Common use of Arbitration Clause in Contracts

Arbitration. Any dispute arising out of or in connection with this 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 this Agreement is declared void or is terminated or cancelled and following expiry of this Agreement. The Parties’ contractual obligations under this Agreement are not suspended if a Party initiates legal proceedings against the other Party. The Parties expressly agree that, by signing this Agreement, the Borrower irrevocably waives all rights of immunity in respect of jurisdiction or execution on which it could otherwise rely. For the avoidance of doubt, this waiver includes a waiver of immunity from: (i) Any suit or legal, judicial or arbitral process arising out of, in relation to or in connection with this Agreement; (ii) Giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; (iii) Any effort to confirm, recognize, enforce or execute any decision, settlement, award judgment, execution order or, in an action in rem, any effort for the arrest, for the arrest, detention or sale of any of its assets and revenues that result from any arbitration, or any legal, judicial or administrative proceedings. The Borrower does not waive any immunity in respect of any present or future (i) “premises of the mission” as defined in the Vienna Convention on Diplomatic Relations signed in 1961, (ii) “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, (iii) assets that cannot be in commerce, (iv) military property or military assets and buildings, weapons and equipment designated for defence, state and public security, (v) receivables the assignment of which is restricted by law, (vi) natural resources, common use items, grids in public ownership, river basin land and water facilities in public ownership, protected natural heritage in public ownership and cultural heritage in public ownership, (vii) real estate in public ownership which is, partly or entirely, used by the authorities of the Republic of Serbia, autonomous provinces or local self-government for the purpose of exercising their rights and duties; (viii) the state's, autonomous province’s or local government’s stocks and shares in companies and public enterprises, unless the relevant entity consented to the establishment of a pledge over such stocks or shares, (ix) movable or immovable assets of health institutions, unless a mortgage was established based on the government's decision, (x) monetary assets and financial instruments determined as financial collateral in accordance with the law regulating financial collateral including monetary assets and financial instruments which are pledged in accordance with such law or (xi) other assets exempt from enforcement by international law or international treaties.

Arbitration. Any dispute arising out of or in connection with this 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 this Agreement is declared void or is terminated or cancelled and following expiry of this Agreement. The Parties’ contractual obligations under this Agreement are not suspended if a Party initiates legal proceedings against the other Party. The Parties expressly agree that, by signing this Agreement, the Borrower irrevocably waives all rights of immunity in respect of jurisdiction or execution on which it could otherwise rely. For the avoidance of doubt, this waiver includes a waiver of immunity from: (i) Any suit or legal, judicial or arbitral process arising out of, in relation to or in connection with this Agreement; (ii) Giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; (iii) Any effort to confirm, recognize, enforce or execute any decision, settlement, award judgment, execution order or, in an action in rem, any effort for the arrest, for the arrest, detention or sale of any of its assets and revenues that result from any arbitration, or any legal, judicial or administrative proceedings. The Borrower does not waive any immunity in respect of any present or future (i) “premises of the mission” as defined in the Vienna Convention on Diplomatic Relations signed in 1961, (ii) “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, (iii) assets that cannot be in commerce, (iv) military property or military assets and buildings, weapons and equipment designated for defence, state and public security, (v) receivables the assignment of which is restricted by law, (vi) natural resources, common use items, grids in public ownership, river basin land and water facilities in public ownership, protected natural heritage in public ownership and cultural heritage in public ownership, (vii) real estate in public ownership which is, partly or entirely, used by the authorities of the Republic of Serbia, autonomous provinces or local self-government for the purpose of exercising their rights and duties; (viii) the state's, autonomous province’s or local government’s stocks and shares in companies and public enterprises, unless the relevant entity consented to the establishment of a pledge over such stocks or shares, (ix) movable or immovable assets of health institutions, unless a mortgage was established based on the government's decision, (x) monetary assets and financial instruments determined as financial collateral in accordance with the law regulating financial collateral including monetary assets and financial instruments which are pledged in accordance with such law or (xi) other assets exempt from enforcement by international law or international treaties.,

