Document:

EX-4.11

 Exhibit 4.11 

Execution Copy 
  

 
  

INVESTMENT NUMBER 38134 

Master Loan Agreement 

between 
 BANCO DE
GALICIA Y BUENOS AIRES S.A. 
 and 

INTERNATIONAL FINANCE CORPORATION 

Dated May 24, 2016 
  

 
  

  
 1 

 TABLE OF CONTENTS 

 

							
	 Article/

Section
	 	 Item
	  	Page No.	 
		
	 ARTICLE I
	  	 	4	 
		
	 Definitions and Interpretation
	  	 	4	 
			
	 Section 1.01.
	 	 Definitions
	  	 	4	 
	 Section 1.02.
	 	 Financial Calculations
	  	 	15	 
	 Section 1.03.
	 	 Interpretation
	  	 	15	 
	 Section 1.04.
	 	 Business Day Adjustment
	  	 	15	 
	 Section 1.05.
	 	 Loan Agreements
	  	 	16	 
		
	 ARTICLE II
	  	 	16	 
		
	 The Loans
	  	 	16	 
			
	 Section 2.01.
	 	 Amount and Purpose
	  	 	16	 
	 Section 2.02.
	 	 Commitment and Disbursement Procedure
	  	 	17	 
	 Section 2.03.
	 	 Interest
	  	 	18	 
	 Section 2.04.
	 	 Default Interest Rate
	  	 	20	 
	 Section 2.05.
	 	 Repayment
	  	 	20	 
	 Section 2.06.
	 	 Prepayment
	  	 	20	 
	 Section 2.07.
	 	 Fees
	  	 	20	 
	 Section 2.08.
	 	 Currency and Place of Payment
	  	 	21	 
	 Section 2.09.
	 	 Allocation of Partial Payments
	  	 	21	 
	 Section 2.10.
	 	 Increased Costs
	  	 	21	 
	 Section 2.11.
	 	 Unwinding Costs
	  	 	21	 
	 Section 2.12.
	 	 Taxes
	  	 	22	 
	 Section 2.13.
	 	 Expenses
	  	 	22	 
	 Section 2.14.
	 	 The Notes
	  	 	22	 
		
	 ARTICLE III
	  	 	23	 
		
	 Representations and Warranties
	  	 	23	 
			
	 Section 3.01.
	 	 Representations and Warranties
	  	 	23	 
	 Section 3.02.
	 	 IFC Reliance
	  	 	24	 
		
	 ARTICLE IV
	  	 	24	 
		
	 Conditions of Disbursement
	  	 	24	 
			
	 Section 4.01.
	 	 Conditions of First Disbursement of the Loans
	  	 	24	 
	 Section 4.02.
	 	 Conditions of All Disbursements
	  	 	25	 
	 Section 4.03.
	 	 Conditions for IFC Benefit
	  	 	26	 
		
	 ARTICLE V
	  	 	27	 
		
	 Particular Covenants
	  	 	27	 
			
	 Section 5.01.
	 	 Affirmative Covenants
	  	 	27	 
	 Section 5.02.
	 	 Negative Covenants
	  	 	29	 

  
 2 

							
	 Section 5.03.
	 	 Financial Covenants
	  	 	30	 
	 Section 5.04.
	 	 Reporting Requirements
	  	 	31	 
	 Section 5.05.
	 	 Insurance
	  	 	33	 
	 Section 5.06.
	 	 General Requirements Relating to Eligible
Sub-loans
	  	 	34	 
	 Section 5.07.
	 	 Special Reporting Requirements for Eligible
Sub-Loans
	  	 	35	 
		
	 ARTICLE VI
	  	 	36	 
		
	 Events of Default
	  	 	36	 
			
	 Section 6.01.
	 	 Acceleration after Default
	  	 	36	 
	 Section 6.02.
	 	 Events of Default
	  	 	36	 
	 Section 6.03.
	 	 Effects of Insolvency
	  	 	37	 
		
	 ARTICLE VII
	  	 	38	 
		
	 Miscellaneous
	  	 	38	 
			
	 Section 7.01.
	 	 Saving of Rights
	  	 	38	 
	 Section 7.02.
	 	 Notices
	  	 	38	 
	 Section 7.03.
	 	 English Language
	  	 	39	 
	 Section 7.04.
	 	 Applicable Law and Jurisdiction
	  	 	39	 
	 Section 7.05.
	 	 Disclosure of Information
	  	 	40	 
	 Section 7.06.
	 	 Successors and Assignees
	  	 	40	 
	 Section 7.07.
	 	 Amendments, Waivers and Consents
	  	 	41	 
	 Section 7.08.
	 	 Counterparts
	  	 	41	 

  

					
	ANNEXES:
			
	Annex A:	 	INSURANCE REQUIREMENTS	  	
	Annex B:	 	PROHIBITED ACTIVITIES	  	
	Annex C:	 	ANTI-CORRUPTION GUIDELINES	  	
	Annex D:	 	COPY OF SEMS PLAN	  	
	Annex E:	 	ESCASANY, AYERZA AND BRAUN FAMILY MEMBERS	  	
	Annex F:	 	ELIGIBILITY CRITERIA FOR ELIGIBLE SUB-PROJECTS FOR TRANCHE B	  	
	
	SCHEDULES:
			
	Schedule 1:	 	FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY	  	
	Schedule 2:	 	FORM OF LOAN REQUEST	  	
	Schedule 3:	 	FORM OF LOAN AGREEMENT	  	
	Schedule 4:	 	FORM OF SERVICE OF PROCESS LETTER	  	
	Schedule 5:	 	FORM OF LETTER TO AUDITORS	  	
	Schedule 6:	 	FORM OF QUARTERLY AND ANNUAL REVIEW OF OPERATIONS REPORT	  	
	Schedule 7:	 	FORM OF PORTFOLIO REPORT	  	
	Schedule 8:	 	FORM OF S&E PERFORMANCE REPORT	  	
	Schedule 9:	 	FORM OF NOTE	  	
	Schedule 10:	 	FORM OF ELIGIBLE SUB-LOANS REPORT	  	

  
 3 

 MASTER LOAN AGREEMENT 

MASTER LOAN AGREEMENT dated May 24, 2016, between BANCO DE GALICIA Y BUENOS AIRES S.A., a banking institution organized and existing
under the laws of the Republic of Argentina (the “Borrower”), and INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of Agreement among its member countries including the Republic of Argentina
(“IFC”). 
 ARTICLE I 

Definitions and Interpretation 

Section 1.01. Definitions. 

Wherever used in this Agreement, the following terms have the meanings opposite them: 

“Accounting Standards” means International Financial Reporting Standards (“IFRS”) promulgated by the International
Accounting Standards Board (“IASB”) (which include standards and interpretations approved by the IASB and International Accounting Standards issued under previous constitutions), together with its pronouncements thereon from time to time,
and applied on a consistent basis or the banking accounting standards of the Country; 
 “Adjusted Interest Rate Gap” means
for any time period listed in the first column of the following chart (each, a “Time Period”), the result obtained by multiplying: (i) the Interest Rate Gap for such Time Period; by (ii) the weighting factor listed opposite such
Time Period in the second column of the following chart: 
  

					
	 Time Period
	  	Weighting Factor	 
	 0 to and including 180 days
	  	 	1.0	% 
	 Greater than 180 days to and including 360 days
	  	 	3.5	% 
	 Greater than 1 year to and including 3 years
	  	 	8.0	% 
	 Greater than 3 years to and including 5 years
	  	 	13.0	% 
	 Greater than 5 years to and including 10 years
	  	 	18.0	% 
	 Greater than 10 years
	  	 	20.0	% 

 “Affiliate” means with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with, such Person (where “control” means the power to direct the management or policies of a Person, directly or indirectly, provided that the direct or indirect ownership of 20% or
more of the voting share capital of a Person is deemed to constitute control of such Person, and “controlling” and “controlled” have corresponding meanings); 

“Aggregate Foreign Exchange Open Position” means the aggregate of all Foreign Exchange Open Positions of the Borrower; 

“Aggregate Foreign Exchange Risk Ratio” means the result obtained by dividing: (i) the Aggregate Foreign Exchange Open
Position; by (ii) Total Capital; 

  
 4 

 “Aggregate Interest Rate Risk Ratio” means the result obtained by dividing:
(i) the aggregate of all Adjusted Interest Rate Gaps in all Time Periods; by (ii) Total Capital, it being understood that positive and negative Adjusted Interest Rate Gaps should be netted in such calculation; 

“Aggregate Large Exposures Ratio” means the result obtained by dividing: (i) the aggregate of all Large Exposures; by
(ii) Total Capital; 
 “Aggregate Negative Maturity Gap Ratio” means for Foreign Currencies and local currencies, the
result obtained by dividing: (i) the aggregate of each Currency Maturity Gap which is a negative number; by (ii) Total Capital; 

“Agreement” means this Master Loan Agreement, as may be amended from time to time; 

“AML/CFT Officer” means a senior officer of the Borrower whose duties include oversight or supervision of the implementation
and operation of, and compliance with, the Borrower’s anti-money laundering and combating the financing of terrorism (AML/CFT) policies, procedures and controls; 

“Applicable S&E Law” means all applicable statutes, laws, ordinances, rules and regulations of the Country, including but
not limited to any license, permit or other governmental Authorization imposing liability or setting standards of conduct concerning any environmental, social, labor, health and safety or security risks of the type contemplated by the Performance
Standards; 
 “Argentine Central Bank” means the Banco Central de la República Argentina; 

“Auditors” means, as of the date hereof, Price Waterhouse & Co. S.R.L. or such other firm that the Borrower appoints
from time to time as its auditors pursuant to Section 5.01(c) (Affirmative Covenants); 
 “Authority” means any
national, supranational, regional or local government or governmental, administrative, fiscal, judicial, or government-owned body, department, commission, authority, tribunal, agency or entity, or central bank (or any Person, whether or not
government owned and howsoever constituted or called, that exercises the functions of a central bank); 
 “Authorization”
means any consent, registration, filing, agreement, notarization, certificate, license, approval, permit, authority or exemption from, by or with any Authority, whether given by express action or deemed given by failure to act within any specified
time period and all corporate, creditors’ and shareholders’ approvals or consents; 
 “Authorized Representative”
means any natural person who is duly authorized by the Borrower to act on its behalf for the purposes specified in, and whose name and a specimen of whose signature appear on, the Certificate of Incumbency and Authority most recently delivered by
the Borrower to IFC; 
 “Banking Regulations” means the laws and regulations applicable to banking and financial
institutions in the Country, including any rules, regulations and/or directives issued by the Argentine Central Bank or any Person exercising the functions of a central bank or that otherwise has authority to regulate the banking sector in the
Country; 
 “Business Day” means a day when banks are open for business in New York, New York or, solely for the purpose of
determining the applicable Interest Rate other than pursuant to Section 2.03(e)(ii) (Interest), London, England; 

“CAO” means Compliance Advisor Ombudsman, the independent accountability mechanism for IFC that impartially responds to
environmental and social concerns of affected communities and aims to enhance outcomes; 

  
 5 

 “Category “A” Activity” means any activity of an Eligible Sub-borrower which is likely to have significant adverse environmental impacts that are sensitive, diverse or unprecedented; 

“Certificate of Incumbency and Authority” means a certificate provided to IFC by the Borrower in the form of Schedule 1
(Form of Certificate of Incumbency and Authority); 
 “CFO” means the chief financial officer of the
Borrower; 
 “Change of Control” means any of the following: (i) the Escasany, Ayerza and Braun Family Members, at any
time and for any reason cease to Control or to own 100% of the voting and economic interests in EBA Holding S.A.; (ii) EBA Holding S.A. at any time and for any reason ceases to own at least 58% of the voting interests and at least 21% of the
economic interests in Grupo Galicia (determined on a fully diluted basis); (iii) any Person other than EBA Holding S.A. shall have obtained the power (whether or not exercised) to elect a majority of the board of directors of Grupo Galicia;
(iv) the board of directors of Grupo Galicia shall cease to consist of a majority of continuing directors; (v) Grupo Galicia at any time and for any reason ceases to own at least 100% of the voting and economic interests in the Borrower
(determined on a fully diluted basis); (vi) any Person other than Grupo Galicia. shall have obtained the power (whether or not exercised) to elect a majority of the board of directors of the Borrower; (vii) the board of directors of Grupo
Galicia or the Borrower shall cease to consist of a majority of continuing directors; or (viii) a “change of control” or similar event shall occur as provided in any other loan or preferred stock documentation relating to Grupo
Galicia or the Borrower; 
 “Charter” means, with respect to the Borrower, the estatutos; 

“Coercive Practice” has the meaning assigned to it in Annex C; 

“Collusive Practice” has the meaning assigned to it in Annex C; 

“Commitment” means the principal amount of a Loan to be committed by IFC under the relevant Loan Agreement; 

“Commitment Date” means the day in which IFC has executed the relevant Loan Agreement; 

“Consolidated” or “Consolidated Basis” means with respect to any financial statements to be provided, or any
financial calculation to be made, under or for the purposes of this Agreement and any other Transaction Document the method referred to in Section 1.02(c) (Financial Calculations); and the entities whose accounts are to be consolidated with
the accounts of the Borrower are all the Subsidiaries of the Borrower; 
 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise, and the verb “Control” and the terms “Controlling” and
“Controlled” have the meanings correlative to the foregoing; provided that any controller (veedor) appointed by the Argentine Central Bank to oversee the operations of the Borrower shall not be construed as “Controlling”
the direction of the management and/or policies of the Borrower; 
 “Corrupt Practice” has the meaning assigned to it in
Annex C; 
 “Country” means the Republic of Argentina; 

  
 6 

 “Currency Maturity Gap” means for assets and liabilities denominated in the same
currency, the difference between: (i) the aggregate of all on- and off-balance sheet assets maturing within 90 days; and (ii) the aggregate of all on- and off-balance sheet liabilities maturing within 90 days; 

“Directly Export Oriented SME” means any SME operating in directly export oriented sectors; 

“Disbursement” means any disbursement of a Loan; 

“Disbursement Request” means a request delivered by the Borrower to IFC in the form and substance of Schedule 3
(Schedule 1 of the form of the Loan Agreement) soliciting a Disbursement; 
 “Dollars” and “$” means the
lawful currency of the United States of America; 
 “Economic Group” means, with respect to any Person, all Persons that
are Affiliates, Related Parties or Linked Parties of such Person; 
 “Economic Group Exposure Ratio” means, the result
obtained by dividing: (i) the Exposure of the Borrower to any Person or Economic Group; by (ii) Total Capital; 

“Eligible Sub-borrower” means, indistinctively, an Eligible Sub-borrower for Tranche A or an Eligible Sub-borrower for Tranche B, as the context may require; 

“Eligible Sub-borrower for Tranche A” means any legal entity organized and existing
under the laws of the Country which: (i) is privately owned, i.e., with participation in its voting and non-voting capital by public sector entities not exceeding 49%; (ii) is locally owned, i.e., with
aggregate participation in its voting and non-voting capital by foreign Persons not exceeding 49%; (iii) has annual sales of less than $40,000,000 equivalent; (iv) is not a Related Party or an Affiliate
of the Borrower; (v) conducts its business and operations primarily in the Country; (vi) is either a Directly Export Oriented SME or an Indirectly Export Oriented SME; (vii) complies with the environmental requirements of the Country;
(viii) is not primarily engaged in any of the activities on the Exclusion List; and (ix) is a Person to whom the Borrower makes a Eligible Sub-loan for Tranche A; 

“Eligible Sub-borrower for Tranche B” means any legal entity organized and existing
under the laws of the Country which: (i) is privately owned, i.e., with participation in its voting and non-voting capital by public sector entities not exceeding 49%; (ii) is not a Related Party or an
Affiliate of the Borrower; (iii) conducts its business and operations primarily in the Country; (iv) complies with the environmental requirements of the Country; (v) is not primarily engaged in any of the activities on the Exclusion
List; and (vi) is a Person to whom the Borrower makes a Eligible Sub-loan for Tranche B; 

“Eligible Sub-loan” means, indistinctively, an Eligible Sub-loan for Tranche A or an Eligible Sub-loan for Tranche B, as the context may require; 

“Eligible Sub-loan for Tranche A” means any loan which is made by the Borrower to an
Eligible Sub-borrower for Tranche A to finance an Eligible Sub-project for Tranche A which meets all of the following criteria: (i) is denominated in Dollars;
(ii) has a principal amount at origination not exceeding $2,000,000; (iii) has a minimum tenor of 1 year from the date of execution of the relevant agreement providing for the Eligible Sub-loan for
Tranche A; (iv) is evidenced by an agreement containing such provisions as would enable the Borrower to comply with the requirements set out in this Agreement; (v) has been approved in full compliance with the Borrower’s internal
credit underwriting policies and standards; and (vi) proceeds thereof are applied solely and exclusively by the Eligible Sub-borrower for the financing of an Eligible
Sub-project for Tranche A; 

  
 7 

 “Eligible Sub-loan for Tranche B” means
any loan which is made by the Borrower to an Eligible Sub-borrower for Tranche B to finance an Eligible Sub-project for Tranche B which meets all of the following
criteria: (i) is denominated in Dollars; (ii) for Eligible Sub-loans granted to finance RE Eligible Sub-projects for Tranche B, has a principal amount at
origination not exceeding $ 10,000,000; (ii) has a minimum tenor of 3 years from the date of execution of the relevant agreement providing for such Eligible Sub-loan for Tranche B; (iii) is evidenced by
an agreement containing such provisions as would enable the Borrower to comply with the requirements set out in this Agreement; and (iv) has been committed by the Borrower not earlier than 6 months prior to the execution and delivery of the
Loan Agreement providing for the Tranche B Loan which funds will be in turn applied by the Borrower towards financing thereof; 

“Eligible Sub-project” means, indistinctively, an Eligible Sub-project for Tranche A or an Eligible Sub-project for Tranche B, as the context may require; 

“Eligible Sub-project for Tranche A” means any capital expenditure program, expansion
of capacity or any combination thereof in the Country, that (i) complies with the Applicable Laws of the Country, and consisting of activities not on the Exclusion List; (ii) complies with the provisions of Section 5.06(c) (General
Requirements Relating to Eligible Sub-Loans); and (iii) is financed by an Eligible Sub-loan for Tranche A; 

“Eligible Sub-project for Tranche B” means any project that: (i) meets the
eligibility criteria set out in Annex F; (ii) consists of activities which are not on the Exclusion List, located in the Country, which comply with applicable laws of the Country and comply with the provisions of Section 5.06(c) (General
Requirements Relating to Eligible Sub-Loans); and (iii) is financed by an Eligible Sub-loan for Tranche B; 

“Equity to Assets Ratio” means the result obtained by dividing: (i) Shareholders’ Equity; by (ii) Total
Assets; 
 “Escasany, Ayerza and Braun Family Members” any members of the Escasany, Ayerza and Braun families who are
holders of Class “A” Shares of EBA Holding S.A., or their heirs, descendants and spouses who receive shares as a result of dissolution of marriage, or otherwise, which holders of Class “A” Shares and the Fundación Banco de
Galicia y Buenos Aires S.A. are (to the extent applicable) identified in the shareholders’ meeting minutes, Number 1 of EBA Holding S.A. dated October 12, 1999, and registered before the Registro Público de Comercio under
number 18,036, Libro VIII, Tomo de Sociedades por Acciones, Número Correlativo IGJ 1670663, the names of which are identified in Annex E; 

“Event of Default” means any one of the events specified in Section 6.02 (Events of Default); 

“Exclusion List” means the list of prohibited activities set forth in Annex C; 

“Existing Liabilities” means the Liabilities owed by the Borrower to FMO/Proparco, which outstanding principal amount as of
March 31, 2016 is of $ 3,125,000 and $ 4,148,888.90, maturing on January 15, 2017 and January 15, 2018; 

“Export-Oriented SME” means either a Direct Export Oriented SME or an Indirect Export Oriented SME; 

“Exposure” means with respect to any Person or Economic Group, the aggregate of all
on-balance sheet assets (including equity) and off-balance sheet commitments and contingencies of the Borrower to such Person or Economic Group, less any related cash
collateral; provided, however, that any on-balance sheet assets (including equity), or off-balance sheet commitments or contingencies to the Argentine Central Bank
denominated in Pesos shall not be included in the calculation of the Exposure of the Borrower to such Person or Economic Group; 

  
 8 

 “Financial Year” means the accounting year of the Borrower commencing each year
on January 1 and ending on the following December 31, or such other period as the Borrower, with IFC’s consent, from time to time designates as its accounting year; 

“Fixed Assets Plus Equity Participations Ratio” means the result obtained by dividing: (i) the aggregate of net fixed
assets and equity investments, less (A) investments in unconsolidated banking and financial subsidiary companies, and (B) investments in capital of other banks and financial institutions; by (ii) Total Capital; 

“Foreign Currency” means any currency other than Pesos; 

“Foreign Currency Maturity Gap Ratio” means for each Foreign Currency representing more than 5% of the Borrower’s
assets, the result obtained by dividing: (i) the Currency Maturity Gap; by (ii) Total Capital; 
 “Foreign Exchange Open
Position” means with respect to any Foreign Currency, the absolute difference between assets and liabilities in that Foreign Currency, after giving effect to all Qualifying Off-Balance Sheet Hedges;

 “Fraudulent Practice” has the meaning assigned to it in Annex C; 

“Grupo Galicia” means Grupo Financiero Galicia S.A., a corporation (sociedad anonima) organized and existing under the
laws of the Country; 
 “IFC’s Board Approval” means the formal approval by the board of directors of IFC approving
the execution of this Agreement dated May 17, 2016; 
 “IFC Exposure” means with respect to any Person or Economic
Group, the aggregate of all on-balance sheet assets (including equity) and off-balance sheet commitments and contingencies of the IFC to such Person or Economic Group,
less any related cash collateral; provided, however, that any on-balance sheet assets (including equity), or off-balance sheet commitments or contingencies to the
Argentine Central Bank denominated in Pesos shall not be included in the calculation of the IFC Exposure to such Person or Economic Group; 

“IFC Loan #1” has the meaning ascribed to it in Section 2.01(a)(x) (Amount and Purpose); 

“IFC Loan #2” has the meaning ascribed to it in Section 2.01(a)(y) (Amount and Purpose); 

“IFC Loan #3” has the meaning ascribed to it in Section 2.01(a)(z) (Amount and Purpose); 

“Increased Costs” means the amount certified in an Increased Costs Certificate to be the net incremental costs of, or
reduction in return to, IFC or any Participant in connection with the making or maintaining of the Loan or its Participation that result from: 
  

	 	(i)	any change in any applicable law or regulation or directive (whether or not having force of law) or in its interpretation or application by any Authority charged with its administration; or 

 

	 	(ii)	compliance with any request from, or requirement of, any central bank or other monetary or other Authority; 

which, in either case, after the date of this Agreement: (A) imposes, modifies or makes applicable any reserve, special deposit or similar requirements
against assets held by, or deposits with or for the account 

  
 9 

 
of, or loans made by, IFC or that Participant; (B) imposes a cost on IFC as a result of IFC having made the Loan or on that Participant as a result of that Participant having acquired its
Participation reduces the rate of return on the overall capital of IFC or that Participant that it would have achieved, had IFC not made the Loan or that Participant not acquired its Participation, (C) changes the basis of taxation on payments
received by IFC in respect of the Loan or by that Participant with respect to its Participation (otherwise than by a change in taxation of the overall net income of IFC or that Participant imposed by the jurisdiction of its incorporation or in which
it books its Participation or in any political subdivision of any such jurisdiction); or (D) imposes on IFC or on that Participant any other condition regarding the making or maintaining of the Loan or that Participant’s Participation in
the Loan; but excluding any incremental costs of making or maintaining a Participation that are a direct result of that Participant having its principal office in the Country or having or maintaining a permanent office or establishment in the
Country, if and to the extent that permanent office or establishment acquires that Participation; 
 “Increased Costs
Certificate” means a certificate provided from time to time by IFC (based on a certificate to IFC from any Participant) certifying: (i) the circumstances giving rise to the Increased Costs; (ii) that the costs of IFC or, as the
case may be, that Participant have increased or the rate of return of either of them has been reduced; (iii) that, IFC or, as the case may be, that Participant has, in its opinion, exercised reasonable efforts to minimize or eliminate the
relevant increase or reduction, and (iv) the amount of Increased Costs; 
 “Indirectly Export Oriented SME” means any
SME operating in indirectly export oriented sectors; 
 “Interest Determination Date” means, except as otherwise provided
in Section 2.03(e)(ii) (Interest), the second Business Day before the beginning of each Interest Period; 
 “Interest Payment
Date” means June 15 and December 15 in each year; 
 “Interest Period” means each period of 6 months
beginning on an Interest Payment Date and ending on the day immediately before the next following Interest Payment Date, except in the case of the first period applicable to each Disbursement when it means the period beginning on the date on which
that Disbursement is made and ending on the day immediately before the next following Interest Payment Date; 
 “Interest
Rate” means, for any Interest Period, the rate at which interest is payable on the Loan during that Interest Period, determined in accordance with Section 2.03 (Interest); 

“Interest Rate Gap” means, for any Time Period, the difference between: (i) on-
and off-balance sheet assets repricing or maturing in such Time Period, and (ii) on- and off-balance sheet liabilities
maturing or repricing in such Time Period; 
 “Interest Rate Risk Ratio” means, for each Time Period, the result obtained
by dividing: (i) the Adjusted Interest Rate Gap for such Time Period; by (ii) Total Capital; 
 “Large Exposure”
means, with respect to any Person or Economic Group, the Exposure of the Borrower to such Person or Economic Group which is in excess of 10% of the Borrower’s Total Capital; 

“Liability” or “Liabilities” means with respect to any Person, the aggregate of all obligations (actual or
contingent) of such Person to pay or repay money; 
 “LIBOR” means the interbank offered rates for deposits in the Loan
Currency by the ICE Benchmark Administration Limited (“ICE”) (or NYSE Euronext or any applicable successor entity) which appear on the relevant page of the Reuters Service (currently page LIBOR01) or, if not available, on the relevant
pages of any other service (such as Bloomberg Financial Markets Service) that displays such rates; 

  
 10 

 
provided that if the ICE (or NYSE Euronext, or any applicable successor entity) for any reason ceases (whether permanently or temporarily) to publish interbank offered rates for deposits in the
Loan Currency for the relevant Interest Period, “LIBOR” shall mean the rate determined pursuant to Section 2.03(e) (Interest); 

“Lien” means any mortgage, pledge, charge, assignment, hypothecation, security interest, title retention, preferential right,
trust arrangement, right of set-off, counterclaim or banker’s lien, privilege or priority of any kind having the effect of security, any designation of loss payees or beneficiaries or any similar
arrangement under or with respect to any insurance policy or any preference of one creditor over another arising by operation of law; 

“Linked Party” means, with respect to any Person (“Person A”), all Persons who have received a loan or other
extension of credit from the Borrower and (a) have provided proceeds of a loan or extension of credit for Person A’s direct benefit (where “direct benefit” means when the proceeds, or assets purchased with the proceeds, are
transferred to another Person, other than in a bona fide arm’s length transaction); or (b) have a financial interest in a common enterprise with Person A, where a common enterprise is deemed to exist when the expected source of repayment for
each loan or extension of credit to either Person is the same for each Person and neither Person A nor the other Person has another source of income from which the loan (together with such Person’s other obligations) may be fully repaid; and it
is understood that an employer will be treated as the source of repayment for credit to an employee of such employer under this clause (b) so that any employee of such Person who has received a loan or other extension of credit from the
Borrower shall be considered a Linked Party of such Person; 
 “Loan” or “Loans” have the meaning ascribed
to them in Section 2.01(a)(z) (Amount and Purpose); 
 “Loan Agreement” means any Loan Agreement that instruments a
Loan in the form of Schedule 3; 
 “Loan Currency” means Dollars; 

“Loan Request” means a request delivered by the Borrower to IFC in the form and substance of Schedule 2 soliciting a Loan;

 “Long-Term Debt” means that part of the Liabilities of the Borrower whose final maturity falls due more than 1 year
after the date it is incurred (including the current maturities thereof); 
 “Market Disruption Event” means that, before
the close of business in London on the Interest Determination Date for the relevant Interest Period, the cost to IFC or Participants whose Participations in the Loan represent in the aggregate 30% or more of the outstanding principal amount of the
Loan (as notified to IFC by such Participants) of funding the Loan or such Participations (as applicable) would be in excess of LIBOR; 

“Material Adverse Effect” means a material adverse effect on: (i) the Borrower, its assets or properties; (ii) the
Borrower’s business prospects or financial condition; (iii) the implementation of, or the carrying on of, the Borrower’s business or operations; or (iv) the ability of the Borrower to comply with its obligations under this
Agreement or under any other Transaction Document to which the Borrower is a party; 
 “Notes” has the meaning assigned to
it in Section 2.14(a) (The Notes); 
 “Obstructive Practice” has the meaning assigned to it in Annex C; 

  
 11 

 “Open Credit Exposures Ratio” means the result obtained by dividing:
(i) Problem Exposures less total provisions; by (ii) Total Capital; 
 “Participant” means any Person who
acquires a Participation in the Loan; 
 “Participation” means a participating interest in the Loan, or as the context
requires, in any Disbursement; 
 “Performance Standards” means IFC’s Performance Standards on Social &
Environmental Sustainability, dated January 1, 2012 and available at http://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/IFC_External_Corporate_Site/IFC+Sustainabi 

lity/Sustainability+Framework/Sustainability+Framework+-+2012/; 

“Person” means any natural person, corporation, company, partnership, firm, voluntary association, joint venture, trust,
unincorporated organization, Authority or any other entity whether acting in an individual, fiduciary or other capacity; 

“Pesos” means the lawful currency of the Country; 

“Potential Event of Default” means any event or circumstance which would, with notice, lapse of time, the making of a
determination or any combination thereof, become an Event of Default; 
 “Problem Exposures” means the aggregate of:
(i) Exposures where any portion of such Exposures are, on non-accrual status, 90 days or more in arrears, or for which there is otherwise doubt that payments will be made in full; (ii) Exposures
where any portion of such Exposure has been a Restructured Troubled Loan within the past consecutive 12 months; (iii) assets received in lieu of payment (including, but not limited to, real estate and equity shares); and (iv) claims on
other Persons that are unreconciled, unsettled or otherwise unresolved for 90 days or longer; 
 “Qualifying Off-Balance Sheet Hedges” means hedging instruments with regulated banks rated investment grade on the national scale by any of Standard & Poor’s, Moody’s Investors Service or Fitch
Ratings, Ltd.; 
 “RE Eligible Sub-project for Tranche B” has the meaning assigned
to it in Section (iv)(a) of Annex F; 
 “Related Party” means, with respect to any Person, any other Person meeting any of
the following criteria: (i) each member of such Person’s board of directors, supervisory board or equivalent body; (ii) each member of such Person’s executive management; (iii) each Person holding, directly or indirectly,
more than five percent (5%) of the voting or non-voting share capital of such Person; (iv) each of the parents, children and siblings of the Persons falling under clauses (i) through (iii) above;
(v) each of the spouses of the Persons falling under clauses (i) through (iv) above; and (vi) each of the Affiliates and Linked Parties of the Persons falling under clauses (i) through (v) above; 

