Document:

Exhibit 10.16

 

Advertisement
Agreement

 

BETWEEN

 

BENNETT,
COLEMAN & CO. LTD.

 

AND

 

YATRA
ONLINE PRIVATE LIMITED

 

     

     

    

 

ADVERTISEMENT AGREEMENT

 

This Advertisement Agreement is entered
into at New Delhi on this 20th day of June, 2011 by and between:

 

BENNETT, COLEMAN & CO. LTD.,
an existing company within the meaning and provisions of the Companies Act, 1956, having its registered office at The Times of
India Building, Dr. D.N. Road, Mumbai 400 001 and having its corporate office at Times House, 7, Bahadurshah Zafar Marg, New Delhi
110103 (hereinafter referred to as “BCCL”, which expression shall, unless it be repugnant to the context or meaning
thereof, be deemed to mean and include its successors and permitted assigns) of the ONE PART;

 

AND

 

YATRA ONLINE PRIVATE LIMITED,
a company incorporated under the Companies Act, 1956, having its registered office at 93B, Mittal Court, Nariman Point, Mumbai
– 400021 and corporate office at Unit No. 1101-1103, Eleventh Floor, Tower B, Unitech Cyber Park, Sector 39, Gurgaon (hereinafter
referred to as the “Company”, which expression shall unless it be repugnant to the context or meaning thereof,
be deemed to mean and include its successors and permitted assigns) of the OTHER PART.

 

(BCCL and the Company are hereinafter referred
to as such or individually as “Party” and collectively as “Parties”.)

 

    	(1) __________ (2) ___________	1

     

    

 

WHEREAS:

 

		A.	BCCL is, inter alia, engaged in the business of publishing various newspapers.

 

		B.	BCCL being a leader in the media industry would like to support the brand-building objectives of
companies through advertising. Several brands and new product categories have been built successfully through advertising in the
print medium. With the advent of new and innovative media, BCCL wishes to continuously offer options for the new generation of
entrepreneurs to launch, build and grow their brands through the print medium. The Company is desirous of availing of the multiplicity
of media options through BCCL.

 

		C.	Banks and financial institutions generally do not have focused financing facility for brand building
and BCCL would like to support such objectives, by extending to companies interested in building their brands, a line-of-credit
facility, to augment their resources and build their brands through advertising in the print and other media offered by BCCL and
the Non-Print Entities (as defined below).

 

		D.	The Company is engaged in the business of travel related products and services. Given the wide
range of Media (as defined below) and consequently the wide scope of the advertising options offered by BCCL, the Company is desirous
of conducting an extensive advertising campaign in Media for an aggregate advertisement value of [...***...]. The Company
has represented that it needs access to various modes of advertisement through the Line of Credit (as defined below). Relying on
such representation, the business plans of the Company, the financial position of the Company and the credit worthiness of the
Company and the Promoters (as defined below), BCCL has agreed to extend a Line of Credit to the Company in terms of this Agreement.

 

		E.	The Company is agreeable to paying a deposit to BCCL, for the following: (i) availing of the Line
of Credit; (ii) gaining access to the diverse Non-Print Entities through the Line of Credit; (iii) availing services of a relationship
manager; and (iv) being provided with information about any special schemes of BCCL. The Company is also agreeable to making part
payment for the Media utilized as and when the Company places advertisements in the Media.

 

		F.	The Parties have agreed to certain terms and conditions of the Line of Credit, including terms
of usage of the Line of Credit by the Company for advertising of Company’s products, services and brands in Media in accordance
with the terms and conditions provided herein.