Arbitration. Any dispute arising out of or in connection with this 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 this Agreement is declared void or is terminated or cancelled and following expiry of this Agreement. The Parties’ contractual obligations under this Agreement are not suspended if a Party initiates legal proceedings against the other Party. The Parties expressly agree that, by signing this Agreement, the Borrower irrevocably waives all rights of immunity in respect of jurisdiction or execution on which it could otherwise rely. For the avoidance of doubt, this waiver includes a waiver of immunity from: (i) Any suit or legal, judicial or arbitral process arising out of, in relation to or in connection with this Agreement; (ii) Giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; (iii) Any effort to confirm, recognize, enforce or execute any decision, settlement, award judgment, execution order or, in an action in rem, any effort for the arrest, for the arrest, detention or sale of any of its assets and revenues that result from any arbitration, or any legal, judicial or administrative proceedings. The Borrower does not waive any immunity in respect of any present or future (i) “premises of the mission” as defined in the Vienna Convention on Diplomatic Relations signed in 1961, (ii) “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, (iii) assets that cannot be in commerce, (iv) military property or military assets and buildings, weapons and equipment designated for defence, state and public security, (v) receivables the assignment of which is restricted by law, (vi) natural resources, common use items, grids in public ownership, river basin land and water facilities in public ownership, protected natural heritage in public ownership and cultural heritage in public ownership, (vii) real estate in public ownership which is, partly or entirely, used by the authorities of the Republic of Serbia, autonomous provinces or local self-government for the purpose of exercising their rights and duties; (viii) the state's, autonomous province’s or local government’s stocks and shares in companies and public enterprises, unless the relevant entity consented to the establishment of a pledge over such stocks or shares, (ix) movable or immovable assets of health institutions, unless a mortgage was established based on the government's decision, (x) monetary assets and financial instruments determined as financial collateral in accordance with the law regulating financial collateral including monetary assets and financial instruments which are pledged in accordance with such law or (xi) other assets exempt from enforcement by international law or international treaties.

Arbitration. Any dispute arising out of or in connection with this 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 this Agreement is declared void or is terminated or cancelled and following expiry of this Agreement. The Parties’ contractual obligations under this Agreement are not suspended if a Party initiates legal proceedings against the other Party. The Parties expressly agree that, by signing this Agreement, the Borrower irrevocably waives all rights of immunity in respect of jurisdiction or execution on which it could otherwise rely. For the avoidance of doubt, this waiver includes a waiver of immunity from: (i) : Any suit or legal, judicial or arbitral process arising out of, in relation to or in connection with this Agreement; (ii) ; Giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; (iii) ; Any effort to confirm, recognize, enforce or execute any decision, settlement, award judgment, execution order or, in an action in rem, any effort for the arrest, for the arrest, detention or sale of any of its assets and revenues that result from any arbitration, or any legal, judicial or administrative proceedings. The Borrower does not waive any immunity in respect of any present or future (i) “premises of the mission” as defined in the Vienna Convention on Diplomatic Relations signed in 1961, (ii) “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, (iii) assets that cannot be in commerce, (iv) military property or military assets and buildings, weapons and equipment designated for defence, state and public security, (v) receivables the assignment of which is restricted by law, (vi) natural resources, common use items, grids in public ownership, river basin land and water facilities in public ownership, protected natural heritage in public ownership and cultural heritage in public ownership, (vii) real estate in public ownership which is, partly or entirely, used by the authorities of the Republic of Serbia, autonomous provinces or local self-government for the purpose of exercising their rights and duties; (viii) the state's, autonomous province’s or local government’s stocks and shares in companies and public enterprises, unless the relevant entity consented to the establishment of a pledge over such stocks or shares, (ix) movable or immovable assets of health institutions, unless a mortgage was established based on the government's decision, (x) monetary assets and financial instruments determined as financial collateral in accordance with the law regulating financial collateral including monetary assets and financial instruments which are pledged in accordance with such law or (xi) other assets exempt from enforcement by international law or international treaties.

