exchange market, after payment of the charge referred to in points 2.1.14.1., 2.1.14.2. and 2.1.14.3.

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2.1.15. Other provisions.

2.1.15.1. It is the responsibility of the intervening banks to carry out the technical and accounting inspections aimed at verifying the faithful compliance with the provisions of this regime by the beneficiary firms.

2.1.15.2. The banks must keep a special register containing the following data corresponding to the operations entered into:

Name of the beneficiary firms; class of the goods whose production they financed; qualification of the client; agreements and debts in force, excluding operations in progress corresponding to this regime and to the regime for financing promoted exports, and amount and conditions of the loan agreed within this regime.

Said register must be duly updated, on a permanent basis, at the disposal of the Central Bank, for its control.

2.1.15.3. The goods listed below, included in list 4 (point 2.3.18. of this Chapter) may be financed up to the terms indicated in each case, without exceeding 60 days from the effective date of the export.

Tariff headings	Products	Prefinancing term
04.04.00.02	Semi-hard paste cheeses	Up to one year (')
04.04.00.03	Hard paste cheeses	Up to one year (')
16.04.00.02	Only anchovy fillets in oil	Up to one year (')
08.12.00.04	Dehydrated apples	Up to one year (')
08.12.00.05	Dehydrated pears	Up to one year (')
20.01.00.00 to 20.07.00.00	Preparations of legumes, vegetables, fruits and other plants or parts of plants	Up to one year(')
22.05.00.01	Bottled wine	Up to one year (')
22.05.00.02	Bulk wine	Up to one year (')
22.05.00.03	Champagne-type wine	Up to one year (')
22.05.00.09	The others	Up to one year (')

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Tariff headings	Products	Pre-financing term
29.39.00.04	Equine Serum Gonadotropic Hormone	Up to one year (')
03.02.00.13	Anchovy fish	Up to 240 days
03.02.00.14	Anchovy fish	Up to 240 days
08.03.02.01	Dried figs	Up to 180 days
08.04.02.01	Raisins	Up to 180 days
08.12.00.00	Dried fruits	Up to 180 days
43.02.00.00	Tanned hides	Up to 180 days (')

['] - For these products, the provisions of point 2.1.6.2. of this Chapter do not apply.

2.1.16. Procedural rules.

Entities requiring funds from the Central Bank to handle pre-financing operations under the regime established by this Circular must proceed as follows:

2.1.16.1. For the amount of each of the stages in which a loan is instrumented, they must submit to the Central Bank (Department of Special Export Credit), on the day of accreditation to the client - until 14 hours -, Form 2408 of the operation - agreed in accordance with these rules - which at that moment enters the regime from the first stage.

Such requests for funds - Form 2408 - must be made for the maximum term that the rule admits for the good being pre-financed (') and must be signed by two authorized signatures that bind the entity.

The funds required by point 2.1.10.2.1. shall be credited to the current account that the entities hold at the Central Bank on the day of their presentation.

When resources from point 2.1.10.2.2. are requested, the following procedure shall be followed:

Forms 2894 and 4096 shall accompany Form 2408

['] - The requests for funds corresponding to all stages of the same operation must have the same maturity, which is the maximum admitted by the provisions in force.

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Once the corresponding authorization from this Bank is obtained, they must arrange the exchange operation through the Department of Exchange Operators.
The foreign currency resulting from the Central Bank loan must be acquired from the beneficiaries of the credit by the intervening entities, as pre-financing of exports, and simultaneously sold to the Central Bank.

In those cases where errors or omissions are verified in the interpretation of Form 2408, it must be immediately returned, with written record of the reasons for the rejection. Any rectifications of the document do not have retroactive effect.

2.1.16.2. Forms 2408 must be numbered consecutively - for each operation - starting with number 1, and the designation "bis", "A", or any other similar one may not be used. On the back, the information detailed below must be indicated when resources from point 2.1.10.2.1. are requested.

In the box reserved for observations, the probable date or dates of shipment must be indicated. This aspect must be completed when presenting the request for funds corresponding to the 2nd stage.

INFORMATION TO BE PROVIDED ON THE BACK OF FORM 2408

1. Financing of the B.C.R.A.

A
U$S

1.1. Balance as of the previous day...........……....

1.2. Orders of the day.................……..…

1.3. Cancellations of the day........…..…..

1.4. Balance...........................……………...

- For operations arranged as of . 31/05/88 .......................……….

- Subsequent ...................……….

2. Special Financial Asset

2.1. Amount subscribed and paid in without constitution of pledge

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2.1.1. Balance as of the previous day ……..…

2.1.2. Constituted on the date (1)…

2.1.3. Released on the date (1)..

2.1.4. Balance as of the date……………..

2.1.5. Ratio between special financial asset (point 2.1.4.) and the BCRA financing balance (1.4.) and - in % -……………………...

2.2 Amount subscribed and paid in with constitution of pledge in favor of the B.C.R.A.

2.2.1 Balance as of the previous day………...

2.2.2. Constituted on the date (1)....

2.2.3. Released on the date (1)..

2.2.4. Balance as of the date ...................

2.3. Amount exempted from constituting and paying in the special financial asset

Agreement according to note 645/

2.3.1. Amount of the agreed prefinancing: u$s.........………...

2.3.2. Amount used as of the previous day A u$s

2.3.3. Order of the day.................…….. A u$s .

Total used................……… A u$s .

2.3.4. Debt balance as of the immediately preceding day ………………….. A u$s

2.3.5. Orders of the day.............………. A u$s

2.3.6. Cancellations of the day.......……. A u$s .

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Debt balance of the operation
A u$s .
Amount pending utilization : u$s .

2.4. Other information

	Amount	BO-FIN Ratio - Credit balance
	A	u$s	- In % -
2.4.1. Debt balance as of
2.4.2. BOFIN constituted as of
2.4.3. Adequacy schedules ……………..
1st- month
…
…
…

3. Computable Patrimonial Responsibility

Amounts:
A
U$S

3.1. 50%.......................

3.2. More than 50% up to 100%.

3.3. 100% (3.1. + 3.2.)........

4. Debt balance for financing from the B.C.R.A.

4.1. Regime of Circular OPRAC-1, point 2.1. (1.4.)...........……….......

4.2. Agreements per note 645/……........(2.3) Subtotal ……………………………

4.3. Communication "A" 886.........……….

4.4. Total.........................………………

[1] - Form 4027 YES NO 4028 YES NO is attached. The amount referred to in section 2.3.1. must be the accumulated total of all requests made, not counting cancellations.

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2.1.16.3. When exports of pre-financed goods are finalized that involve a partial or total early cancellation of the funds provided by the Central Bank, for the purpose of finalizing said amortization the banks must present on the day those cancellations are made effective by the client - until 14 hours - a Form 2408 A in original and three copies.

The aforementioned Form must be delivered to the Central Bank (Department of Special Export Credit) for its accounting on the day of its presentation.

When dealing with credits recovered at times that prevent the correct correspondence between the receipt of funds and the sending of Form 2408 A, it is allowed that it may enter the Central Bank before 14 hours of the next business day, in which case it must accompany a copy of the pertinent foreign exchange settlement (form 4001).

Partial early cancellations will be allocated proportionally to each of the credits made effective for the respective operation.

On the cancellation date of each operation, the following procedure must be followed:

For the use of resources from point 2.1.10.2.1.: The corresponding form must be presented to this Bank for its debit, with the No. of permit or permits of shipment if applicable, also stating, in the "Observations" section, the following:
Amount being cancelled u$s..………. To………….....

1. For principal, without adjustment for exchange rate variation. To ………….....

2. Adjustment for exchange rate variation. To…………......
For the use of resources from point 2.1.10.2.2.: Present to this Bank the corresponding form for its accounting and transfer to the account of the Central Bank opened in the Banco de la Nación Argentina - New York Branch - under the name "Communication "A" 725", the recoveries of credits granted to finance exports, using the foreign currency from such sales abroad or the assets that will be discounted

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(point 2.3. of this regulation). When dealing with operations through Reciprocal Credit Agreements, they must transfer the free dollars ceded by the Central Bank as counterpart of the agreement dollars received for the payment of the operation.

2.1.16.4. In the case that the banks make use of the extensions provided in points 2.1.13. and 2.1.14., they must, for the amount equivalent to the outstanding balance pending cancellation, adjusted in the case of point 2.1.10.1., present to the Central Bank (Department of Special Export Credit) on the day of the agreed expiration - until 14 hours - a Form 2408 of the extended operation, for the new maximum term agreed, signed by two authorized signatures that bind the entity. Said document is credited to the current account that the entities hold in the Central Bank, on the day of its presentation.

The form 2408 mentioned in the preceding paragraph must maintain the original operation number and the legend "extension of point........" in the Observations section.

2.1.16.5. If at the maximum expiration admitted by the regulations for an operation - or at the one agreed based on the provisions of points 2.1.13. or 2.1.14. - it has not been cancelled in accordance with the procedure established in point 2.1.16.3., the following procedure will be followed:

For the use of resources from point 2.1.10.2.1.: The corresponding credits are automatically debited from the current account of the entities in the Central Bank, without prejudice to the remission by the entity of the pertinent debit.
For the use of resources from point 2.1.10.2.2.: When the foreign currency corresponding to the export has not entered, the intervening banks will resort to the Official Exchange Market to make the respective transfer.

2.1.16.6. The entities cannot request the return of the interest received by the Central Bank, alleging shipments not reported in a timely manner, as established in point 2.1.16.3.

Furthermore, for the delays incurred by the entities between the dates of recovery of the loans and the amortization corresponding to the advance, they must pay a punitive interest determined by applying the fol-

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lowing scale on the amount of the adjusted loan or its equivalent in Australes, at its maturity.

Period of non-compliance	Number of times the maximum rediscount rate in effect during the non-compliance
- In days -
Up to 30..................……………....	1,40
From 31 to 60...............……………...	1,45
From 61 to 90.............…………......	1,50
From 91 to 180...........…….…….......	1,60
From 181 to 270.............………….....	1,80
From 271 to 360...........………….......	2,00
From 361 to 450..............…………....	2,25
From 451 to 540..............…………....	2,55
From 541 to 630..............…………....	2,85
From 631 to 720..............…………....	3,25
From 721 to 810..............…………....	3,65
From 811 to 900..............…………....	4,10
From 901 to 990..............…………....	4,65
More than 990.................………....	5,00

For the purposes of determining the punitive interest referred to in this point, the rediscount rate in force during the period of non-compliance results from the sums of the maximum daily rediscount rates established by this Institution.

2.1.16.7. banks must send to the Department of Special Export Credit, in all cases, within forty-five (45) days following the export, a copy of the respective shipping permit with customs clearance. In addition, they must send to the aforementioned Department and keep updated a register of signatures of the Officials duly authorized to sign all documentation related to the movements of funds referred to in these rules.

2.1.16.8. All information that banks must send according to these rules is subject to the general regime for the application of sanctions in cases of non-compliance.

2.1.16.9. For the purposes of operating within this regime, banks must send the letter of guarantee whose model appears in point 2.1.19. of this Chapter (in original and two copies) or the one annexed to Communication "A" 725, as applicable. This document is sent only once at the time when Form 2408 is sent to the Central Bank, linked

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to the first operation requested to be processed through this regime.

2.1.16.10. Transfer of indebtedness margins with the Central Bank (applicable to points 2.1. and 2.3. of the rules for prefinancing and financing of promoted exports).

This bank admits that banks authorized to operate in the prefinancing and financing regimes for promoted exports may transfer among themselves, totally or partially, their unused indebtedness margins with this Institution, measured with respect to their computable equity responsibility, subject to the following conditions:

2.1.16.10.1. The transfers may be made exclusively between financial entities of the same character, according to the following groupings:

public entities
rest of entities

2.1.16.10.2. The entity with surplus computable equity responsibility (transferor entity) shall appear before the Central Bank to request loans for prefinancing and/or financing of exports, in order to be applied to the prefinancing and/or financing granted by another entity (transferee entity). Each operation must comply with the general regime.

2.1.16.10.3. The transferor entity shall transfer the funds to the transferee entity at the same term of the loan it obtains and according to the conditions freely agreed upon by both.

2.1.16.10.4. The transferee entity shall subscribe to the transferor entity's application in the corresponding forms according to the different regimes, in which it shall be recorded that the operation complies with the pertinent rules. The transferor entity shall be primarily responsible before the Central Bank for compliance with all rules governing the relationship between the intervening financial entity and the exporter, according to the terms of this rule.

2.1.16.10.5. Both the transferor entity and the transferee

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entity shall be jointly and severally liable before the Central Bank for the return of the loaned funds.

2.1.16.10.6. Charges for non-compliance, delays or other penalties that may be applicable shall be debited to the transferor bank. Any sanctions for non-compliance with the regime shall be applicable to both banks.

2.1.16.10.7. The transferee entity may endorse in favor of the transferor entity the exporter's documents issued in its favor.

2.1.16.10.8. In the case of prefinancing of exports referred to in Circular OPRAC-1, the obligation to constitute the special financial asset (BOFIN) shall be determined by the situation of the assignee entity.

2.1.16.10.9. Every submission of a loan application under the prefinancing of operations regime must be accompanied by the information referred to in the provision that obliges the constitution of the special financial asset, according to the model in point 2.1.16.2. for both entities, assignee and assignor.

2.1.16.11. Interest (in accordance with point 2.1.10.2.2.) must be paid in United States dollars. For this purpose, entities must send the corresponding Form (4097).

2.1.16.12. Within fifteen calendar days after the end of each calendar quarter, they must send to the Department of Special Credit for Export the external auditor's opinion referred to in the last paragraph of section 4.7. of Annex I to Communication "A" 725, of 25/07/85, as amended by Communication "A" 753 of 16/08/85.

2.1.16.13. The following information regime is established when entities apply the resources referred to in point 2.1.10.1. to prefinance exports:

For each calendar month, and within five business days of the following month, entities shall report:

a. Beneficiary firm of the prefinancing (Name,

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address, telephone, No. of registration in the Registry of the External Sector and in the National Industrial Registry).

b. Brief description of the prefinanced product. NADE Position.

c. Amount of the prefinancing agreed. In australes and in United States dollars on the day of the agreement of the funds.

d. Funds actually disbursed. In australes and in United States dollars on the day of crediting.

e. Interest rate agreed with the beneficiary of the prefinancing.

f. Indicate in each case whether the prefinancing was agreed to a final exporter for direct use in the production process; to a beneficiary of a "Domestic Letter of Credit" or, to a final exporter to cancel a "Domestic Letter of Credit" fulfilled by a supplier.

g. In the case of a "Domestic Letter of Credit", its number and the opening entity shall also be reported.

h. Expected date of export.

i. Buyer firm abroad and country of destination.

2.1.16.14. With respect to operations that entities directly handle with their own resources, the following must be reported:

2.1.16.14.1. When purchasing foreign currency from the client, a form 4001-A must be prepared, stating as concept "External loans to prefinance promoted exports, with resources of the entity, Circular OPRAC-1, Chapter I, point 2.1.", using code 135.

2.1.16.14.2. When the operation is cancelled, a Form 4002-A must be completed, indicating as concept "Repayment of external loans to prefinance promoted exports, with resources of the entity, Circular OPRAC-1, Chapter I, point 2.1.", stating code 635.

