Document:

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                                                                    Exhibit 4.15

                       FORM OF STANDBY PURCHASE AGREEMENT

                               Dated as of [_____]

                                     Between

                      PETROLEO BRASILEIRO S.A.--PETROBRAS,

                              as Standby Purchaser,

                                       and

                            THE BANK OF NEW YORK, as

                           Trustee for the Noteholders

                               Referred to Herein

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                                TABLE OF CONTENTS

<TABLE>
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                                                                            PAGE
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<S>                                                                         <C>
SECTION 1.    Definitions................................................     2

SECTION 2.    Partial Purchase Obligation................................    11

SECTION 3.    Total Purchase Obligation..................................    12

SECTION 4.    Obligations Absolute.......................................    13

SECTION 5.    Independent Obligation.....................................    15

SECTION 6.    Waivers and Acknowledgments................................    15

SECTION 7.    Claims Against the Issuer..................................    16

SECTION 8.    Payments Free and Clear of Taxes, Etc......................    16

SECTION 9.    Covenants..................................................    19

SECTION 10.   Amendments, Etc............................................    22

SECTION 11.   Notices, Etc...............................................    22

SECTION 12.   No Waiver; Remedies........................................    23

SECTION 13.   Indemnification............................................    23

SECTION 14.   Subordination..............................................    23

SECTION 15.   Continuing Agreement; Assignment of Rights Under the
              Indenture and the Notes....................................    24

SECTION 16.   Currency Rate Indemnity....................................    25

SECTION 17.   Governing Law; Jurisdiction; Waiver of Immunity, Etc.......    25

SECTION 18.   Execution in Counterparts..................................    27

SECTION 19.   Pledge of Interests........................................    27

SECTION 20.   Entire Agreement...........................................    28
</TABLE>

                                                      Standby Purchase Agreement

<PAGE>

                           STANDBY PURCHASE AGREEMENT

          STANDBY PURCHASE AGREEMENT (this "Agreement"), dated as of [_____],
between PETROLEO BRASILEIRO S.A.--PETROBRAS (the "Standby Purchaser"), a
sociedade do economia mista organized and existing under the laws of the
Federative Republic of Brazil ("Brazil"), and THE BANK OF NEW YORK, a New York
banking corporation, as successor to JPMORGAN CHASE BANK, N.A., as trustee for
the holders of the Notes (as defined below) issued pursuant to the Indenture (as
defined below) (the "Trustee").

                                   WITNESSETH:

          WHEREAS, Petrobras International Finance Company, a Cayman Islands
limited company and a wholly-owned Subsidiary of the Standby Purchaser (the
"Issuer"), has entered into an Indenture dated as of December 15, 2006 (the
"Original Indenture") with the Trustee, as supplemented by the [_____]
Supplemental Indenture among the Issuer, the Standby Purchaser and the Trustee
dated as of [_____] (the "[_____] Supplemental Indenture"). The Original
Indenture, as supplemented by the [_____] Supplemental Indenture, and as amended
or supplemented from time to time with respect to the Notes, is hereinafter
referred to as the "Indenture."

          WHEREAS, the Issuer has duly authorized the issuance of its notes in
such principal amount or amounts as may from time to time be authorized in
accordance with the Indenture and is, on the date hereof, issuing U.S.$[_____]
of its [_____]% Global Notes due [_____] under the Indenture (the "Notes");

          WHEREAS, the Standby Purchaser is willing to enter into this Agreement
in order to provide the holders of the Notes (the "Noteholders") with assurances
that, if the Issuer shall fail to make all required payments of principal,
interest or other amounts due in respect of the Notes and the Indenture, the
Standby Purchaser will be obligated, without any action on the part of the
Noteholders, to immediately purchase the rights of the Noteholders to receive
such amounts in consideration of the payment by the Standby Purchaser of an
amount of funds equal to the amounts then owed by the Issuer under the Indenture
and the Notes, subject to the provisions hereof;

          WHEREAS, the Standby Purchaser agrees that it will derive substantial
direct and indirect benefits from the issuance of the Notes by the Issuer;

          WHEREAS, although the following shall not in any way be a condition to
the obligations of the Standby Purchaser hereunder, the Standby Purchaser
intends (but is not obligated hereunder) to enter into and maintain at all times
during the term of this Agreement arrangements for the import of oil and
petroleum products with the Issuer under which payments for such products are
expected to be (i) in an aggregate amount at least equal to the total amount
owed by the Issuer under the Indenture and the Notes (including any accrued and
unpaid interest and any other amounts required to be paid thereunder), (ii) made
through the Brazilian exchange market regulated by Banco Central do Brasil and
(iii) applied to off-set (or be used to otherwise

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liquidate) any amounts required to be paid by the Standby Purchaser under this
Agreement in respect of any obligation owed by the Issuer under the Indenture
and the Notes;

          WHEREAS, it is a condition precedent to the issuance of the Notes that
the Standby Purchaser shall have executed this Agreement.

          NOW, THEREFORE, the Standby Purchaser and the Trustee hereby agree as
follows:

          SECTION 1. Definitions. (a) As used herein the following capitalized
terms shall have the following meanings:

          "Affiliate," with respect to any Person, means any other Person that,
directly or indirectly, controls, is controlled by or is under common control
with such Person; it being understood that for purposes of this definition, the
term "control" (including the terms "controlling," "controlled by" and "under
common control with") of a Person shall mean the possession, direct or indirect,
of the power to vote 25% or more of the equity or similar voting interests of
such Person or to direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting securities, by contract
or otherwise.

          "Agreement" has the meaning set forth in the preamble to this
Agreement.

          "Authorized Representative" of the Standby Purchaser or any other
Person means the person or persons authorized to act on behalf of such entity by
its chief executive officer, president, chief operating officer, chief financial
officer or any vice president or its Board of Directors or any other governing
body of such entity.

          "Bankruptcy Law" has the meaning specified in Section 14(a).

          "Base Prospectus" has the meaning set forth in the definition of
Registration Statement herein.

          "Board of Directors", when used with respect to a corporation, means
either the board of directors of such corporation or any committee of that board
duly authorized to act for it, and when used with respect to a limited liability
company, partnership or other entity other than a corporation, any Person or
body authorized by the organizational documents or by the voting equity owners
of such entity to act for them.

          "Brazil" has the meaning set forth in the preamble to this Agreement.

          "Business Day" means any day except a Saturday, a Sunday or a legal
holiday or a day on which banking institutions (including, without limitation,
the members of the Federal Reserve System) are authorized or required by law,
regulation or executive order to close in The City of New York, the Issuer's
jurisdiction of incorporation or Brazil.

          "Closing Date" means [_____].

          "Companies" means the Issuer and the Standby Purchaser.

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          "Default" has the meaning set forth in the Indenture.

          "Default Rate" has the meaning specified in the Indenture.

          "Denomination Currency" has the meaning specified in Section 16(b).

          "Environmental Laws" means all applicable federal, state and local
statutes, rules, regulations, ordinances, orders, decrees and common law,
including any of the foregoing in any foreign jurisdiction, relating in any
manner to contamination, pollution or protection of human health or the
environment.

          "Event of Default" has the meaning specified in the Indenture.

          "Exchange Act" means the Securities Exchange Act of 1934, as amended.

          "[_____] Supplemental Indenture" has the meaning set forth in the
preamble to this Agreement.

          "Governmental Authority" shall mean any regulatory, administrative or
other legal body, any court, tribunal or authority or any public legal entity or
public agency of the Cayman Islands, Brazil, the United States of America or any
other jurisdictions whether created by federal, provincial or local government,
or any other legal entity now existing or hereafter created, or now or hereafter
controlled, directly or indirectly, by any public legal entity or public agency
of any of the foregoing.

          "Guarantee" means an obligation of a person to pay the Indebtedness of
another Person including without limitation:

          (i) an obligation to pay or purchase such Indebtedness;

          (ii) an obligation to lend money or to purchase or subscribe for
     shares or other securities or to purchase assets or services in order to
     provide funds for the payment of such Indebtedness;

          (iii) an indemnity against the consequences of a default in the
     payment of such Indebtedness; or

          (iv) any other agreement to be responsible for such Indebtedness.

          "Indebtedness" means any obligation (whether present or future, actual
or contingent and including, without limitation, any Guarantee) for the payment
or repayment of money which has been borrowed or raised (including money raised
by acceptances and all leases which, under generally accepted accounting
principles in the country of incorporation of the relevant obligor, would
constitute a capital lease obligation).

          "Indemnified Party" has the meaning specified in Section 13.

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          "Indemnified Taxes" means any and all present or future taxes, levies,
imposts, deductions, charges or withholdings of any nature imposed by Brazil,
the jurisdiction of incorporation of the Issuer (or any successor), Luxembourg
or any other jurisdiction in which the Issuer appoints a paying agent under the
Indenture or any political subdivision of such jurisdictions.

          "Indenture" has the meaning specified in the preamble to this
Agreement.

          "Issuer" has the meaning set forth in the preamble to this Agreement.

          "Judgment Currency" has the meaning specified in Section 16(b).

          "Law" means any constitutional provision, law, statute, rule,
regulation, ordinance, treaty, order, decree, judgment, decision, certificate,
holding, injunction, enforceable at law or in equity, along with the
interpretation and administration thereof by any Governmental Authority charged
with the interpretation or administration thereof.

          "Lien" means any mortgage, pledge, lien, hypothecation, security
interest or other charge or encumbrance on any property or asset, including,
without limitation, any equivalent created or arising under applicable Law.

          "Material Adverse Effect" means a material adverse effect on (a) the
business, operations, assets, property, condition (financial or otherwise) or
results of operation of the Standby Purchaser together with its consolidated
Subsidiaries taken as a whole, (b) the validity or enforceability of this
Agreement or any other Transaction Document or (c) the ability of the Standby
Purchaser to perform its obligations under this Agreement or any other
Transaction Document, or (d) the material rights or benefits available to the
Noteholders or the Trustee, as representative of the Noteholders under the
Indenture, this Agreement or any of the other Transaction Documents.

          "Material Subsidiary" means, as to any Person, any Subsidiary of such
Person which, on any given date of determination, accounts for more than 15% of
Petrobras' total consolidated assets, as such total assets are set forth on the
most recent consolidated financial statements of Petrobras prepared in
accordance with U.S. GAAP (or if Petrobras does not prepare financial statements
in U.S. GAAP, consolidated financial statements prepared in accordance with
Brazilian generally accepted accounting principles).

          "Noteholders" has the meaning specified in the preamble of this
Agreement.

          "Notes" has the meaning specified in the preamble of this Agreement.

          "Officer's Certificate" means a certificate of an Authorized
Representative of the Standby Purchaser containing, in respect of each
certificate furnished with respect to a particular condition, covenant or
provision of this Agreement:

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          (i) a statement that an Authorized Representative of the Standby
     Purchaser has read such covenant, condition or provision;

          (ii) a brief statement as to the nature and scope of the examination
     or investigation upon which the statements or opinions contained in such
     certificate or opinion are based;

          (iii) a statement that, in the opinion of each such individual, such
     examination or investigation has been made as is necessary to enable such
     individual to express an informed opinion as to whether or not such
     covenant, condition or provision has been complied with; and

          (iv) a statement as to whether, in the opinion of each such
     individual, such condition, covenant or provision has been complied with.

          "Opinion of Counsel" means a written opinion of counsel from any
Person either expressly referred to herein or otherwise reasonably satisfactory
to the Trustee which may include, without limitation, counsel for the Standby
Purchaser, whether or not such counsel is an employee of the Standby Purchaser,
which opinion contains:

          (i) a statement that each individual signing such opinion has read
     such covenant, condition or provision;

          (ii) a brief statement as to the nature and scope of the examination
     or investigation upon which the statements or opinions contained in such
     opinion are based;

          (iii) a statement that, in the opinion of each such individual, such
     examination or investigation has been made as is necessary to enable such
     individual to express an informed opinion as to whether or not such
     covenant, condition or provision has been complied with; and

          (iv) a statement as to whether, in the opinion of each such
     individual, such condition, covenant or provision has been complied with.

          "Original Indenture" has the meaning set forth in the preamble to this
Agreement.

          "Other Taxes" means any present or future stamp, documentary, excise,
property or similar taxes, charges or levies imposed by Brazil, the jurisdiction
of the Issuer, Luxembourg or any other jurisdiction in which the Issuer appoints
a paying agent under the Indenture or any political subdivision of such
jurisdictions that arise from any payment made hereunder, under the Notes or
under the Transaction Documents or from the execution, delivery or registration
of, performance under, or otherwise with respect to, this Agreement or any of
the other Transaction Documents.

          "Partial Non-Payment Amount" has the meaning specified in Section
2(a).

          "Partial Non-Payment Amount With Interest" has the meaning specified
in Section 2(a).

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          "Partial Non-Payment Due Date" has the meaning specified in Section
2(a).

          "Partial Non-Payment Overdue Interest" has the meaning specified in
Section 2(a).

          "Partial Non-Payment Notice" has the meaning specified in Section
2(a).

          "Payment Account" has the meaning set forth in the Indenture.

          "Payment Date" has the meaning set forth in the Indenture.

          "Permitted Free Writing Prospectus" has the meaning set forth in the
preamble to the Underwriting Agreement among the Companies, Morgan Stanley & Co.
Incorporated and UBS Securities LLC, dated [__________] related to the offering
of the Notes.

          "Permitted Lien" means a:

          (i) Lien granted in respect of Indebtedness owed to the Brazilian
     government, Banco Nacional de Desenvolvimento Economico e Social or any
     official government agency or department of Brazil or of any state or
     region thereof;

          (ii) Lien arising by operation of law, such as merchants', maritime or
     other similar Liens arising in the Standby Purchaser's ordinary course of
     business or that of any Subsidiary or Lien in respect of taxes, assessments
     or other governmental charges that are not yet delinquent or that are being
     contested in good faith by appropriate proceedings;

          (iii) Lien arising from the Standby Purchaser's obligations under
     performance bonds or surety bonds and appeal bonds or similar obligations
     incurred in the ordinary course of business and consistent with the Standby
     Purchaser's past practice;

          (iv) Lien arising in the ordinary course of business in connection
     with Indebtedness maturing not more than one year after the date on which
     such Indebtedness was originally incurred and which is related to the
     financing of export, import or other trade transactions;

          (v) Lien granted upon or with respect to any assets hereafter acquired
     by the Standby Purchaser or any Subsidiary to secure the acquisition costs
     of such assets or to secure Indebtedness incurred solely for the purpose of
     financing the acquisition of such assets, including any Lien existing at
     the time of the acquisition of such assets as long as the maximum amount so
     secured shall not exceed the aggregate acquisition costs of all such assets
     or the aggregate Indebtedness incurred solely for the acquisition of such
     assets, as the case may be;

          (vi) Lien granted in connection with the Indebtedness of a
     Wholly-Owned Subsidiary owing to the Standby Purchaser or another
     Wholly-Owned Subsidiary;

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          (vii) Lien existing on any asset or on any stock of any Subsidiary
     prior to the acquisition thereof by the Standby Purchaser or any Subsidiary
     as long as such Lien is not created in anticipation of such acquisition;

          (viii) Lien over any Qualifying Asset relating to a project financed
     by, and securing Indebtedness incurred in connection with, the Project
     Financing of such project by the Standby Purchaser, any of the Standby
     Purchaser's Subsidiaries or any consortium or other venture in which the
     Standby Purchaser or any Subsidiary has any ownership or other similar
     interest;

          (ix) Lien existing as of the date of the Indenture;

          (x) Lien resulting from the Transaction Documents;

          (xi) Lien incurred in connection with the issuance of debt or similar
     securities of a type comparable to those already issued by the Issuer, on
     amounts of cash or cash equivalents on deposit in any reserve or similar
     account to pay interest on such securities for a period of up to 24 months
     as required by any Rating Agency as a condition to such Rating Agency
     rating such securities investment grade or as is otherwise consistent with
     market conditions at such time, as such conditions are satisfactorily
     demonstrated to the Trustee;

          (xii) Lien granted or incurred to secure any extension, renewal,
     refinancing, refunding or exchange (or successive extensions, renewals,
     refinancings, refundings or exchanges), in whole or in part, of or for any
     Indebtedness secured by a Lien referred to in paragraphs (i) through (xi)
     above (but not paragraph (iv)), provided that such Lien does not extend to
     any other property, the principal amount of the Indebtedness secured by
     such Lien is not increased, and in the case of paragraphs (i), (ii), (iii)
     and (vi), the obligees meet the requirements of such paragraphs and in the
     case of paragraph (viii), the Indebtedness is incurred in connection with a
     Project Financing by the Standby Purchaser, any of the Standby Purchaser's
     Subsidiaries or any consortium or other venture in which the Standby
     Purchaser or any Subsidiary have any ownership or other similar interests;
     and

          (xiii) Lien in respect of Indebtedness the principal amount of which
     in the aggregate, together with all Liens not otherwise qualifying as the
     Standby Purchaser's Permitted Liens pursuant to clauses (i) through (xii)
     of this definition, does not exceed 15% of the Standby Purchaser's
     consolidated total assets (as determined in accordance with U.S. GAAP) at
     any date as at which the Standby Purchaser's balance sheet is prepared and
     published in accordance with applicable Law.