 

NOW THEREFORE, in consideration
of the mutual representations, warranties and covenants contained herein, and other good and valuable consideration the receipt
and sufficiency of which are hereby confirmed, it is hereby agreed by and between the Parties and this Agreement witnesseth as
under:

 

    	(1) __________ (2) ___________	2

     

    

 

ARTICLE 1

 

DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement, the following terms,
to the extent not inconsistent with the context thereof, shall have the meanings assigned to them hereinbelow:

 

		(a)	Agreement shall mean this Advertisement Agreement and any amendments or modifications, made
to this Agreement by the Parties in writing;

 

		(b)	Business Day shall mean a day on which scheduled commercial banks are open and working in
their regular course of business in New Delhi, India;

 

		(c)	Commencement Date shall be April 1, 2011, subject to payment of Deposit in terms of Article
2.2 below;

 

		(d)	Company Affiliates shall mean (a) such entities where the Company owns and controls at least
50% + 1 share of the paid up equity shares of the entity; (b) such entities which own and control atleast 50% + 1 share of the
paid up equity shares of the Company (c) such entities which own and control at least 50% + 1 share of the paid up equity shares
of entities defined in sub clause b of this clause; (d) such entities, except those defined above, wherein entities defined in
sub clause b and/ or c own and control at least 50% + 1 share of the paid up equity shares and such entity and as enlisted in Exhibit
3 hereunder;

 

		(e)	Control shall mean direct or indirect possession of control or the power to direct or cause
the direction of the management and policies of any company or entity, pursuant to the ownership of voting securities;

 

		(f)	Credit Amount shall have the meaning set out in Article 2.1;

 

		(g)	Cure Period shall have the meaning set out in Article 4.4;

 

		(h)	Deposit shall have the meaning set out in Article 2.2;

 

		(i)	Down Payment shall have the meaning set out in Article 2.4;

 

		(j)	Gross Amount Due shall have the meaning set out in Article 4.6.2;

 

		(k)	Line of Credit shall have the meaning set out in Article 2.1;

 

		(l)	Liquidity Amount shall have the meaning set out in Article 4.5.1;

 

		(m)	Liquidity Event shall mean the date on which the Net Warrant Exercise Amount is paid by
BCCL to the Company in accordance with the terms of the Warrant Subscription Agreement;

 

		(n)	Media shall mean Print Publications and Non-Print Media collectively;

 

		(o)	Net Amount Due shall have the meaning set out in Article 4.6.2;

 

		(p)	Net Warrant Exercise Amount shall have the meaning set out in the Warrant Subscription Agreement;

 

		(q)	Non Defaulting Party shall have the meaning set out in Article 4.4;

 

		(r)	Non-Print Entities shall collectively mean the entities through which such Non – Print
Media is offered;

 

    	(1) __________ (2) ___________	3

     

    

 

		(s)	Non-Print Medium/Media shall mean the following: (i) internet portal Indiatimes.com through
Times Internet Ltd., (ii) television channel Zoom TV through Zoom Entertainment Network Ltd., (iii) television channels ET
Now, Movies Now and Times Now through Times Global Broadcasting Co. Ltd., (iv) Medianet initiatives carried out through Optimal
Media Solutions Ltd., (v) FM radio channel Radio Mirchi through Entertainment Network India Ltd., (vi) magazines published and/or
marketed through World Wide Media Ltd.; (vii) internet portals Timesjobs.com, Magicbricks.com and simplymarry.com through Times
Business Solutions Limited; and (viii) bus-shelters and hoardings owned and operated through Times Innovative Media Ltd.

 

		(t)	Payment Date shall mean the date, as may be applicable, by which the Company is required
to make payment upon expiry of the Term or termination of the Line of Credit in terms of Article 4.2 or 4.3 or 4.9 below or termination
of this Agreement in terms of Article 4.4 below or the date on which the aggregate of the Liquidity Amounts paid along with the
Deposit is equal to or greater than the Credit Amount;

 

		(u)	Post Suspension Termination Notice shall have the meaning set out in Article 4.3;

 

		(v)	Print Publications shall mean all newspapers, published and / or distributed by BCCL in
any language within the territory of India;

 

		(w)	Promoter shall mean Yatra Online Cyprus Limited, the principal shareholder of the Company;

 

		(x)	Remaining Credit Amount shall have the meaning set out in Article 5.1;