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B.C.R.A. I - Credit provisions (continued) OPRAC - 1 2.1.17. Model of Form 2408 Version Communication Date Page 2a "A" 1205 OPRAC - 1 - 199 3.6.88 25

I - Credit provisions (continued) OPRAC - 1 2.1.18. Model of Form 2408 "A" Version Communication Date Page 2a "A" 1205 OPRAC - 1 - 199 3.6.88 26

2.1.19. Model Guarantee Letter.

To the President of the Central Bank of the Argentine Republic S/D.

Ref.: Guarantee Letter for the use of advances on account, granted by the Central Bank of the Argentine Republic

We have the pleasure of addressing you, with reference to the use of funds that the Institution grants us through advances on account destined to attend to the operations of prefinancing of promoted exports, as well as other loans that by regulation are channeled through the same regime.

In this regard, by this letter, we expressly state that we commit and accept the following:

1st - That as guarantee of advances on account for the aforementioned regime, granted to us by the Central Bank of the Argentine Republic, a pledge in favor of the Central Bank of the Argentine Republic shall be constituted over the documents of our liquid portfolio for a value that reaches or exceeds at all times one hundred percent (100%) of the sums owed to the Central Bank of the Argentine Republic.

2nd - That the documents offered as guarantee shall be endorsed with the legend "Value as guarantee in favor of the Central Bank of the Argentine Republic" and we commit to keep them separate from the rest of the portfolio and at the disposal of the Central Bank of the Argentine Republic in a determined and individualized area of the treasury of this Entity that we provide free of charge and to which the pertinent officials and inspectors of the Central Bank of the Argentine Republic shall have access.

3rd - That we accept the mission of depositaries of the documents offered as guarantee, which we shall perform free of charge.

4th - That we fully understand that any subsequent collection management of the documents offered as guarantee shall be at the exclusive expense and cost of this entity, whether judicial or extrajudicial.

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5th - That when, due to the maturity of the documents or other circumstances (early cancellation, signatories or endorsers entering civil bankruptcy, creditor summons, successions, etc.), the minimum guarantee established in clause 1 may decrease, we undertake to replenish it with other documents from our liquid portfolio, 5 (five) calendar days in advance, until the indicated minimum guarantee is covered. With the same advance notice and if we do not have documents to replace them, we undertake to communicate the amount that we authorize that Central Bank to debit from the current account we maintain at that Institution, in order to correspond to the debt balance with the amount of the documents that guarantee it.

6th - That the list of documents offered as guarantee shall be detailed in form No. 2894, numbered correlatively, which shall form an integral part of this guarantee, and shall be kept at this entity at the disposal of the Central Bank of the Argentine Republic.

7th - We record our conformity so that the Central Bank of the Argentine Republic, upon maturity of each utilization of the corresponding advance, debits the respective amount from the current account maintained by this.............................. at this Institution.

8th - That the Central Bank of the Argentine Republic reserves the right to reject or require the replacement of any of the documents that guarantee the utilizations of the corresponding advances.

9th - That we undertake that the maturity of the documents offered as guarantee shall not exceed 30 days from the date of cancellation of each utilization of the agreed advances.

10th - That for the purposes of establishing the date of transfer of the securities given as guarantee, we undertake to record in the Minute Book of this ...................... the number of documents, the total amount, their order numbers and the date and numbering of the schedules in which they are itemized. The aforementioned schedules shall remain in custody at this entity at the disposal of the Central Bank of the Argentine Republic, and we undertake to send them to that Institution when requested.

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2.1.20.1. Model of Form 2894

2.1.20.2. Model of Form 4096

2.1.21. General rules to which the prefinancing operations for exports promoted with Domestic Letter of Credit (CCD) must conform:

2.1.21.1. Exporters who are beneficiaries of an irrevocable letter of credit opened in their favor by a foreign bank may request the issuance of Domestic Letters of Credit (CCD). Exporters who have a firm contract or purchase order from the foreign buyer may also request the issuance of CCD, provided that the contract or purchase order clearly specifies - in the judgment of the issuing bank of the CCD - the conditions of the operation and the exporter provides background and references of the purchasing firm and certification of the signatures that sign the contract or purchase order.

2.1.21.2. When requesting the opening of a CCD from a banking entity, the final exporter assumes the commitment to carry out through that entity all foreign exchange operations related to the export. It also assumes the commitment to request only from the same banking entity the complementary prefinancing referred to in point 2.1.21.18. of this rule, and not to resort to other sources to obtain prefinancing linked to the export operation that gives rise to its request. In case of breach of this commitment, the issuing entity of the CCD shall report this situation to the Central Bank, which, once the infraction is verified, may adopt the corresponding sanctions, notifying the financial entities.

2.1.21.3. It is expressly clarified that the CCDs opened according to this rule are accessory instruments of the main export operation and are absolutely linked to it. Only suppliers of the goods, inputs or services that form part of the merchandise to be exported by the final exporter may be beneficiaries of the CCDs.

2.1.21.4. The issuing bank of the CCDs may request the guarantees it deems satisfactory and the data it considers convenient to properly clarify the operation, in accordance with the particular modalities of the goods to be exported. When considering the application for opening the CCDs, the Bank must duly evaluate the responsibility of the applicants.

2.1.21.5. The amounts of the CCDs that are opened are included within the exceptions referred to

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in point 3.1., Annex II, of Circular LIQUIDEZ Y SOLVENCIA - LI-SOL-1 (Communication "A" 414 of 25/11/83), with the limitations of point 3.7., and point 4. of the Annex to Communication "A" 467 of 30/03/84

2.1.21.6. The entity that issues the CCDs, through which the final export shall be processed, must assign to each CCD it issues a correlative control number and an annotation that clearly identifies it with the international letter of credit or the firm contract or purchase order related to it. This number shall be required for all purposes related to the operation. The entities must open and keep up to date a "CCD Registry" where they shall detail each of those they issue for their prefinancing.

2.1.21.7. The CCD must contain at least the following data, which shall be provided by the final exporter:

Information on the "Applicant" and the "Beneficiary" (Name, address, telephone, No. of registration in the Foreign Sector Registry, in the Income Tax, Capital and VAT, and No. of Registration in the National Industrial Registry if applicable).
Brief description of the goods to be exported and their NADE position, if applicable. If it is a "turnkey" export in which it is not possible to detail the NADE position, this circumstance shall be recorded in the text of the CCD.
Maximum prefinancing term corresponding to the goods that will make up the final export, according to current regulations.
Amounts in australes of the CCD and adjustment clause pursuant to point 2.1.21.9.
Amount in US dollars.
Validity period of the CCD.
Brief description of the goods covered by the CCD and that the final exporter entrusts to the beneficiary of the CCD.
Place and date of delivery of the goods subject to the CCD.

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Detail of the documentation that the beneficiary of the CCD must submit to prove compliance with the conditions established for the provision of the required goods.

2.1.21.8. The issuing banking entity of the CCDs shall communicate the opening of that instrument to the beneficiaries domiciled anywhere in the national territory, as designated by the final exporter.

2.1.21.9. The CCDs shall be opened in Australes, considering the buyer exchange rate of the US dollar on the day of their opening. The CCDs shall be adjusted by the variation experienced by the US dollar exchange rate between the day of opening of the CCD and the day of its settlement to the beneficiary of that instrument, according to the buyer rate for transfer of the Banco de la Nación Argentina. For the resulting amount and applying the general rules, the beneficiary of a CCD shall have the right to request access to the prefinancing credit for exports. In the event that the international letter of credit or the contract or firm purchase order from abroad is expressed in a currency other than the US dollar, the transfer rate of the date of issuance of the CCD shall be applied, which shall be requested from the Banco de la Nación Argentina.

2.1.21.10. The total sum of the CCDs opened in relation to a given export operation may not exceed the amount, expressed in US dollars, of the total prefinancing to which the final exporter of the goods to be exported could have access, in accordance with the general rules. For these purposes, the amounts and validity periods of the CCD shall be determined by those corresponding to the prefinancing of the goods to be exported. The provisions of points 2.1.4.2. and 2.1.4.3. shall be taken into account by the final exporter in the integration of the good to be exported and controlled by the issuing entity of the CCD.

2.1.21.11. The beneficiary of a CCD, with the original negotiable instrument from the issuing entity, may present itself to a banking entity of its choice and process the prefinancing credit there. For the granting of this credit, the beneficiary of a CCD must comply with the requirements that the entity considers appropriate, as if it were a prefinancing credit for a final exporter.

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2.1.21.12. The final exporter retains its rights of access to the prefinancing referred to in point 2.1. of Circular OPRAC-1, for the portion not assigned to its supplier beneficiaries of the CCDs and up to the maximum permitted by the rules for each type of good.

2.1.21.13. The entity through which the beneficiary of a CCD processes the prefinancing credit may attend to the request made, with the resources referred to in Circular OPRAC-1. In the event that the support of this Central Bank is required, a copy of the authenticated CCD shall be attached to the request for funds, only when the first installment is requested.

2.1.21.14. The intermediary entity designated by the beneficiary of a CCD or the opening entity of the CCD shall adjust, in each case, for direct access to the prefinancing regime to the limitations imposed in point 2.1.10 of this rule.

2.1.21.15. The beneficiary of a CCD for which it has obtained prefinancing shall be liable for the failure to comply in a timely and proper manner with its commitment to deliver the goods that are prefinanced, and the provisions of point 2.1.14. "Non-compliances" shall apply. Non-compliance with the agreed conditions shall be considered - for all purposes - as non-compliance with the export.

2.1.21.16. The beneficiary of a CCD shall only be released from all commitment upon delivery in a timely and proper manner, in accordance with the details in the CCD, of the goods required by the final exporter.

2.1.21.17. Within 3 (three) business days of delivery to the intermediary entity of the documentary evidence of compliance with the CCD and if they are in order, this entity shall forward it to the issuing bank of the CCD, which within the following 5 (five) business days and if the documents are in order, must cancel - within the maximum term set in the CCD - before the Central Bank the funds of the prefinancing granted to the intermediary entity, which must provide copies of the forms by which the prefinancing was granted and the cancellation form completed in the corresponding places. In the documentation corresponding to the cancellation, the number of the prefinanced CCD and the name of the intermediary entity shall be recorded. In the event that the amount of the prefinancing

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to be canceled is less than the total amount of the CCD, the beneficiary of the latter shall have the right to receive the difference against delivery of the good, for which purpose the issuing entity shall transfer the funds to the intermediary entity so that it, in turn, makes them available to the beneficiary of the CCD. In the event that the intermediary entity had granted the prefinancing with directly raised resources, it shall be appropriate for the issuing entity of the CCD in payment thereof to transfer directly the entirety of the funds to the intermediary entity, and the provision of the formulas referred to shall then not be necessary.

2.1.21.18. In order to address the cancellation of the prefinancing of a CCD or eventually to complete its amount to the intermediary entity, the opening entity may request from the Central Bank the financial support provided for prefinancing exports by this rule until the final export is completed. The sum of the financial support to the beneficiary of the CCD and to the opening entity of the CCD to cancel the prefinancing or to complete its amount to the intermediary entity may not exceed the maximum terms provided by this rule for this type of financing according to the type of good subject to the final export.

2.1.21.19. The final exporter of the prefinanced goods is responsible for compliance with the sale operation abroad and must answer for the amounts of the prefinancings that it has taken directly and for the CCDs issued and fulfilled by its suppliers. The final exporter shall be bound by the charges for "Non-compliance" referred to in point 2.1.14. If the export is not carried out due to the non-compliance of a beneficiary of a CCD, the responsibility shall fall on the final exporter, who may take action against the non-compliant party, without prejudice to the provisions of point 2.1.21.15.

2.1.21.20. The remuneration of the entities for the use of the resources of the promoted export prefinancing regime shall be received by the entity that handles the requirements of the beneficiary of the CCD or of the final exporter, for the period of application of resources in each case.

2.1.21.21. In all matters not contrary to this rule, the prefinancing granted to a beneficiary of a CCD shall be governed by the provisions of the general rules for prefinancing of promoted exports, in

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particular the regime for verification of the use of funds with the corresponding technical and accounting inspections, which shall be the responsibility of the intermediary entity that agrees to the prefinancing to a beneficiary of a CCD.

2.2. Credit benefits established by Laws 2.582 and 21.522.

2.2.1. Financing of goods whose provision is awarded to the local industry in international tenders that have financing from the I.D.B. or the I.B.R.D.

2.2.1.1. Local companies that are direct awardees, associated subcontractors or suppliers, of international tenders for the execution of programs and projects that have financing from the Inter-American Development Bank or the International Bank for Reconstruction and Development, may make use of the export financing regime of point 2.3., and of the promoted export prefinancing regime of point 2.1., for provision and production, respectively, of the goods included in the aforementioned tenders, provided that they are included in any of the four lists detailed in sections 2.3.15 to 2.3.18 of this rule or those that may be established in the future on the matter

2.2.1.2. In each case, this Central Bank determines the amount to which the credit assistance to be provided by the banks may rise and the applicable promoted export prefinancing regime. Such aspects must be consulted in due course with this Institution.

2.2.1.3. Operations processed in accordance with these provisions must conform in all respects to the rules of the prefinancing and promoted export financing regimes applicable in each case (including the percentage composition of the value of the goods: imported inputs, royalties, profits and expenses in the country, etc.), with the formal adaptations derived from the fact that the goods will be destined for the domestic market and not for export.

2.2.1.4. The intervening banks must require, in addition to the requirements provided in the respective rules, the presentation of the original of the certification issued by the current Secretariat of Industry and Foreign Trade referred to in Resolution No. 580/77 of the Ministry of Economy. In said document, the entity

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intervening party must record the credit granted or the discount made.

2.2.1.5. The entities must especially take into account, when completing Forms 2408 - to obtain the respective funds from the Central Bank - and 2408 A - intended to cancel the advance - corresponding to the promoted export prefinancing regime, the following aspects:

In the OBSERVATIONS item they must record the chapter number of this provision and the number and date of the respective call for tender.

The numbering must continue the correlative order that each entity has been assigning to these forms.

To use the promoted export financing regime, the local supplier, against delivery of goods, must issue drafts in United States dollars - for equivalent in australes of the basic value plus the price adjustment according to the contractual clause - that must be accepted by the buyer. Such documents may be discounted by the banks authorized through point 2.3. of this rule and - at their request - discounted by the Central Bank.

2.2.1.6. When the terms and conditions of the international tender require, for the provision of the goods included therein, some type of special financing on the part of the bidders, the local company must address in each case the Central Bank consulting the financial conditions that it may offer. To this end, a presentation must be made on Form 2097 - through a bank authorized to operate in foreign exchange - providing a list of the goods, with the estimate of the individual values and of the national and foreign integration of the products

2.2.2 Application of the prefinancing and financing regimes for promoted exports to international tenders called by the Entidad Binacional Yacyretá.

2.2.2.1. Local companies that are direct awardees, associated subcontractors or suppliers, of international tenders called by the Entidad Binacional Yacyretá, for the provision of the goods determined by decree of the national Executive Power 311/79 (point 2.2.2.10.) may make use of the prefinancing and financing regimes for promoted exports set forth in points 2.1. and 2.3. of this Chapter, respectively.