          "Person" means any individual, partnership, corporation (including a
business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or
any political subdivision or agency thereof.

          "Post Petition Interest" has the meaning specified in Section 14(b).

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          "Pre-Pricing Prospectus" means each preliminary prospectus supplement,
in the form so furnished to the Underwriters, including the Base Prospectus, and
the documents incorporated by reference therein.

          "Process Agent" has the meaning specified in Section 17(c).

          "Project Financing" of any project means the incurrence of
Indebtedness relating to the exploration, development, expansion, renovation,
upgrade or other modification or construction of such project pursuant to which
the providers of such Indebtedness or any trustee or other intermediary on their
behalf or beneficiaries designated by any such provider, trustee or other
intermediary are granted security over one or more Qualifying Assets relating to
such project for repayment of principal, premium and interest or any other
amount in respect of such Indebtedness.

          "Purchase Obligations" has the meaning specified in Section 4.

          "Qualifying Asset" in relation to any Project Financing means:

          (i) any concession, authorization or other legal right granted by any
     Governmental Authority to the Standby Purchaser or any of the Standby
     Purchaser's Subsidiaries, or any consortium or other venture in which the
     Standby Purchaser or any Subsidiary has any ownership or other similar
     interest;

          (ii) any drilling or other rig, any drilling or production platform,
     pipeline, marine vessel, vehicle or other equipment or any refinery, oil or
     gas field, processing plant, real property (whether leased or owned), right
     of way or plant or other fixtures or equipment;

          (iii) any revenues or claims which arise from the operation, failure
     to meet specifications, failure to complete, exploitation, sale, loss or
     damage to, such concession, authorization or other legal right or such
     drilling or other rig, drilling or production platform, pipeline, marine
     vessel, vehicle or other equipment or refinery, oil or gas field,
     processing plant, real property, right of way, plant or other fixtures or
     equipment or any contract or agreement relating to any of the foregoing or
     the Project Financing of any of the foregoing (including insurance
     policies, credit support arrangements and other similar contracts) or any
     rights under any performance bond, letter of credit or similar instrument
     issued in connection therewith;

          (iv) any oil, gas, petrochemical or other hydrocarbon-based products
     produced or processed by such project, including any receivables or
     contract rights arising therefrom or relating thereto and any such product
     (and such receivables or contract rights) produced or processed by other
     projects, fields or assets to which the lenders providing the Project
     Financing required, as a condition therefor, recourse as security in
     addition to that produced or processed by such project; and

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          (v) shares or other ownership interest in, and any subordinated debt
     rights owing to the Standby Purchaser by, a special purpose company formed
     solely for the development of a project, and whose principal assets and
     business are constituted by such project and whose liabilities solely
     relate to such project.

          "Rating Agency" means a Nationally Recognized Statistical Rating
Organization as designated by the SEC Division of Market Regulation.

          "Registration Statement" means the registration statement on Form F-3
under the Securities Act, initially dated December 15, 2006 filed with the SEC
covering the registration of the Notes under the Securities Act and including
the related base prospectus in the form dated December 15, 2006 (the "Base
Prospectus") at the time such registration became effective, as amended to the
date hereof (including any post-effective amendment that includes a prospectus
or prospectus supplement), together with any documents incorporated by reference
therein.

          "SEC" means the United States Securities and Exchange Commission.

          "Securities Act" means the United States Securities Act of 1933, as
amended.

          "Standby Purchaser" has the meaning specified in the preamble of this
Agreement.

          "Stated Maturity" has the meaning specified in the Indenture.

          "Subordinated Obligations" has the meaning specified in Section 14.

          "Subsidiary" means, as to any Person, a corporation, company,
partnership or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership
interests having such power only by reason of the happening of a contingency) to
elect a majority of the Board of Directors (or similar governing body) of such
corporation, partnership or other entity are at the time owned, or the
management of which is otherwise controlled, directly or indirectly through one
or more intermediaries, or both, by such Person. Unless otherwise qualified, all
references to a "Subsidiary" or to "Subsidiaries" in this Agreement shall refer
to a Subsidiary or Subsidiaries of the Standby Purchaser.

          "Successor Company" has the meaning specified in Section 10(m)(i).

          "Taxing Jurisdiction" has the meaning specified in Section 8(c).

          "Termination Date" has the meaning specified in Section 7.

          "TIA" means the United States Trust Indenture Act of 1939, as amended.

          "Total Non-Payment Notice" shall have the meaning specified in Section
3(a).

          "Total Non-Payment Amount" shall have the meaning specified in Section
3(a).

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          "Total Non-Payment Amount With Interest" has the meaning specified in
Section 3(a).

          "Total Non-Payment Due Date" shall have the meaning specified in
Section 3(a).

          "Total Non-Payment Overdue Interest" has the meaning specified in
Section 3(a).

          "Transaction Documents" means, collectively, the Indenture, the Notes
and this Agreement.

          "Trustee" has the meaning specified in the preamble of this Agreement.

          "Underwriters" means [__________] and [__________], acting as such
under the Underwriting Agreement.

          "United States" or "U.S." means the United States of America.

          "U.S. GAAP" means generally accepted accounting principles in effect
in the United States of America applied on a basis consistent with the
principles, methods, procedures and practices set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as
approved by a significant segment of the accounting profession.

          "Wholly-Owned Subsidiary" means, with respect to any corporate entity,
any person of which 100% of the outstanding capital stock (other than qualifying
shares, if any) having by the terms thereof ordinary voting power (not dependent
on the happening of a contingency) to elect the Board of Directors (or
equivalent controlling governing body) of such person is at the time owned or
controlled directly or indirectly by such corporate entity, by one or more
wholly-owned Subsidiaries of such corporate entity or by such corporate entity
and one or more wholly-owned Subsidiaries thereof.

          (b) Construction. For all purposes of this Agreement (and for all
purposes of any other Transaction Document or any other instrument or agreement
that incorporates provisions of this Agreement by reference), except as
otherwise expressly provided or unless the context otherwise requires:

          (i) the terms defined in this Section have the meanings assigned to
     them in this Section, and include the plural as well as the singular;

          (ii) except as otherwise expressly provided herein, (A) all accounting
     terms used herein shall be interpreted, (B) all financial statements and
     all certificates and reports as to financial matters required to be
     delivered to the Trustee hereunder shall be prepared and (C) all
     calculations made for the purposes of determining compliance with this
     Agreement shall (except as otherwise expressly provided herein) be made in
     accordance with, or by application of, U.S. GAAP;

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          (iii) all references in this Agreement (including the Appendices and
     Schedules hereto) to designated "Articles," "Sections" and other
     subdivisions are to the designated Articles, Sections and other
     subdivisions of this Agreement;

          (iv) the words "herein," "hereof" and "hereunder" and other words of
     similar import refer to this Agreement as a whole and not to any particular
     Article, Section or other subdivision;

          (v) unless the context clearly indicates otherwise, pronouns having a
     masculine or feminine gender shall be deemed to include the other;

          (vi) unless otherwise expressly specified, any agreement, contract or
     document defined or referred to herein shall mean such agreement, contract
     or document as in effect as of the date hereof, as the same may thereafter
     be amended, supplemented or otherwise modified from time to time in
     accordance with the terms of this Agreement and the other Transaction
     Documents and shall include any agreement, contract, instrument or document
     in substitution or replacement of any of the foregoing entered into in
     accordance with the terms of this Agreement and the other Transaction
     Documents;

          (vii) any reference to any Person shall include its permitted
     successors and assigns in accordance with the terms of this Agreement and
     the other Transaction Documents including, in the case of any Governmental
     Authority, any Person succeeding to its functions and capacities; and

          (viii) unless the context clearly requires otherwise, references to
     "Law" or to any particular Law shall include Laws or such particular Law as
     in effect at each, every and any of the times in question, including any
     amendments, replacements, supplements, extensions, modifications,
     consolidations, restatements, revisions or reenactments thereto or thereof,
     and whether or not in effect at the date of this Agreement.

          SECTION 2. Partial Purchase Obligation. (a) In the event that, prior
to the Stated Maturity of the principal of the Notes, the Issuer shall fail to
make any payment on the Notes in respect of interest, principal or other amounts
as contemplated in the Indenture and/or the Notes (including, without
limitation, any Additional Amounts) on the date any such payment is due under
the terms of the Notes and the Indenture (other than in the case of an
acceleration thereof in accordance with the Indenture) (such date, the "Partial
Non-Payment Due Date"), then in such event (i) the Standby Purchaser shall be
obligated to pay immediately to the Trustee, for the benefit of the Noteholders
under the Indenture, the amount that the Issuer was required to pay but failed
to pay on such date under the terms of the Indenture and the Notes (the "Partial
Non-Payment Amount") and (ii) the Trustee shall provide notice to the Standby
Purchaser of the failure of the Issuer to make such payment; provided, however,
that the failure to provide such notice shall not in any way excuse the Standby
Purchaser from its obligations hereunder. The notice contemplated herein shall
be provided in writing in substantially the form of Exhibit A hereto (the
"Partial Non-Payment Notice") and shall be sent by the Trustee to the Standby
Purchaser at the address specified for the Standby Purchaser in Section 11
hereof no later than 5:00 p.m. (New York time) on the Partial Non-Payment Due
Date. The Partial Non-Payment Notice shall (i) confirm the Partial Non-Payment
Amount and the fact that such amount was not

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paid on the Partial Non-Payment Due Date and (ii) remind the Standby Purchaser
that it is obligated to pay the Partial Non-Payment Amount immediately. To the
extent that the Standby Purchaser fails to pay the Partial Non-Payment Amount
immediately pursuant to this Section 2(a) (whether or not it has received the
Partial Non-Payment Notice), the Standby Purchaser shall be obligated hereunder
to pay, in addition to the Partial Non-Payment Amount, interest on such amount
at the Default Rate from the Partial Non-Payment Due Date to and including the
actual date of payment by the Standby Purchaser (the "Partial Non-Payment
Overdue Interest" and, together with the Partial Non-Payment Amount, the
"Partial Non-Payment Amount With Interest"), which date of payment shall be a
Business Day.

          (b) Payment of the Partial Non-Payment Amount With Interest shall be
in consideration of the purchase by the Standby Purchaser of the rights of the
Noteholders to receive such amount from the Issuer. The Noteholders shall have
no right to retain such rights, and, following the purchase and sale provided
for in this Section 2, the Notes shall remain outstanding with all amounts due
in respect thereof adjusted to reflect the purchase, sale and payment provided
for herein. Upon any such payment, the Standby Purchaser shall be subrogated to
the Noteholders to the extent of any payment under this Section 2.

          (c) The obligation of the Standby Purchaser to pay the Partial
Non-Payment Amount With Interest shall be absolute and unconditional upon
failure of the Issuer to make, prior to the Stated Maturity of the principal on
the Notes, any payment on the Notes in respect of interest, principal or other
amounts as contemplated in the Indenture and/or the Notes (including, without
limitation, any Additional Amounts) on the date any such payment is due. All
amounts payable by the Standby Purchaser hereunder in respect of any Partial
Non-Payment Amount With Interest shall be payable in U.S. dollars and in
immediately available funds to the Trustee at the account specified in Section
11 below, or to such other account as may be specified by the Trustee in the
applicable Partial Non-Payment Notice. The Standby Purchaser shall not be
relieved of its obligations hereunder unless and until the Trustee shall have
indefeasibly received all amounts required to be paid by it hereunder (and any
related Event of Default under the Indenture has been cured), including payment
of the Partial Non-Payment Overdue Interest as provided for herein.

          (d) All payments actually received by the Trustee pursuant to this
Section 2 after 1:00 p.m. (New York time) on any Business Day will be deemed,
for purposes of this Agreement, to have been received by the Trustee on the next
succeeding Business Day.

          SECTION 3. Total Purchase Obligation. (a) In the event that, at the
Stated Maturity of the principal on the Notes (or earlier upon any acceleration
thereof in accordance with the terms of the Indenture), the Issuer shall fail to
make any payment in respect of principal, interest or other amounts due under
the Indenture and the Notes on the date any such payment is so due (such date,
the "Total Non-Payment Due Date") then in such event, (i) the Standby Purchaser
shall be obligated to pay immediately to the Trustee, for the benefit of the
Noteholders under the Indenture, the amount that the Issuer was required to pay
but failed to pay on such date under the terms of the Notes and the Indenture
(the "Total Non-Payment Amount") and (ii) the Trustee shall provide notice to
the Standby Purchaser of the failure of the Issuer to make such payment,
provided, however, that the failure to provide such notice shall not in any way
excuse the Standby Purchaser from its obligations hereunder. The notice
contemplated herein shall be

                                       12

<PAGE>

provided in writing in substantially the form of Exhibit B hereto (the "Total
Non-Payment Notice") sent to the Standby Purchaser at the address specified for
the Standby Purchaser in Section 11 hereof no later than 5:00 p.m. (New York
time) on the Total Non-Payment Due Date. The Total Non-Payment Notice shall (i)
confirm the amount of the Total Non-Payment Amount and the fact that such amount
was not paid on the Total Non-Payment Due Date and (ii) remind the Standby
Purchaser that it is obligated to pay the Total Non-Payment Amount immediately.
To the extent that the Standby Purchaser fails to pay the Total Non-Payment
Amount immediately when required pursuant to this Section 3(a) (whether or not
it has received the Total Non-Payment Notice), the Standby Purchaser shall be
obligated hereunder to pay, in addition to the amounts specified above, interest
on such amount at the Default Rate from the Total Non-Payment Due Date to and
including the actual date of payment by the Standby Purchaser (the "Total
Non-Payment Overdue Interest" and, together with the Total Non-Payment Amount,
the "Total Non-Payment Amount With Interest"), which date of payment shall be a
Business Day. Notwithstanding anything to the contrary herein, the failure by
the Trustee to deliver a Total Non-Payment Notice as provided herein shall not
release the Standby Purchaser of its obligations to pay the Total Non-Payment
Amount With Interest in the manner set forth in this Section 3(a).

          (b) Payment of the Total Non-Payment Amount With Interest by the
Standby Purchaser shall be in consideration of the purchase by the Standby
Purchaser of the rights of the Noteholders to receive such amount from the
Issuer. The Noteholders shall have no right to retain such rights, and,
following the purchase and sale provided for in this Section 3, the Standby
Purchaser shall be subrogated to the Noteholders to the extent of any payment
under this Section 3.

