to issue guarantees according to the applicable legislation, established and/or operating in the Republic of Italy. Such institution shall comply with relevant standards and applicable legislation on the prevention of money laundering, the fight against terrorism and tax fraud (including the EIF Anti-Fraud Policy) to which it may subject, and shall not be established in a Non-Compliant Jurisdiction, unless in case of NCJ Implementation. The Financial Intermediaries shall not be selected if they fall within at least one of items listed in the exclusion criteria shown in Appendix C ( Exclusion Criteria for Financial Intermediaries ). issue guarantees according to the applicable legislation, established and/or operating in the Republic of Italy. Such institution shall comply with relevant standards and applicable legislation on the prevention of money laundering, the fight against terrorism and tax fraud (including the EIF Anti-Fraud Policy) to which it may subject, and shall not be established in a Non-Compliant Jurisdiction, unless in case of NCJ Implementation. The Financial Intermediaries shall not be selected if they fall within at least one of items listed in the exclusion criteria shown in Appendix C ( Exclusion Criteria for Financial Intermediaries ).	to issue guarantees according to the applicable legislation, established and/or operating in the Republic of Italy. Such institution shall comply with relevant standards and applicable legislation on the prevention of money laundering, the fight against terrorism and tax fraud (including the EIF Anti-Fraud Policy) to which it may subject, and shall not be established in a Non-Compliant Jurisdiction, unless in case of NCJ Implementation. The Financial Intermediaries shall not be selected if they fall within at least one of items listed in the exclusion criteria shown in Appendix C ( Exclusion Criteria for Financial Intermediaries ).
4. The SMEI Transactions s - Existing portfolio	The definition Existing Portfolio maximum size shall be deleted under the relevant Section. Point (ii) of the Eligibility Criteria of the Existing Portfolio under the relevant Section, related to geographic concentration in the Target Geography shall be deleted.
5.The SMEI Transactions Miscellaneo us	The following definition shall be amended as follows under the relevant Section: Governing Law and Language Law The terms of the Guarantee Agreement or the Notes Purchase Agreement shall be in the English language and the Guarantee Agreement or the Notes Purchase Agreement shall be governed by the laws of Luxembourg (unless otherwise agreed by the EIF in its absolute discretion). terms of the Guarantee Agreement or the and Language Notes Purchase Agreement shall be in the English language and the Guarantee Agreement or the Notes Purchase Agreement shall be governed by the laws of Luxembourg (unless otherwise agreed by the EIF in its absolute discretion).	Governing Law and Language	The terms of the Guarantee Agreement or the Notes Purchase Agreement shall be in the English language and the Guarantee Agreement or the Notes Purchase Agreement shall be governed by the laws of Luxembourg (unless otherwise agreed by the EIF in its absolute discretion).

6. The Additional Portfolio	The following definition shall be amended as follows under the relevant Section: Disbursement End Date End Has the meaning set forth in the relevant Additional Portfolio Agreement provided that such date cannot be later than 31 December 2023 (or any other date as set-up by the Investors Board within the limit of the relevant regulation). the meaning set forth in the relevant Date Additional Portfolio Agreement provided that such date cannot be later than 31 December 2023 (or any other date as set-up by the Investors Board within the limit of the relevant regulation).	Disbursement End Date	Has the meaning set forth in the relevant Additional Portfolio Agreement provided that such date cannot be later than 31 December 2023 (or any other date as set-up by the Investors Board within the limit of the relevant regulation).

7. The additional Portfolio - Transfer of Benefit and de minimis	The following definition shall be amended as follows under the relevant Section: The amount of benefit provided to the Financial Intermediary in respect of each tranche of the SMEI Transaction supported by the Facility shall be transferred to the Final Recipients by reducing the standard premium normally charged by the Eligible Final Recipient Transaction Benefit (either via interest spread or guarantee fee). amount of benefit provided to the Financial Total Benefit Benefit Intermediary in respect of each tranche of the SMEI Transaction supported by the Facility shall be transferred to the Final Recipients by reducing the standard premium normally charged by the Eligible Final Recipient Transaction Benefit (either via interest spread or guarantee fee).	Total Benefit	The amount of benefit provided to the Financial Intermediary in respect of each tranche of the SMEI Transaction supported by the Facility shall be transferred to the Final Recipients by reducing the standard premium normally charged by the Eligible Final Recipient Transaction Benefit (either via interest spread or guarantee fee).