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2.2.2.2. Operations processed in accordance with these provisions must comply with the respective rules mentioned above, - the goods are those arising from Article 3. Of Decree No. 311/79-, with the formal adaptations derived from the fact that the different equipment and elements are destined for the work under the charge of the aforementioned Entidad Binacional and not for export and complying with the aspects indicated below.

The financing regimes for promoted exports - prefinancing and financing - referred to in subsection 2.2.2.1. may not be used when for the goods use is made of the Revolving Fund destined for the payment of work progress certificates. The beneficiary companies must present to the intervening bank a certification issued by the Entidad Binacional Yacyretá, declaring that the respective goods are not financed through the aforementioned Revolving Fund.

The prefinancing regime may not be used for the production of goods that, being the property of the awardee company, are used in the works.

2.2.2.3. Banks must require, in addition to the requirements provided in the respective rules, the presentation of the original of the certification issued by the current Secretaria de Industria y Comercio Exterior (point 2.2.2.8.), referred to in Resolution No. 857/80 of the Ministry of Economy. In said document, the intervening entity must record the credit granted.

2.2.2.4. To use the financing regime for promoted exports, the local supplier, against delivery of goods, must issue drafts in United States dollars - for the equivalent in australes of the basic value plus the price readjustment according to contractual clause - that must be accepted by the Entidad Binacional Yacyretá. Said documents may be discounted by authorized banks, through point 2.3. and - at their request - discounted by the central bank.

In substitution of the guarantees required by point 2.3.5., the respective operations must be endorsed by the Secretaria de Hacienda, in accordance with the provisions of Decree No. 2.572/77.

2.2.2.5. When the Entidad Binacional Yacyretá requires, for

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the provision of goods included in a given international tender some type of special financing on the part of the offerors, the local company must address in each case this Central Bank consulting the financial conditions that it may offer. To this end, a presentation must be made on Form 2097 - through a bank authorized to operate in foreign exchange - providing a list of the goods, with the estimate of the individual values and of the national and foreign integration of the products.

2.2.2.6. To make use of the prefinancing regime for promoted exports, the entities must especially take into account when completing Forms 2408 and 2408 A - related to the movement of funds of the respective advance - the following aspects:

In the OBSERVATIONS item they must record the number of the respective call for tender.
The numbering must continue the correlative order that each bank has been assigning to these forms.

2.2.2.7. Text of Resolution No. 857/80.

MINISTERIO DE ECONOMÍA
BUENOS AIRES, 30 June 1980.

WHEREAS Decree No. 311/79, which declares included in the regime of Law No. 20.852 the international tenders opened by the Entidad Binacional Yacyretá for the execution of the works comprised in Law No. 20.646, and

CONSIDERING:

That Article 14 of Decree No. 2099/76, regulatory of Law No. 20.852, confers upon this Ministry the power to establish the procedures to be followed by interested parties for the receipt of the benefits established by the aforementioned provisions;

That by Resolution No. 1170/77 of the Ministry of Economy, which partially modified Resolution No. 580, the procedure was established for the granting of credit-order benefits to local companies awarded international tenders financed by the Inter-American Development Bank or by the International Bank for Reconstruction and Development;

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That as a consequence of Decree No. 311/79, it is appropriate to establish the procedures for granting said benefits to local companies awarded international tenders issued by the Entidad Binacional Yacyretá, whatever the origin of the funds.

Therefore,

THE MINISTRY OF ECONOMY

RESOLVES:

ARTICLE 1st. - For the purposes of the provisions of subsection e) of article 2nd. of Decree No. 311/79, it shall be understood that the benefits in matters of export promotion grantable under that rule are the prefinancing and financing regimes for promoted exports, under the conditions established by Circulars R.C. 693/R.F. 21 and R.C. 704/R.F. 98 of the Central Bank of the Argentine Republic, or those that said Institution establishes in the future.

In substitution of the guarantees required by point 5 of the Annex to Circular R.C. 693/R.F. 21, the Secretariat of State of Finance shall guarantee the respective operations, at the request of the Binational Entity Yacyretá, in accordance with the provisions of decree 2572/77.

ARTICLE 2nd. - The following shall be considered goods solely for the purpose of the benefit provided in subsection e) of article 2nd. of Decree No. 311/79:

a) Electromechanical equipment and its parts: Power plant cranes, valves and pumps for fish transfer installation, gates and equipment for fish transfer, spillway and power plant gates, main transformers, isolated busbars, sulfur hexafluoride (SF6) installations, auxiliary panels, control panels, computer system and navigation lock.

b) Generation equipment and its parts: Turbines and regulators, generators and exciters.

c) Internal transmission lines: towers and conductors.

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d) Construction equipment: Trucks, tractors, road machinery, backhoes and similar.

ARTICLE 3rd. - When the terms and conditions of an international tender issued by the Binational Entity Yacyretá require, for the supply of the goods included, some type of special financing on the part of the bidding company, it must address itself in consultation in each specific case to the Central Bank of the Argentine Republic, sending a copy of the aforementioned terms and conditions and requesting the corresponding financing.

The Central Bank of the Argentine Republic shall respond to such consultations, indicating the financing conditions (amount, term, interest and others) that it must include in its offer.

In such cases the Central Bank of the Argentine Republic shall take into consideration the financing conditions that the export credit agencies have offered to foreign competitors of similar products.

Should local companies be awarded, the Secretariat of State of Finance may grant, at the request of the Binational Entity Yacyretá, the necessary guarantees to finance the operations through Circular R.C. 693/R.F. 21 of the Central Bank of the Argentine Republic.

ARTICLE 4th. - Companies that wish to avail themselves of the benefit indicated in article 1st. Must present before the Secretariat of State of Industrial Development (National Directorate of Industry) in duplicate and within THIRTY (30) business days of receipt of the award or of signing the contract or purchase order by the bidder, an application for certification of the offer presented together with the communication of award of the bidder or of the contract or purchase order between Beneficiary and Bidder, accompanying a copy of said documents certified by the bidder according to the attached model.

The Secretariat of State of Industrial Development (National Directorate of Industry) shall process said application within the THIRTY (30) days following its presentation, delivering to the Beneficiary a certified copy and stating that the contracted goods are affected by Law number 20.852.

The Beneficiary shall present the documen

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tion conformed by the Secretariat of State of Industrial Development (National Directorate of Industry), at the Commercial Bank at which it requests the respective financing.

ARTICLE 5TH. - Be it communicated, published, given to the National Directorate of Official Registry and archived.

RESOLUTION NO. 857
Signed: Dr. José A. Martínez de Hoz
MINISTER OF ECONOMY

IT IS A COPY

2.2.2.8.
Annex to Resolution M.E. No. 857/80

CERTIFICATION OF THE BIDDING COMPANY TO BE DELIVERED TO THE BENEFICIARY

BIDDER:

IT IS CERTIFIED:

1) That in Tender No. carried out with application of the terms and conditions referring to the Work, the firm with legal domicile in has resulted Beneficiary in its capacity as

2) That the same Tender has had the characteristics of "International Tender" in the terms of article 1st. Second paragraph of Decree number 2099/76, attaching to this present evidence of the dissemination of the respective call.

3) That the aforementioned International Tender has been declared included in the regime of Law 20.852 through Decree number

4) That the object of the aforementioned International Tender is the execution of the work indicated above, approved by the Secretariat of State of for which purposes the above-mentioned firm through Contract/purchase order No. has committed to supply the goods referred to in the invoices dated

This Certificate is issued at the request of the

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Signature to be presented for the purposes of the provisions of the
article 2 of Law 20.852, of Decree No. 2099/76 and of Re-
solution M.E. No. before the Secretariat of State for Industrial Development (National Directorate of Industry) on on the days of the month of of nineteen eighty.

BIDDER - SIGNATURE

CLARIFICATION:

CERTIFICATION OF THE SECRETARIAT OF
INDUSTRY AND FOREIGN TRADE

SIGNATURE: CLARIFICATION: IT IS A COPY

2.2.2.9. Text of Resolution No. 1026

Ministry of Economy

Buenos Aires, 18 October 1984

HAVING SEEN file 17.085/83 of the registry of the Undersecretariat of Economy in which the Ministry of Public Works and Services raises the situation entailed by the application of Resolution ME No. 857 dated 30 June 1980, to the civil works awarded by the Yacyretá Binational Entity, and

WHEREAS:

That Resolution of this Ministry No. 857 dated 30 June 1980, proposed to establish the procedures to be followed by interested parties for the collection of the benefits established by Law 20852 and Decree No. 311/79 which declared included in the regime thereof, the international tenders opened by the Yacyretá Binational Entity, for the execution of the works comprised in Law 20.646.

That various intervening agencies have detected that article 2 of Resolution ME No. 857/80 has unduly restricted the scope of application of a norm of higher rank, such as that contained in art. 3 Of Decree No. 311/79, aside from highlighting that the Resolution in question is dated after the date of the opening of the tender.

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That in accordance with the doctrine of the Treasury Prosecution cited by the General Directorate of Legal Affairs of this Ministry, in its opinions at fs. 18/19 and fs. 130/31, this would be a norm vitiated by nullity, for which reason it is appropriate to proceed to repair the legal order thus violated.

That it is a regularly admitted principle that a norm of lower rank, as is the one under examination in relation to Decree No. 311/79, cannot under the pretext of regulation curtail or expand its scope of application, distorting it and, specifically, that in a public tender the legislation in force at the time of its opening must be applied both by the Administrative Power and by potential bidders.

That likewise reasons of good administrative order and the need to preserve the institution that the promotion regulates, require that the State limit itself in the exercise of discretionary powers, since at the same time as they signify the possibility of unilaterally modifying the rules to which potential bidders are subject, they introduce uncertainty into the system and can render illusory the equality of those bidders, even obliging them to assume risks in their costs, distorting an essentially bilateral system.

That it is consequently appropriate to repeal article 2 of Resolution ME No. 857/80 declaring the full force of article 3 of Decree No. 311/79.

That with regard to the rest of the resolution it is understood to be applicable to the contract for the execution of the civil works (Contract Y.C.I.) insofar as it signifies the interpretation of norms in force prior to the call for tender for said works made on 20 June 1980 or those that could be opened after the date of its promulgation are applied.

That the contract signed between the YACYRETA Binational Entity and the Consortium awarded the civil works contemplates the existence of a Revolving Fund destined exclusively for the payment of works certificates according to progress Point 4.7.06 Payments pag. IV.7.6 of the Specifications, for which reason the bidder will have the necessary funds to meet the advance payment of said certificates, eliminating the waiting time to which contractors are usually obliged between the moment of issuance of the respective certificate and that of its payment by the tendering entity.

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That although the use of the export financing line would not be necessary, given the existence of an adequate flow of income that will allow immediate attention to the payments of monthly works certificates, thus closing the financial circuit harmoniously, a correct treatment of the matter makes it advisable to reestablish the rights in force at the time of the international call for tender, with the proviso that the use of the revolving funds excludes the possibility of using resources from the financing contained in the circulars of the Central Bank of the Argentine Republic applicable to the periodic certificates of works progress.

That this resolution is issued in accordance with the opinion rendered by the National Directorate of Internal Economic Policy and by the General Directorate of Legal Affairs of this Ministry and in exercise of the powers conferred by Law 22.520 (T.O. 1983).

Therefore,

THE MINISTRY OF ECONOMY

RESOLVES

ARTICLE 1. - Repeal article 2 of Resolution ME No. 857 dated 30 June 1980 and declare consequently the full force of article 3 of Decree No. 311/79.

ARTICLE 2. - Clarify that the financing and prefinancing regimes that the consortium awarded the civil works, supplier of national industry goods, may use, are those in force at the time of the opening of the tender.

ARTICLE 3. - This resolution shall be in force from the day following its publication in the Official Gazette.

ARTICLE 4. - Be it communicated, published, given to the National Directorate of the Official Registry and filed.

RESOLUTION No.: 1.026

Signed: Bernardo Grinspun
Minister of Economy

IT IS A COPY

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2.2.2.10. Text of Decree No. 311

The National Executive Branch
Buenos Aires, 29 January 1979

HAVING SEEN file SEDI number 59.169/78 and Law number 20.646 by which the "Yacyretá Treaty" and the "Statute of the Binational Entity" were approved, and

CONSIDERING:

That Laws numbers 20.852 and 21.522 grant benefits in favor of local companies that participate in international tenders with financing from the Inter-American Development Bank or the International Bank for Reconstruction and Development, or that are convened by bi- or multinational Entities of which the country is a part.

That article 5 of the aforementioned Law number 20.852 empowers the Executive Branch to include in that regime the international tenders it deems appropriate.

That due to the importance and significance of the works in question, it is of primary interest that Argentine industry be able to participate in their execution.

That for those purposes it must be made possible for it to be in a position to compete with offers from abroad, establishing the scope of the benefits to be granted.

That this decree is issued in accordance with what was proposed by the Secretariat of State for Industrial Development and in accordance with the powers granted in article 1 of Decree number 2099 of 17 September 1976.

Therefore,

THE PRESIDENT OF THE ARGENTINE NATION
DECREES:

ARTICLE 1. - The international tenders opened by the Yacyretá Binational Entity for the execution of the works included in Law number 20.646 are declared included in the regime of Law number 20.852.

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ARTICLE 2. - Local companies that are direct awardees, associated companies, subcontractors or suppliers in the international tenders referred to in the previous article shall enjoy the following benefits applicable to goods and services of national origin.

a) Exemption from income tax, in accordance with the provisions of article 2, subparagraph b) of Law number 20.852 and in article 5 of Decree number 2099 of 17 September 1976.

b) Exemption from value added tax, under the conditions established in article 2, subparagraph c) of Law number 20.852 and in article 6 of Decree number 2099 of 17 September 1976.

c) Exemption from import duties, prior deposits, fees and any special contribution that falls on imports and their freight, in accordance with article 2, subparagraph d) of Law number 20.852 and article 11 of Decree No. 2099 of 17 September 1976, which shall be granted by the Secretariat of State for Industrial Development, for the entry into the country of raw materials, inputs and parts that are not produced locally and are incorporated into the goods subject to the benefits in accordance with the provisions of article 3 of this decree.

d) Reimbursements or draw-back, in accordance with the provisions of article 2, subparagraph a) of Law number 20.852 and in article 9 of Decree number 2099 of 17 September 1976, for the goods indicated in article 3 of this decree.

e) The prefinancing and financing regimes granted at the time of the opening of the respective international tender for the export of the goods mentioned in article 3 of this decree.

ARTICLE 3. - For the purposes of this decree, the following shall be considered goods subject to the exemptions:

a) Those that are physically incorporated into the works included in Law number 20.646, whether in the same state or after a process of transformation or manufacture.

b) Those that are physically incorporated into goods that

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in turn are physically incorporated into the works and also those that are physically incorporated into capital goods used directly in the execution of the works in the manner defined in subparagraph c).

c) Those that are consumed or used at the site of the works and in direct connection with them, thereby excluding capital and consumer goods used outside the place where the works are carried out, foodstuffs, clothing and other items consumed by personnel linked to the works, automobiles used by them, fuels and lubricants, and in general all those whose use and consumption are not clearly linkable to the execution of the works or of elements for them.

