Document:

Assignment No. 24 of Receivables in Additional Asset Pool One Accounts

 Exhibit 10.2 
 ASSIGNMENT NO. 24 OF RECEIVABLES IN ADDITIONAL ACCOUNTS INCLUDED IN ASSET POOL ONE (this “Assignment”), dated as of September 26, 2008, by and between CHASE ISSUANCE TRUST (the “Trust”) and
WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”) as collateral agent (in such capacity, the “Collateral Agent”), pursuant to the Asset Pool One Supplement referred to below, and acknowledged by Chase Bank USA, National
Association, in its capacity as servicer under the Third Amended and Restated Transfer and Servicing Agreement, dated as of December 19, 2007 (the “Transfer and Servicing Agreement”), among Chase Bank USA, National Association, as
transferor, administrator and servicer, the Trust and Wells Fargo, as indenture trustee (in such capacity, the “Indenture Trustee”) and Collateral Agent (in such capacity, the “Collateral Agent”). 
 W I T N E S S E T H: 
 WHEREAS, the Trust,
the Collateral Agent and the Indenture Trustee are parties to the Second Amended and Restated Asset Pool One Supplement, dated as of December 19, 2007 (hereinafter as such agreement may have been, or may from time to time be, amended,
supplemented or otherwise modified, the “Asset Pool One Supplement”); 
 WHEREAS, pursuant to the Asset Pool One Supplement, the
Trust wishes to designate Additional Accounts to be included as Asset Pool One Accounts and to pledge hereby the Receivables of such Additional Accounts, whether now existing or hereafter created, to the Collateral Agent to be included as Asset Pool
One Receivables; and 
 WHEREAS, the Collateral Agent, on behalf of and for the benefit and security of the Asset Pool One Noteholders, the
Indenture Trustee, in its individual capacity and the Collateral Agent, in its individual capacity, is willing to accept such designation and pledge subject to the terms and conditions hereof; 
 NOW, THEREFORE, the Trust and the Collateral Agent hereby agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Asset Pool One Supplement unless otherwise defined herein. 
 “Addition Cut-Off Date” shall mean, with respect to the Additional Accounts designated hereby, August 31, 2008. 
 “Addition Date” shall mean, with respect to the Additional Accounts designated hereby, September 26, 2008. 
 “Notice Date” shall mean, with respect to the Additional Accounts designated hereby, September 19, 2008. 

 2. Designation of Additional Accounts.
Within five Business Days after the Addition Date, the Trust shall deliver to the Collateral Agent a true and complete list (in the form of a computer file, microfiche list, CD-ROM or such other form as is agreed upon between the Transferor and the
Collateral Agent) of each VISA® and MasterCard® account which, as of the Addition Date, shall be deemed to be an Additional Asset
Pool One Account, identified by account number and the aggregate amount of the Receivables in each such Additional Asset Pool One Account as of the Addition Cut-Off Date, which list shall be marked as Schedule 1 to this Assignment and shall, as of
the Addition Date, modify and amend and be incorporated into and made a part of this Assignment and the Asset Pool One Supplement. 
 3.
Pledge of Receivables. 
 (a) The Trust hereby grants to the Collateral Agent, for the benefit and security of the Asset Pool One
Noteholders, the Indenture Trustee, in its individual capacity and the Collateral Agent, in its individual capacity, a security interest in all of its right, title and interest, whether owned on the Addition Cut-Off Date or thereafter acquired, in
the Receivables existing on the Addition Cut-Off Date or thereafter created in the Additional Asset Pool One Accounts, all Interchange and Recoveries related thereto, all monies due or to become due and all amounts received or receivable with
respect thereto and the “proceeds” (including “proceeds” as defined in the applicable UCC) thereof and Insurance Proceeds relating thereto to secure the Asset Pool One Notes (and the obligations under the Indenture and the Asset
Pool One Supplement), equally and ratably without prejudice, priority or distinction between any Asset Pool One Note by reason of difference in time of issuance or otherwise, except as otherwise expressly provided in the Indenture, or in the
Indenture Supplement which establishes any Series, Class or Tranche of Asset Pool One Notes, and to secure (i) the payment of all amounts due on such Asset Pool One Notes in accordance with their respective terms, (ii) the payment of all
other sums payable by the Trust under the Indenture, any Indenture Supplement and the Asset Pool One Supplement relating to the Asset Pool One Notes and (iii) compliance by the Trust with the provisions of the Indenture, any Indenture
Supplement or the Asset Pool One Supplement relating to the Asset Pool One Notes. This Assignment constitutes a security agreement under the UCC. 
 (b) If necessary, the Trust agrees to record and file, at its own expense, financing statements (and continuation statements when applicable) with respect to the Asset Pool One Receivables in Additional Asset Pool One Accounts existing on
the Addition Cut-Off Date and thereafter created meeting the requirements of applicable state law in such manner and in such jurisdictions as are necessary to perfect, and maintain perfection of, the sale and assignment of its interest in such Asset
Pool One Receivables to the Collateral Agent, and to deliver a file-stamped copy of each such financing statement or other evidence of such filing to the Collateral Agent on or prior to the Addition Date. The Collateral Agent shall be under no
obligation whatsoever to file such financing or continuation statements or to make any filing under the UCC in connection with such sale and assignment. 
  

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 (c) In connection with such assignment, the Trust further agrees, at its own expense, on or prior to the
date of this Assignment, to indicate in the appropriate computer files that Receivables created in connection with the Additional Asset Pool One Accounts and designated hereby have been pledged to the Collateral Agent pursuant to this Assignment for
the benefit and security of the Asset Pool One Noteholders, the Indenture Trustee, in its individual capacity and the Collateral Agent, in its individual capacity. 
 (d) The parties hereto agree that all pledges of Receivables to the Collateral Agent pursuant to this Assignment are subject to, and shall be treated in accordance with, the Delaware Act and each of the parties hereto
agrees that this Assignment has been entered into by the parties hereto in express reliance upon the Delaware Act. For purposes of complying with the requirements of the Delaware Act, each of the parties hereto hereby agrees that any property,
assets or rights purported to be pledged, in whole or in part, by the Trust pursuant to this Assignment shall be deemed to no longer be the property, assets or rights of the Trust. The parties hereto acknowledge and agree that each such assignment
is occurring in connection with a “securitization transaction” within the meaning of the Delaware Act. 
 4. Acceptance by
Collateral Agent. The Collateral Agent hereby acknowledges its acceptance of all right, title and interest in and to the Receivables in the Additional Asset Pool One Accounts now existing and hereafter created, pledged to the Collateral Agent
pursuant to Section 3(a) of this Assignment and declares that it shall maintain such right, title and interest, upon the trust herein set forth, for the benefit and security of the Asset Pool One Noteholders, the Indenture Trustee, in its
individual capacity and the Collateral Agent, in its individual capacity. 
 5. Representations and Warranties of the Trust. The Trust
hereby represents and warrants to the Collateral Agent, as of the Addition Date (or such other date as is specified below), that: 
 (a)
Conditions Precedent. All of the requirements for the addition of Accounts set forth under subsection 2.12(c) of the Transfer and Servicing Agreement shall have been satisfied and all of the representations and warranties set forth under
subsection 2.04(a) of the Transfer and Servicing Agreement to be made on each Addition Date shall be true and correct in all material respects on such Addition Date; 
 (b) Legal, Valid and Binding Obligation. This Assignment constitutes a legal, valid and binding obligation of the Trust enforceable against the Trust in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by
general principles of equity (whether considered in a suit at law or in equity); 
 (c) Eligibility of Additional Accounts. As of the
Addition Cut-Off Date, each Additional Account designated hereby was an Eligible Account; 
  