Arbitration. Any dispute arising out of or in connection with this 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 this Agreement is declared void or is terminated or cancelled and following expiry of this Agreement. The Parties’ contractual obligations under this Agreement are not suspended if a Party initiates legal proceedings against the other Party. The Parties expressly agree that, by signing this Agreement, the Borrower irrevocably waives all rights of immunity in respect of jurisdiction or execution on which it could otherwise rely. For the avoidance of doubt, this waiver includes a waiver of immunity from: (i) Any suit or legal, judicial or arbitral process arising out of, in relation to or in connection with this Agreement; (ii) Giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; (iii) Any effort to confirm, recognize, enforce or execute any decision, settlement, award judgment, execution order or, in an action in rem, any effort for the arrest, for the arrest, detention or sale of any of its assets and revenues that result from any arbitration, or any legal, judicial or administrative proceedings. The Borrower does not waive any immunity in respect of any present or future future (i) “premises of the mission” as defined in the Vienna Convention on Diplomatic Relations signed in 1961, (ii) “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, (iii) assets that cannot be in commerce, (iv) military property or military assets and buildings, weapons and equipment designated for defence, state and public security, (v) receivables the assignment of which is restricted by law, (vi) natural resources, common use items, grids in public ownership, river basin land and water facilities in public ownership, protected natural heritage in public ownership and cultural heritage in public ownership, (vii) real estate in public ownership which is, partly or entirely, used by the authorities of the Republic of Serbia, autonomous provinces or local self-government for the purpose of exercising their rights and duties; (viii) the state's, autonomous province’s or local government’s stocks and shares in companies and public enterprises, unless the relevant entity consented to the establishment of a pledge over such stocks or shares, (ix) movable or immovable assets of health institutions, unless a mortgage was established based on the government's decision, (x) monetary assets and financial instruments determined as financial collateral in accordance with the law regulating financial collateral including monetary assets and financial instruments which are pledged in accordance with such law or (xi) other assets exempt from enforcement by international law or international treaties.

Arbitration. Any dispute arising out of or in connection with this the Framework 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 this the Framework Agreement is declared void or is terminated or cancelled and following expiry of this the Framework Agreement. The Parties’ contractual obligations under this the Framework Agreement are not suspended if a Party initiates legal proceedings against the other Party. The Parties expressly agree that, by signing this the Framework Agreement, the Borrower irrevocably waives all rights of immunity in respect of jurisdiction or execution performance on which it could otherwise rely. For the avoidance of doubt, this waiver includes a waiver of immunity from: (i) Any suit or legal, judicial or arbitral process arising out of, in relation to or in connection with this Agreement; (ii) Giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; (iii) Any effort to confirm, recognize, enforce or execute any decision, settlement, award judgment, execution order or, in an action in rem, any effort for the arrest, for the arrest, detention or sale of any of its assets and revenues that result from any arbitration, or any legal, judicial or administrative proceedings. The Borrower does not waive any immunity in respect of any present or future future (i) “premises of the mission” as defined in the Vienna Convention on Diplomatic Relations signed in 1961, (ii) “consular premises” as defined in the Vienna Convention on Consular Relations signed in 1963, (iii) assets that cannot be in commerce, (iv) military property or military assets and buildings, weapons and equipment designated for defence, state and public security, (v) receivables the assignment of which is restricted by law, (vi) natural resources, common use items, grids in public ownership, river basin land and water facilities in public ownership, protected natural heritage in public ownership and cultural heritage in public ownership, (vii) real estate in public ownership which is, partly or entirely, used by the authorities of the Republic of Serbia, autonomous provinces or local self-government for the purpose of exercising their rights and duties; (viii) the state's, autonomous province’s or local government’s stocks and shares in companies and public enterprises, unless the relevant entity