  
 12 

 “Related Party Exposure Ratio” means the result obtained by dividing:
(i) the Exposure of the Borrower to all Related Parties of the Borrower, less any Exposure of the Borrower to any operating subsidiary of the Borrower involved in leasing, factoring, consumer finance, mortgage finance, or merchant/investment
banking; by (ii) Total Capital; provided that a “subsidiary”, for purposes of this definition, is defined as a corporate entity that is controlled by another corporate entity, the parent; and provided further that “control”,
for purposes of this definition, is the power to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities (control is assumed when a corporate entity owns, holds, or controls 50% or more of the voting
power in another corporate entity, the subsidiary); 
 “Relevant Financing Operations” means any Eligible Sub-loan made to an Eligible Sub-borrower to finance to an Eligible Sub-project; 

“Relevant Spread” means collectively, the Tranche A Loans Relevant Spread and the Tranche B Loans Relevant Spread; 

“Restructured Troubled Loans” means those loans and leases whose terms have been modified (including by reduction in interest
rate, partial principal write-off, extension of tenor), because of deterioration in the financial condition of the borrower, to provide for a reduction in the principal, or interest repayment, or other terms
and conditions; once an obligation has been restructured because of such credit problems, it continues to be considered restructured until paid in full or until the borrower complies with the restructured terms through regular principal and interest
repayments, for at least 12 consecutive months, not counting any grace period provided at restructuring time; provided, however, that a loan extended or renewed at a stated interest rate equal to the current interest rate for a debt with similar
risk is not considered a Restructured Troubled Loan; 
 “Risk Weighted Assets” means, with respect to the Borrower, the
amount the Activos Ponderados por Riesgo (APR) as computed in accordance with the Argentine Central Bank Regulations prevailing as of the date of this Agreement (specifically, Communication “A” 5889), which for the avoidance of
doubt includes credit, operational and market risk; 
 “Risk Weighted Capital Adequacy Ratio” means the result obtained by
dividing: (i) Total Capital; by (ii) Risk Weighted Assets; 
 “Sanctionable Practice” means any Corrupt Practice,
Fraudulent Practice, Coercive Practice, Collusive Practice, or Obstructive Practice, as those terms are defined herein and interpreted in accordance with the Anti-Corruption Guidelines attached to this Agreement as Annex C; 

“SEMS Officer” means a senior officer of the Borrower to be responsible for administration and oversight of the S&E
Management System, initially appointed in accordance with Section 4.01(j) (Conditions of First Disbursement of the Loans); 

“SEMS Plan” means the plan or plans to be implemented by the Borrower, a copy of which is attached hereto as Annex D, setting
out the specific measures, modifications and enhancements to be undertaken by the Borrower in respect of the S&E Management System; 

“SME” means small and medium-sized enterprises, incorporated in the Country; 

“Shareholders Equity” means total equity as calculated under the Accounting Standards; 

“Shell Bank” means a bank incorporated in a jurisdiction in which it has no physical presence and which is not an Affiliate
of a regulated (i) bank or (ii) financial group; 

  
 13 

 “Single Currency Foreign Exchange Risk Ratio” means for each Foreign Currency,
the result obtained by dividing: (i) the Foreign Exchange Open Position; by (ii) Total Capital; 
 “Subsidiary”
means, with respect to any Person, any entity over 50% of whose capital is owned, directly or indirectly, by that Person; or for which that Person may nominate or appoint a majority of the members of the board of directors or persons performing
similar functions; or which is otherwise effectively controlled by that Person; 
 “S&E Management System” means the
social and environmental management system of the Borrower, as implemented and/or in effect from time to time, that enables the Borrower to identify, assess and manage the social and environmental risks in respect of the Eligible Sub-loans; 
 “S&E Performance Report” means a written report prepared by the
Borrower, in form and substance satisfactory to IFC substantially in the form of Schedule 8, evaluating the social and environmental performance of Eligible Sub-borrowers for the previous fiscal year,
describing in reasonable detail (i) implementation and operation of the S&E Management System and (ii) the environmental and social performance of the Eligible Sub-borrowers; 

“S&E Requirements” means the social and environmental obligations to be undertaken by the Borrower to ensure compliance
of the Relevant Financing Operations with: (i) the Exclusion List; (ii) Applicable S&E Laws; and (iii) the Performance Standards, and (iv) any other requirements established by the S&E Management System; 

“Taxes” means any present or future taxes, withholding obligations, duties and other charges of whatever nature levied by any
Authority; 
 “Time Period” has the meaning set forth in the definition of Adjusted Interest Rate Gap; 

“Total Amount” has the meaning ascribed to it in Section 2.01 (Amount and Purpose); 

“Total Assets” means total assets, as calculated under the Accounting Standards; 

“Total Capital” means the Borrower’s “Responsabilidad Patrimonial Computable” as defined in accordance
with the Argentine Central Bank Regulations prevailing as of the date of this Agreement (specifically, Communication “A” 5889); 

“Tranche A” has the meaning ascribed to it in Section 2.01(a)(i) (Amount and Purpose); 

“Tranche A Loan” means any and each of the Loans committed and disbursed by IFC in favor of the Borrower under the Tranche A,
as specified in Section 2.01 (a) (Amount and Purpose), or, as the context requires, its corresponding principal amount from time to time outstanding; 

“Tranche A Loans Relevant Spread” means (i) with respect to each of the Tranche A Loans committed within the first 6
months as from the date of IFC’s Board Approval, 4.5% per annum, and (ii) with respect to each of the Tranche A Loans committed after 6 months as from the date of IFC’s Board Approval, the spread set forth in the respective Loan
Agreement relating to such Tranche A Loan, as agreed thereupon by the Parties; 
 “Tranche B” has the meaning ascribed to
it in Section 2.01(a)(ii) (Amount and Purpose); 
 “Tranche B Loan” means any and each of the Loans committed
and disbursed by IFC in favor of the Borrower under the Tranche B, as specified in Section 2.01 (a) (Amount and Purpose), or, as the context requires, its corresponding principal amount from time to time outstanding; 

  
 14 

 “Tranche B Loans Relevant Spread” means (i) with respect to each of the
Tranche B Loans committed within the first 6 months as from the date of IFC’s Board Approval, 4.75% per annum, and (ii) with respect to each of the Tranche B Loans committed after 6 months as from the date of IFC’s Board Approval, the
spread set forth in the respective Loan Agreement relating to such Tranche B Loan, as agreed thereupon by the Parties; 

“Transaction Documents” means (i) this Agreement (jointly with all the related Loan Requests); (ii) the Loan Agreements
(jointly with all the related Disbursement Requests and receipts); (iii) the Notes; and (iv) any other documents or agreements in relation therewith, in implementation therewith, supplemental thereto on in replacement thereof; and 

“World Bank” means the International Bank for Reconstruction and Development, an international organization established by
Articles of Agreement among its member countries. 
 Section 1.02. Financial Calculations. 

(a) All financial calculations to be made under, or for the purposes of, this Agreement and any other Transaction Document shall be made in
accordance with the Accounting Standards and, except as otherwise required to conform to any provision of this Agreement, shall be calculated from the then most recently issued quarterly financial statements which the Borrower is obligated to
furnish to IFC under Section 5.04 (a) (Reporting Requirements). 
 (b) Where quarterly financial statements from the last
quarter of a Financial Year are used for the purpose of making certain financial calculations then, at IFC’s option, those calculations may instead be made from the audited financial statements for such Financial Year. 

(c) If a financial calculation is to be made under or for the purposes of this Agreement or any other Transaction Document on a Consolidated
Basis, that calculation shall be made by reference to the sum of all amounts of similar nature reported in the relevant financial statements of each of the entities whose accounts are to be consolidated with the accounts of the Borrower plus or
minus the consolidation adjustments customarily applied to avoid double counting of transactions among any of those entities, including the Borrower. 

Section 1.03. Interpretation. In this Agreement, unless the context otherwise requires: 

(a) headings are for convenience only and do not affect the interpretation of this Agreement; 

(b) a reference to an Annex, Article, party, Schedule or Section is a reference to that Article or Section of, or that Annex, party or
Schedule to, this Agreement; 
 (c) words importing the singular include the plural and vice versa; 

(d) a reference to a document includes an amendment or supplement to, or replacement or novation of, that document but disregarding any
amendment, supplement, replacement or novation made in breach of this Agreement; and 
 (e) a reference to a party to any document includes
that party’s successors and permitted assigns. 
 Section 1.04. Business Day Adjustment. (a) When an Interest
Payment Date is not a Business Day, then such Interest Payment Date shall be automatically changed to the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 

  
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 (b) When the day on or by which a payment (other than a payment of principal or interest) is due
to be made is not a Business Day, that payment shall be made on or by the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 

Section 1.05. Loan Agreements. (a) This Agreement, including its definitions, conditions of disbursement,
representations and warranties, covenants, events of default, principles of construction, rules of interpretation and its jurisdiction, governing law and notice provisions, is made a part of each of the Loan Agreements. This Agreement and each of
the Loan Agreements shall be read and construed together as one agreement. 
 (b) If any provision of this Agreement conflicts with any
provision of any Loan Agreement, then the provisions of the relevant Loan Agreement shall prevail. 
 ARTICLE II 

The Loans 

Section 2.01. Amount and Purpose. (a) Subject to the provisions of this Agreement and each Loan Agreement, IFC agrees
to lend, and the Borrower agrees to borrow, certain financial loans for a principal amount up to a maximum aggregate of up to $ 130,000,000 (the “Total Amount”), consisting of 2 tranches, as follows: (i) a tranche in an amount of up
to $ 105,000,000 (the “Tranche A”); and (ii) a tranche in an amount of up to $ 50,000,000 (the “Tranche B”), to be committed in up to 3 loan commitments, as follows: 

 

	 	(x)	a loan commitment in an amount of $ 30,000,000 (of which the entire amount shall be disbursed under Tranche A) (the “IFC Loan #1”); 

 

	 	(y)	a loan commitment in a minimum amount of $ 30,000,000 and a maximum amount of up to $ 50,000,000 (of which an amount equivalent to, at least, 25% shall be disbursed under Tranche B) (the “IFC Loan #2”); and

  

	 	(z)	a loan commitment equal to the remaining balance of the Total Amount (of which an amount equivalent to, at least, 25% shall be disbursed under Tranche B, unless the Tranche B cumulatively has been committed and fully
disbursed for an amount of, at least, $ 25,000,000) (the “IFC Loan #3”, together with the IFC Loan #1 and the IFC Loan #2, the “Loans”, and individually any of such Loans, a “Loan”). 

Each Loan shall be committed individually pursuant to a relevant Loan Agreement, for the individual principal amount agreed upon in the
relevant Loan Agreement, and disbursed pursuant to the conditions set forth in this Agreement and in the relevant Loan Agreement. 
 There
shall be no commitment of funds by IFC unless and until IFC executes the relevant Loan Agreement, in which case IFC shall only commit funds to the extent of such Commitment, and in the terms and conditions set forth in this Agreement and in the
relevant Loan Agreement. 
 (b) The purpose of the Loans is (i) for the Tranche A Loans, to provide the Borrower with funding to be
used by the Borrower for financing the origination and/or acquisition of a pool of Eligible Sub-loans for Tranche A; provided that at least 30% of the aggregate amount of the Eligible Sub-loans for Tranche A shall be represented by Eligible Sub-loans for Tranche A granted to Eligible Sub-borrowers for Tranche A with
annual sales of up to $ 25,000,000 equivalent; and (ii) for the Tranche B Loans, to provide the Borrower with funding to be used by the Borrower for financing the origination and/or acquisition of a pool of Eligible Sub-loans for Tranche B. 

  
 16 

 Section 2.02. Commitment and Disbursement Procedure. (a) The Borrower and
IFC shall instrument each Loan through a particular Loan Agreement to be executed by both Parties. The Borrower may request the Commitment of a Loan to IFC, by delivering to IFC a Loan Request substantially in the form of Schedule 2. The relevant
Loan Agreement, upon agreement by the Parties shall be executed by the Parties after receipt by IFC of the relevant Loan Request, provided that (i) no Event of Default and no Potential Event of Default has occurred and is continuing, and
(ii) for any relevant Loan Agreement to be executed after 6 months of IFC’s Board Approval, IFC and the Borrower have agreed on the applicable Relevant Spread for such Commitment. 

(b) The Commitment for (i) the IFC Loan #1, has been agreed by the Parties; (ii) the IFC Loan #2, shall be agreed by the Parties
within 36 months from IFC’s Board Approval (but in no event earlier than July 1, 2016), if and when the IFC Loan #1 shall have been fully disbursed; and (iii) the IFC Loan #3, shall be agreed by the Parties within 36 months from
IFC’s Board Approval, if and when the IFC Loan #2 shall have been fully disbursed. The Parties shall execute the Loan Agreement for the IFC Loan #1 jointly with the execution of this Agreement. 

(c) Once the relevant Loan Agreement is executed by both Parties, the Borrower may request the corresponding Disbursement by delivering to
IFC, at least 10 Business Days prior to the proposed date of disbursement, a Disbursement Request in the form of Schedule 3 (Schedule 1 of the form of Loan Agreement). 

(d) Each Disbursement (other than the last one) shall be made in an amount of not less than $5,000,000 for each Tranche of each Loan. There
shall be no more than 3 Disbursements for each Tranche of each Loan. 
 (e) Subject to the fulfillment of the conditions precedent set forth
in this Agreement, each Disbursement shall be made by IFC at a bank in New York, New York for further credit to the Borrower’s account at a bank in the Country, or any other place acceptable to IFC, all as agreed by the Parties in the relevant
Loan Agreement. 
 (f) The Borrower shall deliver to IFC a receipt, substantially in the form of Schedule 3 (Schedule 2 of the form of Loan
Agreement), with the signatures and capacities of the Borrower’s representatives duly certified and authenticated by an Argentinean notary public acting within its capacities, within 5 Business Days following each Disbursement by IFC. The
Borrower hereby expressly and unconditionally agrees that in the event that the Borrower fails to deliver such receipt, evidence of the transfer of funds to the Borrower’s correspondent bank account (as set forth in Section 2.02(e)) shall be
considered as sufficient evidence of receipt. 
 (g) IFC may, by notice to the Borrower, suspend the right of the Borrower to Commitments
and Disbursements or cancel the undisbursed portion of a Loan in whole or in part, if: 
  

	 	(i)	the first Disbursement of each Loan has not been made (a) in the case of the Tranche A, within 3 months from the date of the execution of the relevant Loan Agreement; and (b) in the case of the Tranche B,
within 9 months from the date of the execution of the relevant Loan Agreement; 

  

	 	(ii)	the last Disbursement of each Loan has not been made within 12 months from the date of the execution of the relevant Loan Agreement; 

 

	 	(iii)	any Event of Default has occurred and is continuing or the Event of Default specified in Section 6.02(d) (Events of Default) is, in the reasonable opinion of IFC, imminent; 

  
 17 

	 	(iv)	any event or condition has occurred which has or can reasonably be expected to have a Material Adverse Effect; or 

  

	 	(v)	on or after the date that is 36 months as from the IFC’s Board Approval. 

 Upon any cancellation, the
Borrower shall, subject to subsection (e) of this Section 2.02, pay to IFC all fees and other amounts accrued (whether or not then due and payable) under this Agreement and the relevant Loan Agreements up to the date of that cancellation.

 (h) The Borrower may, by notice to IFC, irrevocably request IFC to cancel any part of the uncommitted Total Amount or any undisbursed
portion of a Loan on the date specified in that notice (which shall be a date not earlier than 30 days after the date of that notice) provided that IFC has received all fees and other amounts accrued (whether or not then due and payable) under this
Agreement and the relevant Loan Agreements up to such specified date. 
 (i) In the case of partial cancellation of a Loan pursuant to
subsection (g) or (h) of this Section 2.02, interest on the amount then outstanding of the Loans remains payable as provided in Section 2.03 (Interest). 

(j) Any portion of the Total Amount, or of a Loan, that is cancelled under this Section 2.02 may not be reinstated or disbursed. 

(k) In the case of a cancellation of the undisbursed portion of a committed Loan pursuant to subsection (g) or (h) of this
Section 2.02, the Borrower shall pay to IFC a cancellation fee of 2% of the undisbursed committed amount that is being cancelled. 

Section 2.03. Interest. (a) Subject to the provisions of Section 2.04 (Default Interest Rate), the
Borrower shall pay interest on the Loans in accordance with this Section 2.03 and with the relevant Loan Agreements pursuant to which the Loans were made. 

(b) During each Interest Period, the Loans shall bear interest at the applicable Interest Rate for that Interest Period. 

(c) Interest on each Loan shall accrue from day to day, be prorated on the basis of a 360-day year for
the actual number of days in the relevant Interest Period and be payable in arrears on the Interest Payment Date immediately following the end of that Interest Period; provided that with respect to any Disbursement made less than 15 days before an
Interest Payment Date, interest on that Disbursement shall be payable commencing on the second Interest Payment Date following the date of that Disbursement. 

(d) The Interest Rate for any Interest Period shall be the rate which is the sum of: 

 

	 	(i)	the Relevant Spread; and 

  

	 	(ii)	LIBOR on the Interest Determination Date for that Interest Period for 6 months (or, in the case of the first Interest Period for any Disbursement, for 1 month, 2 months, 3 months or 6 months, whichever period is closest
to the duration of the relevant Interest Period (or, if two periods are equally close, the longer one) rounded upward to the nearest 3 decimal places. 

(e) If, for any Interest Period, IFC cannot determine LIBOR by reference to the Reuters Service (or if the Reuters Service is not available,
with reference to any other service (such as Bloomberg Financial Markets Service) that displays such rates as may be specified by IFC) or if the ICE (or NYSE 

  
 18 

 
Euronext, or any other applicable successor entity) for any reason ceases (whether permanently or temporarily) to publish interbank offered rates for deposits in the Loan Currency for the
relevant Interest Period, IFC shall notify the Borrower, and shall instead determine LIBOR: 
  

	 	(i)	on the second Business Day before the beginning of the relevant Interest Period by calculating the arithmetic mean (rounded upward to the nearest 3 decimal places) of the offered rates advised to IFC on or around 11:00
a.m., London time, for deposits in the Loan Currency and otherwise in accordance with subsection (d)(ii) of this Section 2.03, by any 4 major banks active in the Loan Currency in the London interbank market, selected by IFC; provided that if
less than four quotations are received, IFC may rely on the quotations so received if not less than 2; or 

  

	 	(ii)	if less than 2 quotations are received from the banks in London in accordance with subsection (i) above, on the first day of the relevant Interest Period, by calculating the arithmetic mean (rounded upward to the
nearest 3 decimal places) of the offered rates advised to IFC on or around 11:00 a.m., New York time, for loans in the Loan Currency and otherwise in accordance with subsection (d)(ii) of this Section 2.03, by a major bank or banks in New York,
New York selected by IFC. 

 (f) Subject to any alternative basis agreed as contemplated by Section 2.03(g) below, if a Market
Disruption Event occurs in relation to all or any part of the Loans for any Interest Period, IFC shall promptly notify the Borrower of such event and the relevant Interest Rate for the relevant portion of the Loans for that Interest Period shall be
the rate which is the sum of: 
  

	 	(i)	the Relevant Spread; and 

  

	 	(ii)	either (A) the rate which expresses as a percentage rate per annum the cost to IFC (or the relevant Participant, as notified to IFC as soon as practicable and in any event not later than the close of business on
the first day of the relevant Interest Period) of funding the Loans or its Participation (as applicable) from whatever source it may reasonably select or (B) at the option of IFC (or any such Participant, as applicable), LIBOR for the relevant
period as determined in accordance with Section 2.03(e)(ii) above; 

 (g) (i) If a Market Disruption Event occurs in relation
to the Loans and IFC or the Borrower so requires, within 5 Business Days of the notification by IFC pursuant to Section 2.03(f) above, IFC and the Borrower shall enter into good faith negotiations (for a period of not more than 30 days) with a view
to agreeing a substitute basis for determining the rate of interest applicable to the Loans. 
  

	 	(ii)	Any alternative basis agreed pursuant to sub-paragraph (i) above shall take effect in accordance with its terms and be binding on each party hereto. 

 

	 	(iii)	If agreement cannot be reached, the Borrower may prepay the relevant portion of the Loans in accordance with Section 2.06 (a). 

(h) On each Interest Determination Date for any Interest Period, IFC shall determine the Interest Rate applicable to that Interest Period and
promptly notify the Borrower of that rate. 
 (i) The determination by IFC, from time to time, of the applicable Interest Rate shall be
final and conclusive and bind the Borrower (unless the Borrower shows to IFC’s satisfaction that the determination involves manifest error). 

  
 19 

 Section 2.04. Default Interest Rate. (a) Without limiting the remedies
available to IFC under this Agreement or otherwise (and to the maximum extent permitted by applicable law), if the Borrower fails to make any payment of principal or interest (including interest payable pursuant to this Section) or any other payment
provided for in Section 2.07 (Fees) when due as specified in this Agreement or in the relevant Loan Agreements (whether at stated maturity or upon acceleration), the Borrower shall pay interest on the amount of that payment due and
unpaid at the rate which shall be the sum of 2% per annum (or such higher rate being charged by other lenders, but not exceeding 5% per annum) and the Interest Rate in effect from time to time. 

(b) Interest at the rate referred to in Section 2.04 (a) shall accrue from the date on which payment of the relevant overdue amount
became due until the date of actual payment of that amount (as well after as before judgment), and shall be payable on demand or, if not demanded, on each Interest Payment Date falling after any such overdue amount became due. 

Section 2.05. Repayment. (a) Subject to Section 1.04 (Business Day Adjustment), the Borrower shall repay
(i) each Tranche A Loan on the relevant Interest Payment Dates, in 7 approximately equal semiannual installments starting on the relevant Interest Payment Date following the second anniversary of the applicable Commitment Date, and as set forth
in detail by the Parties in the relevant Loan Agreements; and (ii) each Tranche B Loan on the relevant Interest Payment Dates, in 9 approximately equal semiannual installments starting on the relevant Interest Payment Date following the third
anniversary of the applicable Commitment Date, and as set forth in detail by the Parties in the relevant Loan Agreements. 
 (b) Any
principal amount of any Loan repaid under this Agreement or the applicable Loan Agreement may not be re-borrowed. 

Section 2.06. Prepayment. (a) Without prejudice to Section 2.10 (Increased Costs), the Borrower may prepay
on any Interest Payment Date all or any part of any Tranche, on not less than 30 days’ prior notice to IFC, but only if, simultaneously with the prepayment, the Borrower pays all accrued interest on the amount of the Tranche to be prepaid,
together with all amounts payable under Section 2.11 (Unwinding Costs) and a prepayment premium equal to (i) 4% of the amount of the Tranche to be prepaid, if the prepayment occurs within the first 2 years as from the relevant Commitment
Date (ii) 3% of the amount of the Tranche to be prepaid, if the prepayment occurs between the third and the fourth year as from relevant Commitment Date, and, (iii) thereafter, 2% of the amount of the Tranche to be prepaid. The premium shall
apply for each full year from the date of prepayment to the final maturity of each Tranche (for any period less than 1 year, the premium shall be pro-rated on the basis of a
360-day year for the actual number of days in such period). Any partial prepayment shall: (i) be in an amount of not less than $5,000,000; and (ii) be applied to the remaining repayment installments
of the prepaid Tranche in inverse order of maturity. 
 (b) Upon delivery of a notice in accordance with Section 2.06 (a), the Borrower
shall make the prepayment in accordance with the terms of that notice. 
 (c) Any principal amount of the Loans prepaid under this Agreement
may not be re-borrowed. 
 Section 2.07. Fees. (a) The Borrower shall pay to
IFC: 
  

	 	(i)	a commitment fee on any undisbursed amount of each Loan at the rate of (y) 0.5% per annum, within 90 days from the date of such relevant Loan Agreement, or (z) 1% thereafter, beginning to accrue on the date of the
relevant Loan Agreement, prorated on the basis of a 360-day year for the actual number of days elapsed and payable, in arrears, on each Interest Payment Date, the first such payment to be due on the first
Interest Payment Date after the date of the relevant Loan Agreement; 

  
 20 

	 	(ii)	a front-end fee of 1 % of the amount of each Loan, to be paid on the earlier of (A) the date which is 30 days after the date of each Commitment Date and (B) the
date immediately preceding the date of the first Disbursement of each Loan; and 

  

	 	(iii)	a portfolio monitoring fee of $ 10,000 per annum, payable upon receipt of a statement from IFC. 

(b) If the Borrower and IFC agree to restructure all or part of any Loan, the Borrower and IFC shall negotiate in good faith an appropriate
amount to compensate IFC for the additional work of IFC staff required in connection with such restructuring. 
 Section 2.08.
Currency and Place of Payment. (a) The Borrower shall pay all amounts due to IFC under this Agreement and each Loan Agreement in the Loan Currency, in same day funds, to the account of IFC at Citibank, N.A., 111 Wall Street, New
York, New York, U.S.A., ABA#021000089, for credit to IFC’s account number 36085579 unless a different account has been designated from time to time by IFC. 

(b) The payment obligations of the Borrower under this Agreement and each Loan Agreement shall be discharged or satisfied only to the extent
that (and as of the date when) IFC actually receives funds in the Loan Currency in the account referred to in subsection (a) above, notwithstanding the tender or payment (including by way of recovery under a judgment) of any amount in any
currency other than the Loan Currency. 
 (c) Accordingly, the Borrower shall, as a separate obligation, or by way of indemnity, as the case
may be, pay such additional amount as is necessary to enable IFC to receive, after conversion to the Loan Currency at a market rate and transfer to that account, the full amount due to IFC under this Agreement in the Loan Currency and in the account
referred to in subsection (a) above. 
 (d) Notwithstanding the provisions of Section 2.08 (a) and Section 2.08 (b) above,
IFC may require the Borrower to pay (or reimburse IFC) for any Taxes, fees, costs, expenses and other amounts payable under Section 2.12 (a) (Taxes) and Section 2.13 (Expenses) in the currency in which they are payable, if
other than the Loan Currency. 
 Section 2.09. Allocation of Partial Payments. If IFC at any time receives less than the
full amount then due and payable under this Agreement or the relevant Loan Agreements, IFC may allocate and apply the amount received as IFC in its sole discretion determines, notwithstanding any instruction of the Borrower to the contrary. 

Section 2.10. Increased Costs. On each Interest Payment Date, the Borrower shall pay, in addition to interest, the amount
which IFC from time to time notifies to the Borrower in an Increased Costs Certificate as being the aggregate Increased Costs accrued and unpaid prior to that Interest Payment Date. 

Section 2.11. Unwinding Costs. (a) If IFC or any Participant incurs any cost, expense or loss as a result of the
Borrower: (i) failing to borrow in accordance with a Loan Request and a Disbursement Request made pursuant to Section 2.02 (Commitment and Disbursement Procedure); (ii) failing to prepay in accordance with a notice of prepayment;
(iii) prepaying all or any portion of the Loans on a date other than an Interest Payment Date; or (iv) after acceleration of the Loans, paying all or a portion of the Loans on a date other than an Interest Payment Date; then the Borrower
shall immediately pay to IFC the amount that IFC from time to time notifies to the Borrower as being the amount of those costs, expenses and losses incurred. 

(b) For the purposes of this Section, “costs, expenses or losses” include any premium, penalty or expense incurred to liquidate or
obtain third party deposits, borrowings, hedges or swaps in order to make, maintain, fund or hedge all or any part of any Commitment, Disbursement or prepayment of the 

  
 21 

 
Loan, or any payment of all or part of the Loans upon acceleration. 

Section 2.12. Taxes. The Borrower shall pay or cause to be paid all Taxes (other than Taxes, if any, payable on the overall
income of IFC) on or in connection with the payment of all amounts due under this Agreement and the other Transaction Documents, and make all payments under this Agreement and the other Transaction Documents without deducting any present or future
taxes whatsoever by whomsoever levied or imposed in connection with the payment of any amount under this Agreement and the other Transaction Documents; provided that, if the Borrower is prevented from making payments without deduction, the Borrower
shall, in each case, pay to IFC an increased amount such that, after deduction, IFC receives the full amount it would have received had that payment been made without deduction. 

Section 2.13. Expenses. (a) The Borrower shall pay, or reimburse IFC for any amount paid by IFC on account of, all
taxes (including stamp taxes), duties, fees or other charges payable on or in connection with the execution, issue, delivery, registration or notarization of the Transaction Documents and any other documents related to them. 

(b) The Borrower shall pay to IFC or as IFC may direct, the fees and expenses of IFC’s counsel, accountants and consultants incurred in
connection with: (i) the preparation, review, execution, translation and, where appropriate, registration of the Transaction Documents and any other documents related to them; (ii) the preparation, administration and implementation by IFC
of the investment provided for in this Agreement, the Loan Agreements or otherwise in connection with any amendment, supplement or modification to, or waiver under, any Transaction Document; (iii) the giving of any legal opinions required by
IFC under this Agreement and any other Transaction Document; and (iv) the occurrence of any Event of Default or Potential Event of Default. 

(c) The Borrower shall pay to IFC, or as IFC may direct, the costs and expenses incurred by IFC in relation to efforts to enforce or protect
its rights under this Agreement and any Transaction Document, or the exercise of its rights or powers consequent upon or arising out of the occurrence of any Event of Default or Potential Event of Default, including legal and other professional
consultants’ fees. 
 Section 2.14. The Notes. (a) In connection with and at the time of each Disbursement, the
Borrower shall execute and deliver to IFC a non-endorsable promissory note (pagaré), payable on demand, for, and in the principal amount of, each Disbursement of each Tranche and dated the date
on which the Borrower receives that Disbursement (each such promissory note, a “Note”), which shall be in the form attached hereto as of Schedule 9 appropriately completed, with the signatures and capacities of the applicable
Borrower’s representatives duly certified and authenticated by an Argentinean notary public acting within its capacities, and complying with all other conditions required by the laws of the Country to constitute, at all times, a
“título ejecutivo” and deliver it to IFC. 
 (b) The issuance of any of the Notes provided for hereunder is not
intended to, and shall hence not, constitute a novation of any of the Borrower’s obligations hereunder. 
 (c) The Borrower represents
and agrees that at the time of delivery of each Note, each Note shall constitute in the Country a valid and binding obligation of the Borrower in accordance with its terms, enforceable by way of summary proceedings (juicio ejecutivo) in the
Country. If IFC so requests, the Borrower shall furnish to IFC evidence satisfactory to IFC that all formalities required for that purpose have been satisfied. The Borrower agrees to indemnify IFC for all costs and expenses associated with the
enforcement of the Notes. 