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 (d) Insolvency. As of each of the Addition Cut-Off Date and the Addition Date, no Insolvency Event
with respect to the Trust has occurred and the assignment by the Trust of Receivables arising in the Additional Accounts to the Collateral Agent has not been made in contemplation of the occurrence thereof; 
 (e) No Adverse Effect. The acquisition by the Collateral Agent of the Receivables arising in the Additional Accounts shall not, in the reasonable
belief of the Trust, result in an Adverse Effect; 
 (f) No Conflict. The execution and delivery by the Trust of this Assignment, the
performance of the transactions contemplated by this Assignment and the fulfillment of the terms hereof applicable to the Trust, will not conflict with or violate any Requirements of Law applicable to the Trust or conflict with, result in any breach
of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Trust is a party
or by which it or its properties are bound; 
 (g) No Proceedings. There are no proceedings or investigations, pending or, to the best
knowledge of the Trust, threatened against the Trust before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (i) asserting the invalidity of this Assignment, (ii) seeking to prevent the
consummation of any of the transactions contemplated by this Assignment, (iii) seeking any determination or ruling that, in the reasonable judgment of the Trust, would materially and adversely affect the performance by the Trust of its
obligations under this Assignment or (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Assignment; and 
 (h) All Consents. All authorizations, consents, orders or approvals of any court or other governmental authority required to be obtained by the
Trust in connection with the execution and delivery of this Assignment by the Trust and the performance of the transactions contemplated by this Assignment by the Trust, have been obtained. 
 6. Conditions Precedent. The acceptance by the Collateral Agent set forth in Section 4 hereof and the amendment of the Asset Pool One
Supplement pursuant to Section 7 hereof are each subject to the satisfaction of the conditions precedent set forth in subsection 2.4(c) of the Asset Pool One Supplement on or prior to the dates specified in such subsection 2.4(c), except to the
extent any such conditions have been waived. For purposes of subsection 2.4(c)(ii) of the Asset Pool One Supplement, “Notice Date” shall having the meaning specified in Section 1 hereof. With respect to the condition specified in
subsection 2.4(c)(xi) of the Asset Pool One Supplement, on or prior to the date hereof, the Administrator, on behalf of the Issuing Entity, shall have delivered to the Collateral Agent a certificate of a Vice President or more senior officer of the
Administrator, substantially in the form of Schedule 2 hereto, certifying that all requirements set forth in subsection 2.4(c) of the Asset Pool One Supplement for designating and conveying Receivables in Additional Asset Pool One Accounts have

  

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been satisfied or waived. The Collateral Agent may conclusively rely on such Officer’s Certificate, shall have no duty to make inquiries with regard to
the matters set forth therein, and shall incur no liability in so relying. 
 7. Amendment of the Asset Pool One Supplement. The Asset
Pool One Supplement is hereby amended to provide that all references therein to the “Asset Pool One Supplement,” to “this Asset Pool One Supplement” and to “herein” shall be deemed from and after the Addition Date to be
a dual reference to the Asset Pool One Supplement as supplemented by this Assignment. All references therein to Additional Asset Pool One Accounts shall be deemed to include the Additional Accounts designated hereby and all references therein to
Asset Pool One Receivables shall be deemed to include the Receivables pledged hereby. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions of the Asset Pool One Supplement shall remain unamended
and shall continue to be, and shall remain, in full force and effect in accordance with its terms and except as expressly provided herein shall not constitute or be deemed to constitute a waiver of compliance with or a consent to noncompliance with
any term or provision of the Asset Pool One Supplement. 
 8. Counterparts. This Assignment may be executed in two or more
counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 
 9. GOVERNING LAW. THIS ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 10. Limitation of Liability. Notwithstanding any other
provision herein or elsewhere, this Assignment has been executed and delivered by Wilmington Trust Company on behalf of the Trust, not in its individual capacity, but solely in its capacity as Owner Trustee, and in no event shall Wilmington Trust
Company in its individual capacity have any liability in respect of the representations, warranties, or obligations of the Trust hereunder or under any other document, as to all of which recourse shall be had solely to the assets of the Trust, and
for all purposes of this Assignment and each other document, the Owner Trustee (as such or in its individual capacity) shall be subject to, and entitled to the benefits of, the terms and provisions of the Trust Agreement. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Assignment to be duly executed by their
respective officers as of the day and year first above written. 
  

			
	CHASE ISSUANCE TRUST
	
	 By: WILMINGTON TRUST COMPANY,
 not in its
individual capacity but solely as
 Owner Trustee on behalf of the Issuing Entity

		
	By:	 	 /s/ Jennifer A. Luce

	Name:	 	Jennifer A. Luce
	Title:	 	Senior Financial Services Officer
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION, as
Collateral Agent

		
	By:	 	 /s/ Cheryl Zimmerman

	Name:	 	Cheryl Zimmerman
	Title:	 	Vice President

 Acknowledged by: 
  

			
	 CHASE BANK USA,
 NATIONAL
ASSOCIATION,
 as Servicer

		
	By:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President

  

 Chase Issuance Trust 
 Assignment No. 24 (APO) 

 Schedule 1 
 LIST OF ADDITIONAL ASSET POOL ONE ACCOUNTS 
 [TO BE DELIVERED TO THE COLLATERAL AGENT BY THE ISSUING ENTITY

 AND MARKED AS SCHEDULE 1 TO THIS ASSIGNMENT] 
  

