Document:

Exhibit 4.3

 

 

 

RHYTHM PHARMACEUTICALS,
INC.

 

                                                 

 

INDENTURE

 

Dated as of ___________,
20__

 

                                               

 

[_________]

 

Trustee

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section 1.1. 	Definitions	1
	Section 1.2. 	Other Definitions	4
	Section 1.3. 	Incorporation by Reference of Trust Indenture Act	4
	Section 1.4. 	Rules of Construction	4
	 	 	 
	ARTICLE II. THE SECURITIES	5
	Section 2.1. 	Issuable in Series	5
	Section 2.2. 	Establishment of Terms of Series of Securities	5
	Section 2.3. 	Execution and Authentication	7
	Section 2.4. 	Registrar and Paying Agent	8
	Section 2.5. 	Paying Agent to Hold Money in Trust	8
	Section 2.6. 	Security holder Lists	8
	Section 2.7. 	Transfer and Exchange	8
	Section 2.8. 	Mutilated, Destroyed, Lost and Stolen Securities	9
	Section 2.9. 	Outstanding Securities	9
	Section 2.10. 	Treasury Securities	10
	Section 2.11. 	Temporary Securities	10
	Section 2.12. 	Cancellation	10
	Section 2.13. 	Defaulted Interest	10
	Section 2.14. 	Global Securities	10
	Section 2.15. 	CUSIP Numbers	11
	 	 	 
	ARTICLE III. REDEMPTION	12
	Section 3.1. 	Notice to Trustee	12
	Section 3.2. 	Selection of Securities to be Redeemed	12
	Section 3.3. 	Notice of Redemption	12
	Section 3.4. 	Effect of Notice of Redemption	13
	Section 3.5. 	Deposit of Redemption Price	13
	Section 3.6. 	Securities Redeemed in Part	13
	 	 	 
	ARTICLE IV. COVENANTS	13
	Section 4.1. 	Payment of Principal and Interest	13
	Section 4.2. 	SEC Reports	14
	Section 4.3. 	Compliance Certificate	14
	Section 4.4. 	Stay, Extension and Usury Laws	14
	 	 	 
	ARTICLE V. SUCCESSORS	15
	Section 5.1. 	When Company May Merge, Etc.	15
	Section 5.2. 	Successor Corporation Substituted	15

 

    i 

     

    

 

	ARTICLE VI. DEFAULTS AND REMEDIES	15
	Section 6.1. 	Events of Default	15
	Section 6.2. 	Acceleration of Maturity; Rescission and Annulment	17
	Section 6.3. 	Collection of Indebtedness and Suits for Enforcement by Trustee	17
	Section 6.4. 	Trustee May File Proofs of Claim	18
	Section 6.5. 	Trustee May Enforce Claims Without Possession of Securities	19
	Section 6.6. 	Application of Money Collected	19
	Section 6.7. 	Limitation on Suits	19
	Section 6.8. 	Unconditional Right of Holders to Receive Principal and Interest	20
	Section 6.9. 	Restoration of Rights and Remedies	20
	Section 6.10. 	Rights and Remedies Cumulative	20
	Section 6.11. 	Delay or Omission Not Waiver	21
	Section 6.12. 	Control by Holders	21
	Section 6.13. 	Waiver of Past Defaults	21
	Section 6.14. 	Undertaking for Costs	22
	 	 	 
	ARTICLE VII. TRUSTEE	22
	Section 7.1. 	Duties of Trustee	22
	Section 7.2. 	Rights of Trustee	23
	Section 7.3. 	Individual Rights of Trustee	24
	Section 7.4. 	Trustee’s Disclaimer	24
	Section 7.5. 	Notice of Defaults	25
	Section 7.6. 	Reports by Trustee to Holders	25
	Section 7.7. 	Compensation and Indemnity	25
	Section 7.8. 	Replacement of Trustee	26
	Section 7.9. 	Successor Trustee by Merger, Etc.	27
	Section 7.10. 	Eligibility; Disqualification	27
	Section 7.11. 	Preferential Collection of Claims Against Company	27
	 	 	 
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	27
	Section 8.1. 	Satisfaction and Discharge of Indenture	27
	Section 8.2. 	Application of Trust Funds; Indemnification	28
	Section 8.3. 	Legal Defeasance of Securities of any Series	29
	Section 8.4. 	Covenant Defeasance	30
	Section 8.5. 	Repayment to Company	30
	Section 8.6. 	Reinstatement	31
	 	 	 
	ARTICLE IX. AMENDMENTS AND WAIVERS	31
	Section 9.1. 	Without Consent of Holders	31
	Section 9.2. 	With Consent of Holders	32
	Section 9.3. 	Limitations	32
	Section 9.4. 	Compliance with Trust Indenture Act	33
	Section 9.5. 	Revocation and Effect of Consents	33
	Section 9.6. 	Notation on or Exchange of Securities	33
	Section 9.7. 	Trustee Protected	33

 

    ii 

     

    

 

	ARTICLE X. MISCELLANEOUS	34
	Section 10.1. 	Trust Indenture Act Controls	34
	Section 10.2. 	Notices	34
	Section 10.3. 	Communication by Holders with Other Holders	35
	Section 10.4. 	Certificate and Opinion as to Conditions Precedent	35
	Section 10.5. 	Statements Required in Certificate or Opinion	35
	Section 10.6. 	Rules by Trustee and Agents	36
	Section 10.7. 	Legal Holidays	36
	Section 10.8. 	No Recourse Against Others	36
	Section 10.9. 	Counterparts	36
	Section 10.10. 	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	37
	Section 10.11. 	No Adverse Interpretation of Other Agreements	37
	Section 10.12. 	Successors	37
	Section 10.13. 	Severability	37
	Section 10.14. 	Table of Contents, Headings, Etc.	38
	Section 10.15. 	Securities in a Foreign Currency	38
	Section 10.16. 	Judgment Currency	38
	Section 10.17. 	Force Majeure	39
	Section 10.18. 	U.S.A. Patriot Act	39
	 	 	 
	ARTICLE XI. SINKING FUNDS	39
	Section 11.1. 	Applicability of Article	39
	Section 11.2. 	Satisfaction of Sinking Fund Payments with Securities	39
	Section 11.3. 	Redemption of Securities for Sinking Fund	40

 

    iii 

     

    

 

RHYTHM
PHARMACEUTICALS, INC.

 

Reconciliation and
tie between Trust Indenture Act of 1939 and Indenture, dated as of ____________, 20__

 

	§ 310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	§ 311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not Applicable
	§ 312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	§ 313(a)	 	7.6
	(b)(1)	 	7.6
	(b)(2)	 	7.6
	(c)(1)	 	7.6
	(d)	 	7.6
	§ 314(a)	 	4.2, 10.5
	(b)	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	10.5
	(f)	 	Not Applicable
	§ 315(a)	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	§ 316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)	 	6.8
	§ 317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)	 	2.5
	§ 318(a)	 	10.1

 

 

Note: This reconciliation
and tie shall not, for any purpose, be deemed to be part of the Indenture.

 

    iv 

     

    

 

 

Indenture
dated as of __________, 20__ between Rhythm Pharmaceuticals, Inc., a company incorporated under the laws of the state of Delaware (“Company”),
and [______] (“Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture.

 

ARTICLE
I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1.        
Definitions.

 

“Affiliate”
of any specified person means any other person directly or indirectly controlling or controlled by or under common control with such specified
person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities
or by agreement or otherwise.

 

“Agent”
means any Registrar, Paying Agent or Notice Agent.

 

“Board
of Directors” means the board of directors of the Company or any duly authorized committee thereof.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted
by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the
certificate and delivered to the Trustee.

 

“Business
Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection with any
payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close.

 

“Capital
Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

“Company”
means the party named as such above until a successor replaces it and thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by an Officer.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture
shall be principally administered.

 

“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

     

     

    

 

“Depositary”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange
Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series
shall mean the Depositary with respect to the Securities of such Series.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.

 

“Dollars”
and “$” means the currency of The United States of America.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Foreign
Currency” means any currency or currency unit issued by a government other than the government of The United States of America.

 

“Foreign
Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations
of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

“Global
Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and
registered in the name of such Depositary or nominee.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered.

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,”
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Officer”
means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or
any Assistant Secretary, and any Vice President of the Company.

 

“Officer’s
Certificate” means a certificate signed by any Officer.

 

    2 

     

    

 

 

“Opinion
of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or
counsel to the Company. The opinion may contain customary limitations, conditions and exceptions.

 

“person”
means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

“principal”
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture
and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred
because of his or her knowledge of and familiarity with a particular subject.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant
to Sections 2.1 and 2.2 hereof.

 

“Stated
Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal
of such Security or interest is due and payable.

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of
shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required
by any such amendment, the Trust Indenture Act as so amended.

 

“Trustee”
means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who
is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the
Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

    3 

     

    

 

 

“U.S.
Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of America for
the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof,
and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation
or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the
holder of a depositary receipt, provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government
Obligation evidenced by such depositary receipt.

 

Section 1.2.        
Other Definitions.

 

	TERM	DEFINED
    IN
	 	SECTION
	“Bankruptcy Law”	6.1
	“Custodian”	6.1
	“Event of Default”	6.1
	“Judgment Currency”	10.16
	“Legal Holiday”	10.7
	“mandatory sinking fund payment”	11.1
	“New York Banking Day”	10.16
	“Notice Agent”	2.4
	“optional sinking fund payment”	11.1
	“Paying Agent”	2.4
	“Registrar”	2.4
	“Required Currency”	10.16
	“Specified Courts”
 “successor person”	10.10

    5.1

 

Section 1.3.        
Incorporation by Reference of Trust Indenture Act.

 

Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Security holder.

 

“indenture
to be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor”
on the indenture securities means the Company and any successor obligor upon the Securities.

 

All
other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined.

 

Section 1.4.        
Rules of Construction.

 

Unless
the context otherwise requires:

 

(a)           
a term has the meaning assigned to it;

 

(b)           
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)           
“or” is not exclusive;

 

(d)           
words in the singular include the plural, and in the plural include the singular; and

 

(e)           
provisions apply to successive events and transactions.

 

    4 

     

    

 

 

ARTICLE
II.

THE SECURITIES

 

Section 2.1.        
Issuable in Series.

 

The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may
be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner
provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof
pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board
Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted
under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date
from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that
all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

Section 2.2.        
Establishment of Terms of Series of Securities.

 

At
or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the
case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections
2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board
Resolution, supplemental indenture hereto or Officer’s Certificate:

 

2.2.1.             
the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking
(including the terms of any subordination provisions) of the Series;

 

2.2.2.             
the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

2.2.3.             
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.2.4.             
the date or dates on which the principal of the Securities of the Series is payable;

 

2.2.5.             
the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates
(including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the
Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such
interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

2.2.6.             
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect
of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other
means;

 

2.2.7.             
if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company;

 

2.2.8.             
the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

2.2.9.             
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at
the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

2.2.10.         
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series
shall be issuable;

 

2.2.11.         
 the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

2.2.12.         
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

    5 

     

    

 

 

2.2.13.         
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency
of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

2.2.14.         
the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the
Securities of the Series will be made;

 

2.2.15.         
if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

2.2.16.         
the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;

 

2.2.17.         
the provisions, if any, relating to any security provided for the Securities of the Series;

 

2.2.18.         
any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in
the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant
to Section 6.2;

 

2.2.19.         
any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

2.2.20.         
any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities
of such Series if other than those appointed herein;

 

2.2.21.         
the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion
or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option
of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and
provisions affecting conversion or exchange if such Series of Securities are redeemed;

 

2.2.22.          any
other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such
Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing
of Securities of that Series; and

 

2.2.23.         
whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the
terms of subordination, if any, of such guarantees.

 

All
Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this
Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred
to above.

 

    6 

     

    

 

 

Section 2.3.        
Execution and Authentication.

 

An
Officer shall sign the Securities for the Company by manual, facsimile or electronic signature.

 

If
an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid.

 

A
Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall
be conclusive evidence that the Security has been authenticated under this Indenture.

 

The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board
Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security
shall be dated the date of its authentication.

 

The
aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount
for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to
Section 2.2, except as provided in Section 2.8.

 

Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in
relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series,
(b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The
Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by
counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees,
executive committee or a trust committee of directors and/or vice-presidents or a committee of Responsible Officers shall determine that
such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by
such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

    7 

     

    

 

 

Section 2.4.        
Registrar and Paying Agent.

 

The
Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant
to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”),
where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where
notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice
Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The
Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar,
Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent
or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,
surrenders, notices and demands; provided, however, that any appointment of the Trustee as the Notice Agent shall exclude
the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company.

 

The
Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from
time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve
the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2
for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The
term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying
agent; and the term “Notice Agent” includes any additional notice agent. The Company or any of its Affiliates may serve
as Registrar or Paying Agent.

 

The
Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying
Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5.        
Paying Agent to Hold Money in Trust.

 

The
Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of
principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the
Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money.
If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or
similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the Securities.

 

Section 2.6.        
Securityholder Lists.

 

The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar,
the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may
request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders
of each Series of Securities.

 

Section 2.7.        
Transfer and Exchange.

 

Where
Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for
an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s
request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein),
but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

Neither
the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series
selected for redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange
Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.

 

 

    8 

     

    

 

Section 2.8.        
Mutilated, Destroyed, Lost and Stolen Securities.

 

If
any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

If
there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless,
then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the
Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of
any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding.

 

In
case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security.

 

Upon
the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

Every
new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of
that Series duly issued hereunder.

 

The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 2.9.        
Outstanding Securities.

 

The
Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions
hereof and those described in this Section as not outstanding.

 

If
a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

 

If
the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities
of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease
to be outstanding and interest on them ceases to accrue.

 

The
Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

In
determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to
be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

 

    9 

     

    

 

 

Section 2.10.    
Treasury Securities.

 

In
determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded,
except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization,
direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be
so disregarded.

 

Section 2.11.    
Temporary Securities.

 

Until
definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company
Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company
Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so
exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Section 2.12.    
Cancellation.

 

The
Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered
for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention
requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of
the Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

Section 2.13.    
Defaulted Interest.

 

If
the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent
permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a
subsequent special record date. The Company shall fix the record date and payment date. At least ten days before the special record
date, the Company shall send to the Trustee and to each Security holder of the Series a notice that states the special record date,
the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14.    
Global Securities.

 

2.14.1.         
Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary
for such Global Security or Securities.

 

2.14.2.         
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of
Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under
the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate
to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.

 

Except
as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such
Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

    10 

     

    

 

 

2.14.3.         
Legends. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 

“THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

 

In
addition, so long as the Depository Trust Company (“DTC”) is the Depositary, each Global Note registered in the name of DTC
or its nominee shall bear a legend in substantially the following form:

 

“UNLESS
THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
 & CO., HAS AN INTEREST HEREIN.”

 

2.14.4.         
Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the
Indenture.

 

2.14.5.         
Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section
2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

 

2.14.6.         
Consents, Declaration and Directions. The Company, the Trustee and any Agent shall treat a person as the Holder of such
principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement
of the Depositary or by the applicable procedures of the Depositary with respect to such Global Security, for purposes of obtaining any
consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

 

Section 2.15.    
CUSIP Numbers.

 

The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers.

 

    11 

     

    

 

 

ARTICLE
III.

REDEMPTION

 

Section 3.1.        
Notice to Trustee.

 

The
Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant
to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms
as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to
the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the
Trustee in writing of the redemption date and the principal amount of the Series of Securities to be redeemed. The Company shall
give the notice at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee.

 

Section 3.2.        
Selection of Securities to be Redeemed.

 

Unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows:
(a) if the Securities are in the form of Global Securities, in accordance with the procedures of the Depositary, (b) if the Securities
are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if
any, on which the Securities are listed, or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems
fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject,
in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected
from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of the Series
that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them it selected for
redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations
pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions
of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called
for redemption.

 

Section 3.3.        
Notice of Redemption.

 

Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at
least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically,
in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed.

 

The
notice shall identify the Securities of the Series to be redeemed and shall state:

 

(a)           
the redemption date;

 

(b)           
the redemption price;

 

(c)           
the name and address of the Paying Agent;

 

(d)           
if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after
the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion
of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;

 

(e)           
that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

    12 

     

    

 

(f)            
 that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company
defaults in the deposit of the redemption price;

 

(g)           
the CUSIP number, if any; and

 

(h)           
any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.

 

At
the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense, provided,
however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior
to the notice date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be
stated in such notice.

 

Section 3.4.        
Effect of Notice of Redemption.

 

Once
notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption
date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate
for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the
redemption price plus accrued interest to the redemption date.

 

Section 3.5.        
Deposit of Redemption Price.

 

On
or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to
pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6.        
Securities Redeemed in Part.

 

Upon
surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and
the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE
IV.

COVENANTS

 

Section 4.1.        
Payment of Principal and Interest.

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal
of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before
11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay
the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.

 

    13 

     

    

 

Section 4.2.        SEC
Reports.

 

To
the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with
the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing
as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d)
of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents
filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes
of this Section 4.2.

 

Delivery
of reports, information and documents to the Trustee under this Section 4.2 is for informational purposes only and the Trustee’s
receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of the covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates). All such reports, information or documents referred to in this Section
4.2 that the Company files with the SEC via the SEC’s EDGAR system shall be deemed to be filed with the Trustee and transmitted
to Holders at the time such reports, information or documents are filed via the EDGAR system (or any successor system).

 

Section 4.3.        
Compliance Certificate.

 

To
the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company
has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing
such certificate, that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant
contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which the Officer may
have knowledge).

 

Section 4.4.        
Stay, Extension and Usury Laws.

 

The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay
or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though
no such law has been enacted.

 

    14 

     

    

 

ARTICLE
V.

SUCCESSORS

 

Section 5.1.        
When Company May Merge, Etc.

 

The
Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and
assets to, any person (a “successor person”) unless:

 

(a)           
the Company is the surviving entity or the successor person (if other than the Company) is a corporation, partnership, trust or
other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s
obligations on the Securities and under this Indenture; and

 

(b)           
immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

The
Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer’s Certificate to the foregoing
effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding
the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither
an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2.        
Successor Corporation Substituted.

 

Upon
any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or
to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein;
provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease)
shall be released from all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
VI.

DEFAULTS AND REMEDIES

 

Section 6.1.        
Events of Default.

 

“Event
of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in
the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have
the benefit of said Event of Default:

 

    15 

     

    

 

(a)           
 default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such
default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying
Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or

 

(b)           
default in the payment of principal of any Security of that Series at its Maturity; or

 

(c)           
default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant
to paragraph (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of
a Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

 

(d)           
the Company pursuant to or within the meaning of any Bankruptcy Law:

 

(i)                
commences a voluntary case,

 

(ii)             
consents to the entry of an order for relief against it in an involuntary case,

 

(iii)           
consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv)            
makes a general assignment for the benefit of its creditors, or

 

(v)              
generally is unable to pay its debts as the same become due; or

 

(e)           
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)                
is for relief against the Company in an involuntary case,

 

(ii)             
appoints a Custodian of the Company or for all or substantially all of its property, or

 

(iii)           
orders the liquidation of the Company,

 

and the
order or decree remains unstayed and in effect for 60 days; or

 

(f)            
any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

    16 

     

    

 

The
term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The
term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

The
Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence
of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and
what action the Company is taking or proposes to take in respect thereof.

 

Section 6.2.        
Acceleration of Maturity; Rescission and Annulment.

 

If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount
of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities,
such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any,
on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount
(or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At
any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount
of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and
interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived
as provided in Section 6.13.

 

No
such rescission shall affect any subsequent Default or impair any right consequent thereon.

 

Section 6.3.        
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The
Company covenants that if:

 

(a)           
default is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues
for a period of 30 days, or

 

(b)           
default is made in the payment of principal of any Security at the Maturity thereof, or

 

    17 

     

    

 

(c)           
 default is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,

 

then, the
Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and
payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest
on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed to be
payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.

 

If
an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4.        
Trustee May File Proofs of Claim.

 

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment
of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(a)           
to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the
compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such
judicial proceeding, and

 

(b)           
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,

 

and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

    18 

     

    

 

Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section 6.5.        
Trustee May Enforce Claims Without Possession of Securities.

 

All
rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of
the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 6.6.        
Application of Money Collected.

 

Any
money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the
Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First:           To
the payment of all amounts due the Trustee under Section 7.7; and

 

Second:      To
the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities for principal and interest, respectively; and

 

Third:          To
the Company.

 

Section 6.7.        
Limitation on Suits.

 

No
Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

 

(a)           
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities
of that Series;

 

    19 

     

    

 

(b)           
 the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(c)           
such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses
and liabilities which might be incurred by the Trustee in compliance with such request;

 

(d)           
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(e)           
no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the outstanding Securities of that Series;

 

it being understood,
intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such
Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all
such Holders of the applicable Series.

 

Section 6.8.        
Unconditional Right of Holders to Receive Principal and Interest.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed
in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

 

Section 6.9.        
Restoration of Rights and Remedies.

 

If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case,
subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding had been instituted.

 

Section 6.10.     
Rights and Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any
other appropriate right or remedy.

 

    20 

     

    

 

Section 6.11.      
Delay or Omission Not Waiver.

 

No
delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.12.     
Control by Holders.

 

The
Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such Series, provided that

 

(a)           
such direction shall not be in conflict with any rule of law or with this Indenture,

 

(b)           
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,

 

(c)           
subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee
in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability, and

 

(d)           
prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

Section 6.13.    
Waiver of Past Defaults.

 

The
Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all
the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such
Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided,
however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and
its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

    21 

     

    

 

Section 6.14.      
Undertaking for Costs.

 

All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to
pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any
suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities
of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security
on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on
the redemption date).

 

ARTICLE
VII.

TRUSTEE

 

Section 7.1.        
Duties of Trustee.

 

(a)           
If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture
and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

 

(b)           
Except during the continuance of an Event of Default:

 

(i)              
The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

(ii)             
In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to
the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates
and Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture.

 

(c)           
The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

 

(i)                
This paragraph does not limit the effect of paragraph (b) of this Section.

 

    22 

     

    

 

(ii)             
 The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that
the Trustee was negligent in ascertaining the pertinent facts.

 

(iii)           
The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities
of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section
6.12.

 

(d)           
Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(e)           
The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.

 

(f)            
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)           
No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the
performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured
to the Trustee in its satisfaction.

 

(h)           
The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth
in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee.

 

Section 7.2.        
Rights of Trustee.

 

(a)           
The Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or
facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate
any fact or matter stated in the document.

 

(b)           
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both.
The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate
or Opinion of Counsel.

 

(c)           
The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due
care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.

 

    23 

     

    

 

(d)          
 The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence.

 

(e)          
The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance
thereon.

 

(f)            
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

(g)           
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it
may see fit.

 

(h)           
The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.

 

(i)             
In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage
of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss
or damage.

 

(j)             
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or
duty to do so.

 

Section 7.3.        
Individual Rights of Trustee.

 

The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company
or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.
The Trustee is also subject to Sections 7.10 and 7.11.

 

Section 7.4.        
Trustee’s Disclaimer.

 

The
Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than
its authentication.

 

    24 

     

    

 

Section 7.5.        
Notice of Defaults.

 

If
a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of
Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event
of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series,
the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Securityholders of that Series.

 

Section 7.6.        
Reports by Trustee to Holders.

 

Within
60 days after each anniversary of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names and addresses
appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent
required under, TIA § 313.

 

A
copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of
any Series are listed on any national securities exchange.

 

Section 7.7.        
Compensation and Indemnity.

 

The
Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include
the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

The
Company shall indemnify each of the Trustee and any predecessor Trustee (including for the cost of defending itself) against any cost,
expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by
it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall
notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve
the Company of its obligations hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall
defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the
reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will
not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

 

The
Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through willful misconduct or negligence.

 

    25 

     

    

 

To
secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on
all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities
of that Series.

 

When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the expenses and
the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

The
provisions of this Section shall survive the termination of this Indenture.

 

Section 7.8.        
Replacement of Trustee.

 

A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section.

 

The
Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date
of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with
respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one
or more Series if:

 

(a)           
the Trustee fails to comply with Section 7.10;

 

(b)           
the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(c)           
a Custodian or public officer takes charge of the Trustee or its property; or

 

(d)           
the Trustee becomes incapable of acting.