ARTICLE 4. - Let it be communicated, published, given to the National Directorate of the Official Registry and archived.

DECREE No. 311
VIDELA
Signed: José A. Martínez de Hoz
Minister of Economy
IT IS A COPY

2.3. Financing of promotional exports.

Operations processed through this regime must be instrumented through the issuance of bills in United States dollars, which, once discounted by the authorized intervening entities, at their request, shall be discounted in the same currency by this Bank, applying the interest rates indicated in each case. Interest shall be paid in United States dollars, per calendar semester in arrears at the maturity of each of the bills.

Entities authorized to operate in foreign exchange may directly handle the financing operations submitted to them by exporters, within the conditions of this rule, for which they may apply external resources in foreign currency, which may enter through the same foreign exchange market through which the merchandise subject to financing is settled, (excluding those from the "Amendment and Reformulation of the 1985 Commercial Credit and Deposit Facility", the "1987 Commercial Credit and Deposit Facility" and the "1987 Commercial Credit Maintenance Facility Letter of Commitment", provided for in the Argentine Financial Plan 1987). These operations are not covered by the guarantee of points 2.3.5.1., 2.3.5.2.

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and 2.3.5.3. of this regulation, remaining at the discretion of the entity to require those it considers pertinent.

For operations processed in accordance with the provisions of the preceding paragraph, the interest rate shall be the one freely agreed upon by exporters and entities, net of the remuneration charged by this Bank referred to in point 2.3.2.15.

For exports to countries with which Reciprocal Credit Agreements have been signed, financing may also be instrumented through promissory notes derived from those commercial operations, issued or guaranteed by authorized institutions.

The use of the aforementioned documents, which are covered by the automatic reimbursement regime, must strictly observe the rules established by Circular COPEX - 1.

2.3.1. Scope

The following are included in this regime:

2.3.1.1. Exports of merchandise, unused, of Argentine origin, included in the lists of points 2.3.15. to 2.3.18, and point 2.3.20.

2.3.1.2. Technical services, research and studies sold abroad, carried out by scientists, technicians or by companies, institutions or teams directed or under the responsibility of technicians or scientists residing in the country, subject to prior consultation.

2.3.1.3. Freight corresponding to the transport of goods included in this regime, including those of point 2.3.1.5., carried out by Argentine means or leased by Argentine carriers.

2.3.1.4. Insurance on goods included in this regime, including those of point 2.3.1.5., contracted with companies authorized to operate in the country and subject to the provisions of Law 12.988, Art. 4th.

2.3.1.5. Transformation, modernization, repair and adjustment of transport elements, equipment and machinery temporarily introduced into the country for that purpose, subject to prior consultation.

2.3.1.6. Merchandise that presents the modality that in the manufacture of the goods to be exported, inputs entered into the country under the temporary admission regime are involved.

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In these cases, it must be verified that the entry of said inputs - which shall not be counted for the purposes of financing the operations when they are not paid abroad - occurred in accordance with the provisions in force on the matter,

2.3.1.7. Industrial plants or other works that, conceptualized as a whole as a "capital good", are contracted with the condition of being delivered "turnkey", subject to prior consultation.

2.3.2. Financial regime

2.3.2.1. Exports of capital goods (list 1 - point 2.3.15 of this Circular) and up to an additional 10% of their FOB value as spare parts and accessories to be used in the equipment to be exported, and the transformation, modernization, repair and adjustment of transport elements and equipment and machinery temporarily introduced into the country for that purpose, may be financed up to 85% of the FOB value.

2.3.2.2. The sale abroad of industrial plants or other works that, conceptualized as a whole as "capital goods", are contracted with the condition of being delivered "turnkey", subject to prior consultation, may be financed up to 85% of the FOB value.

2.3.2.3. Exports of the other goods included in lists 2, 3 and 4 (points 2.3.16. to 2.3.18. of this Circular) may be financed up to 80% of the FOB value.

2.3.2.4. The sale abroad of technical services, research and studies is financed up to 90% of their value.

2.3.2.5. Freight and insurance may be financed up to 100% of their value.

2.3.2.6. The financing proportions established in points 2.3.2.1., 2.3.2.2., 2.3.2.3. and 2.3.2.4. apply when the total of raw materials and materials of foreign origin for direct use, commissions of representatives abroad, royalties, expenses abroad and profits - according to the exporter's sworn statement - does not exceed 30% of the FOB value of the export.

2.3.2.7. When the percentage (30%) established in the

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previous point is exceeded, the amount to be financed is reduced as follows:

For the tranche between 31% and 40%, one percentage point for each one of increase of the set of concepts included in point 2.3.2.6.
For the tranche between 41% and 50%, one and a half percentage points for each one of increase of the set of concepts referred to in point 2.3.2.6.
Once the limit of 50% is exceeded, and for this last tranche, two percentage points for each one of increase of the set of concepts included in point 2.3.2.6.

2.3.2.8. Access to this financing regime recognizes as maximum limits for commissions of representatives abroad, five percent (5%) of the FOB value of the export.

2.3.2.9. The non-financed part of the operation must be received in accordance with the provisions of the general rules in force on the matter.

2.3.2.10. The exchange balance of operations financed under this regime, considering the effective inflow and outflow of foreign currency originating from the export, may only present an accumulated negative balance of up to five percent (5%) of the FOB value, in the period between the entry into force of the operation and the receipt of the first installment of the financed part.

2.3.2.11. The letters must be issued for amounts not less than 3,000 (three thousand) US dollars each, with the exception of those originating from the payment of freight and insurance.

2.3.2.12. The amounts of the letters destined to be financed by this regime must not include financing interest.

2.3.2.13. The interest that exporters are obliged to pay or that they pay to the entities that directly handle the financing operations processed under this rule are the results of applying the rates set by this Bank, according to the following terms.

2.3.2.13.1. For export operations of goods

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of List 1 and List 2, arranged with payment terms of up to one year.

2.3.2.13.2. For export operations of goods in Lists 3 and 4, and of Lists 1 and 2 arranged for more than one year and up to four years and 3 years respectively.

2.3.2.13.3. Arranged with payment terms of more than four years.

2.3.2.14. The Central Bank is willing to consider operations that involve departures from the rules that alter the financial regime, the terms regime, or that imply the use of external resources for the financing of long-term inputs.

2.3.2.15. The entities that directly handle these financings with external resources may freely agree the interest rate with the exporters. In this case, the Central Bank will recognize the rate it sets to be applied as a rate reduction to the exporter, which will be paid semi-annually or at the maturity of the operation. The entities shall send to the Central Bank the supporting documentation so that said rate reduction is recognized.

2.3.2.16. The resources required from the Central Bank for this financing may not exceed two hundred percent (200%) of the computable equity responsibility of the intervening entity reported in the last form 2965 submitted to this Institution.

2.3.3. General requirements.

2.3.3.1. For the eligibility of the operations, documented verification of the export and of having assumed the commitment to pay the corresponding foreign currency under the agreed terms is indispensable.

2.3.3.2. The financing request may be filed with this Central Bank up to forty-five (45) calendar days after the date of completion of customs shipment.

2.3.3.3. In the case of merchandise exhibited at exhibitions or samples held abroad, financing is feasible if the sale is completed before one year, counted from the day of closing of the exhibition or sample.

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2.3.3.4. If it concerns products sent on consignment, in accordance with the terms of Decree No. 637 of 06/03/79, financing is feasible if the sale is completed within 360 days of the shipment.

2.3.3.5. When it concerns financings related to the situations provided in points 2.3.3.3. and 2.3.3.4., the respective requests may be filed with this Central Bank up to forty-five (45) calendar days after the formalization of the firm sale.

2.3.3.6. The entities that request the discount of bills from this bank must attach, in addition to the pertinent forms, a copy of the respective shipment permit.

The entities that take charge of the financing must have the shipment permit with customs completion as an indispensable requirement to complete the operation, and must send a copy thereof to the Central Bank when requesting the rate referred to in point 2.3.2.15.

2.3. 4. Terms.

2.3.4.1. For capital goods included in List 1, and up to an additional 10% of their FOB value as spare parts and accessories, to be used in the equipment exported, up to 8 and a half years with equal amortizations, of constant periodicity, at most annual.

2.3.4.2. For durable and semi-durable goods included in List 2, up to three years with equal and periodic amortizations, at most semi-annual.

2.3.4.3. For products included in Lists 3 and 4, up to one year with equal amortizations of constant periodicity, at most semi-annual.

2.3.4.4. For technical services, research and studies sold abroad and the transformation, modernization, repair and adjustment of transport elements, equipment and machinery temporarily introduced into the country for that purpose, those agreed by the Central Bank as a result of prior consultation.

2.3.4.5. For freight and insurance, the same terms as for the merchandise to which those services correspond.

2.3.5. Guarantees.

The operations included in this regime must be:

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2.3.5.1. Covered by export credit insurance against commercial risks, or

2.3.5.2. Guaranteed by a foreign bank of recognized solvency to the satisfaction of the intervening entity, which allows the discount of the export collection instruments at market rates for first-line institutions, in the different international markets.

2.3.5.3. The operations must be covered, in all cases, by export credit insurance against extraordinary risks.

2.3.5.4. At the maturity of the bills and in the event of collection difficulties abroad, the intervening entities must respond for the discounts requested in all cases.

The entities have access to the foreign exchange market to comply with the obligations contracted with this Central Bank.

The discounts requested must be canceled unfailingly on the day of their maturity.

2.3.6. Currency of payment.

2.3.6.1. The bills must be issued and collected in US dollars, except for express amortization by the Central Bank.

2.3.6.2. When payment is made through Reciprocal Credit Agreements, it must be adjusted to the provisions governing them.

2.3.7. Conditions for the discount of bills with the Central Bank.

2.3.7.1. Entities requesting the discount of bills from the Central Bank must complete Form 2897, attaching Form 2096 and each of the bills offered endorsed "in bank" in favor of this Central Bank.

The Central Bank, fifteen (15) business days prior to the maturity of each bill, shall make it available to the entities that processed the discount for its effective collection.

The Central Bank shall accept the issuance of "official bills" to facilitate the discount, but their exchange for the

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original bills of sale may not be delayed beyond thirty (30) calendar days after the discount is proven, under penalty of declaring the discount null and requesting its immediate replacement plus accrued interest.

2.3.7.2. The Central Bank discounts the bills within five (5) business days following the date on which the entities submit Form 2897. The bills must be numbered by the entity starting from one and without duplicating the numbers of each of them, even if they correspond to the same operation.

Applications for discount of export bills must be submitted to the Export and Import Department of the Foreign Trade and Exchange Management without effecting exchange closing

The submitting entities shall be informed of the operations that comply with the requirements for their discount, within the period indicated above. On the following day they may close exchange "normal value" through the Exchange Operators Department and shall have the funds available on the next business day.

Forms 2900 that must record movements derived from fund credits shall be submitted on the same day of the discount credit.

2.3.7.3. When accessing the discount of export bills, the following information must be provided by note:

a) Name or corporate name of the acceptor, indicating their address.

b) Name of the guarantor or surety, stating address and eventual identifying number of the guarantee.

c) If there is a letter of credit covering the payment of the obligation, name of the issuing bank and assigned number.

d) Place of payment of the obligation.

2.3.7.4. The foreign currency resulting from the discount of the bills must be acquired from the exporters by the intervening entities as financing of promoted exports and simultaneously sold to the Central Bank when dealing with obligations discounted at this Institution.

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2.3.7.5. The Central Bank may attend requests for cancellation of discounts before the maturity of the bills established at the time of arranging the operation, and when these respond to early payments abroad. These requests must be submitted on Form 4008-A, with the consequences that justify the modification of the original financing. When dealing with discounts completed in accordance with the procedure established in point 2.3.7.8., the submission on Form 4008-A is not necessary, and the following procedure must be observed:

2.3.7.5.1. Five (5) business days in advance of the date on which it is decided to cancel the obligation, a Form 2897 must be sent to this Bank, which must be visibly identified with the text "Modifications". Its completion - in red - must contain the data of the original operation (including the assigned order number) excluding the maturity of the bill that is replaced with the date on which the cancellation is made.

2.3.7.5.2. Upon processing the new maturity, the authorized entities must proceed in the usual manner, both regarding the cancellation of the obligation and in relation to the reporting regime.

2.3.7.6. At the maturity of the bills, the authorized entities must send to the Central Bank Form 2898 duly completed.

When the discount has been attended by the entities, the funds from the collection of the obligations may be applied directly abroad to the amortization of the financing obtained, in which case they shall complete ex officio and for statistical purposes the corresponding reporting forms.

2.3.7.7. The interest accrued on the bills must be paid in the currency in which the obligation was extended, per calendar semester expired, except for those corresponding to the final settlement, which are paid at the time of cancellation of the corresponding bill. For this purpose, Form 2899 must be completed.

2.3.7.8. In the event of collection difficulties abroad, for operations covered by the guarantee established in point 2.3.5.1.,

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the Central Bank is willing to extend the agreed financing for an additional term of up to one hundred ninety-five (195) days, provided that the exporter issues an official bill for the amount covered by the insurance. The aforementioned document must be previously endorsed by the intervening entity and its photocopy must be submitted to the Central Bank accompanied by Form 4076. This possibility also extends to operations covered by insurance against extraordinary risks, when there is no evidence that the non-compliance is attributable exclusively to the foreign firm, and a sworn statement from the exporting firm must be required in this regard. Once the aforementioned term has expired, the extension may be extended to the following cases:

2.3.7.8.1. For ninety (90) additional days when the operation is covered by credit insurance against extraordinary risks and the claim has not been settled, but there is evidence granted by the Secretariat of Industry and Foreign Trade to the effect that its payment has been authorized.

2.3.7.8.2. For forty-five (45) additional days when the operation is covered by credit insurance against extraordinary risks and the claim has not been settled, but there are records issued by the Secretariat of Industry and Foreign Trade to the effect that authorization for payment has been resolved.

2.3.8.3. The procedure set forth in points: 2.3.8., 2.3.7.8.1. and 2.3.7.8.2., shall also apply to operations directly arranged by entities with exporters. The entities must inform this circumstance to the Central Bank.

2.3.7.9. In cases of delay in the crediting of foreign currency, the Central Bank shall charge the interest provided in point 2.3.2.13.

The entities may charge the rate freely agreed with the exporters, and the Central Bank shall recognize the rate reduction to the exporter referred to in point 2.3.2.15.

2.3.7.10. For the use of funds made available for the handling of these operations, the entities must pay the Central Bank the interest rate agreed in the operation less the remuneration set by this Bank.

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2.3.7.11. Transfer of indebtedness margins with the Central Bank. See point 2.1.16.10. of this regulation.

2.3.8. Operations chargeable to credit lines agreed directly by the Central Bank with central banks or state agencies of other countries.

2.3.8.1. The reference operations must conform to the conditions established in the respective agreements and must be submitted for prior consultation to the Central Bank in order to determine their eligibility.

2.3.9. Reporting regime.

2.3.9.1. When purchasing foreign currency from the client, a Form 4001 A must be prepared, stating as concept "Financing of Promoted Exports, Circular OPRAC - 1, Chapter I, point 2.3.", using code 122. Said foreign currency must be simultaneously transferred to the Central Bank, with the declaration made on Form 116.