 Schedule 1 

 Schedule 2 
 Chase Issuance Trust 
 Officer’s Certificate  
 September 26, 2008 
 Keith W. Schuck,
a duly authorized officer of Chase Bank USA, National Association, as administrator (the “Administrator”) for the Chase Issuance Trust (the “Trust”), hereby certifies and acknowledges on behalf of the Trust that to the best of
his knowledge the following statements are true on September 26, 2008 (the “Addition Date”), and acknowledges on behalf of the Trust that this Officer’s Certificate will be relied upon by Wells Fargo Bank, National Association
(“Wells Fargo”), as collateral agent (the “Collateral Agent”) in connection with the Collateral Agent entering into Assignment No. 24 of Receivables in Additional Accounts, dated as of September 26, 2008 (the
“Assignment”), by and between the Trust and the Collateral Agent, in connection with the Second Amended and Restated Asset Pool One Supplement, dated as of December 19, 2007 (as heretofore supplemented and amended, the “Asset
Pool One Supplement”), by and between the Trust and Wells Fargo as indenture trustee (the “Indenture Trustee”) and Collateral Agent. The undersigned hereby certifies and acknowledges on behalf of the Trust that: 
 (a) Conditions Precedent. All of the requirements for the addition of Accounts set forth under subsection 2.4(c) of the Asset Pool One Supplement
shall have been satisfied in all material respects on the Addition Date. 
 (b) Delivery of Assignment. On or prior to the Addition
Date, (i) the Trust has delivered to the Collateral Agent the Assignment (including an acceptance by the Collateral Agent for the benefit and security of the Asset Pool One Noteholders, the Indenture Trustee, in its individual capacity and the
Collateral Agent, in its individual capacity) and (ii) the Trust has indicated in its computer files that the Receivables created in connection with the Additional Accounts have been assigned to the Collateral Agent. Within five Business Days
after the Addition Date, the Trust shall deliver to the Collateral Agent a true and complete list (in the form of a computer file, microfiche list, CD-ROM or such other form as is agreed upon between the Transferor and the Collateral Agent) of all
Additional Accounts, identified by account number and the aggregate amount of the Receivables in each Additional Account as of the Addition Cut-Off Date, which list shall, as of the Addition Date, modify and amend and be incorporated into and made a
part of the Assignment and the Asset Pool One Supplement. 
 (c) Legal, Valid and Binding Obligation. The Assignment constitutes a
legal, valid and binding obligation of the Trust enforceable against the Trust in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or
hereafter in effect affecting the enforcement of creditors’ rights in general and except as 

  

 Schedule 2-1 

 
such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (d) Eligibility of Additional Accounts. As of the Addition Cut-Off Date, each Additional Account designated pursuant to the Assignment was an
Eligible Account. 
 (e) Insolvency. As of each of the Addition Cut-Off Date and the Addition Date, no Insolvency Event with respect
to the Trust has occurred and the assignment by the Trust of Receivables arising in the Additional Accounts to the Collateral Agent has not been made in contemplation of the occurrence thereof. 
 (f) No Adverse Effect. The acquisition by the Collateral Agent of the Receivables arising in the Additional Accounts shall not, in the reasonable
belief of the Trust, result in an Adverse Effect. 
 (g) No Conflict. The execution and delivery by the Trust of the Assignment, the
performance of the transactions contemplated by the Assignment and the fulfillment of the terms thereof applicable to the Trust, will not conflict with or violate any Requirements of Law applicable to the Trust or conflict with, result in any breach
of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Trust is a party
or by which it or its properties are bound. 
 (h) No Proceedings. There are no proceedings or investigations, pending or, to the best
knowledge of the Trust, threatened against the Trust before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality (i) asserting the invalidity of the Assignment, (ii) seeking to prevent the
consummation of any of the transactions contemplated by the Assignment, (iii) seeking any determination or ruling that, in the reasonable judgment of the Trust, would materially and adversely affect the performance by the Trust of its
obligations under the Assignment or (iv) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of the Assignment. 
 (i) All Consents. All authorizations, consents, orders or approvals of any court or other governmental authority required to be obtained by the
Trust in connection with the execution and delivery of the Assignment by the Trust and the performance of the transactions contemplated by the Assignment by the Trust, have been obtained. 
 Initially capitalized terms used herein and not otherwise defined are used as defined in the Asset Pool One Supplement. 
  

 Schedule 2-2 

 IN WITNESS WHEREOF, I have hereunto set my hand as of the day and year first set forth above. 

 

					
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Administrator on behalf of the Trust
			
		 	By:	 	 /s/ Keith W. Schuck

		 	Name:	 	Keith W. Schuck
		 	Title:	 	President

  

 Schedule 2-3Scheme of Amalgamation of Centurion Bank of Punjab Limited with HDFC Bank

 Exhibit 4.1 
 

 
 HDFC BANK LIMITED 
 Regd. Off. : HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai 400 013 
 SCHEME OF AMALGAMATION

 OF 
  

			
	Centurion Bank of Punjab Limited	 	.........Transferor Bank

 with 
  

			
	HDFC Bank Limited	 	......... Transferee Bank

 This Scheme of Amalgamation provides for the amalgamation of Centurion Bank of Punjab Limited (formerly known as
Centurion Bank Limited), a company incorporated under the Companies Act, 1956 (hereinafter referred to as the “Companies Act”) and a banking company under the provisions of the Banking Regulation Act, 1949 (hereinafter referred to as the
“Banking Act”), having its registered office at Shanta Durga Niwas, Mahatma Gandhi Road, Panaji - 403 001, Goa (hereinafter referred to as the “CBoP” or the “Transferor Bank”) with HDFC Bank Limited, a company
incorporated under the Companies Act and a banking company under the provisions of the Banking Act, having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 (hereinafter referred to as “HDFC
Bank” or the “Transferee Bank”), pursuant to Section 44A and other relevant provisions of the Banking Act. The Transferor Bank and the Transferee Bank intend that pursuant to the consolidation to be effected through this Scheme,
a strong bank with good branch quality, and emphasis on commercial and social banking in compliance with applicable Law and policy of the RBI, shall be created, and the consolidated bank shall be an employee-friendly institution that would be a
preferred employer in the banking sector. 
  

	1	DEFINITIONS 

 In this Scheme (as defined herein
below), unless inconsistent with the subject or context, the following expressions shall have the following meaning: 
  

	1.1	“Appointed Date” means April 1, 2008 or such other date as may be fixed or sanctioned by Reserve Bank of India; 

  

	1.2	“Assets” shall mean and include: 

  

	 	(a)	all the assets and properties of CBoP including without limitation, assets, residential premises and properties of all branches and offices of CBoP including but not limited to
the extension counters and automated teller machines (ATMs), whether situated in India or outside India; 

  

	 	(b)	 without prejudice to the generality of sub-clause (a) above, it shall include all the properties (whether movable or immovable, tangible or intangible),
assets, investments of all kinds (including but not limited to shares, scrips, stocks, bonds, debentures, debenture stocks, certificate of deposits, units or pass through certificates), all cash balances with the RBI and other banks, money at call
and short notice, loans, advances, contingent rights or benefits, deposits (made with any authority or person whatsoever), lease and hire purchase contracts and assets, securitized assets, receivables, security receipts, benefit of assets or
properties or other interest held in trust, benefit of any security arrangements, authorities, allotments, approvals, reversions, buildings and structures, office and residential premises, tenancies, leases, licenses, fixed assets and other assets,
powers, consents, authorities, registrations, exemptions, benefits, waivers, security and other 

	 	 
agreements, contracts, engagements, arrangements of all kinds, rights, titles, interests, benefits and advantages of whatsoever nature and where so ever
situate belonging to, or in the ownership, power or possession of, or in the control of, or vested in, or granted in favour of, or held for the benefit of, or enjoyed by CBoP, or to which CBoP may be entitled and include but without being limited to
trade and service names and marks and other intellectual property rights of any nature whatsoever, permits, approvals (including approvals from the RBI for branches and other offices), authorizations, rights to use and avail of telephones, telexes,
facsimile, email, internet, leased line connections and installations, utilities, electricity and other services, reserves, provisions, funds, benefits of all agreements, all records, files, papers, computer programs, manuals, data, catalogues,
sales and advertising materials, lists and other details of present and former customers and suppliers, customers credit information, customer and supplier pricing information and other records in connection with or relating to CBoP and all other
interest of whatsoever nature belonging to or in the ownership, power or possession and in the control of or vested in or granted in favour of or held for the benefit of or enjoyed by CBoP in India. 