          (c) The obligation of the Standby Purchaser to pay the Total
Non-Payment Amount With Interest shall be absolute and unconditional upon
failure of the Issuer to make, at the Stated Maturity of the principal of the
Notes (or earlier upon any acceleration thereof in accordance with the terms of
the Indenture), any payment in respect of principal, interest or other amounts
due under the Indenture and the Notes on the date any such payment is due. All
amounts payable by the Standby Purchaser hereunder in respect of any Total
Non-Payment Amount With Interest shall be payable in U.S. dollars and in
immediately available funds to the Trustee at the account specified in Section
11 below, or to such other account as may be specified by the Trustee in the
applicable Total Non-Payment Notice. The Standby Purchaser shall not be relieved
of its obligations hereunder unless and until the Trustee shall have received
all amounts required to be paid by it hereunder (and any related Event of
Default under the Indenture has been cured), including payment of the Total
Non-Payment Overdue Interest.

          (d) All payments actually received by the Trustee pursuant to this
Section 3 after 1:00 p.m. (New York time) on any Business Day will be deemed,
for purposes of this Agreement, to have been received by the Trustee on the next
succeeding Business Day.

          SECTION 4. Obligations Absolute. The Standby Purchaser's obligation to
pay one or more Partial Non-Payment Amounts With Interest or the Total
Non-Payment Amount With Interest (collectively, the "Purchase Obligations") are
absolute and unconditional regardless of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms or the
rights of any Noteholder under its Notes or the Indenture. The Purchase
Obligations and the other obligations of the Standby Purchaser under or in
respect of this

                                       13

<PAGE>

Agreement are independent of any obligations of the Issuer, the Issuer's
Subsidiaries or the Standby Purchaser's Subsidiaries under or in respect of the
Indenture and the Notes or any other document or agreement, and a separate
action or actions may be brought and prosecuted against the Standby Purchaser to
enforce this Agreement, irrespective of whether any action is brought against
the Issuer or whether the Issuer is joined in any such action or actions. The
liability of the Standby Purchaser under this Agreement shall be irrevocable,
absolute and unconditional irrespective of, and the Standby Purchaser hereby
irrevocably waives any defenses it may now have or hereafter acquire in any way
relating to, any or all of the following:

          (a) any lack of validity or enforceability of any of the Transaction
     Documents;

          (b) any provision of applicable Law or regulation purporting to
     prohibit the payment by the Standby Purchaser of any amount payable by it
     under this Agreement;

          (c) any change in the time, manner or place of payment of, or in any
     other term of, all or any of the Purchase Obligations or any other
     obligations of any other person or entity under or in respect of the
     Transaction Documents, or any other amendment or waiver of or any consent
     to departure from any Transaction Document, including, without limitation,
     any increase in the obligations of the Issuer under the Indenture and the
     Notes as a result of further issuances, any rescheduling of the Issuer's
     obligations under the Notes or the Indenture or otherwise;

          (d) any taking, release or amendment or waiver of, or consent to
     departure from, any other guaranty or agreement similar in function to this
     Agreement, for all or any of the obligations of the Issuer under the
     Indenture or the Notes;

          (e) any manner of sale or other disposition of any assets of any
     Noteholder;

          (f) any change, restructuring or termination of the corporate
     structure or existence of the Issuer or the Standby Purchaser or any
     Subsidiary thereof or any change in the name, purposes, business, capital
     stock (including ownership thereof) or constitutive documents of the Issuer
     or the Standby Purchaser;

          (g) any failure of the Trustee to disclose to the Standby Purchaser
     any information relating to the business, condition (financial or
     otherwise), operations, performance, properties or prospects of the Issuer
     or any of its Subsidiaries (the Standby Purchaser hereby waiving any duty
     on the part of the Trustee or any Noteholders to disclose such
     information);

          (h) the failure of any other person or entity to execute or deliver
     any other Guarantee or agreement or the release or reduction of liability
     of any other guarantor or surety with respect to the Indenture;

          (i) any other circumstance (including, without limitation, any statute
     of limitations) or any existence of or reliance on any representation by
     the Trustee or any Noteholder that might otherwise constitute a defense
     available to, or a discharge of, the Issuer or the Standby Purchaser or any
     other party; or

                                       14

<PAGE>

          (j) any claim of set-off or other right which the Standby Purchaser
     may have at any time against the Issuer or the Trustee, whether in
     connection with this transaction or with any unrelated transaction.

          This Agreement shall continue to be effective or be reinstated, as the
case may be, if at any time any payment of any of the Purchase Obligations is
rescinded or must otherwise be returned by any Noteholder or any other person or
entity upon the insolvency, bankruptcy or reorganization of the Issuer or the
Standby Purchaser or otherwise, all as though such payment had not been made.

          SECTION 5. Independent Obligation. The obligations of the Standby
Purchaser hereunder are independent of the Issuer's obligations under the Notes
and the Indenture. The Trustee, on behalf of the Noteholders, may neglect or
forbear to enforce payment under the Indenture and the Notes, without in any way
affecting or impairing the liability of the Standby Purchaser hereunder. The
Trustee shall not be obligated to exhaust recourse or remedies against the
Issuer to recover payments required to be made under the Indenture nor take any
other action against the Issuer or, under any agreement, purchase any security
which the Trustee may hold before being entitled to payment from the Standby
Purchaser of all amounts contemplated in Sections 2 and 3 hereof owed hereunder
or proceed against or have resort to any balance of any deposit account or
credit on the books of the Trustee in favor of the Issuer or in favor of the
Standby Purchaser. Without limiting the generality of the foregoing, the Trustee
shall have the right to bring a suit directly against the Standby Purchaser,
either prior or subsequent to or concurrently with any lawsuit against, or
without bringing suit against, the Issuer.

          SECTION 6. Waivers and Acknowledgments. (a) The Standby Purchaser
hereby unconditionally and irrevocably waives promptness, diligence, notice of
acceptance, presentment, demand for performance, notice of nonperformance,
default, acceleration, protest or dishonor and any other notice with respect to
any of the Purchase Obligations and this Agreement and any requirement that the
Trustee, on behalf of the Noteholders, protect, secure, perfect or insure any
Lien or any property subject thereto or exhaust any right or take any action
against the Issuer or any other Person.

          (b) The Standby Purchaser hereby unconditionally and irrevocably
waives any right to revoke this Agreement and acknowledges that this Agreement
is continuing in nature and applies to its Purchase Obligations, whether the
same are existing now or in the future.

          (c) The Standby Purchaser hereby unconditionally and irrevocably
waives (i) any defense arising by reason of any claim or defense based upon an
election of remedies by any Noteholder or the Trustee on behalf of the
Noteholders that in any manner impairs, reduces, releases or otherwise adversely
affects the subrogation, reimbursement, exoneration, contribution or
indemnification rights of the Standby Purchaser or other rights of the Standby
Purchaser to proceed against the Issuer or any other person or entity and (ii)
any defense based on any right of set-off or counterclaim against or in respect
of the Purchase Obligations of the Standby Purchaser hereunder.

          (d) The Standby Purchaser hereby unconditionally and irrevocably
waives any duty on the part of the Trustee or any Noteholder to disclose to the
Standby Purchaser any

                                       15

<PAGE>

matter, fact or thing relating to the business, condition (financial or
otherwise), operations, performance, properties or prospects of the Issuer now
or hereafter known by the Trustee or any Noteholder, as applicable.

          (e) The Standby Purchaser acknowledges that it will receive
substantial direct and indirect benefits from the financing arrangements
contemplated by the Transaction Documents and that the waivers set forth in this
Section 6 are knowingly made in contemplation of such benefits.

          SECTION 7. Claims Against the Issuer. The Standby Purchaser hereby
unconditionally and irrevocably agrees not to exercise any rights that it may
now have or hereafter acquire against the Issuer or any other guarantor that
arise from the existence, payment, performance or enforcement of the Standby
Purchaser's Purchase Obligations under or in respect of this Agreement or any
other Transaction Document, including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution or indemnification and any
right to enforce any rights to payments in respect of the Partial Non-Payment
Amount With Interest and/or the Total Non-Payment Amount With Interest purchased
by the Standby Purchaser from the Noteholders as provided hereunder, or to
participate in any claim or remedy of the Trustee, on behalf of the Noteholders,
against the Issuer or any other person, whether or not such claim, remedy or
right arises in equity or under contract, statute or common law, including,
without limitation, the right to take or receive from the Issuer or any other
person, directly or indirectly, in cash or other property or by set-off or in
any other manner, payment or security on account of such claim, remedy or right,
unless and until all of the Purchase Obligations and all other amounts payable
under this Agreement shall have been paid in full in cash. If any amount shall
be paid to the Standby Purchaser in violation of the immediately preceding
sentence at any time prior to the later of (a) the payment in full in cash of
the Purchase Obligations and all other amounts payable under this Agreement and
(b) the date on which all of the obligations of the Issuer under the Indenture
and the Notes have been discharged in full (the later of such dates being the
"Termination Date"), such amount shall be received and held by the Trustee in
trust for the benefit of the Noteholders, shall be segregated from other
property and funds of the Standby Purchaser and shall forthwith be paid or
delivered to the Trustee in the same form as so received (with any necessary
endorsement or assignment) to be credited and applied to the Purchase
Obligations and all other amounts payable under this Agreement, whether matured
or unmatured, in accordance with the terms of the Indenture. If (i) the Standby
Purchaser shall make payment to any Noteholder or the Trustee, on behalf of the
Noteholders, of all or any part of the Purchase Obligations, (ii) all of the
Purchase Obligations and all other amounts payable under this Agreement shall
have been paid in full in cash and (iii) the Termination Date shall have
occurred, then the Trustee, on behalf of the Noteholders, will, at the Standby
Purchaser's request and expense, execute and deliver to the Standby Purchaser
appropriate documents, without recourse and without representation or warranty,
necessary to evidence the transfer by subrogation to the Standby Purchaser of an
interest in the Purchase Obligations resulting from such payment made by the
Standby Purchaser pursuant to this Agreement.

          SECTION 8. Payments Free and Clear of Taxes, Etc.

          (a) Any and all payments by or on account of any obligation of the
Standby Purchaser hereunder or under any other Transaction Document shall be
made free and clear of

                                       16

<PAGE>

and without deduction for any Indemnified Taxes; provided that if the Standby
Purchaser shall be required to deduct any Indemnified Taxes from such payments,
then (i) the sum payable shall be increased as necessary so that after making
all required deductions (including deductions applicable to additional amounts
payable under this Section), the Trustee, on behalf of the Noteholders, receives
an amount equal to the sum it would have received had no such deductions been
made, (ii) the Standby Purchaser shall make such deductions and (iii) the
Standby Purchaser shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable Law.

          (b) Payment of Other Taxes by the Standby Purchaser. In addition, the
Standby Purchaser shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable Law. The Standby Purchaser shall
indemnify and make whole the Noteholders for any such Other Taxes payable by the
Standby Purchaser under this paragraph paid by such Noteholders.

          (c) Notwithstanding anything to the contrary in Section 8(a) of this
Agreement, the Standby Purchaser will not be obligated to pay any Indemnified
Taxes imposed with respect to the Notes due to (i) the Noteholder having a
connection with the jurisdiction imposing the Indemnified Taxes (hereinafter,
the "Taxing Jurisdiction") other than from merely holding the Notes or receiving
principal or interest payments on the Notes (such as citizenship, nationality,
residence, domicile, or existence of a business, a permanent establishment, a
dependent agent, a place of business or a place of management present or deemed
present within the Taxing Jurisdiction), (ii) any tax imposed on, or measured
by, net income, (iii) the Noteholder failing to comply with any certification,
identification or other reporting requirements concerning its nationality,
residence, identity or connection with the Taxing Jurisdiction, if (x) such
compliance is required by applicable Law, regulation, administrative practice or
treaty as a precondition to exemption from all or a part of the Indemnified
Taxes, (y) the Noteholder is able to comply with such requirements without undue
hardship and (z) at least 30 calendar days prior to the first Payment Date with
respect to which such requirements under the applicable Law, regulation,
administrative practice or treaty shall apply, the Standby Purchaser has
notified all the Noteholders that they will be required to comply with such
requirements, (iv) the Noteholder failing to present (where presentation is
required) its Note within 30 calendar days after the Standby Purchaser has made
available to the Noteholder a payment under this Agreement; provided that the
Standby Purchaser will pay Indemnified Taxes which a Noteholder would have been
entitled to under such Note had it been presented on any day (including the last
day) within such 30 day period, (v) any estate, inheritance, gift, value added,
use or sales taxes or any similar taxes, assessments or other governmental
charges, (vi) such Indemnified Taxes being imposed on a payment on the Notes to
an individual and are required to be made pursuant to European Union council
Directive 2003/48/EC implementing the conclusions of the Economic and Financial
Council of Ministers of the member states of the European Union (ECONFIN)
Council meeting of November 26-27, 2000 on the taxation of savings income or any
law implementing or complying with, or introduced in order to conform to, any
such Directive, (vii) such Note being presented for payment by or on behalf of a
Noteholder who would have been able to avoid such withholding or deduction by
requesting that a payment on the Notes be made by, or presenting the relevant
Notes for payment to another paying agent located in a member state of the
European Union, or (viii) the payment of any

                                       17

<PAGE>

obligation of the Standby Purchaser to a Noteholder who would have been able to
cause the avoidance of the Indemnified Taxes by taking reasonable measures
available to such Noteholder.

          The Standby Purchaser shall, while European Council Directive
2003/48/EC or any other Directive implementing the conclusions of ECOFIN council
meeting of November 26-27, 2000 is in force, ensure that it maintains a paying
agent hereunder in a member state of the European Union that will not be obliged
to withhold or deduct tax pursuant to such Directive.

          (d) Evidence of Payments. As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by the Standby Purchaser to a Governmental
Authority, the Standby Purchaser shall deliver to the Trustee the original or a
certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Trustee.

                                       18

<PAGE>
          SECTION 9. Covenants

          For so long as the Notes remain outstanding or any amount remains
unpaid on the Notes and the Indenture, the Standby Purchaser will, and will
cause each of its Subsidiaries to, comply with the terms and covenants set forth
below (except as otherwise provided in a duly authorized amendment to this
Agreement as provided herein):

          (a) Performance of Obligations. The Standby Purchaser shall pay all
amounts owed by it and comply with all its other obligations under the terms of
this Agreement and the Indenture in accordance with the terms thereof.

          (b) Maintenance of Corporate Existence. The Standby Purchaser will,
and will cause each of its Subsidiaries to, (i) maintain in effect its corporate
existence and all registrations necessary therefor except as otherwise permitted
by Section 9(m) and (ii) take all actions to maintain all rights, privileges,
titles to property, franchises, concessions and the like necessary or desirable
in the normal conduct of its business, activities or operations; provided,
however, that this Section 9(b) shall not require the Standby Purchaser to
maintain or cause any Subsidiary thereof to maintain any such right, privilege,
title to property or franchise or require the Standby Purchaser to preserve the
corporate existence of any Subsidiary, if, in each case, the failure to do so
does not, and will not, have a Material Adverse Effect.

          (c) Maintenance of Ownership of the Issuer. For so long as any Notes
are outstanding, the Standby Purchaser will retain no less than 51% direct or
indirect ownership of the outstanding voting and economic interests (equity or
otherwise) of and in the Issuer.

          (d) Maintenance of Office or Agency. So long as any of the Notes are
outstanding, the Standby Purchaser will maintain in the Borough of Manhattan,
The City of New York, an office or agency where notices to and demands upon the
Standby Purchaser in respect of this Agreement may be served, and the Standby
Purchaser will not change the designation of such office without prior notice to
the Trustee and designation of a replacement office in the same general
location.

                                       19
<PAGE>

          (e) Ranking. The Standby Purchaser will ensure at all times that its
obligations under this Agreement will constitute the general senior unsecured
and unsubordinated obligations of the Standby Purchaser and will rank pari
passu, without any preferences among themselves, with all other present and
future senior unsecured and unsubordinated obligations of the Standby Purchaser
(other than obligations preferred by statute or by operation of law) that are
not, by their terms, expressly subordinated in right of payment to the
obligations of the Standby Purchaser under this Agreement.