  
 22 

 ARTICLE III 

Representations and Warranties 

Section 3.01. Representations and Warranties. The Borrower represents and warrants that: 

(a) Organization and Authority. It is a banking institution duly incorporated and validly existing under the laws of the Country and
has the corporate power to own its assets, conduct its business as presently conducted and to enter into, and comply with its obligations under, this Agreement and the Transaction Documents to which it is a party or will be a party; 

(b) Validity. Each Transaction Document to which the Borrower is a party has been, or will be, duly authorized and executed by the
Borrower and constitutes or will when executed, constitute a valid and legally binding obligation of the Borrower enforceable in accordance with its terms; 

(c) No Conflict. Neither the making of this Agreement or any Transaction Document to which the Borrower is a party nor (when all the
Authorizations referred to in Section 4.01(c) (Conditions of First Disbursement of the Loans) have been obtained) the compliance with its terms will conflict with or result in a breach of any of the terms, conditions or provisions of, or
constitute a default or require any consent under, any indenture, mortgage, agreement or other instrument or arrangement to which it is a party or by which it is bound, or violate any of the terms or provisions of its Charter or any Authorization,
judgment, decree or order or any statute, rule or regulation applicable to it; 
 (d) Status of Authorizations. All Authorizations
(other than Authorizations that are of a routine nature and are obtained in the ordinary course of business) needed by the Borrower to conduct its business and execute, and comply with its obligations under, this Agreement and each of the other
Transaction Documents to which it is a party or under which the Borrower is in any manner obligated have been obtained and are in full force and effect, and the Borrower has not received any notice of proceedings relating to the revocation,
cancellation, expropriation or modification of any such Authorizations; 
 (e) No Amendments to Charter. The Borrower’s Charter
has not been amended since June 26, 2006; 
 (f) No Immunity. Neither the Borrower nor any of its property enjoys any right of
immunity from set-off, suit or execution with respect to its assets or its obligations under this Agreement or any other Transaction Document; 

(g) Financial Condition. Since December 31, 2015: (i) it has not suffered any change that has a Material Adverse Effect or
incurred any substantial loss or liability; and (ii) has not undertaken or agreed to undertake any substantial obligation which could cause or could reasonably be expected to cause a Material Adverse Effect; 

(h) Financial Statements. The financial statements of the Borrower for the period ending on December 31, 2015 have been prepared
in accordance with the Accounting Standards, and give a true and fair view of its financial condition as of the date as of which they were prepared and the results of the Borrower’s operations during the period then ended; 

(i) Compliance with Law. To the best of its knowledge and belief after due inquiry, the Borrower is not in violation of any statute or
regulation of any Authority; 
 (j) Environmental Matters. (i) to the best of the Borrower’s knowledge and belief, after
due inquiry, there are no material social or environmental risks or issues other than those identified by the S&E Management System; and (ii) the Borrower has not received nor is aware of: (A) any existing or threatened complaint,
order, directive, claim, citation or notice from any Authority; or (B) any material written 

  
 23 

 
communication from any Person concerning the failure by any Eligible Sub-borrower to undertake its operations and activities in accordance with the S&E
Requirements; 
 (k) Litigation. To the best of its knowledge and belief after due inquiry, it is not in violation of any statute or
regulation of any Authority, and is not engaged in nor threatened by any litigation, arbitration or administrative proceedings, the outcome of which could reasonably be expected to have a Material Adverse Effect, is not subject to any criminal
investigations or proceedings, or any freezing of assets by a government authority with regard to money laundering or financing of terrorism; and no judgment or order has been issued which has or may reasonably be expected to have a Material Adverse
Effect; 
 (l) Title to Assets and Liens. It has good and marketable title to all of the assets purported to be owned by it and
possesses a valid leasehold interest in all assets which it purports to lease, in all cases free and clear of all Liens, and no contracts or arrangements, conditional or unconditional, exist for the creation by the Borrower of any Lien, except for
Liens permitted pursuant to Section 5.02 (d) (Negative Covenants); 
 (m) Taxes. All tax returns and reports of the
Borrower required by law to be filed have been duly filed and all Taxes, obligations, fees and other governmental charges upon the Borrower, or its properties, or its income or assets, which are due and payable or to be withheld, have been paid, or
withheld, other than those presently payable without penalty or interest; 
 (n) Sanctionable Practices. Neither the Borrower, nor
any Affiliates, nor any Person acting on its or their behalf, has committed or engaged in, with respect to its banking license or any transaction contemplated by this Agreement, any Sanctionable Practice; 

(o) UN Security Council Resolutions. The Borrower maintains and applies policies and procedures for sanctions complying with applicable
laws and regulations and with the financial sanctions promulgated pursuant to resolutions of the United Nations Security Council under Chapter VII of the United Nations Charter; and 

(p) No Material Omissions. None of the representations and warranties in this Section 3.01 omits any matter the omission of which
makes any of such representations and warranties misleading in any material respect. 
 Section 3.02. IFC Reliance. The
Borrower acknowledges that it makes the representations and warranties in Section 3.01 (Representations and Warranties) with the intention of inducing IFC to enter into this Agreement and that IFC enters into this Agreement on the basis
of, and in full reliance on, each of such representations and warranties. 
 ARTICLE IV 

Conditions of Disbursement 

Section 4.01. Conditions of First Disbursement of the Loans. IFC is not obligated to make the first Disbursement of any
Loan unless and until the following conditions have been met: 
 (a) Transaction Documents. This Agreement, the relevant Loan
Agreement and the Notes to be issued evidencing the first Disbursement of the relevant Loan, in form and substance satisfactory to IFC, have been entered into by all parties thereto, or issued, as the case may be, and have become (or, as the case
may be, remain) unconditional and fully effective in accordance with their respective terms; 
 (b) Charter. The Borrower’s
Charter is in form and substance satisfactory to IFC; 

  
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 (c) Authorizations. The Borrower has obtained, and provided to IFC copies of, all
Authorizations that may become necessary for: (i) the Loans; (ii) the business of the Borrower as it is presently carried on and is contemplated to be carried on; (iii) the execution of, and performance by the Borrower of its
obligations under, this Agreement and the other Transaction Documents; and (iv) the remittance to IFC in Dollars of all monies payable with respect to this Agreement and the Transaction Documents; and all those Authorizations are in full force
and effect; 
 (d) Auditor’s Certification. IFC has received a certification from the Auditors confirming that, as at a date not
earlier than 60 days prior to the date of the first Disbursement of the IFC Loan #1, the Borrower is in compliance with the provisions of Section 5.01 (b) (Affirmative Covenants) and containing a brief description of the systems and
records in place; 
 (e) Legal Opinions. IFC has received legal opinion(s) in form and substance satisfactory to it, from IFC’s
counsel in the Country and covering such other matters relating to the transactions contemplated by this Agreement as IFC may reasonably request, concurred in by the Borrower’s counsel if IFC so requires; 

(f) Insurance. (i) IFC has received copies of all insurance policies required to be obtained pursuant to Section 5.05
(Insurance) and Annex A and a certification of the Borrower’s insurers or insurance agents confirming that such policies are in full force and effect and all premiums then due and payable under those policies have been paid; and
(ii) the Borrower has established insurance requirements, and has implemented and maintains procedures to monitor such requirements, with respect to Eligible Sub-loans, and has delivered to IFC a
description of such requirements and procedures; 
 (g) Fees. IFC has received the fees which Section 2.07 (Fees)
requires to be paid before the Disbursement and all other amounts then due under this Agreement including but not limited to, reimbursement of all invoiced fees and expenses of IFC’s counsel, if IFC so requires; 

(h) Certificate of Incumbency; Authorization of Auditors. IFC has received from the Borrower (i) a Certificate of Incumbency and
Authority; and (ii) a copy of the authorization to the Auditors referred to in Section 5.01(c) (Affirmative Covenants); 
 (i)
Appointment of Agent. The Borrower has delivered to IFC evidence, substantially in the form of Schedule 4, of appointment of an agent for service of process pursuant to Section 7.04 (Applicable Law and Jurisdiction); and 

(j) Environmental Matters. The Borrower (i) has completed the applicable SEMS plan milestones prior to the Commitment or the
Disbursement of the relevant Loan, as the case may be; and (ii) has designated in writing a SEMS Officer reasonably acceptable to IFC. 

Section 4.02. Conditions of All Disbursements. IFC is not obligated to make any Disbursement under any Loan, including the
first Disbursement of any Loan, unless and until the following conditions have been met: 
 (a) No Default. No Event of Default and
no Potential Event of Default has occurred and is continuing; 
 (b) Use of Proceeds. The proceeds of the Disbursement under the
requested Loan: (i) are, at the date of the relevant request, needed by the Borrower for the purpose specified in Section 2.01 (b) (Amount and Purpose), or will be needed for that purpose within 3 months, in the case of
Disbursements under Tranche A, or 12 months, in the case of Disbursements under Tranche B, as the case may be, of that date; and (ii) are not in reimbursement of, or to be used for, any purpose other than
on-lending to an Eligible Sub-borrower for the financing of an Eligible Sub-project; 

  
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 (c) No Material Adverse Effect. Since the date of this Agreement nothing has occurred
which has or can reasonably be expected to have a Material Adverse Effect; 
 (d) Representations and Warranties. The representations
and warranties made in Article III are true and correct in all material respects on and as of the date of the relevant Disbursement (as the case may be) with the same effect as if those representations and warranties had been made on and as of the
date of that Disbursement, as the case may be (but in the case of Section 3.01 (c) (Representations and Warranties), without the words in parentheses); 

(e) No Violations. After giving effect to the requested Disbursement, the Borrower would not be in violation of: (i) its Charter;
(ii) any provision contained in any document to which the Borrower is a party (including this Agreement) or by which the Borrower is bound; or (iii) any law, rule, regulation, Authorization or agreement or other document binding on the
Borrower directly or indirectly limiting or otherwise restricting the Borrower’s borrowing power or authority or its ability to borrow; 

(f) Financial Ratios. Without limiting the generality of Section 4.02 (f), after taking into account the amount of the requested
Disbursement and any other Liabilities incurred by the Borrower after the date of the latest financial statements of the Borrower delivered to IFC pursuant to Section 5.04 (a) (Reporting Requirements), the Borrower would be in compliance
with each of the financial covenants set out in Section 5.03 (Financial Covenants); 
 (g) Borrower’s
Certifications. IFC has received the relevant Disbursement Request as set forth in Section 2.02 (Commitment and Disbursement Procedure) and the Borrower’s certifications set out in Schedule 3 (Schedule 1 of the form of the Loan
Agreement) are true and accurate; 
 (h) Fees. IFC has received the fees which Section 2.07 (Fees) requires to be paid
before the Disbursement and all other amounts then due under this Agreement and the relevant Loan Agreement including but not limited to, reimbursement of all invoiced fees and expenses of IFC’s counsel, if IFC so requires; 

(i) The Notes. IFC has received one or more Notes, as applicable; 

(j) Auditor’s Certification. IFC has received a certification from the Auditors confirming that, as of the last year prior to the
date of the requested Disbursement, the Borrower is in compliance with the provisions of Section 5.01 (b) (Affirmative Covenants) and containing a brief description of the systems and records in place; 

(k) Certificate of Incumbency; Authorization of Auditors. IFC has received from the Borrower an updated Certificate of Incumbency and
Authority (if such update is needed); 
 (l) Pipeline of Eligible Sub-loans for Tranche B.
The Borrower shall have provided IFC a preliminary pipeline of proposed Eligible Sub-loans for Tranche B to be financed with proceeds of the Disbursement, and IFC shall have validated such pipeline; and 

(m) Other Evidence. IFC has received such evidence as IFC may reasonably request of the proposed utilization of the proceeds of that
Disbursement or the utilization of the proceeds of any prior Disbursement. 
 Section 4.03. Conditions for IFC Benefit.
The conditions referred in Section 4.01 and Section 4.02 are for the benefit of IFC and may be waived only by IFC in its sole discretion. 

  
 26 

 ARTICLE V 

Particular Covenants 

Section 5.01. Affirmative Covenants. Unless IFC otherwise agrees, the Borrower shall and shall cause its Subsidiaries to:

 (a) Corporate Existence; Conduct of Business; Compliance with Laws; Taxes. (i) Maintain its corporate existence and comply
with its Charter, (ii) conduct its business with due diligence and efficiency, in accordance with sound banking, financial and business practices, (iii) conduct is business in compliance, in all material respects, with all applicable
requirements of law, maintain all rights, licenses, permits, privileges, titles to property, franchises and the like, and keep property in good working conditions; and (iv) file by the date due all returns, reports and filings in respect of
Taxes required to be filed by it and pay, when due, all Taxes due and payable by it; 
 (b) Accounting and Financial Management.
Maintain an accounting and control system, management information system and books of account and other records, which together adequately give a fair and true view of the financial condition of the Borrower and the results of its operations in
conformity with the Accounting Standards; 
 (c) Auditors. Maintain internationally recognized independent auditors acceptable to IFC
as auditors of the Borrower and authorize them, in the form of Schedule 5, to communicate directly with IFC; provided that the Borrower shall replace the Auditors’s partner in charge of the account periodically, in accordance with the Banking
Regulations; and provided further that, notwithstanding any Banking Regulation to the contrary, the Borrower shall replace the Auditors’s partner in charge of the account at least once every 5 years; and provided finally further, that such next
replacement shall take place on January 1, 2019; 
 (d) Access. Upon IFC’s request, permit representatives of IFC and CAO
to visit and inspect any of the premises where the business of the Borrower is conducted and to have access to its books of account and records and to its employees and agents; 

(e) Authorizations. Obtain, renew and maintain in force and comply with all Authorizations, which are necessary for the carrying out of
the Borrower’s business and operations generally, including, without limitation, for the making of Eligible Sub-loans, and the compliance by the Borrower with all its obligations under this Agreement and
any other Transaction Document; and comply with all the conditions and restrictions contained in, or imposed on the Borrower by, those Authorizations; 

(f) Affiliated Transactions. Ensure that all transactions with Affiliates, Related Parties and Linked Parties are on terms and
conditions no more favorable than those extended to similarly situated non-related persons; 
 (g) Shell Banks. At all times
institute, maintain and comply with appropriate internal procedures and controls to ensure that: (i) any financial institution with which the Borrower conducts business or enters into any transaction, or through which the Borrower transmits any
funds, does not have correspondent banking relationships with any Shell Bank; and (ii) the Borrower does not conduct business or enter into any transaction with, or transmit any funds through a Shell Bank; 

(h) Money Laundering; Financing of Terrorist Activity. At all times institute, maintain and comply with appropriate internal procedures
and controls for anti-money laundering and combating the financing of terrorism (AML/CFT) consistent with the business and customer profile of the Borrower, in compliance with national laws and regulations, and in furtherance of applicable
international AML/CFT best practices; including but not limited to: (i) a board-approved policy on AML/CFT; (ii) appointment of an AML/CFT Officer; (iii) customer due diligence, including identification and monitoring of high risk

  
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customers such as politically exposed persons; (iv) monitoring of customer activity for suspicious transactions; (v) establishing and monitoring correspondent accounts, where
applicable; (vi) record keeping; (vii) identification and internal reporting of, suspicious transactions; (viii) reporting of suspicious transactions to authorities, where required; (ix) AML/CFT training for staff; and
(x) internal and/or external auditing of AML/CFT-related policies, procedures and controls; 

(i) UN Security Council Resolutions. At all times institute, maintain and comply with internal procedures and controls consistent with
its business and customer profile for the purpose of ensuring that the Borrower will not enter into any transaction (i) with, or for the benefit of, any of the persons or entities named on lists promulgated by, or (ii) related to any
activity prohibited by, the United Nations Security Council or its committees pursuant to any resolution under Chapter VII of the United Nations Charter; 

(j) SEMS Plan. Undertake and implement the SEMS Plan in accordance with the requirements and schedule specified therein; 

(k) S&E Management System. Use all reasonable efforts to ensure the continuing operation of the S&E Management System in
compliance with the S&E Requirements including, without limitation, any requirements implied by Applicable S&E Law, the Exclusion List and the Performance Standards; and in the event any successor or replacement SEMS Officer is appointed,
ensure that such SEMS Officer shall be reasonably acceptable to IFC; 
 (l) Amendment of the S&E Management System. Without
limiting any other right, remedy or claim of IFC hereunder, if the Borrower becomes aware of any change in the scope of the Relevant Financing Operations, advise and consult with IFC regarding any material social or environmental risk posed by such
development and, if requested by IFC, amend the S&E Management System to identify, assess and manage such risks; 
 (m) S&E
Requirements. If the Borrower becomes aware that any Eligible Sub-borrower has undertaken Eligible Sub-projects in a manner that is not in accordance with the
S&E Requirements, promptly: (i) agree with the relevant Eligible Sub-borrower, or require the relevant Eligible Sub-borrower to undertake, as appropriate or
necessary in the Borrower’s reasonable judgment, corrective measures to remedy such inconsistency or breach; and (ii) if the relevant Eligible Sub-borrower does not implement corrective measures as
provided in (i), use reasonable efforts to dispose of the Borrower’s investment in such Eligible Sub-borrower on commercially reasonable terms, taking into account liquidity, market constraints and
fiduciary responsibilities; 
 (n) [RESERVED]; 

(o) On-Lending. Cause and ensure that, at all times from time to time: (i) all and any
funds arising out from all and any Disbursements of the Loans be and remain applied, entirely and exclusively, towards the origination and/or acquisition of Eligible Sub-loans; (ii) at least 30% of the
aggregate amount of Eligible Sub-loans for Tranche A originated and/or acquired from time to time be represented by Eligible Sub-loans for Tranche A granted to Eligible Sub-borrowers for Tranche A with annual sales below $25,000,000 equivalent; (iii) each Eligible Sub-borrower continues to meet the eligibility criteria to qualify as
such, and notify IFC if any Eligible Sub-borrower ceases to qualify as such; 
 (p) Repayment of
Eligible Sub-loans. To the extent that any amounts repaid or prepaid by any Eligible Sub-borrower that were originated with proceeds of the Loans, are not reused by
the Borrower to make Eligible Sub-loans to Eligible Sub-borrowers within a period of 12 months from the relevant date or dates of repayment or prepayment, if IFC so
requires, immediately make a proportional prepayment of the Loan in accordance with the provisions of Section 2.06 (Prepayment), subject to the then applicable Banking Regulations; 

  
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 (q) Eligible Sub-loans Report. Deliver to IFC,
within 90 days following each Disbursement, a report with a detail of the Eligible Sub-loans for which such Disbursement was requested; and 

(r) Exchange Transaction Laws and Regulations. Timely provide, complete, execute, file and register any information, forms, affidavits
and any other documents, and cause any action and perform any foreign exchange transaction required to comply with all applicable laws and regulations relating to exchange transactions and payments outside of the Country, including but not limited
to any regulations of the Argentine Central Bank, and any successor regulations or laws, or as may be reasonably requested by IFC, and that may be required in connection with any of the Loans and to complete any payment under this Agreement or any
other Transaction Document by transferring funds from the Country, including, but not limited to, as of the date hereof, the following obligations of the Borrower to: (i) notify the Argentine Central Bank of any Disbursement of any of the Loans
in accordance with Communication “A” 3,602 (as amended) of the Argentine Central Bank, and (ii) deliver any information reasonably required to comply with applicable reporting obligations established by regulations of the Argentine
Central Bank. 
 Section 5.02. Negative Covenants. Unless IFC otherwise agrees, the Borrower shall not and shall cause
its Subsidiaries (with respect to such Subsidiaries, to the extent applicable), not to: 
 (a) Dividends. Declare or pay any dividend
or make any distribution on its share capital (other than dividends or distributions payable in shares of the Borrower) other than in accordance with the Banking Regulations to date; 

(b) Redemptions. Purchase, redeem or otherwise acquire any shares of the Borrower or any option over them; 

(c) Liabilities. Incur, create, assume or permit to exist any Liability that is secured (other than for any Liability which is secured
as permitted under Section 5.02 (d) below) or ranks prior or senior to the Loans other than the Existing Liabilities; 
 (d)
Permitted Liens. Create or permit to exist any Lien on any property, revenues or other assets, present or future, of the Borrower, except for (i) any tax or other Lien arising by operation of law while the obligation underlying that Lien
is not yet due, or if due, is being contested in good faith by appropriate proceedings and so long as the Borrower has set aside adequate reserves sufficient to promptly pay in full any amounts that the Borrower may be ordered to pay on final
determination of any such proceedings; (ii) Liens which the Borrower is required to constitute with or in favor of any Authority pursuant to the Banking Regulations and other statutory preferences which are generally applicable to
deposit-taking institutions; (iii) other Liens constituted or otherwise arising in the ordinary course of banking business provided that they fall within the limits permitted by the Banking Regulations; and (iv) any Lien created in the
ordinary course of its banking business and on the basis of arm’s-length arrangements and within the limits permitted by the Banking Regulations under a repurchase agreement involving the sale and
repurchase of securities; 
 (e) Arm’s Length Transactions. Enter into any transaction except in the ordinary course of business
on ordinary commercial terms and on the basis of arm’s-length arrangements; 
 (f) Profit
Sharing Arrangements. Enter into or establish any partnership, profit-sharing or royalty agreement or other similar arrangement whereby the Borrower’s income or profits are, or might be, shared with any other Person; or enter into any
management contract or similar arrangement whereby its business or operations are managed by any other Person; 
 (g) Subsidiaries.
Form or have any Subsidiary other than in strict accordance with the Banking Regulation to date; 

  
 29 

 (h) Fundamental Changes. Change: (i) its Charter in any manner which would be
inconsistent with the provisions of this Agreement or any other Transaction Document; (ii) its Financial Year; or (iii) the nature or scope of its present or contemplated business or operations; 

(i) Merger, Consolidation or Reorganization. Undertake or permit any merger, spin-off,
consolidation or reorganization; or sell, transfer, lease or otherwise dispose of all or a substantial part of its assets, other than assets acquired in the enforcement of security created in favor of the Borrower in the ordinary course of its
banking business, whether in a single transaction or in a series of transactions, related or otherwise; 
 (j) Prepayment of Long-term
Debt. Prepay (whether voluntarily or involuntarily) or repurchase any Long-term Debt (other than the Loan and subordinated debt issued on May 1, 2004, which outstanding amount to date is $ 253,884,884 and which final maturity date is
January 1, 2019), unless the Borrower gives IFC at least 30 days’ advance notice of its intention to make the proposed prepayment and, if IFC so requires, contemporaneously makes a proportional prepayment of the Loans in accordance with
the provisions of Section 2.06 (Prepayment) except that there shall be no minimum amount or advance notice period for that prepayment; 

(k) Use of Proceeds. Use the proceeds of any Disbursement in the territories of any country that is not a member of the World Bank or
for reimbursements of expenditures in those territories or for goods produced in or services supplied from any such country; 
 (l)
Amendment of the S&E Management System. Amend, waive the application of, or otherwise materially restrict the scope or effect of, the S&E Management System (including the SEMS Plan and the S&E Requirements); 

(m) Exclusion List. In respect of Relevant Financing Operations, provide Eligible Sub-loans to
Eligible Sub-borrowers engaged in any of the activities on the Exclusion List; 
 (n)
Sanctionable Practices. Engage in (nor authorize or permit any Affiliate, any Eligible Sub- borrower or any other Person acting on its or their behalf to engage in) with respect to its banking license
or any transaction contemplated by this Agreement, any Sanctionable Practices. The Borrower further covenants that should IFC notify the Borrower of its concerns that there has been a violation of the provisions of this Section or of
Section 3.01(n) of this Agreement, it shall cooperate in good faith with IFC and its representatives in determining whether such a violation has occurred, and shall respond promptly and in reasonable detail to any notice from IFC, and shall
furnish documentary support for such response upon IFC’s request; 
 (o) Shell Banks. Conduct business or enter into any
transaction with, or transmit any funds through, a Shell Bank; 
 (p) Category “A” Activities. Use any proceeds of any of
the Loans to finance Eligible Sub- projects consisting of Category “A” Activities; or 

(q) Change of Control. Enter into any transaction or allow any action that shall cause a Change of Control. 

Section 5.03. Financial Covenants. The Borrower shall prudently manage its financial position in accordance with sound
banking and financial practices, applicable laws and the Argentine Central Bank prudential standards. To the extent that the Banking Regulations impose financial requirements or ratios that are more stringent than the ones set out in paragraphs
(i) through (xiii) of this Section 5.03, the Borrower shall observe and comply with those more stringent requirements or ratios. Notwithstanding the 

  
 30 

 above, unless IFC otherwise agrees, the Borrower shall at all times maintain, and abstain from any action which
may result in the breach of, the financial parameters provided below: 
  

	 	(i)	a Risk Weighted Capital Adequacy Ratio of not less than (x) 9%, from the date of the signing of this Agreement and until and including September 30, 2016; (y) 11%, from September 30, 2016 until and
including December 31, 2017; and (z) 11.5%, thereafter; 

  

	 	(ii)	an Equity to Assets Ratio of not less than 5%; 

  

	 	(iii)	an Economic Group Exposure Ratio of not more than 15%; provided that such limit shall increase to 25% as long as any additional Exposure above 15% is guaranteed by preferred guarantees, and excluding from the definition
of Exposure for the purpose of the calculation of this financial covenant any amounts held in correspondent accounts in investment grade banks (rated A+ or higher) and any amount held to repay any installment of the Borrower’s external debt;

  

	 	(iv)	an Aggregate Large Exposures Ratio of not more than 400%; 

  

	 	(v)	a Related Party Exposure Ratio of not more than 15%; 

  

	 	(vi)	an Open Credit Exposures Ratio of not more than 25%; 

  

	 	(vii)	a Fixed Assets Plus Equity Participations Ratio of not more than 35%; 

  

	 	(viii)	an Aggregate Foreign Exchange Risk Ratio of not more than 25%; excluding Dollar long positions, and if Dollar long positions were to be included, such Foreign Exchange Risk Ratio shall not exceed 40%; 

 

	 	(ix)	a Single Currency Foreign Exchange Risk Ratio of not more than 10%; except for long positions in Dollars, in which case the Single Currency Foreign Exchange Risk Ratio shall not exceed 40%; 

 

	 	(x)	an Interest Rate Risk Ratio of not less than -10% and not more than ten percent 10%; 

  

	 	(xi)	an Aggregate Interest Rate Risk Ratio of not less than -20% and not more than 20%; 

  

	 	(xii)	a Foreign Currency Maturity Gap Ratio of not less than (i.e. more negative than) -150%; and 

  

	 	(xiii)	an Aggregate Negative Maturity Gap Ratio of not be less than (i.e. more negative than) - 300%. 

Section 5.04. Reporting Requirements. Unless IFC otherwise agrees, the Borrower shall: 

(a) Quarterly Financial Statements and Reports. As soon as available but in any event within 45 days after the end of each quarter of
each Financial Year, deliver to IFC a copy of the Borrower’s Consolidated and unconsolidated financial statements for such quarter prepared in accordance with the Accounting Standards, certified by the CFO, together with: (i) a report on
any factors that have or could reasonably be expected to have a Material Adverse Effect; and (ii) a report (in the form pre-agreed by IFC), signed by the CFO, concerning compliance with the negative covenants contained in Sections 5.02 (a),
(b), (c), (d), (e), and (k) (Negative Covenants) and the financial covenants contained in Section 5.03 (Financial Covenants) including a clear description of the methodology used in the respective
calculations; 

  
 31 

 (b) Annual Financial Statements and Reports. As soon as available but in any event within
90 days after the end of each Financial Year, provide to IFC a copy of: (i) its complete and annual Consolidated and unconsolidated financial statements for such Financial Year prepared in accordance with the Accounting Standards, together with
its Auditors’ audit report thereon, all in form satisfactory to IFC; (ii) a management letter and any other communication from its Auditors commenting, inter alia, on the adequacy of the Borrower’s financial control procedures,
policies and controls, accounting systems and management information systems; (iii) a report (in the form pre-agreed by IFC), signed by the CFO or the internal head of accounting and reviewed by its Auditors, concerning compliance with the
negative covenants contained in Sections 5.02 (a), (b), (c), (d), (e), and (k) (Negative Covenants) and the financial covenants contained in Section 5.03 (Financial Covenants) including a clear description of the methodology
used in the respective calculations; (iv) a report, signed by the CFO or the internal head of accounting, in the form of, and addressing the topics listed in Schedule 6, based on the audited financial statements of the Borrower for the relevant
Financial Year; (v) a report, in the form of Schedule 7, signed by the CFO or the internal head of accounting concerning the Borrower’s portfolio; (vi) a certification (in a form pre-agreed by IFC) signed by the CFO or the internal
head of accounting, certifying (A) compliance of the Eligible Sub-borrowers with the eligibility criteria set forth in Section 5.06 (General Requirements Relating to Eligible Sub-loans) and (B) that all
transactions between the Borrower and each of its Affiliates, Related Parties and Linked Parties, if any, during that Financial Year, were on the basis of arm’s-length arrangements and providing a list of each such transactions; 

(c) Management Letters. Deliver to IFC, promptly following receipt, a copy of any management letter or other communication sent by the
Auditors (or any other accountants retained by the Borrower) to the Borrower or its management in relation to the Borrower’s financial, accounting and other systems, management or accounts, if not provided pursuant to Section 5.04
(b) (ii); 
 (d) S&E Performance Report. Within 90 days after the end of each Financial Year, deliver to IFC the S&E
Performance Report including such information as IFC shall reasonably require to measure the ongoing development results of the Eligible Sub-borrowers against the indicators specified in Schedule 8, which information IFC may hold and use in
accordance with IFC’s Access to Information Policy (dated January 1, 2012), the link of which is http://www.ifc.org/wps/wcm/connect/98d8ae004997936f9b7bffb2b4b33c15/IFCPolicyDisclosureInformation.pdf?MOD=AJPERES; 

(e) Notice of Accidents, Etc. Within 3 days after becoming aware of the occurrence, notify IFC of any social, labor, health and safety,
security or environmental incident, accident or circumstance with respect to any Eligible Sub-borrower or in relation to any Eligible Sub-projects having, or which could reasonably be expected to have, any Material Adverse Effect or a material
adverse impact on the implementation or operation of the Eligible Sub-projects in compliance with the S&E Requirements, specifying in each case the nature of the incident, accident, or circumstance and the impact or effect arising or likely to
arise therefrom, and the measures being taken, or plans to be taken, to address them and prevent any future similar event; and keep IFC informed of the on-going implementation of those measures; 

(f) Corporate Matters. As soon as available, deliver to IFC copies of (i) all notices, reports and other communications of the
Borrower to its shareholders, (ii) the minutes of all the shareholders’ meetings, and (iii) upon IFC’s reasonable request provide the minutes of all the board of directors’ meetings; 

(g) Litigation, Etc. Promptly upon becoming aware of (i) any litigation, arbitration, administrative or regulatory investigations
or proceedings before any Authority or arbitral body which has or may reasonably be expected to have a Material Adverse Effect; (ii) any criminal investigations or proceedings against the Borrower; or (iii) any freezing of assets by a
government authority involving the Borrower, its employees or board members with regard to money laundering or financing of terrorism, notify IFC by facsimile of that event specifying the nature of the action, litigation, arbitration, investigation

  
 32 

 
or proceedings and the steps the Borrower is taking or proposes to take with respect thereto; 

(h) Default. Promptly upon the occurrence of an Event of Default or Potential Event of Default, notify IFC by facsimile specifying the
nature of that Event of Default or Potential Event of Default and any steps the Borrower is taking to remedy it; 
 (i) Regulatory
Reviews. Upon IFC’s reasonable request, and to the extent permitted by the Argentine Central Bank, promptly provide IFC with copies of any documents prepared in connection with any reviews conducted by the Argentine Central Bank or any
other Authority; 
 (j) Sub-borrower Communications. As soon as possible but no later than 10 days after receipt of any
communications from any Eligible Sub-borrower pursuant to Section 5.06 (c)(iv) (General Requirements Relating to Eligible Sub-loans), provide a copy of that communication to IFC together with the measures that the Borrower, or as the
case may be, the Eligible Sub-borrower proposes to take to secure the implementation of appropriate remedial measures satisfactory to IFC; 

(k) AML/CFT Reporting Requirements. On an annual basis, provide to IFC at least one of the following: (i) a report by the AML/CFT
Officer on the implementation of, and compliance with, the Borrower’s AML/CFT policies, procedures and controls; (ii) an internal or external auditor’s assessment on the adequacy of the Borrower’s policies, procedures and
controls for AML/CFT; or (iii) a report by the AML/CFT regulator of the Borrower concerning the Borrower’s compliance with local AML/CFT laws and regulations; 

(l) Information for Participants. Promptly provide to IFC such information about the Borrower, its assets and the Eligible Sub-loans
which have not been provided already as part of IFC’s due diligence or as part of regular reporting, that IFC requests from time to time on behalf of any Participant for such Participants to satisfy requirements under applicable law and
regulations, including those concerning AML/CFT; 
 (m) Trading Activities. Upon IFC’s reasonable request provide IFC
information regularly on the Borrower’s trading activities, including: (i) whether the Borrower is a licensed government bond trader, and any associated commitments; and (ii) the type of instruments traded and for each instrument
type: (a) whether the Borrower is a market maker, (b) the volume traded in the relevant quarter, (c) the Borrower’s internal trading limits, (d) the maximum exposure in the relevant quarter, and (e) the profit or loss
on trading in the quarter; 
 (n) Eligible Sub-loans Status Report. On June 30 and December 31 of each year, provide to IFC
a report, in the form of Schedule 10, on the status of all Eligible Sub-loans as of the immediately preceding Interest Payment Date; and 

(o) Other Information. Promptly provide to IFC such other information as IFC from time to time requests about the Borrower, its assets,
operations and other matters relating to the implementation of this Agreement and any other Transaction Document. 
 Section 5.05.
Insurance. 
 (a) Insurance Requirements and Borrower’s Undertakings. Unless IFC otherwise agrees, the Borrower
shall: (i) insure and keep insured, with financially sound and reputable insurers, its assets and business against insurable losses including the insurances specified in Annex A; (ii) punctually pay any premium, commission and any other
amounts necessary for effecting and maintaining in force each required insurance policy; (iii) promptly notify the relevant insurer of any claim under any policy written by that insurer and diligently pursue that claim; (iv) comply with
all warranties and conditions under each insurance policy; (v) not do or omit to do, or permit to be done or not done, anything which might prejudice the 

  
 33 

 
Borrower’s right to claim or recover under any insurance policy; and (vi) not vary, rescind, terminate, cancel or cause a material change to any insurance policy required in Annex A (to
the extent such variation, termination, cancelation or change would result in a reduction in coverage). 
 (b) Policy Provisions.
Unless IFC otherwise agrees each insurance policy required to be obtained pursuant to this Section 5.05 shall be on terms and conditions acceptable to IFC, and shall contain provisions to the effect that no policy can be terminated, canceled or
suspended by the Borrower or the insurer for any reason unless IFC and, in the case of termination or if cancellation or suspension is initiated by the insurer, the Borrower receive at least 45 days’ written notice (or such lesser period as IFC
may agree) prior to the effective date of such termination, cancellation or suspension; 
 (c) Reporting Requirements. Unless IFC
otherwise agrees, the Borrower shall provide to IFC the following: (i) within 30 days of renewal of an insurance policy required in Annex A (other than those required by applicable laws and regulations), a copy of that policy (or other form of
evidence of renewal acceptable to IFC); (ii) any other insurance-related information or documents as IFC requests from time to time; and (iii) at the Borrower’s financial year end, advise IFC if physical/immovable assets exceed 25% of
Total Capital, and if so, provide copies of policies insuring assets and public liability as required in Annex A. 