 

		(y)	Response Letter shall mean the letter dated April 7, 2011, issued by the Response Department
of BCCL, a copy of which is annexed hereto as Exhibit 2;

 

		(z)	Suspension Notice shall have the meaning set out in Article 4.3;

 

		(aa)	Term shall have the meaning set out in Article 4.1;

 

		(bb)	Termination Notice shall have the meaning set out in Article 4.2;

 

		(cc)	Utilized Credit Amount shall mean the amount that has been utilized by the Company at the
relevant point in time towards the advertisements actually placed by the Company in both Print Publications and Non-Print Media
in terms of this Agreement; and

 

		(dd)	Warrant Subscription Agreement shall mean the agreement of even date entered into between
BCCL, the Company, the Promoter and others setting out the terms on which BCCL has subscribed to warrants issued by the Company.

 

		1.2	Interpretation

 

		1.2.1	Any reference in this Agreement to any statute or statutory provision shall be construed as including
a reference to that statute or statutory provision as from time to time amended, modified, extended or re-enacted whether before
or after the date of this Agreement and to all statutory instruments, orders and regulations for the time being made pursuant to
it or deriving validity from it.

 

		1.2.2	The meanings set forth for defined terms in this Article and all pronouns shall be equally applicable
to both the singular and plural, masculine, feminine or neuter forms as the context may require.

 

    	(1) __________ (2) ___________	4

     

    

 

		1.2.3	All references in this Agreement to Exhibits are to exhibits in or to this Agreement unless otherwise
specified therein. The words “hereof,” “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The
words “include”, “including” and “among other things” shall 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.

 

		1.2.4	References in this Agreement to any document or agreement shall be deemed to include references
to such document or agreement as amended, varied, restated, supplemented or replaced from time to time in accordance with the terms
thereof and to include any side letters executed in connection therewith, except as otherwise provided in this Agreement.

 

		1.2.5	The headings/captions of the several Articles and clauses of this Agreement are intended for convenience
only and shall not in any way affect the meaning or construction of any provision therein.

 

		1.2.6	References to writing include printing, typing, lithography and other means of reproducing words
in a visible form.

 

		1.2.7	Time is of the essence in the performance of the Parties’ respective obligations. Any time
period specified herein may be extended only if confirmed in writing by both the Parties, and such extended time shall also be
of the essence.

 

		1.2.8	The recitals stated above shall be read with and form a part of this Agreement.

 

ARTICLE 2

 

LINE OF CREDIT

 

		2.1	The Company has requested BCCL to extend a long-term credit facility for release of advertisements
and, subject to Article 2.2 and 2.3 below, BCCL has, relying on the representations given by the Company, agreed to extend such
facility to the Company for an aggregate amount not exceeding [...***...] (“Credit Amount”), to be
utilised based on the terms and conditions set out in this Agreement (“Line of Credit”). The Credit Amount has
been arrived at based on the business requirements of the Company.

 

		2.2	The Company shall make payment of a sum of [...***...] to BCCL as an interest free deposit
(“Deposit”) subject to applicable statutory deductions, in consideration for the following:

 

2.2.1     being permitted to utilise
the Line of Credit being provided by BCCL; and

 

2.2.2     BCCL enabling the Company
to release advertisements in Non-Print Media in terms of this Agreement.

 

		2.3	The Company shall make payment of the Deposit no later than 3 (Three) Business Days from the date
hereof by pay order(s) or demand draft(s) or cheque(s) drawn on a recognised bank or such other means that are acceptable to BCCL.

 

		2.4	The Company shall make payment to BCCL or the relevant Non-Print Entity of an amount equivalent
to 1/3rd (One-third) of the value of the advertisement (“Down Payment”) released in the Media, in
cash, in accordance with the extant policy of BCCL or the Non-Print Entity in whose Non-Print Medium such advertisement is being
released, as and when the Company releases the advertisement. It being clarified that the Down Payment shall not form a part of
the Credit Amount and shall not be adjusted against / reduced by the amount of the Deposit. While releasing the Down Payment, the
Company shall withhold the applicable taxes on the entire invoice amount.