          (f) Notice of Defaults. The Standby Purchaser will give written notice
to the Trustee, as soon as is practicable and in any event within ten calendar
days after the Standby Purchaser becomes aware, or should reasonably become
aware, of the occurrence of any Default or any Event of Default, accompanied by
a certificate of an officer of the Standby Purchaser setting forth the details
thereof and stating what action the Standby Purchaser proposes to take with
respect thereto.

          (g) Limitation on Consolidation, Merger, Sale or Conveyance. (i) The
Standby Purchaser will not, in one or a series of transactions, consolidate or
amalgamate with or merge into any corporation or convey, lease or transfer
substantially all of its properties, assets or revenues to any person or entity
(other than a direct or indirect Subsidiary of the Standby Purchaser) or permit
any person or entity (other than a direct or indirect Subsidiary of the Standby
Purchaser) to merge with or into it, unless:

          (A) either the Standby Purchaser is the continuing entity or the
     person (the "Successor Company") formed by such consolidation or into which
     the Standby Purchaser is merged or that acquired or leased such property or
     assets of the Standby Purchaser will assume (jointly and severally with the
     Standby Purchaser unless the Standby Purchaser shall have ceased to exist
     as a result of such merger, consolidation or amalgamation), by an amendment
     to this Agreement (the form and substance of which shall be previously
     approved by the Trustee), all of the Standby Purchaser's obligations under
     this Agreement;

          (B) the Successor Company (jointly and severally with the Standby
     Purchaser unless the Standby Purchaser shall have ceased to exist as part
     of such merger, consolidation or amalgamation) agrees to indemnify each
     Noteholder against any tax, assessment or governmental charge thereafter
     imposed on such Noteholder solely as a consequence of such consolidation,
     merger, conveyance, transfer or lease with respect to the payment of
     principal of, or interest on, the Notes;

          (C) immediately after giving effect to such transaction, no Event of
     Default and no Default has occurred and is continuing;

          (D) the Standby Purchaser has delivered to the Trustee an Officer's
     Certificate and an Opinion of Counsel each stating that such merger
     consolidation, sale, transfer or other conveyance or disposition and the
     amendment to this Agreement comply with the terms of this Agreement and
     that all conditions precedent provided for herein and relating to such
     transaction have been complied with; and

                                       20

<PAGE>

          (E) the Standby Purchaser has delivered notice of any such transaction
     to Moody's (which notice shall contain a description of such merger,
     consolidation or conveyance).

          (ii) Notwithstanding anything to the contrary in the foregoing, so
long as no Default or Event of Default shall have occurred and be continuing at
the time of such proposed transaction or would result therefrom and the Standby
Purchaser has delivered notice of any such transaction to Moody's and the
Trustee (which notice shall contain a description of such merger, consolidation
or conveyance):

          (A) the Standby Purchaser may merge, amalgamate or consolidate with or
     into, or convey, transfer, lease or otherwise dispose of all or
     substantially all of its properties, assets or revenues to a direct or
     indirect Subsidiary of the Standby Purchaser in cases when the Standby
     Purchaser is the surviving entity in such transaction and such transaction
     would not have a material adverse effect on the Standby Purchaser and its
     Subsidiaries taken as a whole, it being understood that if the Standby
     Purchaser is not the surviving entity, the Standby Purchaser shall be
     required to comply with the requirements set forth in the previous
     paragraph; or

          (B) any direct or indirect Subsidiary of the Standby Purchaser may
     merge or consolidate with or into, or convey, transfer, lease or otherwise
     dispose of assets to, any person (other than the Standby Purchaser or any
     of its Subsidiaries or Affiliates) in cases when such transaction would not
     have a material adverse effect on the Standby Purchaser and its
     Subsidiaries taken as a whole; or

          (C) any direct or indirect Subsidiary of the Standby Purchaser may
     merge or consolidate with or into, or convey, transfer, lease or otherwise
     dispose of assets to, any direct or indirect Subsidiary of the Standby
     Purchaser; or

          (D) any direct or indirect Subsidiary of the Standby Purchaser may
     liquidate or dissolve if the Standby Purchaser determines in good faith
     that such liquidation or dissolution is in the best interests of the
     Standby Purchaser, and would not result in a material adverse effect on the
     Standby Purchaser and its Subsidiaries taken as a whole and if such
     liquidation or dissolution is part of a corporate reorganization of the
     Standby Purchaser.

          (h) Negative Pledge. So long as any Note remains outstanding, the
Standby Purchaser will not create or permit any Lien, other than a Permitted
Lien, on any of the Standby Purchaser's assets to secure (i) any of the Standby
Purchaser's Indebtedness or (ii) the Indebtedness of any other person, unless
the Standby Purchaser contemporaneously creates or permits such Lien to secure
equally and ratably the Standby Purchaser's obligations under this Agreement or
the Standby Purchaser provides such other security for the Notes as is duly
approved by the Trustee, at the direction of the Noteholders, in accordance with
the Indenture. In addition, the Standby Purchaser will not allow any of the
Standby Purchaser's Subsidiaries to create or permit any Lien, other than a
Permitted Lien, on any of the Standby Purchaser's assets to secure (i) any of
the Standby Purchaser's Indebtedness, (ii) any of the Indebtedness of the
Standby Purchaser's Subsidiaries or (iii) the Indebtedness of any other person,
unless it

                                       21

<PAGE>

contemporaneously creates or permits the Lien to secure equally and ratably the
Standby Purchaser's obligations under this Agreement or the Standby Purchaser or
such Subsidiary provides such other security for the Notes as is duly approved
by the Trustee, at the direction of the Noteholders, in accordance with the
Indenture.

          (i) Provision of Financial Statements and Reports. (i) The Standby
     Purchaser will provide to the Trustee, in English or accompanied by a
     certified English translation thereof, (A) within 90 calendar days after
     the end of each fiscal quarter (other than the fourth quarter), its
     unaudited and consolidated balance sheet and statement of income calculated
     in accordance with U.S. GAAP, (B) within 120 calendar days after the end of
     each fiscal year, its audited and consolidated balance sheet and statement
     of income calculated in accordance with U.S. GAAP and (C) such other
     financial data as the trustee may reasonably request.

          (ii) The Standby Purchaser will provide, together with each of the
     financial statements delivered pursuant to Sections 9(p)(i)(A) and (B), an
     Officers' Certificate stating that a review of the activities of the
     Standby Purchaser and the Issuer has been made during the period covered by
     such financial statements with a view to determining whether the Standby
     Purchaser and the Issuer have kept, observed, performed and fulfilled their
     covenants and agreements under this Agreement and the Indenture, as
     applicable, and that no Default or Event of Default has occurred during
     such period or, if one or more have actually occurred, specifying all such
     events and what actions have been taken and will be taken with respect to
     such Default or Event of Default.

          (iii) The Standby Purchaser shall, whether or not it is required to
     file reports with the SEC, file with the SEC and deliver to the Trustee
     (for redelivery to all Noteholders) all reports and other information as it
     would be required to file with the SEC under the Exchange Act if it were
     subject to those regulations; provided, however, that if the SEC does not
     permit the filing described in the first sentence of this Section
     9(q)(iii), the Standby Purchaser will provide annual and interim reports
     and other information to the Trustee within the same time periods that
     would be applicable if the Standby Purchaser were required and permitted to
     file these reports with the SEC.

          SECTION 10. Amendments, Etc. No amendment or waiver of any provision
of this Agreement and no consent to any departure by the Standby Purchaser
therefrom shall in any event be effective unless the same shall be in writing
and signed by the Trustee and the Standby Purchaser, and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given.

          SECTION 11. Notices, Etc. (a) All notices and other communications
provided for hereunder shall be in writing (including telegraphic or telecopy)
and mailed, telecopied or delivered by hand, if to the Standby Purchaser,
addressed to it at Avenida Republica do Chile, 65, 20035-900 Rio de Janeiro -
RJ, Brazil, Telephone: (55-21) 534-4477, Telecopier: (55-21) 534-4278,
Attention: Wilson de Oliveira Senna, Financings, Leasing and Corporate Loans
Manager, if to the Trustee, at 4 New York Plaza, 15th floor, New York, New York
10004, Telephone: (212) 623-5162, Telecopier: (212) 623-6207, Attention:
Institutional Trust Services or, as to any party, at such other address as shall
be designated by such party in a written notice to each other party. All such
notices and other communications shall, when telecopied, be

                                       22
<PAGE>

effective when transmitted. Delivery by telecopier of an executed counterpart of
a signature page to any amendment or waiver of any provision of this Agreement
shall be effective as delivery of an original executed counterpart thereof.

          (b) All payments made by the Standby Purchaser to the Trustee
hereunder shall be made to the Payment Account (as defined in the Indenture),
except to the extent otherwise specified in a Partial Non-Payment Notice or
Total Non-Payment Notice.

          SECTION 12. No Waiver; Remedies. No failure on the part of the Trustee
to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

          SECTION 13. Indemnification. (a) Without limitation on any other
obligations of the Standby Purchaser or remedies of the Trustee under this
Agreement, the Standby Purchaser shall, to the fullest extent permitted by law,
indemnify, defend and save and hold harmless the Trustee and its officers,
directors, employees, agents and advisors (each, an "Indemnified Party") from
and against, and shall pay on demand, any and all claims, damages, losses,
liabilities and expenses (including, without limitation, reasonable fees and
expenses of counsel) that may be incurred by or asserted or awarded against any
Indemnified Party in connection with or as a result of any failure of any
Purchase Obligation to be the legal, valid and binding obligations of the
Standby Purchaser enforceable against it in accordance with their terms.

          (b) The Standby Purchaser hereby also agrees that none of the
Indemnified Parties shall have any liability (whether direct or indirect, in
contract, tort or otherwise) to the Standby Purchaser or any of its Affiliates
or any of their respective officers, directors, employees, agents and advisors,
and the Standby Purchaser hereby agrees not to assert any claim against any
Indemnified Party on any theory of liability, for special, indirect,
consequential or punitive damages arising out of or otherwise relating to the
Transaction Documents or any of the transactions contemplated by the Transaction
Documents.

          (c) Without prejudice to the survival of any of the other agreements
of the Standby Purchaser under this Agreement or any of the other Transaction
Documents, the agreements and obligations of the Standby Purchaser contained in
Sections 2 and 3 (with respect to the payment of all other amounts owed under
the Indenture), this Section 13 shall survive the payment in full of the
Purchase Obligations and all of the other amounts payable under this
agreement.

          SECTION 14. Subordination. To the extent that the Standby Purchaser is
required to make any payment hereunder, the Standby Purchaser hereby
subordinates any and all debts, liabilities and other obligations owed by the
Issuer to the Standby Purchaser (the "Subordinated Obligations") to the Purchase
Obligations and agrees that it shall not require the Issuer to make any payments
in respect thereof to the extent and in the manner hereinafter set forth in this
Section 14:

                                       23
<PAGE>

          (a) Prohibited Payments, Etc. Except during the continuance of a
Default or Event of Default (including the commencement and continuation of any
proceeding under any applicable bankruptcy, insolvency, receivership or similar
law now or hereafter in effect relating to the Issuer (each such law, a
"Bankruptcy Law")), the Standby Purchaser may receive any payments from the
Issuer on account of the Subordinated Obligations. After the occurrence and
during the continuance of any Default (including the commencement and
continuation of any proceeding under any Bankruptcy Law relating to the Issuer),
however, unless the Trustee otherwise agrees, the Standby Purchaser shall not
demand, accept or take any action to collect any payment on account of the
Subordinated Obligations.

          (b) Prior Payment of Purchase Obligations. In any proceeding under any
Bankruptcy Law relating to the Issuer, the Standby Purchaser agrees that the
Trustee, on behalf of the Noteholders, shall be entitled to receive payment in
full in cash of all Purchase Obligations (including all interest and expenses
accruing after the commencement of a proceeding under any Bankruptcy Law,
whether or not constituting an allowed claim in such proceeding ("Post Petition
Interest")) before the Standby Purchaser receives payment of any Subordinated
Obligations.

          (c) Turn-Over. After the occurrence and during the continuance of any
Default (including the commencement and continuation of any proceeding under any
Bankruptcy Law relating to the Issuer), the Standby Purchaser shall, if the
Trustee, on behalf of the Noteholders, so requests, collect, enforce and receive
payments on account of the Subordinated Obligations as trustee for the Trustee
and deliver such payments to the Trustee, on behalf of the Noteholders, on
account of the Purchase Obligations (including all Post Petition Interest),
together with any necessary endorsements or other instruments of transfer, but
without reducing or affecting in any manner the liability of the Standby
Purchaser under the other provisions of this Agreement.

          (d) Trustee Authorization. After the occurrence and during the
continuance of any Default (including the commencement and continuation of any
proceeding under any Bankruptcy Law relating to any of the Issuer, any Material
Subsidiary thereof or any Material Subsidiary of the Standby Purchaser), the
Trustee, at the direction of the Noteholders or otherwise, is authorized and
empowered (but without any obligation to so do), in its discretion, (i) in the
name of the Standby Purchaser, to collect and enforce, and to submit claims in
respect of, Subordinated Obligations and to apply any amounts received thereon
to the Purchase Obligations (including any and all Post Petition Interest), and
(ii) to require the Standby Purchaser (A) to collect and enforce, and to submit
claims in respect of, Subordinated Obligations and (B) to pay any amounts
received on such obligations to the Trustee for application to the Purchase
Obligations (including any and all Post Petition Interest).

          SECTION 15. Continuing Agreement; Assignment of Rights Under the
Indenture and the Notes. This Agreement is a continuing Purchase Obligation and
shall (a) remain in full force and effect until the later of (i) the repayment
in full by the Issuer of all amounts due and owing under the Indenture with
respect to the Notes and (ii) the repayment in full of all Purchase Obligations
and all other amounts payable under this Agreement, (b) be binding upon the
Standby Purchaser, its successors and assigns and (c) inure to the benefit of
and be enforceable by the Trustee, on behalf of Noteholders, and their
successors, transferees and assigns. Without limiting the generality of clause
(c) of the immediately preceding sentence, any Noteholder may

                                       24
<PAGE>

assign or otherwise transfer all or any portion of its rights and obligations
under the Indenture (including, without limitation, the Note or Notes held by
it) to any other person or entity (subject to the rights of the Standby
Purchaser hereunder in respect of any Partial Non-Payment Amount With Interest
or Total Non-Payment Amount With Interest as provided herein), and such other
person or entity shall thereupon become vested with all the benefits in respect
thereof granted to such Noteholder herein or otherwise, in each case as and to
the extent provided in the Indenture. The Standby Purchaser shall not have the
right to assign its rights hereunder or any interest herein without the prior
written consent of all of the Noteholders.

          SECTION 16. Currency Rate Indemnity. (a) The Standby Purchaser shall
(to the extent lawful) indemnify the Trustee and the Noteholders and keep them
indemnified against:

          (i) in the case of nonpayment by the Standby Purchaser of any amount
     due to the Trustee, on behalf of the Noteholders, under this Agreement any
     loss or damage incurred by any of them arising by reason of any variation
     between the rates of exchange used for the purposes of calculating the
     amount due under a judgment or order in respect thereof and those
     prevailing at the date of actual payment by the Standby Purchaser; and

          (ii) any deficiency arising or resulting from any variation in rates
     of exchange between (a) the date as of which the local currency equivalent
     of the amounts due or contingently due under this Agreement or in respect
     of the Notes is calculated for the purposes of any bankruptcy, insolvency
     or liquidation of the Standby Purchaser, and (b) the final date for
     ascertaining the amount of claims in such bankruptcy, insolvency or
     liquidation. The amount of such deficiency shall be deemed not to be
     increased or reduced by any variation in rates of exchange occurring
     between the said final date and the date of any bankruptcy, insolvency or
     liquidation or any distribution of assets in connection therewith.

          (b) The Standby Purchaser agrees that, if a judgment or order given or
made by any court for the payment of any amount in respect of its Purchase
Obligation hereunder is expressed in a currency (the "Judgment Currency") other
than U.S. dollars (the "Denomination Currency"), it will indemnify the relevant
holder against any deficiency arising or resulting from any variation in rates
of exchange between the date at which the amount in the Denomination Currency is
notionally converted into the amount in the Judgment Currency for the purposes
of such judgment or order and the date of actual payment thereof.