Section 5.06. General Requirements Relating to Eligible Sub-loans. (a) Assessment. The Borrower shall apply
prudent banking criteria in the evaluation and assessment of Eligible Sub-projects and Eligible Sub-borrowers and determination of the terms and conditions of, including security for, Eligible Sub-loans. 

(b) Sub-loan Forms. Each Eligible Sub-loan shall be made upon such terms and conditions as shall, at a minimum, cover all financial
expenses incurred by the Borrower in connection with the making, implementation and enforcement of that Eligible Sub-loan, and be evidenced by an agreement or agreements conferring upon the Borrower valid and enforceable rights and imposing upon the
relevant Sub-borrower valid and enforceable obligations, all as necessary and appropriate to protect the interests of the Borrower. 
 (c)
Sub-loan Terms and Conditions. The Borrower shall make all appropriate arrangements to ensure that each Eligible Sub-loan is made in such form and upon such terms and conditions as to require each Eligible Sub-borrower to: (i) carry out
the relevant Eligible Sub-project and conduct its business with due diligence and efficiency and in accordance with sound financial and business practices including, without limitation, making and maintaining in effect insurance arrangements as set
out in the Borrower’s procedures referred to in Section 5.05(a)(vi) (Insurance); (ii) at all times comply with, and/or (as the case may be) fulfill all the requirements and conditions for the qualification of Eligible
Sub-borrowers and Eligible Sub-projects; (iii) design, construct, operate and maintain and monitor all of its sites, plant, equipment and facilities included in the relevant Eligible Sub-project in accordance with the S&E Requirements;
(iv) as soon as possible, but no later than 10 days after its occurrence, notify the Borrower of any incident, accident or circumstance occurring on any site, plant, equipment or facility included in the relevant Eligible Sub-project or in any
manner associated with its implementation and/or operation having or which could reasonably be expected to have a material adverse impact on the implementation or operation of the relevant Eligible Sub-project in compliance with the S&E
Requirements, or an adverse effect on the environment, health or safety, including without limitation, explosions, spills or workplace accidents which result in death, serious or multiple injury or major pollution, specifying, in each case, the
nature of the incident, accident or circumstance and the impact or effect arising or likely to arise therefrom, and the measures to be taken, or plans to be taken, to address them and prevent any future similar event; and keep the Borrower informed
of the on-going implementation of those measures; (v) in each year submit to the Borrower a report on that Eligible Sub-borrower’s performance in connection with the S&E Requirements containing the necessary information to support the
Borrower’s S&E Performance Report to be delivered to IFC pursuant to Section 5.04 (d) (Reporting Requirements); (vi) permit representatives of IFC, the CAO and/or the Borrower to visit any sites, plants,
equipment or facilities included in the relevant 

  
 34 

 
Sub-project and any premises where the business of the Eligible Sub-borrower associated with that Eligible Sub-project is conducted and to have access to that Eligible Sub-borrower’s books
of account and records and to its employees and agents; (vii) provide such information as the Borrower or IFC may from time to time reasonably require with respect to the operations and financial condition of that Eligible Sub-borrower and the
relevant Eligible Sub-project; and (viii) ensure that the proceeds of the relevant Eligible Sub-loan are not used in reimbursement of, or used for, expenditures in the territories of any country which is not a member of the World Bank or for
goods produced or services supplied from such territories. 
 (d) Sub-project Monitoring. The Borrower shall supervise and monitor
the implementation of Eligible Sub-projects, diligently exercise its rights under the agreements evidencing the Eligible Sub-loans, and use its best efforts to enforce the provisions of those agreements. 

Section 5.07. Special Reporting Requirements for Eligible Sub-Loans Tranche B. (a) On an annual basis, but no later
than 90 days after the end of each Financial Year, the Borrower shall deliver to IFC a report on the approved Eligible Sub-projects for Tranche B using IFC’s CAFI Tool including the following information: 

(b) The Borrower shall provide the following information on the Eligible Sub-loans for Tranche B originated with the proceeds of the Loan:

  

	 	(i)	Renewable Energy: Information about RE Eligible Sub-projects for Tranche B financed, including renewable energy technology type, installed capacity (megawatts), and annual electricity generation (megawatt-hours/year)
produced); 

  

	 	(ii)	Energy efficiency: Information about Energy Efficient Eligible Sub-projects financed including information about estimated energy savings expressed as a percentage of estimated baseline energy consumption per unit
output for all fuels plus electricity; 

  

	 	(iii)	Savings for energy efficiency can be defined as follows: 

  

	 	(A)	annual electricity savings (megawatt-hours/year) from energy efficiency projects; 

  

	 	(B)	annual fuel savings (Joules/year or tons of oil equivalent/year) from energy efficiency projects with type(s) of fossil fuel identified; 

 

	 	(iv)	Manufacturing of renewable energy and energy efficient technology equipment: description for the type of renewable energy and energy efficient equipment or finished goods being financed; 

 

	 	(v)	Water efficiency: description of investment to demonstrate a reduction in water use, such as annual water savings (cubic meter per year); water use per unit of output (water use per tonne; water use per guest night (in
hotel); water use per square meter (commercial building or shopping mall); water use per “equivalent product (pharmaceutical plant); percentage of wastewater discharged; evidence of a water management strategy signed by the CEO of the
organization that will result in 10% reductions in water use. This should be uploaded to CAFI as an attachment. 

  

	 	(vi)	Green building: Information in the form of the following table, a copy of which should be uploaded to the CAFI transaction entry as an attachment: 

  
 35 

																									
	 Loan

#
	  	Name of
development	  	City	  	Total
project
cost	  	Loan
amount	  	Currency	  	Tenor	 	Built
area	 	# of
units	  	Stage of
construction	  	Certification
status	  	Green
certification	  	Green
certification
number
		  		  		  		  		  	e.g. USD
/ EUR	  	(months)	 	(m.sq)	 		  	e.g. Design /
 UnderConstruction
 /

Constructed
	  	e.g. Design
Certified /
 PostConstruction
Certified
	  	e.g. IFC’s
EDGE /
LEED /
BREEAM /
etc.	  	

  

	 	(b)	Each Eligible Sub-loan financed under the Loans must demonstrate that it meets IFC’s eligibility criteria for climate business. To this end, each Eligible Sub-loan shall maintain the necessary data and records to
demonstrate the expected energy generation resulting from the implementation of the relevant Eligible Sub-project. The Borrower shall validate these calculations and report on the expected impacts to IFC based on pre-agreed indicators and reporting
templates. 

  

	 	(c)	IFC will supply the Borrower with a tool (the “CAFI Tool”) that will simplify and standardize the reporting framework for these calculations. The Borrower shall only report on the projected energy generation
of the Eligible Sub-project (i.e. based on the information available at the time of booking the Sub-loan). Green House Gas savings will then be computed by the IFC based on data obtained from the Borrower. 

 

	 	(d)	Every 3 years after implementation, IFC or an IFC appointed independent agency may visit a sample (5-10%) of the financed Sub-loans to validate expected outcomes as compared to real outcomes (“Post-implementation
verification”). Post-implementation verification is at IFC’s cost, and the Borrower shall facilitate IFC’s access to data and its clients for that purpose. 

ARTICLE VI 
 Events of
Default 
 Section 6.01. Acceleration after Default. If any Event of Default occurs and is continuing, IFC may, by
notice to the Borrower, require the Borrower to repay any and all the Loans immediately. On receipt of any such notice, the Borrower shall immediately repay the Loans and pay all accrued interest on it, the prepayment premium specified in
Section 2.06 (Prepayment) and any other amounts payable under this Agreement, provided that the prepayment premium specified in Section 2.06 (Prepayment) shall not be applicable if acceleration occurred
(only) as a consequence of the Event of Default set forth in Section 6.02 (e). The Borrower waives any right that it might have to further notice, presentment, demand or protest with respect to that demand for immediate payment. 

Section 6.02. Events of Default. It shall be an Event of Default if: 

(a) Failure to Pay Principal or Interest. The Borrower fails to pay when due any principal of or interest on any of the Loans and such
failure continues for 5 days; 
 (b) Failure to Comply with Obligations. The Borrower fails to comply with any of its obligations
under this Agreement or any other Transaction Document or any other agreement between the Borrower and IFC (other than for the payment of principal of, or interest on, the Loans or any other loan from IFC to the Borrower) and such failure continues
for a period of 30 days after the date on which IFC notifies the Borrower, or after the Borrower comes aware, of such failure; 
 (c)
Misrepresentation. Any representation or warranty made in Article III or in connection with the execution of, or any request (including a Loan Request or a Disbursement Request) under, this Agreement or any other Transaction Document is found
to be incorrect in any material respect; 

  
 36 

 (d) Expropriation; Nationalization, Etc. Any Authority condemns, nationalizes, seizes,
expropriates or otherwise assumes custody or control of all or any substantial part of the business, operations, property or other assets of the Borrower or of its share capital, or takes any action for the dissolution of the Borrower or any action
that would prevent the Borrower or its officers from carrying on all or a substantial part of its business or operations; 
 (e)
Bankruptcy Proceedings. (i) A court finds the Borrower bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Borrower under any applicable
law, or appoints a receiver, liquidator, trustee, sequestrator (or similar official) of the Borrower or of any substantial part of its property or other assets, or orders the winding up or liquidation of its affairs; (ii) the Borrower itself
institutes proceedings to be adjudicated bankrupt or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against it, or files a petition or answer or consent seeking reorganization or relief under any applicable law, or
consents to the filing of any such petition or to the appointment of a receiver, liquidator, trustee, sequestrator (or other similar official) of the Borrower or of any substantial part of its property, or makes a general assignment for the benefit
of creditors, or admits in writing its inability to pay its debts generally as they become due; (iii) the Argentine Central Bank (x) initiates a proceeding under Section 34 of the Argentine Financial Entities Act 21,526 requesting the
Borrower or any Subsidiary to submit a regularization plan or (y) orders a temporary, total or partial suspension of the activities of the Borrower pursuant to Section 49 of the Argentine Central Bank’s charter; (iv) an
attachment, sequestration, distress or execution (or analogous process) is levied or enforced upon or issued against the whole or any material part of the undertaking or assets or property of the Borrower; or (v) any other event occurs which
under any applicable law and/or Banking Regulations would have an effect similar to any of those events listed above in this subsection; 

(f) Cross-Default. The Borrower fails to make any payment in respect of any of its Liabilities (other than the Loan) or to perform any
of its obligations under any agreement pursuant to which there is outstanding any Liability, and any such failure continues for more than any applicable period of grace or any such Liability becomes prematurely due and payable or is placed on
demand; 
 (g) Failure to Maintain Authorizations. Any Authorization necessary for the Borrower to comply with its obligations under
this Agreement or any other Transaction Document, or to carry on its business or operations, is not obtained when required or is rescinded, terminated, lapses or otherwise ceases to be in full force and effect, and is not restored or reinstated
within 30 days of notice by IFC to the Borrower; 
 (h) Revocation, Etc. This Agreement or any other Transaction Document or any of
their respective provisions for any reason is repudiated or its validity or enforceability at any time is challenged by any Person unless such repudiation or challenge is withdrawn within 30 days of IFC’s notice to the Borrower, except that no
such notice shall be required or, as the case may be, the notice period shall terminate if and when that repudiation or challenge becomes effective; or 

(i) Change of Control. A Change of Control occurs. 

Section 6.03. Effects of Insolvency. If the Borrower is in any of the situations described in Section 6.02
(e) above, the Loans, all interest accrued on them and any other amounts payable under this Agreement and the other Transaction Documents will become immediately due and payable without any presentment, demand, protest or notice of any kind,
all of which the Borrower waives. 

  
 37 

 ARTICLE VII 

Miscellaneous 

Section 7.01. Saving of Rights. 

(a) The rights and remedies of IFC in relation to any misrepresentation or breach of warranty on the part of the Borrower shall not be
prejudiced by any investigation by or on behalf of IFC into the affairs of the Borrower, by the execution or the performance of this Agreement or by any other act or thing by or on behalf of IFC in connection with this Agreement and which might,
apart from this Section, prejudice such rights or remedies. 
 (b) No course of dealing and no failure or delay by IFC in exercising any
power, remedy, discretion, authority or other right under this Agreement or any other agreement shall impair, or be construed to be a waiver of or an acquiescence in, that or any other power, remedy, discretion, authority or right under this
Agreement, or in any manner preclude its additional or future exercise. 
 Section 7.02. Notices. 

Any notice, request or other communication to be given or made under this Agreement shall be in writing. Subject to Section 5.04
(h) and (i) (Reporting Requirements) and Section 7.04 (Applicable Law and Jurisdiction) any such communication shall be deemed to have been duly given or made when it is delivered by hand, airmail,
established courier service, facsimile to the party’s address specified below or at such has from time to time, designated by notice to the other party hereto, and shall be effective upon receipt. 

For the Borrower: 
 BANCO DE
GALICIA Y BUENOS AIRES S.A. 
 Tte. Gral. Juan Domingo Perón 407 

(C1038AAI) Buenos Aires 

República Argentina 

Facsimile:       (54-11) 3329-6429 

Attention:       Carlos López 

    SVP International Division 

For IFC: 
 International Finance
Corporation 
 2121 Pennsylvania Avenue, N.W. 

Washington, D.C. 20433 
 United
States of America 
 Facsimile:       (1-202) 947-4300 

Attention:       Paulo de Bolle 

    Regional Industry Head, Financial Institutions Group, 

    Latin America and the Caribbean 

With a copy (in the case of communications relating to payments) sent to the attention of the Director, Department of Financial Operations, at:

 Facsimile: 202-522-7419. 

  
 38 

 Section 7.03. English Language. 

All documents to be provided or communications to be given or made under this Agreement originated from the Borrower and its Subsidiaries
shall be in English and where the original version of any such document is not in English, shall be accompanied or followed (no later than five Business Days since the delivery date of the relevant document in a language other than the English
language) by an English translation certified by an Authorized Representative to be a true and correct translation of the original. IFC may, if it so requires, obtain an English translation of any document or communication received in any other
language at the cost and expense of the Borrower. 
 Section 7.04. Applicable Law and Jurisdiction. (a) This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America. 
 (b) For the
exclusive benefit of IFC, the Borrower irrevocably agrees that any legal action, suit or proceeding arising out of or relating to this Agreement may be brought in the courts of the United States of America located in the Southern District of New
York or in the courts of the State of New York located in the Borough of Manhattan. By the execution of this Agreement, the Borrower irrevocably submits to the jurisdiction of any such court in any such action, suit or proceeding. Final judgment
against the Borrower in any such action, suit or proceeding shall be conclusive and may be enforced in any other jurisdiction, including the Country, by suit on the judgment, a certified or exemplified copy of which shall be conclusive evidence of
the judgment, or in any other manner provided by law. 
 (c) Nothing in this Agreement shall affect the right of IFC to commence legal
proceedings or otherwise sue the Borrower in the Country or any other appropriate jurisdiction, or concurrently in more than one jurisdiction, or to serve process, pleadings and other legal papers upon the Borrower in any manner authorized by the
laws of any such jurisdiction. 
 (d) The Borrower hereby irrevocably designates, appoints and empowers CT Corporation System, with offices
currently located at 111 Eighth Avenue, 13th Floor, New York, New York 10011, as its authorized agent solely to receive for and on its behalf service of any summons, complaint or other legal
process in any action, suit or proceeding IFC may bring in the State of New York in respect of this Agreement. 
 (e) As long as this
Agreement remains in force, the Borrower shall maintain a duly appointed and authorized agent to receive for and on its behalf service of any summons, complaint or other legal process in any action, suit or proceeding IFC may bring in New York, New
York, United States of America, with respect to this Agreement. The Borrower shall keep IFC advised of the identity and location of such agent. 

(f) The Borrower also irrevocably consents, if for any reason its authorized agent for service of process of summons, complaint and other
legal process in any action, suit or proceeding is not present in New York, New York, to the service of such papers being made out of the courts of the United States of America located in the Southern District of New York and the courts of the State
of New York located in the Borough of Manhattan by mailing copies of the papers by registered United States air mail, postage prepaid, to the Borrower, at its address specified pursuant to Section 7.02 (Notices). In such a case,
IFC shall also send by facsimile, or have sent by facsimile, a copy of the papers to the Borrower. 
 (g) Service in the manner provided in
Sections 7.04 (d), (e) and (f) in any action, suit or proceeding will be deemed personal service, will be accepted by the Borrower as such and will be valid and binding upon the Borrower for all purposes of any such action, suit or
proceeding. 
 (h) The Borrower irrevocably waives to the fullest extent permitted by applicable law: 

  
 39 

	 	(i)	any objection which it may have now or in the future to the laying of the venue of any action, suit or proceeding in any court referred to in this Section; 

 

	 	(ii)	any claim that any such action, suit or proceeding has been brought in an inconvenient forum; 

  

	 	(iii)	its right of removal of any matter commenced by IFC in the courts of the State of New York to any court of the United States of America; and 

 

	 	(iv)	any and all rights to demand a trial by jury in any such action, suit or proceeding brought against such party by IFC. 

(i) To the extent that the Borrower may be entitled in any jurisdiction to claim for itself or its assets immunity in respect of its
obligations under this Agreement or any other Transaction Document to which it is a party, from any suit, execution, attachment (whether provisional or final, in aid of execution, before judgment or otherwise) or other legal process or to the extent
that in any jurisdiction that immunity (whether or not claimed) may be attributed to it or its assets, the Borrower irrevocably agrees not to claim and irrevocably waives such immunity to the fullest extent permitted now or in the future by the laws
of such jurisdiction. 
 (j) The Borrower hereby acknowledges that IFC shall be entitled under applicable law, including the provisions of
the International Organizations Immunities Act, to immunity from a trial by jury in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby brought against IFC in any court of the United
States of America. The Borrower hereby waives any and all rights to demand a trial by jury in any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated by this Agreement, brought against IFC in any
forum in which IFC is not entitled to immunity from a trial by jury. 
 (k) To the extent that the Borrower may, in any action, suit or
proceeding brought in any of the courts referred to in Section 7.04 (b) or a court of the Country or elsewhere arising out of or in connection with this Agreement or any other Transaction Document to which the Borrower is a party, be
entitled to the benefit of any provision of law requiring IFC in such action, suit or proceeding to post security for the costs of the Borrower, or to post a bond or to take similar action, the Borrower hereby irrevocably waives such benefit, in
each case to the fullest extent now or in the future permitted under the laws of the Country or, as the case may be, the jurisdiction in which such court is located. 

Section 7.05. Disclosure of Information. IFC may, notwithstanding the terms of any other agreement between the Borrower and
IFC, disclose any documents, records or information about this transaction or the Borrower to (i) its outside counsel, auditors and rating agencies, (ii) any Person who intends to purchase a Participation, and (iii) any other Person
as IFC may deem appropriate in connection with the administration of any Loan, including for the purpose of exercising any power, remedy, right, authority, or discretion relevant to any Transaction Document, or in connection with any proposed sale,
transfer, assignment or other disposition of IFC’s rights as contemplated by Section 7.07. IFC represents that is bound by the IFC’s Access to Information Policy (dated January 1, 2012), the link of which is
http://www.ifc.org/wps/wcm/connect/98d8ae004997936f9b7bffb2b4b33c15/IFCPolicyDisclosureInformation.pdf?MOD=AJPERES. 

Section 7.06. Successors and Assignees. This Agreement binds and benefits the respective successors and assignees of the
parties. However, the Borrower may not assign or delegate any of its rights or obligations under this Agreement without the prior written consent of IFC. 

  
 40 

 Section 7.07. Amendments, Waivers and Consents. Any amendment or waiver of, or
any consent given under, any provision of this Agreement shall be in writing and, in the case of an amendment, signed by the parties. 

Section 7.08. Counterparts. This Agreement may be executed in several counterparts, each of which is an original, but all
of which together constitute one and the same agreement. 
 (signature page follows) 

  
 41 

 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives,
have caused this Agreement to be signed in their respective names and to be delivered, as of the date first above written. 
  

			
	BANCO DE GALICIA Y BUENOS AIRES S.A.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	INTERNATIONAL FINANCE CORPORATION
		
	By:	 	/s/ PAULO DE BOLLE
	Name:	 	PAULO DE BOLLE
	Title:	 	REGIONAL INDUSTRY HEAD/SENIOR MANAGER

  
 42 

 ANNEX A 

INSURANCE REQUIREMENTS 
 General
Provisions 
 The insurances required to be arranged by the Borrower are those customarily expected of a prudent financial institution,
including but not limited to the following: 
 At all times: 
  

	 	(a)	Financial Institution Bond (Bankers Blanket Bond) with cover to include, without limitation, the following: 

  

	 	(i)	infidelity of employees; 

  

	 	(ii)	forgery or alteration; 

  

	 	(iii)	cash including securities and any negotiable instruments or documents at premises, in transit and in safe; and 

  

	 	(iv)	electronic and computer crime; and 

  

	 	(b)	all insurances required by applicable laws and regulations. 

 The following insurance policies
will only be required as long as physical and immovable assets constitute 25% or more of Total Capital: 
  

	 	(c)	fire and named perils (including natural perils, and strike, riot & civil commotion), or property all risks on assets, with the sum insured based on new replacement cost; and 

 

	 	(d)	public liability. 

  
 43 

 ANNEX B 

EXCLUSION LIST 
 (See
Section 5.02 of the Agreement) 
  

	 	•	 	Production or trade in any product or activity deemed illegal under host country laws or regulations or international conventions and agreements, or subject to international bans, such as pharmaceuticals,
pesticides/herbicides, ozone depleting substances, PCB’s, wildlife or products regulated under CITES. 

  

	 	•	 	Production or trade in weapons and munitions1. 

  

	 	•	 	Production or trade in alcoholic beverages (excluding beer and wine)1 

  

	 	•	 	Production or trade in tobacco1. 

  

	 	•	 	Gambling, casinos and equivalent enterprises1. 

  

	 	•	 	Production or trade in radioactive materials. This does not apply to the purchase of medical equipment, quality control (measurement) equipment and any equipment where IFC considers the radioactive source to be trivial
and/or adequately shielded. 

  

	 	•	 	Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of bonded asbestos cement sheeting where the asbestos content is less than 20%. 

 

	 	•	 	Drift net fishing in the marine environment using nets in excess of 2.5 km. in length. 

  

	 	•	 	Production or activities involving harmful or exploitative forms of forced labor2/harmful child labor3.

  

	 	•	 	Commercial logging operations for use in primary tropical moist forest. 

  

	 	•	 	Production or trade in wood or other forestry products other than from sustainably managed forests. 

The Borrower shall not provide loans, funding, investments or other support that represents, in the aggregate more than 1.0% of the
Borrower’s loan portfolio, to clients engaged in the following activity and where such client’s operations primarily consist of: 
  

	 	•	 	Production or trade in tobacco1. 

  

	1 	This does not apply to project sponsors who are not substantially involved in these activities. “Not substantially involved” means that the activity concerned is ancillary to a project sponsor’s primary
operations. 

	2 	Forced labor means all work or service, not voluntarily performed, that is extracted from an individual under threat of force or penalty. 

	3 	Harmful child labor means the employment of children that is economically exploitive, or is likely to be hazardous to, or to interfere with, the child’s education, or to be harmful to the child’s health, or
physical, mental, spiritual, moral, or social development. 

  
 44 

 ANNEX C 

SANCTIONABLE PRACTICES 

(See Section 1.01 of the Agreement) 

ANTI-CORRUPTION GUIDELINES FOR IFC TRANSACTIONS 

The purpose of these Guidelines is to clarify the meaning of the terms “Corrupt Practices”, “Fraudulent Practices”, “Coercive
Practices”, “Collusive Practices” and “Obstructive Practices” in the context of IFC operations. 
  

	1.	Corrupt Practices 

 A “Corrupt Practice” is the offering, giving, receiving or soliciting,
directly or indirectly, of anything of value to influence improperly the actions of another party. 
 Interpretation 

A. Corrupt practices are understood as kickbacks and bribery. The conduct in question must involve the use of improper means (such as bribery)
to violate or derogate a duty owed by the recipient in order for the payor to obtain an undue advantage or to avoid an obligation. Antitrust, securities and other violations of law that are not of this nature are excluded from the definition of
corrupt practices. 
 B. It is acknowledged that foreign investment agreements, concessions and other types of contracts commonly require
investors to make contributions for bona fide social development purposes or to provide funding for infrastructure unrelated to the project. Similarly, investors are often required or expected to make contributions to bona fide local charities.
These practices are not viewed as Corrupt Practices for purposes of these definitions, so long as they are permitted under local law and fully disclosed in the payor’s books and records. Similarly, an investor will not be held liable for
corrupt or fraudulent practices committed by entities that administer bona fide social development funds or charitable contributions. 
 C.
In the context of conduct between private parties, the offering, giving, receiving or soliciting of corporate hospitality and gifts that are customary by internationally-accepted industry standards shall not constitute corrupt practices unless the
action violates applicable law. 
 D. Payment by private sector persons of the reasonable travel and entertainment expenses of public
officials that are consistent with existing practice under relevant law and international conventions will not be viewed as Corrupt Practices. 

  
 45 

 ANNEX C 

E. The World Bank Group does not condone facilitation payments. For the purposes of implementation, the interpretation of “Corrupt
Practices” relating to facilitation payments will take into account relevant law and international conventions pertaining to corruption. 
  

	2.	Fraudulent Practices 

 A “Fraudulent Practice” is any action or omission, including
misrepresentation, that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation. 

Interpretation 
 A. An
action, omission, or misrepresentation will be regarded as made recklessly if it is made with reckless indifference as to whether it is true or false. Mere inaccuracy in such information, committed through simple negligence, is not enough to
constitute a “Fraudulent Practice” for purposes of this Agreement. 
 B. Fraudulent Practices are intended to cover actions or
omissions that are directed to or against a World Bank Group entity. It also covers Fraudulent Practices directed to or against a World Bank Group member country in connection with the award or implementation of a government contract or concession
in a project financed by the World Bank Group. Frauds on other third parties are not condoned but are not specifically sanctioned in IFC, MIGA, or PRG operations. Similarly, other illegal behavior is not condoned, but will not be considered as a
Fraudulent Practice for purposes of this Agreement. 
  

	3.	Coercive Practices 

 A “Coercive Practice” is impairing or harming, or threatening to impair or
harm, directly or indirectly, any party or the property of the party to influence improperly the actions of a party. 

Interpretation 
 A.
Coercive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting or in furtherance of a Corrupt Practice or a Fraudulent Practice. 