 

If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

If
a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of
the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

    26 

     

    

 

A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately
after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien
provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee
shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as
Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series.
Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof
shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or
omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement.

 

Section 7.9.        
Successor Trustee by Merger, Etc.

 

If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10.

 

Section 7.10.      
Eligibility; Disqualification.

 

This
Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have
a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee
shall comply with TIA § 310(b).

 

Section 7.11.      
Preferential Collection of Claims Against Company.

 

The
Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated.

 

ARTICLE
VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1.        
Satisfaction and Discharge of Indenture.

 

This
Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to
all Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)           
either

 

(i)              
all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or
stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or

 

(ii)             
all such Securities of such Series not theretofore delivered to the Trustee for cancellation:

 

(1)       have
become due and payable by reason of sending a notice of redemption or otherwise, or

 

    27 

     

    

 

 

 

(2)      will
become due and payable at their Stated Maturity within one year, or

 

(3)       have
been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

 

(4)       are
deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company,
in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an
amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment
of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates
such installments of principal or interest are due;

 

(b)           
the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 

(c)           
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall
survive.

 

Section 8.2.        
Application of Trust Funds; Indemnification.

 

(a)           
Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited
with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest
for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.1, 8.3 or 8.4.

 

(b)           
The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S.
Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal
received in respect of such obligations other than any payable by or on behalf of Holders.

 

(c)           
 The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign
Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of
independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are
then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the
Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

    28 

     

    

 

Section 8.3.        
Legal Defeasance of Securities of any Series.

 

Unless
this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be
deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date
of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities
of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order,
execute instruments acknowledging the same), except as to:

 

(a)           
the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment
of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of
such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities
of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities
of such Series;

 

(b)           
the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and

 

(c)           
the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided that,
the following conditions shall have been satisfied:

 

(d)            the
Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee as trust
funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of
Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of
Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government
Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide
(and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date
of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public
accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of and interest, on and any mandatory sinking fund payments in respect of all the Securities of such Series
on the dates such installments of principal or interest and such sinking fund payments are due;

 

(e)           
such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;

 

(f)            
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date
of such deposit or during the period ending on the 91st day after such date;

 

(g)           
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i)
the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution
of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

 

(h)           
the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company
with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(i)             
the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.

 

    29 

     

    

 

Section 8.4.        
Covenant Defeasance.

 

Unless
this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to
comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1
and, unless otherwise specified therein, any additional covenants specified in a supplemental indenture for such Series of Securities
or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants
shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified
in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to
Section 2.2 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities
of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby; provided
that the following conditions shall have been satisfied:

 

(a)           
 with reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided
in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security
for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in
Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments)
of and interest on all the Securities of such Series on the dates such installments of principal or interest are due;

 

(b)           
such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement
or instrument to which the Company is a party or by which it is bound;

 

(c)           
no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date
of such deposit;

 

(d)           
the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that the
Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit
and covenant defeasance and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would
have been the case if such deposit and covenant defeasance had not occurred;

 

(e)           
The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company
with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

(f)            
The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with.

 

Section 8.5.        
Repayment to Company.

 

Subject
to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look
to the Company for payment as general creditors unless an applicable abandoned property law designates another person.

 

    30 

     

    

 

Section 8.6.        
Reinstatement.

 

If
the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section
8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such
Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1
until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided,
however, that if the Company has made any payment of principal of or interest on any Securities because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money
or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.

 

ARTICLE
IX.

AMENDMENTS AND WAIVERS

 

Section 9.1.        
Without Consent of Holders.

 

The
Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

(a)           
to cure any ambiguity, defect or inconsistency;

 

(b)           
to comply with Article V;

 

(c)           
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(d)           
to add guarantees with respect to Securities of any Series or secure Securities of any Series;

 

(e)           
to surrender any of the Company’s rights or powers under this Indenture;

 

(f)            
to add covenants or events of default for the benefit of the holders of Securities of any Series;

 

(g)           
to comply with the applicable procedures of the applicable depositary;

 

(h)           
to make any change that does not adversely affect the rights of any Securityholder;

 

(i)             
to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this
Indenture;

 

(j)              to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee; or

 

(k)           
to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

 

    31 

     

    

 

Section 9.2.        
With Consent of Holders.

 

The
Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal
amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights
of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount
of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or
exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities
with respect to such Series.

 

It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed
supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly
describing the supplemental indenture or waiver. Any failure by the Company to send such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3.        
Limitations.

 

Without
the consent of each Securityholder affected, an amendment or waiver may not:

 

(a)           
reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)           
reduce the rate of or extend the time for payment of interest (including default interest) on any Security;

 

(c)           
reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the
payment of any sinking fund or analogous obligation;

 

(d)           
reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

(e)            waive
a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of
acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities
of such Series and a waiver of the payment default that resulted from such acceleration);

 

    32 

     

    

 

(f)            
make the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;

 

(g)           
make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

 

(h)           
waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s option.

 

Section 9.4.        
Compliance with Trust Indenture Act.

 

Every
amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect.

 

Section 9.5.        
Revocation and Effect of Consents.

 

Until
an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may
revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the
supplemental indenture or the date the waiver becomes effective.

 

Any
amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of
the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a
Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security.

 

The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent
or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action,
whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120
days after such record date.

 

Section 9.6.        
Notation on or Exchange of Securities.

 

The
Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.
The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in
accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.

 

Section 9.7.        
Trustee Protected.

 

In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected
in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with Section 10.4. The Trustee shall sign all
supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need
not sign any supplemental indenture that adversely affects its rights, duties, liabilities or immunities under this Indenture.

 

    33 

     

    

 

ARTICLE
X.

MISCELLANEOUS

 

Section 10.1.    
Trust Indenture Act Controls.

 

If
any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this
Indenture by the TIA, such required or deemed provision shall control.

 

Section 10.2.    
Notices.

 

Any
notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission,
email or overnight air courier guaranteeing next day delivery, to the others’ address:

 

if to the Company:

 

Rhythm
Pharmaceuticals, Inc.

222 Berkeley
Street

12th
Floor

Boston,
MA 02116

Attention:
President and Chief Executive Officer

Telephone:
(857) 264-4280

 

with a copy to:

 

Latham
 & Watkins LLP

200 Clarendon
Street

Boston,
MA 02116

Attention:
Peter N. Handrinos, Esq. and Wesley C. Holmes, Esq.

Telephone:
(617) 948-6060

 

if to the Trustee:

 

[_____]

Attention: [____]

Telephone: [____]

 

with a copy to:

 

[_____]

Attention: [____]

Telephone: [____]

 

The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

    34 

     

    

 

Any
notice or communication to a Securityholder shall be sent electronically or by first-class mail to his, her or its address shown on the
register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder
of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.

 

If
a notice or communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or
not the Securityholder receives it.

 

If
the Company sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time.

 

Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to
the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Section 10.3.    
Communication by Holders with Other Holders.

 

Securityholders
of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect
to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA § 312(c).

 

Section 10.4.    
Certificate and Opinion as to Conditions Precedent.

 

Upon
any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(a)           
an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and

 

(b)           
an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Section 10.5.    
Statements Required in Certificate or Opinion.

 

Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:

 

(a)           
a statement that the person making such certificate or opinion has read such covenant or condition;

 

(b)           
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)           
a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable
such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)           
a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

 

    35 

     

    

 

Section 10.6.    
Rules by Trustee and Agents.

 

The
Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions.

 

Section 10.7.    
Legal Holidays.

 

A
 “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment,
payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period.

 

Section 10.8.    
No Recourse Against Others.

 

A
director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations
of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities.

 

Section 10.9.    
Counterparts.

 

This
Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange
of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf” or
 “.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and
may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
electronic format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all
purposes.

 

Unless
otherwise provided herein or in any other Securities, the words “execute”, “execution”, “signed”,
and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture,
any Securities or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall
be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to
the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions
Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.

 

    36 

     

    

 

Section 10.10.   
Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.

 

THIS
INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

THE
COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

Any
legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case
located in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non
exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail
(to the extent allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective
service of process for any suit, action or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their
acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action
or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action
or other proceeding has been brought in an inconvenient forum.

 

Section 10.11.  
No Adverse Interpretation of Other Agreements.

 

This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 10.12.   
Successors.

 

All
agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture
shall bind its successor.

 

Section 10.13.   
Severability.

 

In
case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

    37 

     

    

 

Section 10.14.   
Table of Contents, Headings, Etc.

 

The
Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

Section 10.15.    Securities in a Foreign Currency.

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section
2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken
by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular
action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one
currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such
action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series
of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered
pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate
for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The
Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected
in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent
principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by
Holders of Securities pursuant to the terms of this Indenture.

 

All
decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted
by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.

 

Section 10.16.    Judgment Currency.

 

The
Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment
in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any
Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”),
the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City
of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day
is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures
the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding
the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance
with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result
in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount,
if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii)
shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New
York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions
are authorized or required by law, regulation or executive order to close.

 

    38 

     

    

 

Section 10.17.    
Force Majeure.

 

In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions
of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 10.18.    
U.S.A. Patriot Act.

 

The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify, and
record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to
satisfy the requirements of the U.S.A. Patriot Act.

 

ARTICLE
XI.

SINKING FUNDS

 

Section 11.1.    
Applicability of Article.

 

The
provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by
the terms of such Securities pursuant to Section 2.2, except as otherwise permitted or required by any form of Security of such Series
issued pursuant to this Indenture.

 

The
minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an
 “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of
Securities of any Series as provided for by the terms of the Securities of such Series.

 

Section 11.2.    
Satisfaction of Sinking Fund Payments with Securities.

 

The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other
than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series
to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of
the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application
of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate
with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust
the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied
to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to
time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying
Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount
equal to the cash payment required to be released to the Company.

 

    39 

     

    

 

Section 11.3.    
Redemption of Securities for Sinking Fund.

 

Not
less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver
to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series
pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof,
if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount,
if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the
amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental
indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon
such sinking fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent
a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in and in accordance
with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 3.4, 3.5 and 3.6.

 

    40 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.

 

	 	Rhythm Pharmaceuticals, Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:
	 	 
	 	[_____], as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:Exhibit 10.1

 

DEBENTURE
SUBSCRIPTION AGREEMENT

 

DATED NOVEMBER 1, 2021

 

BY AND AMONG

 

SIFY INFINIT SPACES LIMITED

 

AND

 

SIFY TECHNOLOGIES LIMITED 

 

AND

 

KOTAK SPECIAL
SITUATIONS FUND

 

Debenture Subscription
Agreement dated November 1st , 2021 entered into between Sify Infinit Spaces Limited, Sify Technologies Limited and
Kotak Special Situations Fund 

 

    	 		 

     

    

 

TABLE
OF CONTENTS 

	1.	DEFINITIONS AND INTERPRETATION	3
	 	 	 
	2.	EFFECTIVE DATE	17
	 	 	 
	3.	SUBSCRIPTION AND CONSIDERATION	17
	 	 	 
	4.	CONDITIONS PRECEDENT	19
	 	 	 
	5.	Fulfillment of CONDITIONS PRECEDENT	19
	 	 	 
	6.	NON-SATISFACTION	19
	 	 	 
	7.	ACTIONS PENDING COMPLETION	20
	 	 	 
	8.	CLOSING	20
	 	 	 
	9.	CONDITIONS SUBSEQUENT TO CLOSING	21
	 	 	 
	10.	REPRESENTATIONS AND WARRANTIES	21
	 	 	 
	11.	SHAREHOLDING	23
	 	 	 
	12.	COVENANTS	23
	 	 	 
	13.	PRE-EMPTIVE RIGHTS FOR NEW ISSUE OF SECURITIES	30
	 	 	 
	14.	EVENTS OF DEFAULT	31
	 	 	 
	15.	CONSEQUENCES OF EVENTS OF DEFAULT	34
	 	 	 
	16.	STRATEGIC EXIT	36
	 	 	 
	17.	EXIT RIGHTS	36
	 	 	 
	18.	TERMINATION	39
	 	 	 
	19.	CONFIDENTIALITY	40
	 	 	 
	20.	INDEMNITY	41
	 	 	 
	21.	GOVERNING LAW	42
	 	 	 
	22.	DISPUTE RESOLUTION	42
	 	 	 
	23.	FURTHER ASSURANCES	43
	 	 	 
	24.	NOTICES	43
	 	 	 
	25.	COSTS AND EXPENSES	44
	 	 	 
	26.	ASSIGNMENT	44
	 	 	 
	27.	WAIVER	44
	 	 	 
	28.	AMENDMENTS	44
	 	 	 
	29.	NO PARTNERSHIP	44
	 	 	 
	30.	RESERVATION OF RIGHTS	45
	 	 	 
	31.	INDEPENDENT RIGHTS	45
	 	 	 
	32.	ENTIRE AGREEMENT	45
	 	 	 
	33.	PARTIAL INVALIDITY	45
	 	 	 
	34.	COUNTERPARTS	45
	 	 	 
	35.	LAST PARTY EXECUTION	45
	 	 	 
	36.	SURVIVAL	46

 

Debenture Subscription
Agreement dated November 1st , 2021 entered into between Sify Infinit Spaces Limited, Sify Technologies Limited and
Kotak Special Situations Fund

 

    	 		 

     

    

 

	SCHEDULE I	50
	 	 
	SCHEDULE II	51
	 	 
	SCHEDULE III	52
	 	 
	SCHEDULE IV	55
	 	 
	SCHEDULE V	59
	 	 
	SCHEDULE VI	61
	 	 
	SCHEDULE VII	67
	 	 
	SCHEDULE VIII	69
	 	 
	SCHEDULE IX	71
	 	 
	SCHEDULE X	72

 

Debenture Subscription
Agreement dated November 1st , 2021 entered into between Sify Infinit Spaces Limited, Sify Technologies Limited and
Kotak Special Situations Fund 

 

    	 		 

     

    

 

DEBENTURE
SUBSCRIPTION AGREEMENT

 

This DEBENTURE SUBSCRIPTION
AGREEMENT (“DSA” or “Agreement”) is made on this November 1, 2021 (“Execution
Date”) at Chennai, India:

 

BY AND
AMONG

 

		1.	Sify Infinit Spaces Limited, a company incorporated under the Companies Act, 2013 and having
its registered office at 2nd Floor, TIDEL Park No. 4, Rajiv Gandhi Salai, Taramani, Chennai – 600 113, Tamil Nadu,
India (hereinafter referred to as the “Company”, which expression shall unless repugnant to the context or meaning
thereof mean and include its successors and assigns) of the FIRST PART;

 

AND

 

		2.	Sify Technologies Limited, a company incorporated under the Companies Act, 1956 and having
its registered office at TIDEL Park, 2nd Floor No. 4, Canal Bank Road, Taramani, Chennai – 600 113, Tamil Nadu,
India (hereinafter referred to as the “HoldCo”, which expression shall unless repugnant to the context or meaning
thereof mean and include its successors and assigns) of the SECOND PART;

 

    	 	1	 

     

    

 

AND

 

		3.	Kotak Special Situations Fund, a trust duly registered under the Applicable Laws of India,
acting through its trustee, Vistra ITCL (India) Limited, registered with the Securities and Exchange Board of India as a Category
II Alternative Investment Fund, represented through Kotak Investment Advisors Limited, a company duly incorporated under the Companies
Act 1956 and having its registered office at 27 BKC, 7th Floor, Plot No. C-27, G Block, Bandra Kurla Complex, Bandra East. Mumbai
– 400051 (“Investor”, which expression shall, unless it be repugnant to the context and meaning thereof,
be deemed to mean and include its successors and permitted assigns) of the THIRD PART.

 

The Investor, the
Company and the HoldCo are collectively referred to as the "Parties" and individually as a "Party".)

 

    	 	2	 

     

    

 

BACKGROUND

 

		A.	The Company is engaged in the Business (as defined hereinafter).

 

		B.	The authorized share capital of the Company is INR 750,00,00,000 (Rupees seven hundred fifty
crore only) divided unto 53,00,00,000 (fifty three crore) equity shares of INR 10 (Rupees ten only) each amounting to INR 530,00,00,000
(Rupees seven hundred fifty crore only) and INR 22,00,00,000 (Rupees twenty two crore) preference shares of INR 10 (Rupees ten
only) amounting to INR 220,00,00,000 (Rupees two hundred twenty crores only). The shareholding pattern and capital structure of
the Company as of the Execution Date is set out in Schedule II Part A.

 

		C.	Subject to and in accordance with the terms and conditions set out in this DSA, the Investor has
agreed to subscribe to Investor CCDs (as defined hereinafter).

 

		D.	Upon the issuance of Investor Series 1 CCDs and Investor Series 2 CCDs to the Investor in accordance
with the terms and conditions set out in this DSA, the capitalisation and shareholding pattern of the Company at the First Closing
(as defined hereinafter) shall be as set out in Schedule II Part B.

 

		E.	The Parties have agreed to enter into this DSA to set forth and record the terms and conditions
agreed between them for: (i) the subscription of Series 1 CCDs, Series 2 CCDs and Additional CCDs by the Investor; and (ii)
the rights and obligations of the Investor vis-à-vis the Company and the HoldCo in relation to the management, governance
and functioning of the Company and other matters incidental thereto.

 

NOW, THEREFORE, in
consideration of the mutual agreements, covenants, representations and warranties and indemnities set forth in this DSA, and for
other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the Parties, the Parties hereby
agree as follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this DSA,
the following terms, to the extent not inconsistent with the context thereof or otherwise defined herein, shall have the following
meanings assigned to them herein below:

 

	(1)	“Act”	
        means the Companies Act,
        2013, as amended, supplemented or modified from time to time, and all subordinate and delegated legislation, including rules, regulations,
        notifications and circulars issued thereunder;

         

	(2)	“Affiliates”	means, in respect of any specific Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with such specific Person, provided that the Company shall not be considered as an Affiliate of any shareholder; in case of natural persons, Relatives shall be deemed to be Affiliates of such natural persons; in the case of the Investor, funds and investment vehicles owned or controlled by the Investor and/ or Kotak Investment Advisors Limited and / or funds and investment vehicles managed or advised by Kotak Investment Advisors Limited shall be deemed to be Affiliates of the Investor;

 

    	 	3	 

     

    

 

	(3)	“Anti-Corruption Laws”	
        shall mean laws
        relating to anti-bribery or anti-corruption (governmental or commercial), including, without limitation, laws that prohibit the
        corrupt payment, offer, promise, or authorization of the payment or transfer of anything of value (including gifts or entertainment),
        directly or indirectly, to any Government official, commercial entity, or any other Person to obtain a business advantage; such
        as, without limitation, the Unlawful Activities (Prevention) Act, 1967; the Prevention of Corruption Act, 1988; Whistle Blowers
        Protection Act, 2011; the U.S. Foreign Corrupt Practices Act, 1977, as amended from time to time; the UK Bribery Act, 2010 and
        all national and international laws enacted to implement the OECD Convention on Combating Bribery of Foreign Officials in International
        Business Transactions, to the extent such laws are applicable to the Company and/or the HoldCo;

         

	(4)	“Anti- Money Laundering Laws”	shall mean the Prevention of Money Laundering Act, 2002 and any rules issued under it together with any other anti-money laundering laws and guidelines and circulars as issued by a Governmental Authority;

                                                                                 

	(5)	“Applicable Laws”	
        shall mean any
        statute, treaty, law, code, regulation, ordinance, rule, judgment, order, decree, bye-law, approval of any Governmental Authority,
        directive, guideline, policy, requirement or other governmental restriction or any similar form of decision of or determination
        by, or any interpretation or administration having the force of law, of any of the foregoing by any Governmental Authority having
        jurisdiction over the matter or Person in question, whether in effect as of the date of this DSA or thereafter and in each case
        as amended;

         

	(6)	
        “Articles of Association”

         
	means the articles of association of the Company, as amended from time to time;

                                                                                 

	(7)	“Big Four Accounting Firms”	
        means the following
accounting firms or their Affiliates: Deloitte; PricewaterhouseCoopers; Ernst & Young; and KPMG;

         

	(8)	“Board”	
        means the board of directors
        of the Company and shall include any committees constituted/ to be constituted by the board of directors of the Company;

         

	(9)	“Business”	
        means the business of data
        centre colocation services;

         

	(10)	“Business Day”	
        means a day (other than a
        Sunday or a bank holiday) in Mumbai and Chennai and “Business Days” shall be construed accordingly;

         

	(11)	
        “Business Partner”
        

         
	means any Person which is a Strategic Investor or Financial Investor or any consultant in the data center business or is a customer or potential customer of the Company or is in the business of data centres, provided however, that if the Business Partner is a Financial Investor, such Financial Investor shall be approved by the Investor; 

 

    	 	4	 

     

    

 

	(12)	“Cash and Cash Equivalent”	
        shall mean cash-in-hand,
        demand deposits and other short-term, highly liquid investments that are readily convertible to known amounts of cash and which
        are subject to an insignificant risk of changes in value, available with the Company;

         

	(13)	“CCDs”	
        shall mean any and all classes
        of compulsorily and mandatorily convertible debentures of the Company, issued from time to time;

         

	(14)	
        “CCD Holder(s)”

         
	
        means, the Person in whose
        name the CCDs shall be registered in the Company’s register of debenture holders, collectively;

         

	(15)	“Closing” or “First Closing”	
        means, in relation to the
        subscription and allotment of the Investor Series 1 CCD and Investor Series 2 CCD, the consummation of the subscription and allotment
        of Investor Series 1 CCD and Investor Series 2 CCD in accordance with the provisions of this DSA;

         

	(16)	
        “Closing Date”
        or “First Closing Date”

         
	shall have the meaning assigned to it in Clause 8.1;
	(17)	
        “Conditions Precedent”

         
	means the conditions precedent as set out in Schedule III to this DSA;

                                                                                 

	(18)	“Confidential Information”	
        means, collectively, (i)
        information relating to the business, affairs, performance and finances of any Party or information of such Party treated as confidential
        by it and trade secrets (including, without limitation, technical data and know-how) relating to the business or of any of its
        respective clients or customers; (ii) any information whatsoever concerning or relating to: (a) the terms and conditions
        of this DSA; (b) any dispute or claim arising out of or in connection with this DSA; and (c) the resolution of such
        claim or dispute; (iii) any information or materials prepared by or for a Party or its representatives that contain or otherwise
        reflect, or are generated from, Confidential Information; and (iv) the negotiation and execution of any term sheet, the
        transactions contemplated under any term sheet and this DSA, and any information given to any Party by any other person in relation
        to this DSA (which is not, on the date it is so given, already in the public domain) for the purpose of the negotiation or execution
        of any term sheet or this DSA;

         

	(19)	“Control”	
        shall mean (i)
in relation to a Person which is a body corporate, ownership or control (whether directly or otherwise) of more than 50% (fifty
per cent) of the equity share capital, voting capital, or the like of the controlled entity or ownership of equity share capital,
voting capital, or the like by contract or otherwise, control of, power to control the composition of, or power to appoint, majority
of the members of the board of directors or other equivalent or analogous body of the controlled entity or the power to direct
or cause the direction of the management of such Person; and (ii) in relation to a Person which is not a body corporate
or an individual, the right or power to direct, whether directly or indirectly, acting alone or together with another Person,
the policy decisions or management of that Person, and the terms “Controlled by”, “Controlling”
and “under common Control with” shall be construed accordingly; 

 

    	 	5	 

     

    

 

	(20)	
        “CP Confirmation
        Notice”

         
	has the meaning ascribed to it in Clause 5.1;
	(21)	
        “CP Satisfaction
        Letter”

         
	means the letter issued to the Investor stating that the Conditions Precedent have been satisfied; 

                                                                                 

	(22)	
        “Debenture Trustee”
        

         
	
        shall mean Vistra ITCL (India)
        Limited;

         

	(23)	
        “Debenture Trustee
        Agreement”

         
	
        shall mean the debenture
        trustee agreement in the agreed format acceptable by the Investor to be entered into by and between the Company and the Debenture
        Trustee within 180 days from the First Closing Date or such other time period as may be accepted by the Investor in writing;

         

	(24)	“Debt Service Coverage Ratio”	
        shall, on a Testing
Date, mean the ratio of: (i) consolidated EBITDA of the Company less the Tax payable by the Company during the trailing
12 (twelve) months prior to the Testing Date; and (ii) an amount equal to the sum of interest, principal repayment, and
other financing costs payable by the Company in respect of any Financial Indebtedness for the next 12 (twelve) months from the
Testing Date (whether or not such Financial Indebtedness is paid or repaid, as applicable, when due); 