 

    	(1) __________ (2) ___________	5

     

    

 

		2.5	The balance 2/3rd (Two-third) of the value of advertisement released in the Media: (i)
shall constitute a part of and be counted towards the Utilized Credit Amount for the purposes of this Agreement; (ii) shall not
in the aggregate exceed the Credit Amount; and (iii) shall be paid in terms of Article 4.

 

		2.6	Subject to Article(s) 4.2, 4.3 and 4.4 below, the Line of Credit shall continue to be available
to the Company for the Term set out in this Agreement and the Company shall be permitted to release advertisements in terms of
Article 3 below, to the extent of the Credit Amount set out in this Agreement and in accordance with the terms and conditions contained
in this Agreement.

 

ARTICLE 3

 

TERMS OF RELEASE OF ADVERTISEMENTS

 

		3.1	The Company shall be permitted to advertise, during the Term, on a non-exclusive basis only the
products, services and brands owned and exclusively used by it and Company Affiliates to the extent of the Credit Amount or Remaining
Credit Amount, as the case may be, and BCCL hereby agrees to carry such advertisements in the Media in accordance with the terms
and conditions set out in this Agreement and in accordance with the extant policies of BCCL or the relevant Non-Print Entity.
Provided that:

 

		3.1.1	The Company shall only be permitted to use up to [...***...] of the Credit Amount for
the purposes of advertising in the Non-Print Media.

 

This Agreement
shall also cover advertisements relating to corporate campaigns, financial information and recruitment requirements of the Company.

 

		3.1.2	This Agreement shall also cover advertisement of co-branded products of the Company provided that:

 

		3.1.2.1	Such advertisements shall primarily be for the advertisement of products and services of the Company.

 

		3.1.2.2	In such advertisements the product and logo associated with the brand(s) of the Company shall get
equal or more prominence over the product and logo associated with the brand(s) not owned by the Company.

 

		3.1.3	The release of advertisements for any product that: (i) in any manner makes use of silk or leather,
& (ii) contains any kind of non-vegetarian food; shall not be covered by this Agreement.

 

		3.1.4	The Company shall make payment for the Credit Amount, or parts thereof, in accordance with Article
4 below. The Company hereby authorises BCCL to make payment to the respective Non-Print Entity on behalf of the Company, in respect
of advertisements released in Non-Print Media.

 

    	(1) __________ (2) ___________	6

     

    

 

		3.1.5	The Company shall make payment for the Down Payment directly to BCCL or the relevant Non-Print
Entities for such release in Print Publications or Non-Print Media, respectively.

 

		3.2	It is clarified that: (i) the agency commission, if any, payable by the Company to an advertising
agency, shall be paid by the Company directly to such agency and shall not form a part of the Credit Amount or Down Payment payable
to BCCL or the relevant Non-Print Entities, as the case may be, with respect to the advertisements released by it; (ii) the Credit
Amount, or a part thereof, shall not be utilised in relation to an event, sponsorship of an event, and/or any activity that requires
BCCL or any Non-Print Entity to make payment to a third party & (iii) any future taxes payable, if any, on release of advertisements,
shall be paid by the Company and shall not form a part of the Credit Amount or Down Payment.

 

		3.3	The Parties agree that upon release of advertisements by the Company, BCCL or the respective Non–Print
Entity, as the case may be, shall raise invoices for the advertisements released by it as follows:

 

		(a)	As regards advertisements placed in the Print Publications through an advertising agency, the invoicing
shall be in terms of the extant policy applicable to Print Publications and shall be raised in the name of such advertising agency.
Immediately thereafter, BCCL will credit the account of the advertising agency for the invoice value with corresponding debit to
account of the Company;

 

		(b)	As regards advertisements placed in the Non-Print Media, the invoicing shall be in terms of the
respective extant policies of such Non- Print Entities; and

 

		(c)	In the event the Company releases advertisements in Media directly and not through an advertising
agency, the invoicing for such release(s) shall be in terms of the extant policy applicable to such Media.