B. Coercive Practices are threatened or actual illegal actions such as personal injury or abduction, damage to property, or injury to legally
recognizable interests, in order to obtain an undue advantage or to avoid an obligation. It is not intended to cover hard bargaining, the exercise of legal or contractual remedies or litigation. 

  
 46 

 ANNEX C 
  

	4.	Collusive Practices 

 A “Collusive Practice” is an arrangement between two or more parties
designed to achieve an improper purpose, including to influence improperly the actions of another party. 
 Interpretation 

Collusive Practices are actions undertaken for the purpose of bid rigging or in connection with public procurement or government contracting
or in furtherance of a Corrupt Practice or a Fraudulent Practice. 
  

	5.	Obstructive Practices 

 An “Obstructive Practice” is (i) deliberately destroying,
falsifying, altering or concealing of evidence material to the investigation or making of false statements to investigators, in order to materially impede a World Bank Group investigation into allegations of a corrupt, fraudulent, coercive or
collusive practice, and/or threatening, harassing or intimidating any party to prevent it from disclosing its knowledge of matters relevant to the investigation or from pursuing the investigation, or (ii) acts intended to materially impede the
exercise of IFC’s access to contractually required information in connection with a World Bank Group investigation into allegations of a corrupt, fraudulent, coercive or collusive practice. 

Interpretation 
 Any
action legally or otherwise properly taken by a party to maintain or preserve its regulatory, legal or constitutional rights such as the attorney-client privilege, regardless of whether such action had the effect of impeding an investigation, does
not constitute an Obstructive Practice. 
 General Interpretation 

A person should not be liable for actions taken by unrelated third parties unless the first party participated in the prohibited act in
question. 

  
 47 

 ANNEX D 

COPY OF SEMS PLAN 
  

							
	 TYPE OF ACTION
	  	 SUGGESTED ACTION
	 	DELIVERABLE	  	TIMEFRAME
	ESMS enhancement and Staff training Plan	  	The Borrower shall develop an ESMS enhancement and staff training plan to ensure that its Relevant Financing Operations are in compliance with the S&E Requirements, i.e. application of the Exclusion List, the Applicable E&S
Laws for the Relevant Financing Operations and the IFC Performance Standards for the Eligible Sub-projects for Tranche B.	 	ESMS enhancement
and staff training plan	  	On or prior to
first Disbursement
of the IFC Loan #1
				
	Enhance ESMS and develop a capacity building program	  	The Borrower shall enhance its S&E Management System to ensure that its Relevant Financing Operations comply with the S&E Requirements, i.e. application of the Exclusion List, the Applicable S&E Laws and for any Eligible
Sub-loan for Tranche B made to an Eligible Sub-borrower for Tranche B to finance to an Eligible Sub-project for Tranche B, the
IFC Performance Standards. The S&E Management System enhancement will include: (i) amendment of existing E&S policy, (ii) enhancement of due diligence procedure scope and monitoring procedures.	 	Copy of written
procedures and
materials to support
the ESMS
implementation	  	6 Months after
first Disbursement
of the IFC Loan #1
				
	Staff training Implementation Report	  	The Borrower shall submit a report specifying the schedule of training programs delivered and applicable staff attendance.	 	Copy of training
program	  	6 Months after first
Disbursement of
IFC Loan #1
				
		  		 	Delivery of dates the
training was
conducted and the
number of staff
trained.	  	12 Months after
first Disbursement
of IFC Loan #1
				
		  		 	List of external
consultants/advisors	  	12 Months after
first Disbursement
of IFC Loan #1
				
	ESMS Implementation report	  	The Borrower will implement the ESMS and provide IFC examples of Eligible Tranche B Sub-loans E&S due diligence prepared and an ESMS implementation report to ensure its adequacy.	 	Submission of the
E&S due diligence
documents for the
first three RE Eligible
Sub-projects for
Tranche B reviewed	  	Prior to each
relevant Eligible
Sub-loan for
Tranche B approval
				
		  		 	Implementation
report	  	6 months after the
first Disbursement
of the IFC Loan #1.

  
 48 

							
	Enhance its External Communications Mechanism	  	Enhance its external communications mechanism	  	Copy of written procedures and materials	  	6 months after the first Disbursement of the IFC Loan #1

  
 49 

 ANNEX E 

ESCASANY, AYERZA AND BRAUN FAMILY MEMBERS 

Escasany, Maria Ofelia 
 Escasany, Eduardo José 

Vila Moret, Silvestre 
 Ayerza, Abel 

Ayerza de Gutiérrez, Adela Maria 
 Ayerza, Maria Teresa

 Ayerza, Josefina Maria 
 Braun, Federico 

Guerrero de Authier, Mercedes 
 Guerrero de Romero, Isabel 

Guerrero de Aduriz, Francisca 
 Braun, Santiago 

Braun de Santillán, Susana 
 Braun, Maria 

Braun, Ledesma lnés 
 Braun, Ledesma Pablo 

Braun Malenchini, Sonia 
 Braun, Miguel 

Fundación Banco de Galicia y Buenos Aires 

  
 50 

 ANNEX F 

ELIGIBILITY CRITERIA FOR ELIGIBLE SUB-PROJECTS FOR TRANCHE B 

 

	(i)	Eligible Sub-projects for Tranche B should only involve third parties of good reputation and that have been cleared by the Borrower as appropriate business partners;

  

	(ii)	Eligible Sub-projects for Tranche B should be in activities conforming with the Exclusion List, the local and national E&S laws and regulations, IFC climate business
eligibility criteria (as detailed below), and the Performance Standards or, where an acquired company does not comply at the time of acquisition, an action plan to bring this company into compliance in a reasonable time has been adopted;

  

	(iii)	No Relevant Financing Operation for tranche B shall result in a politically exposed person holding an interest, a directorship or any other top executive position (other than in his/her official capacity) in an
operating company, without the prior agreement of IFC; 

  

	(iv)	Eligible Sub-projects for Tranche B should be within at least 1 of the following eligible criteria: 

a. Renewable Energy (RE) Eligible Sub-projects for Tranche B (each, a “RE Eligible
Sub-project for Tranche B”), defined as the installation or construction measure aimed at investing into fixed assets that are designed to produce electricity, heat, cooling and any other form of energy that displaces fossil fuel use by
utilizing renewable energy resources. Renewable energy resources may include but not be limited to solar, wind, geothermal, biomass, biogas, waste- to- energy, but shall exclude any form of hydropower. 

b. Energy Efficiency (EE) Eligible Sub-projects for Tranche B (each, a “EE Eligible
Sub-project for Tranche B”), defined as the reconstruction, renovation or refurbishment measure aimed at investing into fixed assets that are designed to decrease energy consumption for every unit of service output of the corporate/medium
entity or utilizing renewable or waste energy, both with the primary objective of improving the efficiency of energy use (or reducing specific energy consumption) of the system directly affected by the Eligible
Sub-project based on minimum requirements. 
 c. Eligible
Sub-projects can include the manufacturers of EE and RE technology equipment intended for Energy Efficiency (EE) Eligible Sub-projects for Tranche B and Renewable Energy
(RE) Eligible Sub-projects for Tranche B: 
  

	 	i.	In the case of EE technology equipment, the Eligible Sub-project should be directly manufacturing the energy-efficient technology equipment or appliance, and should be considered
energy-efficient based on a reasonable benchmark in the market the technology is being sold. The products of the corporate/medium manufacturer must be supplied to EE projects. 

 

	 	ii.	In the case of RE technology equipment, the Eligible Sub-project should be directly manufacturing a component that is exclusively for the purpose of producing RE and not for other
purposes. The products of the corporate/medium manufacturer must be supplied to RE projects. 

 d. Water Efficiency (WE)
Eligible Sub-Projects for Tranche B, defined as an investment that materially reduces the use of water per unit of production. The specific eligibility of such projects 

  
 51 

 will need to be confirmed by IFC. This can be through retrofit of an existing facility, a water
recycle/reuse project or a project that will use alternative water sources such as ground water, desalinated water or tertiary advanced tertiary treated sewage measure implemented within the premises of a corporate/medium entity and aimed at
investing into fixed assets that are designed to decrease water consumption, provided that the decrease in water utilization from baseline is greater than or equal to 10%. 

e. Eligible Green Buildings are buildings, which are compliant with green buildings standards as evidenced by: 

 

	 	i.	Leadership in Energy and Environmental Design (LEED) certificate as defined by the U.S. Green Building Council, or 

  

	 	ii.	“BRE” Environmental Assessment Method (BREEAM) certificate as defined by the Building Research Establishment, or 

  

	 	iii.	IFC’s Excellence in Design for Greater Efficiencies (EDGE) certificate. 

  

	(v)	Financing, which may be in the form of Eligible Sub-loans, must be for new Eligible Sub-projects and not refinancing of an existing loan.

  

	(vi)	Minimum requirements: 

  

					
	 	  	 Eligibility Criteria
	  	 Data Reporting

	Energy Efficiency	  	Decrease in energy consumption from baseline 3 15% or 25,000 tC02, calculated on the overall eligible portfolio level, (the aggregate of the EE Eligible Sub-projects for Tranche B)	  	Technical data to be collected and reported through CAFI Tool
			
	 Renewable
 Energy
	  	Eligible by default	  	Technical data to be collected and reported through CAFI Tool

  

	(vii)	Excluded sub-projects: 

  

	 	a.	All hydropower projects shall be excluded; 

  

	 	b.	Category “A” Activity projects shall be excluded; and 

  

	 	c.	Projects exceeding generation of 15 MW shall be excluded. 

  
 52 

 SCHEDULE 1 

FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY 

(See Section 1.01, Section 4.01 and Section 4.02 of the Agreement) 

[Borrower’s Letterhead] 

[Date] 
 International Finance Corporation 

2121 Pennsylvania Avenue, N.W. 
 Washington, D.C. 20433 

United States of America 
 Attention: Director, Financial
Institutions Group 
 Ladies and Gentlemen: 

Investment No. 38134 

Certificate of Incumbency and Authority 

With reference to the Master Loan Agreement between us, dated May 24, 2016 (the “Agreement”), I, the undersigned [Chairman/Director]
of Banco de Galicia y Buenos Aires S.A. (the “Borrower”) duly authorized to do so, hereby certify that the following are the names, offices and true specimen signatures of the persons [each] [any two] of whom are, and will continue to be
(until you receive authorized written notice from the Borrower that they, or any of them, no longer continue to be), authorized: 
 (a) to
sign on behalf of the Borrower the request for the disbursement of funds provided for in Section 2.02 of the Agreement and in each Loan Agreement, and such other certificates, requests and documents required or permitted to be made thereunder
on behalf of the Borrower; and 
 (b) to take, in the name of the Borrower, any other action required or permitted to be taken, done, signed
or executed under the Agreement and any Loan Agreement, or any other agreement to which IFC and the Borrower may be parties. 
  

					
	*Name	    	 Office
	    	 Specimen Signature

	  
	    	  
	    	  

	  
	    	  
	    	  

	  
	    	  
	    	  

  
  

	*	As many, or as few, names may be included as the Borrower shall desire. 

  
 53 

 SCHEDULE 1 

You may assume that any such person continues to be so authorized until you receive authorized written notice from the Borrower that they, or
any of them, is no longer so authorized. 
  

			
	 Yours truly,

	
	 BANCO DE GALICIA Y BUENOS AIRES S.A.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	 [Chairman/Director]

  
 54 

 SCHEDULE 2 

FORM OF LOAN REQUEST 
 (See
Section 2.02 of the Agreement) 
 [Borrower’s Letterhead] 

[Date] 
 International Finance Corporation 

2121 Pennsylvania Avenue, N.W. 
 Washington, D.C. 20433 

United States of America 
 Attention: Director, Financial
Institutions Group 
 Ladies and Gentlemen: 

Investment No. 38134 

Request for Loan No. [    ]* 

1. Please refer to the Master Loan Agreement (the “Agreement”) dated May 24, 2016, between Banco de Galicia y Buenos Aires S.A. (the
“Borrower”) and International Finance Corporation (“IFC”). All terms defined in the Agreement shall bear the same meanings herein. 
 2.
The Borrower hereby requests a Loan for the amount of                 
(                ) (the “Loan”), consisting of (i) a Tranche A Loan in an amount of $
                ; and (ii) a Tranche B Loan in an amount of $
                 , in accordance with the provisions of Section 2.02 of the Agreement. 

[3. Attached hereto is a preliminary pipeline of proposed Eligible Sub-loans for Tranche B to be financed with
proceeds of the Disbursement, and IFC shall have validated such pipeline.] 
  

			
	 Yours faithfully,

	
	 BANCO DE GALICIA Y BUENOS AIRES S.A.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	[Authorized Representative]**

 Copy to: Director, Department of Financial Operations 

               International Finance Corporation 

 
  

	*	Each to be numbered in series. 

	**	As named in the Borrower’s Certificate of Incumbency and Authority (see Schedule 1). 

  
 55 

 SCHEDULE 3 

FORM OF LOAN AGREEMENT 

(See Section 2.02 of the Agreement) 
  

 
  

INVESTMENT NUMBER 38134 

Loan Agreement No. [    ] 

between 
 BANCO DE
GALICIA Y BUENOS AIRES S.A. 
 and 

INTERNATIONAL FINANCE CORPORATION 

Dated             
        , 201[    ] 
  

 
  

  
 56 

 LOAN AGREEMENT No. [    ] 

LOAN AGREEMENT (this “Loan Agreement”) dated
                ,     , 20     between BANCO DE GALICIA Y BUENOS AIRES S.A., a banking institution organized
and existing under the laws of the Republic of Argentina (the “Borrower”); and INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of Agreement among its member countries including the Republic of
Argentina (“IFC”). 
 RECITALS 

On or about the date hereof, the Borrower and IFC have entered into a Master Loan Agreement; 

According to that Master Loan Agreement dated May 24, 2016 (the “Master Loan Agreement”), the Borrower has requested a Loan (as
below defined) to IFC, in order to use the proceeds of such Loan to finance Eligible Sub-loans (as below defined) for Eligible Sub-projects (as below defined) to be
carried on by Eligible Sub-borrowers(as below defined); and 
 IFC is willing to provide the
requested Loan upon the terms and conditions set forth in this Loan Agreement and the Master Loan Agreement. 
 ARTICLE I 

Definitions and Interpretation 

Section 1.01. Definitions. Wherever used in this Loan Agreement, and except as otherwise defined herein, terms defined
below shall have the meaning ascribed to them in this Section 1.01, and terms that are not defined in this Section 1.01 or in this Loan Agreement, shall have the meaning ascribed to them in the Master Loan Agreement: 

“Interest Rate” means, for any Interest Period, the rate at which interest is payable on the Loan during that Interest Period, determined in
accordance with Section 2.02 (Interest); 
 “Loan” means the loan specified in Section 2.01 (The Loan) or, as the
context requires, its principal amount from time to time outstanding; 
 “Loan Disbursement” means the disbursement of the Loan; 

“Master Loan Agreement” has the meaning set forth in the Recitals; and 

“Relevant Spread” means collectively, the Tranche A Loans Relevant Spread and the Tranche B Loans Relevant Spread; 

“Tranche A Loans Relevant Spread”4 means
        % per annum; and 
 “Tranche B Loans Relevant Spread”5 means         % per annum. 
  

 

	4 	To be completed once the final terms are determined. 

	5 	To be completed once the final terms are determined. 

  
 57 

 Section 1.02. Financial Calculations, Interpretation, Business Day Adjustment.

 (a) This Agreement is the Loan Agreement referred to in the Master Loan Agreement. 

(b) Sections 1.02. (Financial Calculations), 1.03 (Interpretation) and 1.04 (Business Day Adjustment) of the Master Loan
Agreement are incorporated herein by reference and shall apply herein, mutatis mutandis, as if set out in this Loan Agreement in full. 

(c) In the context of this Loan Agreement, and except as otherwise provided in this Loan Agreement, a reference to a time of day is a
reference to New York time. 
 (d) In the context of this Loan Agreement, and except as otherwise provided in this Loan Agreement, any
reference to “the date of this Loan Agreement” or any similar reference, is a reference to the date of execution of this Loan Agreement. 

(e) Any reference to Sections in this Loan Agreement, except as otherwise provided in this Loan Agreement, is a reference to a Section to this
Loan Agreement. 
 Section 1.03. Conflict with Master Loan Agreement. In the event of any conflict between the
terms of this Loan Agreement and the terms of the Master Loan Agreement, the terms of this Loan Agreement will prevail as between the parties to this Loan Agreement. 

ARTICLE II 
 The Loan

 Section 2.01. The Loan. 

(a) Subject to the provisions of this Loan Agreement and the Master Loan Agreement (including Section 2.02 (Commitment and Disbursement
Procedure), Section 4.01 (Conditions of First Disbursement of the Loans), if applicable, and Section 4.02 (Conditions of All Disbursements) of the Master Loan Agreement), IFC agrees to commit the availability of the Loan
in an aggregate principal amount of $ [            ] consisting of: (i) a Tranche A Loan in an amount of $
[            ]; and (ii) a Tranche B Loan in an amount of up to $ [            ]. 

(b) The Borrower may request the corresponding Loan Disbursement by delivering to IFC, at least 10 Business Days prior to the proposed date of
disbursement: (i) a Disbursement Request, in accordance with Schedule 1 of this Loan Agreement as set forth in Section 2.02 (c) of the Master Loan Agreement; and (ii) a Note evidencing each Tranche as set forth in Section 2.14 of
the Master Loan Agreement. 
 (c) Loan Disbursement shall be made by IFC at a bank in New York, New York for further credit to the
Borrower’s account at a bank in the Country, as indicated by the Borrower in the Disbursement Request. 
 (d) The Borrower shall
deliver to IFC in accordance with Section 2.02 (f) of the Master Loan Agreement, a receipt, substantially in the form of Schedule 2 of this Loan Agreement, with the signatures and capacities of the Borrower’s representatives duly certified
and authenticated by an Argentinean notary public, within 5 Business Days following Loan Disbursement by IFC. The Borrower hereby expressly and unconditionally agrees that in the event that the Borrower fails to deliver such receipt, evidence of the
transfer of funds to the Borrower’s correspondent bank account shall be considered as sufficient evidence of receipt. 

  
 58 

 Section 2.02. Interest. Subject to Section 2.04 (Default
Interest Rate) of the Master Loan Agreement, the Borrower shall pay interest on the Loan in accordance with this Section 2.02 (Interest). 

(a) During each Interest Period, the Loan shall bear interest at the Interest Rate for that Interest Period. 

(b) Interest on the Loan shall accrue from day to day, be prorated on the basis of a 360-day year for
the actual number of days in the relevant Interest Period and be payable in arrears on the Interest Payment Date immediately following the end of that Interest Period; provided that in case the Loan Disbursement is made less than 15 days before an
Interest Payment Date, interest on the Loan shall be payable commencing on the second Interest Payment Date following the date of the Loan Disbursement. 

(c) The Interest Rate for any Interest Period shall be the rate which is the sum of: 

 

	 	(i)	the applicable Relevant Spread; and 

  

	 	(ii)	LIBOR on the Interest Determination Date for that Interest Period for six (6) months (or, in the case of the first Interest Period for any Loan Disbursement, for 1 month, 2 months, 3 months or 6 months, whichever period
is closest to the duration of the relevant Interest Period (or, if 2 periods are equally close, the longer one)) rounded upward to the nearest 3 decimal places. 

(d) The Interest Rate shall be determined as provided in Section 2.03 (Interest) of the Master Loan Agreement. 

(e) The Interest Rate shall be subject to adjustment upon the occurrence of a Market Disruption Event as provided in Section 2.03
(Interest; Market Disruption) of the Master Loan Agreement. 
 (f) The determination by IFC, from time to time, of the applicable
Interest Rate shall be final and conclusive and bind the Borrower (unless the Borrower shows to the IFC’s satisfaction that the determination involves manifest error). 

Section 2.03. Repayment. 

(a) The Borrower shall repay the Tranche A Loan in accordance with Section 2.05 (Repayment) of the Master Loan Agreement, as
detailed in the schedule below: 
  

			
	 Interest Payment Date
	    	 Principal Amount

	  
	    	  

	  
	    	  

 (b) The Borrower shall repay the Tranche B Loan in accordance with Section 2.05 (Repayment) of the
Master Loan Agreement, as detailed in the schedule below: 
  

			
	 Interest Payment Date
	    	 Principal Amount

	  
	    	  

	  
	    	  

 (c) Any principal amount of any Tranche of the Loan repaid under this Agreement may not be re-borrowed. 

  
 59 

 Section 2.04. Prepayment. 

(a) The Borrower may prepay any Tranche of the Loan in accordance with Section 2.06 (Prepayment) of the Master Loan Agreement. 

(b) Amounts of principal prepaid under this Section 2.04 and Section 2.06 (Prepayment) of the Master Loan Agreement shall be
applied by IFC to all the outstanding installments of principal of the Loan in inverse order of maturity. 
 Section 2.05. Fees
and Other Payments. (a) The Borrower shall pay to IFC the commitment fee, the front-end fee, the portfolio monitoring fee, and any other applicable fee, expenses and taxes, as provided in the
Master Loan Agreement, as applicable to this Loan. 
 Section 2.06. Currency and Place of Payments. The Borrower
shall make all payments of principal, interest, fees and any other amount due to IFC under this Loan Agreement in accordance with Section 2.08 (Currency and Place of Payments) of the Master Loan Agreement. 

Section 2.07. Suspension and Cancellation. 

(a) IFC may suspend the right of the Borrower to Loan Disbursement or cancel the undisbursed portion of the Loan in whole or in part in
accordance with Section 2.02 (h) of the Master Loan Agreement. 
 (b) The Borrower may request that IFC cancel all or part of the
undisbursed portion of the Loan in accordance with Section 2.02 (i) of the Master Loan Agreement. 
 ARTICLE III 

Common Terms 

Section 3.01. Representations and Warranties. 

(a) The representations and warranties set out in Section 3.01 (Representations and Warranties) of the Master Loan Agreement are
incorporated herein by reference and shall be made and are deemed to be made herein, mutatis mutandis, for the benefit of IFC as if set out in this Loan Agreement in full. 

(b) The Borrower acknowledges that IFC enters into this Loan Agreement and the other Transaction Documents to which it is a party on the basis
of, and in full reliance on, each of the representations and warranties referred to in Section 3.01 (Representations and Warranties) of the Master Loan Agreement. 

Section 3.02. Conditions of Disbursement. 

The obligation of IFC to make the Loan Disbursement is subject to the fulfillment prior to or concurrently with the making of the Loan
Disbursement of the conditions set forth in Section 4.01 (Conditions of First Disbursement of the Loans), if applicable, and Section 4.02 (Conditions of All Disbursements) of the Master Loan Agreement. 

Section 3.03. Covenants. 

(a) So long as any amount of the Loan remains available for disbursement or any amount is outstanding under any of the Transaction Documents,
the covenants set out in Article V (Particular Covenants) of the Master Loan Agreement are incorporated herein by reference and shall apply herein, 

  
 60 

 
mutatis mutandis, for the benefit of IFC as if set out in this Loan Agreement in full. 

(b) The Borrower undertakes to cause the proceeds of the Loan to be applied to [provide a preliminary description of Eligible Sub-loans, Eligible Sub-projects, and Eligible Sub-borrowers] and to provide evidence to that effect to IFC. 

Section 3.04. Events of Default. 

(a) The Events of Default set out in Section 6.02 (Events of Default) of the Master Loan Agreement are incorporated herein by
reference and shall each constitute an event of default under this Loan Agreement. 
 (b) If any Event of Default occurs and is continuing
(whether it is voluntary or involuntary, or results from operation of law or otherwise), IFC may, by notice to the Borrower, require the Borrower to repay the Loan or such part of the Loan as is specified in that notice. On receipt of any such
notice, the Borrower shall immediately repay the Loan (or that part of the Loan specified in that notice) and pay all interest accrued on it, the prepayment premium specified in Section 2.06 (Prepayment) of the Master Loan Agreement, and
any other amounts then payable under this Loan Agreement and the other Transaction Documents, provided that the prepayment premium specified in Section 2.06 (Prepayment) shall not be applicable if acceleration occurred (only) as a
consequence of the Event of Default set forth in Section 6.02 (e) of the Master Loan Agreement. The Borrower waives any right it might have to further notice, presentment, demand or protest with respect to that demand for immediate payment.

 (c) If the Borrower is in any of the situations described in Section 6.02 (e) of the Master Loan Agreement, the Loan, all interest
accrued on it and any other amounts payable under this Loan Agreement and the other Transaction Documents will become immediately due and payable without any presentment, demand, protest or notice of any kind, all of which the Borrower waives. 

ARTICLE IV 

Miscellaneous 

Section 4.01. Notices. 

Any notice, request or other communication to be given or made under this Loan Agreement shall be given in accordance with Section 7.02
(Notices) of the Master Loan Agreement. 
 Section 4.02. Term of Agreement. 

This Loan Agreement shall continue in force until all monies payable under it have been fully paid in accordance with its provisions. 

Section 4.03. Saving of Rights. 

Section 7.01 (Saving of Rights) of the Master Loan Agreement is incorporated herein by reference and shall apply herein,
mutatis mutandis, as if set out in this Loan Agreement in full. 
 Section 4.04. Applicable Law and
Jurisdiction. 
 (a) This Loan Agreement is governed by, and shall be construed in accordance with, the laws of the State of New
York, United States of America. 

  
 61 

 (b) Section 7.04 (Applicable Law and Jurisdiction) of the Master Loan Agreement is
incorporated herein by reference and shall apply herein, mutatis mutandis, as if set out in this Loan Agreement in full. 

Section 4.05. Successors and Assignees. 

(a) This Loan Agreement binds and benefits the respective successors and assignees of the parties. However, the Borrower may not assign or
delegate any of its rights or obligations under this Loan Agreement without the prior consent of IFC. 
 (b) IFC may sell, transfer, assign,
novate or otherwise dispose of all or part of its rights or obligations under this Loan Agreement. 
 Section 4.06. Disclosure of
Information. Section 7.06 (Disclosure of Information) of the Master Loan Agreement is incorporated herein by reference and shall apply herein, mutatis mutandis, as if set out in this Loan Agreement in full. 

Section 4.07. Amendments, Waivers and Consents. (a) No provision of this Loan Agreement may be amended, supplemented,
modified or waived, except by a written instrument signed by the parties to this Loan Agreement. 
 (b) Any waiver or amendment, supplement
or modification made or entered into in accordance with Section 4.07(a) shall be binding upon the parties to this Loan Agreement. 

Section 4.08. Counterparts. This Loan Agreement may be executed in several counterparts, each of which is an
original, but all of which together constitute one and the same agreement. 
 Section 4.09. English Language.
(a) All documents to be provided or communications to be given or made under this Loan Agreement shall be in the English language. 

(b) To the extent that the original version of any document to be provided, or communication to be given or made, to IFC under this Loan
Agreement is in a language other than English, that document or communication shall be accompanied or followed (no later than five Business Days since the delivery date of the relevant document in a language other than the English language) by an
English translation certified by an Authorized Representative to be a true and correct translation of the original, and the Borrower shall provide to IFC, promptly upon the reasonable request of IFC, an English translation of any document not in the
English language or accompanied by such an English translation. IFC may, if it so requires, obtain an English translation of any document or communication received in a language other than English at the cost and expense of the Borrower. 

  
 62 

 IN WITNESS WHEREOF, the parties have caused this Loan Agreement to be signed in their respective
names as of the date first above written. 
  

			
	BANCO DE GALICIA Y BUENOS AIRES S.A.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	INTERNATIONAL FINANCE CORPORATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 63 

 SCHEDULE 1 to the Loan Agreement 

FORM OF DISBURSEMENT REQUEST 

(See Section 2.02 of the Master Loan Agreement and 2.01 (b) of the Loan Agreement) 

[Borrower’s Letterhead] 

[Date] 
 International Finance Corporation 

2121 Pennsylvania Avenue, N.W. 
 Washington, D.C. 20433, United
States of America 
 Attention: Director, Financial Institutions Group 

Ladies and Gentlemen: 
 Investment No. 38134

 Disbursement Request No. [    ] under Loan No. [    ]* 

1. Please refer to the Master Loan Agreement (the “Agreement”) dated May 24, 2016, between Banco de Galicia y Buenos Aires S.A. (the
“Borrower”) and International Finance Corporation (“IFC”), and to the Loan Agreement No. [    ] (the “Loan Agreement”) dated
                 , 20[    ], between the Borrower and IFC. All terms defined in the Agreement and in the Loan Agreement shall bear the
same meanings herein. 
 2. The Borrower hereby requests the disbursement on
                 ,          (or as soon as practicable thereafter) of the amount of
                 (                ) under the Loan (the
“Disbursement”) in accordance with the provisions of Section 2.02 of the Agreement and Section 2.01 (b) of the Loan Agreement. You are requested to pay such amount to the account in [New York] of [name of Borrower]
[name of correspondent Bank], Account No.                 at [name and address of Bank] [for further credit to the Borrower’s Account No.
                 at [name and address of Bank] in [city and country]. 

3. For the purpose of Article (IV) of the Agreement and Section 3.01 of the Loan Agreement, the Borrower certifies as follows: 

(a) No Event of Default and no Potential Event of Default has occurred and is continuing; 

(b) The proceeds of that Disbursement: (i) are, at the date of this Disbursement Request, needed by the Borrower for the purpose
specified in Section 2.01 (b) (Amount and Purpose) of the Agreement, or will be needed for that purpose within [3][12] months of such date; and (ii) the proceeds of that Disbursement are not in reimbursement of, or to be used for,
any purpose other than on-lending to an Eligible Sub-borrower for the financing of an Eligible Sub-project; 

(c) Since the date of the Agreement nothing has occurred which has or can reasonably be expected to have a Material Adverse Effect; 

(d) The representations and warranties made in Article III (Representations and Warranties) of the Agreement and Section 3.01 of
the Loan Agreement are true on and as of the date of this 
  
  

	*	Each to be numbered in series. 

  
 64 

 Disbursement Request and will be true as of the date of Disbursement with the same effect as if
those representations and warranties had been made on and as of each such date (but in the case of Section 3.01 (c) (Representations and Warranties) of the Agreement, without the words in parentheses); 

(e) After giving effect to that Disbursement, the Borrower would not be in violation of: (i) its Charter; (ii) any provision
contained in any document to which the Borrower is a party (including the Agreement and the Loan Agreements) or by which the Borrower is bound; or (iii) any law, rule, regulation, Authorization or agreement or other document binding on the
Borrower directly or indirectly limiting or otherwise restricting the Borrower’s borrowing power or authority or its ability to borrow; and 

(f) After taking into account the amount of that Disbursement and any other Liabilities incurred by the Borrower after the date of the latest
financial statements of the Borrower delivered to IFC pursuant to Section 5.04 (a) (Reporting Requirements) of the Agreement, the Borrower would be in compliance with each of the financial covenants set out in Section 5.03
(Financial Covenants) of the Agreement. 
 The above certifications are effective as of the date of this Disbursement Request and shall continue to
be effective as of the date of the Disbursement. If any of these certifications is no longer valid as of or prior to the date of the requested Disbursement, the Borrower will immediately notify IFC and will repay the amount disbursed upon demand by
IFC if Disbursement is made prior to the receipt of such notice. 
  

