Document:

Opinion of the Procuradoria-Geral da Fazenda Nacional

 Exhibit 4(5) 
 March 23, 2016 
 Minister of Finance 
 Ministry of Finance 
 Federative Republic of Brazil 

Esplanada dos Ministérios 
 Bloco P

 70048-900, Brasília-DF 

BRAZIL 
  

	 	Re:	Federative Republic of Brazil 

	 	    	Registration Statement on Schedule B 

Ladies and Gentlemen: 
 I, ANA
LIMA VIEIRA BITTENCOURT, a Deputy Attorney General of the Office of the Attorney General of the National Treasury of the Ministry of Finance of the Federative Republic of Brazil (“Brazil”), have reviewed the above-referenced Registration
Statement (the “Registration Statement”) filed on the date hereof with the Securities and Exchange Commission (the “Commission”), including the (i) Prospectus constituting a part thereof, (ii) the Fiscal Agency
Agreement, dated as of November 1, 1996 between Brazil and The Bank of New York Mellon (as successor-in-interest to JPMorgan Chase Bank, N.A.) including the forms of securities attached thereto (“FAA Debt Securities”), each as amended
by Amendment No. 1 dated as of April 28, 2003, Amendment No. 2 dated as of March 30, 2004, Amendment No. 3 dated as of June 28, 2004 and Amendment No. 4 dated as of August 31, 2011 (as so amended, the
“Fiscal Agency Agreement”) previously filed as part of Brazil’s Registration Statement on Schedule B (Registration No. 333-6682), and made a part of the Registration Statement, (iii) the Indenture, dated as of July 2,
2015 (the “Indenture”), between Brazil and The Bank of New York Mellon, including the forms of debt securities attached thereto (“Indenture Debt Securities”, and with the FAA Debt Securities, the “Debt Securities”)
previously filed as part of Brazil’s Annual Report for the fiscal year ended December 31, 2014 on Form 18-K, and made a part of the Registration Statement, and (iv) the form of the Underwriting Agreement (the “Underwriting
Agreement”) filed and made a part of the Registration Statement, pursuant to which Brazil is registering certain Debt Securities and warrants to purchase such Debt Securities (collectively, the “Securities”). 

The issuance of the Securities has been authorized pursuant to Resolution No. 20 dated November 16, 2004 of the Federal Senate
of Brazil, enacted pursuant to Article 52 of the Constitution of the Federative Republic of Brazil. 

 It is my opinion that the Securities have been duly authorized, and when executed and
delivered by Brazil and authenticated pursuant to the Fiscal Agency Agreement or the Indenture and delivered to and paid for by the underwriters pursuant to the Underwriting Agreement, the Prospectus (including, without limitation, the applicable
Prospectus Supplement and Pricing Supplement) and any amendment or supplement thereto, the Securities will constitute valid and legally binding direct and unconditional obligations of Brazil under the present laws of Brazil. 

I hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of my name under the heading
“Validity of the Securities” in the Registration Statement. In giving the foregoing consent, I do not thereby admit that I am in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations
of the Commission thereunder. 
  

	
	Very truly yours,
	
	/s/ Ana Paula Lima Vieira Bittencourt
	Ana Paula Lima Vieira Bittencourt
	 Deputy Attorney General of the

National Treasury of BrazilOpinion of Arnold &amp; Porter LLP

 Exhibit 4(7) 
 [Letterhead of Arnold & Porter LLP] 
 March 23, 2016 

Minister of Finance 
 Ministry of Finance

 Federative Republic of Brazil 

Esplanada dos Ministérios 
 Bloco P

 70048-900, Brasília-DF 

BRAZIL 
 Ladies and Gentlemen: 

