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Re: [Phase II CGA] with * * * [Morgan Bank]
as Agent.
Dear Sirs:
Enclosed please find withholding tax receipts and
supporting schedules evidencing the payment in Cruzeiros
to the National Treasury of Brazil with respect to the
above referenced loan. The tax receipts and schedules
apply to Tranches I thru VII for the interest period June
28, 1985 to September 27, 1985.
In the past, the schedules (Item Number 3 below) were
sorted out for each bank [i.e., participating foreign
lender]. In order to expedite mailing, we have enclosed
a complete printout, as received from the Central Bank.
Please disregard schedules not pertaining to your
participation.
* * * * * * *
Very truly yours,
/s/ Vincent J. Montano
[Vice President of Morgan Bank]
Enclosures:
1. Conversion rate chart for loan currency to Cruzeiros.
2. Three tax receipts - one for each applicable
[withholding tax rate] percentage (12.5, 15, and 25
percent) for each of the 7 tranches.
3. Corresponding supporting schedules for each of the 7
tranches (an explanation of each column is listed
below):
1st column represents - Interest paid
2nd column represents - Cruzeiros equivalent of
interest paid [i.e., grossed-up interest paid]
3rd column represents - Tax in cruzeiros
4th column represents - 40% cruzeiros tax rebate
amount [i.e., pecuniary benefit]
5th column represents - Balance (60%) of actual tax
paid
The record contains a substantially similar letter of Morgan
Bank, dated August 1986, relating to the Central Bank’s respective
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