Verstoss vs negative pledge clause: c) the Borrower is in default in the performance of any other covenant, condition or provision set out in the Bonds and continues to be in default for 30 days after written notice thereof shall have been given to the Borrower by the Principal Paying Agent;

8. Events of Default

If any of the following events shall occur, the Principal Paying Agent has the right but not the obligation to
declare all outstanding Bonds (including the Permanent Global Certificate, as the case may be) immediately
due and repayable at their principal amount, together with accrued interest:
a) the Borrower defaults in any payment of interest in respect of any of the Bonds or Coupons and such
default is not cured by payment thereof within 30 days from the due date for such payment;
b) the Borrower defaults in the payment of principal in respect of any of the Bonds when due at maturity
or otherwise and such default is not cured by payment thereof within seven days from the due date for
such payment;

c) the Borrower is in default in the performance of any other covenant, condition or provision set out in the
Bonds and continues to be in default for 30 days after written notice thereof shall have been given to
the Borrower by the Principal Paying Agent;

d) in respect of any other External Indebtedness in an amount equal to or exceeding USD 25,000,000 (or
its equivalent), (i) such indebtedness is accelerated so that it becomes due and payable prior to the
stated maturity thereof as a result of a default thereunder and such acceleration has not been rescinded
or annulled or (ii) any payment obligation under such indebtedness is not paid as and when due and the
applicable grace period, if any, has lapsed and such non-payment has not been cured.
e) a general moratorium is declared by the Borrower or the Bank of Greece in respect of its Indebtedness
or the Borrower or the Bank of Greece announces its inability to pay its External Indebtednes as it
matures; or
f) any government order, decree or enactment shall be made whereby the Borrower is prevented from
observing and performing in full its obligations contained in the Bonds.

In any of the above cases, all outstanding Bonds, plus accrued interest, will become due and payable at par,
value five days after the receipt of a written notice addressed to the Borrower by the Principal Paying Agent,
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unless such Event of Default has meanwhile been cured by the Borrower, or unless security for principal,
present and/or future interest and other amounts payable pursuant to the Agreement and the Terms of the
Bonds is granted, which – in the opinion of the Principal Paying Agent – includes adequate protection of the
Bondholders and the Couponholders.