We have acted as special United States counsel for the Federative Republic of Brazil (“Brazil”) in connection with the
preparation of the registration statement under Schedule B (the “Registration Statement”) filed on the date hereof with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the
“Act”), pursuant to which Brazil is registering $2,612,711,000 aggregate principal amount of its debt securities and warrants (the “Offered Securities”) to be offered and sold from time to time as set forth in the Registration
Statement and the prospectus (the “Prospectus”) contained therein. We are familiar with (a) the Fiscal Agency Agreement dated as of November 1, 1996 between Brazil and The Bank of New York Mellon (as successor to JPMorgan Chase
Bank, N.A.), as fiscal agent, including the forms of securities attached thereto (the “FAA Debt Securities”), each as amended by Amendment No. 1, dated as of April 28, 2003, Amendment No. 2, dated as of March 30, 2004,
Amendment No. 3, dated as of June 28, 2004 and Amendment No. 4, dated as of August 31, 2011 (the “Fiscal Agency Agreement”) previously filed as part of Brazil’s Registration Statement on Schedule B (Registration
No. 333-6682) and made a part of the Registration Statement, (b) the Indenture, dated as of July 2, 2015 (the “Indenture”), between Brazil and The Bank of New York Mellon, including the forms of debt securities attached
thereto (“Indenture Debt Securities”, and with the FAA Debt Securities, the “Debt Securities”) previously filed as part of Brazil’s Annual Report for the fiscal year ended December 31, 2014 on Form 18-K, and made a part
of the Registration Statement and (c) the form of the Underwriting Agreement (together with the Fiscal Agency Agreement and the indenture, the “Agreements”) filed and made a part of the Registration Statement. 

In rendering the opinion expressed below, we have examined such certificates of public officials, government documents and records and
other certificates and instruments furnished to us, and have made such other investigations, as we have deemed necessary in connection with the opinion set forth herein. Furthermore, we have assumed

 Ministry of Finance 
 March 23, 2016 
 Page 2 

 

 
the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the authority of Brazil to enter into the Agreements and cause the issuance of the Offered
Securities, and the conformity to authentic originals of all documents submitted to us as copies. As to any document originally prepared in any language other than English and submitted to us in translation, we have assumed the accuracy of the
English translation. 
 This opinion is limited to the federal laws of the United States and the laws of the State of New York,
and we do not express any opinion herein concerning the laws of any other jurisdiction. Insofar as the opinion set forth herein relates to matters of the laws of Brazil, we have relied upon the opinion of the Deputy Attorney General of the National
Treasury of the Ministry of Finance of the Federative Republic of Brazil, a copy of which is being filed as Exhibit 4(5) to the Registration Statement, and our opinion herein is subject to any and all exceptions and reservations set forth therein.

 Based upon and subject to the foregoing, we are of the opinion that when the Offered Securities have been duly authorized,
issued, and executed by Brazil and authenticated, delivered, and paid for as contemplated by the Agreements, the Prospectus and any amendment and supplement thereto, the Offered Securities will constitute valid and legally binding direct and
unconditional obligations of Brazil under the laws of the State of New York. 
 We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement and to the reference to this firm under the heading “Validity of the Securities” in the Registration Statement. In giving the foregoing consent, we do not thereby admit that we are in the
category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder. 
 Very truly yours, 
 /s/ Arnold & Porter LLPConsent of Nelson Barbosa, the Minister of Finance

 Exhibit 4(9) 
 FEDERATIVE REPUBLIC OF BRAZIL 
 MINISTRY OF FINANCE 

CONSENT 
 I,
Nelson Barbosa, Minister of Finance of the Federative Republic of Brazil, hereby consent to the reference to my name, in my official capacity as Minister of Finance, under the caption “Official Statements” in the Prospectus of the
Federative Republic of Brazil included in the Registration Statement filed by the Federative Republic of Brazil with the United States Securities and Exchange Commission. 