2.3.9.2. When the foreign currency is received for the value of the discounted draft, for statistical purposes a Form 4001 A or B, as the case may be, must also be prepared, with the usual data and code -081- and at the same time a Form 4002 A must be submitted indicating as concept "Return of Promoted Exports, Circular OPRAC-1, Chapter I, point 2.3.", stating code 626. Said forms must be numbered following the correlative order of the others and must be attached as usual to form 4009 summary of operations.

2.3.9.3. In cases of receipt of foreign currency from countries with which Reciprocal Credit Agreements are maintained, the respective counterparts must be arranged separately from the other operations, mentioning in each case that it is an operation processed in accordance with the rules of this Circular and they must likewise be declared, that is, separately, on the usual Form 116 B, stating in the observations column the legend "Circular OPRAC-1, Chapter I, point 2.3."

2.3.9.4. On Forms 1989 B or C, express record must be left of the operations linked to the discounted drafts under this regime.

2.3.9.5. To reflect the balance of the discounted drafts with the Central Bank, Form 2900 must be used.

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2.3.9.6. With respect to operations handled directly by the entities with their own resources, the following must be reported:

2.3.9.6.1. When purchasing foreign currency from the client, a Form 4001-A must be prepared stating as concept "External loans to finance promoted exports, with the entity's resources, Circular OPRAC-1, Chapter I, point 2.3.", using code 123.

2.3.9.6.2. When the foreign currency is received for the value of the discounted draft, a Form 4001-A or B, as the case may be, must be prepared, with the usual data and code -081- and at the same time a Form 4002-A must be submitted indicating as concept "Return of external loans to finance promoted exports, with the entity's resources, Circular OPRAC-1, Chapter I, point 2.3." stating code 627.

2.3.10. Inquiries.

2.3.10.1. The authorized intervening entities may submit to the Central Bank, by means of Form 2097, the inquiries referred to in points 2.3.1.2., 2.3.1.5., 2.3.1.7. and 2.3.4.4., as well as any exception to these provisions. The following are indispensable conditions for submitting three inquiries:

2.3.10.1.1. Make the request with due advance notice.

2.3.10.1.2. Issue a reasoned opinion on the departures requested from the requested conditions.

2.3.10.1.3. Any resolution of the Central Bank on the aforementioned inquiries is valid for 180 days counted from the date of its communication. Within that period, the shipments must have begun or the respective contract must have been formalized.

2.3.10.2. The authorized intervening entities must instruct the exporting trade not to offer abroad financing conditions that exceed those instructed by these provisions, without the prior approval of the Central Bank.

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2.3.10.3. Those inquiries linked to financings already authorized by the Central Bank or to modification of conditions of operations processed through this regime must be submitted by means of Form 2100, with the following information:

2.3.10.3.1. Copy of the respective Form 2096.

2.3.10.3.2. Whether the foreign currency corresponding to the non-financed part and to any matured drafts was received on time.

2.3.10.4. Consultations related to industrial plants or other works that, considered as a whole as a "capital good", are contracted with the condition of being delivered "turnkey", must comply with the following requirements:

2.3.10.4.1. The financial conditions of the aforementioned operations must be consulted in each case through authorized banks, which must proceed to analyze them and forward them to this Institution with their reasoned opinion. Exports of this type carried out by state or mixed companies must be channeled through the Banco Nacional de Desarrollo.

2.3.10.4.2. For this purpose, banks must weigh, in addition to the aspects common to all financing of promoted exports, the following elements:

2.3.10.4.2.1. Background and technical capacity of the applicant firms to carry out the work efficiently, in particular the experience accredited in the assembly and commissioning of plants, in the specialty concerned. When two or more firms participate in the presentation, special consideration must be given to the one heading the request.

2.3.10.4.2.2. Prior studies of technical, economic and financial feasibility of the projects,

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that substantiate the profitability and efficiency of the plant.

2.3.10.4.2.3. Determination of the character of the purchasing company or body (official, private, mixed, etc.) and bases or financial conditions of the call for bids, price competition and/or background

2.3.10.4.2.4. Detail and value - broken down according to whether they are expenses in australes or in foreign currency - of the goods, technical services and expenses to be carried out in the destination country, included in the proposed operation.

2.3.10.4.2.5. Detail of the goods and services to be imported, their origin, value and financing to be obtained from abroad.

2.3.10.4.2.6. Schedule of inflow and outflow of foreign currency generated by the operation in the period between the entry into force of the contract and the receipt of the first installment for the financed portion.

2.3.10.4.2.7. Guarantees offered for the financing.

2.3.10.4.3. Consultations related to "turnkey" operations that do not include the reasoned opinion of the intervening bank will not be considered, for which purpose the latter must take into account the aspects indicated above.

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Version
2a
"A" 1205 OPRAC - 1 - 199
Communication
Date
3.6.88
Page
62

I - Credit provisions (continued)
2.3.11. Model of Form 2899
OPRAC - 1

Form 2899 (III - 86) ORIGINAL for the Department of Export and I mport

CENTRAL BANK OF THE AR-
GENTINA
Dept. of Export and Import
TRANSFERS OF INTERESTS FOR REDISCOUNTS
OF EXPORT LETTERS
Circular OPRAC - 1, Chapter 1, point 2.3. / /
No.: (1)
AUTHORIZED ENTITY: No.
We inform the Central Bank of having transferred for the credit of your account the amount indicated Semiannual settlement For (2) of interests derived from the regime of Circular OPRAC - 1, Chap. I, point 2.3. Fiscal settlement Foreign currency Amount Presenting Entity Reserved for the BCRA Authorized signatures Authorized signatures (1) Reserved for the BCRA - (2) Mark with "X" the corresponding box The provision of this form must be requested by Form 337

2.3.12. Model of Form 2900.

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2.3.13. Model of Form 2897

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2.3.14. Model of Forms 2898 and 4076.

2.3.14.1. Model of Form 2898.

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2.3.14.2. Model of Form 4076.

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2.3.15. Tariff positions (N.A.D.E.) - List 1.

CAPITAL GOODS

01.01.00.02	84.18.02.01	84.27.00.01
01.01.00.11	84.18.02.02	84.28.00.01
(1) 01.02.00.01	84.18.02.02	84.28.00.02
(1) 01.02.00.02	(5) 84.18.02.09	84.28.00.03
(1) 01.02.00.04	84.19.00.01	84.28.00.09
(1) 01.02.00.05	84.19.00.02	84.29.00.01
(1) 01.03.00.01	84.19.00.03	84.29.00.02
(1) 01.04.00.01	(6) 84.19.00.09	84.29.00.03
(1) 01.04.00.02	(8) 84.20.00.01	84.29.00.09
01.04.00.05	(8) 84.20.00.09	84.30.00.01
(2) 44.23.00.00	84.21.00.02	a 84.30.00.05
(2) 68.11.00.00	84.21.00.03	84.30.00.09
(3) 73.21.00.04	84.21.00.04	84.31.00.01
73.22.00.00	84.21.00.09	84.31.00.02
74.09.00.00	84.22.00.01	84.31.00.09
76.09.00.00	84.22.00.02	84.32.00.01
84.01.00.01	84.22.00.03	84.33.00.01
84.01.00.09	84.22.00.04	84.34.00.01
84.02.00.01	84.22.00.09	84.34.00.09
84.03.00.01	84.23.00.01	84.35.00.01
84.04.00.01	84.23.00.02	84.35.00.02
84.05.00.01	84.23.00.03	84.35.00.03
84.05.00.02	84.23.00.04	84.35.00.09
84.06.01.01	84.23.00.05	84.36.00.00
84.06.02.01	84.23.00.09	84.37.00.01
84.06.02.02	84.24.00.01	84.37.00.02
84.06.02.03	84.24.00.02	84.37.00.03
84.06.02.09	84.24.00.03	(9) 84.37.00.09
84.07.00.01	84.24.00.09	84.39.00.01
84.08.01.01	84.25.00.01	84.39.00.09
84.08.02.01	84.25.00.02	84.40.01.01
84.08.03.01	84.25.00.03	84.40.01.02
84.08.03.09	84.25.00.04	84.40.01.03
84.09.00.01	84.25.00.05	84.40.01.04
(4) 84.10.00.01	84.25.00.06	84.40.01.05
(4) 84.10.00.09	84.25.00.07	(5) 84.40.01.09
(4) and (15) 84.11.00.01	84.25.00.08	84.41.00.02
(4) 84.11.00.09	84.25.00.11	84.41.00.03
(4) 84.12.00.00	84.25.00.12	84.41.00.09
84.13.00.01	84.25.00.19	84.42.00.01
84.14.00.01	84.26.00.01	84.42.00.02
84.15.01.01	84.26.00.02	84.43.00.01
84.16.00.01	84.26.00.03	84.44.00.01
(4) 84.17.01.01	84.26.00.04	84.45.00.00
84.18.01.01	84.26.00.09	84.46.00.00

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84.47.00.00	85.11.00.01	87.04.02.00
84.49.00.01	85.11.00.03	87.07.00.01
84.50.00.01	85.11.00.09	(11) 87.09.00.00
84.50.00.09	85.13.00.01	87.14.00.01
84.56.00.01	85.13.00.02	87.14.00.02
84.56.00.02	85.13.00.09	87.14.00.09
84.56.00.03	85.15.03.01	88.01.00.00
84.56.00.04	85.15.03.02	88.02.00.00
84.57.00.01	85.15.03.03	89.01.02.01
84.57.00.02	85.15.03.04	(12) 89.01.02.09
84.57.00.03	85.15.03.05	89.02.00.00
84.59.01.01	85.15.03.09	89.03.00.00
84.59.02.01	85.16.00.01	91.10.00.00
84.59.02.02	85.17.00.01	(13) 90.16.00.02
84.59.02.03	(10) 85.18.00.00	90.17.01.01
84.59.02.04	85.19.00.05	90.17.02.03
84.59.02.09	85.22.01.01	90.17.02.04
85.01.00.01	85.22.02.01	90.17.02.05
85.01.00.02	86.01.00.00	90.17.02.09
85.01.00.04	to 86.08.00.00	90.20.00.01
85.01.00.05	87.01.00.00	90.20.00.02
85.01.00.10	87.02.02.00	90.20.00.09
85.01.00.11	87.02.03.01	(7) 90.28.00.09
85.01.00.12	87.02.03.02	(14) 94.02.00.00
85.05.00.01	87.03.00.00

(1)- Financing must comply with the legal provisions in force for this class of goods.

(2)- Only complete prefabricated constructions.

(3)- Prefabricated dwellings with built-in fixed equipment.

(4)- "Those intended for use in motor vehicles, self-propelled machinery and internal combustion engines are placed in list 2".

(5)- Domestic-use spin dryers excluded.

(6)- Household-use dishwashers excluded.

(7)- Test benches for injection pumps, only.

(8)- Only scales for weighing livestock; platform scales and equipment for the continuous passage of liquids and bulk solids.

(9)- Excluded are weaving machines for domestic and semi-industrial use.

(10)- Only condensers or capacitors for medium- and low-voltage networks of more than 25 KVAR and 1 KVAR, respectively, and voltages above 600 Vac.

(11)- Only motor tricycles for cargo transport, with a capacity of 300 kilograms or more.

(12)- Excluded are sports sailboats with, or without, auxiliary motor.

(13)- Test benches for injection pumps, automotive steering alignment machines and ampoule inspecting machines, only.

(14)- When it concerns spare parts and components, they must be considered included in list 2.

(15)- "and hermetic non-accessible refrigeration motor compressors (including the compressor and the motor within the same casing) of up to 5.000 frigorías/hour", are placed in list 2.

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2.3.16. Tariff positions (N.A.D.E.) - List 2

DURABLE AND SEMI-DURABLE GOODS

(2) 40.09.00.00	84.13.00.02	(7) 84.40.01.09
(1) 73.18.02.09	84.14.00.02	84.40.02.01
(1) (19) 73.18.03.09	84.15.01.02	84.40.02.02
(3) 73.21.00.01	84.15.02.01	84.41.00.01
(3) 73.21.00.03	84.15.02.02	84.41.00.04
(3) 73.21.00.09	84.15.02.09	84.42.00.03
(1) 73.24.00.00	84.15.03.01	84.43.00.02
(4) 73.29.00.00	84.15.03.02	84.44.00.02
73.36.00.00	84.15.03.03	84.44.00.03
73.37.00.00	84.16.00.02	84.48.00.00
(1) 73.40.04.01	84.16.00.03	84.49.00.02
74.17.00.00	(6) 84.17.01.01	84.50.00.02
(3) 76.08.00.00	84.17.01.02	84.51.00.00
76.10.00.00	84.17.02.01	84.52.00.00
(1) 76.11.00.00	84.17.02.02	84.53.00.00
82.01.00.00	84.18.01.02	84.54.00.00
a 82.04.00.05	84.18.02.04	84.55.00.00
82.04.00.09	(7) 84.18.02.09	84.56.00.05
82.05.00.00	84.19.00.04	84.57.00.04
82.06.00.00	(8) 84.19.00.09	84.58.00.00
82.08.00.00	84.20.00.01	84.59.01.02
82.12.00.00	84.20.00.02	84.59.02.05
82.13.00.00	(9) 84.20.00.09	84.60.00.00
83.01.00.00	84.21.00.01	84.61.00.01
83.02.00.00	84.21.00.05	(1) 84.61.00.02
83.03.00.00	84.22.00.05	84.61.00.03
83.04.00.00	84.23.00.06	84.61.00.04
84.01.00.02	84.24.00.04	84.61.00.09
84.02.00.02	84.25.00.13	84.62.00.00
84.03.00.02	84.26.00.05	84.63.00.00
84.05.00.03	84.27.00.02	84.64.00.00
84.06.01.02	84.28.00.04	84.65.00.00
84.06.02.04	84.29.00.04	85.01.00.90
84.07.00.02	84.30.00.06	85.01.00.99
84.08.01.02	84.31.00.03	85.02.00.01
84.08.02.02	84.32.00.02	85.02.00.02
84.08.03.02	84.33.00.02	(1) 85.03.00.02
84.09.02.00	84.34.00.02	85.04.00.01
(5) 84.10.00.01	84.34.00.03	85.05.00.02
84.10.00.02	84.35.00.04	85.06.00.00
(5) 84.10.00.09	(10) 84.37.00.09	85.07.00.01
(18) (5) 84.11.00.01	84.38.00.00	85.07.00.02
84.11.00.02	84.39.00.02	85.07.00.03
(5) 84.11.00.09	84.39.00.03	85.08.00.00
(5) 84.12.00.00	84.40.01.06	85.09.00.00

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85.10.00.00	(1) 86.10.00.00	90.20.00.03
85.11.00.02	87.02.01.00	90.20.00.04
85.11.00.04	87.02.03.09	90.21.00.00
85.12.00.00	87.04.01.00	90.22.00.00
(1) 85.13.00.03	(12) 87.05.00.00	90.23.00.00
85.14.00.00	87.06.00.00	90.24.00.00
85.15.01.01	87.07.00.02	90.25.00.00
85.15.01.02	(13) 87.09.00.00	(1) (16) 90.26.00.00
85.15.02.01	87.11.00.00	90.27.00.00
85.15.02.02	87.12.01.00	(17) 90.28.00.00
85.15.03.06	87.14.00.03	90.29.00.00
85.16.00.02	88.03.00.00	91.03.00.00
85.17.00.02	88.04.00.00	91.05.00.00
(11) 85.18.00.00	88.05.00.00	91.06.00.00
85.19.00.01	89.01.02.02	92.01.00.00
85.19.00.02	(14) 89.01.02.09	92.02.00.00
85.19.00.03	89.05.00.00	92.03.00.00
85.19.00.04	90.02.00.00	92.04.00.00
85.19.00.06	90.06.00.00	92.05.00.00
85.19.00.09	90.07.00.00	92.06.00.00
85.20.00.00	90.08.00.00	92.07.00.00
85.21.00.00	90.09.00.00	92.08.00.00
85.22.01.02	90.11.00.00	92.11.00.00
85.22.02.02	90.12.00.00	92.12.00.04
(1) 85.23.00.00	90.13.00.00	92.13.00.00
85.24.00.00	90.14.00.00	93.02.00.00
85.25.00.00	90.15.00.00	93.04.00.00
85.26.00.00	90.16.00.01	93.05.00.00
85.27.00.00	(15) 90.16.00.02	94.04.00.00
85.28.00.00	90.16.00.03	97.08.00.00
(1) 86.09.00.00	90.18.00.00

(1)- When acquired by foreign public service companies, for incorporation into infrastructure works, the external financing is that corresponding to list 1.