  

	1.3	“Banking Act” means the Banking Regulation Act, 1949 including the guidelines for merger/ amalgamation of private banks issued by the Reserve Bank of India dated
May 11, 2005 and shall include any statutory modification, re-enactment or amendment thereof for the time being in force. 

  

	1.4	“Board of Directors of CBoP” means the Board of Directors of CBoP, any committee(s) constituted or to be constituted by the Board of Directors of CBoP or any other
person authorized or to be authorized by the Board of Directors of CBoP or any committee thereof nominated or authorized by the Board of Directors of CBOP to exercise any powers including the powers in terms of this Scheme. 

 

	1.5	“Board of Directors of HDFC Bank” means the Board of Directors of HDFC Bank, any committee(s) constituted or to be constituted by the Board of Directors of HDFC
Bank or any other person authorized or to be authorized by the Board of Directors of HDFC Bank or any committee thereof nominated or authorized by the Board of Directors of HDFC Bank to exercise any powers including the powers in terms of this
Scheme. 

  

	1.6	“CBoP” means Centurion Bank of Punjab Limited, a banking company incorporated under the Companies Act and licensed by the Reserve Bank of India under the Banking
Act and having its registered office at Shanta Durga Nivas, Mahatma Gandhi Road, Panaji - 403 001, Goa. 

  

	1.7	“Companies Act” means the Companies Act, 1956 and shall include any statutory modification, re-enactment or amendment thereof for the time being in force.

  

	1.8	“Cut-off Date” shall bear the meaning ascribed to the term in Clause 15 hereof; 

  

	1.9	“Effective Date” means the date on which the Scheme is sanctioned by Reserve Bank of India or such other date as may be specified by Reserve Bank of India by an
order in writing passed in this behalf. 

  

	1.10 	“Employees” means all the employees of CBoP in service as on the Effective Date. 

  

	1.11 	“HDFC Bank” means HDFC Bank Limited, a banking company incorporated under the Companies Act and licensed by the Reserve Bank of India under the Banking Act and
having its registered office at HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013. 

  

	1.12 	“HR Integration Committee” means the committee to be constituted in terms of Clause 7.2. 

  

	1.13 	“Integration Committee” means the committee to be constituted in terms of Clause 8.3. 

  

	1.14 	“Law” means and includes all applicable statutes, enactments, acts of legislature or parliament, ordinances, rules, bye-laws, regulations, notifications,
guidelines, directions of regulatory bodies and orders of any statutory authority, or judicial authority including any quasi-judicial authority, tribunal, court or such other authority of the Republic of India. 

	1.15 	“Legal Proceedings” shall bear the meaning ascribed to the term in Clause 6 hereof. 

  

	1.16 	“Liabilities” means all debts, liabilities, demand deposits, saving bank deposits, term deposits, certificate of deposits, time and demand liabilities, rupee
and foreign currency borrowings, bills payable, interest accrued, statutory reserves, provisions and all other liabilities including tax and contingent liabilities, duties, undertakings and obligations of CBoP whether or not disputed or the subject
matter of any court, arbitration or other proceedings. 

  

	1.17 	“License” means any of the licenses to carry on banking business in India issued by the Reserve Bank of India under Section 22(1) of the Banking Act.

  

	1.18 	“Material Adverse Change” means any change, effect, event, occurrence or state of facts or discovery thereof which may result in:- 

 

	 	a)	the License being revoked or suspended; 

  

	 	b)	either Party being unable to continue their Business or operations or a substantial part thereof; 

  

	 	c)	an order of any court, government, governmental authority, ministry, administrative agency or tribunal of competent jurisdiction being issued the effect of which would be to make
the Merger illegal or which otherwise prevents the consummation of the Merger; or 

  

	 	d)	the appropriation or institution of enforcement proceedings against any of the Parties such that it is not feasible to consummate the Merger substantially on the terms contemplated
by this Scheme. 

  

	1.19 	“Members” mean the shareholders of HDFC Bank or CBoP, as the case may be. 

  

	1.20 	“Merged Entity” means HDFC Bank in which the Undertaking of the Merging Entity shall stand vested and transferred upon consummation of the Scheme.

  

	1.21 	“Merging Entity” means CBoP. 

  

	1.22 	“New Equity Shares” shall bear the meaning ascribed to the term in Clause 9.1 hereof. 

  

	1.23 	“Parties” means HDFC Bank and CBoP, collectively. 

  

	1.24 	“Party” means HDFC Bank or CBoP, as the case may be. 

  

	1.25 	“RBI” means the Reserve Bank of India. 

  

	1.26 	“Record Date” means such date to be fixed by the Board of Directors of CBoP to determine the Members of CBoP to whom equity shares of HDFC Bank will be allotted and
to ensure allotment of equity shares of HDFC Bank in accordance with Clause 9.1 of the Scheme. 

  

	1.27 	“ Scheme” means this scheme of amalgamation as approved and passed by the Members of HDFC Bank and CBoP in their respective General Meetings and shall include any
modifications or amendments made in accordance herewith and in terms of applicable Law. 

  

	1.28 	“Undertaking” means the entire businesses of CBoP including without limitation all the properties (whether movable or immovable, tangible or intangible), all
Assets, Liabilities, and Legal Proceedings of and against CBoP including assets and liabilities of the branches and offices of CBoP. 

  

	2.	DATE OF TAKING EFFECT AND OPERATIVE DATE 

 The
Scheme as set out herein in its present form shall be effective from the Appointed Date and shall be operative from the Effective Date. 

	3.	SHARE CAPITAL 

  

	3.1.	The share capital of CBoP as on December 31, 2007 is as under: 

  

			
	 	  	(Rupees in lacs)
	 Authorised Capital
	  	25000.00
	 Paid-up Capital
	  	18729.69

  

	3.2	The share capital of HDFC Bank as at December 31, 2007 is as under: 

  

			
	 	  	(Rupees in lacs)
	 Authorised Capital
	  	45000.00
	 Paid-up Capital
	  	35407.53

  

	3.3	On and from the Effective Date, the authorised share capital of CBoP shall stand merged into the authorised share capital of HDFC Bank and shall become available for issuance
of further equity shares by HDFC Bank, whether pursuant to this Scheme of Amalgamation or otherwise. 