          (c) The above indemnities shall constitute separate and independent
obligations of the Standby Purchaser from its obligations hereunder, will give
rise to separate and independent causes of action, will apply irrespective of
any indulgence granted from time to time and will continue in full force and
effect notwithstanding any judgment or the filing of any proof or proofs in any
bankruptcy, insolvency or liquidation of the Standby Purchaser for a liquidated
sum or sums in respect of amounts due under this Agreement, or under the
Indenture or the Notes or under any judgment or order.

          SECTION 17. Governing Law; Jurisdiction; Waiver of Immunity, Etc. (a)
This Agreement shall be governed by, and construed in accordance with, the laws
of the State of New York.

                                       25
<PAGE>

          (b) The Standby Purchaser hereby irrevocably and unconditionally
submits, for itself and its property, to the nonexclusive jurisdiction of any
New York State court or federal court of the United States of America sitting in
New York City, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or any of the other
Transaction Documents to which it is or is to be a party, or for recognition or
enforcement of any judgment, and the Standby Purchaser hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in any such New York State court or, to
the extent permitted by law, in such federal court. The Standby Purchaser agrees
that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement or any other Transaction
Document shall affect any right that any party may otherwise have to bring any
action or proceeding relating to this Agreement or any other Transaction
Document in the courts of any jurisdiction.

          (c) The Standby Purchaser hereby irrevocably appoints and empowers the
New York office of Petroleo Brasileiro S.A., located at 570 Lexington Avenue,
43rd Floor, New York, New York 10022 as its authorized agent (the "Process
Agent") to accept and acknowledge for and on its behalf and on behalf of its
property service of any and all legal process, summons, notices and documents
which may be served in any such suit, action or proceedings in any New York
State court or United States federal court sitting in the State of New York in
the Borough of Manhattan and any appellate court from any thereof, which service
may be made on such designee, appointee and agent in accordance with legal
procedures prescribed for such courts. The Standby Purchaser will take any and
all action necessary to continue such designation in full force and effect and
to advise the Trustee of any change of address of such Process Agent and should
such Process Agent become unavailable for this purpose for any reason, the
Standby Purchaser will promptly and irrevocably designate a new Process Agent
within New York, New York, which will agree to act as such, with the powers and
for the purposes specified in this subsection (c). The Standby Purchaser
irrevocably consents and agrees to the service of any and all legal process,
summons, notices and documents out of any of the aforesaid courts in any such
action, suit or proceeding by hand delivery, to it at its address set forth in
Section 11 or to any other address of which it shall have given notice pursuant
to Section 11 or to its Process Agent. Service upon the Standby Purchaser or the
Process Agent as provided for herein will, to the fullest extent permitted by
law, constitute valid and effective personal service upon it and the failure of
the Process Agent to give any notice of such service to the Standby Purchaser
shall not impair or affect in any way the validity of such service or any
judgment rendered in any action or proceeding based thereon.

          (d) The Standby Purchaser irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection that it
may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement or any of the other
Transaction Documents to which it is or is to be a party in any New York State
or federal court. The Standby Purchaser hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such suit, action or proceeding in any such court.

          (e) THE STANDBY PURCHASER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM

                                       26
<PAGE>

(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY
OF THE TRANSACTION DOCUMENTS, THE ADVANCES OR THE ACTIONS OF ANY NOTEHOLDER IN
THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

          (f) This Agreement and any other documents delivered pursuant hereto,
and any actions taken hereunder, constitute commercial acts by the Standby
Purchaser. The Standby Purchaser irrevocably and unconditionally and to the
fullest extent permitted by law, waives, and agrees not to plead or claim, any
immunity from jurisdiction of any court or from any legal process (whether
through service of notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) for itself, the Issuer or any of their
property, assets or revenues wherever located with respect to its obligations,
liabilities or any other matter under or arising out of or in connection with
this Agreement or any document delivered pursuant hereto, in each case for the
benefit of each assigns, it being intended that the foregoing waiver and
agreement will be effective, irrevocable and not subject to withdrawal in any
and all jurisdictions, and, without limiting the generality of the foregoing,
agrees that the waivers set forth in this subsection (f) shall have the fullest
scope permitted under the United States Foreign Sovereign Immunities Act of 1976
and are intended to be irrevocable for the purposes of such act.

          SECTION 18. Execution in Counterparts. This Agreement and each
amendment, waiver and consent with respect hereto may be executed in any number
of counterparts and by different parties thereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Agreement by telecopier shall
be effective as delivery of an original executed counterpart of this Agreement.

          SECTION 19. Pledge of Interests. (a) The Standby Purchaser hereby
pledges to the Trustee (for the benefit of the Noteholders) and grants a
continuing security interest in, all of its interest (if any) in (a) the Payment
Account, (b) all funds from time to time on deposit in the Payment Account, (c)
all interest, dividends, distributions, cash, instruments and other property
from time to time received, receivable or on deposit in the Payment Account, and
(d) all proceeds of any of the foregoing (together, the "Collateral"). The
Standby Purchaser agrees to take all such action as is required by applicable
Law or as the Trustee may require, including delivering Opinions of Counsel in
form and substance acceptable to the Trustee, as to the grant and perfection of
the foregoing security interests.

          (b) The security interest granted in the Collateral, shall secure the
payment of all obligations of the Standby Purchaser now or hereafter existing
under the Transaction Documents, whether direct or indirect, absolute or
contingent, and whether for principal, reimbursement obligations, interest,
fees, premiums, penalties, indemnifications, contract causes of action, costs,
expenses or otherwise. The Standby Purchaser represents and warrants that it has
not heretofore pledged, conveyed, granted a lien on, or security interest in, or
otherwise encumbered any of the Collateral in favor of any Person under U.S.,
Cayman, Brazilian or other Law.

                                       27
<PAGE>

          SECTION 20. Entire Agreement. This Agreement, together with the
Indenture and the Notes, sets forth the entire agreement of the parties hereto
with respect to the subject matter hereof.

                                       28
<PAGE>

          IN WITNESS WHEREOF, the Standby Purchaser has caused this Agreement to
be duly executed and delivered by its officer thereunto duly authorized as of
the date first above written.

                                        PETROLEO BRASILEIRO S.A.--PETROBRAS

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        WITNESSES:

                                        1.
                                           -------------------------------------
                                           Name:

                                        2.
                                           -------------------------------------
                                           Name:

                                                      Standby Purchase Agreement

                                        1

<PAGE>

STATE OF NEW YORK    )
                     )   ss:
COUNTY OF NEW YORK   )

     On this [____] day of [____________], before me personally came
[___________], to me known, who, being by me duly sworn, did depose and say that
he is the [___________] of Petroleo Brasileiro S.A. - Petrobras, a corporation
described in and which executed the foregoing instrument and acknowledges said
instrument to be the free act and deed of said entity.

     On this [____] day of [_____________], before me personally came
[______________] and [____________] to me personally known, who being by me
sworn, did depose and say that they signed their names to the foregoing
instrument as witnesses.

[Notarial Seal]

                                        ----------------------------------------
                                        Notary Public
                                        COMMISSION EXPIRES

                                        2

<PAGE>

ACKNOWLEDGED:

THE BANK OF NEW YORK, as Trustee and not
in its individual capacity

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

WITNESSES:

1.
   ----------------------------------
   Name:

2.
   ----------------------------------
   Name:

                                        3

<PAGE>

STATE OF NEW YORK    )
                     )   ss:
COUNTY OF NEW YORK   )

     On this [____] day of [_________], before me personally came [_________],
to me known, who, being by me duly sworn, did depose and say that she is the
[__________] of THE BANK OF NEW YORK described in and which executed the
foregoing instrument and acknowledges said instrument to be the free act and
deed of said entity.

     On this [_____] day of [__________], before me personally came [__________]
and [__________] to me personally known, who being by me sworn, did depose and
say that they signed their names to the foregoing instrument as witnesses.

[Notarial Seal]

                                        ----------------------------------------
                                        Notary Public
                                        COMMISSION EXPIRES

                                        4

<PAGE>

                                                                       EXHIBIT A

                       FORM OF PARTIAL NON-PAYMENT NOTICE

                                                --------------------------------
                                                [Date]

VIA FACSIMILE

Petroleo Brasileiro S.A. - Petrobras
Avenida Republica do Chile, 65
20035-900 Rio de Janeiro
Brazil

Attention : Servio Tulio Tinoco
Head of Trade Finance & Foreign Exchange

                     Petrobras International Finance Company
                    U.S.$[_______] Global Notes due [______]

Dear Ladies and Gentlemen:

          Reference is made to that certain indenture dated as of December 15,
2006 (the "Original Indenture") between Petrobras International Finance Company
("PIFCo") and The Bank of New York, a New York banking corporation (the
"Trustee"), as supplemented by the [______] supplemental indenture among the
Issuer, Petroleo Brasileiro, S.A. - Petrobras ("Petrobras") and the Trustee
dated as of [______] (the "[______] Supplemental Indenture"). The Original
Indenture, as supplemented by the [______] Supplemental Indenture, and as
amended or supplemented from time to time, with respect to the Notes is
hereinafter referred to as the "Indenture." Reference is also made to that
certain Standby Purchase Agreement (as amended or supplemented from time to
time, the "Standby Purchase Agreement") dated as of [ ] between the Trustee and
Petrobras pursuant to which Petrobras has undertaken to purchase from the
holders of PIFCo's [______] Global Notes due [______] (the "Notes") such
holders' right to receive unpaid amounts due and owing on such Notes.
Capitalized terms not defined herein shall have the meanings set forth in the
Standby Purchase Agreement.

          By this notice, the undersigned, acting on behalf of the holders of
the Notes, hereby advises you as follows:

          1.   On [date], PIFCo was obligated to make a payment of [principal]
               [interest] [Additional Amounts] [other amounts under the
               Indenture] in an amount equal to U.S.$_________ in respect of
               [principal] [interest] [Additional Amounts] [other amounts due
               under the Indenture] (the "Overdue Amount"). This notice
               constitutes a Partial Non-Payment Notice as contemplated in the
               Standby Purchase Agreement.

                                       A-1

<PAGE>

          2.   Pursuant to the Standby Purchase Agreement, you are obligated to
               purchase from the holders of the Notes their right to receive the
               Overdue Amount.

          3.   Pursuant to the Standby Purchase Agreement, you are hereby
               directed to purchase the right of the holders of the Notes to
               receive the Overdue Amount and to make a payment to the Trustee,
               on behalf of the holders of the Notes, in partial satisfaction of
               your obligation to purchase the right to Overdue Amount.

          4.   You are hereby directed to pay immediately the Overdue Amount to
               the Payment Account referenced in the Standby Purchase Agreement
               (Account No. ______) together with interest on such Overdue
               Amount, at the rates specified in the Standby Purchase Agreement,
               from the date PIFCo was itself obligated to pay the Overdue
               Amount (the "Liability Date"), through and including the date
               that payment by you is actually made.

          5.   Petrobras is requested to acknowledge receipt of this notice by
               countersigning in the space provided below and returning a copy
               of the same to the Issuer at the address provided in the Standby
               Purchase Agreement with a copy by facsimile to the Trustee at
               fax: (212) 623-6207 (Attention: Institutional Trust Services).

                                        THE BANK OF NEW YORK, as Trustee

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

ACKNOWLEDGED & AGREED

PETROLEO BRASILEIRO S.A.--PETROBRAS

By:
    --------------------------------
Name:
      ------------------------------
Title:
       -----------------------------
Date:
      ------------------------------

                                       A-2

<PAGE>

                                                                       EXHIBIT B

                        FORM OF TOTAL NON-PAYMENT NOTICE

                                                --------------------------------
                                                [Date]

VIA FACSIMILE

Petroleo Brasileiro S.A. - Petrobras
Avenida Republica do Chile, 65
20035-900 Rio de Janeiro
Brazil

Attention : Servio Tulio Tinoco
Head of Trade Finance & Foreign Exchange

                     Petrobras International Finance Company
                     U.S.$[______] Global Notes due [______]

Dear Sirs:

          Reference is made to that certain indenture dated as of December 15,
2006 (the "Original Indenture") between Petrobras International Finance Company
("PIFCo") and The Bank of New York, a New York banking corporation (the
"Trustee"), as supplemented by the [______] supplemental indenture among the
Issuer, Petroleo Brasileiro, S.A. - Petrobras ("Petrobras") and the Trustee
dated as of [______] (the "[______] Supplemental Indenture"). The Original
Indenture, as supplemented by the [______] Supplemental Indenture, and as
amended or supplemented from time to time with respect to the Notes, is
hereinafter referred to as the "Indenture." Reference is also made to that
certain Standby Purchase Agreement (as amended or supplemented from time to
time, the "Standby Purchase Agreement") dated as of [_____] between the Trustee
and Petroleo Brasileiro, S.A. - Petrobras ("Petrobras") pursuant to which
Petrobras has undertaken to purchase from the holders of PIFCo's [______] Global
Notes due [______] (the "Notes") such holders' right to receive unpaid amounts
due and owing on such Notes. Capitalized terms not defined herein shall have the
meanings set forth in the Standby Purchase Agreement.

          By this notice, the undersigned, acting on behalf of the holders of
the Notes, hereby advises you as follows:

          1.   On [date], PIFCo was obligated to make a payment of [principal]
               [interest] [Additional Amounts] [other amounts under the
               Indenture] in an amount equal to U.S.$___________ in respect of
               [principal] [interest] [Additional Amounts] [other amounts due
               under the Indenture] (the "Overdue

                                       B-1

<PAGE>

               Amount"). This notice constitutes a Total Non-Payment Notice as
               contemplated in the Standby Purchase Agreement.

          2.   Pursuant to the Standby Purchase Agreement, you are obligated to
               purchase from the holders of the Notes their right to receive the
               Overdue Amount.

          3.   Pursuant to the Standby Purchase Agreement, you are hereby
               directed to purchase the right of the holders of the Notes to
               receive the Overdue Amount and to make a payment to the Trustee,
               on behalf of the holders of the Notes, in partial satisfaction of
               your obligation to purchase the right to Overdue Amount.

          4.   You are hereby directed to pay immediately the Overdue Amount to
               the Payment Account referenced in the Standby Purchase Agreement
               (Account No. ______) together with interest on such Overdue
               Amount, at the rates specified in the Standby Purchase Agreement,
               from the date PIFCo was itself obligated to pay the Overdue
               Amount through and including the date that payment by you is
               actually made.

          5.   Petrobras is requested to acknowledge receipt of this notice by
               countersigning in the space provided below and returning a copy
               of the same to the Issuer at the address provided in the Standby
               Purchase Agreement with a copy by facsimile to the Trustee at
               fax: (212) 623-6207 (Attention: Institutional Trust Services).

                                        THE BANK OF NEW YORK, as Trustee

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

ACKNOWLEDGED & AGREED

PETROLEO BRASILEIRO S.A.--PETROBRAS

By:
    --------------------------------
Name:
      ------------------------------
Title:
       -----------------------------
Date:
      ------------------------------

                                       B-2EX-4.1

 

Exhibit 4.1

AMENDED AND RESTATED FIFTH SUPPLEMENTAL INDENTURE

     AMENDED AND RESTATED FIFTH SUPPLEMENTAL INDENTURE (the “Fifth Supplemental
Indenture”), initially dated as of October 6, 2006, as amended and restated as of [ ], 2007,
by and among PETROBRAS INTERNATIONAL FINANCE COMPANY, an exempted company incorporated with limited
liability under the laws of the Cayman Islands, having its principal office at 4th
Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman, Cayman Islands (the
“Company”), THE BANK OF NEW YORK, a New York banking corporation, as successor to JPMorgan
Chase Bank, N.A., as Trustee hereunder (the “Trustee”), and PETRóLEO BRASILEIRO S.A. —
PETROBRAS, a mixed capital company (sociedade de economia mista) organized under the laws of
Brazil, having its principal office at Avenida República do Chile, 65, 20035-900 Rio de Janeiro —
RJ, Brazil (“Petrobras”).