(2)- Only sleeves for oil drilling and exploitation.

(3)- When they are parts constituting a set destined for a defined construction, the external financing is that corresponding to list 1.

(4)- Only steel roller chains.

(5)- Only those destined for use in motor vehicles, self-propelled machinery and internal combustion engines

(6)- Only those destined for use in motor vehicles and/or self-propelled machinery.

(7)- Household clothes dryers, only.

(8)- Household dishwashers, only.

(9)- Except scales for weighing livestock; platform scales and equipment for the continuous passage of liquids and bulk solids.

(10)- Only knitting machines for domestic and semi-industrial use.

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(11)- Excluded are capacitors for medium and low voltage networks of more than 25 KVAR and 1 KVAR, respectively, and voltages above 600 Vac.

(12)- The Central Bank is willing to consider the elements dispatched under this tariff heading as capital goods (List 1), as long as it is demonstrated that they are destined for the assembly of units with chassis originating in our country, even if they are not transported together, nor belong to the same exporter. For this purpose, the operations must be consulted previously, by means of Form 2097 with the corresponding evidence.

(13)- Excluded motorcars for cargo transport, with a capacity of 300 Kgs. or more.

(14)- Only sports sailboats with, or without, auxiliary motor.

(15)- Except test benches for injection pumps, steering aligners for motor vehicles and bulb testing machines.

(16)- Electricity and gas consumption meters, only

(17)- Excluded test benches for injection pumps.

(18)- "and hermetic non-accessible refrigeration motor-compressors (including the compressor and motor within the same casing) of up to 5,000 frigories/hour.

(19)- "The others (exclusively seamed steel pipes).

Note: The callout (16) indicates, exhaustively, the products that enjoy the facilities in external financing, when the requirements indicated in (1) are met. If such destination is not the case, the cited products as well as the others included in the respective N.A.D.E. position remain subject to the regime of this list.

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2.3.17. Tariff positions (N.A.D.E.) - List 3.

OTHER PRODUCTS

30.02.00.00	(*) to 42.06.00.00	(5)	to 68.11.00.00
(2) 30.03.00.00	43.03.00.00	(1) (6)	68.12.00.00
30.04.00.00	43.04.00.00		68.13.00.01
30.05.00.00	(1) 44.07.00.00		68.13.00.09
32.09.00.01	44.20.00.00		68.14.00.00
32.09.00.02	44.21.00.00		69.01.00.00
32.10.00.00	44.22.00.00		69.02.00.00
32.13.01.01	(5) 44.23.00.00		69.03.00.00
32.13.02.01	44.24.00.00		69.04.00.00
32.13.02.09	44.25.00.01		a 69.08.00.00
33.06.00.00	44.27.00.00		69.09.00.00
34.01.00.00	44.28.00.09		69.10.00.00
32.02.00.02	48.01.00.00		a 69.14.00.00
34.04.00.00	a 48.21.00.00		70.04.00.00
34.05.00.00	49.01.00.00		a 70.10.00.00
34.06.00.00	a 49.11.00.00		70.12.00.00
34.07.00.00	58.01.00.00		a 70.17.00.00
35.06.00.00	a 58.03.00.00		70.18.00.00
36.05.00.00	59.05.00.00		70.21.00.00
36.06.00.00	59.06.00.00		71.15.00.01
36.07.00.00	59.14.00.00		71.16.00.00
36.08.00.00	a 59.17.00.00	(1)	73.16.00.00
37.01.00.00	60.02.00.00	(1)	73.17.00.00
37.02.00.00	a 60.06.00.00	(1)	73.18.02.01
37.03.00.00	61.01.00.00	(1)	73.18.03.00
37.04.00.00	to 61.11.00.00	(1)	73.19.00.00
37.05.00.00	62.01.00.00	(1)	73.20.00.00
37.06.00.00	62.02.00.00		73.21.00.02
37.07.00.00	62.03.00.09		73.23.00.01
38.11.00.00	62.04.00.00		73.23.00.02
38.17.00.00	62.05.00.00		73.23.00.03
38.18.00.00.	64.01.00.00		73.23.00.09
38.19.01.01	to 64.04.00.00	(1) (7)	73.25.00.00
(3) 39.07.00.00	64.06.00.00		73.26.00.00
40.07.00.00	65.03.00.00		73.27.00.00
40.08.00.00	to 65.06.00.00	(8)	73.29.00.00
(4) 40.09.00.00	66.01.00.00		73.30.00.00
10.10.00.00	66.02.00.00		73.31.00.00
40.11.00.00	67.01.00.00		73.32.00.00
40.12.00.00	to 67.05.00.00		73.33.00.00
40.13.00.00	68.04.00.00		to 73.35.00.00
40.14.00.00	68.05.00.00		73.38.00.00
40.16.00.00	68.06.00.00		73.39.00.00
42.01.00.00	68.08.00.00		73.40.04.02

Version Communication Date Page
2a "A" 1205 OPRAC - 1 - 199 3.6.88 72

I - Credit provisions (continued) OPRAC - 1

73.40.04.09	to 82.11.00.00	92.12.00.01
(1) 74.07.00.00	82.14.00.00	92.12.00.02
(1) 74.08.00.00	82.15.00.00	92.12.00.03
(1) (9) 74.10.00.00	83.06.00.00	92.12.00.09
74.11.00.00	to 83.12.00.00	93.01.00.00
74.13.00.00	83.13.00.00	(11) 93.06.00.00
74.14.00.00	83.14.00.00	93.07.00.00
74.15.00.00	83.15.00.00	94.01.00.00
74.16.00.00	83.03.00.01	94.03.00.00
74.18.00.00	85.03.00.03	94.04.00.00
74.19.00.00	85.04.00.02	95.01.00.00
(1) 75.04.00.00	85.07.00.04	to 95.08.00.00
75.05.00.00	87.10.00.00	96.01.00.00
75.06.00.00	87.12.02.00	to 96.06.00.00
(1) 76.06.00.00	87.13.00.00	97.01.00.00
(1) 76.07.00.00	90.01.00.00	to 97.03.00.00
(1) (10) 76.12.00.00	90.03.00.00	97.05.00.00
76.13.00.00	90.04.00.00	97.06.00.00
76.15.00.00	90.05.00.00	97.07.00.00
76.16.00.00	90.17.02.01	98.01.00.00
(1) 78.05.00.00	90.17.02.02	98.02.00.01
78.06.00.00	90.19.00.00	98.03.00.01
(1) 79.04.00.00	91.01.00.00	98.03.00.09
79.05.00.00	91.02.00.00	98.04.00.00
79.06.00.00	91.04.00.00	a 98.08.00.00
(1) 80.05.00.00	91.07.00.00	98.10.00.01
80.06.00.01	91.08.00.00	98.11.00.01
80.06.00.09	91.09.00.00	98.12.00.00
82.04.00.06	91.10.00.00	a 98.14.00.00
82.04.00.07	91.11.00.00	98.15.00.01
82.07.00.00	92.09.00.00	98.16.00.00
82.09.00.00	92.10.00.00

(1)- When they are acquired by public service companies for their incorporation into infrastructure works, the external financing corresponds to list 1.

(2)- Excluded human blood and other fractions of human blood.

(3)- For nomenclature 39.07.00.09, the tubes and fittings for them, made of artificial plastic materials that are acquired by public service companies for their incorporation into infrastructure works shall enjoy the financing and terms corresponding to list No. 1.

(4)- "Excluded the hoses for oil drilling and exploitation".

(5)- "Excluded complete prefabricated constructions".

(6)- Pipes and fittings, only.

(7)- Galvanized steel cables, only.

(8)- Except roller chains, of steel. (9)- Only copper conductors, bare, for overhead lines, of sections of 10 mm2 and higher.

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2a	"A" 1205 OPRAC - 1 - 199	3.6.88	73

(10)- Only aluminum alloy conductors, bare, of sections of 10 mm2 and higher, and aluminum cables with steel core, bare, of sections of 18.5 mm2 and higher.

(11)- Excluded the parts and pieces for heading 93.03.00.00.

Note: Calls (6); (7); (9) and (10) indicate, exhaustively, the products that enjoy the facilities in external financing, when the requirements indicated in (1) are met.

(*)- At the indication of the Secretary of Industry and Foreign Trade, leather garments dispatched under NADE position 42.03.00.00 are excluded from the prefinancing regime for promoted exports (point 2.1), only when they are exported to the United States of America.

Version	Communication	Date	Page
2a	"A" 1205 OPRAC - 1 - 199	3.6.88	74

2.3.18. Tariff positions (N.A.D.E.) - List 4.

OTHER PRODUCTS

02.02.00.01 -	Frozen poultry.
02.04.03.01
03.01.02.00 -	Only for chilled fish.
03.01.03.00 -	Frozen fish.
03.02.00.00
03.03.00.00
04.02.00.00
04.03.00.00
04.04.00.01
04.04.00.02
04.04.00.03
04.04.00.04
04.04.00.09
04.05.00.02
04.05.00.04
04.05.00.09
(1) 06.01.00.00 -	Bulbs, tubers, tuberous roots, shoots and rhizomes, in vegetative rest, in vegetation or in flower.
(1) 06.02.00.00 -	Live plants.
(1) 06.03.01.00 -	Cut flowers and buds, for bouquets or ornaments, fresh, bleached, dyed, impregnated or otherwise prepared.
06.03.02.00 -	Cut flowers and buds, for bouquets or ornaments, dried, bleached, dyed, impregnated or otherwise prepared.
06.03.02.01 -	Thistle flowers and their parts, dried.
06.03.02.09. -	The others (dried).
(9) 06.04.00.00 -	Foliage, leaves, branches and other parts of plants, grasses, mosses and lichens for bouquets or ornaments, fresh, dried, etc.
07.02.00.00 -	Frozen vegetables and legumes, whether or not cooked.
07.03.01.01
07.04.00.00
(1) 07.05.00.01 -	Peas (excluded for seed).
(1) 07.05.00.03 -	Chickpeas.
(1) 07.05.00.04 -	Broad beans.
(1) 07.05.00.05 -	Lentils.
(1) 07.05.00.06 -	Lupins (lupines)
(1) 07.05.00.07 -	Beans (excluding those for seed).
(1) 07.05.00.19 -	The others (excluding those for seed).
(2) (3) 08.02.01.01 -	Mandarins.
(2) (3) 08.02.01.02 -	Oranges.
(2) (3) 08.02.02.01 -	Lemons.
(2) (3) 08.02.02.02 -	Grapefruits.
08.03.02.01
08.04.02.01
(2) (4) 08.06.01.01 -	Apples.
(2) (4) 08.06.02.01 -	Pears.

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2a "A" 1205 OPRAC - 1 - 199 3.6.88 75

08.12.00.00
08.13.00.00
09.02.00.00
09.03.00.00
09.04.00.01 -	Chili pepper on the branch.
09.04.00.02 -	Paprika.
09.04.00.03 -	Crushed chili pepper.
09.04.00.09 -	The others (spices).
09.05.00.00 -	Vanilla.
09.06.00.00	Cinnamon and cinnamon flowers.
09.09.00.00
09.10.00.00
09.10.00.09 -	Only ginger, thyme, bay leaf and turmeric.
(1) 11.02.03.02 -	Rolled oats.
(1) 11.02.03.04 -	Pearled oats.
11.03.00.00
to 11.09.00.00
(1) 12.01.01.03 -	Confectionery-type peanuts.
12.06.00.00
12.07.00.00
12.10.00.01 -	Only dehydrated and compressed alfalfa and alfalfa meal
13.01.00.00
to 13.03.00.00
15.01.00.01 -	Rendered pork fat, edible.
15.01.00.02 -	Rendered pork fat, non-edible.
15.01.00.03 -	Rendered pork tallow, non-edible.
15.01.00.09 -	The others (other animal fats).
15.04.00.00
15.05.00.01 -	Lanolin.
(1) 15.07.03.00 -	Peanut oil.
15.07.04.01 -	Only cans of up to 5 kgs. bearing a registered trademark.
(1) 15.07.12.02 -	Tung oil.
15.08.00.02 -	Brominated or brominated vegetable oil.
15.08.00.09 -	Only sulfonated hoof.
15.10.01.01 -	Olein.
15.10.01.02 -	Stearic acid.
15.10.01.03 -	Vegetable fatty acids (oleins).
15.10.01.04 -	Distilled and deodorized fatty acids, minimum purity 99%.
15.10.01.09 -	The others (fatty acids).
15.10.02.00 -	Fatty alcohols.
15.11.00.01 -	Crude impure glycerin.
15.11.00.02 -	Industrial glycerin.
15.11.00.03 -	Only refined glycerin.
15.11.00.09 -	The others (glycerins).
15.12.00.01
15.12.00.02
15.12.00.09 -	The others (hydrogenated fats and oils).
15.13.00.00 -	Only margarine and lard substitutes.
15.13.00.01 -	Margarine and palmitin.