  

	4.	TRANSFER AND VESTING OF UNDERTAKING 

  

	4.1	With effect from the Appointed Date and upon the Scheme becoming effective, the entire Undertaking of CBoP including all its Assets and Liabilities of whatsoever nature
shall, under the provisions of Section 44A of the Banking Act and pursuant to the order of the RBI sanctioning the Scheme, without any further act or deed stand transferred to and/or deemed to be transferred to and vested in HDFC Bank.

  

	4.2	Transfer of Assets 

 Upon coming into effect of the
Scheme and with effect from the Appointed Date and subject to the provisions of the Scheme: 
  

	 	(a)	all Assets of CBoP shall pursuant to the provisions of the Banking Regulation Act except for the portions specified in Clause 4.2(c) and 4.2(d) below of whatsoever nature and
wheresoever situated and owned by CBoP and incapable of passing by physical delivery and including in particular the License and all other licenses, permits, approvals, incentives, rights, claims, leases, tenancy rights, subsidies, liberties, and
other benefits or privileges enjoyed or conferred upon or held or availed of by and all rights and benefits that have accrued to CBoP shall, under the provisions of the Banking Act and pursuant to the order of the RBI, without any further act,
instrument or deed, but subject to the charges, liens, liabilities or restrictions affecting the same as on the Effective Date, be and shall stand transferred to and vest in and be available to HDFC Bank so as to become as and from the Appointed
Date the estates, assets, rights, title, interests and authorities of HDFC Bank and shall remain valid, effective and enforceable on the same terms and conditions to the extent permissible under Law without any further act, instrument or deed, and
be and stand transferred to and vested in or be deemed to have been transferred to and vested in HDFC Bank as a going concern. 

  

	 	(b)	HDFC Bank shall continue to honour the trade arrangements, and the contractual obligations that CBoP has entered into and which exist as on the Effective Date.

  

	 	(c)	Without prejudice to sub-Clause (a) above, in respect of such of the assets of the Undertaking as are movable in nature or are otherwise capable of transfer by physical
delivery or by endorsement and/or delivery, the same may be so transferred by CBoP, and shall, upon such transfer, become the property, estate, assets, rights, title, interest and authorities of HDFC Bank. 

	 	(d)	In respect of moveable assets of CBoP other than those specified in sub-Clause 4.2(c) above, including sundry debtors, actionable claims, outstanding loans, advances recoverable in
cash or in kind or for value to be received and deposits with Government, semi-government, local and other authorities and bodies the following procedure shall be followed: 

  

	 	i.	HDFC Bank shall give a notice by a publication in a widely circulated newspaper in India to its contract counter parties, debtors or depositees, as the case may be, that pursuant to
the order of the RBI having sanctioned the Scheme, the said debt, loan, advances, etc., be paid or made good or held on account of HDFC Bank as the person entitled thereto to the end and intent that the right of CBoP to recover or realise the same
stands extinguished and that appropriate entry should be passed in their respective books to record the aforesaid change. 

  

	 	ii.	CBoP or in an event of inability of CBoP, HDFC Bank shall also give notice by a publication in a widely circulated newspaper in India to its contract counter parties, debtors or
depositee, that pursuant to the order of the RBI having sanctioned the Scheme between HDFC Bank and CBoP, the said person, debtor, or depositee should pay to HDFC Bank the debt, loan or advance or make the same on account of CBoP and the right of
CBoP to recover or realize the same stands extinguished and that such right stands transferred to HDFC Bank. 

  

	 	(e)	All the post dated and other cheques issued in favour of CBoP which are un-encashed or outstanding upon the coming into effect of the Scheme shall be encashed by HDFC Bank on or
after the due date which shall be entitled to the proceeds thereof, as if such post dated cheques have been drawn and made in favour of HDFC Bank. 

  

	 	(f)	Security over any moveable and/or immoveable properties and security in any other form (both present and future), if any, created by any person in favour of CBoP for securing any
obligation of the person to CBoP or for and on whose behalf a guarantee, letter of credit, letter of comfort or other similar instrument has been executed or arrangements entered into by CBoP shall, without any further act, instrument or deed stand
vested in and be deemed to be issued in favour of HDFC Bank and the benefit of such security shall be available to HDFC Bank as if such security was ab initio created in favour of HDFC Bank. 

  

	4.3	Transfer of Liabilities 

  

	 	(a)	With effect from the Appointed Date and upon the Scheme becoming effective, all the Liabilities of CBoP shall without further act, instrument or deed also be and stand transferred
or deemed to be transferred to HDFC Bank, so as to become the debts, liabilities, duties, undertakings and obligations of HDFC Bank and further that it shall not be necessary to obtain the consent of any third party or other person who is a party to
any contract or arrangement by virtue of which such debts, liabilities, duties and obligations have arisen in order to give effect to the provisions of the Scheme. 

  

	 	(b)	 With effect from the Appointed Date and upon the Scheme becoming effective, any post dated cheques, debentures, bonds, notes or other debt securities, if any,
whether convertible into equity, or otherwise (hereinafter collectively referred to as the “Transferor’s Securities”), issued by CBoP, which remain un-encashed or outstanding or which have not matured on the scheme coming into effect
shall, without further act, instrument or deed become securities of HDFC Bank and all rights, powers, duties and obligations in relation thereto shall be transferred to and vest in and shall upon coming into effect of the Scheme, be exercised by or
against HDFC Bank as if it were CBoP, in accordance with the terms of this 

	 	 
Scheme. In the event of a default in relation to the aforesaid obligation, HDFC Bank shall indemnify and keep indemnified the officers and directors of CBoP
as on the Effective Date from and against any liabilities that may arise due to such default in respect of the Transferor’s Securities and in relation to any bona fide action on the part of such officers and directors in the ordinary course of
business, and in consonance with this Scheme. 

  

	 	(c)	With effect from the Appointed Date and upon the Scheme becoming effective, any loans or other obligation (including any guarantees, letter of credit, letters of comfort or any
other instrument or arrangement which may give rise to a contingent liability in whatever form), due between or amongst CBoP and HDFC Bank, if any, shall stand discharged and there shall be no liability in that behalf on either party.

  

	 	(d)	The transfer and vesting of Liabilities, as aforesaid, shall be subject to subsisting charges, if any, in respect of any Assets. Provided always that the Scheme shall not operate to
enlarge the security for any loan, deposit or facility availed by HDFC Bank and CBoP and that HDFC Bank shall not be obliged to create any further or additional security therefor after the Effective Date or otherwise. Further, the Scheme shall not
operate to enlarge the security for any loan, deposit or facility availed by HDFC Bank, or as the case may be, by CBoP. 