WITNESSETH:

     WHEREAS, the Company and the Trustee previously have entered into an indenture, dated as of
July 19, 2002 (the “Original Indenture”, and as
supplemented by this amended and restated Fifth Supplemental
Indenture and any further supplements thereto, the “Indenture”), providing for the issuance
from time to time of secured or unsecured debentures, notes or other evidences of indebtedness of
the Company to be issued in one or more series as provided in the Indenture;

     WHEREAS, Section 9.01 of the Indenture provides that, subsequent to the execution of the
Original Indenture and subject to satisfaction of certain conditions, the Company and the Trustee
may enter into one or more indentures supplemental to the Original Indenture to add to, change or
eliminate any of the provisions of the Indenture in respect of one or more series of Securities (as
defined in the Indenture);

     WHEREAS, the Company issued pursuant to its Registration Statement on Form F-3 (File No.
333-118644) (the “Registration Statement”), originally dated August 30, 2004 and as amended
on September 7, 2004, November 8, 2004 and July 15, 2005, the Prospectus Supplement dated September
29, 2006 and related Base Prospectus dated July 28, 2005 (collectively, the “Offering
Document”) and the Indenture, U.S. $500,000,000 of its 6.125% Global Notes due 2016 (the
“Original Notes”), having the terms and conditions contemplated in the Offering Document as
provided for in the Original Indenture, as supplemented by the fifth supplemental indenture dated October
6, 2006 (the “Original Fifth Supplemental Indenture”);

     WHEREAS, the Company has duly authorized the execution and delivery of this amendment and
restatement of the Original Fifth Supplemental Indenture, to supplement the Original Indenture and
provide for the issuance of an additional U.S. $[500,000,000] principal amount of 6.125% Global
Notes due 2016 in the form attached as Exhibit A hereto (the “Re-Opening Notes” and,
together with the Original Notes, the “Notes” in connection
with an exchange offer for up to $500,000,000 aggregate principal
amount of the series of notes listed in Schedule A to the Dealer
Manager Agreement dated as of [      ], 2007 between the Company and
Petrobras and UGS Securities LLC and Morgan Stanley & Co.,
Incorporated, as dealer managers,), having terms and conditions contemplated in
the Exchange Offering Document and the Indenture;

     WHEREAS, as contemplated in the Offering Document, Petrobras and the Trustee intend, in
connection with the issuance of the Notes, to (i) enter into an Amended and Restated Standby
Purchase Agreement, dated as of the date hereof in the form attached as Exhibit B hereto (the
“Standby Purchase Agreement”), to provide the holders of the Notes (the “Holders”)

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with assurances that, if the Company shall fail to make all required payments of principal,
interest or other amounts due in respect of the Notes and the Indenture, Petrobras will
purchase the rights of the Holders to receive such amounts in consideration of the payment by
Petrobras of an amount of funds equal to the amounts then owed under the Indenture and the Notes,
subject to the provisions thereof and (ii) grant Holders of the Notes direct rights against
Petrobras in respect of the Standby Purchase Agreement by Petrobras being a party to the Indenture
as provided herein;

     WHEREAS, the Trustee has provided to the Company and Petrobras Statements of Eligibility under
the Trust Indenture Act of 1939, as amended, with respect to each of the Companies which have been
filed as exhibits to the Registration Statement;

     WHEREAS, any and all conditions and requirements necessary to make this Fifth Supplemental
Indenture a valid, binding, and legal instrument in accordance with the terms of the Indenture have
been performed and fulfilled and the execution and delivery of this Fifth Supplemental Indenture
have been in all respects duly authorized;

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Fifth Supplemental Indenture; and

     WHEREAS, the Company and Petrobras have requested that the Trustee execute and deliver this
Fifth Supplemental Indenture;

     NOW, THEREFORE, for and in consideration of the premises and the mutual covenants contained
herein and in the Indenture and for other good and valuable consideration, the receipt and
sufficiency of which are herein acknowledged, the Company, Petrobras and the Trustee hereby agree,
for the equal and ratable benefit of all Holders, as follows:

ARTICLE 1

DEFINITIONS

     Section 1.01. Defined Terms. All capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Indenture, as supplemented and amended hereby. All
definitions in the Original Indenture shall be read in a manner consistent with the terms of this
Fifth Supplemental Indenture.

     Section 1.02. Additional Definitions. (a) For the benefit of the Holders of the Notes,
Section 1.01 of the Original Indenture shall be amended by adding the following new definitions:

“Closing Date” means [    ], 2007.

“Comparable Treasury Issue” means the United States Treasury security or securities
selected by an Independent Investment Banker as having an actual or interpolated
maturity comparable to the remaining term of Notes to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of a comparable
maturity to the remaining term of such Notes.

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“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the
average of the Reference Treasury Dealer Quotations for such Redemption Date, after
excluding the highest and lowest such Reference Treasury Dealer Quotation or (2) if
the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations.

“Default Rate” has the meaning set forth in Section 2.01(f) herein.

“Denomination Currency” has the meaning set forth in Section 2.04(e) herein.

          “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company.

          “Interest Period” means the period beginning on an Interest Payment Date and ending on the day
before the next Interest Payment Date, except that the first Interest Period shall be the period
beginning on the Original Closing Date and ending on the day before the next Interest Payment Date.

          “Judgment Currency” has the meaning set forth in Section 2.04(e) herein.

          “Lien” means any mortgage, pledge, lien, hypothecation, security interest or other charge or
encumbrance on any property or asset, including, without limitation, any equivalent created or
arising under applicable Law.

          “Make Whole Amount” has the meaning set forth in Section 2.01(k) herein.

          “Material Subsidiary” means, as to any Person, any Subsidiary of such Person which, on any
given date of determination, accounts for more than 10% of Petrobras’ total consolidated assets, as
such total assets are set forth on the most recent consolidated financial statements of Petrobras
prepared in accordance with U.S. GAAP (or if Petrobras does not prepare financial statements in
U.S. GAAP, consolidated financial statements prepared in accordance with Brazilian generally
accepted accounting principles).

          “Offering Document” shall have the meaning set forth in the recitals to the Fifth Supplemental
Indenture.

          “Original Closing Date” means October 6, 2006.

          “Payment Account” has the meaning set forth in Section 2.01(g) herein.

          “Permitted Lien” means a:

     (a) Lien arising by operation of law, such as merchants’, maritime or other similar
Liens arising in the Company’s ordinary course of business or that of any Subsidiary or Lien
in respect of taxes, assessments or other governmental charges that are not yet delinquent
or that are being contested in good faith by appropriate proceedings;

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     (b) Lien arising from the Company’s obligations under performance bonds or surety
bonds and appeal bonds or similar obligations incurred in the ordinary course of business
and consistent with the Company’s past practice;

     (c) Lien arising in the ordinary course of business in connection with Indebtedness
maturing not more than one year after the date on which such Indebtedness was originally
incurred and which is related to the financing of export, import or other trade
transactions;

     (d) Lien granted upon or with respect to any assets hereafter acquired by the Company
or any Subsidiary to secure the acquisition costs of such assets or to secure Indebtedness
incurred solely for the purpose of financing the acquisition of such assets, including any
Lien existing at the time of the acquisition of such assets as long as the maximum amount so
secured shall not exceed the aggregate acquisition costs of all such assets or the aggregate
Indebtedness incurred solely for the acquisition of such assets, as the case may be;

     (e) Lien granted in connection with the Indebtedness of a Wholly-Owned Subsidiary
owing to the Company or another Wholly-Owned Subsidiary;

     (f) Lien existing on any asset or on any stock of any Subsidiary prior to the
acquisition thereof by the Company or any Subsidiary as long as such Lien is not created in
anticipation of such acquisition;

     (g) Lien existing as of the date of the Indenture;

     (h) Lien resulting from the Transaction Documents;

     (i) Lien incurred in connection with the issuance of debt or similar securities of a
type comparable to those already issued by the Company, on amounts of cash or cash
equivalents on deposit in any reserve or similar account to pay interest on such securities
for a period of up to 24 months as required by any Rating Agency as a condition to such
Rating Agency rating such securities investment grade or as is otherwise consistent with
market conditions at such time, as such conditions are satisfactorily demonstrated to the
Trustee;

     (j) Lien granted or incurred to secure any extension, renewal, refinancing, refunding
or exchange (or successive extensions, renewals, refinancings, refundings or exchanges), in
whole or in part, of or for any Indebtedness secured by Lien referred to in paragraphs (a)
through (i) above (but not paragraph (c)), provided that such Lien does not extend to any
other property, the principal amount of the Indebtedness secured by such Lien is not
increased, and in the case of paragraphs (a), (b) and (c), the obligees meet the
requirements of such paragraphs; and

          (k) Lien in respect of Indebtedness the principal amount of which in the aggregate, together
with all Liens not otherwise qualifying as the Company’s Permitted Liens pursuant to clauses (a)
through (j) of this definition, does not exceed 15% of the Company’s

4

 

consolidated total assets (as
determined in accordance with U.S. GAAP) at any date as at which the Company’s balance sheet is
prepared and published in accordance with applicable Law.

          “Reference Treasury Dealer” means each of UBS Securities LLC and Morgan Stanley & Co.
Incorporated or their affiliates which are primary United States government securities dealers and
two other leading primary United States government securities dealers in New York City reasonably
designated by the Company; provided, however, that if any of the foregoing shall cease to be a
primary United States government securities dealer in New York City (a “Primary Treasury Dealer”),
the Company shall substitute therefore another Primary Treasury Dealer.

          “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 pm New York time on the
third business day preceding such redemption date.

          “Taxing Jurisdiction” shall mean, Brazil, the jurisdiction of the Company’s incorporation or
any other jurisdiction in which the Company appoints a paying agent hereunder or any political
subdivision or any taxing authority thereof or therein.

          “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity or interpolated maturity (on a day count basis) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date.

ARTICLE 2

TERMS OF THE NOTES

     Section 2.01. General. In accordance with Section 3.01 of the Original Indenture, the
following terms relating to the Notes are hereby established:

          (a) Title: The Notes shall constitute a series of Securities having the title “6.125% Global
Notes due 2016.”

          (b) Aggregate Amount: The aggregate principal amount of the Notes that may be initially
authenticated and delivered under the Fifth Supplemental Indenture shall be U.S.$[1,000,000,000].
As provided in the Original Indenture, the Company may, from time to time, without the consent of
the Holders of Notes, issue Add On Notes having identical terms (including CUSIP, ISSN and other
relevant identifying characteristics as the Notes), so long as, on the date of issuance of such Add
On Notes: (i) no Default or Event of Default shall have occurred and then be continuing, or shall
occur as a result of the issuance of such Add On Notes, (ii) such Add On Notes shall rank pari
passu with the Notes and shall have identical terms, conditions and benefits as the Notes and be
part of the same series as the Notes, (iii) the Company and the Trustee shall have executed and
delivered a further supplemental indenture to

5

 

the Indenture providing for the issuance of such Add
On Notes and reflecting such amendments to the Indenture as may be required to reflect the increase
in the aggregate principal amount of the Notes resulting from the issuance of the Add On Notes,
(iv) Petrobras and the Trustee shall have executed and delivered an amended Standby Purchase
Agreement reflecting the increase in
the aggregate principal amount of the Notes resulting from the issuance of the Add On Notes
and (v) the Trustee shall have received all such opinions and other documents as it shall have
requested, including an Opinion of Counsel stating that such Add On Notes are authorized and
permitted by the Indenture and all conditions precedent to the issuance of such Add On Notes have
been complied with by the Company and Petrobras. All Add On Notes issued hereunder will, when
issued, be considered Notes for all purposes hereunder and will be subject to and take the benefit
of all of the terms, conditions and provisions of this Indenture.

          (c) Ranking: The Notes (including the Add On Notes) shall be general senior unsecured and
unsubordinated obligations of the Company and shall at all times rank pari passu among themselves
and at least equal in right of payment with all of the Company’s other present and future unsecured
and unsubordinated obligations from time to time outstanding that are not, by their terms,
expressly subordinated in right of payment to the Notes.

          (d) Maturity: The entire outstanding principal of the Notes shall be payable in a single
installment on October 6, 2016 (the “Stated Maturity”). No payments in respect of the
principal of the Notes shall be paid prior to the Stated Maturity except in the case of the
occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of
the Notes, upon redemption prior to the Stated Maturity pursuant to Section 11.08 of the Indenture
or pursuant to Sections 2.01(k) and 2.01(l) hereof.

          (e) Interest: Interest shall accrue on the Notes at the rate of 6.125% per annum from the
Original Closing Date until all required amounts due in respect of the Notes have been paid. All
interest shall be paid by the Company to the Trustee and distributed by the Trustee in accordance
with this Indenture semiannually in arrears on April 6 and October 6 of each year (or, as provided
in the Original Indenture, if such date is not a Business Day, the next succeeding Business Day
following such day) during which any portion of the Notes shall be Outstanding (each, an
“Interest Payment Date”), commencing on April 6, 2007, to the Person in whose name a Note
is registered at the close of business on the preceding Regular Record Date (which shall mean, with
respect to any payment to be made on an Interest Payment Date, the Business Day that is ten
Business Days prior to such Interest Payment Date.) As provided in the Original Indenture, (i)
interest shall be calculated based on a 360-day year of twelve 30-day months, (ii) payment of
principal and interest and other amounts on the Notes will be made at the Corporate Trust Office of
the Trustee in New York City, or such other paying agent office in the United States as the Company
appoints, in the form provided for in Section 10.17 of the Indenture, (iii) all such payments to
the Trustee shall be made by the Company by depositing immediately available funds in U.S. dollars
one Business Day prior to the relevant Interest Payment Date to the Payment Account and (iv) so
long as any of the Notes remain Outstanding, the Company shall maintain a paying agent in New York
City.

          (f) Default Rate: Upon the occurrence and during the continuation of an Event of Default, (i)
interest on the outstanding principal amount of the Notes shall accrue on the Notes at a rate equal
to 1.0% per annum above the interest rate on the Notes at that time (the

6

 

“Default Rate”)
and (ii) to the fullest extent permitted by law, interest shall accrue on the amount of any
interest, fee, Additional Amounts, or other amount payable under the Indenture and the Notes that
is not paid when due, from the date such amount was due until such amount shall be paid in full,
excluding the date of such payment, at the Default Rate.

          (g) Payment Account: On the Original Closing Date, the Trustee established (and promptly
notified the Company of the establishment of such account, including the relevant account numbers
and other relevant identifying details) and, until the Notes and all accounts due in respect
thereof have been paid in full, shall maintain a special purpose non-interest bearing trust account
(the “Payment Account”) into which all payments required to be made by the Company under or
with respect to the Notes shall be deposited. The Company agrees that the Payment Account shall be
maintained in the name of the Trustee and under its sole dominion and control (acting on behalf of
the Holders of the Notes) and used solely to make payments of principal, interest and other amounts
from time to time due and owing on, or with respect to, the Notes. No funds contained in the
Payment Account shall be used for any other purpose or in any manner not expressly provided for
herein nor shall the Company or any other Person have an interest therein or amounts on deposit
therein. All amounts on deposit in the Payment Account on any Interest Payment Date after the
Trustee has paid all amounts due and owing to the holders of the Notes as of such Interest Payment
Date shall be retained in the Payment Account and used by the Trustee to pay any amounts due and
owing to the Holders of the Notes on the next succeeding Interest Payment Date.

          (h) Form and Denomination: The Notes shall be issuable in whole in the registered form of one
or more Global Notes (without coupons), in minimum denominations of U.S.$2,000 and integral
multiples of U.S.$1,000 in excess thereof, and shall be transferable in integral multiples of
U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof and the Depository for such
Global Notes shall be The Depository Trust Company, New York, New York.