         

	(25)	
        “Deed of Adherence
        for Investor Affiliate Transferee”

         
	
        means agreed format
of Investor Affiliate transferee deed of adherence as set out in Schedule IX; 

         

	(26)	
        “Deed of Adherence
        for Investor Transferee”

         
	means agreed format of Investor transferee deed of adherence as set out in Schedule VII;
	(27)	“Default Interest”	
        shall mean 1% (one
per cent) per month on any amount which is due and payable as per the terms hereof and which has not been paid, for the period
of default, i.e., from the date on which such amount was originally due and ending on the date on which such payment along with
Default Interest is paid in full. The payment of this Default Interest shall be taken into consideration while determining the
IRR payable to the Investor as per Clauses 15.4.5, 16.3 and paragraph 5.4 of Schedule IV; 

 

    	 	6	 

     

    

 

	(28)	“Disclosure Letter”	
        means the letter issued by
        the Company to the Investor, in the form and manner acceptable to the Investor, which sets out true, fair, correct and specific
        disclosures against the Warranties along with specific references and disclosures to particularly identified disclosed documents,
        where necessary, as acceptable to the Investor and delivered to and accepted by the Investor and shall include any updated Disclosure
        Letter, if any as accepted by the Investor;

         

	(29)	“EBITDA”	
        shall mean, consolidated
        earnings before interest, tax, depreciation and amortization, calculated in accordance with Applicable Law, GAAP and other applicable
        accounting standards (IND AS) but excluding any gains/losses from extraordinary (including revaluation gains / losses and any gains
        / losses arising from one time activity (as an example sale of assets or indemnity obligations or claims arising under this DSA
        or any related or connected agreements) / non-operating items (dividends and interest income on interest bearing instruments);

         

	(30)	
        “Effective Date”

         
	
        means the Execution Date
        of this DSA as defined above;

         

	(31)	“Encumbrance”	
        shall mean any right, title
        and/or interest or equity of any nature whatsoever (including any right to acquire, option or right of pre-emption) or any mortgage,
        pledge, deed of trust, hypothecation, right of others (including right of set-off or counterclaim), claim, security interest, burden,
        title defect, title retention agreement, lease, sublease, license, voting trust agreement, interest, option, proxy, lien, charge,
        covenant, condition, purchase agreement, actionable claim or any security agreement, security arrangement, other restriction/s,
        limitations or encumbrance of any nature whatsoever;

         

	(32)	“Equity Valuation” 	
        shall have the meaning ascribed
        in Schedule IV;

         

	(33)	“Events of Default”	shall mean any event or circumstance as described in Clause 14 of this DSA; 
	 	 	 
	(34)	“Exit Event”	
        means any of the following,
        conducted in accordance with Clause 17:

         

        (i)        Qualified
        IPO; and

         

        (ii)        Alternate
        Listing;

         

	(35)	“Financial Indebtedness”	
        shall mean
        any indebtedness for or in respect of:

         

        (i)        moneys
        borrowed against the payment of interest;

         

        (ii)        any
amount raised by acceptance under any acceptance credit facility or its dematerialised equivalent; 

 

    	 	7	 

     

    

 

	 	 	
        (iii)       any
        amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument,
        which is treated as debt in the books as per Applicable Laws;

         

        (iv)       the
        amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under GAAP;

         

        (v)        receivables
        sold or discounted other than any receivables to the extent they are sold on a non-recourse basis;

         

        (vi)       any
        amount raised under any other transaction, including any forward sale or purchase agreement having the commercial effect of a borrowing,
        whether called by that name or otherwise;

         

        (vii)      any
        derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and,
        for calculating the value of any derivative transaction, only the mark-to-market value of such transaction shall be taken into
        account;

         

        (viii)     any
        counter-indemnity obligation in respect of the guarantee, indemnity, bond, documentary letter of credit or any other instrument
        issued by a bank or financial institution; and

         

        (ix)       the
        amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (i) to (viii) above;

         

	(36)	“Financial Investor”	
        shall mean a Person
whose primary business is to make investments in securities of other entities; 

         

	(37)	“Financial Year”	
        shall mean the accounting
        period commencing from April 1 of the previous year till March 31 of the year under reference;

         

	(38)	
        “Fully Diluted Basis”

         
	means, in reference to any calculation, that the calculation should be made in relation to the equity share capital, assuming that all, (i) outstanding convertible preference shares or debentures, options, warrants, notes and other securities convertible into or exercisable or exchangeable for Securities of the Company (whether or not by their terms then currently convertible, exercisable or exchangeable), including employee stock options, have been so converted, exercised or exchanged to the maximum number of securities possible under the terms thereof; and (ii) partly paid Securities (if any) have been fully paid up;

 

    	 	8	 

     

    

 

	(39)	“GAAP”	
        shall mean the generally
        accepted accounting principles or the Indian accounting standards, as applicable as on the date of this DSA, as prescribed by the
        Institute of Chartered Accountants of India/ notified by the Ministry of Corporate Affairs, Government of India and consistently
        applied by the relevant Person;

         

	(40)	“Government” or “Governmental Authority”	
        means any national, supranational,
        regional or local government, or governmental, statutory, regulatory, 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 the central bank) having jurisdiction over the matter or Person
        in question, whether in effect as of the date of this DSA or thereafter;

         

	(41)	
        “Indemnified Parties”

         
	
        has the meaning ascribed
        to it in Clause 20.1;

         

	(42)	
        “Indemnifying Parties”

         
	has the meaning ascribed to it in Clause 20.1;
	(43)	“INR” or “Rs.”	
        means the lawful currency
        of India;

         

	(44)	“IRR”	
        means the internal rate of
        return calculated using the XIRR function in the computer software, ‘Microsoft Excel’, which is actually realized by
        the Investor on the CCDs. For the purposes of calculation of IRR, the amounts realized towards agreed 6% (six per cent) Coupon,
        payment of the principal amount of the CCDs and Default Interest shall be included, however, other payments including payments
        towards any indemnity claims, reimbursement of costs and expenses, shall not be taken in consideration for determining IRR;

         

	(45)	“Insolvency Event” 	
        with respect to a Person,
        means occurrence of any of the following event:

         

        (i)          the
        Person files for or commences bankruptcy, voluntary winding up or liquidation or any similar proceedings or consenting to the entry
        of an order for relief in an insolvency proceeding under any such Applicable Law, or consenting to the appointment or taking possession
        by a receiver, liquidator, assignee (or similar official) for the whole or a substantial part of its property or takes any action
        towards its re-organisation, liquidation or dissolution; or

         

        (ii)          any
        corporate action, legal proceedings or other procedure or step is taken in relation to the suspension of payments, a moratorium
        of any indebtedness, (which proceeding is admitted) winding-up, bankruptcy, insolvency, dissolution (which proceeding is admitted),
        administration, judicial management, provisional supervision or reorganization (by way of voluntary arrangement, scheme of arrangement
        or otherwise) of that Person other than its solvent reorganization; or

 

    	 	9	 

     

    

 

	 	 	
        (iii)        a
        composition or arrangement with a body of creditors of that Person, or an assignment for the benefit of its creditors generally
        or a class of such creditors; or

         

        (iv)        the
        appointment of an interim resolution professional, liquidator, receiver, trustee, judicial manager, administrator, administrative
        receiver, compulsory manager, provisional supervisor or other similar officer in respect of that Person or any of its assets; or

         

        (v)         enforcement
        of any mortgage, charge, pledge, lien or other security interest (or any other agreement or arrangement having a similar effect)
        over all or substantially all of the assets of that Person, or any analogous procedure or step is taken in any jurisdiction; or

         

        (vi)        the
        Person being deemed under any statutory provision of any relevant jurisdiction to be insolvent; or

         

        any other event occurs which
        would, under any Applicable Law, have a substantially similar effect to any of the events listed above;

         

	(46)	“Investment Banker”	
        means any domestic or international
        merchant banker as may be mutually agreed between the Parties and appointed by the IPO Committee. However, in the event the Parties
        cannot mutually agree, then the Company shall appoint out of the top 7 (seven) ranked domestic merchant bankers or top 7 (seven)
        ranked international investment bankers (as ranked in PRIME Database);

         

	(47)	“Listing Application”	
        shall mean making an application
        for admission of Company’s Securities for trading on a Recognised Stock Exchange;

         

	(48)	“Liquidation Event”	
        shall be deemed to include
        the following:

         

        (i)    any
        Insolvency Event or bankruptcy with respect to the Company and/or HoldCo and/ or its subsidiaries; or

         

        (ii)    a
sale, lease, license, transfer, consolidation, merger, demerger, reorganization or any other transaction (whether in one or a
series of transactions) which results in: 

 

    	 	10	 

     

    

 

	 	 	
        (a)         any
        third party/ third parties becoming entitled (either by direct ownership or ownership of securities) to majority of assets of the
        Company and/or the subsidiaries; or

         

        (b)         the
        collective shareholding of the shareholders of the Company falling below 50% (fifty per cent) of the share capital other than through
        a solvent re-organisation or internal re-structuring of the group, subject to Investor approval; or

         

        (c)          change
        in Control of the Company other than in accordance with the Transaction Documents; or

         

        (d)          the
        shareholders owning less than majority of the share capital of any surviving entity indirectly the same economic effect as those
        referred to under sub-clauses (a) to 0 above.

         

	(49)	“Long Stop Date”	
        has the meaning ascribed
        to it in Clause 3.5;

         

	(50)	“Losses”	
        means any and all
direct and actual losses, liabilities, actions and claims, including charges, reasonable costs, damages, fines, penalties, interest,
expenses, fees, surcharges and cesses (if applicable) may result in or incurred or suffered from any claim(s), actions or proceedings
under this DSA, all reasonable legal and other professional fees and expenses in relation to such claims that Investor may incur
or have been incurred and including loss in the value of the Investor CCDs; 

         

	(51)	“Material Adverse Effect”	
        means any event,
        change, development (including any change in Applicable Law), circumstance, effect or other matter that has, or could reasonably
        be expected to have, either individually or in the aggregate with all other events, changes, developments, circumstances, effects
        or other matters, with or without notice, lapse of time or both, a material adverse effect on: (i) the Business, the assets or
        liabilities of the Company, condition (financial or otherwise), operating results or operations or prospects of the Business taken
        as a whole; or (ii) the ability of the HoldCo and / or the Company to perform their respective obligations under this DSA or to
        consummate the transactions contemplated by this DSA in a timely manner;

         

	(52)	
        “Memorandum of Association”

         
	
        means the memorandum
        of association of the Company, as amended from time to time;

         

	(53)	“Net Debt” 	as on any Testing Date, shall mean the difference between (i) and (ii), where: (i) Total Debt and (ii) the amount of Cash and Cash Equivalents on consolidated basis; 

 

    	 	11	 

     

    

 

	(54)	
        “Investor Aggregate
        Accreted Amount”

         
	
        aggregate of Investor Series
        1 CCD Subscription Amount, Investor Series 2 CCD Subscription Amount and Additional Investment Amount;

         

	(55)	“Investor Series 1 CCD” or “Series 1 CCD”	
        means 2,00,00,000 (two crore)
        compulsorily convertible secured debentures of the Company of a face value of INR 100 (Rupees one hundred only) each and having
        the terms detailed in Schedule IV, being subscribed to by the Investor pursuant to and in accordance with this DSA;

         

	(56)	“Investor Series 2 CCD” or “Series 2 CCD”	
        means 2,00,00,000 (two crore)
        partly paid compulsorily convertible secured debentures of the Company of a face value of Rs.100 each and having the terms detailed
        in Schedule IV, being subscribed to by the Investor pursuant to and in accordance with this DSA;

         

	(57)	“Investor Series 1 CCD Subscription Amount”	
        means an aggregate subscription
        amount of INR 200,00,00,000 (Rupees two hundred crores only) being invested by the Investor pursuant to and in accordance with
        this DSA for subscribing to Investor Series 1 CCD in tranches;

         

	(58)	“Investor Series 2 CCD Subscription Amount”	
        means an aggregate subscription
        amount of INR 200,00,00,000 (Rupees two hundred crore only) being invested by the Investor towards subscription of Investor Series
        2 CCDs;

         

	(59)	“Investor CCDs”	
        means Investor Series 1 CCD
        and Investor Series 2 CCD and Additional CCDs (if subscribed to by the Investor in accordance with the terms of the DSA);

         

	(60)	“Persons”	
        means a natural person, company,
        corporation, association, unincorporated association, society, Hindu undivided family, partnership (general or limited), joint
        venture, estate, trust, limited liability company, limited liability partnership, proprietorship, single business unit, division
        or undertaking of any of the above or, any other legal entity, individual, Government or Governmental Authority;

         

	(61)	“Promoter HoldCo”	means Ramanand Core Investment Company Pvt. Ltd.

                                                                                 

	(62)	“Promoter Group”	
        means HoldCo and other subsidiaries
        of HoldCo;

         

	(63)	“Qualified IPO”	
        means the Exit Event as stipulated
        in Clause 17.5;

         

	(64)	
        “Recognised Stock Exchange”

         
	
        means the Bombay Stock Exchange
        Limited and/or the National Stock Exchange of India Limited and/ or National Association of Securities Dealers Automated Quotations
        (Nasdaq) or any other stock exchange outside India as approved by the IPO Committee;

         

	(65)	“Relatives”	
        shall have the meaning
set forth in the Act; 

         

	(66)	“Restated Charter Documents”	means the amended and restated memorandum of association and articles of association of the Company to include the provisions of this DSA in Agreed Form; 

 

    	 	12	 

     

    

 

	(67)	"ROC"	
        means the Registrar of Companies;

         

	(68)	“Securities”	
        means any equity shares,
        any preference shares, scrips, stocks, bonds, convertible debentures (including the Investor Series 1 CCD, Investor Series 2 CCD
        and Additional CCDs, if allotted and subscribed to by the Investor) or other securities of a like nature, or any rights, options,
        warrants, instruments or other securities that are directly or indirectly convertible into, or exercisable or exchangeable for
        or entitling the holder to receive equity shares or to purchase securities or rights to subscribe for securities which by their
        terms are convertible into or exchangeable for equity shares, whether issued and existing as of the Long Stop Date or issued and
        allotted by the Company at any time after the Long Stop Date;

         

	(69)	
        “Shareholders”

         

         
	means from time to time, a Person in whose name equity shares or preference shares are registered in the Company’s register of members and/ or register of preference shares, collectively, and “Shareholder” means any 1 (one) of such parties individually;

                                                                        

	(70)	“Secured Obligations”	shall mean all obligations at any time due, owing or incurred by the Company and/or the HoldCo to the Investor under this Agreement and/ or Transaction Documents in respect of the Investor Series 1 CCDs, Investor Series 2 CCDs and Additional CCDs, if allotted and subscribed to by the Investor, the Coupon on Investor Series 1 CCDs and Investor Series 2 CCDs and Additional CCDs, if allotted and subscribed to by the Investor), and Default Interest, any outstanding remuneration and/or expenses of the Debenture Trustee and all fees, costs, charges and expenses payable to the  Debenture Trustee/Investor and other monies payable by the Company in respect of the Investor Series 1 CCDs and Investor Series 2 CCDs and Additional CCDs, if allotted and subscribed to by the Investor under the Transaction Documents; any and all sums advanced by the Debenture Trustee in order to preserve the Security created by Company in relation to the Investor CCDs in the event of any proceedings for the collection and/or enforcement of the obligations of the Company in respect of the Investor Series 1 CCDs and Investor Series 2 CCDs and Additional CCDs, if allotted and subscribed to by the Investor,  the expenses  (on the basis of actuals) of retaking, holding, preparing for sale, selling or otherwise disposing of or realizing the Secured Interest made available for the Investor Series 1 CCDs and Investor Series 2 CCDs and Additional CCDs, if allotted and subscribed to by the Investor or any part thereof, or of any exercise of the Investor of its right under the relevant Transaction Documents, together with legal fees and court costs; 

 

    	 	13	 

     

    

 

	(71)	
        “Security” or
        “Secured Interest”

         
	
        Second charge over the identified
        movable assets of the Company as acceptable to the Investor in any of the following data centre locations:

         

        (i)       “Cyber
        Park”, 1st & 3rd Floor. in Plot No.76, 77, Daddathagur Village, Begur, Hobbli, Bengaluru – 560 100;
        or

         

        (ii)       “Tidel
        Park”, 2nd Floor, No.4, Rajiv Gandhi Salai, Taramani, Chennai - 600 113; or

         

        (iii)       4th
        or 5th or 6th Floor, at No. 10, Kalwa Industrial Estate, Airoli, Mumbai – 400 708; or

         

        (iv)       T-251
        & T-261, Vashi Complex, Vashi Railway Station, Mumbai - 400 703; or

         

        (v)       Plot
No.7, Block – B, Sector – 132, Noida, Gautham Budh Nagar, U.P – 201 304. 

         

	(72)	
        “Security Documents”

         
	shall mean and include without limitation any documents entered into or executed by the Company including mortgage deed, the necessary powers of attorney, and all such other documents as may be required for creating and perfecting the Security in favour of the Investor/ Debenture Trustee, in accordance with the DSA, for the benefit of the Investor (and their successors and assigns from time to time), which shall be in Agreed Form; 
	 	 	 
	(73)	“Strategic Investor”	
        shall mean any Person which
        controls (either directly or through any group entities or Affiliates) any entities engaged in the business same as the Business
        of the Company who is not a Financial Investor;

         

	(74)	“Tax”	
        means any taxes including
        any stamp duty, interest tax, excise duties, customs duties, value added tax, sales tax, local taxes, charges, cess, GST, entry
        tax, octroi and any impost or surcharge of like nature (whether central, state or local) relating to the business of the Company
        and/or the transactions as contemplated under the Transaction Documents, charged, levied or imposed by any Governmental Authority,
        as per the requirements of Applicable Laws;

         

	(75)	“Testing Period”	
        shall mean and refer to each
        financial year, for which the relevant financial covenant or other covenants as set out in this DSA are required to be tested;

         

	(76)	“Testing Date”	
        shall in relation
to each Testing Period, mean the date on which the financial statements of the Company are provided to the Investor in accordance
with the provisions of this DSA; 

 

    	 	14	 

     

    

 

	(77)	“Transfer”	
        means to transfer, sell,
        convey, assign, pledge, hypothecate, create a security interest in or Encumbrance on, place in trust (voting or otherwise),
        transfer by operation of law or in any other way subject to any encumbrance or dispose of, whether or not voluntarily, and “Transferring”
        and “Transferred” have corresponding meanings;

         

	(78)	“Total Debt”	
        as on any Testing Date, shall
        mean the aggregate of all-outstanding long term and short-term loans or debentures, lease liabilities, utilized amounts of fund-based
        loans and any other short-term loans (excluding non-fund based working capital) but does not include any other outstanding compulsory
        convertible instruments;

         

	(79)	“Transaction Documents”	
        shall mean the documents
        executed in relation to the issue of the Investor Series 1 CCD, Investor Series 2 CCD and Additional CCD (if allotted to and subscribed
        by the Investor in accordance with the terms of the DSA) and the creation of the Security in relation to the Investor CCDs including
        but not limited to the Disclosure Letter, Debenture Trustee Agreement, this DSA, the Security Documents, put option agreement entered
        into by and between HoldCo and the Investor, undertaking issued by the Controlling shareholder in favour of the Investor of the
        even date, letter of even date depicting Illustration pertaining to Conversion Ratio of the Investor CCDs, letter of even date
        detailing Business Plan of the Company as shared by the Company with the Investor and any other documents/ writings designated
        as such by the Parties and any other documents executed between the Investor and the Company; and

         

	(80)	“Warranties”	shall have the meaning assigned to it in Clause 10.1 of this DSA.

 

		1.2	Interpretation

 

		1.2.1.	The terms referred to in this DSA shall, unless defined otherwise
or inconsistent with the context or meaning thereof, bear the meanings ascribed to them under the relevant statute/legislation.

 

		1.2.2.	Reference to statutory provisions shall be construed as meaning
and including references also to any amendment or re-enactment (on or after the Execution Date) for the time being in force and
to all statutory instruments or orders made pursuant to such statutory provisions.

 

		1.2.3.	Any reference to a document in “Agreed Form”
is to a document in a form agreed between the Parties initialled for the purpose of identification by or on behalf of each of them
(in each case with such amendments as may be agreed by or on behalf of the Parties).

 

		1.2.4.	Any reference to “account”
or “Accounts” shall include the relevant balance sheets and profit and loss
accounts together with all documents which are required by Applicable Law to be annexed to the accounts of the Company, to be laid
before the Company in the general meeting for the relevant Financial Year.

 

    	 	15	 

     

    

 

		1.2.5.	The words “hereof,”
“herein” and “hereunder”
and words of similar import when used in this DSA shall refer to this DSA as a whole and not to any particular provision of this
DSA. The words “include”, “including”
and “among other things” shall, in all cases, be deemed to be followed by
“without limitation” or “but not limited to”
whether or not they are followed by such phrases or words of like import.

 

		1.2.6.	Words denoting the singular shall include the plural and words
denoting any gender shall include all genders.

 

		1.2.7.	Table of contents, headings, subheadings, titles, subtitles to
clauses, sub-clauses and paragraphs are for information and convenience only and shall not form part of the operative provisions
of this DSA or the annexures hereto and shall not affect the interpretation or construction of this DSA.

 

		1.2.8.	References to Recitals, Clauses, Appendices, Annexures, Paragraphs,
Preamble and Schedules are to recitals, appendices and annexures to, and clauses, paragraphs, preamble and schedules of this DSA,
all of which form part of this DSA.

 

		1.2.9.	Unless otherwise specified, references to days, months and years
are to calendar days, calendar months and calendar years, respectively.

 

		1.2.10.	Unless otherwise specified, time periods within or following
which any payment is to be made or act is to be done shall be calculated by excluding the day on which the period commences and
including the day on which the period ends and by extending the period to the next Business Day if the last day of such period
is not a Business Day; and whenever any payment is to be made or action to be taken under this DSA is required to be made or taken
on a day other than a Business Day, such payment shall be made or action taken on the next Business Day. 

 

		1.2.11.	All approvals and/or consents to be granted by the Parties under
this DSA shall be deemed to mean approvals and/or consents in writing. Words “directly or indirectly”
mean directly or indirectly through one or more intermediary Persons or through contractual or other legal arrangements, and “direct
or indirect” have the correlative meanings.

 

		1.2.12.	Where any obligation of a Party under this DSA (“Subject
Obligation”) requires consent (including from any Governmental Authority) in order for
the Subject Obligation to be performed validly, then the Subject Obligation shall be deemed to include the obligation to apply
for, obtain, maintain and comply with the terms of, all such consents and the time provided for the completion of the Subject Obligation
shall be extended for the time required to obtain such consent, except if and to the extent that the provisions of Applicable Law
or this DSA require another Party to obtain such consent.

 

		1.2.13.	Any reference to “writing”
shall include printing, typing, lithography, transmissions by facsimile, electronic mail and other means of reproducing words in
visible form but excluding text messaging via mobile/ smart phones.

 

		1.2.14.	The words “include”
and “including” are to be construed without limitation.

 

		1.2.15.	No provisions shall be interpreted in favour of, or against,
any Party by reason of the extent to which such Party or its counsel participated in the drafting hereof or by reason of the extent
to which any such provision is inconsistent with any prior draft hereof.

 

    	 	16	 

     

    

 

		1.2.16.	If, in calculating a price or an amount, the relevant variables
for such calculation are expressed in different currencies then all such variables for the purposes of such calculation shall be
in Indian Rupees.

 

		1.2.17.	If there is any conflict or inconsistency between a term in the
body of this DSA and a term in any of the schedules or any other document referred to or otherwise incorporated in this DSA, the
term in the body of this DSA shall take precedence.

 

		1.2.18.	The Parties agree and undertake that notwithstanding anything
to the contrary contained in this DSA, the Shareholders shall undertake all such measures as may be required to give effect to
the provisions of this DSA including but not limited to voting in such manner as may be necessary to give effect to the provisions
of this DSA.

 

		1.2.19.	To the extent any statement contained in this DSA is qualified
by the knowledge, belief or awareness of the Company, such statement shall be deemed to include any knowledge, belief or awareness
which the Company would have, based on all the data, facts, information by whatever name called, that is within the actual knowledge
of any identified key employee or Director, after exercising reasonable care and diligence, in case of the Company. 