			
	Yours faithfully,
	
	BANCO DE GALICIA Y BUENOS AIRES S.A.
		
	By:	 	  

	Name:	 	
	Title:	 	[Authorized Representative]**

 Copy to: Director, Department of Financial Operations, International Finance Corporation 

 
  

	**	As named in the Borrower’s Certificate of Incumbency and Authority (see Schedule 1). 

  
 65 

 SCHEDULE 2 to the Loan Agreement 

FORM OF LOAN DISBURSEMENT RECEIPT 

(See Section 2.02 of the Master Loan Agreement and Section 2.01 (d) of the Loan Agreement) 

[Borrower’s Letterhead] 
 International
Finance Corporation 
 2121 Pennsylvania Avenue, N.W. 

Washington, D.C. 20433 
 United States of America 

Attention: Director, Financial Institutions Group 
 Ladies and
Gentlemen: 
 Investment No. 38134 

Disbursement Receipt No. [    ]* (Loan No. [    ]) 

We, Banco de Galicia y Buenos Aires S.A., hereby acknowledge receipt on the date hereof, of the sum of
                     (            ) disbursed to us by International Finance Corporation
(“IFC”) under the Loan No. [    ] provided for in the Loan Agreement dated             , 20[    ] between our company and IFC, in
accordance with the Master Loan Agreement dated May 24, 2016 between our company and IFC. 
  

			
	Yours truly,
	
	BANCO DE GALICIA Y BUENOS AIRES S.A.
		
	By:	 	  

	Name:	 	
	Title:	 	[Authorized Representative]***

 Copy to: Director, Department of Financial Operations, International Finance Corporation. 

 

	*	To correspond with number of the Disbursement request. See Schedule 2. 

	***	As named in the Borrower’s Certificate of Incumbency and Authority (see Schedule 1). 

  
 66 

 SCHEDULE 4 

FORM OF SERVICE OF PROCESS LETTER 

(See Section 4.01 of the Agreement) 

[Letterhead of Agent for Service of Process] 

[Date] 
 International Finance Corporation 

2121 Pennsylvania Avenue, N.W. 
 Washington, D.C. 20433 

Attention: Director, Financial Institutions Group 

Investment No. 38134 

ARGENTINA: BANCO DE GALICIA Y BUENOS AIRES S.A. 

Ladies and Gentlemen: 
 Reference is made to
Section 7.04 of the Master Loan Agreement dated May 24, 2016 (the “Agreement”) between Banco de Galicia y Buenos Aires S.A. (the “Borrower”) and International Finance Corporation (“IFC”), and to the Loan
Agreements to be entered into thereby between the Borrower and IFC. Unless otherwise defined herein, capitalized terms used herein shall have the meaning specified in the Agreement. 

Pursuant to Section 7.04 (d) of the Agreement, the Borrower has irrevocably designated and appointed the under- signed,
[                    ] with offices currently located at
[                    ], New York, New York
[                    ], United States of America, as its authorized agent to receive for and on its behalf service of process in any legal action or
proceeding with respect to each of the Agreement and the Loan Agreements in the courts of the United States of America for the Southern District of New York or in the courts if the State of New York located in the Borough of Manhattan. 

The undersigned hereby informs you that it has irrevocably accepted that appointment as process agent as set forth in Section 7.04 (d) of
the Agreement, from                    6 until
                    7 and agrees with you that the undersigned (i) shall inform IFC
promptly in writing of any change of its address in New York, (ii) shall perform its obligations as such process agent in accordance with the relevant provisions of Section 7.04 of the Agreement, and (iii) shall forward promptly to
the Borrower any legal process received by the undersigned in its capacity as process agent. 
 As process agent, the undersigned and its
successor or successors agree to discharge the above-mentioned obligations and will not refuse fulfillment of such obligations as provided under Section 7.04 (d) of the Agreement. 

 

			
	Very truly yours,
	
	[PROCESS AGENT]
		
	By:	 	  

	Name:	 	
	Title:	 	

 cc: BANCO DE GALICIA Y BUENOS AIRES S.A. 

 

	6 	Insert date of effectiveness of appointment. 

	7 	Insert date which is 3 months after the last repayment of the Loan. 

  
 67 

 SCHEDULE 5 

FORM OF LETTER TO BORROWER’S AUDITORS 

(See Section 4.01 and Section 5.01 of the Agreement) 

[Borrower’s Letterhead] 

[Date] 
 [NAME OF AUDITORS] 

[ADDRESS] 
 Investment No. 38134 

Republic of Argentina: BANCO DE GALICIA Y BUENOS AIRES S.A. 

Ladies and Gentlemen: 
 We hereby authorize and
request you to give to International Finance Corporation (“IFC”) of 2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433, United States of America, all such information as IFC may reasonably request with regard to (i) the financial
statements of the undersigned company, both audited and unaudited, and (ii) any management letter and other communications from you to our company or its management, all of which we have agreed to supply under the terms of a Master Loan
Agreement between the undersigned company and IFC dated May 24, 2016 (the “Agreement”). For your information, we enclose a copy of the Master Loan Agreement. 

For our records, please ensure that you send us (i) a copy of all written communications you receive from IFC immediately upon receipt
thereof, and (ii) a copy of all communications made by you to IFC immediately upon issuance thereof. 
  

			
	Yours truly,
	
	BANCO DE GALICIA Y BUENOS AIRES S.A.
		
	By	 	  

	Name:	 	
	Title:	 	[Authorized Representative]*

 Enclosure 
  

	cc:	Director, Financial Institutions Group 

	    	International Finance Corporation 

	    	2121 Pennsylvania Avenue, N.W. 

	    	Washington, D.C. 20433 

	    	United States of America 

  

	*	As named in the Borrower’s Certificate of Incumbency and Authority (see Schedule 1). 

  
 68 

 SCHEDULE 6 

Page 1 of 1 
 FORM OF ANNUAL
REVIEW OF OPERATIONS REPORT 
 (See Sections 5.04 of the Agreement) 

 

	(1)	Sponsors and Shareholdings. Information on significant changes in share ownership of Borrower, the reasons for such changes, and the identity of major new shareholders. 

 

	(2)	Country Conditions and Government Policy. Report on any material changes in local conditions, including government policy changes, that directly affect the Borrower (e.g. changes in government economic strategy,
taxation, foreign exchange availability, price controls, and other areas of regulations.) 

  

	(3)	Management and Technology. Information on significant changes in (i) the Borrower’s senior management or organizational structure, and (ii) technology used by the Borrower, including technical
assistance arrangements. 

  

	(4)	Corporate Strategy. Description of any changes to the Borrower’s corporate or operational strategy, including changes in products, degree of integration, and business emphasis. 

 

	(5)	Markets. Brief analysis of changes in Borrower’s market conditions (both domestic and export, if so applicable), with emphasis on changes in market share and degree of competition. 

 

	(6)	Operating Performance. Discussion of major factors affecting the year’s financial results (sales by value and volume, operating and financial costs, profit margins, capacity utilization, capital expenditure,
etc.). 

  

	(7)	Financial Condition. Key financial ratios for previous year, compared with ratios covenanted in the Loan Agreement. 

  

	(8)	Development Impact Indicators. Provide the following data related to the Eligible Sub-loans for Tranche B portfolio. 

 

																					
	 Eligible Sub-loans for Tranche B
portfolio
	  	2016	 	  	2017	 	  	2018	 	  	2019	 	  	2020	 
	 Volume outstanding (US$)
	  				  				  				  				  			
	 Number of loans (#)
	  				  				  				  				  			

  
 69 

 SCHEDULE 7 

Page 1 of 2 
 FORM OF PORTFOLIO
REPORT 
 (See Section 5.04(b)(v) of the Agreement) 

Table 1. 
  

					
	 Name of Financial Institution
	  			
	 Institution ID
	  			
		
	 Country
	  			
		
	 Total Number of Employees in your financial institution
	  			
	 of which female employees:
	  			
		
	 Total Number of Clients
	  			
	 Individual Clients
	  			
	 Microenterprises Clients (please provide definition below)
	  			
	 SME Clients (please provide definition below)
	  			
	 Corporate Clients
	  			
	 Government Clients
	  			
	 Other
	  			
	 Out of Total Number of clients
	  			
	 Mobile Money clients
	  			
	 Internet Banking clients
	  			
		
	 Out of Total Number of Clients, women / women-owned (if available)
	  			
	 Individual Clients
	  			
	 Microenterprises Clients
	  			
	 SME Clients
	  			
		
	 Specify your definition of the following :
	  			
	 “Microenterprise clients”
	  			
	 “SME clients”
	  			
	 “Women-owned firm”
	  			
		
	 Delivery Channels
	  			
	 Number of Branches
	  			
	 Number of Sub-Branches / Kiosks / Outlets
	  			
	 Number of Agents
	  			
	 Number of ATMs
	  			
	 Number of POS Terminals
	  			

  
 70 

 Table 2 

Loan Portfolio Reporting Table 

Please provide loan data in US dollars in grey cells, using the Year end exchange rate 

Loan data for fiscal year (“the Year”), ending on: 

Exchange rate used (local currency units per 1 US Dollar): 
  

																									
	 	 	 	 	 	Outstanding Loan Balance
(at the end of last fiscal year)	 	 	Past Due Loans Over 90 Days
(at the end of last fiscal year)	 	 	Total actual /
estimated number
of full-time
employees
employed by clients
(#)
(if
available)	 
	 LOANS

(based on a size AT ORIGINATION)
	 	Number of clients in
each loan/loan size
category (#)	 	 	Number of
Loans (#)	 	 	Amount
(US Dollars)	 	 	Number of
Loans (#)	 	 	Amount
(US Dollars)	 	 
	 RETAIL LOANS
	 	 	0	 	 	 	0	 	 				 				 				 			
	 Mortgage Loans
	 	 	0	 	 				 	$	—  	 	 				 	$	—  	 	 			
	 Purchase of Newly Constructed Houses
	 				 				 				 				 				 			
	 Purchase of Existing Houses
	 				 				 				 				 				 			
	 Home Equity Loans/Improvements
	 				 				 				 				 				 			
	 Student Loans
	 				 				 				 				 				 			
	 Other Retail Loans
	 				 				 				 				 				 			
	 COMMERCIAL LOANS (MSME & Corporate)
	 	 	25	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 			
	 US$0 - US$1,000
	 				 				 				 				 				 			
	 US$1,001 - US$10,000
	 				 				 				 				 				 			
	 US$10,001 - US$100,000
	 				 				 				 				 				 			
	 US$100,001 - US$1,000,000
	 				 				 				 				 				 			
	 US$1,000,001 - US$2,000,000
	 				 				 				 				 				 			
	 >US$2,000,000
	 				 				 				 				 				 			
	 TOTAL LOAN PORTFOLIO
	 	 	25	 	 	 	0	 	 	$	—  	 	 	 	0	 	 	$	—  	 	 	 	0	 
	 o/w Climate/Green Financing Portfolio
	 				 				 				 				 				 			
	
	 Gender-disaggregated loan data (if available). Mandatory for Banking on Women and
Blended Finance Program Clients.
	  

	 LOANS TO WOMEN-OWNED ENTERPRISES [OUT OF TOTAL COMMERCIAL]
	 				 	 	0	 	 	$	—  	 	 	 	0	 	 	$	—  	 	 	 	0	 
	 US$0 - US$1,000
	 				 				 				 				 				 			
	 US$1,001 - US$10,000
	 				 				 				 				 				 			
	 US$10,001 - US$100,000
	 				 				 				 				 				 			
	 US$100,001 - US$1,000,000
	 				 				 				 				 				 			
	 US$1,000,001 - US$2,000,000
	 				 				 				 				 				 			
	 >US$2,000,000
	 				 				 				 				 				 			
	
	 Please Respond to below questions using drop-down menu and leaving comments as
needed
	  

		
	Please explain what the women-owned enterprise data is based on:	 	 	 	Please select what applies by clicking here	 
	 	 	 Gender Data
	 
		
	Please explain what the full-time employees data is based on:	 	 	 	Please select what applies by clicking here	 
	 	 	 Job Data
	 	 			
				
	 Comments:
	 				 				 			

 Note: Please use the pre-established loan size categories from this table as IFC will
aggregate the data across clients, thus requires this for comparability. 
 Table 3. 

Liability Accounts Portfolio Reporting Table (deposits, current/transactional accounts, e-money accounts, etc):

 The objective of this table is to describe the breakdown of your liability accounts 

Please provide data in US dollars, using the exchange rate at the end of the last fiscal year. 

Validate Liabilities Tab 
  

													
	 	  	 Outstanding Balance at the end of

last fiscal year
	 
	 ACCOUNTS (LIABILITY)

Deposits, current / transactional accounts, e-money accounts,
etc)
	  	Number of
clients	 	  	Number of
accounts	 	  	Amount in US$	 
	 PORTFOLIO OF LIABILITY ACCOUNTS - TOTAL
	  	 	0	 	  	 	0	 	  	$	—  	 
	 Individuals
	  				  				  			
	 Micro enterprises
	  				  				  			
	 Commercial (SMEs)
	  				  				  			
	 Corporate
	  				  				  			
	 Government (local and federal)
	  				  				  			
	
	 Gender-disaggregated data (if available). Mandatory for Banking on Women and
Blended Finance Program Clients.
	  

	 LIABILITY ACCOUNTS BY WOMEN-OWNED ENTERPRISES [OUT OF TOTAL]
	  	 	0	 	  	 	0	 	  	$	—  	 
	 Individuals
	  				  				  			
	 Micro enterprises
	  				  				  			
	 Commercial (SMEs)
	  				  				  			

  
 71 

 Guidelines for completing these tables 

Table 1. Number of Employees, Clients and Delivery Channels 
  

	•	 	In the first section, please, provide total number of employees in your financial institution at the end of fiscal year. The unit of account is a permanent full-time equivalent paid job. Please include part-time
employees in equivalents (e.g., two part-time jobs = one full-time job) 

  

	•	 	Total Number of Clients includes all the commercial and retail borrowers, depositors, credit/debit card users, etc. Please avoid double counting and provide total number of unique client/customer IDs. 

 

	•	 	Number of Individual Clients - Individual/retail customers that use financial services for personal financial needs. 

  

	•	 	Number of Microenterprise Clients - Customers that use financial services for micro business purposes (based on the client’s judgment and definition of a Microenterprise client). 

 

	•	 	Number of SME Clients - Commercial small and medium enterprises (SME) customers that use any financial services for the needs of SMEs (per the client’s definition of SME) 

 

	•	 	Number of Corporate Clients - Commercial clients representing larger enterprises that use financial services for the needs of their corporations (per the client’s definition of a Corporate client).

  

	•	 	Number of Government Clients - Customers who use financial services for government financial needs. 

  

	•	 	Number of Mobile Banking Clients - Customers receiving banking services through the mobile banking channel (using mobile phones, smart phones, etc.). 

 

	•	 	Number of Internet Banking Clients - Customers receiving banking services through the Internet banking channel (on-line banking customers, etc.). 

 

	•	 	Number of Women among Individual Clients - Individual/retail female customers that use financial services for personal financial needs. 

 

	•	 	Number of Women-owned Microenterprises Clients - Customers that use financial services for micro business purposes (based the client’s judgment definition of a women-owned Microenterprise client).

  

	•	 	Number of Women-owned SME Clients - Commercial small and medium enterprises (SME) customers that use any financial services for the needs of women-owned SMEs (per the client’s definition of women-owned SME)

  

	•	 	Number of Women-owned Corporate Clients - Commercial clients representing larger enterprises that use financial services for the needs of the women-owned corporations (per the client’s definition of a
corporate client). 

  

	•	 	Provide your financial institution definitions for ‘Microenterprise clients’, ’SME clients’, ‘Women-owned enterprise/firm’. 

 

	•	 	Delivery Channels - Channels through which your financial institution delivers financial services to the clients/customers. 

  

	•	 	Sub-Branches / Kiosks / Outlets - Small branches/outlets/kiosks that provide limited face-to-face
and automated financial services to its customers. 

  

	•	 	Agents - Individuals affiliated with the financial institution that are authorized to provide financial services to the customers on behalf of the bank/financial institution. 

 

	•	 	ATMs - Automatic teller machines that customers use to receive basic services, such as making deposits and cash withdrawals from remote locations, available twenty-four hours a day. 

 

	•	 	POS Terminals - Point of Sales Terminal - type of electronic-transaction terminal, including a computer, a cash register and other equipment or software used for selling goods or services. A place where a retail
transaction is completed. It is the point at which a customer makes a payment to the merchant in exchange for goods or services (credit/debit card payment/reading machines, etc.). 

  
 72 

 Table 2. Loan Portfolio 
  

	•	 	Please provide data as of the final day of the financial institution’s financial year unless otherwise specified. 

  

	•	 	Provide data in US Dollars, using the exchange rate (Local Currency/US$) at the end of the financial institution’s financial year if applicable. 

 

	•	 	Total Loan portfolio in this section represent all loans issued by your financial institution [and which have an outstanding balance greater than zero] at the end of fiscal year. It should be equal to the Total Loan
Book of your institution. 

  

	•	 	It is important that the table be filled in exactly as it is presented above, using the pre-established loan size categories as IFC will be aggregating data across clients and
requires this for comparability. 

  

	•	 	Loans should be put into loan type categories based on the size of the loan at origination. For example, for a $150,000 loan at origination, of which $50,000 is outstanding at the end of fiscal year, the $50,000
outstanding loan should be included in the US$100,001-US$1,000,000 row (not the US$10,001 - US$100,000 row). 

  

	•	 	Loans to individuals for business purposes should be included in commercial loans, not consumer loans. 

  

	•	 	Purchase of Newly Constructed Houses - Loans to purchase newly constructed houses and loans for homes under construction. 

  

	•	 	Home Equity Loans - Consumer loans secured by a house. 

  

	•	 	Other Retail Loans - Consumer loans, credit cards, auto loans, and others. 

  

	•	 	Climate/Green Finance Aggregated Loan Data - Total loan amounts outstanding for Retail/SME/Commercial/Corporate to finance loans for Renewable Energy (biomass, geothermal, hydro, solar, wind, ocean, etc.); Wastes (waste-to-energy, recycling, waste management, solid and hazardous waste disposal, etc.); Energy and energy efficiency (cogeneration, energy distribution for renewables,
energy efficient products, industrial energy efficiency, smart grid, etc.); Green buildings; Green products and materials; Carbon capture & storage; Transport (rail, urban rail/metro, electric vehicles, hybrids, alternative fuel vehicles,
bus Rapid Transit, bicycle, biofuels, biofuels for aviation, transport logistics, etc.); Water (water efficiency/conservation, water supply, wastewater treatment, etc.); Adaptation (adaptation of infrastructure, conservation, bio-system adaptation, disaster prevention/risk management, etc.); Environment protection (soil remediation, pollution control, prevention and treatment, biodiversity conservation, ecological restoration, nature
protection, etc.); Sustainable land management (sustainable agriculture, sustainable forestry, etc.) 

  

	•	 	Provide the commercial loan data for women-owned enterprises. For certain projects that involve the financing specifically for women or blended finance these data may be mandatory, for other cases it is desirable.

  

	•	 	Confirm/provide the definition/source of the reported women-owned enterprise loan data by selecting from the following drop-down menu options: actual loan data based on IFC definition (see below); actual loan data based
on our own definition (specify the definition in the comments); no data on women is available; estimated loan data (specify the methodology in the comments); estimated loan data provided (specify the methodology in the comments), but we plan to
report on actual data soon; no data on women available, but we plan to track this data soon. Please leave a comment on any other/unusual aspects of the women-owned data, or aberrations from these guidelines. 

 

	•	 	IFC definition for loans to woman-owned enterprises - loans issued for commercial purposes and not for personal use to women-owned enterprises. According to IFC, a woman-owned enterprise is: (a) 3 51% owned by woman/women; or (b) 3 20% owned by woman/women; and have 3 1 woman as CEO/COO (President/Vice-President);
and have 3 30% of the board of directors comprised of women where a board exists 

  

	•	 	 Provide the total number of employees (full-time employee equivalent) in the companies associated with each loan
exposure size (loan size at origination category). For example, how many employees 

  
 73 

	 	 
the client companies that receive loans $10,001-$100,000 employ? These data are optional but highly desirable. This can be estimated or actual data.

  

	•	 	Confirm/provide the definition/source of the reported number of employees data by selecting from the following drop-down menu options: actual # employees data from MIS; estimated # employees based on recordings in the
loan files; estimated data (specify the estimation methodology); estimated data (specify the estimation methodology), but we plan to report on actual data soon; no data is available; no data is available, but we plan to track this data in the
future; other (please leave a comment). Please leave a comment on any other/unusual aspects of the number of employees’ data, or aberrations from these guidelines. 

 

	•	 	IFC may add optional survey to inquire about certain aspects of development impact data. 

  

	•	 	IFC may change/adjust the data collection template based on the evolving needs for monitoring and evaluation of IFC’s development impact. 

 

	•	 	For overdue loans (usually 90 days overdue) please report total loan amounts outstanding for loans on which payments have been delinquent (and not just the overdue portion) as of end of fiscal year. Please do not
include penalties, interests, and fees in the outstanding balances. For Housing Loans please include any over 90 days past due loans and/or loans that have missed 3 housing payments. 

 

	•	 	Please provide comments on any unusual aspects of the date in this table, or aberrations from these guidelines. 

Table 3. Liability Accounts 
  

	•	 	In this table please provide number of clients that have opened current / transactional accounts, interest bearing accounts, e-money accounts in each category: Individuals, Micro,
SME, Corporate, and Government. Exclude client having only loan type accounts. 

  

	•	 	Provide number and volume of the accounts such clients hold. 

  

	•	 	Please also provide the data for women and women-owned enterprises. For certain projects that involve the financing specifically for women or blended finance these data may be mandatory, for other cases it is desirable.

 Notes 
  

	•	 	IFC may modify from time to time the above indicators based on evidence building to meet the development impact monitoring demands of IFC and the World Bank Group. 

 

	•	 	IFC may outsource the collection of the above information to 3rd party vendors subject to appropriate confidentiality agreements. 

  
 74 

 SCHEDULE 8 

FORM OF S&E PERFORMANCE REPORT 

(See Section 5.04 of the Agreement) 

Annual Environmental & Social Performance Report 

for Financial Intermediary (FI) Clients 

(Universal Banks) 
  

							
	Name of Organization	  	
	Completed by (name):	  	
	Position in organisation:	  		  	Date:	  	
	Reporting period	  	From:	  		  	To:

 Introduction 
 IFC’s
Investment/Legal Agreement(s) requires Client Company to prepare a comprehensive Annual Environmental and Social Performance Report (AEPR) describing (i) the implementation and operation of the Environmental and Social
Management System (ESMS), and (ii) the environmental and social performance of the sub-borrowers/clients of the Financial Institution. This document comprises IFC’s preferred format for E&S
performance reporting. The following template may be supplemented with annexes as appropriate to ensure all relevant information on project performance is reported. 

Content: 
  

	 	•	 	Client’s Representation Statement by authorized representative 

  

	 	•	 	Performance Standard 1: ESMS 

  

	 	•	 	Performance Standard 2: Labor and Working Conditions; and Life, Fire and Safety 

  

	 	•	 	Client’s Feedback 

  

	 	•	 	Portfolio Information 

 Notes: 

 

	 	(1)	Please provide responses to all questions and as detailed information as possible to avoid follow-up requests. If information is not available, please provide a brief explanation.
Please ensure all documents were required (as indicated) are attached to your AEPR. 

  
 75 

	 	(2)	A selected number of questions (indicated with *) requires the provision of client specific information. If you are not allowed as per the local legislation to share information such as the name of the client, please
indicate so and use ‘Client 1, 2, 3, ..’ instead of the name. 

 Part 1: Client’s Representation Statement by authorized
representative 
 I (name) in my role of (position) and representing Client Company’s certify that 

 

	a)	Beyond what is reported in this AEPR for the current reporting period, to the best of my knowledge and belief, after due inquiry I confirm: 

 

	 	•	 	There are no material social and environmental risks and issues in respect of the relevant financing operations other than those identified through the application of the ESMS. 

 

	 	•	 	(Add name of Bank) has not received nor is aware of (a) any existing or threatened complaint, order, directive, claim, citation or notice from any authority, or (b) any material written communication from any
person concerning the failure by any client/sub-borrower to undertake its operations and activities in accordance with the E&S requirements. 

 

	 	•	 	We have not amended, waived or materially restricted the scope or effect of the ESMS. 

  

	 	•	 	There have been no changes in the scope of the relevant financing operations since the loan/shareholders agreement with IFC has been signed. 

 

	 	•	 	We are using all reasonable efforts to ensure the continued operation of the ESMS to identify, assess and manage the social and environmental performance of the relevant financing operations in compliance with the
E&S requirements. 

  

	 	•	 	If a client/sub-borrower has not undertaken its activities in accordance with the E&S requirements, we have (a) agreed with the
client/sub-borrower to undertake corrective actions to remedy these, (ii) if the client/sub-borrower failed to implement the corrective actions used all reasonable
efforts to dispose of the client/sub-borrower. 

  

	 	•	 	We have informed IFC during the reporting period of all proposed Cat A activities we have become aware of and ensured that the ESMS has sufficient capacity to review the E&S performance of these activities.

  

	 	•	 	We have informed IFC of all social, labor, health and safety, security or environmental incident, accidents or circumstance in relations to any client/sub-borrower in accordance
with the legal agreements. 

  

	b)	All information contained in this AEPR is true, complete and accurate in all respects at the time of submission and no such document or material omitted any information the omission of which would have made such
document or material misleading. 

  

			
	            Signature	  	Date                    

  
 76 

 Part 2: Performance Standard 1: Development and Implementation of Environmental and Social Management
System     
  

	A)	POLICIES AND PROCEDURES 

 2.1) Does your organization have a functioning ESMS which was approved by
senior management during the reporting period? 

☐  Yes            ☐  No  
          Date of Approval: 
 If yes, please attach a copy of the ESMS to this
report 
  

	2.2)	If there has been an ESMS already in place and agreed upon with IFC, have there been any revisions/updates to the ESMS (policy and/or procedures) adopted by your organization during the reporting period?

☐  Yes            ☐  No 

If yes, please provide the details of the revisions made and reasons for the same 

(i) 
 (ii) 

(iii) 
 (iv) 

Please attach a copy of the revised ESMS. 

2.3) Please describe your loan/credit review process and how E&S assessments have been incorporated into this process (only in case it was not provided
earlier) 
 Credit Review Process: 

E&S Assessment Process (including assessment of compliance with Exclusion List, national laws and the Performance Standards, if
applicable): 
 2.4) Please provide three sample internal E&S assessment reports conducted for projects considered in the year under review.

 Documents provided: 

(i) 
 (ii) 

(iii) 

  
 77 

 2.5) Please provide the following information regarding the E&S Risk profile of your portfolio and E&S
assessments undertaken. 
  

																																									
	 Type of Financing
	 	Number
of Loans
in
Portfolio	 	 	Number of
Loans
screened
for E&S
issues to
date	 	 	Number of
Loans
screened for
E&S issues
during the
reporting
period	 	 	Number of
Loans/Clients
categorized as	 	 	Number of
Accidents/
Incidents
reported by
clients
during the
reporting
period	 	 	Number of
field visits
conducted
by staff to
review E&S
aspects
during loan
appraisal	 	 	Number of
field visits
conducted by
staff to review
E&S aspects
after loan
appraisal
(monitoring)	 
	 CRK Specialist to define with the client and insert here the various products provided by the
client, e.g. retail, SME, corporate finance, trade etc
	 				 				 				 	 	A	 	 	 	B	 	 	 	C	 	 	 	FI	 	 				 				 			
		 				 				 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 				 				 			
		 				 				 				 				 				 				 				 				 				 			

 2.6) Please give details of any transactions rejected on environmental, health, safety or social grounds during the
reporting period. 
 Number of Loans/Clients: 

Details including name of clients and reasons for rejection*: 

(i) 
 (ii) 

(iii) 
 2.7) Please provide details of
loans/clients in portfolio that have become Non-Performing Loans (NPLs) due to E&S issues during the reporting period (indicate if information is not available). 

Number of Loans/Clients: 

Details including name of clients and reasons for becoming NPLs*: 

(i) 
 (ii) 

(iii) 

  
 78 

 B) E&S CAPACITY 

2.8) Please provide the name and contact information of the Environmental Officer or Coordinator who has the overall responsibility for the implementation
of ESMS. 
 Name: 

Contact Information: 

Position: 
 2.9) Please provide details
of any other core persons in the organization involved with ESMS implementation (name, contact details, position), (including internal staff and external consultants if utilized). 

(i) 
 (ii) 

2.10) Please describe the training or learning activities the Environmental Officer/Coordinator/other E&S staff, as well as other staff attended in the
year under review. 
  

	 	(i)	E&S staff: 

  

	 	(ii)	Other staff: 

 2.11) Please provide information on your training programs available to new and
existing staff, training materials developed and budget allocation for ESMS development and implementation during the reporting period: 
  

	 	(iii)	Training Programs: 

  

	 	(iv)	Budget allocation (e.g. including for external consultants, training etc): 

 C) MONITORING 

2.12) Do you require clients to provide any E&S reports? 

☐  Yes            ☐  No  
          ☐  Sometimes 
 If yes, describe the monitoring
requirements: 
 If yes, please provide two of such reports provided within the last year. 

  
 79 

 2.13) Please describe how you monitor the E&S performance of clients after credit disbursement, including
compliance with national laws and applicable Performance Standards and implementation of corrective action plans (only required if not provided earlier already). 

Monitoring Procedure: 

Please provide three sample monitoring reports conducted for projects by staff to review environmental and social aspects. 

Documents provided: 

(i) 
 (ii) 

(iii) 
 2.14) Please give details of
any material adverse environmental and social issues associated with clients during the reporting period. Include details of any major accidents/incident, non-compliances, fines levied, negative media
attention, complaints raised against your clients etc. 
 (i) 

(ii) 
 (iii) 

D) REPORTING AND AUDITING 
 2.15) Please describe your
internal process for reporting social and environmental issues to Senior Management, including which information is provided. (If your internal reporting process had already been discussed and agreed upon with IFC, please provide details on where it
is included in your ESMS). 
 If newly developed or revised, describe your Reporting Process and information provided: 

Indicate in which section of the ESMS your reporting mechanism is included: 

2.16) Has your organization conducted any internal audit of the implementation of the ESMS? 

☐  Yes            ☐  No 

If yes, please provide the following details of the audit: 

Date of audit: 

Findings of the audit: 

Recommendations from the audit: 

  
 80 

 E) EXTERNAL COMMUNICATION MECHANISM 

2.17) Do you have a mechanism in place to receive, register and respond to external communication regarding your activities? Describe the mechanism and how
often it has been used. 