          (i) Standby Purchase Agreement: The Notes shall have the benefit of the Standby Purchase
Agreement in the manner provided in Article 3 of this Fifth Supplemental Indenture.

          (j) Rating: The Notes can be issued without the requirement that they have any rating from a
nationally recognized statistical rating organization.

          (k) Optional Early Redemption: The Notes are subject to redemption at the Company’s option
before the Stated Maturity in whole or in part, upon not less than 30 but no more than 60 days’
notice, at a redemption price equal to the greater of (A) 100% of the principal amount of such
Notes and (B) the sum of the present values of the remaining scheduled payments of principal and
interest thereon (exclusive of interest accrued to the date of redemption) discounted to the
Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
at, in each case, the Treasury Rate plus 25 basis points (the “Make Whole Amount”), plus in each
case, accrued interest on the principal amount of such Notes to (but not including) the date of
redemption.

7

 

          (l) Early Redemption Solely for Tax Reasons. Pursuant to Section 11.08 of the Original
Indenture, the Notes may be redeemed at the option of the Company, in whole but not in part, at any
time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date
fixed for redemption if as a result of any change in or amendment to the laws or regulations or
ruling promulgated thereunder of the jurisdiction in which the Company is incorporated (or, in the
case of a successor Person to the Company, of the jurisdiction in which such successor Person is
organized or any political subdivision or taxing authority thereof or
therein) or any change in the official application or interpretation of such laws, regulations
or rulings, or any change in the official application of or interpretation of, or any execution of
or amendment to, any treaty or treaties affecting taxation to which such jurisdiction or such
political subdivision or taxing authority (or such other jurisdiction or political subdivision or
taxing authority) is a party, which change, execution or amendment becomes effective on or after
the date specified pursuant to the terms of Section 3.01 of the Original Indenture (or in the case
of a successor Person to the Company, the date on which such successor Person became such pursuant
to Section 8.01 and 8.02 of the Original Indenture). For purposes of Section 11.08 of the Original
Indenture, the reincorporation of the Company shall be treated as the adoption of a successor
entity, provided, however, that redemption under Section 11.08 of the Original Indenture shall not
be available if the reincorporation was performed in anticipation of a change in, execution of or
amendment to any laws or treaties or the official application or interpretation of any laws or
treaties of such new jurisdiction of incorporation that would result in an obligation to pay
Additional Amounts.

          (m) Conversion: The Notes will not be convertible into, or exchangeable for, any other
securities.

     Section 2.02. Amendments to Article Five Relating to Events of Default. (a) Restated
Events of Default: As it applies to the Notes, Section 5.01 of the Original Indenture shall be
amended to read in its entirety as follows:

     "Section 5.01 Events of Default

     “Event of Default,” wherever used herein with respect to the Notes, means any one of
the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or
governmental body):

     1. The Company shall fail to make any payment in respect of principal on any of the
Notes whether on the Stated Maturity, upon redemption or prior to the Maturity or otherwise
in accordance with the terms of the Notes and this Indenture, non-payment of which shall
continue for a period of three calendar days and the Trustee shall not have otherwise
received such amounts from Petrobras under the Standby Purchase Agreement, or otherwise by
the end of such three calendar day period;

     2. The Company shall fail to make any payment in respect of any interest or other
amounts due on or with respect to the Notes (including Additional Amounts, if any) in
accordance with the terms of the Notes and this Indenture, non-payment of which shall

8

 

continue for a period of 30 calendar days and the Trustee shall not have otherwise received
such amounts from Petrobras under the Standby Purchase Agreement, or otherwise by the end of
such 30 calendar day period;

     3. The Company or Petrobras shall fail to perform, or breach, any term, covenant,
agreement or obligation contained in this Indenture or the Standby Purchase Agreement and
such failure (other than any failure to make any payment under the Standby Purchase
Agreement, for which there is no cure) is either incapable of remedy or continues for a
period of 60 calendar days (inclusive of any time frame contained in any
such term, covenant, agreement or obligation for compliance thereunder) after there has
been received by the Company or Petrobras from the Trustee or the Holders of at least 25% in
principal amount of the Outstanding Securities of that series a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder;

     4. The maturity of any Indebtedness of the Company, Petrobras or any Material
Subsidiary in a total aggregate principal amount of U.S.$100,000,000 or more is accelerated
in accordance with the terms of that Indebtedness, it being understood that prepayment or
redemption by the Company, Petrobras or the relevant Material Subsidiary of any Indebtedness
is not acceleration for this purpose;

     5. One or more final and non-appealable judgments or final decrees is entered against
the Company, Petrobras or any Material Subsidiary thereof involving in the aggregate a
liability (not theretofore paid or covered by insurance) of U.S.$100,000,000 (or its
equivalent in another currency) or more, and all such judgments or final decrees shall not
have been vacated, discharged or stayed within 120 calendar days after the rendering
thereof;

     6. The Company, Petrobras or any Material Subsidiary thereof stops payment of, or is
generally unable to pay, its debts as and when they become due except (i) as is otherwise
expressly provided under this Indenture or the Standby Purchase Agreement, or (ii) in the
case of a winding-up, dissolution or liquidation for the purpose of and followed by a
consolidation, merger, conveyance or transfer, the terms of which shall have been approved
by a resolution of a meeting of the Holders;

     7. Proceedings are initiated against the Company, Petrobras or any Material Subsidiary
thereof under any applicable bankruptcy, reorganization, insolvency, moratorium or
intervention law or law with similar effect, or under any other law for the relief of, or
relating to, debtors, and any such proceeding is not dismissed or stayed within 90 days
after the entering of such proceeding, or an administrator, receiver, trustee, manager,
fiduciary, statutory manager, intervener or assignee for the benefit of creditors (or other
similar official) is appointed to take possession or control of, or a distress, execution,
attachment or sequestration or other process is levied, enforced upon, sued out or put in
force against, all or any material part of the undertaking, property, assets or revenues of
the Company, Petrobras or any Material Subsidiary thereof and is not discharged or removed
within 90 days;

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     8. The Company, Petrobras or any Material Subsidiary thereof commences voluntarily or
consents to judicial, administrative or other proceedings relating to it under any
applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law
with similar effect, or under any other law for the relief of, or relating to, debtors, or
makes or enters into any composition, concordata or other similar arrangement with its
creditors, or appoints or applies for the appointment of an administrator, receiver,
trustee, manager, fiduciary, statutory manager, intervener or assignee for the benefit of
creditors (or other similar official) to take possession or control of the whole or any
material part of its undertaking, property, assets or revenues, or takes any judicial,
administrative or
other similar proceeding under any law for a readjustment or deferment of its
Indebtedness or any part of it;

     9. An effective resolution is passed for, or any authorized action is taken by any
court of competent jurisdiction, directing the winding-up, dissolution or liquidation of the
Company, Petrobras or any Material Subsidiary thereof (other than in any of the
circumstances referred to as exceptions in paragraph (6) above);

     10. Any event occurs that under the laws of any relevant jurisdiction has substantially
the same effect as any of the events referred to in any of paragraphs (6), (7), (8) or (9)
of this Section 5.01;

     11. This Indenture, the Notes, the Standby Purchase Agreement or any part thereof shall
cease to be in full force and effect or binding and enforceable against the Company or
Petrobras, it becomes unlawful for the Company or Petrobras to perform any material
obligation under this Indenture, the Notes or the Standby Purchase Agreement, or the Company
or Petrobras shall contest the enforceability of this Indenture, the Notes or the Standby
Purchase Agreement or deny that it has liability under this Indenture, the Notes or the
Standby Purchase Agreement;

     12. Petrobras fails to retain at least 51% direct or indirect ownership of the
outstanding voting and economic interests (equity or otherwise) of and in the Company.”

     Section 2.03. Amendments to Article 8.01 Relating to Consolidation, Merger, Conveyance,
Transfer of Lease. (a) As it applies to the Notes, Section 8.01 of the Original Indenture shall be
amended to read in its entirety as follows:

     “Section 8.01 Limitation on Consolidation, Merger, Sale or Conveyance.

     (a) The Company will not, in one or a series of transactions, consolidate or
amalgamate with or merge into any corporation or convey, lease or transfer substantially all
of its properties, assets or revenues to any person or entity (other than a direct or
indirect Subsidiary of Petrobras) or permit any person (other than a direct or indirect
Subsidiary of the Company) to merge with or into it unless:

     (1) either the Company is the continuing entity or the Person (the “Successor
Company”) formed by the consolidation or into which the Company is merged or that acquired
or leased the property or assets of the Company will assume (jointly and

10

 

severally with the
Company unless the Company will have ceased to exist as a result of that merger,
consolidation or amalgamation), by a supplemental indenture (the form and substance of which
will be previously approved by the Trustee), all of the Company’s obligations under the
Indenture and the Notes;

     (2) the Successor Company (jointly and severally with the Company unless the Company
will have ceased to exist as part of the merger, consolidation or amalgamation) agrees to
indemnify each Holder against any tax, assessment or governmental charge thereafter imposed
on the Holder solely as a consequence of the consolidation, merger, conveyance, transfer or
lease with respect to the payment of principal of, or interest, the Notes;

     (3) immediately after giving effect to the transaction, no Event of Default, and no
Default has occurred and is continuing;

     (4) the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that the transaction and the fifth supplemental
indenture, comply with the terms of the Indenture and that all conditions precedent
provided for in the Indenture and relating to the transaction have been complied with; and

     (5) the Company must deliver a notice describing that transaction to Moody’s to the
extent that Moody’s is at that time rating the Notes.

     Notwithstanding anything to the contrary in the foregoing, so long as no Default
or Event of Default under the Indenture or the Notes will have occurred and be continuing
at the time of the proposed transaction or would result from the transaction:

     (6) the Company may merge, amalgamate or consolidate with or into, or convey,
transfer, lease or otherwise dispose of all or substantially all of its properties, assets
or revenues to a direct or indirect Subsidiary of the Company or Petrobras in cases when
the Company is the surviving entity in the transaction and the transaction would not have
a material adverse effect on the Company and its Subsidiaries taken as a whole, it being
understood that if the Company is not the surviving entity, the Company will be required
to comply with the requirements set forth in the previous paragraph; or

     (7) any direct or indirect Subsidiary of the Company may merge or consolidate with or
into, or convey, transfer, lease or otherwise dispose of assets to, any person (other than
the Company or any of its subsidiaries or affiliates) in cases when the transaction would
not have a material adverse effect on the Company and its subsidiaries taken as a whole;
or

     (8) any direct or indirect Subsidiary of the Company may merge or consolidate with or
into, or convey, transfer, lease or otherwise dispose of assets to, any other direct or
indirect Subsidiary of the Company or Petrobras; or

11

 

     (9) any direct or indirect Subsidiary of the Company may liquidate or dissolve if the
Company determines in good faith that the liquidation or dissolution is in the best
interests of Petrobras, and would not result in a material adverse effect on the Company
and its Subsidiaries taken as a whole and if the liquidation or dissolution is part of a
corporate reorganization of the Company or Petrobras.”

     Section 2.04. Amendments to Article 10 Relating to Covenants. (a) Use of Proceeds:
As it applies to the Notes, Section 10.12 of the Original Indenture shall be amended to read in its
entirety as follows:

     “Section 10.12 Use of Proceeds.

     The Company will use the proceeds from the offer and sale of the Notes after the
deduction of any commissions principally for general corporate purposes, including the
financing of the purchase of oil product imports and the repayment of existing trade-related
debt and intercompany loans. The Company may lend a portion of the
proceeds to Petrobras.”

          (b) Statement of Officers as to Default and Notices of Events of Default: As it
applies to the Notes, Section 10.13 of the Original Indenture shall be amended by deleting the
second sentence in its entirety and replacing it with the following:

     “Within 10 calendar days (or promptly with respect to Events of Default pursuant to
Sections 5.01(4), 5.01(5), 5.01(6), 5.01(7), 5.01(8), 5.01(9) and 5.01(10) hereunder and in
any event no later than 10 calendar days) after the Company becomes aware or should
reasonably become aware of the occurrence of an Event of Default pursuant to Section 5.01
hereunder, the Company shall provide notice to the Trustee of such occurrence, accompanied by
an Officer’s Certificate of the Company setting forth the details thereof.”

          (c) Provision of Financial Statements and Reports: As it applies to the Notes,
Section 10.14 of the Original Indenture shall be amended by deleting the second paragraph in its
entirety and replacing it with the following:

     “The Company will provide, together with each of the financial statements delivered
pursuant to this Section, an Officer’s Certificate stating (A) that a review of the
Company’s activities has been made during the period covered by such financial statements
with a view to determining whether the Issuer has kept, observed, performed and fulfilled
its covenants and agreements under this Indenture and (B) that no Default or Event of
Default has occurred during such period or, if one or more have actually occurred,
specifying all such events and what actions have been taken and will be taken with respect
to such Event of Default.”

          (d) Additional Amounts: As it applies to the Notes, Section 10.19 of the Original
Indenture shall be amended by:

     (i) deleting the word “Brazil” throughout such Section 10.19 and replacing it with the
expression “Taxing Jurisdiction” (as defined in Section 1.02 of this Fifth Supplemental Indenture);

12

 

     (ii) adding the phrase, “, levies” after the phrase, “deduction or withholding for any present
or future taxes” in the first sentence of such Section 10.19;

     (iii) deleting the phrase, “who, with respect to any such tax, assessment or other
governmental charge, is not resident in Brazil” in the first sentence of such Section 10.19;

     (iv) deleting the proviso to the first sentence of such Section 10.19 that includes clauses
(1)-(7) thereof and ends with the phrase, “who would not have been entitled to such Additional
Amounts had it been the Holder or beneficial owner, as the case may be, of such Security” and
replacing such proviso with the following:

     ”; provided, however, that the Company shall not be required to make any payment of
Additional Amounts that is imposed due to any of the following:

     (1) such Holder or the Trustee has a connection with the Taxing Jurisdiction other than
merely holding the Notes or receiving principal or interest payments on the Notes (such as
citizenship, nationality, residence, domicile, or existence of a business, a permanent
establishment, a dependent agent, a place of business or a place of management present or
deemed present within the Taxing Jurisdiction);

     (2) any tax imposed on, or measured by, net income;

     (3) such Holder or the Trustee fails to comply with any certification, identification
or other reporting requirements concerning its nationality, residence, identity or
connection with the Taxing Jurisdiction, if (x) such compliance is required by applicable
law, regulation, administrative practice or treaty as a precondition to exemption from all
or a part of the tax, levy, deduction or other governmental charge, (y) such Holder or the
Trustee is able to comply with such requirements without undue hardship and (z) at least 30
calendar days prior to the first payment date with respect to which such requirements under
the applicable law, regulation, administrative practice or treaty will apply, the Company
has notified all Holders that they will be required to comply with such requirements;

     (4) such Holder or the Trustee fails to present (where presentation is required) its
Note within 30 calendar days after the Company has made available to such Holder or the
Trustee a payment under the Notes and this Indenture, provided that the Company will pay
Additional Amounts which a Holder or the Trustee would have been entitled to had the Note
owned by such Holder or the Trustee been presented on any day (including the last day)
within such 30 calendar day period;

     (5) any estate, inheritance, gift, value added, use or sales taxes or any similar
taxes, assessments or other governmental charges; or

     (6) such taxes, levies, deductions or other governmental charges are imposed on a
payment on the Notes to an individual and are required to be made pursuant to any European
Union Council Directive implementing the conclusions of the ECOFIN Council meeting of
November 26-27, 2000 on the taxation of savings income, or any law implementing or complying
with, or introduced in order to conform to, such directive;

13

 

     (7) where such Holder or the Trustee could have avoided such taxes, levies, deductions
or other governmental charges by requesting that a payment on the Notes be made by, or
presenting the relevant notes for payment to, another paying agent of the Company located in
a member state of the European Union; or

     (8) where the Holder or the Trustee would have been able to avoid the tax, levy,
deduction or other governmental charge by taking reasonable measures available to such
Holder or the Trustee .”