 

		1.2.20.	The Investor CCDs shall not be considered secured for the purposes
of the Act; however, Investor CCDs shall be considered secured for contractual purposes. 

 

		2.	EFFECTIVE DATE

 

		2.1	This DSA shall come into force and be binding on the Parties
effective on and from the Execution Date of this DSA. 

 

		2.2	On the Execution Date, the HoldCo and each of the other Shareholder
shall vote at any general meeting and shall take all other actions as may be necessary, to give effect to the provisions of this
DSA and to ensure the inclusion in the Restated Charter Documents of the relevant rights and obligations of the Investor included
in this DSA. In addition, the HoldCo and each of the other Shareholder shall vote at any general meeting upon any matter submitted
for action by the Shareholders or with respect to which the Shareholders may vote in conformity with the specific terms and provisions
of this DSA to give complete legal effect to the provisions of this DSA, including making necessary amendments to the Restated
Charter Documents.

 

		3.	SUBSCRIPTION AND CONSIDERATION

 

		3.1	Subject to the terms and conditions of this DSA, the Investor
agrees to subscribe to and the Company agrees to issue and allot the Investor Series 1 CCD to the Investor, free and clear from
all Encumbrances and together with all rights, title and interest appertaining thereto, and shall be entitled to the benefits arising
and agreed to under this DSA, for a consideration of the Investor Series 1 CCD Subscription Amount, on the First Closing Date.

 

    	 	17	 

     

    

 

		3.2	Subject to the terms and conditions of this DSA, the Investor
agrees to subscribe to and the Company agrees to issue and allot the Investor Series 2 CCD to the Investor, free and clear from
all Encumbrances and together with all rights, title and interest appertaining thereto, and shall be entitled to the benefits arising
and agreed to under this DSA, on the First Closing Date. These Investor Series 2 CCD shall be fully paid between October 1, 2022
and March 31, 2023 (“Investor Series 2 CCD Drawdown Period”). 1% (one per
cent) of the price per Investor Series 2 CCD, i.e., an aggregate amount of INR 2,00,00,000 (Rupees Two Crore only), shall be paid
upfront on the subscription of such Investor Series 2 CCD. The balance 99% (ninety nine per cent) of the price per Investor Series
2 CCD, i.e., an aggregate amount of INR 198,00,00,000 (Rupees One Hundred and Ninety Eight Crore only), shall be payable prior
to or on March 31, 2023 (“Investor Series 2 CCD Drawdown Long Stop Date”).
The Company shall give a notice in writing of 30 (thirty) days to the Investor during Investor Series 2 CCD Drawdown Period but
in any event prior to the Investor Series 2 CCD Drawdown Long Stop Date with respect to the payment of the unpaid call monies towards
the balance 99% (ninety nine per cent) of the price per Investor Series 2 CCD. It is further agreed that any capital call on the
Investor Series 2 CCDs shall be for a minimum amount of INR 100,00,00,000 (Rupees one hundred crores only) or in multiples of INR
100,00,00,000 (Rupees one hundred crores only) or rounded off thereto, with the nominal consideration paid upfront. The Investor
shall have the right to Transfer these Investor Series 2 CCDs to any of its Affiliates, in which case the balance 99% (ninety nine
per cent) of the price per Investor Series 2 CCD shall be payable by such Affiliate. In the event the Company does not make any
capital call against the Investor Series 2 CCD, then Investor Series 2 CCD Drawdown Long Stop Date shall deemed to be the call
date for the balance amount against Investor Series 2 CCD and the Investor shall make payment of the balance amounts due on the
Investor Series 2 CCD on the Investor Series 2 CCD Drawdown Long Stop Date and the Company shall be bound to accept the same and
confirm that the Investor Series 2 CCD has been fully paid on the Investor Series 2 CCD Drawdown Long Stop Date.

 

		3.3	The capitalisation and shareholding pattern of the Company, as
on the Execution Date is as set out in Part A of Schedule II,
and as on the First Closing Date shall be as set out in Part B of Schedule II.

 

		3.4	The Company shall and the HoldCo shall procure that the Company
shall undertake all necessary actions and extend all assistance and co-operation to the Investor, including procuring the passing
of any resolutions of the Board or the Shareholders, to obtain all approvals, and making all necessary filings in relation to the
subscription to the Investor Series 1 CCD and Investor Series 2 CCD, if any, required under Applicable Law.

 

		3.5	The Company and the HoldCo shall exercise all rights and powers
available to each of them (including in the case of the HoldCo, their voting rights), to procure that all Investor Series 1 CCD
and Investor Series 2 CCD are issued and allotted on the First Closing Date which shall be on or before expiry of January 31, 2022
or such other date as may be extended by the mutual agreement of the Parties (the “Long Stop Date”).

 

		3.6	End Use: The Company shall utilise the monies received from the
subscription of Investor CCDs solely towards expansion of existing and new datacentres, including land acquisition for data centres,
repayment of existing debt of the Company, which details of the existing debt of the Company as annexed as Schedule IX,
investment for procuring an alternate source of power and working capital for the Business.

 

		3.7	Further Investment by the Investor: The Company shall have the
option and right to require the Investor to acquire additional compulsory convertible debentures of the Company (“Additional
CCDs”) in one or more tranches during Financial Year 2022, Financial Year 2023, Financial
Year 2024, Financial Year 2025 or October 1, 2026 for upto an aggregate subscription amount of INR 600,00,00,000 (Rupees six hundred
crores only) (“Additional Investment Amount”) during the period between October
1 and March 31 of the relevant Financial Year. The Investor shall be obligated to subscribe to such Additional CCDs, provided that
the Company communicates to the Investor in writing of its requirement for Additional Investment Amount along with the drawdown
dates and drawdown amounts on or prior to October 31, 2023 . It is further agreed that any drawdown/ capital call on the Additional
CCDs shall be for a minimum amount of INR 100,00,00,000 (Rupees one hundred crores only) or in multiples of INR 100,00,00,000 (Rupees
one hundred crores only).

 

    	 	18	 

     

    

 

		3.8	Transfer to Affiliates by the Investor: In addition to Investor’s
right to assign and Transfer as contemplated in Clause 26 and the terms of issuance of the Investor CCDs as set out in Schedule
IV, the Investor shall also have the right to do the following: 

 

		3.8.1.	The Investor shall be free to Transfer any of its Investor CCDs
post allotment to any of its Affiliates. Such Affiliate shall be bound by all the terms and conditions of this DSA and all the
obligations under this DSA and shall give a written confirmation thereto in the form of a Deed of Adherence for Investor Affiliate
Transferee.

 

		3.8.2.	Investor shall also have the right to Transfer Series 2 CCDs
to any of its Affiliates in which case, any capital calls as contemplated in Clause 3.2 on Series 2 CCD shall be fulfilled by such
Affiliate of the Investor. Such Affiliate shall be bound by all the terms and conditions of this DSA and all the obligations under
this DSA and shall give a written confirmation thereto in the form of a Deed of Adherence for Investor Affiliate Transferee.

 

		3.8.3.	Investor shall also have the right to assign its rights and obligations
in relation to Additional CCDs in favour of an Affiliate, in which case, such Additional CCDs shall be subscribed to by such Affiliate
of the Investor. Such Affiliate shall be bound by all the terms and conditions of this DSA and all the obligations under this DSA
and shall give a written confirmation thereto in the form of a Deed of Adherence for Investor Affiliate Transferee. 

 

		4.	CONDITIONS PRECEDENT

 

		4.1	The obligation of the Investor to subscribe to any Investor Series
1 CCD and Investor Series 2 CCD is subject to the fulfilment (or where applicable, waiver by the Investor) of the Conditions Precedent
as set out in Schedule III, to the satisfaction of the Investor.

 

		4.2	The obligation of the Investor to subscribe to any Additional
CCDs shall be subject to the fulfilment (or where applicable, waiver by the Investor) of the Conditions Precedent as set out in
Schedule III (as relevant and applicable) and such other conditions precedent as the Investor
may require at the relevant point in time, to the satisfaction of the Investor (acting reasonably). 

 

		5.	Fulfillment of CONDITIONS PRECEDENT

 

		5.1	The Investor is entitled (but not obligated), at its sole discretion,
to waive the fulfilment of all or any of the Conditions Precedent, in whole or in part, at any time by written notice to the Company.
Upon satisfaction of all of the Conditions Precedent, the Company shall deliver the CP Satisfaction Letter to the Investor, together
with all relevant documentary evidence to support the statements in such letter, confirming that the Conditions Precedent have
been satisfied or, to the extent applicable, waived. Thereafter, the Investor shall confirm in writing by delivery of a confirmation
notice whether the CP Satisfaction Letter is acceptable to it (“CP Confirmation Notice”).

 

		6.	NON-SATISFACTION

 

		6.1	If any or all of the Conditions Precedent is/ are not completed
to the satisfaction of the Investor on or before the Long Stop Date, then the Investor shall be entitled to terminate this DSA
in relation to itself. In the case of such termination by the Investor under this Clause 6.1, no Party shall have any rights or
claims against the Investor terminating this DSA, save for those that survive termination of this DSA in accordance with the provisions
of Clause 36.

 

    	 	19	 

     

    

 

		6.2	If any or all of the Conditions Precedent as required by the
Investor is/ are not completed to the satisfaction of the Investor on or before the Additional CCDs Long Stop Date, then the Investor
shall have no obligation to subscribe to the Additional CCDs as contemplated in Clause 3.7. 

 

		7.	ACTIONS PENDING COMPLETION

 

		7.1	From the Execution Date of this DSA and on the First Closing
Date, the Company and the HoldCo shall ensure that the Warranties shall continue to be true, complete, correct and not misleading
in any way as of the date hereof and will remain to be true, complete, correct and not misleading as of the First Closing Date,
and/ or no Material Adverse Effect and/ or Event of Default have taken place. Each of the Warranties shall remain to be true, complete,
correct and not misleading as of date(s) of the subscription of Additional CCDs by the Investor and/ or no Material Adverse Effect
and/ or no Event of Default (if curable, which remains unremedied as per Investor’s decision) shall subsist on any subsequent
closing date(s) with respect to the allotment and subscription of Additional CCDs.

 

		7.2	Without prejudice to the provisions of this Clause 7.2, the Company
and the HoldCo shall immediately (and in any event within 15 (fifteen) Business Days of occurrence) notify, in writing, the Investor
of any event, matter, circumstance, condition or state of fact or thing which constitutes a misrepresentation or a breach of any
of the Warranties or has a Material Adverse Effect on the Company and/ or the HoldCo, and shall, within 15 (fifteen) Business Days
of request from the Investor provide the particulars as such that the Investor may request in relation to the aforementioned occurrence.
This provision shall also be applicable in case of acquisition of the Additional CCDs.

 

		8.	CLOSING

 

		8.1	Subject to Clauses 4, 5, 6 and 7, the First Closing shall take
place within 15 (fifteen) Business Days from the date of the CP Satisfaction Letter (“Closing Date”
or “First Closing Date”).

 

		8.2	The Parties hereby agree that the First Closing shall take place
no later than the First Closing Date. It is further agreed between the Parties that all the obligations set out in Clause 8.3 and
Clause 8.4 shall take place simultaneously on the First Closing Date. In the event one or more actions stipulated in Clauses 8.3
and 8.4 spill over to the next Business Day, the First Closing Date shall be deemed to be the date on which the last of the closing
actions take place.

 

		8.3	Closing obligations of the Investors at the Closing:

 

		8.3.1.	On the First Closing Date, Investor shall pay INR 202,00,00,000 (Rupees two hundred and two crore
only) to the Company through RTGS payment mechanism into the Company's bank account, the details of which are as provided below:

 

Bank Name: HDFC
Bank Limited

Bank Address:
No. 115, First Floor, Dr. Radhakrishnan Salai, Chennai 600004

Account
Name: Sify Infinit Spaces Limited

Account Type:
Current Account

Account Number:
57500000533226

RTGS/NEFT/IFSC
Code: HDFC0001097

Swift Code:
HDFCINBBCHE 

 

		8.3.2.	On the First Closing Date, the Company shall and the HoldCo shall procure that the Company shall,
in addition to any other matters to be attended to or incidental to such subscription, undertake the following actions:

 

		(i)	the Company shall issue and allot the Investor Series 1 CCD and Investor Series 2 CCD to the Investor
and shall deliver a letter of allotment in relation to the Investor Series 1 CCD and Investor Series 2 CCD, in favour of the Investor.

 

    	 	20	 

     

    

 

		(ii)	convene a meeting of the Board at which meeting the Board shall approve and resolve: (a)
the allotment of the Investor Series 1 CCD and Investor Series 2 CCD to the Investor and authorising the undertaking of all actions
as required to issue CCD certificates representing the Investor Series 1 CCD and Investor Series 2 CCD to the Investor; (b)
recording the name of the Investor in the Company’s register of debenture holders as the legal and beneficial owner of the
Investor Series 1 CCD and Investor Series 2 CCD; (c) authorizing the filing of all requisite forms and documents by the
Company with the appropriate Governmental Authorities; (d) approving the Restated Charter Documents in the Agreed Form;
and (e) convening a general meeting of the Shareholders of the Company to approve the adoption of the Restated Charter Documents.

 

		(iii)	convene a meeting of the Shareholders at which meeting the Shareholders shall approve and resolve
to adopt the Restated Charter Document, effective from First Closing Date.

 

		(iv)	deliver to the Investor certified copies of the resolutions passed at the meeting of the Board
and Shareholders referred to in this Clause 8.3.

 

		8.4	All the closing related obligations as set out in Clause 8 shall
apply mutatis mutandis at the time of allotment and subscription of Additional CCDs by the Investor.

 

		9.	CONDITIONS SUBSEQUENT TO CLOSING

 

		9.1	The Company undertakes to and the HoldCo shall procure that the
Company shall complete each of the activities/ events including regulatory or statutory filings set out in Schedule V.

 

		9.2	The Company undertakes to and the HoldCo shall procure that the
Company shall complete each of the activities/ events including regulatory or statutory filings set out in Schedule V (as
relevant and applicable for Additional CCDs and such other conditions subsequent as may be mutually agreed between the Parties).

 

		10.	REPRESENTATIONS AND WARRANTIES

 

		10.1	Representations and Warranties of the Company

 

		10.1.1.	The Company and the HoldCo, jointly and severally, represent and warrant to the Investor that each
of the representations and warranties as set out in Clause 10.1.2 and in Schedule VI (collectively referred to as “Warranties”)
are, true, accurate, complete and not misleading as on the date of this DSA and shall continue to be true, accurate, complete and
not misleading as on the First Closing Date and any subsequent closing date(s) with respect to the allotment and subscription of
Additional CCDs.

 

		10.1.2.	In addition to the Warranties set out in Schedule VI of this DSA, the HoldCo and the Company,
jointly and severally, represent and warrant that:

 

		(i)	they have full power and the capacity and authority to enter into and execute this DSA and to perform
all of its obligations hereunder;

 

    	 	21	 

     

    

 

		(ii)	this DSA, upon execution, constitutes legal, valid and binding obligations of the HoldCo and the
Company and is enforceable in accordance with its respective terms;

 

		(iii)	the execution and delivery of this DSA by it and the performance of its obligations under this
DSA do not and will not violate or conflict with any Applicable Law, rule or regulation applicable to it, any provisions of its
constitutional documents (if applicable), any order or judgment of any court or other Governmental Authority applicable to it or
any of its assets or any contractual restriction binding on or affecting it or any of its assets;

 

		(iv)	they have obtained all approvals required to be obtained by it for issuance of the Series 1 CCDs
and Series 2 CCDs and Additional CCDs; and

 

		(v)	they are in compliance with the Anti-Corruption Laws and Anti-Money Laundering Laws.

 

		10.1.3.	Upon completion of financial and legal due diligence the Investor may require additional representations
and warranties basis the findings of such financial and legal due diligence, in which case, the Company and the HoldCo, jointly
and severally, represent and warrant to the Investor that each of such additional representations and warranties are, true, accurate,
complete and not misleading and shall continue to be true, accurate, complete and not misleading as on the First Closing Date and
any subsequent closing date(s) with respect to the allotment and subscription of Additional CCDs.

 

		10.1.4.	The HoldCo shall ensure that no actions are performed by the Company that would result in any of
the Warranties being breached or rendered false, inaccurate, incomplete or misleading.

 

		10.1.5.	Each Warranty is given subject to the matters specifically disclosed in the Disclosure Letter or
the updated Disclosure Letter, with respect to such Warranty. It is clarified that the fundamental Warranties are not subject to
any disclosures under the Disclosure Letter or the updated Disclosure Letter. It being clarified that if the Investor is not satisfied
with any of the disclosures contained in any updates to the Disclosure Letter at the First Closing Date or any subsequent closing
date(s) or during the subscription of the Additional CCDs, the Investor may refuse to invest the additional amounts.

 

		10.2	Representations and Warranties of the Investor

 

		10.2.1.	The Investor represents and warrants to the Company that each of the representations and warranties
of the Investor as set forth under this Clause 10.2 are true and correct as on the date of this DSA and shall continue to be true
and correct as of the First Closing Date and as of the subsequent closing date(s) with respect to the allotment and subscription
of any portion of the Series 2 CCDs and Additional CCDs.

 

		10.2.2.	The Investor represents and warrants that:

 

		(i)	it has full power and the capacity and authority to enter into and execute this DSA and to perform
all of its obligations hereunder;

 

		(ii)	this DSA, upon execution, constitutes legal, valid and binding obligations of the Investor and
is enforceable in accordance with its respective terms;

 

    	 	22	 

     

    

 

		(iii)	the execution and delivery of this DSA by it and the performance of its obligations under this
DSA do not and will not violate or conflict with any Applicable Law, rule or regulation applicable to it, any provisions of its
constitutional documents (if applicable), any order or judgment of any court or other Governmental Authority applicable to it or
any of its assets or any contractual restriction binding on or affecting it or any of its assets;

 

		(iv)	it has obtained all approvals required to be obtained by it for subscribing to its portion of the
Series 1 CCDs, Series 2 CCDs and Additional CCDs;

 

		(v)	it is a person resident in India for the purposes of Indian exchange control laws;

 

		(vi)	it is in compliance with the Anti-Corruption Laws; and

 

		(vii)	it is in compliance with the Anti-Money Laundering Laws.

 

		11.	SHAREHOLDING

 

		11.1	Following the subscription of all Series 1 CCD and Series 2 CCD
pursuant to this DSA, the shareholding pattern and capital structure of the Company as on the First Closing Date shall be as set
out in Schedule II.

 

		12.	COVENANTS

 

		12.1	Notwithstanding anything contained herein, the Investor CCDs
shall rank senior to all other classes of compulsory convertible preference shares and equity shares currently issued and allotted
by the Company or as may be issued and allotted in future, provided that any CCDs issued by the Company under Clauses 1.1.1(ix)(i),
1.1.1(ix)(ii), 1.1.1(ix)(iii) and 1.1.1(ix)(iv) shall rank pari passu with the Investor CCDs. In case of a Insolvency Event,
Investor CCDs shall rank senior to all other classes of compulsory convertible preference shares and equity, in the distribution
waterfall of liquidation proceeds. Upon occurrence of any Liquidation Event, the Investor however may, subject to obtaining appropriate
regulatory approvals, if any required, instead of seeking distribution of liquidation proceeds in accordance with the liquidation
preference waterfall may require the Investor CCDs conversion formula to be modified in a manner so as to provide the Investor
with same economic benefit as contemplated in this DSA.

 

		12.2	The Company and HoldCo shall ensure that the ultimate beneficial
owners and / or shareholders of the Promoter HoldCo and HoldCo shall, during the subsistence of this Agreement, ensure that the
business of datacentre shall be conducted only through the Company or through a joint venture company where the Company and customers
/ potential customers / DC operators are the only shareholders/ partners and no other entity comprising the Promoter Group and/
or its Affiliates shall be a shareholder of such joint venture, provided that post the Proposed Merger, the business of datacentre
shall be permitted to be conducted through the Company, which shall be the surviving entity pursuant to the Proposed Merger.

 

		12.3	Annual Business Plan: The Company shall ensure that the annual
business plan of the Company is finalized after taking into consideration inputs from the Investor

 

    	 	23	 

     

    

 

		12.4	Information Covenants

 

The
Company shall provide to the Investor in relation to the Company: 

 

		12.4.1.	promptly upon becoming aware of them, the details of any event which may have a Material Adverse
Effect on the Company;

 

		12.4.2.	promptly, notice of any change in its authorised signatories (in connection with the Transaction
Documents), signed by one of its directors or its company secretary, whose specimen signature has previously been provided to the
Investor accompanied (where relevant) by a specimen signature of each new signatory;

 

		12.4.3.	promptly, all letters, notices, petitions, plaints, and other documents relating to any suit, action,
petition, arbitration, litigation or other legal proceeding of any nature whatsoever commenced in relation to any winding-up and/or
in relation to any Insolvency Event by or against the Company;

 

		12.4.4.	promptly, all letters, notices, petitions, plaints, and other documents relating to any suit, action,
petition, arbitration, litigation or other legal proceeding of any nature whatsoever involving a liability exceeding INR 30,00,00,000
(Rupees thirty crores only);

 

		12.4.5.	promptly, all letters, notices, petitions, plaints, and other documents relating to any suit, action,
petition, arbitration, litigation or other legal proceeding of any nature whatsoever commenced (including in relation to any winding-up
and/or in relation to any Insolvency Event) by or against the Company, which would have an adverse impact on the obligations of
the Company under the Transaction Documents or the Security created;

 

		12.4.6.	promptly, notice(s) of any purported/estimated loss or damage exceeding INR 30,00,00,000 (Rupees
thirty crores only) which may be incurred and/or suffered by the Company due to the occurrence of any force majeure events and/or
any events and circumstances which adversely affect the performance by the Company of its respective obligations or covenants under
any agreements/documents including any acts of God i.e. fire, storms, pandemics, floods, earthquake or lightning, war, hostilities,
terrorist acts, riots, civil commotion or disturbances affecting the Company and/or the any of its respective properties/assets
and/or sabotage or explosions affecting the Company and/or any of its properties/assets, in relation to which the Company has not
obtained adequate insurance cover;

 

		12.4.7.	copies of all notices of the board meetings and shareholders’ meetings of the Company to
the Investor, simultaneously with the same being circulated to the directors / shareholders of Company, each certified by the chairman
or the chief executive officer or the company secretary of the Company as being true, accurate and not misleading;

 

		12.4.8.	all data and documents in respect of any Financial Indebtedness of the Company;

 

		12.4.9.	promptly, all details in respect of declaration of any default by any bank or financial institution
in respect of any Financial Indebtedness of the Company including default or breach of any covenants or undertakings by the Company
under any financing documents entered into by the Company with any such bank or financial institution;

 

		12.4.10.	at least 3 (three) Business Days prior to effecting any change in composition of the board of directors
of the Company (subject to Applicable Laws), the details of proposed changes;

 

    	 	24	 

     

    

 

		12.4.11.	at least 3 (three) Business Days prior to effecting any sale/ transfer/ disposal of assets of Company
of an aggregate value exceeding INR 30,00,00,000 (Rupees thirty crores only) in any year, the details of the assets proposed to
be sold/ transferred / disposed off;

 

		12.4.12.	any change in the annual business plan of the Company, within 3 (three) Business Days from such
change;

 

		12.4.13.	as soon as it becomes available, but in any event within 180 (one hundred and eighty) days after
the end of each Financial Year, the audited financial statements (both consolidated and standalone, wherever applicable) of the
Company;

 

		12.4.14.	as soon as it becomes available, but in any event within 60 (sixty) days after the end of each
quarter of the Financial Year, the unaudited financial statements for that Financial Year of the Company;

 

		12.4.15.	quarterly MIS of the Company, to be provided within a maximum period of 45 (forty five) days from
the end of each financial quarter, in such format as is acceptable to the Investor;

 

		12.4.16.	the consolidated annual budget for the Company for each new Financial Year as soon as practicable
but in any event no later than 30 (thirty) days prior to the expiry of the previous Financial Year;

 

		12.4.17.	certificate under Rule 11UA of Income Tax Rules, 1962, on the First Closing Date as of September
30, 2021 and on the subsequent closing date(s) basis accounts available as of the last calendar quarter end and as on the conversion
date(s) as of the last calendar quarter end to be provided within 30 days from such conversion date(s);

 

		12.4.18.	the Company shall (subject to Applicable Laws) furnish all such other information and documents
as may be reasonably required by the Investor from time to time;

 

		12.5	Financial Covenants

 

		12.5.1.	The Company shall ensure that

 

		(i)	the Net Debt on any Testing Date to the EBITDA for the trailing 12 (twelve) months ratio calculated
on a consolidated basis, for each Testing Date during the period commencing from the Closing, does not exceed 3 (three) times;
and

 

		(ii)	Debt Service Coverage Ratio does not fall below 1.15 times.