☐  Yes            ☐  No 

If yes, please provide the following information: 

Description of mechanism including how you screen, assess and address concerns received, as well as track and document them internally:

 Number of complaints/inquiries to date: 

Number of complaints/inquiries received during the reporting period: 

Key issues raised in complaints/inquires: 

Part 3: Performance Standard 2: Labor and Working Conditions; and Life, Fire and Safety Measures 

3.1) Were your organization’s HR Policy and Procedures revised in the year under review? 

☐  Yes            ☐  No 

If yes please describe in detail the changes to the previous policy/procedures. 

(i) 
 (ii) 

(iii) 
 Please attach a
copy of the revised HR Policy/Procedures 
 3.2) Were there any labor-related issues in the year under review? (Labor issues include – e.g.
court cases, union disputes, staff grievances, sexual harassment complaints, negative media report on labor issues). Did your organization retrench a substantial8 number of employees in the year
under review? 
 Labor related Issues: 

If yes, please provide details. 

(i) 
 (ii) 

 

	8 	Substantial means retrenchment of more than 50 persons or 5% of the total number of employees within a three month period 

  
 81 

 (iii) 

Retrenchment: 

☐  Yes            ☐  No 

If yes, please provide details on the retrenchment: 
  

	 	(i)	Number of employees retrenched: 

  

	 	(ii)	Cause of retrenchment: 

  

	 	(iii)	Retrenchment plan: 

  

	3.3)	Did you retain valid Fire Safety permits for all buildings during the reporting period and undertake regular fire drills? Have there been any fire incidents during the reporting period in any of your offices or
branches? 

 Fire Safety Permits valid: 

☐  Yes            ☐  No 

If no, please provide details: 

Fire Incidents: 

☐  Yes            ☐  No 

If yes, please provide the following: 

Details of the incident including cause of fire: 

Corrective Actions taken: 

Please attach a copy of the Fire Incident report 

3. Client’s Feedback 
 Please check the box that best
represents your evaluation of the support received from IFC. On dealing with E&S aspects of the investment, how effective in your opinion has IFC been? 
  

													
	 Areas of IFC Assistance:
	  	 No

opinion
	  	 Excellent
level of
support
	  	 Above

expectations
	  	 As
 reasonably

expected
	  	 Below
what was
expected
	  	 Comments

							
	 To help you understand the business case for good E&S risk management

 
	  	☐	  	☐	  	☐	  	☐	  	☐	  	

  
 82 

													
	To provide you with guidance for the development of your ESMS and the implementation of the Environmental and Social Action Plan (ESAP)	  	☐	  	☐	  	☐	  	☐	  	☐	  	
							
	To support you during and share the outcomes of IFC’s appraisal and supervision visits to your institutions and on agreeing on corrective actions	  	☐	  	☐	  	☐	  	☐	  	☐	  	
							
	To demonstrate flexibility and creativity to guide you in the management of E&S issues	  	☐	  	☐	  	☐	  	☐	  	☐	  	
							
	Other Feedback you would like to provide:	  		  		  		  		  		  	
							
	What are currently the key difficulties/challenges your institution faces in the establishment and implementation of adequate E&S risk management practices? What support is needed and/or has been identified to address
these?	  		  		  		  		  		  	

  
 83 

 Part 5: Portfolio Information 
  

	 	(b)	5.1) FI Business Lines and portfolio distribution 

  

																			
	 Product line
	  	 Description
	  	Total
exposure
outstanding
for most
recent FY
year end
(in US$)	 	  	Percentage
of entire
portfolio	 	  	Average
loan or
transaction
size
(in US$)	 	  	Smallest and Largest
loan or transaction
size (in US$)	 
	 CRK Specialist to define with the client and insert here the various products and descriptions
provided by the client, e.g. retail SME, corporate finance, trade etc
	  		  				  				  				  			
		  		  				  				  				  			
		  		  				  				  				  			
		  		  				  				  				  			
		  		  				  				  				  			
		  		  				  				  				  			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
						
	 Total
	  		  				  				  				  			
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 84 

	 	(c)	5.2) Exposure by industry Sectors (for entire portfolio) 

 Please provide information on your entire portfolio
based on industry sectors. If this sector breakdown does not match your portfolio reporting, please use any other standard classification. e.g. format required by local Central Bank or Banking Regulatory Authority. 

 

																					
	 Industrial Sector
	 	Total Bank
Portfolio	 	 	SME Lending	 	 	Corporate/Project finance	 
	 	 	Outstanding
Exposure
(in US$)	 	 	Outstanding
Exposure
(in US$)	 	 	% of
SME
Portfolio	 	 	Outstanding
Exposure
(in US$)	 	 	% of
Corporate/Project
Finance Portfolio	 
	 Animal Production
	 				 				 				 				 			
	 Apparel
	 				 				 				 				 			
	 Chemicals
	 				 				 				 				 			
	 Collective Investment Vehicles
	 				 				 				 				 			
	 Common Carriers
	 				 				 				 				 			
	 Construction and Real Estate
	 				 				 				 				 			
	 Consumer Goods
	 				 				 				 				 			
	 Crop Production
	 				 				 				 				 			
	 Electrical Equipment, Appliances and Components
	 				 				 				 				 			
	 Fabric Mills
	 				 				 				 				 			
	 Fabricated Metal Product Manufacturing
	 				 				 				 				 			
	 Finance & Insurance
	 				 				 				 				 			
	 Finishing (Dyeing, Printing, Finishing, etc.)
	 				 				 				 				 			
	 Fishing
	 				 				 				 				 			
	 Food & Beverages
	 				 				 				 				 			
	 Forestry
	 				 				 				 				 			
	 Furniture and Related Products
	 				 				 				 				 			
	 Integrated Textile Operation (Spinning, Weaving/Knitting, but no Garment )
	 				 				 				 				 			
	 Internet Projects
	 				 				 				 				 			
	 Leather and Allied Products
	 				 				 				 				 			
	 Machinery and Other Industrial
	 				 				 				 				 			
	 Nonmetallic Mineral Product Manufacturing
	 				 				 				 				 			
	 Oil, Gas and Mining
	 				 				 				 				 			
	 Plastics & Rubber
	 				 				 				 				 			
	 Primary Metals
	 				 				 				 				 			
	 Printing & Publishing
	 				 				 				 				 			
	 Pulp & Paper
	 				 				 				 				 			
	 Spinning (Yam, Including Integrated with Fiber Production)
	 				 				 				 				 			
	 Telecommunications
	 				 				 				 				 			
	 Textiles - Others
	 				 				 				 				 			
	 Transport Service
	 				 				 				 				 			
	 Transportation Equipment
	 				 				 				 				 			
	 Utilities
	 				 				 				 				 			
	 Warehousing & Storage
	 				 				 				 				 			
	 Wholesale and Retail Trade covering any of the following. Gasoline stations, dry cleaners,
printing, large auto and truck fleets, photographic film processing and any operations involving the use of any chemical of biological wastes or materials
	 				 				 				 				 			
	 Wood Products
	 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total
	 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  
 85 

 Section 1.2 5.3) Exclusion List Exposure: if any, please provide the following
information on exposures in your portfolio of clients substantially involved in IFC excluded activities. (Please include both details of activities financed with IFC funds and from your own funds). 

 

															
	 Type of Excluded Activity
	  	 Outstanding

Exposure

in US$
	  	 Outstanding

Exposure in

% of

Portfolio
	  	 Name of

Company*
	  	 Type of

Financing

provided
	  	 Loan Due

Date
	  	 Activity

Financed

from IFC

Funds/Asset
 Class?

(yes/no)
	  	 Steps taken to reduce

exposure (if agree upon

with IFC)

	 1. Production or trade in any product or activity deemed illegal under host country laws or
regulations or international conventions and agreements, or subject to international bans, such as pharmaceuticals, pesticides/herbicides, ozone depleting substances, PCB’s, wildlife or products regulated under CITES.
	  		  		  		  		  		  		  	
	 2. Production or trade in weapons and munitions
	  		  		  		  		  		  		  	
	 3. Production or trade in alcoholic beverages (excluding beer and wine)
	  		  		  		  		  		  		  	
	 4. Production or trade in tobacco.
	  		  		  		  		  		  		  	
	 5. Gambling, casinos and equivalent enterprises
	  		  		  		  		  		  		  	
	 6. Production or trade in radioactive materials. This does not apply to the purchase of medical
equipment, quality control (measurement) equipment and any equipment where IFC considers the radioactive source to be trivial and/or adequately shielded.
	  		  		  		  		  		  		  	
	 7. Production or trade in unbonded asbestos fibers. This does not apply to purchase and use of
bonded asbestos cement sheeting where the asbestos content is less than 20%.
	  		  		  		  		  		  		  	

  
 86 

															
	 8. Drift net fishing in the marine environment using nets in excess of 2.5 km. in length.
	  		  		  		  		  		  		  	
	 9. Production or activities involving harmful or exploitative forms of forced labor (Forced labor
means all work or service, not voluntarily performed that is extracted from an individual under threat of force or penalty)/harmful child labor.
	  		  		  		  		  		  		  	
	 10. Commercial logging operations for use in primary tropical moist forest
	  		  		  		  		  		  		  	
	 11. Production or trade in wood or other forestry products other than from sustainably managed
forests.
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

	 Total for the Bank
	  		  		  		  		  		  		  	
		  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  

  
 87 

 Section 1.3 5.4) Please provide the below information regarding your top 25
Corporate/Project Finance Exposures (Please provide all the information required.) 
  

																																			
	 	  	Company/
Project
name*	 	  	 Type of

Financing
 (Overdraft,

Term Loan
 etc)
	  	Tenor of
Financing
(months)	 	  	Value of
exposure
(US$ mn)	 	  	Industry
Sector	 	  	E&S
Risk
Category
assigned
(A, B, C,
FI)	 	  	Key
E&S
risks and
impacts
identified	 	  	 Corrective

Action(s)
 identified

and
 included

in the
 legal

agreement
	  	 Status of

Corrective
 Action Plan

implementation
	  	Any key
reputational
risk
associated
with the
company	 
	 1
	  				  		  				  				  				  				  				  		  		  			
	 2
	  				  		  				  				  				  				  				  		  		  			
	 3
	  				  		  				  				  				  				  				  		  		  			
	 4
	  				  		  				  				  				  				  				  		  		  			
	 5
	  				  		  				  				  				  				  				  		  		  			
	 6
	  				  		  				  				  				  				  				  		  		  			
	 7
	  				  		  				  				  				  				  				  		  		  			
	 8
	  				  		  				  				  				  				  				  		  		  			
	 9
	  				  		  				  				  				  				  				  		  		  			
	 10
	  				  		  				  				  				  				  				  		  		  			
	 11
	  				  		  				  				  				  				  				  		  		  			
	 12
	  				  		  				  				  				  				  				  		  		  			
	 13
	  				  		  				  				  				  				  				  		  		  			
	 14
	  				  		  				  				  				  				  				  		  		  			
	 15
	  				  		  				  				  				  				  				  		  		  			
	 16
	  				  		  				  				  				  				  				  		  		  			
	 17
	  				  		  				  				  				  				  				  		  		  			
	 18
	  				  		  				  				  				  				  				  		  		  			
	 19
	  				  		  				  				  				  				  				  		  		  			
	 20
	  				  		  				  				  				  				  				  		  		  			
	 21
	  				  		  				  				  				  				  				  		  		  			
	 22
	  				  		  				  				  				  				  				  		  		  			
	 23
	  				  		  				  				  				  				  				  		  		  			
	 24
	  				  		  				  				  				  				  				  		  		  			
	 25
	  				  		  				  				  				  				  				  		  		  			

  

	*	If you are not allowed as per the local legislation to share information such as the name of the client, please indicate so and use ‘Client 1, 2, 3, ..’ instead of the name. 

 Section 1.4 

Section 1.5 5.5) Please provide the below information regarding your top 25 SME Exposures (Please provide all the
information required.) 
  

																																			
	 	  	Company/
Project
name*	 	  	 Type of

Financing
 (Overdraft,

Term Loan
 etc)
	  	Tenor of
Financing
(months)	 	  	Value of
exposure
(US$ mn)	 	  	Industry
Sector	 	  	E&S
Risk
Category
assigned
(A, B, C,
FI)	 	  	Key
E&S
risks and
impacts
identified	 	  	 Corrective

Action(s)
 identified

and
 included

in the
 legal

agreement
	  	 Status of

Corrective
 Action Plan

implementation
	  	Any key
reputational
risk
associated
with the
company	 
	 1
	  				  		  				  				  				  				  				  		  		  			
	 2
	  				  		  				  				  				  				  				  		  		  			
	 3
	  				  		  				  				  				  				  				  		  		  			
	 4
	  				  		  				  				  				  				  				  		  		  			
	 5
	  				  		  				  				  				  				  				  		  		  			
	 6
	  				  		  				  				  				  				  				  		  		  			
	 7
	  				  		  				  				  				  				  				  		  		  			
	 8
	  				  		  				  				  				  				  				  		  		  			
	 9
	  				  		  				  				  				  				  				  		  		  			
	 10
	  				  		  				  				  				  				  				  		  		  			
	 11
	  				  		  				  				  				  				  				  		  		  			
	 12
	  				  		  				  				  				  				  				  		  		  			
	 13
	  				  		  				  				  				  				  				  		  		  			
	 14
	  				  		  				  				  				  				  				  		  		  			
	 15
	  				  		  				  				  				  				  				  		  		  			
	 16
	  				  		  				  				  				  				  				  		  		  			
	 17
	  				  		  				  				  				  				  				  		  		  			
	 18
	  				  		  				  				  				  				  				  		  		  			
	 19
	  				  		  				  				  				  				  				  		  		  			
	 20
	  				  		  				  				  				  				  				  		  		  			
	 21
	  				  		  				  				  				  				  				  		  		  			
	 22
	  				  		  				  				  				  				  				  		  		  			
	 23
	  				  		  				  				  				  				  				  		  		  			
	 24
	  				  		  				  				  				  				  				  		  		  			
	 25
	  				  		  				  				  				  				  				  		  		  			

  

	*	If you are not allowed as per the local legislation to share information such as the name of the client, please indicate so and use ‘Client 1, 2, 3, ..’ instead of the name. 

  
 89 

 Section 1.7 5.6) Please provide the below information for all Cat A projects in
your portfolio (Please provide all the information required.) 
  

																															
	 	  	Company/
Project
name*	 	  	 Type of

Financing
 (Overdraft,

Term Loan
 etc)
	  	Tenor of
Financing
(months)	 	  	Value of
exposure
(US$ mn)	 	  	Industry
Sector	 	  	Key
E&S
risks and
impacts
identified	 	  	 Corrective

Action(s)
 identified

and
 included

in the
 legal

agreement
	  	 Status of

Corrective
 Action Plan

implementation
	  	Any key
reputational
risk
associated
with the
company	 
	 1
	  				  		  				  				  				  				  		  		  			
	 2
	  				  		  				  				  				  				  		  		  			
	 3
	  				  		  				  				  				  				  		  		  			
	 4
	  				  		  				  				  				  				  		  		  			
	 5
	  				  		  				  				  				  				  		  		  			
	 6
	  				  		  				  				  				  				  		  		  			
	 7
	  				  		  				  				  				  				  		  		  			
	 8
	  				  		  				  				  				  				  		  		  			
	 9
	  				  		  				  				  				  				  		  		  			
	 10
	  				  		  				  				  				  				  		  		  			
	 11
	  				  		  				  				  				  				  		  		  			
	 12
	  				  		  				  				  				  				  		  		  			
	 13
	  				  		  				  				  				  				  		  		  			
	 14
	  				  		  				  				  				  				  		  		  			
	 15
	  				  		  				  				  				  				  		  		  			
	 16
	  				  		  				  				  				  				  		  		  			
	 17
	  				  		  				  				  				  				  		  		  			
	 18
	  				  		  				  				  				  				  		  		  			
	 19
	  				  		  				  				  				  				  		  		  			
	 20
	  				  		  				  				  				  				  		  		  			
	 21
	  				  		  				  				  				  				  		  		  			
	 22
	  				  		  				  				  				  				  		  		  			
	 23
	  				  		  				  				  				  				  		  		  			
	 24
	  				  		  				  				  				  				  		  		  			
	 25
	  				  		  				  				  				  				  		  		  			

  

	*	If you are not allowed as per the local legislation to share information such as the name of the client, please indicate so and use ‘Client 1, 2, 3, ..’ instead of the name. 

  
 90 

 SCHEDULE 9 
  

FORM OF NOTE 
 (See
Section 2.02 of the Agreement) 
 “PAGARÉ” 

 

			
	US$             	 	Buenos Aires, ● de ● de 201    

 Por igual valor recibido en préstamo, pagaremos incondicionalmente a la vista a International Finance
Corporation, sin protesto, NO A LA ORDEN, la cantidad de Dólares Estadounidenses ● millones (U$S ●). 
 El monto adeudado
bajo el presente Pagaré devengará (i) un interés compensatorio del ● por ciento (●%) anual hasta la fecha del efectivo pago; y (ii) en caso de falta de pago a la fecha de su presentación al cobro, un
interés punitorio del dos por ciento (2%) anual desde la fecha de su presentación al cobro hasta la fecha del efectivo pago. 

Todos los pagos a efectuar en virtud de este Pagaré serán efectuados indefectiblemente en Dólares Estadounidenses. El
suscriptor renuncia en forma incondicional e irrevocable a invocar la teoría de la imprevisión y onerosidad sobreviniente (Artículo 1091, del Código Civil y Comercial_de la República Argentina). 

Todos los montos adeudados en virtud del presente Pagaré serán pagados libres de, y sin deducciones por, impuestos, tasas,
gastos, derechos, y/o retenciones, presente o futuros, de cualquier naturaleza o tipo, sean éstos de jurisdicción nacional o provincial de la Argentina, o impuestos cobrados por cualquier autoridad impositiva de la Argentina. En caso
de ser aplicable algún impuesto, tasa, cargo, gasto, derecho y/o retención de la índole mencionada, éste será pagado exclusivamente por el suscriptor. 

En nuestro carácter de suscriptores, hacemos constar expresamente que ampliamos el plazo de presentación para el pago de este
Pagaré hasta [nueve] ([9]) años a contar desde la fecha. 
 Lugar de pago: 2121 Pennsylvania Av. N.W., Washington DC 20433,
Estados Unidos de América. 
 BANCO DE GALICIA Y BUENOS AIRES S.A. 

 
  

[Nombre] 
 [Cargo] 

[NOTARY PUBLIC CERTIFICATION SIGNATURES & SIGNATORIES’ CAPACITY] 

  
 91 

 SCHEDULE 10 

FORM OF ELIGIBLE SUB-LOANS TRANCHE A REPORT 

 

																							
	 	  	

	  	

	  	

	  	

	  	

	  	

	  	

	  	

	  	

	  	

	  	 

	 Eligible Sub-borrower 1
	  		  		  		  		  		  		  		  		  		  		  	
	 Eligible Sub-borrower 2
	  		  		  		  		  		  		  		  		  		  		  	
	 Eligible Sub-borrower 3
	  		  		  		  		  		  		  		  		  		  		  	
	 Eligible Sub-borrower 4
	  		  		  		  		  		  		  		  		  		  		  	

  

	*	Specify if fixed or floating. 

	**	USD equivalent as of latest date available. 

	***	Detailed description of the collateral, including latest valuation, latest valuation date, and valuation method used. 

  
 92 

  

 
 INVESTMENT NUMBER 38134 

Loan Agreement No. 1 

between 
 BANCO DE
GALICIA Y BUENOS AIRES S.A. 
 and 

INTERNATIONAL FINANCE CORPORATION 

Dated May 24, 2016 
  

 
  

 LOAN AGREEMENT No. l 

LOAN AGREEMENT (this “Loan Agreement”) dated May 24, 2016 between BANCO DE GALICIA Y BUENOS AIRES S.A., a banking institution
organized and existing under the laws of the Republic of Argentina (the “Borrower”); and INTERNATIONAL FINANCE CORPORATION, an international organization established by Articles of Agreement among its member countries including the
Republic of Argentina (“TFC”). 
 RECITALS 

On or about the date hereof, the Borrower and IFC have entered into a Master Loan Agreement; 

According to that Master Loan Agreement dated May 24, 2016 (the “Master Loan Agreement”), the Borrower has requested a Loan (as
below defined) to IFC, in order to use the proceeds of such Loan to finance Eligible Sub-loans (as below defined) for Eligible Sub-projects (as below defined) to be carried on by Eligible Sub-borrowers (as below defined); and 

IFC is willing to provide the requested Loan upon the terms and conditions set forth in this Loan Agreement and the Master Loan Agreement.

 ARTICLE I 

Definitions and Interpretation 

Section 1.01. Definitions. Wherever used in this Loan Agreement, and except as otherwise defined herein, terms defined
below shall have the meaning ascribed to them in this Section 1.01, and terms that are not defined in this Section 1.01 or in this Loan Agreement, shall have the meaning ascribed to them in the Master Loan Agreement: 

“Interest Rate” means, for any Interest Period, the rate at which interest is payable on the Loan during that Interest Period, determined in
accordance with Section 2.02 (Interest); 
 “Loan” means the loan specified in Section 2.01 (The Loan) or, as the
context requires, its principal amount from time to time outstanding; 
 “Loan Disbursement” means the disbursement of the Loan; 

“Master Loan Agreement” has the meaning set forth in the Recitals; and 

“Relevant Spread” means 4.5% per annum. 

Section 1.02. Financial Calculations, Interpretation, Business Day Adjustment. 

(a) This Agreement is the Loan Agreement referred to in the Master Loan Agreement. 

(b) Sections 1.02. (Financial Calculations), 1.03 (Interpretation) and 1.04 (Business Day Adjustment) of the Master Loan
Agreement are incorporated herein by reference and shall apply herein, mutatis mutandis, as if set out in this Loan Agreement in full. 

 (c) In the context of this Loan Agreement, and except as otherwise provided in this Loan
Agreement, a reference to a time of day is a reference to New York time. 
 (d) In the context of this Loan Agreement, and except as
otherwise provided in this Loan Agreement, any reference to “the date of this Loan Agreement” or any similar reference, is a reference to the date of execution of this Loan Agreement. 

(e) Any reference to Sections in this Loan Agreement, except as otherwise provided in this Loan Agreement, is a reference to a Section to this
Loan Agreement. 
 Section 1.03. Conflict with Master Loan Agreement. In the event of any conflict between the terms of
this Loan Agreement and the terms of the Master Loan Agreement, the terms of this Loan Agreement will prevail as between the parties to this Loan Agreement. 

ARTICLE II 
 The Loan

 Section 2.01. The Loan. 

(a) Subject to the provisions of this Loan Agreement and the Master Loan Agreement (including Section 2.02 (Commitment and
Disbursement Procedure), Section 4.01 (Conditions of First Disbursement of the IFC Loans), if applicable, and Section 4.02 (Conditions of All Disbursements) of the Master Loan Agreement), IFC agrees to commit the
availability of the Loan in an aggregate principal amount of up to $30,000,000 consisting entirely of a Tranche A Loan. 
 (b) The Borrower
may request the corresponding Loan Disbursement by delivering to IFC, at least 10 Business Days prior to the proposed date of disbursement: (i) a Disbursement Request, in accordance with Schedule 1 of this Loan Agreement as set forth in
Section 2.02 (c) of the Master Loan Agreement; and (ii) a Note evidencing each Tranche as set forth in Section 2.15 of the Master Loan Agreement. 

(c) Loan Disbursement shall be made by IFC at a bank in New York, New York for further credit to the Borrower’s account at a bank in the
Country, as indicated by the Borrower in the Disbursement Request. 
 (d) The Borrower shall deliver to IFC in accordance with
Section 2.02 (f) of the Master Loan Agreement, a receipt, substantially in the form of Schedule 2 of this Loan Agreement, with the signatures and capacities of the Borrower’s representatives duly certified and authenticated by an
Argentinean notary public, within 5 Business Days following Loan Disbursement by IFC. The Borrower hereby expressly and unconditionally agrees that in the event that the Borrower fails to deliver such receipt, evidence of the transfer of
funds to the Borrower’s correspondent bank account shall be considered as sufficient evidence of receipt. 
 Section 2.02.
Interest. Subject to Section 2.04 (Default Interest Rate) of the Master Loan Agreement, the Borrower shall pay interest on the Loan in accordance with this Section 2.02 (Interest). 

(a) During each Interest Period, the Loan shall bear interest at the lnterest Rate for that Interest Period. 

 (b) Interest on the Loan shall accrue from day to day, be prorated on the basis of a 360-day year
for the actual number of days in the relevant Interest Period and be payable in arrears on the Interest Payment Date immediately following the end of that Interest Period; provided that in case the Loan Disbursement is made less than 15 days before
an Interest Payment Date, interest on the Loan shall be payable commencing on the second Interest Payment Date following the date of the Loan Disbursement. 

(c) The Interest Rate for any Interest Period shall be the rate which is the sum of: 

 

	 	(i)	the Relevant Spread; and 

  

	 	(ii)	LIBOR on the Interest Determination Date for that Interest Period for six (6) months (or, in the case of the first Interest Period for any Loan Disbursement, for 1 month, 2 months, 3 months or 6 months, whichever
period is closest to the duration of the relevant Interest Period (or, if 2 periods are equally close, the longer one)) rounded upward to the nearest 3 decimal places. 

(d) The Interest Rate shall be determined as provided in Section 2.03 (Interest) of the Master Loan Agreement. 

(e) The Interest Rate shall be subject to adjustment upon the occurrence of a Market Disruption Event as provided in Section 2.03
(Interest; Market Disruption) of the Master Loan Agreement. 
 (f) The determination by IFC, from time to time, of the applicable
Interest Rate shall be final and conclusive and bind the Borrower (unless the Borrower shows to the IFC’s satisfaction that the determination involves manifest error). 

Section 2.03. Repayment. 

(a) The Borrower shall repay the Tranche A Loan in accordance with Section 2.05 (Repayment) of the Master Loan Agreement, as
detailed in the schedule below: 
  

					
	Interest Payment Date	  	Principal Amount	 
	 June 15, 2018
	  	$	4,285,714.29	 
	 December 15, 2018
	  	$	4,285,714.29	 
	 June 15, 2019
	  	$	4,285,714.29	 
	 December 15, 2019
	  	$	4,285,714.29	 
	 June 15, 2020
	  	$	4,285,714.29	 
	 December 15, 2020
	  	$	4,285,714.29	 
	 June 15, 2021
	  	$	4,285,714.29	 

 (b) Any principal amount of any Tranche of the Loan repaid under this Agreement may not be re-borrowed. 

Section 2.04. Prepayment. 

(a) The Borrower may prepay any Tranche of the Loan in accordance with Section 2.06 (Prepayment) of the Master Loan Agreement.

 (b) Amounts of principal prepaid under this Section 2.04 and Section 2.06 (Prepayment) of the Master Loan Agreement
shall be applied by IFC to all the outstanding installments of principal of the 

 
Loan in inverse order of maturity. 
 Section 2.05. Fees and Other
Payments. (a) The Borrower shall pay to IFC the commitment fee, the front-end fee, the portfolio monitoring fee, and any other applicable fee, expenses and taxes, as provided in the Master Loan Agreement, as applicable to this Loan.

 Section 2.06. Currency and Place of Payments. The Borrower shall make all payments of principal, interest, fees and
any other amount due to IFC under this Loan Agreement in accordance with Section 2.08 (Currency and Place of Payments) of the Master Loan Agreement. 

Section 2.07. Suspension and Cancellation. 

(a) IFC may suspend the right of the Borrower to Loan Disbursement or cancel the undisbursed portion of the Loan in whole or in part in
accordance with Section 2.02 (h) of the Master Loan Agreement. 
 (b) The Borrower may request that IFC cancel all or part of the
undisbursed portion of the Loan in accordance with Section 2.02 (i) of the Master Loan Agreement. 
 ARTICLE III 

Common Terms 

Section 3.01. Representations and Warranties. 

(a) The representations and warranties set out in Section 3.01 (Representations and Warranties) of the Master Loan Agreement are
incorporated herein by reference and shall be made and are deemed to be made herein, mutatis mutandis, for the benefit of IFC as if set out in this Loan Agreement in full. 

(b) The Borrower acknowledges that IFC enters into this Loan Agreement and the other Transaction Documents to which it is a party on the basis
of, and in full reliance on, each of the representations and warranties referred to in Section 3.01 (Representations and Warranties) of the Master Loan Agreement. 

Section 3.02. Conditions of Disbursement. 

The obligation of IFC to make the Loan Disbursement is subject to the fulfillment prior to or concurrently with the making of the Loan
Disbursement of the conditions set forth in Section 4.01 (Conditions of First Disbursement of the IFC Loans), if applicable, and Section 4.02 (Conditions of All Disbursements) of the Master Loan Agreement. 

Section 3.03. Covenants. 

(a) So long as any amount of the Loan remains available for disbursement or any amount is outstanding under any of the Transaction Documents,
the covenants set out in Article V (Particular Covenants) of the Master Loan Agreement are incorporated herein by reference and shall apply herein, mutatis mutandis, for the benefit of IFC as if set out in this Loan Agreement in
full. 
 (b) The Borrower undertakes to cause the proceeds of the Loan to be applied to [provide a preliminary description of Eligible
Sub-loans, Eligible Sub-projects, and Eligible Sub-borrowers] and to 

 
provide evidence to that effect to IFC. 
 Section 3.04. Events of
Default. 
 (a) The Events of Default set out in Section 6.02 (Events of Default) of the Master Loan Agreement are
incorporated herein by reference and shall each constitute an event of default under this Loan Agreement. 
 (b) If any Event of Default
occurs and is continuing (whether it is voluntary or involuntary, or results from operation of law or otherwise), IFC may, by notice to the Borrower, require the Borrower to repay the Loan or such part of the Loan as is specified in that notice. On
receipt of any such notice, the Borrower shall immediately repay the Loan (or that part of the Loan specified in that notice) and pay all interest accrued on it, the prepayment premium specified in Section 2.06 (Prepayment) of the Master
Loan Agreement, and any other amounts then payable under this Loan Agreement and the other Transaction Documents, provided that the prepayment premium specified in Section 2.06 (Prepayment) shall not be applicable if acceleration
occurred (only) as a consequence of the Event of Default set forth in Section 6.02 (c) of the Master Loan Agreement. The Borrower waives any right it might have to further notice, presentment, demand or protest with respect to that demand
for immediate payment. 
 (c) If the Borrower is in any of the situations described in Section 6.02 (e) of the Master Loan
Agreement, the Loan, all interest accrued on it and any other amounts payable under this Loan Agreement and the other Transaction Documents will become immediately due and payable without any presentment, demand, protest or notice of any kind, all
of which the Borrower waives. 
 ARTICLE IV 

Miscellaneous 

Section 4.01. Notices. 

Any notice, request or other communication to be given or made under this Loan Agreement shall be given in accordance with Section 7.02
(Notices) of the Master Loan Agreement. 
 Section 4.02. Term of Agreement. 