     (v) adding the following new paragraph at the end of Section 10.19:

     “The Company shall promptly pay when due any present or future stamp, court or
documentary taxes or any other excise or property taxes, charges or similar levies that are
imposed by a Taxing Jurisdiction that arise from any payment under the Notes or under
any other document or instrument referred herein or therein or from the execution,
delivery, enforcement or registration of each Note or any other document or instrument
referred to herein or therein. The Company shall indemnify and make whole the Holders of
the Notes for any present or future stamp, court or documentary taxes or any other excise or
property taxes, charges or similar levies payable by the Issuer as provided in this
paragraph paid by such Holder of the Notes. The Company shall, if European Council
Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN
council meeting of November 26-27, 2000 is brought into force, ensure that it maintains a
paying agent hereunder in a member state of the European Union that will not be obliged to
withhold or deduct tax pursuant to such Directive.”

          (e) Additional Covenants Applicable to the Notes: As it applies to the Notes, Article
10 of the Original Indenture shall be amended to include the following:

     “Section 10.20 Negative Pledge

     So long as any Note remains Outstanding, the Company will not create or permit any
Lien, other than a Permitted Lien, on any of the Company’s assets to secure (a) any of the
Company’s Indebtedness or (b) the Indebtedness of any other Person, unless the Company
contemporaneously creates or permits such Lien to secure equally and ratably the Company’s
obligations under the Notes and this Indenture or the Company provides such other security
for the Notes as is duly approved by a resolution of the Holders of the Notes in accordance
with this Indenture. In addition, the Company will not allow any of the Company’s
Subsidiaries to create or permit any Lien, other than a Permitted Lien, on any of its assets
to secure (a) any of the Company’s Indebtedness, (b) any of its own Indebtedness or (c) the
Indebtedness of any other Person, unless it contemporaneously creates or permits the Lien to
secure equally and ratably the Company’s obligations under the Notes and this Indenture or
the Company provides such other security for the Notes as is duly approved by a resolution
of the Holders of the Notes.

     Section 10.21 Currency Rate Indemnity. (a) The Company shall (to the extent
lawful) indemnify the Trustee and the Holders of the Notes and keep them indemnified
against:

14

 

     (i) in the case of nonpayment by the Company of any amount due to the Trustee, on
behalf of the Holders of the Notes, under the Indenture any loss or damage incurred by any
of them arising by reason of any variation between the rates of exchange used for the
purposes of calculating the amount due under a judgment or order in respect thereof and
those prevailing at the date of actual payment by the Company; and

     (ii) any deficiency arising or resulting from any variation in rates of exchange
between (i) the date as of which the local currency equivalent of the amounts due or
contingently due under the Indenture or in respect of the Notes is calculated for the
purposes of any bankruptcy, insolvency or liquidation of the Company, and (ii) the final
date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation.
The amount of such deficiency shall be deemed not to be increased or reduced by any
variation in rates of exchange occurring between the said final date and the date of any
bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith.

     (b) The Company agrees that, if a judgment or order given or made by any court for the
payment of any amount in respect of its obligations hereunder is expressed in a currency
(the “Judgment Currency”) other than U.S. dollars (the “Denomination
Currency”), it will indemnify the relevant Holder against any deficiency arising or
resulting from any variation in rates of exchange between the date at which the amount in
the Denomination Currency is notionally converted into the amount in the Judgment Currency
for the purposes of such judgment or order and the date of actual payment thereof.

     (c) The above indemnities shall constitute separate and independent obligations of the
Company from its obligations under the Indenture, will give rise to separate and independent
causes of action, will apply irrespective of any indulgence granted from time to time and
will continue in full force and effect notwithstanding any judgment or the filing of any
proof or proofs in any bankruptcy, insolvency or liquidation of the Company for a liquidated
sum or sums in respect of amounts due under the Indenture or the Notes.”

          (f) Covenants not Applicable to the Notes. As it applies to the Notes, and no other
outstanding series of notes, Article 10 of the Original Indenture is hereby amended by deleting
sections 10.02, 10.04, 10.05, 10.06, 10.07, 10.08, 10.09 and 10.15 in their entirety.

     Section 2.05. Application of the Article of the Indenture Regarding Defeasance and Covenant
Defeasance. The provisions of Sections 14.01, 14.02 and 14.03 of the Original Indenture shall
apply to the Notes.

ARTICLE 3

STANDBY PURCHASE AGREEMENT

15

 

     Section 3.01. Execution. The Trustee is hereby authorized and directed to execute and deliver
the Standby Purchase Agreement and to perform all of its duties and obligations thereunder.

     Section 3.02. Enforcement. The Trustee shall enforce the provisions of the Standby Purchase
Agreement against Petrobras in accordance with the terms thereof and the terms of the Indenture and
Petrobras, by execution of this Fifth Supplemental Indenture, and by so agreeing to become a party
to the Indenture, agrees that each Holder of the Notes shall have direct rights under the Standby
Purchase Agreement as if it were a party thereto.

     Section 3.03. Petrobras hereby (i) acknowledges and agrees to be bound by the provisions of
Sections 1.08 and 3.14 of the Indenture and (ii) confirms that (A) its obligations under the
Standby Purchase Agreement shall be issued pursuant to the Indenture and (B) it intends for the
Holders of the Notes, in addition to those rights under the Standby Purchase Agreement as provided
therein, to be entitled to the benefits of the Indenture with respect to their rights against
Petrobras under the Standby Purchase Agreement.

     Section 3.04. Definition of the Term “Securities.” For all purposes relating to the Notes,
the term “Securities” in Section 1.01 of the Original Indenture shall be amended by
inserting the following at the end thereof: “All references herein to any Securities shall be
deemed to include the rights of the Holder thereof under any standby purchase agreement or
guarantee arrangement entered into by Petrobras with the Trustee in connection with the issuance of
such Securities pursuant to Section 3.14 hereof, which are an integral part of such Securities.”

ARTICLE 4

MISCELLANEOUS

     Section 4.01. Effect of the Fifth Supplemental Indenture. This Fifth Supplemental Indenture
supplements the Indenture and shall be a part, and subject to all the terms, thereof. The Original
Indenture, as supplemented and amended by this Fifth Supplemental Indenture, is in all respects
ratified and confirmed, and the Original Indenture and this Fifth Supplemental Indenture shall be
read, taken and construed as one and the same instrument. All provisions included in this Fifth
Supplemental Indenture supersede any conflicting provisions included in the Original Indenture
unless not permitted by law. The provisions of this Fifth Supplemental Indenture are intended to
apply solely to the Notes and the Holders thereof and shall not apply to any future issuance of
securities by the Company (other than any Add On Notes as provided herein) and all references to
provisions of the Original Indenture herein amended and restated or otherwise modified shall have
effect solely with respect to the Notes contemplated in this Fifth Supplemental Indenture. The
Trustee accepts the trusts created by the Original Indenture, as supplemented by this Fifth
Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the
Original Indenture, as supplemented by this Fifth Supplemental Indenture.

     Section 4.02. Governing Law. This Fifth Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York.

16

 

     Section 4.03. Trustee Makes No Representation. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Fifth Supplemental
Indenture or for or in respect of the recitals contained herein, all of which are made solely by
the Company and Petrobras.

     Section 4.04. Effect of Headings. The section headings herein are for convenience only and
shall not affect the construction of this Fifth Supplemental Indenture.

     Section 4.05. Counterparts. The parties may sign any number of copies of this Fifth
Supplemental Indenture. Each signed copy shall be an original, but all of them shall represent the
same agreement.

[SIGNATURE PAGE TO FOLLOW IMMEDIATELY]

17

 

Exhibit 4.1

          IN WITNESS WHEREOF, the parties have caused this Fifth Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the day and year first above
written.

	 	 	 	 	 
	 	PETROBRAS INTERNATIONAL FINANCE COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PETRÓLEO BRASILEIRO S.A. — PETROBRAS

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WITNESSES:

 	 
	 	1.  	 	 
	 	 	Name:  	 	 
	 
	 	2.  	
 	 
	 	 	Name:  	 	 
	 	 	 	 

1

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WITNESSES:

 	 
	 	1.  	 	 
	 	 	Name:  	 	 
	 
	 	2.  	
 	 
	 	 	Name:  	 	 
	 	 	 	 
	 

2

 

	 	 	 	 	 	 	 
	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

          On this [•]th day of [       ], 2007 before me, a notary public within and for said county,
personally appeared                     , to me personally known who being duly sworn, did say that
           is a                      of The Bank of New York, one of the persons described in and which
executed the foregoing instrument, and acknowledge said instrument to be the free act and deed of
said corporation.

          On this [•]th day of [       ], 2007, before me personally came                      and
                     to me personally known, who being by me sworn, did depose and say that they
signed their names to the foregoing instrument as witnesses.

	 	 	 	 	 
	 	 	 
	 	  	 	 
	 	 	Notary Public 	 
	 	 	 	 

3

 

	 	 	 	 	 

	 	 	 	 	 	 	 
	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

          On this [•]th day of [       ], 2007, before me personally came                     , to me
known, who, being by me duly sworn, did depose and say that he is the Attorney-in-Fact of Petrobras
International Finance Company — PIFCo, a corporation described in and which executed the foregoing
instrument and acknowledge that said instrument to be the free act and deed of said entity.

          On this [•]th day of [       ], 2007, before me personally came                     , to me
known, who, being by me duly sworn, did depose and say that he is the Attorney-in-Fact of Petróleo
Brasileiro S.A. — Petrobras, a corporation described in and which executed the foregoing instrument
and acknowledge that said instrument to be the free act and deed of said entity.

          On this [•]th day of [      ], 2007, before me personally came                      and
                     to me personally known, who being by me sworn, did depose and say that they
signed their names to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 	 	 
	 	  	 	 
	 	 	Notary Public 	 
	 	 	COMMISSION EXPIRES 	 
	 

4

 

Exhibit A

Form of 6.125% Global Note due 2016

GLOBAL NOTE

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR ITS NOMINEE EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND SUCH
CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

5

 

PETROBRAS INTERNATIONAL FINANCE COMPANY

6.125% GLOBAL NOTES DUE 2016

No. 2

CUSIP No.: 71645WAL5

ISIN No.: US71645WAL54

Common Code: 027057390

Principal
Amount: U.S.$[100,000,000]

Initial Issuance Date: [       ], 2007

          This Note is one of a duly authorized issue of notes of PETROBRAS INTERNATIONAL FINANCE
COMPANY, an exempted company with limited liability organized under the laws of the Cayman Islands
(the “Issuer”), designated as its 6.125% Global Notes Due 2016 (the “Notes”),
issued in an initial aggregate principal amount of U.S.$[1,000,000,000] under the Amended and
Restated Fifth Supplemental Indenture (the “Amended and Restated Fifth Supplemental
Indenture”), effective as of [ ], 2007, by and among the Issuer, The Bank of New York, a New
York banking corporation, as successor to JPMorgan Chase Bank, N.A, as Trustee (the
“Trustee”), and Petróleo Brasileiro S.A. — PETROBRAS, a mixed capital company (sociedade de
economia mista) organized under the laws of Brazil (“Petrobras”), to the Indenture, dated
as of July 19, 2002 (the “Original Indenture”, and as supplemented by the Amended and
Restated Fifth Supplemental Indenture and any further supplements thereto with respect to the
Notes, the “Indenture”), by and among the Issuer and the Trustee. Reference is hereby made
to the Indenture for a statement of the respective rights, limitations of interests, benefits,
obligations and duties thereunder of the Issuer, the Trustee and the Holders, and of the terms upon
which the Notes are, and are to be, authenticated and delivered. All capitalized terms used in this
Note which are defined in the Indenture and not otherwise defined herein shall have the meanings
assigned to them in the Indenture.

          The Issuer, for value received, hereby promises to pay to Cede & Co. or its registered
assigns, as nominee of The Depository Trust Company (“DTC”) and the Holder of record of
this Note, the principal amount specified above in U.S. dollars on October 6, 2016 (or earlier as
provided for in the Indenture) upon presentation and surrender hereof, at the office or agency of
the Trustee referred to below.

          As provided for in the Indenture, the Issuer promises to pay interest on the outstanding
principal amount hereof, from the Closing Date, semi-annually on April 6 and October 6 of each year
(or if such date is not a Business Day, the next succeeding Business Day following such day),
commencing April 6, 2007 (each such date, an “Interest Payment Date”), at a rate equal to
6.125% per annum. Interest payable, and punctually paid or duly provided for, on this Note on any
Interest Payment Date will, as provided in the Indenture, be paid in U.S. dollars to the Person in
whose name this Note (or one or more predecessor Notes) is registered at the close of business on
the relevant Regular Record Date for such interest payment.

          Payment of the principal of and interest on this Note will be payable by wire transfer to a
U.S. dollar account maintained by the Holder of this Note as reflected in the

6

 

 Security Register of
the Trustee. In the event the date for any payment of the principal of or interest on any Note is
not a Business Day, then payment will be made on the next Business Day  with the same force and effect as if made on the nominal date of any such date for such
payment and no additional interest will accrue on such payment as a result of such payment being
made on the next succeeding Business Day. Interest accrued with respect to this Note shall be
calculated based on a 360-day year of twelve 30-day months.

          The Notes are subject to redemption by the Issuer on the terms and conditions specified in the
Indenture.

          This Note does not purport to summarize the Indenture, and reference is made to the Indenture
for information with respect to the respective rights, limitations of interests, benefits,
obligations and duties thereunder of the Issuer, the Trustee and the Holders.

          If an Event of Default shall occur and be continuing, the outstanding principal amount of all
the Notes may become or may be declared due and payable in the manner and with the effect provided
in the Indenture.

          Modifications of the Indenture may be made by the Issuer and the Trustee only to the extent
and in the circumstances permitted by the Indenture.

          The Notes shall be issued only in fully registered form, without coupons. Notes shall be
issued in the form of beneficial interests in one or more global securities in denominations of
U.S. $2,000 and integral multiples of U.S.$1,000 in excess thereof.

          Prior to and at the time of due presentment of this Note for registration of transfer, the
Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name
this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue,
and neither the Issuer, the Trustee nor any agent thereof shall be affected by notice to the
contrary.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

7

 

          Unless the certificate of authentication hereon has been duly executed by the Trustee by
manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid
or obligatory for any purpose.

          THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK.

          IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

	 	 	 	 	 
	 	PETROBRAS INTERNATIONAL FINANCE

COMPANY

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WITNESSES:

 	 
	 	1.  	 	 
	 	 	Name:  	 	 
	 
	 	2.  	
 	 
	 	 	Name:  	 	 
	 	 	 	 

8

 

	 	 	 	 	 

	 	 	 	 	 	 	 
	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

On this [•]th day of [       ], 2007, before me personally came                     , to me known, who, being by
me duly sworn, did depose and say that he is the                      of Petrobras International Finance
Company, a corporation described in and which executed the foregoing instrument and acknowledges
that said instrument to be the free act and deed of said entity.

On this [•]th day of [       ], 2007, before me personally came                      and                      to me
personally known, who being by me sworn, did depose and say that they signed their names to the
foregoing instrument as witnesses.

          [Notarial Seal]

	 	 	 	 	 
	 	 	 
	 	  	
 	 
	 	 	Notary Public 	 
	 	 	COMMISSION EXPIRES 	 
	 

9

 

CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to in the within
mentioned Indenture.

     Dated: [       ], 2007

	 	 	 	 	 
	 	The Bank of New York

As Trustee

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	Authorized Officer 	 

10

 

	 	 	 	 	 

ASSIGNMENT FORM

For value received

hereby sells, assigns and transfers unto

(Please
insert social security or other identifying number of assignee)

(Please print or type name and address, including zip code, of assignee:)

the within Note and does hereby irrevocably constitute and appoint Attorney to transfer the Note on
the books of the Note Registrar with full power of substitution in the premises.

	 	 	 	 	 
	Date:

	 	Your Signature:	 	 
	 

	 	 	 	(Sign exactly as your name

appears on the face of this Note)

11

 

Exhibit B

Form of Standby Purchase Agreement

[To Come]

12

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