  

	5.	CONTRACTS, DEEDS, ETC 

  

	5.1	With effect from the Appointed Date and upon the Scheme becoming effective and subject to applicable Law and the provisions hereof all contracts, deeds, tenancies, leases,
licenses or other assurances, agreements, arrangements and other instruments of whatsoever nature (including any document by virtue of which security is created in favour of CBoP) to which CBoP is a party or to the benefit of which CBoP may be
eligible and which are subsisting or having effect immediately before the Effective Date, shall be in full force and effect against or in favour of HDFC Bank as the case may be and all or any of the rights, privileges, obligations and liabilities of
CBoP shall be transferred to and vest in HDFC Bank and may be enforced as fully and effectually as if, instead of CBoP, HDFC Bank had been a party, beneficiary or obligor thereto. 

  

	5.2	HDFC Bank shall, wherever necessary, enter into and/or issue and/or execute deeds, writings or confirmations or enter into tripartite arrangements, confirmations or novations
to which CBoP will, if necessary, also be a party in order to give formal effect to the provisions of the Scheme, on or prior to the Effective Date. HDFC Bank shall, under the provisions of the Scheme, be deemed to be authorized to execute any such
writings on behalf of CBoP and to implement or carry out all such formalities or compliances referred to hereinabove on part of CBoP to be carried out or performed after the Effective Date. 

  

	6.	LEGAL PROCEEDINGS 

 With effect from the Appointed
Date and upon the Scheme becoming effective, all suits, actions and legal proceedings of whatsoever nature by or against CBoP pending and/or arising on or before the Effective Date (“Legal Proceedings”) shall be continued and be
enforced by or against HDFC Bank as effectually as if the same had been filed by, pending and/or arising against HDFC Bank. On and from Effective Date, HDFC Bank shall, if required, initiate or defend any legal proceedings in relation to CBoP.

	7.	EMPLOYEES 

  

	7.1	All the Employees of CBoP in service on the Effective Date including the Managing Director shall become the employees of HDFC Bank on such date without any break or
interruption in service, on terms and conditions which are no less favourable to the Employees of CBoP than those on which they are employed with CBoP as on the date immediately preceding the Effective Date. 

  

	7.2	The Employees of CBoP, on becoming employees of HDFC Bank, shall have the same standing as the continuing employees of HDFC Bank. To facilitate efficient and equitable
integration of the existing employees of HDFC Bank and CBoP employees, a HR Integration Committee will be constituted by the Board of HDFC Bank including representation from the current senior management of CBoP and HDFC Bank.

  

	7.3	It is expressly provided that, the provident fund, superannuation fund or any other special scheme(s), fund(s) created or existing for the benefit of the employees of CBoP,
on and from the Effective Date, shall stand transferred to HDFC Bank and HDFC Bank shall stand substituted for CBoP for all purposes whatsoever relating to the administration or operation of such schemes or funds or in relation to obligations to
make contributions to the said schemes or funds in accordance with the provisions of such schemes or funds as per the terms provided in the respective trust deeds or other documents to the end and intent that all rights, duties, powers and
obligations of CBoP in relation to such funds or schemes shall become those of HDFC Bank. It is clarified that the service of the Employees of CBoP will be treated as having been continued for the purpose of the aforesaid funds or schemes or
provisions. 

  

	8.	CONDUCT OF BUSINESS 

  

	8.1	Upon the Scheme becoming effective, from the Appointed Date, and until and including the Effective Date: 

  

	 	(a)	CBoP shall be deemed to have carried on all its business and activities and shall be deemed to have held and been in possession of and shall hold and be in possession of all the
Assets for and on account of and in trust for HDFC Bank; and 

  

	 	(b)	all profits and incomes accruing or arising to CBoP or expenditure or losses arising or incurred (including the effect of taxes, if any, thereon) by CBoP shall, for all purposes, be
treated and deemed to be and accrue as the profits or incomes or expenditure or losses or taxes, as the case may be, of HDFC Bank. 

  

	 	(c)	The protection, if any, available to directors of CBoP shall continue to be honoured by HDFC Bank in relation to all tax liabilities of CBoP. 

  

	8.2	HDFC Bank and CBoP shall be entitled, pending sanction of the Scheme, to apply to any governmental or regulatory authority and other agencies as are necessary under Law for
such consents, approvals and sanctions which HDFC Bank may require to own and carry on the business of CBoP. 

  

	8.3	The Parties agree to constitute an integration committee consisting of an equal number of employees from each Party (“Integration Committee”) to (a) implement
or act in furtherance of the provisions of this Scheme; and (b) scrutinize until the Effective Date the proposals for placement before the appropriate sanctioning authorities of the respective Parties for decision including a review of the
existing arrangements followed by the Parties for sourcing and credit policy, underwriting and collection. 

	8.4	The Integration Committee may appoint sub-committees with the consent of the Parties and delegate to such sub-committees such of its powers as it deems fit. Save as
contemplated in this Scheme of Arrangement, no proposal shall be taken to the respective Boards by either Party unless the same is in compliance with Clause 8.2 of this Scheme. No decision of the Integration Committee shall be valid unless taken
unanimously. It is clarified for the avoidance of doubt that the Integration Committee shall not have powers to amend this Scheme. 

  

	8.5	The Integration Committee and each sub-committee shall comprise at least one employee from each Party. 

  

	9.	CONSIDERATION 

  

	9.1	Upon coming into effect of the Scheme and in consideration of the transfer of and vesting of the Undertaking of CBoP to HDFC Bank in terms of the Scheme, HDFC Bank shall
subject to the provisions of the Scheme and without any further application, act or deed, issue and allot, at the earliest in accordance with Stock Exchange Listing Regulations, One equity share of HDFC Bank of the face value of Rs. 10/- each
credited as fully paid-up in the capital of HDFC Bank which rank pari passu from the date of allotment with the existing shares of HDFC Bank to those Members of CBoP whose names are recorded in its Register of members (the “said Members”)
on the Record Date for every 29 equity shares of the face value of Re. 1/- each held by the said Members of CBoP (referred to as “New Equity Shares”). All entitlements to equity shares of CBoP arising out of outstanding convertible
instruments such as warrants and stock options granted prior to December 31, 2007 shall stand modified to entitlements to New Equity Shares in the same proportion i.e. the entitlement for every 29 equity shares of Re. 1/- each in CBoP, shall
stand replaced by an entitlement to one equity share of a face value of Rs. 10/- each in HDFC Bank with the price for such conversion standing adjusted in the same proportion as the share swap ratio. All applicable fringe benefit tax shall be borne
by and paid by the respective employees. Any holding of shares or debt by either bank in the other bank shall stand cancelled. 

  

	9.2	New Equity Shares issued in terms of the Scheme shall, in compliance with applicable regulations, be listed and/or admitted to trading on the relevant stock exchange(s) in
India where the equity shares of HDFC Bank are listed and/or admitted to trading. 

  

	9.3	Upon the New Equity Shares being issued and allotted to the shareholders of CBoP, the shares held by the said Members of CBoP, whether in the physical form or in the
dematerialized form, shall be deemed to have been automatically cancelled and be of no effect, without any further act, deed or instrument. 