 

		12.5.2.	The financial covenants set out at Clause 12.5 above shall be tested as of every Testing Date,
basis trailing 12 (twelve) months data as per the financial statements / accounts of the Company submitted to the Investor pursuant
to Clause 12 herein.

 

		12.5.3.	It is hereby clarified that without prejudice to the obligation of the Company to provide financial
information regarding the Company, the Investor shall not be obliged to rely on such statements, and shall be entitled to appoint
external advisors, consultants and representatives, at its own cost, to separately calculate and certify compliance of the financial
covenants.

 

    	 	25	 

     

    

 

		12.6	Affirmative Covenants

 

The
Company covenants and undertakes that, until the final conversion date of the Investor CCDs, the Company shall comply with the
following: 

 

		12.6.1.	Laws: The Company shall comply in all material respects with all Applicable Laws including
the Act, all labour laws and governmental authorisations in the conduct of its Business and shall take all action as may be necessary
or prudent to effect or maintain compliance therewith.

 

		12.6.2.	The Company shall maintain its corporate existence and all rights and privileges in respect thereof
and obtain and comply with the terms of and do all that is necessary to maintain in full force and effect all authorizations, approvals,
permissions, no – objection certificates, permits, licenses and consents, by whatsoever name called, required to: (i)
lawfully carry on the Business and to enable the Company to enter into and perform its obligations under this DSA and the Transaction
Documents; (ii) to ensure the legality, validity, enforceability or admissibility in evidence thereof; and, (iii)
create and perfect the Security, as contemplated to be created and perfected under the terms and conditions of the Transaction
Documents within 180 days from the First Closing Date.

 

		12.6.3.	The Company shall file the necessary forms and such other papers/documents with the relevant ROC
as are required under the Act for the purpose of issuing the Investor CCDs and creation and/or perfection of Security and to file
the necessary forms and such other papers/documents with the relevant ROC as may be required under the Act for the purpose of creation
and/or perfection of security interests and promptly provide a proof of such filing with the relevant ROC to the Investor, no later
than 180 days from the First Closing Date.

 

		12.6.4.	Without prejudice to the above:

 

		(i)	The Company shall comply with the Anti-Corruption Laws.

 

		(ii)	No representative of the Company shall violate any applicable Anti-Corruption Laws. The Company
shall and the officers, directors, employees and agents of the Company conduct the business of the Company in compliance with all
Applicable Laws. The Company will cooperate with the Investor, in providing such additional information and documentation on the
Company’s legal or beneficial ownership, policies, procedures and sources of funds as may be required by the Investor.

 

		(iii)	The Company shall perform background checks on Persons transacting business of a material nature
with the Company and shall not knowingly transact business with any such Person in breach of the applicable Anti-Corruption Laws.

 

		(iv)	The Company shall comply with the Anti-Money Laundering Laws.

 

		(v)	The Company shall cooperate with the Investor in providing such additional information and documentation
on the Company’s legal or beneficial ownership, policies, procedures and sources of funds as may be required by the Investor.

 

    	 	26	 

     

    

 

		12.7	Books of Accounts

 

The
Company shall maintain proper books of record and account, in which full and accurate entries shall be made of all financial transactions
and the assets and Business of the Company, respectively, in accordance with the Applicable Law from time to time. 

 

		12.8	Right to inspection

 

In
the event the Investor is of the opinion that any of the terms of the DSA and/or any other Transaction Document entered into between
the Parties are breached or are likely to be breached or any event has happened or likely to happen that may directly or indirectly
affect the rights of the Investor in any way, then the Investor shall have at all times, the right to inspect the books and records
etc. of the Company and shall, at the cost of the Investor have right to appoint the counsel or consultant or chartered accountant
to inspect and conduct the concurrent audit of the Company and such counsel or consultant or chartered accountant shall have right
to take a copy/photocopy of any of such books, records etc. of either the Company, subject to at least 3 (three) Business Days
prior notice.

 

		12.9	Payment of Tax

 

The
Company shall pay and file before the same shall become delinquent, (i) all Taxes, assessments,
reassessments and governmental charges or levies imposed upon it or upon the properties, assets or revenues of the Company and
/ or in relation to the business of the Company; (ii) all Taxes as may be due and payable
to any Governmental Authorities, arising out of or in connection with the transactions as contemplated under the Transaction Documents;
and, (iii) all lawful claims and obligations that, if unpaid, might by law become a lien
upon any of the property, assets or revenues of the Company; provided, however, that the Company, shall not be required to pay
or to file any such tax, assessment, reassessment, charge, levy or claim, the amount, applicability or validity of which is being
contested in good faith and for which the Company has made adequate provisions. It is clarified that any direct Taxes (except withholding
taxes/ tax deductible at source if applicable) due and payable by the Investor to any Governmental Authority shall not be Company’s
obligation. 

 

		12.10	Corporate Governance

 

The
Company shall comply with rules and regulations of corporate governance as may be prescribed by any Governmental Authority or under
any Applicable Law.

 

		12.11	Observer on the Company

 

		12.11.1.	The Investor shall have the right to nominate an observer to the Board of the Company and the committees
(if any) constituted by the Board from time to time (“Investor Observer”). This right shall be available with
the Investor from the First Closing Date.

 

		12.11.2.	The Company shall indemnify the Investor Observer, subject to and to the extent permissible under
Applicable Law, including against any and all losses and expenses which such Investor Observer has incurred arising out of or in
connection with, any proceedings that such Investor Observer becomes a party to or is involved in as a result of being treated/
assumed as a director of the Company or otherwise; or any action, suit, claim, arbitration, appeals, hearings, litigation, judgments,
rulings, orders, decrees or injunctions or administrative/ regulatory proceeding, arising out of or relating to any such conduct,
or contravention of any Applicable Law in respect of the Business, and any action, suit, claim, arbitration, appeals, hearings,
litigation, judgments, rulings, orders, decrees or injunctions or administrative/ regulatory proceeding taken against the Investor
Observer in connection with any such contravention or alleged contravention, except where such liabilities arise solely due to
any fraud or wilful misconduct of such Investor Observer or any criminal offence committed by such Investor Observer and proven
before a competent court or other relevant Governmental Authority.

 

    	 	27	 

     

    

 

		12.11.3.	The Investor Observer shall be entitled to attend all meetings of the Board of Company and the
committees (if any) constituted by the Board of Company including the committee constituted / authorised to take decisions in respect
of the Strategic Sale Exit (as defined in Clause 16.3) and the said Investor Observer shall be provided with notices of all such
meetings at the same time as the other directors of who are entitled to attend such meetings but shall not have the right to participate
in any decision making or discussions or vote at the meeting or be considered for quorum and shall only be entitled to observe
the proceedings of the meetings of the Board. If, at any time, the Investor Observer is not able to attend any meeting, the Investor
may depute another observer to attend the said meeting as per the requirements of Clause 12.11.5 below.

 

		12.11.4.	Any expenditure incurred by the Investor and/or the Investor Observer in connection with the travel
and stay expenses of the Investor Observer for attending Board meetings shall be borne and payable by the Company.

 

		12.11.5.	The appointment/removal of an Investor Observer shall be by notice in writing by Investor, addressed
to the Company and shall (unless otherwise indicated in such notice) take effect forthwith upon such a notice being delivered to
the Company.

 

		12.11.6.	The Company shall obtain directors’ and officers’ liability insurance which will also
cover the Nominee Director, within 30 (thirty) Business Days of appointment of the Nominee Director and maintain in all material
respect, with such coverage not lesser than USD 10,000,000 (United States Dollar Ten Million only) and shall make timely payment
of all premiums in relation thereto.

 

		12.12	General Undertakings

 

The
Company hereby agrees, acknowledges, covenants and undertakes as follows: 

 

		12.12.1.	The Company shall ensure that no action is taken in relation to any issuance of any Securities,
corporate restructuring, re-organisation, and/ or re-capitalisation of any sort by the Company without obtaining the prior written
consent of the Investor, including but not limited to merger, demerger, amalgamation or reconstruction, buy-back, capital reduction,
spin-off, consolidation or liquidation or the like or undertake any fund / capital raising exercise except:

 

		(i)	The Promoter Group and/or its subsidiaries may further capitalize the Company by way of compulsorily
convertible debentures (“Promoter CCDs”) at the same or higher valuation and terms same as Investor CCDs (“Promoter
CCD Issuance”). It is clarified that for the purpose of conversion of Promoter CCDs, EBITDA of the Financial Year immediately
succeeding the Financial Year in which such Promoter CCDs are subscribed to any Person from the Promoter Group shall be referred
to. As an example, if the Promoter CCDs are issued in the Financial Year 2022-23, then for the purpose of conversion of Promoter
CCDs, EBITDA of Financial Year 2023-24 shall be referred to; or

 

    	 	28	 

     

    

 

		(ii)	The Company may issue new Securities of the Company (“Primary Issuance”) of
up to 15% (fifteen per cent) of fully diluted equity capital of the Company to a Business Partner, at an equity valuation not less
than the Equity Valuation and on such financial terms and conditions which are not superior to Investor CCDs; or

 

		(iii)	The Company may issue employee stock options to the employees of the Company not exceeding 5% (five
percent) of the paid up share capital of the Company (on a Fully Diluted Basis); or

 

		(iv)	Strategic Sale Exit (as defined in Clause 16.3).

 

		12.12.2.	The HoldCo and the Company shall ensure that there is no change in Control of the Company, without
obtaining the prior written consent of the Investor, other than as a result of occurrence of an Exit Event or Strategic Sale Exit,
as contemplated in this DSA.

 

		12.12.3.	The Company shall ensure that the Promoter HoldCo shall own more than 50% (fifty per cent) of the
HoldCo. The Company shall ensure that the Company shall not enter into any related party transactions (other than on arms’
length basis and on fair market value basis) (directly or indirectly), without obtaining the prior written consent of the Investor.

 

		12.12.4.	With respect to existing related party transactions, the Company shall enter into long term agreements
with the same related party.

 

		12.12.5.	The Company hereby agrees and undertakes that the Company shall avail no further Financial Indebtedness
without obtaining prior written consent of the Investor except as permitted in Clause 12.12.1.

 

		12.12.6.	The Company shall not declare interim and final dividend without the prior written consent of the
Investor.

 

		12.12.7.	The Company shall ensure that no change is made in the Restated Charter Documents of the Company,
without obtaining the prior written consent of the Investor, provided that such consent shall not be unreasonably withheld by the
Investor and except to the extent as may be required under Applicable Law to give effect to the Exit Event.

 

		12.12.8.	The Company and the HoldCo shall ensure that there is no sale or disposal of any business division
or substantial portion of the business the Company, unless approved by the Investor in writing.

 

		12.12.9.	The Company shall, at all times, obtain and maintain, or cause to be obtained and maintained, in
full force and effect (or where appropriate, renew) all clearances/ authorizations required for the purposes of the business and
all transactions as contemplated by the Transaction Documents, non-procuring or non-renewal whereof shall have a Material Adverse
Effect.

 

		12.12.10.	The Company shall create all necessary Security and execute all the Security Documents as may be
required by the Investor as per the terms hereof and shall ensure that all Transaction Documents, when executed, shall constitute
its legal, valid and binding obligation under the provisions of Applicable Law.

 

    	 	29	 

     

    

 

		12.12.11.	If the directors of the Company or the HoldCo are added to any defaulter’s list by any Governmental
Authority, the Company, the HoldCo shall take immediate steps forthwith to remove such Person from the board of directors of the
Company or the HoldCo, as the case may be.

 

		12.12.12.	The Company shall promptly supply certified copies to the Investor of any authorisation required
under any Applicable Law or regulation to enable it to perform its obligations under the Transaction Documents (including, without
limitation, in connection with any payment to be made hereunder) and to ensure the legality, validity, enforceability or admissibility
in evidence in its jurisdiction of incorporation of the Transaction Documents.

 

		12.12.13.	Merger of Printhouse India Private Limited (“PIPL”) and Sify Data and Managed
Services Limited (“SDMSL”) with the Company: The Company is proposing to merge PIPL and SDMSL into the Company
(“Proposed Merger”) whereby the share capital of PIPL shall be swapped for CCDs of the Company for an amount
equivalent to INR 60,00,00,000 (Rupees sixty crores only) at the Ongoing Merger Reference EBITDA and share capital of SDMSL shall
be swapped for compulsorily convertible debentures of the Company for an amount equivalent to INR 25,00,00,000 (Rupees twenty five
crores only) at the Ongoing Merger Reference EBITDA. The terms of these CCDs shall be the same as set out in Schedule IV
of this DSA. The Ongoing Merger Reference EBITDA shall mean the EBITDA of the Company for the Financial Year 2023. The Company
shall (and the HoldCo shall cause the Company to) ensure that the Proposed Merger of PIPL is completed no later than 24 (twenty-four)
months from the First Closing Date and the Proposed Merger of SDMS is completed before the Exit Event or Strategic Sale Exit, provided
that if the Proposed Merger of SDMS has not been completed prior to Strategic Sale Exit then the Strategic Equity Valuation should
include the valuation of SDMS.

 

		13.	PRE-EMPTIVE RIGHTS FOR NEW ISSUE OF SECURITIES

 

		13.1	In the event the Company is desirous of issuing any new Securities
after the First Closing (“Proposed Issuance”), the Company shall provide and
the HoldCo shall cause the Company to provide, a right to the Investor to participate, on a 100% (one hundred per cent) pro rata
basis, in order to enable the Investor and its Affiliates to maintain their shareholding percentage in the Company (on a Fully
Diluted Basis) at the same level as on the date immediately prior to the date of such Proposed Issuance, in any such Proposed Issuance,
exercisable by the Investor or through its Affiliates.

 

		13.2	The right of the Investor and its Affiliates set out in Clause
13.1, shall not be available in respect of the Proposed Issuances as per Clause (i) till such time that the Promoter Group invests
in such number of CCDs, which CCDs in itself and upon conversion shall aggregate to at least [***]% (*** per cent) (on a cumulative
basis) of the equity capital of the Company (on a Fully Diluted Basis), Clause (ii), Clause (iii) and Clause (iv).

 

		13.3	The Company shall give the Investor, a written notice of any
such Proposed Issuance and such notice shall specify:

 

		(i)	the number and class of Securities proposed to be issued;

 

		(ii)	the price for the Proposed Issuance;

 

    	 	30	 

     

    

 

		(iii)	the manner and time of payment of the subscription amount;

 

		(iv)	the date of the Proposed Issuance; and 

 

		(v)	other terms and conditions for the Proposed Issuance. (the “Offered
Terms”).

 

		13.4	The Investor shall be required to communicate to the Company,
in writing, whether or not the Offered Terms are acceptable to them within 30 (thirty) Business Days from the date on which it
received the Offered Terms. If the Investor does not accept the Offered Terms resulting in it not subscribing to any of the new
Securities, or the Investor does not subscribe to the extent of its pro rata entitlements as specified above in Clause 13.1, then
the Company shall make an offer in respect of the unsubscribed portion of the new Securities to Persons participating in the Promoter
CCD Issuance or Primary Issuance (as the case maybe) that were offered to the Investor pursuant to the Proposed Issuance (or any
of its Affiliates), on the Offered Terms. 

 

		14.	EVENTS OF DEFAULT

 

The
occurrence of any one of the following events shall constitute an “Event of Default”
for the Company for the purposes of the Transaction Documents.

 

		14.1	Payment

 

Any
failure/ breach/ default/ delay by the Company to meet its payment obligations towards the Coupon or Default Interest (if applicable),
etc., when they become due in respect of the Investor CCDs. In the event of such default, the Investor shall provide a notice to
the Company and the Company will have 7 (seven) Business Days to remedy the default. If the default is not remedied within the
7 (seven) Business Days, then it will be deemed an Event of Default.

 

		14.2	Security

 

		14.2.1.	Failure on the part of the Company to create or cause the creation
and/or perfection of the Secured Interests in the manner as set out under this DSA and the same is not cured within a period of
15 (fifteen) days from the date of creation or perfection (as the case may be) as agreed under this DSA. 

 

		14.2.2.	If the Secured Interest and/or any part thereof is prejudicially
affected in any manner whatsoever or any proceedings are pending/ threatened (in writing)/ commenced which is likely to have an
adverse impact on the Security and the same is not cured within a period of 30 (thirty) days from the date of its occurrence. 

 

		14.2.3.	The title of the Company to the Security being found defective
or the occurrence of any event which in the opinion of the Investor will prejudice or affect: (i) the
title of any of the Company to the Security (or any part thereof); or (ii) the validity,
enforceability or effectiveness of the Security created by the Company in respect of the Security, and the same is not rectified
within a period of 30 (thirty) days from the date of its occurrence.

 

		14.2.4.	Attachment or restraint is levied on any Security on which Security
is created as provided in this DSA and/or other Transaction Documents and the same is not lifted within a period of 30 (thirty)
days from the date of its occurrence. 

 

    	 	31	 

     

    

 

		14.3	Cross Default

 

		14.3.1.	Any Financial Indebtedness of the Company and/or its subsidiaries,
if any, is not paid when due, and the same is not cured within a period of 30 (thirty) days from the due date. 

 

		14.3.2.	Any Financial Indebtedness of the HoldCo exceeding INR 30,00,00,000
(Rupees thirty crores only) is not paid when due, and the same is not cured within a period of 30 (thirty) days from the due date.

 

		14.3.3.	Any financial creditor of the Company and/or the HoldCo any other
subsidiary of the HoldCo becomes entitled to declare any Financial Indebtedness of the Company and/or the HoldCo any other subsidiary
of the HoldCo (as the case may be) and payable before its specified maturity as a result of an event of default (however described),
and the same is not cured within a period of 30 (thirty) days from the date of occurrence of said event of default (however described).

 

		14.4	Control / Shareholder

 

		14.4.1.	Any change in Control of the Company, without obtaining the prior
written consent of the Investor except as contemplated in Clause 12.12.1 of this DSA. 

 

		14.4.2.	Any change in the Control of the HoldCo, without obtaining the
prior written consent of the Investor. 

 

		14.5	Covenants

 

Any
failure/breach/default by the Company to comply with/fulfil any of the covenants and/or undertakings under this DSA and/or the
Transaction Documents within the specified period under the terms and conditions of this DSA and/or any of the Transaction Documents
and the same is not cured within 30 (thirty) days from the date of its occurrence.

 

		14.6	Representations and Warranties

 

Any
information given by the Company in the Transaction Documents and/or other information furnished and/or the Warranties given to
the Investor for availing financial assistance by way of subscription to the debentures is, or proves to be, incorrect in any material
respect or misleading in any manner, and the same is not rectified within a period of 30 (thirty) days from the date of misrepresentation.

 

		14.7	Insolvency Event

 

		14.7.1.	Occurrence of an Insolvency Event of the Company and/or any other
member of the Promoter Group and the same is not cured within 30 (thirty) days from the date of its occurrence.

 

		14.7.2.	Commencement of liquidation proceedings and/or appointment of
liquidator and/or appointment of a receiver and/or dissolution of the Company and/or any other member of the Promoter Group.

 

		14.8	Business

 

The
Company suspends or ceases (or threatens to suspend or cease as evidenced in writing) to carry out all or a substantial part of
their respective business. HoldCo shall continue to honour and perform under the customer agreements pertaining to the datacentre
business to ensure that there is no Material Adverse Effect on the Business of the Company. 

 

    	 	32	 

     

    

 

		14.9	Unlawful

 

The
issuance of Investor CCDs or the Secured Interest created in relation to the Investor CCDs or the performance of obligations of
the Company and / or the Promoter Group under the Transaction Documents, becomes unlawful, invalid or unenforceable and the same
is not cured within 30 (thirty) days from the date of its occurrence.

 

		14.10	Government Intervention

 

		14.10.1.	Any Governmental Authority having condemned, nationalized, seized,
or otherwise expropriated all or any part of the assets of the Company or having assumed custody or control of the business or
operations of the Company, or having taken any action for the dissolution of the Company, or any action that would prevent the
Company or their respective officers from carrying on its business or operations or a substantial part thereof, and the same is
not vacated/reversed within a period of 30 (thirty) days from the date of occurrence of such event.

 

		14.10.2.	Any Governmental Authority takes any action to prevent the Company
from conducting any of their businesses or carrying out their operations in any manner and the same is not vacated/reversed within
a period of 30 (thirty) days from the date of occurrence of such event.

 

		14.11	End Use

 

Any
utilisation of funds pertaining to the Investor CCDs other than for the end use as stated under this DSA.

 

		14.12	Conditions Subsequent

 

Any
failure/breach/default by the Company to comply with/fulfil any of the conditions subsequent as set out in Clause 9 within the
specified period under the terms and conditions of this DSA and/or any of the Transaction Documents or such other extended period
agreed with the Investor/Debenture Trustee, and the same is not cured within a period of 30 (thirty) days from the date of such
failure/breach/default. 

 

		14.13	Material Adverse Effect

 

Occurrence
of a Material Adverse Effect and the same is not cured within 30 (thirty) days from the date of its occurrence.

 

		14.14	Repudiation

 

The
Company rescinds or repudiates a Transaction Document or evidences an intention in writing to repudiate a Transaction Document.

 

		14.15	Legal Proceedings

 

		14.15.1.	Any litigation, arbitration, investigative or administrative
proceeding, whether current, pending or threatened against the Company which is likely to have a Material Adverse Effect and the
same is not stayed within 30 (thirty) days from the date of its occurrence.

 

		14.15.2.	The Company fails to comply with or pay any sum due from it under
any final judgment or any final order made or given by a court of competent jurisdiction pursuant to any proceedings or litigation
which is not set aside or reversed by the Company, and which has a Material Adverse Effect and the same is not paid within 30 (thirty)
days from the due date. 

 

    	 	33	 

     

    

 

		14.15.3.	Any administrative or judicial proceedings initiated against
Company by any Governmental Authority, courts or tribunals, which results in an unfavourable order against Company, which is not
set aside or reversed by the Company and Investor, in their sole opinion, determines that such order has caused Material Adverse
Effect.

 

		14.15.4.	If the Company, without the previous consent in writing of the
Investor, makes or attempts to make any alteration in the provisions of its Memorandum and/or Articles of Association, except to
the extent as may be required under Applicable Law to give effect to the Exit Event. 

 

		14.16	Security

 

The
Company shall create Security for securing the Secured Obligations of the Company and HoldCo. The Debenture Trustee (acting for
the benefit of the Investor) shall hold the Security created by the Company under or in terms of the Transaction Documents, in
its favour, upon trust, subject to the powers and provisions contained herein, for securing the Secured Obligations.

 

		15.	CONSEQUENCES OF EVENTS OF DEFAULT

 

		15.1	The Investor shall have right to declare an Event of Default
pursuant to occurrence of the events as identified above in Clause 14.

 

		15.2	Upon occurrence of an Event of Default, the Investor shall send
a notice to the Debenture Trustee (“Event of Default Notice”) by registered
post/acknowledgement due or speed post/acknowledgement due or courier or hand delivery with proof of delivery as also through email
as a text or as an attachment to email with a notification including a read receipt, and proof of dispatch of the Event of Default
Notice or email, shall be maintained.