consented to the establishment of a pledge over such stocks or shares, (ix) movable or immovable assets of health institutions, unless a mortgage was established based on the government's decision, (x) monetary assets and financial instruments determined as financial collateral in accordance with the law regulating financial collateral including monetary assets and financial instruments which are pledged in accordance with such law or (xi) other assets exempt from enforcement by international law or international treaties.. Election of domicile Without prejudice to any applicable law, for the purposes of serving judicial and extrajudicial documents in connection with any action or proceedings referred to above, the Borrower irrevocably elects domicile at the address set out in Clause 18.1 (Communications in writing and addresses) for service of process, and AFD chooses the address “AFD SIEGE” set out in Clause 18.1 (Communications in writing and addresses) for service of process. Made in three (3) originals, one (1) for the Lender and two (2) for the Borrower, in Belgrade, Republic of Serbia, on 26 June 2023. REPUBLIC OF SERBIA Represented by:Name: Xxxxxx XxxxXxxxxxxx: Deputy Prime Minister and Minister of Finance THE LENDER AGENCE FRANCAISE DE DEVELOPPEMENT Represented by :Name: Xxxxxxxxx XxxxxxxxxxXxxxxxxx: Head of Western Balkans regional office Co-signatory, His Excellency Mr. Xxxxxx Xxxxxxx, Ambassador of France SERBIA GREEN AGENDA PROGRAMMATIC DEVELOPMENT POLICY OPERATION Serbia has committed under the Paris Agreement to reduce its GHG emissions by 33.3% by 2030 compared to 1990 levels, as stated in its revised Nationally Determined Contribution (NDC), submitted in August 2022 to the UNFCCC Secretariat. Due to the predominance of the energy sector in the country's GHG emissions, the NDC insists on increasing the share of renewable energy, improving energy efficiency and modernizing industrial processes as key objectives for achieving this target. Serbia has also committed to implement and follow a multi-dimensional Green Agenda Roadmap, based on the European Green Deal, adopted by the Western Balkans Heads of State at the EU-Balkans Summit in Sofia on 10 November 2020. This commitment was reaffirmed at the Brdo Summit on 6 October 2021, where all States in the region have committed to the Green Agenda Action Plan. In addition, as a member of the Energy Community (EC) - Serbia has joined the EC from its inception in 2006 – the country is committed to setting energy and climate targets for 2030; non-EU member States of the EC Treaty are obliged to adopt the EU Acquis in the field of energy standards and regulations. The Ministry of Mining and Energy (MoME) is in the process of the preparation of the Integrated National Energy and Climate Plan up to 2030 with the vision up to 2050 (NECP), and of the new Energy Sector Development Strategy up to 2040 with the projections up to 2050 (ESDS). These documents will present the new Serbian energy policy and new targets for RES and energy efficiency in 2030. The target for GHG emission reduction in these documents will be the same as it is in the revised Serbian NDC (adopted by Serbian Government in August 2022) – 40.3 % with LULUCF compared to 1990 (or 33.3% without LULUCF compared with 1990). The draft NECP is under revision. The revised draft of NECP will be presented on the public consultations, which will be organized in the next period. The NECP and the new ESDS will be adopted by the end of 2023. which aims to translate the Serbian government's orientations into concrete public action measures, is in the process of being adopted. In this context, the Serbian Government has requested financial and technical support from AFD, the World Bank (WB) and KfW to support the implementation of its Green Agenda roadmap in a programmatic, multi-year and multi-sectoral approach. The present program and related loans are structured to meet this request. They will support the development and strengthening of the regulatory and institutional framework of Serbia on the different pillars of the Green Agenda roadmap. The three financial institutions (AFD, WB and KfW) and the Government of the Republic of Serbia have developed a detailed matrix (below) that set public policy objectives in three areas: climate finance, clean energy transition and environment: (i) transparency of public expenditure and introduction of a methodology for classifying "green" expenditure; (ii) assessment and management of budgetary risks related to climate hazards; (iii) estimation of climate co-benefits of public investments. ▪ Second pillar (Prior actions #4 to #7): it provides support for reforms in the fields of renewable energy, energy efficiency and the fight against energy poverty. ▪ Third pillar (Prior actions #8 and #9): it covers two critical areas of action for the alignment of Serbian legislation with the EU Acquis, namely (i) the waste sector and (ii) air quality. The completion of the Prior Actions (PAs) in the Matrix is a condition for the