 

	
	
	/s/ Nelson Barbosa
	 Nelson Barbosa
 Minister of FinanceEX-4.41

 EXHIBIT 4.41 

AMENDMENT NO. 7 TO THE MANAGEMENT AGREEMENT 

This AMENDMENT NO.7 TO THE MANAGEMENT AGREEMENT (the “Amendment”), dated as of February 4, 2016, is made by and between
Navios Maritime Partners L.P., a Marshall Islands limited partnership (“NMLP”) and Navios ShipManagement Inc., a Marshall Islands corporation (“NSM”, and together with NMLP, the “Parties”) and
amends the Management Agreement (the “Management Agreement”) entered into among the Parties on November 16, 2007 and the Amendments to the Management Agreement entered into among the Parties on October 27,
2009, October 21, 2011, October 30, 2013, August 29, 2014, February 10, 2015 and May 4, 2015 (together, with the Management Agreement, the “Agreement”). Capitalized terms used and not
otherwise defined in this Amendment shall have the meanings given them in the Agreement. 
 W I T N E
S S E T H: 
 WHEREAS, the Parties desire to amend the Agreement. 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties hereby agree as follows: 
 1. Paragraph 4 of the Recitals of the Agreement shall be amended and restated as
follows: 
 “NOW THEREFORE, the parties agree that, in consideration for NSM providing the commercial and technical
management services set forth in Schedule “A” to this Agreement (the “Services”), and subject to the Terms and Conditions set forth in Article I attached hereto, NMLP shall from January 1, 2016 until
December 31, 2017, pay to NSM the fees set forth in Schedule “B” to this Agreement (the “Fees”) and, if applicable, the Extraordinary Fees and Costs.” 

2. Section 6 shall be amended and restated as follows: 

“Service Fee/Reimbursement of Costs and Expenses. In consideration for NSM providing the Services from
January 1, 2016 until December 31, 2017, NMLP shall pay NSM the Fees as set out in Schedule “B” to this Agreement and the Extraordinary Fees and Costs, if applicable.” 

3. Schedule “B” shall be amended and restated in its entirety as follows: 

“FEES AND COSTS AND EXPENSES 

In consideration for the provision of the Services listed in Schedule “A” by NSM to NMLP, NMLP shall, from January 1, 2016 until
December 31, 2017, pay NSM a fixed daily fee of US$4,200 per owned Panamax Vessel, US$4,100 per Ultra-Handymax Vessel, US$5,250 per owned Capesize Vessel, US$6,700 per owned Post-Panamax Container Vessel, US$7,400 per large Container Vessel of
more than 8,000 TEUs, and US$8,750 per very large Container Vessel of more than 13,000 TEUs, payable on the last day of each month. Notwithstanding the foregoing, NMLP’s payment to NSM for services provided in item (21) of Schedule
A shall be at-cost for each Vessel. 

 Notwithstanding anything that may appear to the contrary in this Agreement, if NMLP decides to layup any of the
Vessels, an appropriate reduction of the Fees for the layup period shall be mutually agreed between the parties hereto. Any consequential costs of activation and/or de-activation of a Vessel from layup shall be for the account of NMLP. NSM reserves
the right to maintain for the duration of this Agreement an amount of up to forty five (45) days estimated running expenses as a working capital reserve. Upon termination of this Agreement all moneys remaining within the working capital reserve
shall be returned to the NMLP subject to the terms and conditions of this Agreement. 
 4. Full Force and Effect. Except as modified
by this Amendment, all other terms and conditions in the Agreement shall remain in full force and effect. 
 5. Effect. Unless the
context otherwise requires, the Agreement, as amended, and this Amendment shall be read together and shall have effect as if the provisions of the Agreement, as amended, and this Amendment were contained in one agreement. After the effective date of
this Amendment, all references in the Agreement to “this Agreement,” “hereto,” “hereof,” “hereunder” or words of like import referring to the Agreement shall mean the Agreement, as amended, as further modified
by this Amendment. 
 6. Counterparts. This Amendment may be executed in separate counterparts, all of which taken together shall
constitute a single instrument. 
 [Remainder of page intentionally left blank. Signature page to follow.] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the day and
year first above written. 
 NAVIOS MARITIME PARTNERS L.P. 
  

			
	 /s/ Efstratios Desypris

	By: Efstratios Desypris
	Title: Chief Financial Officer
	  
 NAVIOS SHIPMANAGEMENT INC.

 

	 /s/ George Achniotis

	By: George Achniotis
	Title: President/Director

 [Signature Page – Amendment No. 7 to Management Agreement]

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