 

		15.3	The Debenture Trustee shall take necessary action of enforcing
the Security. 

 

		15.4	Subject to the above, the Investor shall apart from the right
to enforce Secured Interest also have the following rights (notwithstanding anything in these presents to the contrary):

 

		15.4.1.	To enforce any Security created pursuant to the Security Documents in accordance with the terms
thereof, as may be set out therein, towards the due discharge of the Secured Obligations;

 

		15.4.2.	To appoint a nominee director on the Board of the Company (“Nominee Director”);
Once Nominee Director has been appointed, the Investor shall not be entitled to appoint Investor Observer;

 

		15.4.3.	Initiate any enforcement action including without limitation under the Securitisation and Reconstruction
of Financial Assets and Enforcement of Securities Interest Act, 2002 and Insolvency and Bankruptcy Code, 2016 (wherever applicable);

 

		15.4.4.	Levy Default Interest on the Investor Aggregate Accreted Amount and Coupon amounts outstanding
on the Investor CCDs;

 

    	 	34	 

     

    

 

		15.4.5.	The 6% (six per cent) Coupon shall be escalated to such a coupon which would entitle the Investor
[***]% (*** per cent) IRR with respect to all of the Investor CCDs from the date of allotment and subscription of the relevant
Investor CCD till the receipt of all the moneys due and payable to the Investor in accordance with the terms of this DSA and the
other Transaction Documents;

 

		15.4.6.	Investor prior approval shall be required in the event of the following:

 

		(i)	Borrowings obtained (secured or unsecured) and incurring any indebtedness or making any prepayments
or giving any guarantee by the Company, except for an amount of upto INR 30,00,00,000 (Rupees thirty crores only) on account of
completion of existing projects of the Company;

 

		(ii)	Any change in the authorised, issued, paid-up, subscribed equity or preference capital structure
of the Company or amendment thereof (including issuance of any Securities by the Company), or any re-organization or reclassification
of the capital structure of the Company, redemption, repurchase or buyback or other cancellation of any Securities of the Company
or the creation of any subsidiary and any intermediate holding company or joint venture, whether by acquisition of otherwise or
modification to the terms of any joint venture or strategic alliance;

 

		(iii)	Any new capital expenditure by the Company in a financial year, except for an amount of upto INR
30,00,00,000 (Rupees thirty crores only) on account of existing and committed capital expenditure for completion of existing projects
of the Company.

 

		15.4.7.	Exercise such other rights under Applicable Law, as the Investor may deem fit.

 

		15.5	If the Investor appoints a Nominee Director as mentioned in Clause
15, the following provisions shall become applicable: 

 

		15.5.1.	The Company shall appoint the Nominee Director forthwith on receiving a nomination notice from
the Investor.

 

		15.5.2.	The Nominee Director shall not be required to hold qualification shares nor be liable to retire
by rotation and be appointed member of all committees if any constituted by the Company, if so desired by Investor/Debenture Trustee.
However, the Nominee Director shall provide all requisite documents required under the Act for his appointment.

 

		15.5.3.	The Nominee Director shall be entitled to receive all notices, agenda, etc. and to attend all general
meetings and board meetings and all committees constituted the Company of which (s)he is a member. If, at any time, the Nominee
Director is not able to attend any meeting, the Investor/Debenture Trustee may depute an observer to attend the meeting.

 

		15.5.4.	Any expenditure incurred by Investor/ Debenture Trustee and/or the Nominee Director in connection
with the travel and stay expenses for attending Board meetings shall be borne and payable by the Company.

 

		15.5.5.	The appointment/removal of a Nominee Director shall be by notice in writing by Investor/Debenture
Trustee, addressed to the Company and shall (unless otherwise indicated in such notice) take effect forthwith upon such a notice
being delivered to the Company.

 

    	 	35	 

     

    

 

		15.5.6.	The Nominee Director shall be entitled to all the rights, privileges and indemnities of other Directors
but excluding any sitting fees, other fees, commission, money, remuneration and expenses, as are payable by the Company to the
other Directors.

 

		15.5.7.	Once the Nominee Director is appointed as aforesaid, for all meetings of the Board the presence
of the Nominee Director shall be required for the purposes of achieving quorum and no decision may be taken by the Board, in relation
to any matters, without having obtained the approval of the Nominee Director, except if the Nominee Director fails to attend 2
(two) consecutive adjourned meetings, provided sufficient time period has been given between the adjourned meetings and detailed
notices, agenda etc., has been delivered to such Nominee Director/ Investor.

 

		15.5.8.	The Company shall amend its Articles of Association, if necessary, to give effect to the above
provisions governing the Nominee Director.

 

		16.	STRATEGIC EXIT

 

		16.1	Other than as contemplated under the DSA and other Transaction
Documents, in the event the Company is desirous of raising funds by way of issuance of further Securities of the Company (“Capital
Raise”), the Company shall have the right to undertake such Capital Raise, provided that:
(i) such issuance of Securities is to a Strategic Investor whereby such Strategic Investor
proposes to acquire 26% (twenty six per cent) or more of the equity capital of the Company on a Fully Diluted Basis; and (ii)
such Capital Raise shall be undertaken at the equity valuation (“Strategic Equity
Valuation”) which is not less than Equity Valuation.

 

		16.2	In case Capital Raise is in multiple tranches, the conditions
set out in Clause 16.1 shall continue to apply and for the purpose of determining Strategic Equity Valuation, the highest equity
valuation out of the multiple tranches shall be considered. 

 

		16.3	During such Capital Raise exercise, the Investor shall have the
right, either, (i) to sell all of the Investor CCDs held by it in the Company to the Strategic
Investor at Strategic Sale Exit Price (“Strategic Sale Exit”), or (ii)
to continue to remain invested in the Company. If the Strategic Investor requires the Investor
to sell all or any of the Investor CCDs held by the Investor in the Company or any part thereof, then the Investor shall be entitled
to sell all of the Investor CCDs held by it in the Company to the Strategic Investor provided that the Investor realises higher
of, (a) [***]% (*** per cent) IRR on the Investor Aggregate Accreted Amount, or (b)
basis the Strategic Equity Valuation (“Strategic Sale Exit Price”).

 

		16.4	In the event of Strategic Sale Exit by the Investor, the Investor
shall provide representations and warranties and indemnity only in relation to the title of Investor CCDs. 

 

		16.5	In the event the Investor decides not to sell the Investor CCDs
by way of Strategic Sale Exit, the Strategic Investor shall have the right to renegotiate with the Investor only with respect to
the Exit Period and the Exit Long Stop Date. If the exit period and the exit long stop date as proposed by the Strategic Investor
is not acceptable to the Investor, then the Strategic Investor shall have the obligation to acquire all of the Investor CCDs at
Strategic Sale Exit Price. The Investor shall not bear and pay all the expenses and costs incurred in connection with such Capital
Raise and Strategic Sale Exit by the Investor (as applicable). 

 

		17.	EXIT RIGHTS

 

		17.1	The Company shall (HoldCo shall cause the Company to) appoint
Investment Banker(s) to facilitate exit to the Investor between October 31, 2025, and October 31, 2027 (“Exit Period”).

 

    	 	36	 

     

    

 

		17.2	The Investor will leverage its capital market experience to introduce
Investment Banker(s) and shall cooperate with the Company in the appointment thereof.

 

		17.3	The Board shall constitute a committee of the Board (“IPO
Committee”) to take decisions pertaining to evaluating the below mentioned exit routes
for the Investor. The Investor shall have the right to appoint an Investor representative as a member of the IPO Committee (“IPO
Committee Member”). Once the IPO Committee Member has been appointed as aforesaid, for
all meetings of the IPO Committee the presence of the IPO Committee Member shall be required for the purposes of achieving quorum
and no decision may be taken by the IPO Committee, in relation to any related matters, without having IPO Committee Member present
and voting for each of such matter and detailed notices, agenda etc., shall be provided to such IPO Committee Member prior to any
such IPO Committee meeting. Once the IPO Committee Member is appointed as aforesaid, for all meetings of the Board the presence
of the IPO Committee Member shall be required for the purposes of achieving quorum and no decision may be taken by the Board, in
relation to any matters, without having obtained the approval of the IPO Committee Member, except if the IPO Committee Member fails
to attend 2 (two) consecutive adjourned meetings, provided that a period of 10 (ten) days has been given between the adjourned
meetings and detailed notices, agenda etc., has been delivered to such IPO Committee Member / Investor. 

 

		17.4	The choice of the exit route shall be made by the IPO Committee
(defined hereinafter) as per the recommendation of the Investment Banker(s) and will include evaluating the following options:

		(i)	Qualified IPO; or

 

		(ii)	Alternate Listing.

 

		17.5	Qualified IPO: In the event the exit to the Investor is by way
of a Qualified IPO, then the following clauses shall apply:

 

		17.5.1.	Conduct of Qualified IPO

 

		(i)	The Parties agree and acknowledge that all other material terms
of the Qualified IPO (including in relation to kinds of Securities proposed to be issued/offered, the portion of fresh issuance
or portion of secondary sale under the Qualified IPO, IPO Indicative Price Bands (defined hereinbelow), size of the Qualified IPO
and terms of the prospectus) shall be discussed and approved by the IPO Committee, in consultation with the Investment Banker(s).

 

		(ii)	The Company shall on the recommendation of the IPO Committee
for undertaking the Qualified IPO as contemplated under the DSA, appoint 3 (three) Investment Bankers. Each of the Investment Banker
shall provide an indicative price band for the Qualified IPO which indicative price band shall have a floor price and a cap price
(“IPO Indicative Price Bands”). 

 

		(iii)	The Qualified IPO may be by means of issue of new Securities
of the Company and/or an offer for sale of Securities held by the Shareholders of the Company (“OFS”),
as may be approved by the IPO Committee. The Investor shall be obligated to mandatorily offer all securities held by it in the
Company for sale as part of the OFS, provided that the Promoter Group or any other investor in Company (such as Business Partner)
or any other pre-IPO investors to whom Securities have been issued pursuant to the mutual consent of the Parties, are offering
(in the aggregate) at least 5% (five per cent) of the share capital of the Company for sale as part of the Qualified IPO. 

 

    	 	37	 

     

    

 

		(iv)	In connection with any Listing Application and Qualified IPO
pursuant to this Clause 17.5, each Shareholder shall use its voting rights, at Board or Shareholders’ meetings: 

 

		(a)	to procure that the Company shall prepare
a prospectus or admission document in respect of such Listing Application and apply to the relevant Recognised Stock Exchange (or
any government or regulatory authority having jurisdiction over such Recognised Stock Exchange) for admission for trading of the
Securities (or, as applicable all the issued share capital of the Company) and shall use reasonable endeavours to cause such Listing
Application to become effective as promptly as practicable after application thereof within such time period as may be approved
by the Board as recommended by the Investment Banker; and

 

		(b)	to take all actions necessary, and also to
cause the Company to take such action as required by the Applicable Law or regulation (including any requirements of the Recognised
Stock Exchange) on which the Securities will be listed, or as shall be advised by the Investment Banker in relation to such Qualified
IPO, as being required for the Qualified IPO.

 

		(v)	In the event the Company undertakes a Qualified IPO, the HoldCo
shall cooperate to facilitate the Qualified IPO, including without limitation with respect to: (a) the
exercise of its voting rights at relevant Shareholder meetings, and (b) causing all its
nominated Directors to execute all documents as required by the Company from time to time in connection with the Qualified IPO.

 

		(vi)	Lock in of HoldCo shares: The HoldCo shall contribute such percentage
as may be required as per the Applicable Laws to enable the Qualified IPO towards minimum promoters’ contribution as required
under Regulation 16 of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018,
as amended from time. 

 

		(vii)	The Company shall bear and pay all the expenses incurred in connection
with the Qualified IPO, including without limitation all registration, filing and qualification fees, and printing, legal and accounting
fees and disbursements.

 

		17.6	In the event the exit to the Investor is by way of Alternate
Listing, HoldCo shall use its voting rights, at Board or Shareholders’ meetings to procure that the Company shall prepare
a prospectus or admission document in respect of such Alternate Listing and apply to the relevant exchange (or any government or
regulatory authority having jurisdiction over such exchange) for such Alternate Listing and shall cause such Alternate Listing
to become effective promptly, or within such time period as may be approved by the IPO Committee on the recommendation of the Investment
Banker; and to take all actions necessary or advised by the Investment Banker, and to cause the Company to take such other action
as required by the Applicable Law or regulation (including any requirements of the exchange) on which such Alternate Listing will
be undertaken. Additionally, HoldCo shall cooperate to facilitate the Alternate Listing, including without limitation with respect
to: (i) the exercise of its voting rights at relevant Shareholder meetings; and (ii)
causing its nominated Directors to execute all documents as required by the Company from time
to time in connection with such Alternate Listing. For the purpose of this DSA, “Alternate Listing”
shall mean that the Company / HoldCo and/ or the Promoter Group shall either set up or through third party vehicles like REIT/
InVIT or similar fund raising vehicles/ entities in India, Singapore, United States of America or any other alternate exchange
with Investor’s approval, provide exit to the Investor. All the conditions agreed to in relation to Qualified IPO shall also
become applicable to Alternate Listing, for Parties to achieve the commercial intent as agreed to in Clause 17.5. 

 

    	 	38	 

     

    

 

		17.7	It is agreed and understood by the Parties that if the Company
does not provide / has not provided, the Investor with exit by way Qualified IPO or Alternate Listing on or before October 31,
2029 (“Exit Long Stop Date”), then such non-exit to the Investor shall not
be considered as an Event of Default, however, such non-exit to the Investor shall result in the following provisions becoming
applicable. The Investor shall have the following rights (notwithstanding anything in these presents to the contrary) upon expiry
of 90 (ninety) days from the Exit Long Stop Date:

 

		17.7.1.	to appoint a Nominee Director on the Board of the Company or
retain the rights to appoint Investor Observer. 

 

		17.7.2.	Investor prior approval shall be required in the event of the
following: 

 

		(a)	Borrowings obtained (secured or unsecured) and incurring any
indebtedness or making any prepayments or giving any guarantee by the Company, except for an amount of upto INR 30,00,00,000 (Rupees
thirty crores only) on account of completion of existing projects of the Company;

 

		(b)	Any change in the authorised, issued, paid-up, subscribed equity
or preference capital structure of the Company or amendment thereof (including issuance of any securities by the Company), or any
re-organization or reclassification of the capital structure of the Company, redemption, repurchase or buyback or other cancellation
of any securities of the Company or the creation of any Subsidiary and any intermediate holding company or joint venture, whether
by acquisition of otherwise or modification to the terms of any joint venture or strategic alliance; 

 

		(c)	Any new capital expenditure by the Company in a financial year,
except for an amount of upto INR 30,00,00,000 (Rupees thirty crores only) on account of existing and committed capital expenditure
for completion of existing projects of the Company.

 

		18.	TERMINATION

 

		18.1	Termination

 

This
Agreement shall terminate upon earlier of the following:

 

		18.1.1.	By the mutual written agreement of all the Parties;

 

		18.1.2.	At the option of Investor if the First Closing does not occur in accordance with Clause 8 to the
satisfaction of the Investor;

 

		18.1.3.	Upon conversion of all the Investor CCDs as may be required under Applicable Law including upon
consummation of the Qualified IPO pursuant to listing of the securities of the Company, except (subject to Applicable Laws) the
right to appoint an Investor Observer and information rights as contemplated in Clauses 12.11 and 12.4 in case of termination under
Clause 18.1.3, 18.1.4 and 18.1.5, provided that such rights shall fall away upon the Investor ceasing to hold any Investor CCDs
and/or equity shares of the Company;

 

    	 	39	 

     

    

 

		18.1.4.	If any action has been taken other than as provided under this Agreement, any order has come into
effect, or any Applicable Law has been enacted, promulgated or issued or deemed applicable to the transactions contemplated by
this Agreement, which would restrain, enjoin or otherwise prohibit or make illegal the consummation of the transactions contemplated
hereby or which prevents Investor from exercising its rights under this Agreement;

 

		18.1.5.	In the event of Strategic Sale Exit, as contemplated under Clause 16 in this DSA, where the Investor
has sold all of its Investor CCDs pursuant to such Strategic Sale Exit; or

 

		18.1.6.	With respect to the Investor, upon the Investor ceasing to hold any Investor CCDs and/or equity
shares of the Company.

 

		18.2	Accrued Rights

 

Clause
18.1 shall not affect the rights or obligations of any Party which have accrued prior to termination. Any termination of this DSA
shall be without prejudice to any rights and obligations accrued or incurred prior to the date of such termination.

 

		19.	CONFIDENTIALITY

 

		19.1	Each Party hereby agrees that any Confidential Information obtained
by such Party (the “Receiving Party”) which is, or would reasonably be perceived
to be, proprietary to any other Party (the “Disclosing Party”) or otherwise
confidential, will not be disclosed without the prior written consent of the Disclosing Party; provided that any information shall
not be deemed proprietary or confidential if: (i) such information is now or subsequently
becomes publicly known or available by publication, commercial use or otherwise, through no fault of the Receiving Party; (ii)
such information was previously known by the Receiving Party at the time of disclosure from a
source other than the Disclosing Party without violation of an obligation of confidentiality; (iii) such
information is independently developed by the Receiving Party without the use of any confidential or proprietary information; (iv)
such information is lawfully obtained by the Receiving Party from a third party without violation
of a confidentiality obligation; or (v) the Disclosing Party agrees in writing that such
information may be disclosed by the Receiving Party.

 

		19.2	Notwithstanding Clause 19.1, the Receiving Party may disclose
Confidential Information: (i) to employees of the Receiving Party, legal advisors, auditors
and any third party (for discharge of any professional duties/assignment) that is under an obligation of confidentiality to the
Company; (ii) to the extent to which it is required to be disclosed pursuant to Applicable
Law or any litigation, action, suit, charge hearing, claim, petition, legal quasi-judicial, administrative, regulatory, arbitration
or other alternative dispute resolution proceedings or investigations by any Governmental Authority or other similar requirements
provided that, wherever legally permitted, the Disclosing Party is given prior written notice of such disclosure in order to allow
it to exercise and/ or enforce its rights hereunder; and (iii) in accordance with the
terms of this DSA.

 

		19.3	Notwithstanding any other provision of this DSA, the rights and
obligations of the Parties under this Clause 19 shall survive for 3 (three) years following termination of this DSA.

 

    	 	40	 

     

    

 

		20.	INDEMNITY

 

		20.1	The Company and HoldCo (collectively, the “Indemnifying
Parties”) shall, on a joint and several basis, hereby indemnify, defend and hold harmless
each of the Investor, Debenture Trustee and their respective directors, officers, representatives and employees (collectively,
the “Indemnified Parties”) from and against any and all Losses arising out
of/as a result of:

 

		20.1.1.	The Warranties under this Agreement being false or untrue or misleading; and/ or

 

		20.1.2.	Breach of covenants as set out in Clauses 12.1, 12.2, 12.4.3 and 12.12.

 

		20.1.3.	Upon occurrence of Material Adverse Effect as a result of events set out in Schedule X. 

 

		20.1.4.	The exercise of any of the rights by the Investor under this DSA and any of the Transaction Documents
as a result of any breach or non-performance of any obligations of the Company under the DSA.

 

		20.2	The HoldCo hereby indemnifies, shall defend and hold harmless
each of the Indemnified Parties from and against any and all Losses arising out of any misrepresentation or inaccuracy in any of
its representations, warranties or other undertakings given by the HoldCo, contained in this Agreement.

 

The
Indemnifying Party shall forthwith upon receipt of any notice from any Indemnified Party in relation to the aforesaid, pay over
to and make good to Indemnified Party all the sums and amounts as may be claimed by the Indemnified Party in this regard from the
Indemnifying Party and all such amounts shall form part of Secured Obligations and in case of failure on part of the Indemnifying
Party to make payment of the same, the Indemnified Party shall be entitled to recover them from the Security in accordance with
the Security Documents. However, in the event that any notice is received by the Indemnified Party from a third party, for which
the Indemnified Party are indemnified hereunder, the Indemnified Party shall consult with the Indemnifying Party before discharge
of the said claim and in the event that the Indemnifying Party in good faith states and is able to prove to the Indemnified Party
that the claim can be contested, the Indemnified Party shall in consultation with the Indemnifying Party contest the said claim
at the cost and expense of the Indemnifying Party and the Indemnifying Party shall keep the Indemnified Party fully indemnified
in such proceedings. Further, in the event that even after contesting the claim, the liability subsists, the Indemnifying Party
shall forthwith pay the same directly to the concerned third party and in the event that for any reason the Indemnified Party has
to discharge the said claim the Indemnifying Party shall forthwith pay over to and make good to the Indemnified Party all of the
said amounts and all such amounts shall form part of Secured Obligations and in case of failure on part of the Indemnifying Party
to make payment of the same, the Indemnified Party shall be entitled to recover them from the enforcement of the Secured Interest
in accordance with the Security Documents.

 

		20.3	The indemnification rights of the Indemnified Parties under this
DSA are independent of, and in addition to, such other rights and remedies as the Indemnified Parties may have at law or in equity
or otherwise, including the right to seek specific performance, rescission, restitution or other injunctive relief, none of which
rights or remedies shall be affected or diminished thereby.

 

    	 	41	 

     

    

 

		21.	GOVERNING LAW

 

This DSA shall
be governed and interpreted by, and construed in accordance with, the laws of India. Subject to Clause 22, the courts in Chennai,
India shall have exclusive jurisdiction in relation to any Dispute.

 

		22.	DISPUTE RESOLUTION

 

The Parties hereby
irrevocably agree:

		22.1.	That any dispute connected to, arising out of or relating to this DSA (“Dispute”)
shall be first sought to be settled by mutual discussions between the disputing Parties, pursuant to a written notice sent by the
Party claiming that a Dispute has arisen to the other Parties involved in the Dispute, and to the Company, which notice shall contain
the details of the Dispute. In the event that the Dispute cannot be settled by mutual discussions between the Parties within a
period of 30 (thirty) Business Days from the receipt of the notice by the other Parties involved in the Dispute, the Party sending
the notice may commence arbitration proceedings under the Arbitration and Conciliation Act, 1996, as amended and enacted from time
to time (“Arbitration Act”). The Arbitration Act is deemed to be incorporated by reference in this Clause 22.

 

		22.2.	each Party to the Dispute shall appoint 1 (one) arbitrator each, subject to the following:

 

		22.2.1.	If the Company and the HoldCo are Parties to a Dispute, they shall jointly appoint 1 (one) arbitrator;
and

 

		22.2.2.	If the total number of arbitrators appointed for a Dispute in the manner set out above, results
in an even number of arbitrators, then the arbitrators so appointed shall jointly appoint 1 (one) more arbitrator (the “Arbitral
Tribunal”). The Arbitral Tribunal shall decide any such Dispute strictly in accordance with the governing law specified
in Clause 21 (Governing Law).

 

		22.3.	The award of the Arbitral Tribunal shall be conclusive and may be enforced in any other jurisdiction
by suit on or by proceedings in execution of the judgment. Nothing herein shall affect the right of the Investors to commence legal
proceedings for interim reliefs as contemplated under the Arbitration Act.

 

		22.4.	All costs and expenses incurred by a Party under this Clause 22 shall be payable by such Party
as may be determined by the Arbitral Tribunal.

 

		22.5.	The seat and venue of arbitration shall be Chennai and the language to be used in the arbitral
proceedings shall be English.

 

		22.6.	Any award made by the Arbitral Tribunal shall be final and binding on each of the Parties that
were parties to the Dispute. Judgment upon any arbitral award rendered hereunder may be entered in any court having jurisdiction,
or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be.

 

		22.7.	Each Party shall co-operate in good faith to expedite (to the maximum extent practicable) the conduct
of any arbitral proceedings commenced under this Agreement.

 

		22.8.	When any Dispute occurs and is under arbitration, except for the matters under Dispute, the Parties
shall continue to exercise their remaining respective rights, and fulfill their remaining respective duties and obligations, under
this Agreement.

 

    	 	42	 

     

    

 

		23.	FURTHER ASSURANCES

 

Each Party
shall give such further assurance, provide such further information, take such further actions and execute and deliver such further
documents and instruments as are, in each case, within its power to give, provide and take so as to give full force and effect
to the provisions of this DSA.

 

		24.	NOTICES

 

		24.1	Any notice or other writing to be given by any Party to the other
Parties in connection with or under this DSA or for the purposes of this DSA shall be in writing and in English. Any such notice
may be given by personal delivery or by courier or by fax (followed by courier) or by electronic email (followed by courier) addressed
as follows:

 

If to the
Company:

 

Attention:
V. Ramanujan, Chief Financial Officer

Address: “Tidel
Park”, 2nd Floor, No.4, Rajiv Gandhi Salai, Taramani, Chennai – 600 113

Telephone: 044-22540770

E-mail: ramanujan.veeraghavan@sifycorp.com

 

If to the
HoldCo:

 

Attention:
S. Athmanandha Perumal, Head Legal

Address: “Tidel
Park”, 2nd Floor, No.4, Rajiv Gandhi Salai, Taramani, Chennai – 600 113

Telephone:
044-22540770

E-mail:
athmanandha.perumal@sifycorp.com 

 

If to the
Investor:

 

Attention:
Mr. Eshwar Karra

Address: 27
BKC, 7th Floor, Plot No. C-27, G Block, Bandra Kurla Complex, Bandra East,

Mumbai – 400051 

Telephone:
022-43360704 

		E-mail:	eshwar.karra@kotak.com

 

or to such other
address as any Party shall designate by written notice to the other Parties and shall be deemed to be given only when delivered
by personal delivery or by courier or by fax (followed by courier) or by electronic mail (followed by courier) at the abovementioned
address. The effective date of any notice shall be the earlier of: (i) actual receipt; and (ii) deemed receipt as
detailed below in Clause 24.2.