disbursement of the First Credit and the Indicative Triggers (IT) are a basis for future PAs for the Second Credit, which will be confirmed and completed if necessary in dialogue with the Ministries. The progress toward the objectives set as PAs and ITs, as well as the commitment from Government of the Republic of Serbia to reach the quantified targets (vs. baseline in 2020), will be discussed in formalized working groups and continuous discussion with the Serbian authorities. The Matrix of the Program is presented below. Prior Action #1: The Borrower has introduced the legal obligation to publish in- year budget execution information (covering the first six and nine months of budget execution), with functional and administrative breakdowns as in the original budget, to increase transparency in budgetary expenditures, including on environment and climate related activities, as evidenced by amendments to the Budget System Law, duly published in the Borrower’s Official Gazette No. 138, on December 12, 2022. Trigger #1: The Borrower introduced budget tagging of “green” expenditures by enacting amendments to the Budget System Law, Article 35, related to budgetary instructions, to add as part of annual budgetary instructions the new methodology for classification of climate change and environment protection expenditures, and Article 79 related to the content of the final account, to introduce reporting of green expenditures. Results Indicators #1: In-year reports on central government’s budget execution published No (2022) Yes, two in- year reports (2023) Prior Action #2: The Borrower, pursuant to the Methodology for Fiscal Risk Monitoring, developed fiscal risk models to quantify fiscal risks over the medium-term, as included in the Fiscal Strategy, and introduced the obligation to produce in-year and annual fiscal risk reports, as evidenced by Government Decision 05 No. 40-9575/2021, duly published in the Borrower’s Official Gazette No. 99, dated October 22, 2021. Trigger #2: The Borrower has introduced analysis and estimates of the possible fiscal impact of disasters-related events based on fiscal risks models and methodology starting with the 2024 Fiscal Strategy, based on amendments to the Budget System Law related to the content of the Fiscal Strategy. Results Indicators #2: The borrower started publishing the assessments of fiscal risks related to natural disasters in the Fiscal Strategy No (2022) Yes (2024) Prior Action #3: The Borrower has introduced additional environmental and climate-related criteria to evaluate public investment projects, submitted by Budget Trigger #3: The Borrower has developed a regulatory framework to measure the climate co-benefits of approved public investment projects in line with Results Indicators #3: Share of environment and climate change related projects in total capital n.a. (2021) 15 percent (2024) Beneficiaries to the MoF for financing from the Government’s budget, and prioritize those public investment projects with positive impact on the environment and climate change, as evidenced by the amendments to the Decree on Management of Capital Projects, duly published in the Borrower’s Official Gazette No. 139, dated December 16, 2022. commitments under the Low-Carbon Development Strategy and the National Climate Change Adaptation Program. budget (ii) introduced a simplified registration procedure for prosumers, as evidenced by the Decree on the criteria, conditions, and manner of calculating mutual financial claims between self-consumers and suppliers (Decree 5 No. 110-7592/2021-2) duly published in the Borrower’s Official Gazette No. 83, dated August 27, 2021. Trigger #4 (i): The Borrower has updated the regulatory framework for implementation of auctions for renewable energy capacity, as evidenced by (a) the Decree which regulates balance responsibility for renewable energy producers, and (b) the Three-year plan for auctions for renewable energy capacity. Trigger #4 (ii): The Borrower has developed the policy framework with regard to green hydrogen. Results Indicators #4: MW of cumulative renewable energy capacity procured through auctions. 0 (2021) 400 MW (2024) Prior Action #5: The Borrower has revised the Rulebook on Internal Organization and Job Systematization (Rulebook No. 110-00- 00085/2021-08, dated October 7, 2021) to enable the Energy Efficiency Administration to scale up programs for residential clean energy, as evidenced by the Government Decision 05 No. 110-10364/2021, dated November 10, 2021. Trigger #5(i): The Borrower has institutionalized a predictable and transparent multi-year funding mechanism for the EEA’s programs. Trigger #5(ii): The Borrower has adopted secondary legislation that enables licensing of energy auditors and the adoption of energy audit methodology for the entities defined by the Law on Energy Efficiency and Rational Use of Energy of 2021. Results Indicator #5: Financing mobilized per year for investment in residential energy efficiency by the programs of the MoME. US$ 0m (2020) US$ 25m (2024)