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2a	"A" 1205 OPRAC - 1 - 199	3.6.88	76
15.13.00.09 - The others (other margarines)
15.16.00.00
(1) 15.17.00.00 - Residues from the treatment of fatty bodies or animal or vegetable waxes.
16.04.00.00
16.05.00.00
17.02.00.00
to 17.05.00.00
18.06.00.00
19.01.00.00
a 19.08.00.00
20.01.00.00
a 20.07.00.00
21.01.00.00
a 21.07.00.00
22.01.00.00
a 22.10.00.00
(1) 23.01.00.01 - Chicharrones in loaves.
(1) 23.01.00.02 - Meat and bone meal (ground chicharrones).
(1) 23.01.00.03 - Liver meal.
23.01.00.04
(1) 23.01.00.05 - Livestock guano.
23.01.00.19 - The others (fish guano, cetaceans, etc.),
(1) 23.03.00.01 - Malt dregs.
(1) 23.03.00.09 - The others (residues).
23.05.00.02
23.06.00.00
23.07.00.00
24.02.00.00
25.01.00.00
a 25.32.00.00
26.01.00.00
a 26.04.00.00
27.07.00.00
27.10.02.03
27.10.03.02 - Mineral turpentine.
27.10.06.01 - Mineral oil (lubricant).
27.10.06.02 - Mineral grease (lubricant).
27.10.07.01 - Transformer oils.
27.10.07.02
27.11.00.05
27.11.00.06 - Aerosol propellant (liquid gases).
27.11.00.09 - The others (gaseous hydrocarbons).
27.12.00.00 - Vaseline.
27.13.00.00
27.14.01.01
27.14.01.02 - calcined petroleum coke.
27.14.02.00 - The others (bituminous asphalts).
27.15.00.00
27.16.00.00
27.16.00.01 - (Current NADE 27.14.02.01.01).
28.01.00.00

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2a	"A" 1205 OPRAC - 1 - 199	3.6.88	77
a 28.58.00.00
29.01.00.00
a 29.45.00.00
30.01.00.00
31.01.00.00
a 31.05.00.00
32.02.00.00
a 32.08.00.00
32.09.00.09
32.11.00.00
32.12.00.00
33.01.00.00
to 33.05.00.00
34.02.00.01
34.02.00.09
34.03.00.00
35.01.00.00
to 35.05.00.00
36.01.00.00
to 36.04.00.00
37.08.00.00
38.01.00.00
to 38.10.00.00
38.12.00.00
to 38.16.00.00
38.19.01.09
38.19.02.00
39.01.00.00
to 39.06.00.00
40.01.00.00
to 40.06.00.00
40.15.00.00
41.02.00.00
to 41.08.00.00
41.10.00.00
43.02.00.00
44.02.00.00 -	Vegetable charcoal (including charcoal from shells and fruit stones), whether or not agglomerated.
44.03.04.00 -	Mine props.
44.03.05.01 -	Wood in posts and half-posts.
44.06.00.00
44.08.00.00
44.09.00.01 -	Wood in stakes and small stakes.
44.09.00.02 -	Hardwood rods.
44.09.00.09 -	Other (wooden hoops, etc.).
44.10.00.00
to 44.12.00.00
44.13.01.00 -	Boards or friezes for floors, planed, etc. of conifers.
44.13.02.01
to 44.19.00.00
44.25.00.09
44.26.00.00

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2a	"A" 1205 OPRAC - 1 - 199	3.6.88	78
44.28.00.01
45.03.00.00
45.04.00.00
46.01.00.00
a 46.03.00.00
47.01.00.00
50.01.00.00
50.02.00.00
50.04.00.00
a 50.10.00.00
51.01.00.00
a 51.04.00.00
52.01.00.00
52.02.00.00
(1) 53.03.00.01 -	Waste of hair of game animals.
(1) 53.03.00.02 -	Wool waste.
(1)	53.03.00.03 - Wool spinning waste (Blusse).
(1) 53.03.00.04 -	Wool spinning waste, except blusse.
(1)	53.04.00.01- Shoddy wool.
(1)	53.04.00.09 - Other (loose threads and fine or ordinary hair).
53.05.00.00
a 53.13.00.00
54.03.00.00
a 54.05.00.00
(1) 55.03.00.01 -	Cotton waste.
(1) 55.03.00.02 -	Cotton spinning residues and waste.
(1) 55.03.00.09 -	Other (residues and waste).
55.04.00.00
a 55.09.00.00
56.01.00.00
56.02.00.00
(1)	56.03.00.00 - Waste of synthetic and artificial textile fibres, etc.
56.04.00.00
a 56.07.00.00
(5) 57.04.02.09
57.07.00.00
a 57.09.00.00
57.11.00.00
57.12.00.00
58.04.00.00
a 58.10.00.00
59.01.00.00
a 59.04.00.00
59.07.00.00
a 59.13.00.00
60.01.00.00
62.03.00.09 -	Other (sacks and bags for packing)
64.05.00.00
65.01.00.00
65.02.00.00

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2a "A" 1205 OPRAC - 1 - 199 3.6.88 79

	65.07.00.00
	66.03.00.00
	68.01.00.00
a	68.03.00.00
	68.07.00.00
	68.13.00.02
	68.15.00.00
	68.16.00.00
	70.01.00.00
a	70.03.00.00
	70.11.00.00
	70.19.00.00
	70.20.00.00
	71.02.11.00
	73.01.02.01 - Ingots for smelting
(6)	73.02.00.00
	73.06.02.00
(7)	73.07.00.00
a	73.15.00.00
	73.18.01.00
	73.40.01.00
a	73.40.03.00
	74.02.00.00
a	74.06.00.00
	74.12.00.00
	75.02.00.00
	75.03.00.00
	76.01.02.00
	76.01.03.00
	76.02.00.00
a	76.05.00.00
	76.14.00.00
	77.02.00.00
a	77.04.00.00
	78.01.02.01
	78.02.00.00
a	78.04.00.00
	79.01.02.01
	79.02.00.00
	79.03.00.00
	80.02.00.00
a	80.04.00.00
	81.01.00.00
(8) a	81.04.00.00
	83.05.00.00
	98.02.00.02
	98.03.00.02
	98.09.00.00
	98.10.00.02
	98.11.00.02
	98.15.00.02
	Food rations for human consumption packed in 20 ki-

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we achieve, with a balanced formulation approved by the Ministry of Health and Social Action, consisting of the following products or subsets thereof:

04.02.02.01 - Powdered milk.

07.05.00.01 - Split peas.

07.05.00.07 - Beans

10.06.03.00 - Polished rice, with a broken grain content greater than 10%.

11.01.01.01 - Wheat flour

11.01.02.03 - Corn flour.

11.02.03.02 - Rolled oats.

15.02.00.04 - Rendered tallow, suitable for food, excluding "first juices"

15.07.12.04 - Mixtures or blends of refined vegetable oils, in containers of up to 5 kilograms net content, bearing a legally registered trademark.

16.02.00.01 - Cured meat.

16.04.00.06 - Hake in brine.

16.04.00.11 - Hake in oil.

16.04.00.20 - Hake in tomato sauce.

17.01.02.01 - Refined sugar.

19.03.00.01 - Pasta (noodles).

(1)- These products are not eligible for the benefits of the prefinancing regime for promoted exports provided in point 2.1., Chapter I of this regulation.

(2)- For these products, the provisions of point 2.1.6.2. do not apply.

(3)- The credit support for points 2.1., 2.3., 2.4. must be graduated on 35% of the FOB value of each of the shipments corresponding to the agreed operations.

(4)- The credit support for points 2.1., 2.3. and 2.4. must be graduated on 52% of the FOB value of each of the shipments corresponding to the agreed operations.

(5)- Other vegetable fibers, raw or processed but not spun (excluding waste).

(6)- Ferroalloys.

(7)- The following products and NADE positions are excluded from the prefinancing regime for promoted exports when exported to Chile:

73.10.01.00 - Wire rod.

73.10.02.00 - Only solid bars (except wire rod), simply hot-rolled or extruded.

73.13.00.00 - Iron or steel sheets, hot- or cold-rolled.

The same limitation exists for NADE position 73.10.01.00 "wire rod", when exported to the United States of America

(8)- Uranium excluded.

(9)- Fresh products are excluded from the benefits provided in point 2.1.

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2.3.19. Tariff positions (N.A.D.E.) - List 4

Exclusively point 2.1. - Prefinancing of Promoted Exports.

(1) 02.01.01.23 I CUTS OF FROZEN HINDQUARTERS

ONLY PIECES SLICED INTO CONTROLLED PORTIONS OF 50 to 750 grs.

a) Sirloin without tenderloin, 3 ribs

b) Inside round

c) Outside round

d) Eye of round

e) Rump

f) Square cut

g) Heel of round

II CUTS OF FROZEN FOREQUARTERS

ONLY SLICED PIECES IN FROZEN PORTIONS FROM 50 TO 750 grs.

a) Steak up to 7¬. Rib

b) Wide steak of 4 ribs

c) Wide steak without cover at 4 ribs

d) Wide steak without cover at 6/7 ribs

e) Meat from inner shoulder

f) Needle without cover

g) Chingolo

h) Shoulder meat

i) Neck

j) Forequarter

(1) 02.01.01.25 - Only loins sliced in controlled portions from 50 to 750 grams.

(2) 06.02.00.00 - "Cloned plants obtained by virus-free micropropagation methods, exclusively".

16.01.00.00 - Sausages of edible offal or blood meats.

16.01.00.01 - Sausages.

16.01.00.02 - Large sausages.

16.01.00.03 - Chorizos.

16.01.00.04 - Mortadellas.

16.01.00.05 - Liver sausages.

16.01.00.09 - The others.

16.02.00.00 - Other prepared and preserved meats or edible offal.

16.02.00.01 - Cured and cooked beef (Corned Beef).

16.02.00.02 - Roast beef (Roast Beef).

16.02.00.03 - Beef brisket (Brisket Beef).

16.02.00.04 - Preserved beef tongues.

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16.02.00.05 -	Cooked and frozen beef.
16.02.00.09 -	The other preserved beef meats or offal.
16.02.00.11 -	Cured and cooked mutton (Corned Mutton).
16.02.00.12 -	Boiled or stewed mutton (Boiled Mutton).
16.02.00.13 -	Preserved mutton tongues.
16.02.00.19 -	The other preserved mutton meats or offal.
16.02.00.21 -	Cured and cooked pork (Corned Pork).
16.02.00.22 -	Cooked hams.
16.02.00.23 -	Preserved pork tongues.
16.02.00.29 -	The other preserved pork meats or offal
16.02.00.31 -	Preserved horse meat.
16.02.00.32 -	Preserved poultry in general.
16.02.00.33 -	Dehydrated meats.
16.02.00.40 -	Prepared meats with vegetables.
16.02.00.41 -	Cooked meat with added vegetable gelatin.
16.02.00.42 -	Liver paste.
16.02.00.43 -	Prepared meat paste (excluding liver).
16.02.00.44 -	Food preparations consisting of meat-filled pastas.
16.02.00.46 -	Canned hare meat, prepared for direct consumption.
16.02.00.99 -	Other.
	- With the exception of:
	- Other of the same heading.
	- Manufacture, of bovine origin, seasoned with salt and pepper, simply peppered and/or seasoned with other spices.
	- Bovine half-carcasses and quarters, with bones, seasoned with salt and pepper, simply peppered and/or seasoned with other spices.
	- Bovine half-carcasses and quarters, boneless, seasoned with salt and pepper, and/or seasoned with other spices.
16.03.00.00 -	Extracts and juices of meat.
16.03.00.01 -	Concentrated broth.
16.03.00.02 -	Meat extract.
16.03.00.03 -	Liver juice.
16.03.00.04 -	Meat powder.
16.03.00.09 -	Other.

(1)- The credit support for these products shall be 60 days, while that corresponding to the extension referred to in point 2.1.13. of the standard shall be 20 days.

(2)- To access this financial support, a certification must be attached proving that the recipient of the promotional loan has the adequate facilities and elements for the development and obtaining of that type of plants, processed before the Instituto Nacional de Tecnología Agropecuaria (Castelar), Centro de Investigaciones en Ciencias Agronómicas, an entity under the Secretaria de Agricultura, Ganadería y Pesca.

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2.3.20. Other provisions

2.3.20.1. Authorize the financing of exports, to new markets, of the meat products dispatched under the tariff positions detailed below, through the regime of Circular OPRAC I, Cap. I, Point 2.3., for up to 80% of their FOB value plus 100% of freight and insurance of Argentine origin, at a maximum term of 180 days from the date of completion of customs shipment and the LIBOR rate.

N.A.D.E. positions
02.01.01.05 to 02.01.01.08
02.01.01.11 to 02.01.01.12
02.01.01.17 to 02.01.01.23
02.01.01.24 Only boneless manufacture
02.01.01.25
02.01.02.00
02.01.03.00
16.02.00.01 to 16.02.00.39 With the exception of:

Other of the same heading, namely:
- Manufacture, of bovine origin, seasoned with salt and pepper, simply peppered and/or seasoned with other spices.
- Bovine half-carcasses and quarters, with bones, seasoned with salt and pepper, simply peppered and/or seasoned with other spices.
- Bovine half-carcasses and quarters, boneless, seasoned with salt and pepper, simply peppered and/or seasoned with other spices.

16.03.00.01 to 16.03.00.09

The intervening local banks may process the referred operations, exclusively upon prior intervention of the Junta Nacional de Carnes certifying, in the permits documenting the export of the cited products, the status of new market.

The LIBOR rate for these operations shall be communicated daily by the Banco Central and the rate in force on the date of officialization of the customs export declaration for consumption must be applied. Said date shall be informed by the entities intervening in forms 2096.

The rediscount rate to be applied by this Institution shall be 2 1/2 points lower than the referred LIBOR rate.

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2.3.20.2. The material included in NADE positions 49.01.00.01 to 49.01.00.04, 49.01.00.09 and 49.04.00.00 may be financed, in accordance with the rules of section 2.3., up to 18 months.

2.4. Financing regime for exporters

2.4.1 Scope

2.4.1.1. Firms that export promoted products included in lists 1 to 4 (sections 2.3.15 to 2.3.18) of Circular OPRAC-1, Chapter I, Point 2.3, except vessels and platforms for underwater drilling when prefinancing of 80% of their real value (FOB value plus reimbursements or refunds) is obtained for their construction, are included in this special credit assistance regime.

2.4.1.2. This benefit is extended to the repair of foreign-flag vessels in the country, provided that it is demonstrated, under the sole responsibility of the banking entities, that there is a real inflow and negotiation of foreign currency.

2.4.1.3. The following products and NADE positions are excluded from this regime, only when exported to the USA:

73.10.01.00 - Wire rod 73.15.07.00 - High-carbon steel wire rod.

2.4.1.4. The following products and NADE positions are excluded from this regime, only when exported to Chile:

73.10.01.00 - Wire rod

73.10.02.00 - Only solid bars (except wire rod), simply hot-rolled or extruded.

73.10.00.00 - Iron or steel sheets, hot- or cold-rolled.

2.4.1.5. This regime is extended to those that export prepared meats (point 2.3.19. of this Circular) and chilled and frozen bovine, ovine and porcine meats dispatched under the NADE positions detailed below:

02.01.01.05 to 02.01.01.08
02.01.01.11 to 02.01.01.12

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02.01.01.17 to 02.01.01.23
02.01.01.24 Only boneless manufactures
02.01.01.25
02.01.02.00
02.01.03.00
02.01.05.00

2.4.1.6. Companies that, by application of the rules made known by Communication "A" 473 (Circular COPEX - 1 - 54) of 04/04/84, extend the deadline for the inflow of foreign currency from exports of books and magazines printed and published in the country, may be beneficiaries of the credit support provided for in this point, provided that the established conditions are met.

2.4.2. Amount and term of operations:

2.4.2.1. Loans shall be for terms of up to 180 days - non-renewable even when granted for shorter terms - and for a maximum amount equivalent to 30% of the foreign currency settled corresponding to the operations indicated above, whether these have been made with cash payment, with irrevocable documentary credits or with term drafts.

2.4.2.2. In all cases, the credit assistance must be established on the basis of the FOB value negotiated as consideration for the shipments made.