 

		24.2	Any notice pursuant to this Clause 0 is deemed given:

 

		24.2.1.	If delivered personally: on the date of delivery provided that if such day is not a Business
Day then the notice shall be deemed to have been given and received on the next Business Day in the country of the recipient following
such day;

 

		24.2.2.	If delivered by courier: 2 (two) days after being mailed by courier, provided such day is
a Business Day failing which the immediately following Business Day;

 

		24.2.3.	If transmitted by fax: on the date of transmission provided that, if transmission is after
business hours, then the notice shall be deemed to have been given and received on the next Business Day in the country of the
recipient following the date of transmission; or

 

    	 	43	 

     

    

 

		24.2.4.	If transmitted by email (and wherever required, followed by courier): 3 (three) days after
being mailed by courier, provided such day is a Business Day failing which the immediately following Business Day.

 

		24.3	All notices, counter notices or other instruments or designations
delivered by any Investor in relation to this DSA shall be effective if, signed by the Investor’s representative.

 

		25.	COSTS AND EXPENSES

 

		25.1	Each Party is responsible for any costs and expenses incurred
by it in relation to the execution of this DSA and any transactions contemplated hereunder. The Company shall be responsible for
the payment of any and all stamp duties related to: (i) the execution of this DSA; and
(ii) the issue and allotment of the Series 1 CCD and Series 2 CCD or any Additional CCDs
that may be issued in the future, under the terms of this DSA.

 

		25.2	The Restated Charter Documents of the Company shall be amended
to appropriately reflect the provisions of this DSA.

 

		26.	ASSIGNMENT

 

		26.1	Each of the Company and the HoldCo and each of the Shareholders
of the HoldCo shall not be entitled to, nor shall it purport to Transfer all or any of its respective rights and/or obligations
under this DSA nor grant, declare, create or dispose of any right or interest in it, in whole or in part or create an Encumbrance.

 

		26.2	The Investor shall be entitled to assign/Transfer the Investor
CCDs, its rights, duties, benefits and obligations under this DSA to any Person who shall have acquired Investor CCDs from the
Investor in accordance with the terms of this DSA subject to execution of a Deed of Adherence for Investor Transferee by such Person.

 

		26.3	This DSA shall be binding upon and inure to the benefit of the
Parties and their respective heirs, successors, permitted assigns, executors and administrators.

 

		27.	WAIVER

 

No
waiver of any right under this DSA shall be effective unless in writing. Unless expressly stated otherwise a waiver shall be effective
only in the circumstances for which it is given. No delay or omission by any Party in exercising any right or remedy provided by
the Applicable Law or under this DSA shall constitute a waiver of such right or remedy. The single or partial exercise of a right
or remedy under this DSA shall not preclude any other nor restrict any further exercise of any such right or remedy.

 

		28.	AMENDMENTS

 

This
DSA may not be amended, modified or supplemented except by a written instrument executed by each of the Parties. The charter documents
shall be amended as appropriate and subject to the Shareholder’s approval to reflect any such agreed variation.

 

		29.	NO PARTNERSHIP

 

No
Party shall act as an agent of the other Party or have any authority to act for or to bind the other Party.

 

    	 	44	 

     

    

 

		30.	RESERVATION OF RIGHTS

 

No
forbearance, indulgence or relaxation or inaction by any Party at any time to require performance of any of the provisions of this
DSA shall in any way affect, diminish or prejudice the right of such Party to require performance of that provision. Any waiver
or acquiescence by any Party of any breach of any of the provisions of this DSA shall not be construed as a waiver or acquiescence
of any right under or arising out of this DSA or of the subsequent breach, or acquiescence to or recognition of rights other than
as expressly stipulated in this DSA.

 

		31.	INDEPENDENT RIGHTS

 

Subject
to the terms of this DSA, each of the rights of the Parties are independent, cumulative, and the exercise or non-exercise of any
such rights shall not prejudice or constitute a waiver of any other right of the Party, whether under this DSA or otherwise; provided
that where different rights are created as a result of or on account of a single cause of action, where a Party has achieved complete
remedy by pursuing one course of action, such Party shall not be entitled to pursue other causes of action to seek further remedies
for the same cause of action. 

 

		32.	ENTIRE AGREEMENT

 

This
DSA along with the other Transaction Documents sets out the entire agreement and understanding between the Parties with respect
to the subject matter hereof and supersedes and extinguishes any and all prior discussions, correspondence, arrangements or agreements
between the Parties hereto with respect to the matters contained in this DSA or in the Transaction Documents, whether in oral or
in writing (tacit, moral or otherwise).

 

		33.	PARTIAL INVALIDITY

 

If
any provision of this DSA or the application thereof to any Person or circumstance shall be invalid or unenforceable to any extent
for any reason including by reason of any Applicable Law, the remainder of this DSA and the application of such provision to persons
or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each provision
of this DSA shall be valid and enforceable to the fullest extent permitted by Applicable Law. Any invalid or unenforceable provision
of this DSA shall be replaced with a provision, which is valid and enforceable and most nearly reflects the original intent of
the invalid and unenforceable provision.

 

		34.	COUNTERPARTS

 

This
DSA may be executed in 1 (one) or more counterparts, each of which when so executed and delivered shall be deemed an original but
all of which together shall constitute one and the same instrument and any Party may execute this DSA by signing any 1 (one) or
more of such originals or counterparts. This DSA may be executed and delivered by facsimile or by .pdf file and upon such delivery
the facsimile or .pdf signature will be deemed to have the same effect as if the original signature had been delivered to the other
party.

 

		35.	LAST PARTY EXECUTION

 

This
DSA shall be deemed to have been executed and shall come into force on the date when it is accepted and executed by the Company,
who shall be the last party executing this DSA.

 

    	 	45	 

     

    

 

		36.	SURVIVAL

 

The
following Clauses shall survive the termination of this DSA: 

 

		(i)	Clause 1 (Definitions and Interpretation);

 

		(ii)	Clause 18 (Termination);

 

		(iii)	Clause 19 (Confidentiality);

 

		(iv)	Clause 20 (Indemnity);

 

		(v)	Clause 21 (Governing Law);

 

		(vi)	Clause 22 (Dispute Resolution);

 

		(vii)	Clause 0 (Notices);

 

		(viii)	Clause 25 (Costs and expenses);

 

		(ix)	Clause 36 (Survival).

 

[The remainder
of this page has been intentionally left blank. Signature pages to follow.]

 

    	 	46	 

     

    

 

SIGNATURE PAGE

 

IN WITNESS WHEREOF,
the Parties hereto have subscribed their signatures to this DSA on the date first above mentioned.

 

	
        SIGNED and DELIVERED

        By

        Sify Infinit Spaces Limited

        By

         

        Name: V Ramanujan

         

        Designation: CFO
	
        )

        )

        )

        )

        )

        )

        )

        )
	
         

         

 

    	 	47	 

     

    

 

SIGNATURE PAGE

 

IN WITNESS WHEREOF,
the Parties hereto have subscribed their signatures to this DSA on the date first above mentioned.

 

	
        SIGNED and DELIVERED

        By

        Sify Technologies Limited,

        By

         

        Name: S. Athmanandha Perumal

         

        Designation: Legal Head
	
        )

        )

        )

        )

        )

        )

        )

        )
	 

 

    	 	48	 

     

    

 

SIGNATURE PAGE

 

IN WITNESS WHEREOF,
the Parties hereto have subscribed their signatures to this DSA on the date first above mentioned.

 

	
        SIGNED and DELIVERED

        By

        Kotak Special Situations
        Fund

        Represented by Kotak Investment
        Advisors Limited

          

         

        Authorized Signatory

          

         

        Name: Eshwar Karra

          

         

        And

         

         

        Authorized Signatory

          

         

        Name: Rahul Shah

         
	
        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )

        )
	 

    	 	49	 

     

    

 

SCHEDULE
I

 

Details of the Investor

 

	Name	 	Address	 	PAN Card	 	Demat Account 

Details
	Kotak Special Situations Fund	 	27 BKC, 7th Floor, Plot No. C-27, G Block, Bandra Kurla Complex, Bandra East. Mumbai – 400051 	 	AADTK7249L	 	Client ID: 20219682(NSDL) DP ID: IN303173

 

    	 	50	 

     

    

 

SCHEDULE
II

 

Part A

 

Details of the shareholding pattern
on the Execution Date

 

	Name of
 Instrument
 Holder	 	Instrument
 Type	 	No. of 
 Units	 	 	Face Value of
 Instrument (INR)	 	 	Paid up Value
 per Instrument
 (INR)	 	 	Paid up Capital
 (INR)	 
	Sify Technologies Limited	 	Equity Shares	 	 	505,000,000	 	 	 	10	 	 	 	10	 	 	 	5,050,000,000	 

 

Part B

 

Details of the shareholding pattern
on the Closing Date

 

	Name of
 Instrument 
 Holder	 	Instrument 
 Type	 	No. of 
 Units	 	 	Face Value of
 Instrument (INR)	 	 	Paid up Value
 per Instrument 
 (INR)	 	 	Paid up 
 Capital (INR)	 
	Sify Technologies Limited	 	Equity Shares	 	 	505,000,000	 	 	 	10	 	 	 	10	 	 	 	5,050,000,000	 
	Kotak Special Situations Fund – Series 1 CCDs	 	Compulsorily convertible secured debentures	 	 	20,000,000	 	 	 	100	 	 	 	100	 	 	 	2,000,000,000	 
	Kotak Special Situations Fund – Series 2 CCDs	 	Compulsorily convertible secured debentures	 	 	20,000,000	 	 	 	100	 	 	 	1	 	 	 	20,000,000	 

 

    	 	51	 

     

    

 

SCHEDULE
III

 

Conditions Precedent

 

The Company shall provide/fulfil
(cause to provide/ fulfil) the following documents/conditions prior to the First Closing Date and shall provide (cause to provide)
all necessary confirmations or the documents and/or evidence of compliance with the said conditions:

 

		1.	A certified true copy of:

 

		(i)	the certificate(s) of incorporation and if applicable, certificate(s) of commencement of business
of the Company;

 

		(ii)	the Memorandum of Association of the Company; and

 

		(iii)	the Articles of Association of the Company.

 

		2.	A certified true copy of the resolutions of the Board of Directors of the Company inter alia
approving the issue of Series 1 CCD and Series 2 CCD in accordance with the Transaction Documents, convening a general meeting
of the Shareholders to approve the issuance of Investor Series 1 CCD and Investor Series 2 CCD by way of special resolution and
opening of a separate bank account for receipt of funds.

 

		3.	A certified true copy of the special resolution passed by the shareholders of the Company under
Sections 62 and 71 and other relevant sections of the Act.

 

		4.	Certified list of the names, titles and specimen signatures of the Persons authorised to approve
and execute the Transaction Documents.

 

		5.	A certificate from an authorised officer / company secretary of the Company, certifying compliance
with Section 185 of the Act, as applicable.

 

		6.	A certificate from an authorised officer / company secretary of the Company, certifying compliance
with Section 186 of the Act, as applicable.

 

		7.	A certificate from an authorised officer / company secretary of the Company, certifying compliance
with Section 188 of the Act, as applicable.

 

		8.	Certificates signed by the authorised officer of Company, providing their shareholding pattern
on or about the date of issuance of CP Satisfaction Letter to the Investor.

 

		9.	Certificates signed by the authorised officer of Company, providing its list of directors on or
about the date of issuance of CP Satisfaction Letter to the Investor.

 

		10.	Certified true copy of the register of charges of the Company.

 

		11.	Execution, registration (as may be necessary), notarization (as may be necessary) and stamping
(as may be necessary) of the following Transaction Documents in the form and format as acceptable to the Company and to the Investor:

 

		(i)	the Disclosure Letter (if any) including disclosure documents as accepted by the Investor;

 

		(ii)	this DSA; and

 

    	 	52	 

     

    

 

		(iii)	Put option agreement;

 

		(iv)	Other Transaction Documents; and

 

		(v)	Any other document as may be agreed between the Company and Investor.

 

		12.	Due and valid execution and/or issuance of any documents, notices, communications and agreements
that may be required under any of the Transaction Documents to be executed on or prior to the subscription of Series 1 CCD and
Series 2 CCD by the CCD Holders.

 

		13.	The Company shall have paid the Investor/Debenture Trustee, all other fees and expenses as is payable
prior to the Closing Date

 

		14.	The Company shall have obtained all consents, waivers, approvals, permissions and authorizations
from any Governmental Authorities, other lenders and other Persons which are required in connection with the execution and delivery
of the Transaction Documents, creation of Security and the consummation of the transactions / obligations contemplated under the
Transaction Documents and shall have submitted a copy of the same to the Investor/ Debenture Trustee. If no such consent is required
by the Company, the directors of the Company shall confirm the same in writing.

 

		15.	The Company shall have provided to the Investor/Debenture Trustee certificate issued by an independent
reputable chartered accountant certifying that there are no proceedings pending before or initiated or threatened, by any Tax authority
in respect of the Company, which could result in any Security being or becoming subject to any Tax claims pursuant to Section 281
of the Income Tax Act, 1961 and/or applicable provisions of the Central Goods and Services Tax Act, 2017, as amended from time
to time.

 

		16.	The Company shall have obtained Approval or intimated all the lenders (as the case may be) in connection
with the execution and delivery of the Transaction Documents, creation of Security and the consummation of the transactions / obligations
contemplated under the Transaction Documents.

 

		17.	Completion of all ‘Know Your Customer’ compliances of the Company to the satisfaction
of the Investor and Debenture Trustee and submission of all documents relating to the Company as required by the Debenture Trustee
or the Investor for completion of ‘Know Your Customer’ checks.

 

		18.	The Company shall have filed Form MGT 14 reporting the board resolution in relation to issue of
Investor CCDs and the shareholders resolution(s) of the Company under Section 62 and 71 of the Act with the relevant ROC.

 

		19.	The Company shall have obtained a consent letter from the Debenture Trustee conveying its consent
to act as the debenture trustee.

 

		20.	The Company shall have completed all formalities relating to the preferential issuance of the CCDs
by the Company to the Investor required under the Act, including issuance of the duly approved offer letter in Form PAS-4 (or such
other form as may be required by the Act) to the Investor, pursuant to completion of the condition precedent in paragraph 17 above;

 

		21.	The Company shall have submitted to the Investor/Debenture Trustee the audited accounts of the
Company (including details of all contingent liabilities), for the Financial Year ending on March 31, 2021.

 

    	 	53	 

     

    

 

		22.	Company shall identify movable assets as acceptable to the Investor comprising Secured Interest
as contemplated in this Agreement.

 

		23.	Legal opinion of the legal counsel on the validity and enforceability of the Transaction Documents,
shall have been obtained to the satisfaction of the Investor/Debenture Trustee.

 

		24.	Amendment of the charter documents of the Company to reflect the provision(s) of the Transaction
Documents to the satisfaction of the Investor.

 

		25.	The Company and the Investor shall mutually agree upon the format
of the Debenture Trustee Agreement to be entered into by and between the Company and the Debenture Trustee, within 30 (thirty)
days from the Execution Date.

 

		26.	Completion of financial and legal due diligence.

 

		27.	Upon completion of financial and legal due diligence the Investor may require additional representations
and warranties basis the findings of such financial and legal due diligence.

 

		28.	The Parties to finalize the list of additional conditions subsequent basis the legal and financial
due diligence reports.

 

    	 	54	 

     

    

 

SCHEDULE
IV

 

Terms and Conditions of
the Investor CCDs

 

The terms and conditions
set out in this Schedule IV form an integral part of the terms and conditions of the Investor CCDs are deemed to be incorporated
in the body of this DSA:

 

		1.	Compulsorily Convertible Debentures

 

		(i)	2,00,00,000 (two crore) Series 1 CCDs having face value of INR 100 (Rupees one hundred only) each
with an aggregate value of INR 200,00,00,000 (Rupees two hundred crores only) issued by the Company and subscribed to by the Investor
at the time of First Closing.

 

		(ii)	2,00,00,000 (two crore) Series 2 CCDs having face value of INR 100 (Rupees one hundred only) each
with an aggregate value of INR 200,00,00,000 (Rupees two hundred crores only) issued by the Company and subscribed to by the Investor
on a partly paid basis at the time of First Closing.

 

		(iii)	Additional CCDs issued by the Company and subscribed to by the Investor at subsequent closing dates
in the manner as set out in Clause 3.7.

 

		(iv)	Investor CCDs shall not be considered secured for the purposes of the Act; however, Investor CCDs
shall be considered secured for contractual purposes.

 

		2.	Definitions

 

In this Schedule
IV, capitalized terms, unless defined herein shall have the meanings ascribed to them in this DSA.

 

		3.	Rank of Investor CCD

 

The Investor CCDs shall rank senior
to all other classes of CCDs, compulsory convertible preference shares and equity shares currently issued and allotted by the Company
or as may be issued and allotted in future, provided that this shall rank pari-passu with the Promoter CCDs and are issued
on same terms and same or higher valuation as the Investor CCDs.

 

		4.	Non-Marketable

 

The Investor CCDs
shall be freely transferable.

 

		5.	Coupon

 

		5.1	On each Series 1 CCD, the Investor shall be entitled to 6% (six per cent) per annum coupon (“Coupon”),
payable half yearly on the Series 1 CCD Subscription Amount calculated from the date of allotment of the Investor Series 1 CCD
by the Investor to the Company till Investor CCD Conversion Date.

 

		5.2	The Coupon shall become due and payable by the Company to the Investor on half yearly basis, on
September 30 and March 31 of each Financial Year (“Coupon Payment Dates”). In the event the Company defaults
in payment of the Coupon, in full or part, on the Coupon Payment Date for any reason whatsoever, then the Company shall be liable
to pay Default Interest from the date of occurrence of default in payment of the Coupon on the total amount invested by the Investor
against the Investor CCDs and unpaid Coupon on such investment amount till the non-payment is not cured to the satisfaction of
the Investor.

 

    	 	55	 

     

    

 

		5.3	With respect to Series 2 CCD and Additional CCDs, the Investor shall be entitled to the 6% (six
per cent) Coupon payable half yearly on the such portion of Series 2 CCD / Additional CCD subscription amount as may be called
upon by the Company from time to time and calculated from the date of the call payment against the Investor Series 2 CCD or subsequent
closing date(s) for subscription of Additional CCD (as the case may be) by the Investor to the Company till the Investor holds
the Investor CCDs or till conversion of Investor CCDs.

 

		5.4	If there is any default in payment of the Coupon, the 6% (six per cent) Coupon shall be escalated
to such a coupon which would entitle the Investor to [***]% (*** per cent) IRR with respect to all of the Investor CCDs from the
date of allotment and subscription of the relevant Investor CCD till the receipt of the all the moneys due and payable to the Investor
in accordance with the terms of this DSA and the other Transaction Documents. All the other provisions of this paragraph shall
continue to apply in relation to accrual and payment of the Coupon.

 

		6.	Conversion 

 

		6.1	The Investor CCD shall be fully, mandatorily, compulsorily and automatically converted into equity
shares, upon the earlier of: (i) October 1, 2031 without any act or application by the Investor (“Conversion Long
Stop Date”); or (ii) the filing by the Company of a prospectus with the Securities and Exchange Board of India
or for any Alternate Listing or the ROC or any stock exchange in relation to an initial public offering of the equity shares of
the Company; or (iii) at any time as required by the Investor prior to the Conversion Long Stop Date.

 

		6.2	Immediately upon the occurrence of any of the events mentioned in the paragraph 5.1, the Company
shall convert the Investor CCD into equity shares (“Investor CCD Conversion Date").

 

		6.3	On the Investor CCD Conversion Date, the Company shall allot and issue the requisite number of
fully paid-up equity shares to the holder of Investor CCD as per Investor CCD conversion provisions set out in paragraph 7 below.
It is clarified that the said conversion of such Investor CCDs will not require any act, application or approval by the Company
(other than as required under Applicable Law and as set out herein) and the Company shall do all such acts and things as required
under Applicable Law and shall cause its Board and its Shareholders to pass all resolutions to enable such conversion of Investor
CCDs into equity shares of the Company.

 

		6.4	Investor CCD, being compulsorily convertible into equity shares, shall stand extinguished upon
conversion to equity shares and shall not be required to be redeemed.

 

		7.	Conversion Formula

 

		7.1	The Investor CCDs shall be compulsorily converted on Conversion Long Stop Date at Investor Conversion
Ratio.

 

		7.2	The Investor Conversion Ratio shall be determined as below:

 

		(i)	Series 1 CCD Conversion Ratio = 100/ (Equity Valuation/ total number of shares outstanding on a
Fully Diluted Basis as on First Closing Date).

 

		(ii)	Series 2 CCD Conversion Ratio = 100/ (Equity Valuation/total number of shares outstanding on a
Fully Diluted Basis as on the relevant subsequent drawdown date(s) against Series 2 CCD.

 

    	 	56	 

     

    

 

		(iii)	Additional CCDs Conversion Ratio = 100/ (Equity Valuation /total number of shares outstanding on
a Fully Diluted Basis as on the relevant subsequent closing date(s).

 

		7.3	For the purpose of this DSA, the following capitalized terms shall have the respective meaning
assigned to them below:

 

“Enterprise Value”
means the enterprise value of the Company computed using a multiple of [***] x on the EBITDA of Next Financial Year;

 

For the purpose of conversion of
Series 1 CCD, EBITDA of Financial Year 2022-23 shall be referred to.

 

For the purpose of conversion of
Series 2 CCD, EBITDA of Financial Year 2023-24 shall be referred to.

 

For the purpose of conversion of
Additional CCD, EBITDA of the Next Financial Year following the Financial Year of the drawdown against Additional CCDs.

 

“Equity Valuation”
shall mean the Enterprise Value less Net Debt as on 31st March of Next Financial Year; For the purpose of calculation of the Equity
Valuation of the Company, the share capital of the Company shall be taken on a Fully Diluted Basis, post the proposed merger PIPL
and SDMSL with the Company as stipulated under Clause 12.12.12.

 

“Next Financial Year”
shall mean the Financial Year following the Financial Year of the Drawdown Date.

 

“Drawdown Date”
in relation to Series 1 CCD shall mean the First Closing Date, in relation to Series 2 CCD shall mean the subsequent closing date(s)
pursuant to the capital call against the Series 2 CCD as per Clause 3.2 and in relation to Additional CCDs shall mean the subsequent
closing date(s) of subscription and allotment of Additional CCDs to the Investor as per Clause 3.7.

 

For the purpose of illustration,
if the Drawdown Date is October 15, 2022, then the Next Financial Year shall be FY24.

 

		7.4	It is clarified that the fixed number of Investor CCDs shall be convertible, at any time from the
Closing Date till Conversion Long Stop Date, into fixed number of equity shares of the Company as per the conversion formula set
out in paragraph 7 and for this purpose, the conversion formula, shall be determined immediately after finalization of the accounts
of the Company for the Next Financial Year in relation to the relevant Drawdown Date.

 

		7.5	For the purpose of determining the conversion formula, the Company shall engage any Big Four Accounting
Firms to evaluate, confirm and certify the Conversion Ratio (“Conversion Certificate”). Such evaluation shall
not entail audit of the Financial Statements of the Company. It is further agreed that prior to the Financial Statements of the
Company being approved by the Board, such number of equity shares of the Company to be issued shall be confirmed by the Investor
basis the Conversion Certificate which shall remain valid, provided there is no change in the EBITDA used for conversion calculation
and the EBITDA derived from audited Financial Statements.

 

    	 	57	 

     

    

 

		7.6	In case of Exit Event or Strategic Sale Exit occurring before the end of the Next Financial Year,
then the EBITDA for the Next Financial Year shall mean the annualized EBITDA of the last quarter.

 

		7.7	Illustration for determining Series 1 CCD Conversion Ratio, Series 2 CCD Conversion Ratio and Additional
CCDS Conversion Ratio shall be set out in a separate letter agreement between the Parties.