This Loan Agreement shall continue in force until all monies payable under it have been fully paid in accordance with its provisions. 

Section 4.03. Saving of Rights. 

Section 7.01 (Saving of Rights) of the Master Loan Agreement is incorporated herein by reference and shall apply herein,
mutatis mutandis, as if set out in this Loan Agreement in full. 
 Section 4.04. Applicable Law and Jurisdiction.

 (a) This Loan Agreement is governed by, and shall be construed in accordance with, the laws of the State of New York, United States of
America. 
 (b) Section 7.04 (Applicable Law and Jurisdiction) of the Master Loan Agreement is incorporated herein by reference
and shall apply herein, mutatis mutandis, as if set out in this Loan 

 IN WITNESS WHEREOF, the parties have caused this Loan Agreement to be signed in their respective
names as of the date first above written. 
  

			
	BANCO DE GALICIA Y BUENOS AIRES S.A.

 
			
		
	By:	 	 /s/ CARLOS E. LÓPEZ

	Name:	 	 CARLOS E. LÓPEZ (262)

	Title:	 	 SENIOR VICE PRESIDENT

INTERNATIONAL DIVISION

		
	By:	 	 /s/ PABLO LEON

	Name:	 	 PABLO LEON

	Title:	 	 EXECUTIVE VICE PRESIDENT

FINANCIAL AREA

 
			
	
	INTERNATIONAL FINANCE CORPORATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 FORM OF DISBURSEMENT REQUEST 

(See Section 2.02 of the Master Loan Agreement and 2.01 (b) of the Loan Agreement) 

IN WITNESS WHEREOF, the parties have caused this Loan Agreement to be signed in their respective names as of the date first
above written. 
  

			
	BANCO DE GALICIA Y BUENOS AIRES S.A.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	INTERNATIONAL FINANCE CORPORATION
		
	By:	 	 /s/ PAULO DE BOLLE

	Name:	 	 PAULO DE BOLLE

	Title:	 	 REGIONAL INDUSTRY HEAD/SENIOR MANAGER

 of the Agreement and Section 3.01 of the Loan Agreement are true on and as of the date of this Disbursement
Request and will be true as of the date of Disbursement with the same effect as if those representations and warranties had been made on and as of each such date (but in the case of Section 3.01 (c) (Representations and Warranties)
of the Agreement, without the words in parentheses); 
 (e) After giving effect to that Disbursement, the Borrower would not be in
violation of: (i) its Charter; (ii) any provision contained in any document to which the Borrower is a party (including the Agreement and the Loan Agreements) or by which the Borrower is bound; or (iii) any law, rule, regulation,
Authorization or agreement or other document binding on the Borrower directly or indirectly limiting or otherwise restricting the Borrower’s borrowing power or authority or its ability to borrow; and 

(f) After taking into account the amount of that Disbursement and any other Liabilities incurred by the Borrower after the date of the latest
financial statements of the Borrower delivered to IFC pursuant to Section 5.04 (a) (Reporting Requirements) of the Agreement, the Borrower would be in compliance with each of the financial covenants set out in Section 5.03
(Financial Covenants) of the Agreement. 
 The above certifications are effective as of the date of this Disbursement Request and shall continue to
be effective as of the date of the Disbursement. If any of these certifications is no longer valid as of or prior to the date of the requested Disbursement, the Borrower will immediately notify IFC and will repay the amount disbursed upon demand by
IFC if Disbursement is made prior to the receipt of such notice. 
  

			
	Yours faithfully,	 	
	
	BANCO DE GALICIA Y BUENOS AIRES S.A.

 
					
			
	By:	 	 	 	

 
			
	  Name:
	 	

 
			
	Title:  	 	[Authorized Representative]**

 Copy to: Director, Department of Financial Operations, International Finance Corporation 

 

	**	As named in the Borrower’s Certificate of Incumbency and Authority (see Schedule 1).EX-10.1

 Exhibit 10.1 

SECOND AMENDMENT TO THE CREDIT AGREEMENT 

This Second Amendment to the Credit Agreement (“Amendment”) is dated as of April 28. 2017, between by and among GREEN PLAINS
CATTLE COMPANY LLC (the “Borrower”), the commercial, banking or financial institutions whose signatures appear on the signature pages hereof or which hereafter become parties to the Credit Agreement (as defined below) (and such
commercial, banking or financial institutions are sometimes referred to hereinafter collectively as the “Lenders” and individually as a “Lender”), and BANK OF THE WEST and ING CAPITAL, LLC, as “Joint
Administrative Agents”). Borrower , Lenders, and the Joint Administrative Agents agree as follows: 
 PRELIMINARY
STATEMENT. Borrower , Lenders, and the Joint Administrative Agents entered into that certain Credit Agreement dated as of December 3, 2014 (that credit agreement as amended herein and by any and all other modifications or amendments thereto is
hereinafter referred to as the “Credit Agreement”; the terms defined in the Credit Agreement are used herein as therein defined). Borrower , Lenders, and the Joint Administrative Agents wish to amend certain provisions of the
Credit Agreement. 
 NOW, THEREFORE, the parties hereto agree as follows: 

Section 1.01 Amendment to Schedule 1.01(b) of the Credit Agreement.
Schedule 1.01(b) of the Credit Agreement is hereby amended and restated as attached to this Amendment. 

Section 1.02 Amendment to Section 1.01 of the Credit
Agreement. Section 1.01 of the Credit Agreement is hereby amended by adding or amending and restating (as applicable) the definitions of “Applicable Rate”, “Bail-In Action”, “Bail-In Legislation”, “Defaulting Lender”, “EEA Financial
Institution”, “EEA Member Country”, “EEA Resolution Authority”, “EU Bail-In Legislation
Schedule”, “Federal Funds Rate”, “Guarantors”, “Guaranty”, “Loan Documents”, “Maturity Date”, “Permitted
Distributions”, “Restricted Payment”, “Swingline Sublimit” and “Write-Down and Conversion Powers” as follows: 

“Applicable Rate” means, as of May 16, 2017 through November 30, 2017 the lower of Level 3, Level 4 or
Level 5 (based on the Three-Month Position Report Excess), rate per annum and from and thereafter, for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Three-Month Position Report Excess),
it being understood that the Applicable Rate for (a) Revolving Loans that are Base Rate Loans shall be the percentage set forth under the column “Revolving Loans” and “Base Rate”, (b) Revolving Loans that are Eurodollar Rate
loans shall be the percentage set forth under the column “Revolving Loans Eurodollar Rate Loans/LC’s” (c) the Letter of Credit Fee shall be the percentage set forth under the column “Revolving Loans Eurodollar Rate
Loans/LC’s”, and (d) the Non-Use Fee shall be the percentage set forth under the column “Non-Use Fee”: 

 

															
	 	  	
Three-Month Position

Report Excess
	  	Revolving Loans
Eurodollar Rate
Loans / L/C’s	 	 	Revolving
Loans/Base
Rate	 	 	Non Use
Fee	 
	 Level 1
	  	Less than $5,000,000	  	 	3.00	% 	 	 	2.00	% 	 	 	.30	% 
	 Level 2
	  	Greater than or equal to $5,000,000, but less than $10,000,000	  	 	2.75	% 	 	 	1.75	% 	 	 	.25	% 
	 Level 3
	  	Greater than or equal to $10,000,000, but less than $15,000,000	  	 	2.50	% 	 	 	1.50	% 	 	 	.25	% 

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
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Three-Month Position

Report Excess
	  	Revolving Loans
Eurodollar Rate
Loans / L/C’s	 	 	Revolving
Loans/Base
Rate	 	 	Non Use
Fee	 
	 Level 4
	  	Greater than or equal to $15,000,000, but less than $20,000,000	  	 	2.25	% 	 	 	1.25	% 	 	 	.20	% 
	 Level 5
	  	Greater than $20,000,000	  	 	2.00	% 	 	 	1.00	% 	 	 	.20	% 

 Any increase or decrease in the Applicable Rate resulting from a change in the Three Month Position Report
Excess shall become effective as of the first Business Day immediately following the date a Borrower Base Certificate is delivered pursuant to Section 6.02(g) reflecting the Three Month Position Report Excess provided, however,
that if a Borrower Base Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level 1 shall apply, in each case as the first Business Day after the date on which such
Borrower Base Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following the date on which such Borrower Base Certificate is delivered. In addition, at all times while the Default
Rate is in effect, the highest rate set forth in each column of the Applicable Rate shall apply. 
 Notwithstanding anything to the contrary
contained in this definition, (a) the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b) and (b) the initial Borrower Base Certificate is delivered pursuant to
Section 6.02 (g) for the first full three months to occur following the Closing Date to the Joint Administrative Agent. Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or
subsequently made or issued. 
 “Bail-In Action” means the exercise of any
Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country Implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Defaulting Lender” means, subject to Section 2.15(b), any Lender that (a) has filed to
(i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the
result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or
(ii) pay to the Administrative Agent, the L/C Issuer, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two
(2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent, the L/C Issuer or the Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a
public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position 

  
 Bank of the West/Green Plains Cattle
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is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such
writing or public statement) cannot be satisfied), (c) has filed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will
comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the
Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a
capacity or (iii) become the subject of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that
Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permits such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall
be deemed to be a Defaulting Lender (subject to Section 2.15(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination , which shall be delivered by the Administrative Agent to the
Borrower, the L/C Issuer, the Swingline Lender and each other Lender promptly following such determination. 
 “EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which
is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or
(b) of this definition and is subject to consolidated supervision with its parent. 
 “EEA Member Country” means any
of the member states of the European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any
public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds
Rate 

  
 Bank of the West/Green Plains Cattle
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for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such
next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of the West on such day on such transactions as determined by the
Joint Administrative Agent. 
 “Guarantors” means, collectively the Subsidiaries of the Borrower as are or may from time to
time execute and deliver a Guaranty. 
 “Guaranty” means a guaranty in form and substance acceptable to the Joint
Administrative Agents duly executed by any Guarantor. 
 “Loan Documents” means, collectively, (a) this Agreement,
(b) the Notes, (c) the Collateral Documents, (d) the Fee Letter, (e) any Guaranty, (f) any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14, (g)
the Autoborrow Agreement and (h) the Negative Pledge. 
 “Maturity Date” means April 30, 2020, provided,
however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 

“Permitted Distributions” means an amount not to exceed 80% of the Borrower’s pretax net income. 

“Restricted Payment” means (a) any dividend or other distribution (including without limitation Permitted Distributions),
direct or indirect, on account of any shares (or equivalent) of any class of Equity Interests of the Borrower or any of its Subsidiaries, now or hereafter outstanding, and (b) any redemption, retirement, sinking fund or similar payment,
purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Equity Interests of the Borrower or any of its Subsidiaries, now or hereafter outstanding. 

“Swingline Sublimit” means an amount equal to the lesser of (a) $15,000,000 and (b) the Revolving Facility. The Swingline
Sublimit is part of, and not in addition to, the Revolving Facility. 
 “Write-Down and Conversion Powers” means, with
respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country,
which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

Section 1.03 Amendment to Article VI of the Credit Agreement.
Sections 6.01 and 6.02 of the Credit Agreement are hereby amended and restated and Section 6.22 is hereby added, all as follows: 

6.01 Financial Statements. Deliver to the Joint Administrative Agent and each Lender, in form and detail satisfactory to the Joint
Administrative Agent and the Required Lenders: 
  

	 	(a)	 Audit Financial Statements. As soon as available, but in any event within ninety (90) days after the
end of each fiscal year of GPI (commencing with the fiscal year ended December 31, 2014), a Consolidated and consolidating balance sheet of GPI and its Subsidiaries as at the end of such fiscal year, and the related Consolidated and
consolidating statements of income or 

  
 Bank of the West/Green Plains Cattle
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operations, changes in shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable
detail and prepared in accordance with GAAP, (i) such Consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit, and (ii) such
consolidating statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of GPI to the effect that such statements are fairly stated in all material respects when considered in relation to the
Consolidated financial statements of GPI and its Subsidiaries. 

  

	 	(b)	Quarterly Financial Statements. As soon as available, but in any event within forty-five (45) days after the end of each fiscal quarter ending March 31, June 30, September 30 and after the
fiscal year of the Borrower commencing with the fiscal year ended December 31, 2016 a balance sheet of the Borrower as at the end of such fiscal year, and the related statements of income or operations, changes in members’ equity and cash
flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP subject only to the absence of footnotes (iii) such statements to
be certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower to the effect that such statements are fairly stated in all material respects when considered in relation to the financial statements of
the Borrower. 

  

	 	(c)	Monthly Financial Statements. As soon as available, but in any event within thirty (30) days after the end of each of the months of each fiscal year of the Borrower (commencing with the fiscal month ended
March 31, 2017), except for the fiscal quarter end dates, balance sheet of the Borrower and its Subsidiaries as of the end of such month, and the related Consolidated and consolidating statements of income or operations, shareholders’
equity and cash flows for such month and for the portion of the Borrower’s fiscal year than ended setting forth in each case in comparative form for the corresponding month of the previous fiscal year and the corresponding portion of the
previous fiscal year, all in reasonable detail and duly certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower who is a Responsible Officer as fairly presenting the financial condition, results of
operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries, subject only to normal year-end audit adjustments and the absence of footnotes. 

As to any information contained in materials furnished pursuant to Section 6.02(g), the Borrower shall not be separately required to
furnish such information under Section 6.01(a) or (b) above, but the foregoing shall not be in derogation of the obligation of the Borrower to furnish the information and materials described in Sections 6.01(a) and
(b) above at the times specified therein. 

  
 Bank of the West/Green Plains Cattle
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 6.02 Certificates; Other Information. 

Deliver to the Joint Administrative Agent and each Lender, in form and detail satisfactory to the Joint Administrative Agent
and the Required Lenders: 
  

	 	(a)	Compliance Certificate. With the delivery of the financial statements for the fiscal quarters ending March 31, June 30, September 30, and December 31 within 45 days at the end of each quarter,
and within ninety days (90) of the end of each fiscal year’s audited annual financial statement, duly completed Compliance Certificates signed by the chief executive officer, chief financial officer, treasurer or controller which is a
Responsible Officer of the Borrower, and in the event of any change in generally accepted accounting principles used in the preparation of such financial statements, the Borrower shall also provide, if necessary for the determination of compliance
with Section 7.11, a statement of reconciliation conforming such financial statements to GAAP. Unless the Joint Administrative Agent or a Lender requests executed originals, delivery of the Compliance Certificate may be by
electronic communication including fax or email and shall be deemed to be an original and authentic counterpart thereof for all purposes. 

  

	 	(b)	Updated Schedules. Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(a), as applicable, any updated Schedules to this Agreement (which may be attached to the
Compliance Certificate) to the extent required to make the representation related to such Schedule true and correct as of the date of such Compliance Certificate. 

 

	 	(c)	[Reserved] 

  

	 	(d)	Changes in Entity Structure. Within ten (10) days prior to any merger, consolidation, dissolution or other change in entity structure of the Borrower or any of its Subsidiaries permitted pursuant to the
terms hereof, provide notice of such change in entity structure to the Joint Administrative Agent, along with such other information as reasonably requested by the Joint Administrative Agent. Provide notice to the Joint Administrative Agent, not
less than ten (10) days prior (or such extended period of time as agreed to by the Joint Administrative Agent) of any change in the Borrower’s legal name, state of organization, or organizational existence. 

 

	 	(e)	Notices. Not later than five (5) Business Days after receipt thereof by the Borrower or any Subsidiary thereof, copies of all notices, requests and other documents (including amendments, waivers and other
modifications) so received under or pursuant to any instrument, indenture, loan or credit or similar agreement and, from time to time upon request by the Joint Administrative Agent, such information and reports regarding such instruments, indentures
and loan and credit and similar agreements as the Joint Administrative Agent may reasonably request. 

  
 Bank of the West/Green Plains Cattle
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	 	(f)	Environmental Notice. Promptly after the assertion or occurrence thereof, notice of any action or proceeding against or of any noncompliance by the Borrower or any of its Subsidiaries with any Environmental Law
or Environmental Permit that could (i) reasonably be expected to have a Material Adverse Effect or (ii) cause any property described in the Mortgages to be subject to any restrictions on ownership, occupancy, use or transferability under
any Environmental Law. 

  

	 	(g)	Borrowing Base Certificate. As soon as available, but in any event within thirty (30) days after the end of each month, a Borrowing Base Certificate, as at the end of such month, duly certified by the chief
executive officer, chief financial officer, treasurer or controller of the Borrower. 

  

	 	(h)	Operating Plan. An Operating Plan within sixty (60) days after the start of each fiscal year. 

  

	 	(i)	Additional Information. Promptly, such additional information regarding the business, financial, legal or corporate affairs of the Borrower or any Subsidiary thereof, or compliance with the terms of the Loan
Documents, as the Joint Administrative Agent or any Lender may from time to time reasonably request. 

 Documents required to
be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(g) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date (a) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 1.01(a); or (b) on which
such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Joint Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Joint
Administrative Agent); provided that: (i) the Borrower shall deliver paper copies of such documents to the Joint Administrative Agent or any Lender upon its request to the Borrower to deliver such paper copies until a written request to
cease delivering paper copies is given by the Joint Administrative Agent or such Lender and (ii) the Borrower shall notify the Joint Administrative Agent and each Lender (by fax transmission or e-mail
transmission) of the posting of any such documents and provide to the Joint Administrative Agent by e-mail electronic versions (i.e., soft copies) of such documents. The Joint Administrative Agent shall have
no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such request by a Lender for delivery, and each
Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 
 The Borrower hereby
acknowledges that the Joint Administrative Agent and/or an Affiliate thereof may, but shall not be obligated to, make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower hereunder
(collectively, “Borrower Materials”) by posting the Borrower Materials on Debt Domain, IntraLinks, Syndtrak, ClearPar or another similar electronic system (the “Platform”). 

  
 Bank of the West/Green Plains Cattle
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 6.22 Covenant to Guarantee Obligations. The Borrower will cause each of its Subsidiaries
whether newly formed, after acquired or otherwise existing to promptly (and in any event within thirty (30) days after such Subsidiary is formed or acquired (or such longer period of time as agreed to by the Joint Administrative Agents, in
their reasonable discretion)) become a Guarantor hereunder by way of execution of a Guaranty; provided, however, no Foreign Subsidiary shall be required to become a Guarantor to the extent such Guaranty would result in a material
adverse tax consequence for the Borrower. In connection therewith, the Borrower shall give notice to the Joint Administrative Agents not less than ten (10) days prior to creating a Subsidiary (or such shorter period of time as agreed to by the
Joint Administrative Agents in their reasonable discretion), or acquiring the Equity Interests of any other Person. In connection with the foregoing, the Borrower shall deliver to the Joint Administrative Agents, with respect to each new Guarantor
to the extent applicable, such documentation, as reasonably requested by the Joint Administrative Agents. 
 Section 1.04
Amendment to Sections 7.06, 7.11 and 7.12 of the Credit Agreement. Sections 7.06, 7.11 and 7.12 of the Credit Agreement are hereby amended and restated
as follows: 
 7.06 Restricted Payments. 

Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, so
long as no Default shall have occurred and be continuing at the time of any action described below or would result therefrom: 
  

	 	(a)	each Subsidiary may make Restricted Payments to any Person that owns Equity Interests in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted
Payment is being made; 

  

	 	(b)	the Borrower may make Permitted Distributions; and 

  

	 	(c)	the Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in common Equity Interests of such Person. 

7.11 Financial Covenants. 
  

	 	(a)	Tangible Net Worth. Permit Tangible Net Worth plus Subordinated Debt at any time to be less than the sum of (i) twenty percent (20%) of the Revolving Commitment, and (ii) an amount equal to 50% of the
net income after tax earned each fiscal year commencing with the fiscal year ending after December 31, 2017 (with no deduction for any net loss in any such fiscal year). 

 

	 	(b)	Working Capital. Permit Working Capital at any time to be less than fifteen percent (15%) of the Revolving Commitment for the period of May 16, 2017 through July 30, 2017, commencing with fiscal quarter
ending on or nearest to June 30, 2017 and for the period commencing July 31, 2017, commencing with the fiscal quarter ending on or nearest to September 30, 2017. 

 

	 	(c)	Total Debt to Tangible Net Worth. Permit Total Debt to Tangible Net Worth, plus Subordinated Debt, at any time to be greater than 3.50 to 1. 

  
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 Section 7.12. Capital Expenditures. Make or become legally obligated to make any
Capital Expenditure, except for Capital Expenditures in the ordinary course of business not exceeding, in the aggregate for the Borrower during each fiscal year $10,000,000 excluding from such calculation of Capital Expenditures any Capital
Expenditures not to exceed $10,000,000 funded by a capital contribution or from Subordinated Debt; provided, however, that so long as no Default has occurred and is continuing or would result from such expenditure, any portion of any
amount set forth above, if not expended in the fiscal year for which it is permitted above, may be carried over for expenditure in the next following fiscal year (excluding any carry forward available from any prior fiscal year); provided,
further, with respect to any fiscal year, Capital Expenditures made during any such fiscal year shall be deemed to be made first with respect to the applicable limitation for such year and then with respect to any carry forward amount to the
extent applicable; and provided, further, the acquisition of the Hereford Feedlot and the Cargill Feedlots shall be excluded from the calculation of Capital Expenditure for fiscal year 2017. 

Section 1.05 Amendment to Section 9.10 of the Credit
Agreement. Section 9.10 of the Credit Agreement is hereby amended and restated as follows: 
 9.10
Collateral Matters and Guaranty Matters. Each of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer irrevocably authorize the Joint Administrative Agents, at its option
and in its discretion, 
  

	 	(a)	to release any Lien on any property granted to or held by the Joint Administrative Agents under any Loan Document (i) upon the Facility Termination Date, (ii) that is sold or otherwise disposed of or to be
sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing by the Required Lenders in accordance
with Section 11.01; 

  

	 	(b)	to subordinate any Lien on any property granted to or held by the Joint Administrative Agents under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.01(d); and

  

	 	(c)	to release any Guarantor from its obligations under the Guaranty of such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents. 

Upon request by the Joint Administrative Agents at any time, the Required Lenders will confirm in writing the Joint Administrative Agent’s
authority to release or subordinate its interest in particular types or items of property pursuant to this Section 9.10. In each case as specified in this Section 9.10, the Joint Administrative
Agents will, at the Borrower’s expense, execute and deliver to the Borrower such documents as such the Borrower may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under
the Collateral Documents or to subordinate its interest in such item, in each case in accordance with the terms of the Loan Documents and this Section 9.10. 

  
 Bank of the West/Green Plains Cattle
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 The Joint Administrative Agents shall not be responsible for or have a duty to ascertain or
inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Joint Administrative Agent’s Lien thereon, or any certificate prepared by the Borrower
in connection therewith, nor shall the Joint Administrative Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

Section 1.06 Amendment to Article XI of the Credit Agreement.
Article XI of the Credit Agreement is hereby amended by adding Sections 11.22 and 11.23 as follows: 
 11.22 EEA
Financial Institutions. No Lender is an EEA Financial Institution. 
 11.23 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Solely to the extent any Lender or L/C Issuer that is an EEA Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any Loan
Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer that is an EEA Financial Institution arising under any Loan Document, to the
extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

 

	 	(a)	the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an EEA Financial
Institution; and 

  

	 	(b)	the effects of any Bail-In Action on any such liability, including, if applicable: 

  

	 	(i)	a reduction in full or in part or cancellation of any such liability; 

  

	 	(ii)	a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise
conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Documents; or 

 

	 	(iii)	the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

Section 1.07 Effectiveness. This Amendment shall become effective as of May 16, 2017 provided that the Joint
Administrative Agents have received (a) counterparts of this Amendment duly executed by the Borrower; (b) an amended and restated revolving notes (the “Notes”, in a form as provided by the Joint Administrative Agents); (c)
a resolution of the Borrower; (d) an opinion of counsel for the Borrower in form and substance acceptable to the Joint Administrative Agents, (e) a Negative Pledge in form and substance acceptable to the Joint Administrative Agents; and
(f) such other documents, actions or assurances as Lenders or the Joint Administrative Agents may reasonably request. 

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 10 

 Section 1.08 Representations and Warranties of
Borrower. 
 (a) Borrower is duly organized, validly existing and in good standing under the laws of the State of its formation. 

(b) The execution, delivery and performance by Borrower of this Amendment, the Notes and the Credit Agreement, as amended hereby, are within
Borrower’s powers, have been duly authorized by all necessary action, if necessary, and do not contravene Borrower’s operating agreement, or any law or any contractual restriction binding on or affecting Borrower , as applicable, or result
in, or require, the creation of any lien, security interest or other charge or encumbrance upon or with respect to any of the properties. 

(c) No authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required
for the due execution, delivery and performance by Borrower of this Amendment, the Notes and the Credit Agreement, as amended hereby. 
 (d)
This Amendment, the Notes and the Credit Agreement, as amended hereby, constitute, legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms. 

(e) No event listed in Section 8.01 of the Credit Agreement has occurred and is continuing. 

Section 1.09 Reference to and Effect on the Credit Agreement. Upon
the effectiveness of Section 1.03 hereof: 
 (a) On and after the date hereof, each reference in the
Credit Agreement to “this Agreement”, “hereunder” “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended hereby. 

(b) Except as specifically amended by any prior amendments, the Credit Agreement shall remain in full force and effect and is
hereby ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of Lender under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement. 

Section 1.10 Execution in Counterparts. This Amendment may be executed in any number of counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. 

Section 1.11 Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws
(without giving effect to the conflicts of laws principles thereof) of the State of Nebraska. 
 Section 1.12
Expenses. The Borrower shall pay on demand all costs and expenses incurred by Lenders in connection with the preparation, execution, delivery, filing, and administration of this Amendment (including, without limitation, Attorneys’ Costs
incurred in connection with the preparation of this Amendment and advising Lender as to its rights, and the cost of any credit verification reports or field examinations of the Borrower ’ properties or books and records). The Borrower’s
obligations to Lenders under this Section 1.07 shall survive termination of this Amendment and repayment of the Borrower ’ Obligations to Lenders under the Credit Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	GREEN PLAINS CATTLE COMPANY LLC
		
	By:	 	 /s/ Jerry L. Peters

	Name:	 	 Jerry L. Peters

	Title:	 	 Chief Financial Officer

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 12 

 
			
	BANK OF THE WEST, as Joint Administrative Agent

 
			
		
	By:	 	 /s/ Darren Jung

	Name:	 	 Darren Jung

	Title:	 	 Assistant Vice President

	
	BANK OF THE WEST, as Swingline Lender, and Lender
		
	By:	 	 /s/ Charles Greenway

	Name:	 	 Charles Greenway

	Title:	 	 Vice President

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 13 

 
			
	ING CAPITAL LLC, as Joint Administrative Agent, L/C Issuer, and Lender

 
			
		
	By:	 	 /s/ Daniel Lamprecht

	Name:	 	 Daniel Lamprecht

	Title:	 	 Managing Director

		
	and	 	
		
	By:	 	 /s/ Renata Medeiros

	Name:	 	 Renata Medeiros

	Title:	 	 Vice President

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 14 

 
			
	RABO AGRIFINANCE, LLC, Lender

 
			
		
	By:	 	 /s/ Erwin Sandee

	Name:	 	 Erwin Sandee

	Title:	 	 Vice President

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 15 

 
			
	FARM CREDIT SERVICES OF AMERICA, Lender

 
			
		
	By:	 	 /s/ Judson Jesske

	Name:	 	 Judson Jesske

	Title:	 	 Vice President

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 16 

 
			
	UNITED FCS, PCA, d/b/a FCS COMMERCIAL FINANCE GROUP, Lender

 
			
		
	By:	 	 /s/ Jeremy Voigts

	Name:	 	 Jeremy Voigts

	Title:	 	 Vice President

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 17 

 
			
	BANK OF AMERICA, N.A., Lender

 
			
		
	By:	 	 /s/ Kory Clark

	Name:	 	 Kory Clark

	Title:	 	 Senior Vice President

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 18 

 
			
	AMERICAN AGCREDIT, PCA, Lender

 
			
		
	By:	 	 /s/ Kyle Lucas

	Name:	 	 Kyle Lucas

	Title:	 	 Vice President

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 19 

 
			
	INTRUST BANK, N.A., Lender

 
			
		
	By:	 	 /s/ David B. White

	Name:	 	 David B. White

	Title:	 	 Commercial Relationship Manager

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 20 

 
			
	AG COUNTRY FARM CREDIT SERVICES, FLCA, Lender

 
			
		
	By:	 	 /s/ Nicole Schwartz

	Name:	 	 Nicole Schwartz

	Title:	 	 Vice President

  
 Bank of the West/Green Plains Cattle
Company LLC Second Amendment to the Credit Agreement 
 21 

 SCHEDULE 1.01(b) 

Initial Commitments and Applicable Percentages 

May 16, 2017 to July 30, 2017 
  

									
	 Institution
	  	$200MM Revolver	 	  	Pro Rata Share	 
	 Bank of the West
	  	$	43,333,333.00	 	  	 	21.67	% 
	 ING Capital LLC
	  	$	43,333,333.00	 	  	 	21.67	% 
	 Rabo AgriFinance, LLC
	  	$	26,666,667.00	 	  	 	13.33	% 
	 Farm Credit Services of America
	  	$	26,666,667.00	 	  	 	13.33	% 
	 United FCS, PCA, d/b/a FCS Commercial Finance Group
	  	$	16,666,667.00	 	  	 	8.33	% 
	 Bank of America, N.A.
	  	$	13,333,333.00	 	  	 	6.67	% 
	 American AgCredit, PCA
	  	$	13,333,333.00	 	  	 	6.67	% 
	 InTrust Bank, N.A.
	  	$	10,000,000.00	 	  	 	5.00	% 
	 Ag Country Farm Credit Services, FLCA
	  	$	6,666,667.00	 	  	 	3.33	% 

 July 31, 2017 to the Maturity Date 

 

									
	 Institution
	  	$300MM Revolver	 	  	Pro Rata Share	 
	 Bank of the West
	  	$	65,000,000.00	 	  	 	21.6666666667	% 
	 ING Capital LLC
	  	$	65,000,000.00	 	  	 	21.6666666667	% 
	 Rabo AgriFinance, LLC
	  	$	40,000,000.00	 	  	 	13.3333333333	% 
	 Farm Credit Services of America
	  	$	40,000,000.00	 	  	 	13.3333333333	% 
	 United FCS, PCA, d/b/a FCS Commercial Finance Group
	  	$	25,000,000.00	 	  	 	8.3333333333	% 
	 Bank of America, N.A.
	  	$	20,000,000.00	 	  	 	6.6666666667	% 
	 American AgCredit, PCA
	  	$	20,000,000.00	 	  	 	6.6666666667	% 
	 InTrust Bank, N.A.
	  	$	15,000,000.00	 	  	 	5.0000000000	% 
	 Ag Country Farm Credit Services, FLCA
	  	$	10,000,000.00	 	  	 	3.3333333333	% 

  
 i

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