In addition to the other rights provided to Lenders under this Clause 24, each Lender may without consulting with or obtaining consent from the Borrower or any Finance Party but subject to the terms of the ECA Insurance Policy, at any time, directly or indirectly, transfer, charge, assign, pledge or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document including to secure obligations of that Lender including, without limitation:

The provisions of Clauses 24.1 (Transfers by the Lenders), 24.2 (Conditions of transfer), 24.3 (Transfer fee), 24.4 (Limitation of responsibility of Existing Lenders), 24.5 (Procedure for transfer) and 24.6 (Copy of Transfer Agreement to the Borrower) shall not apply to the creation of Security pursuant to this

Clause 24.7.

The limitations and provisions referred to in paragraph (b) above shall further not apply to any transfer of rights under the Finance Documents or of the securities issued by the securitisation special purpose entity, made by a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to a third party in connection with the enforcement of Security created pursuant to paragraph (a) above.

Upon the enforcement of any transfer, charge, pledge or Security created pursuant to paragraph (a) above, in each case subject to a notification to the ECA Agent and as from the date on which the ECA Agent is notified by, the beneficiary of such enforcement of transfer, charge, assignment, pledge or Security (the Beneficiary) shall, upon completion of the relevant conditions referenced in paragraph (d)(ii) of

Clause 24.2

(Conditions of transfer), be deemed to become a Party as Lender in respect of the Lender’s rights only which are subject to any such enforcement. The ECA Agent, the Beneficiary and the Lenders shall acquire the same rights and assume the same obligations under Clause 27 (Sharing among the Finance Parties) between themselves as they would have acquired and assumed had the Beneficiary been an Original Lender.

The Borrower undertakes to comply with all necessary formalities, if any, and take all steps necessary (including having, at its own costs, any relevant document translated in its required form into Serbian language to the extent required for any such purposes) in order to ensure the enforceability, recognition and priority of the transfer, charge, assignment, pledge or Security granted over any Lender’s rights under or pursuant to this

Clause 24.7

and (as applicable) the enforcement thereof, in particular, including any formality required under Serbian law or Serbian foreign exchange regulations as well as notifying the Central Bank, as applicable, on the change of Lender (including in case of a transfer of rights or a transfer of rights and obligations from any Lender to any entity which is a Lender prior to such transfer) and, to the extent required under the laws and regulations of Serbia, on the change of the payee as a result of the granting of such Security and shall, as soon as practicable, provide the ECA Agent with evidence (including, without limitation and if applicable, the completed KZ form duly and validly issued by the Central Bank) that each of the actions and requirements referred to in this Paragraph (e) has been duly performed and complied with.

No Finance Party (other than the Lender against whom the relevant transfer, charge, assignment, pledge or Security is being enforced) shall incur any further liability or obligation pursuant to any enforcement notice referred to in paragraph (d) above