    	 	58	 

     

    

 

SCHEDULE
V

 

Conditions Subsequent
to Closing

 

The Company hereby irrevocably
and unconditionally, and undertake to do (and cause to be done) the following within the following timelines as stipulated:

 

		1.	The Company shall (and the HoldCo
                                         shall procure that the Company shall) duly file on the online portal of the Ministry
                                         of Corporate Affairs available at www.mca.gov.in, a return of allotment of the
                                         Series 1 CCDs and Series 2 CCDs, respectively, in the form prescribed under Form PAS-3
                                         under the Companies (Prospectus and Allotment of Securities) Rules, 2014 (as amended
                                         from time to time) along with requisite fees provided under the Companies (Registration
                                         Offices and Fees) Rules, 2014 (as amended from time to time) and any other Person as
                                         may be necessary and required for the purposes of giving effect in Applicable Law to
                                         the issue and allotment of the Series 1 CCDs and Series 2 CCDs to the Investor and shall
                                         deliver copies of such duly filed forms (along with copies of the challan evidencing
                                         payment of statutory fees) to the Investor and Debentures Trustee no later than 15 (fifteen)
                                         days from the Closing Date.

 

		2.	Within 30 (thirty) days from the Closing Date, the Company shall file Form MGT-14 with the relevant
ROC for the special resolution passed by the Shareholders on the Closing Date, approving the Restated Charter Documents, along
with requisite fees.

 

		3.	Within 30 (thirty) days from the Closing Date, the Company having passed Shareholders' resolution
by way of special resolution approving the increase in the authorised share capital of the Company to accommodate the issuance
of the equity shares upon conversion of the Series 1 CCDs and Series 2 CCDs in accordance with this DSA and for this purpose, making
necessary amendments to the Restated Charter Documents in accordance with the provisions of the Act and making all requisite filings
in this respect with the ROC.

 

		4.	Within 14 (fourteen) Business Days from the Closing Date, deliver duly stamped debenture certificates,
representing the Series 1 CCD and Series 2 CCD, in favour of the Investor.

 

		5.	The Company shall ensure that within 30 (thirty) days from the Closing Date, the Series 1 CCD and
Series 2 CCD are credited to the designated depository account of the Investor as specified in Schedule I to this DSA.

 

		6.	Within a period of 30 (thirty) days from the Closing, the Company shall obtain, and deliver to
the Debenture Trustee, a certificate from a practicing chartered accountant, duly registered with the Institute of Chartered Accountants
of India (ICAI) in accordance with the requirements of Chartered Accountants Act, 1949 certifying the actual end use of the
proceeds of Series 1 CCD and Series 2 CCD (or the relevant part thereof), which end use shall not be inconsistent with the purpose
and the terms and conditions of this DSA. In case the funds are not fully utilised by such period, the Company shall provide the
interim end use certificate within such date and an updated end use certificate no later than March 31, 2022 for Series 1 CCD and
no later than March 31, 2023 for Series 2 CCD.

 

		7.	The Company shall maintain Form PAS – 5 (as provided for under Rule 14 of the Companies (Prospectus
and Allotment of Securities) Rules, 2014 and deliver to the Debenture Trustee and the Investor a copy of the same, within 7 (seven)
days from the Closing Date.

 

		8.	Within a period of 180 (one hundred eighty) days from the First Closing Date, the Company shall
undertake all the necessary actions and deeds to create and perfect the Security in favour of the Investor including, execution
of the Debenture Trustee Agreement and Security Documents and passing of the resolution of board of directors of the Company inter
alia approving the creation of Security in accordance with the Transaction Documents in favour of the Investor and taking approval
from the lenders, if any.

 

    	 	59	 

     

    

 

		9.	The Company shall make all necessary filings including Form CHG-1, with the ROC with respect to
the Secured Interest created under the Transaction Documents (which is created as a part of the Condition Precedent) and deliver
to the Debenture Trustee and the Investor, acknowledged copies of such filings along with payment challan for the same, within
2 (two) Business Days from the Closing Date.

 

		10.	The Debenture Trustee shall make the CERSAI filings in respect of the Secured Interest created
within 15 (fifteen) days from the date of creation of Secured Interest.

 

		11.	The Company shall provide to the Investor its income tax returns for the Financial Year ending
on March 31, 2021 by December 31, 2021.

 

    	 	60	 

     

    

 

SCHEDULE
VI

 

Representations and Warranties
of the Company

 

The Company and HoldCo hereby,
jointly and severally, represent and warrant to the Investor as follows as of the date hereof and on each day until the Closing
Date;

 

		1.	Status

 

		(i)	The Company and HoldCo:

 

		(a)	is duly organised and validly existing company incorporated in India under the Act;

 

		(b)	has power and authority to own its properties and assets and to transact the business in which
it is engaged or proposes to be engaged;

 

		(ii)	The Company and HoldCo has capacity to contract under the Indian Contract Act, 1872 and has the
power to sue and be sued in its own name.

 

		2.	Power and authority

 

		(i)	The Company and HoldCo has full power and authority to execute and deliver the Transaction Documents
(to which it is a party) and to complete the transactions contemplated thereby.

 

		(ii)	The constitutional documents of the Company and HoldCo include provisions which authorises it to
execute and deliver the Transaction Documents (to which it is a party) and exercise its rights and perform its obligations under
the Transaction Documents (to which it is a party).

 

		(iii)	The Company and HoldCo has obtained all necessary corporate authority for the due execution and
delivery of this DSA and the other Transaction Documents (to which it is a party) and exercise its rights and perform its obligations
under this DSA and the other Transaction Documents (to which it is a party).

 

		3.	Binding obligations

 

The obligations
expressed to be assumed by the Company and HoldCo in each of the Transaction Documents to which it is a party are legal, valid,
binding and enforceable in accordance with the provisions of Applicable Law.

 

		4.	Non-conflict with other obligations

 

The entry into
and performance by the Company and HoldCo of, and the transactions contemplated by, the Transaction Documents to which it is a
party, do not and will not conflict with:

 

		(i)	any Applicable Law or order, writ, injunction or decree of any court or Governmental Authority
having jurisdiction over the Company;

 

		(ii)	their respective constitutional documents; or

 

		(iii)	any agreement or instrument binding upon it or any of their assets,

 

    	 	61	 

     

    

 

		5.	Validity and admissibility in evidence

 

All authorisations
required or desirable to make the Transaction Documents to which the Company and HoldCo is a party, admissible in evidence in its
jurisdiction of incorporation, have been obtained or effected and are in full force and effect.

 

		6.	Compliance with Applicable Law

 

		(i)	The Company and HoldCo has complied with all Applicable Law including but not limited to compliances
with provisions set out in the Act in relation to the issuance of Debentures by the Company and creation of security interests
in connection therewith, or such other instrument to which the Company and HoldCo is a party.

 

		(ii)	The Company and HoldCo has complied in all material respects with all Applicable Law in relation
to the conduct of its business or otherwise or by which they are bound in respect of the ownership of its assets and is not subject
to any actual or threatened liability in writing, by reason of non-compliance with such Applicable Law or such other instrument.

 

		(iii)	The Company and HoldCo has kept all necessary records, books of account, statutory registers and
other documents in the manner required under Applicable Law in all material respects.

 

		7.	No filing

 

It is not necessary
that the Transaction Documents be filed, recorded or enrolled with any court or other authority in India or that any stamp, registration
or similar tax be paid on or in relation to the Transaction Documents or the transactions contemplated by the Transaction Documents
other than:

 

		(i)	stamp duty payable on the Transaction Documents;

 

		(ii)	notarisation of power of attorney(s); and

 

		(iii)	registration requirements with ROC and in respect of the security interests created under the Security
Documents.

 

		8.	No Event of default or Material Adverse Effect 

 

		(i)	No Event of Default or Material Adverse Effect has occurred or is continuing or might reasonably
be expected to result from the entering into the Transaction Documents by the Company and HoldCo, or performance of the obligations
of the Company and HoldCo set out in the Transaction Documents.

 

		(ii)	To the best of the knowledge of the Company and HoldCo, the Company and HoldCo is not aware of
any facts or circumstances which may give rise to an Event of Default or a Material Adverse Effect.

 

		9.	No misleading information

 

		(i)	Any factual information provided by or on behalf of the Company and HoldCo in connection with the
issue of the Debentures was true and accurate in all respects as at the date it was provided or as at the date (if any) at which
it is stated.

 

    	 	62	 

     

    

 

		(ii)	Nothing has been omitted from any information provided to the Investor and no information has been
given or withheld that results in such information being untrue or misleading in any material respect.

 

		10.	Financial Statements

 

		(i)	The financial statements of the Company for the Financial Year ended March 31, 2021 were prepared
in accordance with the Applicable Law.

 

		(ii)	The financial statements (to the extent applicable) submitted to the Investor, give a true and
fair view of its financial condition and operations as at the end of and for the relevant Financial Year.

 

		11.	No proceedings pending or threatened

 

		(i)	As on date hereof, there are no legal, quasi-legal, administrative, arbitration, mediation, conciliation
or other legal proceedings, claims, actions or governmental investigations of any nature pending or threatened in writing against
Company or to which any of its assets are subject.

 

		(ii)	As on the date hereof there are no legal, quasi-legal, administrative, arbitration, mediation,
conciliation or other legal proceedings, claims, actions or governmental investigations of any nature pending or threatened in
writing against Company which have been disclosed to the Investor under the Disclosure Letter or the updated Disclosure Letter)
or to which any of its assets are subject.

 

		(iii)	To the best knowledge of the Company, no facts or circumstances exist which may give rise to any
actions, claims, investigations or other legal proceedings being initiated against the Company, which could in manner affect the
Secured Interest or the obligations of the Company undertaken in terms of the Transaction Documents (to which it is a party).

 

		(iv)	There are no unfulfilled or unsatisfied judgments or court orders, which are outstanding against
the Company.

 

		12.	Deduction of Tax

 

The Company is
not (except as required under the Income Tax Act, 1961in the case of payment of interest under any Transaction Document or any
interest to be paid on the withheld premium, if applicable) required to make any deduction for or on account of Tax from any payment
it may make under any Transaction Document.

 

		13.	Tax and Employee Benefits

 

		(i)	The Company and HoldCo to the complied in all material respects with all Applicable Laws governing
taxation in all jurisdictions in which it is subject to Tax and has filed all Tax returns required by Applicable Law to be filed
by it and has paid all Taxes payable by it which have become due pursuant to such tax returns.

 

		(ii)	The Company has paid all employee benefits in accordance with the Applicable Law and there are
no outstanding payments to be made in relation to the employee benefits.

 

    	 	63	 

     

    

 

		(iii)	The Company as on the date hereof paid all employee benefits in accordance with the Applicable
Law and as on the date hereof there are no outstanding payments to be made in relation to the employee benefits.

 

		(iv)	There are no proceedings pending before or initiated or threatened, as evidenced by a communication
in writing, by any Tax authority in respect of Company, which could result in any Security being or becoming subject to any Tax
claims pursuant to Section 281 of the Income Tax Act, 1961 and/or applicable provisions of the Central Goods and Services Tax Act,
2017, as amended from time to time.

 

		(v)	The Company is currently not subject to any investigation, audit or visit by any Tax or excise
authority, and the Company is not aware of any such investigation, audit or visit planned.

 

		(vi)	As on the date hereof, the Company is not subject to any investigation, audit or visit by any Tax
or excise authority which may lead to a liability of INR 30,00,00,000 (Rupees thirty crores only) or above, and Company is not
aware of any such investigation, audit or visit planned.

 

		(vii)	The Company are currently not subject to any investigation, audit or visit by any
Tax or excise authority, which would in any manner have an adverse impact on the obligations undertaken by the Company under the
Transaction Documents or the Security created, and the Company is not aware of any such investigation, audit or visit planned.

 

		14.	Ranking

 

Each Security Document
creates (or, once entered into, will create) in favour of the Investor for the benefit of the Investor, the Secured Interest which,
Company is expressed to create and with the ranking and priority it is expressed to have.

 

		15.	Title Representations

 

		(i)	The Company has good and valid title to, or valid leases and licences of, or is otherwise entitled
to use (in each case, on arm’s length terms), all assets necessary for the conduct of their respective business as it is
being conducted and all such assets have been property maintained and are in normal operating conditions.

 

		(ii)	Company owns and has good, un-Encumbered (except for the Secured Interest created or to be created
under the Transaction Documents), legal and/ or beneficial title to the Secured Interest on which the Company is required to create
Secured Interest pursuant to the Transaction Documents.

 

		(iii)	Save and except the Encumbrances created in favour of the Debenture Trustee under the Transaction
Documents, the Secured Properties are the absolute property of the Company and are free from any other Encumbrances and the Company
does not have any obligation to create any other Encumbrances on the said Secured Properties.

 

		16.	Solvency

 

No Insolvency Event
has occurred with respect to the Company and the Company is not aware of any facts or circumstances that exist as on the date hereof,
which can lead to occurrence of such an Insolvency Event.

 

    	 	64	 

     

    

 

		17.	Authorised Signatories

 

Each Person specified
as its authorised signatory in any document accepted by the Debenture Trustee / CCD Holders or delivered to the Debenture Trustee/
CCD Holders is, authorised to sign the said documents, on its behalf, which has been made available to the Debenture Trustee/CCD
Holders under or in connection with the Transaction Documents.

 

		18.	No Immunity

 

		(i)	Neither the Company nor any of its assets enjoy any right of immunity from set-off, suit or execution
in respect of their obligations under this DSA and other Transaction Documents.

 

		(ii)	Its entry into the Transaction Documents (to which it is a party) constitutes, and the exercise
of its rights and performance of and compliance with its obligations under the Transaction Documents will constitute, private and
commercial acts done and performed for private and commercial purposes.

 

		19.	Environmental compliance

 

		(i)	The Company has performed and observed all applicable environmental laws and is not aware of any
environmental matter the existence of which have a Material Adverse Effect.

 

		(ii)	The Company has obtained and hold every necessary environmental consent required under or pursuant
to any applicable environmental law in connection with the conduct of its business and the ownership, use, exploitation or occupation
of its assets the absence or lack of which have a Material Adverse Effect.

 

		(iii)	The Company has at all times complied with the conditions, restrictions and covenants imposed in,
or in connection with every environmental consent breach of which have a Material Adverse Effect, and to the best of the knowledge
of the Company no circumstances have arisen which would entitle any regulatory body to revoke, suspend, amend, vary, withdraw,
transfer or refuse to amend any environmental consent or which give rise to a claim against Company, which has a Material Adverse
Effect.

 

		20.	Insurance

 

The Company has
maintained all insurances necessary and customary for its business, in respect of its assets.

 

		21.	Arm’s length basis

 

		(i)	Other than as disclosed in the financial statements, annual reports, the Company has not entered
into any other related party transaction.

 

		(ii)	All transactions entered into by the Company with any related party or any other third party are
on an arm’s length basis.

 

		22.	Indebtedness

 

The Company has
not availed any Financial Indebtedness other than as disclosed in the Disclosure Letter or the updated Disclosure Letter.

 

    	 	65	 

     

    

 

		23.	Intellectual Property Rights

 

The Company has
lawful and valid right to use, free and clear of any pending or threatened (as evidenced by a communication in writing) security
interest, all patents, patent applications, trademarks, permits, service marks, trade names, trade secrets, proprietary information
and knowledge, technology, computer programs, databases, copyrights, licenses, franchises and formulas or rights (collectively
the “Intellectual Property Rights”) with respect thereto necessary for carrying outs its business. All necessary
actions (including registration, payment of all registration and renewal fees) required to maintain the same in full force and
effect have been taken by the Company, as the case may be. Further, to the best knowledge of the Company, there is no infringement
or threatened (as evidenced by a communication in writing) infringement of those Intellectual Property Rights licensed or provided
to the Company by any Person.

 

		24.	Employees

 

		(i)	Save and except as disclosed in the Disclosure Letter or the updated Disclosure Letter, to the
best knowledge of the Company, there are no employment related disputes involving the directors and the employees as parties or
otherwise affecting their right or obligations under the relevant employment agreement, pending or threatened (as evidenced by
a communication in writing) against the Company.

 

		(ii)	In the event that the Company has terminated the contract of employment with any of its employees,
the same has been done in accordance with the Applicable Law and all amounts due and payable by the Company to the employees on
account of such termination have been paid in full, save and except as disclosed in the Disclosure Letter or the updated Disclosure
Letter.

 

		25.	Defaulter’s List

 

Neither the Company
nor any of its directors (wherever applicable) appear on the defaulter list of the Reserve Bank of India (RBI) or the Export Credit
Guarantee Corporation (EPGC) caution list or is identified as a ‘wilful defaulter’ by any bank or financial institution,
as per the parameters determined by Reserve Bank of India (RBI) from time to time.

 

		26.	Shareholding

 

		(i)	The entire share capital of the Company (including any instruments issued which can be converted
to equity share capital of the Company) is held by the HoldCo.

 

		(ii)	The entire share capital of the HoldCo is held by the Persons the details of whom will be provided
by the Company to the Debenture Trustee in writing, simultaneously with the execution of this DSA.

 

    	 	66	 

     

    

 

SCHEDULE
VII

 

Deed of Adherence for Investor
Affiliate Transferee

 

This DEED OF ADHERENCE (“Deed
of Adherence”) is made on this [●] day of [●], [●] at [●]:

 

BY AND
BETWEEN

 

[insert the name of the
Affiliate of the Investor] (hereinafter referred to as the “Affiliate Transferee”);

 

		AND	

 

[insert
details of other parties]

 

		WHEREAS:	

 

[insert
background of the proposed transaction]

 

IT IS
HEREBY AGREED AS FOLLOWS:

 

		1.	This Deed of Adherence is supplemental to the Debenture Subscription Agreement dated [●]
executed by and between the Company, HoldCo and the Investor (“DSA”).

 

		2.	The Affiliate Transferee has purchased [●] Investor CCDs (“Transferred CCDs”),
from the Investor, and the Investor has Transferred the same to the Affiliate Transferee, pursuant to [insert details of instrument
of transfer].

 

		3.	The Affiliate Transferee hereby acknowledges that it has been provided by the Company with a copy
of the DSA and the Articles of Association.

 

		4.	In consideration of and pursuant to the Transfer of Transferred CCDs referred to in Clause 2, the
Affiliate Transferee has become a debenture holder of the Company and also becomes a party to DSA immediately upon the execution
of this Deed of Adherence. The Affiliate Transferee agrees to participate in and be bound by all provisions of the DSA in all respects
as if it was an original party thereto and the DSA shall have full force and effect on it and shall be read and construed to be
binding on it.

 

		5.	In consideration of the Transfer of Transferred CCDs, the Affiliate Transferee hereby further undertake
and covenant to assume, observe, perform, discharge and be bound by all the rights and obligations (arising on the date of execution
of this Deed of Adherence) and arising under the DSA and to be bound by the DSA as if the Affiliate Transferee has at all times
been parties to the DSA.

 

		6.	The Affiliate Transferee hereby covenants that it/ he shall not do any acts or omission that is
in breach of the provisions of the DSA or the articles of association of the Company.

 

		7.	Capitalised terms used herein but not defined shall have the same meaning as ascribed to such term
in the Agreement.

 

		8.	Governing Law: This Deed of Adherence shall be governed by and construed in accordance with
the laws of India. The terms and conditions of Clauses 0 (Notices), 19 (Confidentiality), 21 (Governing Law)
and 22 (Dispute Resolution) of the DSA shall be deemed to have been incorporated in this Deed of Adherence and expressly
agreed to between the Parties hereto.

 

    	 	67	 

     

    

 

		9.	Notices: Any notice required or permitted to be given to the Affiliate Transferee shall
be at the address set out hereinafter or such other address as the Affiliate Transferee may, from time to time, designate by notice
in writing to the other Parties.

 

Name: [●]

Address: [●]

Nominated Official:
Mr. [●]

Telephone: [●]

E-mail: [●]

 

		10.	Counterparts: This Deed of Adherence is executed in multiple counterparts, and each such
counterpart shall be considered as original upon execution by the authorized signatory of each of the Parties.

 

Executed as
a Deed on the day and year first before written.

 

    	 	68	 

     

    

 

SCHEDULE
VIII

 

Deed of Adherence for Investor
Transferee

 

This DEED OF ADHERENCE (“Deed
of Adherence”) is made on this [●] day of [●], [●] at [●]:

 

BY AND BETWEEN

 

[insert the name of the
Affiliate of the Investor] (hereinafter referred to as the “Investor Transferee”);

 

AND

 

[insert details of other
parties]

 

WHEREAS:

 

[insert background of
the proposed transaction]

 

IT IS HEREBY AGREED AS
FOLLOWS:

 

		1.	This Deed of Adherence is supplemental to the Debenture Subscription Agreement dated November 1,
2021 executed by and between the Company, HoldCo and the Investor (“DSA”).

 

		2.	The Investor Transferee has purchased [●] Investor CCDs (“Transferred CCDs”),
from the Investor, and the Investor has Transferred the same to the Affiliate Transferee, pursuant to [insert details of instrument
of transfer].

 

		3.	The Investor Transferee hereby acknowledges that it has been provided by the Company with a copy
of the DSA and the Articles of Association.

 

		4.	In consideration of and pursuant to the Transfer of Transferred CCDs referred to in Clause 2, the
Investor Transferee has become a debenture holder of the Company and also become party to the DSA immediately upon the execution
of this Deed of Adherence. The Investor Transferee agrees to participate in and be bound by all the obligations of the Investor
under the DSA in all respects as if it was an original party thereto and the DSA shall have full force and effect on it and shall
be read and construed to be binding on it.

 

		5.	In consideration of the Transfer of Transferred CCDs, the Investor Transferee hereby further undertakes
and covenants to assume, observe, perform, discharge and be bound by all the obligations (arising on the date of execution of this
Deed of Adherence) arising under the DSA and to be bound by the DSA as if the Investor Transferee has at all times been parties
to the DSA.

 

		6.	It is agreed that since the Investor has Transferred the Transferred CCDs to the Investor Transferee
pursuant to Clause 26 of the DSA, the Investor Transferee shall be entitled to perform, observe and discharge all the obligations
of the Investor as contemplated under the DSA.

 

		7.	The Investor Transferee hereby covenants that it/ he shall not do any acts or omission that is
in breach of the provisions of the DSA or the articles of association of the Company.

 

		8.	Capitalised terms used herein but not defined shall have the same meaning as ascribed to such term
in the Agreement.

 

    	 	69	 

     

    

 

		9.	Governing Law: This Deed of Adherence shall be governed by and construed in accordance with
the laws of India.

 

		10.	The terms and conditions of Clauses 0 (Notices), 19 (Confidentiality), 21 (Governing
Law) and 22 (Dispute Resolution) of the DSA shall be deemed to have been incorporated in this Deed of Adherence and
expressly agreed to between the Parties hereto.

 

		11.	Notices: Any notice required or permitted to be given to the Affiliate Transferee shall
be at the address set out hereinafter or such other address as the Affiliate Transferee may, from time to time, designate by notice
in writing to the other Parties.

 

Name: [●]

Address: [●]

Nominated Official:
Mr. [●]

Telephone: [●]

E-mail: [●]

 

		12.	Counterparts: This Deed of Adherence is executed in multiple counterparts, and each such
counterpart shall be considered as original upon execution by the authorized signatory of each of the Parties.

 

Executed
as a Deed on the day and year first before written.

 

    	 	70	 

     

    

 

SCHEDULE
IX

 

Details of the Existing
Debt as of September 30, 2021

 

Sify
Infinit Spaces Limited

 

	Particulars	 	30-Sep-21	 
	 	 	INR in Crore	 
	Working Capital Borrowings - Fund Based	 	 	43.64	 
	Term Borrowings	 	 	390.25	 
	Lease liabilities	 	 	170.93	 
	Gross Debt	 	 	604.82	 
	 	 	 	 	 
	Less: Cash & Cash equivalents	 	 	(79.01	)
	Net Debt	 	 	525.81	 

 

    	 	71	 

     

    

 

SCHEDULE
X

 

List of Material Adverse
Effect events for purpose of Clause 20.1.3

 

		1.	Cyber security threats

 

		2.	Sudden loss or damage to any asset of the Company (including break down of any datacenter facilities)
which asset contributes Rs. 30,00,00,000/- (Rupees Thirty Crore only) or more of the revenue of the Company.

 

		3.	Change in law (including cancellation or suspensions of approvals/consents/licenses required to
run the data center operations)

 

    	 	72

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]