  

	9.4	In so far as New Equity Shares are concerned, the same will be distributed in dematerialized form to the equity shareholders of CBoP, provided all details relating to the
account with the Depository Participant are available to HDFC Bank. All those equity shareholders who hold equity shares of CBoP and do not provide their details relating to the account with the Depository Participant will be distributed New Equity
Shares in the Physical / Certificate form unless otherwise communicated in writing by the shareholders on or before such date as may be determined by HDFC Bank or committee thereof. 

  

	9.5	 Upon the coming into effect of the Scheme, the New Equity Shares of HDFC Bank to be issued and allotted to the said Members as provided in the Scheme shall
be subject to the provisions of the Articles of Association of HDFC Bank and shall rank pari passu from the date of allotment in all respects with the existing equity share of HDFC Bank including entitlement in respect of dividends. Nothing
contained herein shall restrict the issuance of equity shares of CBoP upon exercise of the stock options and 

	 	 
warrants issued prior to December 31, 2007 by CBoP. The issue and allotment of New Equity Shares by HDFC Bank to the member of CBoP as provided in this
scheme is an integral part thereof and shall be deemed to have been carried out as if the procedure laid down under Section 81(1A) and any other applicable provisions of the Companies Act and such other statutes and regulations as may be
applicable were duly complied with. 

  

	9.6	Save and except as may otherwise be permitted or required under the provisions of this Scheme or for the utilization of balances lying in the securities premium account for
adjustment of goodwill as appearing in the books of CBoP as of December 31, 2007 or upon exercise of any stock options or warrants granted prior to December 31, 2007 , CBoP shall not make any change in its capital structure, either by
issue of new equity or Preference shares or Bonus shares, convertible debentures, share warrants, options or any other securities convertible into equity shares or otherwise effect decrease, sub-division, reduction, re-classification, consolidation,
buy-back or in any other manner which may affect the share exchange ratio, except by consent of the Board of Directors of HDFC Bank. It is clarified for the avoidance of doubt that HDFC Bank may issue further equity shares and / or warrants
convertible into equity shares to the Promoter Group of HDFC Bank Ltd. pending the final approval of the RBI to this Scheme, without disturbing the share swap ratio set out in Clause 9.1, subject to an overall cap on dilution at 2,62,00,220 shares
of HDFC Bank. 

  

	9.7	Notwithstanding anything contained herein, in the event of any Member of CBoP having a shareholding such that such Member becomes entitled to a fraction of a New Equity
Share, all the fractional entitlements of various Members shall be aggregated and without any further act, deed or thing to be done, such consolidated New Equity Shares shall stand vested in a trust to be set up by the Board of HDFC Bank. Such trust
shall dispose of the aggregate of all such fractional holdings and distribute the net proceeds (after deduction of expenses incurred) to the respective Members of CBoP in proportion to their respective fractional entitlements.

  

	9.8	Upon the Scheme becoming effective, in connection with the global depository receipts with the equity shares of CBoP being the underlying securities, the Board of HDFC Bank
may take any of the following actions at its sole discretion:- 

  

	 	(a)	Holders of global depository receipts with the equity shares of CBoP being the underlying securities shall become entitled to global depository receipts of HDFC Bank with the
underlying securities being the New Equity Shares in the proportion of one equity share of Rs. 10/- each of HDFC Bank for every 29 equity shares of Re. 1/- each of CBoP; or 

  

	 	(b)	Holders of global depository receipts with the equity shares of CBoP being the underlying securities shall become entitled to American Depository Shares of HDFC Bank with the
underlying securities being the New Equity Shares in the proportion of one equity share of Rs. 10/- each of HDFC Bank for every 29 equity shares of Re. 1/- each of CBoP; or 

  

	 	(c)	The global depository receipts with the equity shares of CBoP being the underlying securities shall stand replaced by equity shares of HDFC Bank in the same proportion as the share
swap ratio set out in this Scheme. 

	9.9	Upon the Scheme becoming effective, the following stock options granted by CBoP shall stand vested on an accelerated basis:- 

  

					
	 Type of Stock Option
	  	Extent of Options
already vesting	 	 Extent of Accelerated Vesting

	 Options issued to key employees at an exercise price of Rs.4/- per share of CBoP
	  	Variable	 	All such options to vest on date of filing of the Scheme with the RBI.
			
	 Options issued on September 28, 2005
	  	50%	 	10% to vest on the date of filing of the Scheme with the RBI. The remaining 40% to vest on September 28, 2008.
			
	 Options issued on January 2, 2006
	  	50%	 	10% to vest on the date of filing of the Scheme with the RBI. The remaining 40% to vest on January 2, 2009.
			
	 Options issued on April 1, 2006
	  	50%	 	10% to vest on the date of filing of the Scheme with the RBI. The remaining 40% to vest on April 1, 2009.
			
	 Options issued on July 10, 2006
	  	50%	 	10% to vest on the date of filing of the Scheme with the RBI. The remaining 40% to vest on July 10, 2009.
			
	 Options issued on November 18, 2006
	  	20%	 	10% to vest on the date of filing of the Scheme with RBI, 30% to vest on November 18, 2008 and 40% to vest on November 18, 2009.
			
	 Options issued on August 17, 2007
	  	Nil	 	50% to vest on August 17, 2008 and 50% to vest on August 17, 2009
			
	 Options issued on October 30, 2007
	  	Nil	 	50% to vest on October 30, 2008 and 50% to vest on October 30, 2009

 In the case of stock options, the entitlements to the shares of HDFC Bank after the Effective Date
shall stand adjusted in the same proportion as the share swap ratio set out herein, with the entitlements to the underlying shares of HDFC Bank being rounded off to the nearest higher integer. 
  

	10.	DECLARATION OF DIVIDENDS 

 HDFC Bank and CBoP
shall be entitled to declare or pay dividends, whether interim or final, to their respective equity shareholders in respect of the accounting period prior to the Effective Date, such that the total payout is broadly in line with past payout
percentages in the ordinary course. Any declaration or payment of dividend inconsistent with past practice and outside the ordinary course shall be subject to the prior approval of the Board of Directors of each of HDFC Bank and CBoP, and in
accordance with applicable Law. 

	11.	ACCOUNTING TREATMENT 

  

	11.1	Upon the coming into effect of the Scheme and with effect from the Appointed Date: 

  

	 	a)	All the Assets and Liabilities recorded in the books of CBoP shall be transferred to and vested in HDFC Bank pursuant to the Scheme and shall be recorded by HDFC Bank at their
respective book values as appearing in the books of CBoP; 

  

	 	b)	The balance in “Statutory Reserve Account” of CBoP shall continue to be designated as Statutory Reserve Account in the books of HDFC Bank; 

  

	 	c)	“Amalgamation Expenses Provision Account” shall be credited, in the books of HDFC Bank, by an amount determined by the Board of Directors of HDFC Bank for the expenses and
costs of the Scheme as per Clause 17 and for expenses and costs arising as a direct consequence on account of changes in the business of CBoP proposed or considered necessary by the Board of Directors of HDFC Bank (including but not limited to
rationalization, upgradation and enhancement of human resources and any costs in relation to stock options and/or warrants of CBoP taken over upon this Scheme becoming effective and extraordinary expenses relating to modifying signage, modifying
stationery, branding, changing systems and network, communication including media costs, impairment of technology and fixed assets, conducting general meetings, payment of listing fees and other statutory and regulatory charges, any costs relating
to termination of contracts consequent upon the implementation of this Scheme, costs of travel in relation to the consolidation contemplated in this Scheme, valuation, due diligence, investment banking expenses and charges relating to preparation of
the Scheme, consultations in relation to the consolidation contemplated in this Scheme and training), and other extraordinary expenses on integration and consolidation under the Scheme, to be incurred by HDFC Bank and the corresponding debit shall
be reckoned in arriving at the amount to be credited to the Amalgamation Reserve / debited to General Reserve as referred to in Clause 11.1(d). 