2.4.3. Interest rate:

It may not exceed that set in point 2. of Communication "A" 1100 of 16/10/87, increased in accordance with section 2.2. of said rule. The resulting interest shall be settled per calendar month in arrears.

2.4.4. Resources:

To handle operations that comply with these rules, entities may obtain funds from the Central Bank, paying the interest arising from applying the rate corresponding to point 4.2. of Communication "A" 1100 of 16/10/87 (Banks and Savings Banks), payable per calendar month in arrears.

To access the resources of this Bank, entities must comply with the provisions of Circular Monetary Regulations REMON-1-273 Communication "A" 793 and its amendments.

2.4.5. Deadline to settle operations:

2.4.5.1. These loans shall be regulated on the amount of each

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settlement of foreign currency or the sum of several of them, but they shall only be considered included in this regime when they have been granted and the funds placed at the client's disposal within 60 days following the negotiation of the foreign currency.

Within said period, all requirements established by this rule must be met. Consequently, it also applies when the loan is granted by a bank other than the one that carried out the corresponding foreign currency negotiation, in which case it must directly request from the intervening entity a certificate stating the exchange operation.

2.4.5.2. In the foreign exchange settlement certificate - which must be signed at the management level - there shall appear, in addition to the data referring to the operation in question, a legend stating: "ISSUED SOLELY FOR THE PURPOSE OF MANAGING EXPORTER FINANCING CREDITS, IT BEING RECORDED THAT, CHARGED TO THIS FOREIGN EXCHANGE SETTLEMENT, THIS BANK HAS/ HAS NOT (strike out what does not apply) GRANTED LOANS UNDER THE AFOREMENTIONED REGIME FOR .............. AUSTRALES".

2.4.5.3. Loans granted through this regime, linked to financial exports in accordance with the financing rules for promoted exports, may be arranged within the term indicated above, counted from the discount of the bills by the intervening bank.

2.4.5.4. When payments on account are received, to use this credit line it is required that the export has been made and at the same time its equivalent in foreign currency has been received and negotiated.

2.4.5.5. The maximum term established on a general basis for the formalization of loans does not apply to payments received in advance, and in relation to them the respective credit agreement may be made within 60 days of the completion of the shipment.

2.4.6. Graduation of credit:

The use of these loans shall not exclude support for promoted exports provided for in the other special financing regimes.

The amount of the operations agreed may exceed the existing limitations in relation to the bank's equity liability. Notwithstanding this, the bank must monitor the

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level of indebtedness of the beneficiary and require guarantees in accordance with the amount of the credit granted.

2.4.7. Controls in charge of the banks:

2.4.7.1. Banks must reliably verify that the foreign currency has been negotiated in a timely and proper manner and corresponds to the export of goods included in this regime.

2.4.7.2. Credits shall only be applicable when payments are instrumented in a manner consistent with the provisions of the export documentation and the respective foreign currency is negotiated within the agreed terms, which must match the bank endorsement appearing in the corresponding shipping permit, and may not exceed the limits allowed by current provisions.

2.4.7.3. In cases of modification of the list of promoted export products, the credit shall be granted provided that, either at the time of shipment or at the date of negotiation of the foreign currency, the product was normatively considered as such.

2.4.8. Penalty charge:

If any type of improper use of funds is verified, the intervening entity must apply to the beneficiary a penalty charge equivalent to the maximum daily rediscount rate for temporary liquidity situations set by the Central Bank, the proceeds of which it shall transfer to this Institution.

2.4.9. Documentation related to the operation:

The documentation demonstrating that the credit granted complies with these provisions shall be kept by the intervening entities in the clients' files and available to the Central Bank.

2.4.10. Other provisions:

For amounts received as advance payments of an export, the credit support provided through this regime is granted at the same exchange rate in effect on the day of completion of shipment of the goods or the day on which the maximum term for negotiation of foreign currency admitted by the rules is met, provided that the aforementioned advance has been applied to the export for which its remittance was arranged in advance of shipment.

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2.4.11. Procedural rules:

Entities that require funds from the Central Bank to handle financing operations for exporters must proceed as follows:

2.4.11.1. Submit the Letter of Guarantee whose model appears in point 2.4.12 (in original and two copies).

2.4.11.2. For the amount of the loan that, within the maximum allowed margin, they grant to the beneficiary firms, they must present to the Central Bank (Department of General Secretariat) on the business day prior to the date of crediting to the client - until 14 hours - Form No. 3764 (point 2.4.13) in quintuplicate, corresponding to the operation agreed in accordance with the respective rules.

Such requests for funds must be made for the term agreed between the parties, without exceeding the maximum admitted by the rule, that is, 180 days, and must be signed by two authorized signatures that bind the entity.

The amounts requested shall be credited to the current account that the entities hold at the Central Bank on the business day following their presentation.

In those cases where errors or omissions in the interpretation of Form 3764 are verified, it shall be returned immediately, with written record of the reasons for rejection. Any rectifications of the document do not have retroactive effect.

2.4.11.3. Forms 3764 must be numbered consecutively, for each operation, starting with number 1, and the designation "bis", "A" or similar may not be used.

2.4.11.4. When a partial or total early cancellation of the loan occurs in order to complete the amortization of the advance, the banks must present on the day such cancellations are made by the client - until 14 hours - a Form 3765 (point 2.4.14) in quintuplicate.

The aforementioned form must be delivered to the Central Bank (Department of General Secretariat) for accounting on the day of its presentation.

When it concerns credits recovered at times that prevent the correct correspondence between the per

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ception of the funds and the sending of Form 4765, it is allowed that it may enter the Central Bank before 14 hours of the immediately following business day.

2.4.11.5. If at the maturity declared in Form 3764 for an operation, it has not been canceled in accordance with the procedure established in point 2.4.11.4., the corresponding credits shall be automatically debited from the current account that the entities hold at the Central Bank.

2.4.11.6. For the arrears incurred by the entities between the dates of early recovery of the loans and the corresponding amortization of the advance, they must pay a penalty interest determined by applying the procedure provided in section 2.1.16.6. of this Circular.

2.4.11.7. In the event that point 2.4.8. applies, the entities must send, within thirty days from the maturity of the operations, a Formula 3765 authorizing the Central Bank to debit from their current account the amount corresponding to the respective charge.

2.4.11.8. The Central Bank will debit the interest from the current accounts of the entities.

2.4.11.9. The entities must send and keep updated a register of signatures of the officials duly authorized to sign all documentation related to the movements of funds referred to in these rules.

Entities that maintain the same list of authorized officials to sign the documentation of the prefinancing regime for promoted exports, point 2.1. of this Circular, are exempt from complying with this requirement.

2.4.12. Model Letter of Guarantee

We address you, with reference to the use of funds that this Institution grants us within the regime of advances on account for financing to exporters.

In this regard and hereby, we expressly state that we commit and accept the following:

1st.- That as guarantee of advances on account for the aforementioned regime, granted to us by the Central Bank of the Argentine Republic, a pledge in favor of the Central Bank of the Argentine Republic shall be constituted

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of the Argentine Republic on the documents of our liquid portfolio for a value that reaches or exceeds at all times one hundred percent (100%) of the sums owed to the Central Bank of the Argentine Republic.

2nd.- That the documents offered as guarantee shall be endorsed with the legends "Value as guarantee in favor of the Central Bank of the Argentine Republic" and we commit to keep the rest of the portfolio separate and at the disposal of the Central Bank of the Argentine Republic in a determined and individualized area of the treasury of this Entity that we provide free of charge and to which the officials and inspectors of the Central Bank of the Argentine Republic shall have pertinent access.

3rd. - That we accept the mission of depositaries of the documents offered as guarantee, which we will perform free of charge.

4th. - That we leave perfectly stated that any subsequent management of collections of the documents offered as guarantee shall be at the exclusive expense and cost of this Entity, whether judicial or extrajudicial.

5th. - That when due to maturity of the documents or other circumstances (early cancellation, signatories or endorsers that enter civil bankruptcy, creditors' meeting, successions, etc.,) the minimum guarantee established in clause 1 may decrease, we commit to replace with others from our liquid portfolio, with an anticipation of five (5) calendar days, until covering the indicated minimum guarantee. With that same anticipation and if we do not have documents to replace, we obligate ourselves to communicate the amount that we authorize that Central Bank to debit from the current account we maintain in that Institution, in order to correspond to the debt balance with the amount of the documents that guarantee it.

6th. - That the list of documents offered as guarantee shall be detailed in Formula No. 2894, numbered correlatively, which shall form an integral part of this guarantee, and shall be kept in this entity at the disposal of the Central Bank of the Argentine Republic.

7th. - We state our conformity for the Central Bank of the Argentine Republic at the maturity of each use of the corresponding advance to debit the respective amount from the current account that this ......... ................... maintains in that Institution.

8th. - That the Central Bank of the Argentine Republic reserves

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the right to reject or demand the replacement of any of the documents that guarantee the uses of the corresponding advances.

9th. - That we commit that the maturity of the documents offered as guarantee shall not exceed 30 days from the date of cancellation of each use of the granted advances.

10th. - That for the purposes of establishing the date of transfer of the securities given as guarantee, we commit to record in the Minute Book of this ........................, the number of documents, the total amount, their order number and the date of numbering of the sheets in which they are individualized. The cited sheets shall remain in custody in this Entity at the disposal of the Central Bank of the Argentine Republic, which we obligate ourselves to send to that Institution at the opportunity they are requested.

11th. - That we commit to satisfy the additional guarantees that the Central Bank of the Argentine Republic may require for the debt resulting from the loans.

Place and date

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2.4.13. Model of Formula 3764.

Version Communication Date Page
2a "A" 1205 OPRAC - 1 - 199 3.6.88 93

I - Credit provisions (continuation) OPRAC - 1 2.4.14. Model of Formula 3765. Version Communication Date Page 2a "A" 1205 OPRAC - 1 - 199 3.6.88 94

2.5. Transitional or complementary provisions linked to the "Special Credit Regimes"

2.5.1. Communication "C" 159 of 06/04/82. Transitorily, the application of the prefinancing and financing systems for promoted exports (Circular OPRAC - 1, Chapter 1, Section 2.1. and 2.3.) for new operations with the United Kingdom of Great Britain and Northern Ireland, is subject to the prior approval of the Central Bank.

2.5.2. Communication "C" 1322 of 06/01/84. With regard to the development of the Tariff and Export Duties Nomenclature (NADE) provided by Resolution of the Ministry of Economy No. 1.376/83, it is noted that the location of products in the different exchange and credit regimes will continue to be governed by the tariff positions mentioned in each case.

In the documentation used for processing operations, the intervening entities shall record both tariff positions, that is, also including the corresponding one provided by Resolution No. 1.376/83. In the case of formulas linked to credit regimes, this latter position shall be included in the "Observations" section.

2.5.3. Communication "C" 2897 of 07/10/86. With every request for discount of export bills under the regime of Circular OPRAC - 1, they must include in formula 2897 the following information: "200% OF THE COMPUTABLE EQUITY LIABILITY reported in the last Formula 2965 submitted to this Institution with data as of converted to Dollars at the buyer exchange rate of Banco Nación Argentina in effect on the day prior to this submission: U$S ."

2.5.4. Communication "C" 3156 of 11/02/87. In view of the difficulties raised by financial entities in obtaining in time copy No. 9 of the shipping permit that allows them to access the discount of export bills under the regime of Circular OPRAC-1 and its complementary provisions, they may alternatively present for such purpose the "O" copy of the shipping permit, provided that it contains the proper intervention of the customs authorization regarding the completion of the export shipment.

Upon receiving the intervening entity the copy of the copy

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No. 9 of the shipping permit, it must proceed to its verification and comparison with the "O" copy sent to this Bank, and must immediately inform this Institution in those cases in which differences between both copies are detected, by means of a note to be delivered to the Export and Import Department, explaining the deficiencies found, adding, in such cases, the referred copy No. 9.

2.5.5. Communication "C" 3758 of 02/02/88.

To access the discount of export bills under the Regime of Circular OPRAC-1, Chapter I, Point 2.3., entities must present a Formula 2897 for the FOB value of the exported product and another Formula 2897 when financing for freight and insurance is requested, inserting in the latter the legend "Free Exchange Market". For the discount corresponding to freight and insurance, the closing buyer exchange rate of the Banco de la Nación Argentina, of the Free Exchange Market, of the day prior to the exchange closing corresponding to the FOB value of the export shall be considered.

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ANNEX

2. Special credit regimes.

2.1. Prefinancing of promoted exports.

2.1.1. Scope.

2.1.2. Beneficiaries.

2.1.3. Requirements.

2.1.4. Financial regime.

2.1.5. Terms

2.1.6. Agreement on funds.

2.1.7. Obligations of the beneficiaries.

2.1. 8. Adjustment clause.

2.1. 9. Interest.

2.1.10. Resources.

2.1.10.2. The special support of the Central Bank of the Argentine Republic.

2.1.11. Remuneration of the entities.

2.1.12. Consultations.

2.1.13. Delays in the Export.

2.1.14. Non-compliances.

2.1.15. Other provisions.

2.1.16. Procedural rules.

2.4. Other information

3. Computable Patrimonial Responsibility

4. Debt balance for financing from the B.C.R.A.

2.1.19. Model Guarantee Letter.

2.1.20.1. Model of Form 2894

2.1.20.2. Model of Form 4096

2.2. Credit benefits established by Laws 2.582 and 21.522.

2.2.1. Financing of goods whose provision is awarded to the local industry in international tenders that have financing from the I.D.B. or the I.B.R.D.

2.2.2 Application of the prefinancing and financing regimes for promoted exports to international tenders called by the Entidad Binacional Yacyretá.

2.2.2.9. Text of Resolution No. 1026

2.2.2.10. Text of Decree No. 311

2.3. Financing of promotional exports.

2.3.1. Scope

2.3.2. Financial regime

2.3.3. General requirements.

2.3. 4. Terms.

2.3.5. Guarantees.

2.3.10. Inquiries.

2.3.12. Model of Form 2900.

2.3.13. Model of Form 2897

2.3.14. Model of Forms 2898 and 4076.

2.3.14.1. Model of Form 2898.

2.3.14.2. Model of Form 4076.

2.3.15. Tariff positions (N.A.D.E.) - List 1.

CAPITAL GOODS

2.3.16. Tariff positions (N.A.D.E.) - List 2

DURABLE AND SEMI-DURABLE GOODS

2.3.17. Tariff positions (N.A.D.E.) - List 3.

OTHER PRODUCTS

2.3.18. Tariff positions (N.A.D.E.) - List 4.

OTHER PRODUCTS

2.3.19. Tariff positions (N.A.D.E.) - List 4

II CUTS OF FROZEN FOREQUARTERS

2.3.20. Other provisions

2.4. Financing regime for exporters

2.4.1 Scope

2.4.2. Amount and term of operations:

2.4.3. Interest rate:

2.4.4. Resources:

2.4.5. Deadline to settle operations:

2.4.6. Graduation of credit:

2.4.11. Procedural rules:

2.4.12. Model Letter of Guarantee

2.4.13. Model of Formula 3764.

2.5. Transitional or complementary provisions linked to the "Special Credit Regimes"

Lineage: No known changes

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