8.1 This Guarantee shall be governed by and construed in accordance with the laws of the Federal Republic of Germany.
8.2 Place of performance shall be Paris.
8.3 All claims under this Guarantee expire after five years from the end of the year in which any such claim has accrued and in which the relevant Party has
become aware of the circumstances constituting such claim or could have become aware of them without gross negligence.
8.4 Any dispute arising out of or in connection with this Payment Guarantee
Agreement shall be referred to and finally settled by arbitration under the Rules of Conciliation and Arbitration of the International Chamber of Commerce applicable on the date of commencement of arbitration proceedings, by one or
more arbitrators to be appointed in accordance with such Rules. The seat of arbitration shall be Paris and the language of arbitration shall be English.
This arbitration clause shall remain in full force and effect if the Guarantee is
declared void or is terminated or cancelled.
8.5 No payment to the Beneficiary hereunder, be it pursuant to any award or judgement or order of any court or otherwise shall operate to discharge the
obligation of the Guarantor in respect of which it was made unless and until payment in full shall have been received in the currency of account of such obligation. To the extent that the amount of any such payment shall on any
necessary conversion into the currency of account in which the payment fell due, fall short of the amount of the relevant obligation expressed in such currency of account, the Guarantor shall remain indebted to the Beneficiary in
such sum as shall upon conversion into the currency of the account in which the payment fell due equal the amount of the shortfall.
8.6 To the extent that the Guarantor may now or in future in any jurisdiction claim
for itself or its assets immunity from suit, execution, attachment or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity, the Guarantor hereby irrevocably agrees not
to claim and hereby irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction. Foregoing waiver of immunity shall not apply to property which is (i) used by diplomatic, consular, special missions
and missions of international organizations or of international conferences of the Guarantor's Country or (ii) of a military character and under the control of a military authority.
8.7 The provisions of the Credit Facility Agreement relating to computation and payments in general shall apply mutatis mutandis in any payment to be made hereunder.
8.8 Any statements or notices and communications in respect of this Guarantee shall be dispatched by airmail letter or by teletransmission to the following addresses:
For the Beneficiary: Agence Française de Développement 5, rue Roland Barthes 75598 Paris Cedex 12
France
For the Guarantor: Republic of Serbia
Ministry of Finance 20 Kneza Milosa Street 11000 Belgrade
Republic of Serbia Fax: + 381 11 3618-961
Any such statement, notice or communication shall be deemed to have been
received:
a)
if made by airmail letter, seven days after the relevant letter has been dispatched by registered airmail, postage prepaid; or
b)
if made by teletransmission, when transmission has been completed.
8.9 Should any of the provisions of this Guarantee be legally invalid, such invalidity shall not affect the validity of the remaining provisions. Any gap resulting in
consequence shall be filled by a provision consistent with the spirit and the purpose of this Guarantee.
8.10 This Guarantee is drawn up in the English language in 2 (two) originals. The
Beneficiary shall have one original.
8.11 This Guarantee will enter into force on the eighth day following the day the guarantee law relating to this guarantee is published in the Official Gazette of
the Republic of Serbia.
8.12 The Beneficiary shall return this guarantee to the Guarantor as soon as all payment obligations of the Borrower under the Credit Facility Agreement shall
have been fulfilled. Executed in two (2) originals, in Belgrade, on August 29, 2024.
GUARANTOR
REPUBLIC OF SERBIA
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Represented by:
Name: Siniša Mali
Capacity: First Deputy Prime Minister and Minister of Finance