  

	 	d)	The excess of the value of the net assets of CBoP over the paid-up value of the shares to be issued and allotted by HDFC Bank pursuant to the terms of Clause 9 and after giving
effect to aforesaid clauses and such further adjustments as may be deemed necessary by the Board of Directors of HDFC Bank, including provision against credit risk inherent in advances/assets and provision towards unprovided business / contingent
liabilities of CBoP, and/or required by any regulatory or statutory authority including such adjustments as may be required to ensure the uniform application of accounting standards and policies adopted by HDFC Bank after adjusting against the
Floating Provision Account to the extent available, and the balance shall be accounted for and credited by HDFC Bank to its Amalgamation Reserve net of tax effect on the said adjustment to record timing differences as deferred taxes. The shortfall,
if any, in the event of a deficit, occurring whilst giving effect to the adjustments hereinabove, shall be debited to General Reserve. HDFC Bank shall record for the deferred tax asset, if any, with respect to provision. 

  

	12.	MODIFICATIONS, AMENDMENTS, AND WITHDRAWAL 

  

	12.1 	HDFC Bank and CBoP may pending sanction of the Scheme by RBI make or assent, from time to time, on behalf of all persons concerned to any modifications or amendments to the
Scheme or to any conditions or limitations which the RBI or any other relevant or concerned authority under Law may direct or impose or which may otherwise be considered necessary, and may do and execute all acts, deeds, instruments, matters and
things necessary for putting the Scheme into effect, or for the purpose of better structuring and effective implementation of the Scheme. The aforesaid power of CBoP and HDFC Bank may be exercised by their respective Boards of Directors, or by any
sub-committee of the Boards of Directors as may be nominated by the respective Parties. 

	12.2 	For the purpose of giving effect to the Scheme as sanctioned by the RBI, the Board of Directors of HDFC Bank may give all such directions which are not inconsistent with the
provisions of the Scheme as are necessary, expedient, ancillary or desirable including directions for settling or removing any question of doubt or difficulty that may arise with regard to the implementation of the Scheme, as it thinks fit, and such
determination or directions as the case may be, shall be binding on all persons connected herewith or otherwise interested in the Scheme. 

  

	12.3 	This Scheme may be withdrawn before the Effective Date in any of the following events (i) by mutual consent of the Parties; or (ii) unilaterally by CBoP on the
occurrence of a Material Adverse Change in respect of HDFC Bank; or (iii) unilaterally by HDFC Bank on the occurrence of Material Adverse Change in respect of CBoP. 

  

	13.	CONDITIONS OF THE SCHEME 

  

	13.1 	HDFC Bank and CBoP shall make applications under Section 44A and all other applicable provisions of the Banking Act for sanctioning of the Scheme by the RBI and obtain
all approvals as may be required by the Law and for dissolution of CBoP without being wound up under the provisions of the Law. 

  

	13.2 	The Scheme is specifically conditional upon and subject to: 

  

	 	a)	the consent of a majority in number representing two-thirds in value of the Members of HDFC Bank and of CBoP is obtained at their respective meetings, present either in person or by
proxy at a meeting called for the purpose. 

  

	 	b)	all necessary consents, authorizations or other approvals of any kind which may be required from any governmental or other competent regulatory authority for the consummation of
amalgamation, including without limitation the approval of the RBI under Section 44A and other applicable provisions of the Banking Act and the guidelines thereof. 

  

	 	c)	all other necessary consents, authorizations and other approvals which may be required by CBoP or HDFC Bank under the provisions of the Companies Act, any other applicable Law for
the consummation of the amalgamation. 

  

	14.	GENERAL TERMS AND CONDITIONS: 

  

	14.1 	An order in terms of Clause 13.2(b) hereinabove and sub-section (6C) of Section 44A of the Banking Act shall be conclusive evidence that all requirements of
Section 44A of the Banking Act relating to amalgamation have been complied with and a copy of the said order certified in writing by an officer of the RBI to be a true copy of such order shall in all legal proceedings (whether in appeal or
otherwise) be admitted as evidence to the same extent as the original order and the original scheme. 

  

	14.2 	Any Member of HDFC Bank or CBoP, as the case may be, who has voted against the Scheme at the meeting of HDFC Bank or CBoP, as the case may be, or has given notice in writing
at or prior to the meeting of HDFC Bank or CBoP, as the case may be, or to the presiding officer of the meeting of the shareholders of either HDFC Bank or CBoP, as the case may be, that he dissents from the Scheme, shall subject to approval of the
RBI, be entitled, upto the Record Date, to claim from HDFC Bank or CBoP, as the case may be, in respect of shares held by him in HDFC Bank or CBoP, as the case may be, their value as determined by the RBI when sanctioning the Scheme and such Member,
in consideration thereof, shall compulsorily tender the shares held by him, in HDFC Bank or CBoP, as the case may be, to HDFC Bank or CBoP respectively for cancellation thereof and to that extent the share capital of HDFC Bank or CBoP, as the case
may be, shall stand reduced. The determination by the RBI as to the value of the shares to be paid to the dissenting Member shall be final and binding on such dissenting shareholders for all purposes. 

	15.	VALIDITY OF THE SCHEME 

 In the event Effective Date
shall not have occurred by March 31, 2009 or by such later date as may be agreed to by and between the respective Boards of Directors of CBoP and HDFC Bank (the ‘Cut-off Date’), the Scheme shall become null and void and in that event
no rights and liabilities whatsoever shall accrue to or be incurred inter se by the parties or their shareholders or creditors or employees or any other person. In such case both, CBoP and HDFC Bank, shall bear their own costs. 
  

	16.	SAVINGS OF CONCLUDED TRANSACTIONS 

 The transfer of
properties and liabilities under Clause 4 above and the continuance of proceedings by or against CBoP shall not affect any transaction or proceedings already concluded by CBoP until the Effective Date, to the end and intent that HDFC Bank accepts
and adopts all acts, deeds and things done and executed by CBoP in respect thereto as done and executed on behalf of itself. 
  

	17.	COSTS 

 Each Party shall bear its own costs and
expenses in respect of all matters arising out of, or in connection with, this Scheme unless otherwise expressly agreed in writing. Expenses towards the joint valuation shall be borne by the Parties equally.

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