 

It being clarified that, irrespective
of whether the invoice has been raised by BCCL or the relevant Non-Print Entity, the Utilised Credit Amount will be deemed to have
been utilized to the extent of advertisements placed by the Company in the Media.

 

		3.4	By virtue of the rights accruing to the Company in terms of this Agreement, the obligation of the
Company to pay BCCL shall be that of the Company and not the advertising agency.

 

		3.5	The Company or the advertising agency, as the case may be shall ensure that any release order for
advertisements being released in terms of this Agreement shall bear the following words: “This release order is being
made in terms of the Advertisement Agreement entered into between BCCL and Yatra Online Private Limited” and quote the
PT Reference Code that is allotted to the Company. Advertisement in terms of release orders not bearing the said words and the
PT Reference Code shall be treated as advertisements in the normal course of business and shall not be considered as a release
in terms of this Agreement. Further all invoices raised by BCCL and the respective Non-Print Entity shall bear the following
words: “This invoice is being raised in terms of the Advertisement Agreement entered into between BCCL and Yatra Online
Private Limited”.

 

		3.6	The advertisement expenditure in terms of this Agreement shall be treated as recurring and ordinary
expenditure in the books of the Company.

 

    	(1) __________ (2) ___________	7

     

    

 

		3.7	BCCL and the Company hereby agree and confirm that the rates for various advertisements in the
Print Publications shall be in accordance with the extant policies of the specific Print Publication at the time of placing such
advertisements, as modified by the Response Letter in Exhibit 2 of this Agreement. The rates for release of advertisements in Non-Print
Media shall be as negotiated by the Company with the relevant Non-Print Entity. It is specifically clarified that the choice of
space and slot in respect of advertisements by the Company in Media shall be subject to the availability of space or slot in the
relevant Media as sought by the Company.

 

		3.8	The Company agrees that this Agreement merely governs the advertising arrangement between BCCL
and the Company. The Company further agrees that BCCL and the relevant Non–Print Entities shall retain full editorial independence
in respect of the content in any Media to feature any articles, views, comments, features, news articles and so on, on the activities
of the Company and on the Company, notwithstanding the terms of this Agreement. The Company hereby acknowledges and agrees that
the Company will not be entitled to any preferential treatment in this regard by BCCL or the Non-Print Entities on account of the
Company entering into this Agreement with BCCL.

 

ARTICLE 4

 

TERM, EXPIRY/TERMINATION OF LINE OF
CREDIT AND CONSEQUENCES OF TERMINATION

 

		4.1	The Line of Credit shall be available on and from the Commencement Date and shall continue to be
available for a period of 4 (four) years (the “Term”), unless terminated earlier by the Parties in accordance
with Article(s) 4.2 or 4.4 or suspended in accordance with Article 4.3 of this Agreement. In the event the aggregate value of advertisements
released by the Company within the Term is less than [...***...], the Company shall be entitled to release advertisements
for the balance amount within a period of six months from the end of the Term, as per the terms hereof.

 

		4.2	BCCL may, at any time after 6 (six) months from the date hereof and prior to the expiry of the
Term, in its sole discretion, terminate the Line of Credit by giving 3 (three) days prior notice (“Termination Notice”)
to the Company, upon occurrence of the following:

 

		4.2.1	Initiation of voluntary or involuntary insolvency or bankruptcy proceeding of the Company, including
filing of a winding up petition against the Company;

 

		4.2.2	Failure by the Company of its obligations to make payments in accordance with Article 2.4 of this
Agreement;

 

		4.3	Notwithstanding Article 4.2 above, BCCL may at its option, suspend the Line of Credit, without
terminating it, by giving 3 (three) days prior notice (“Suspension Notice”) to the Company based on any of the
factors set out in Article 4.2 above. BCCL may, at its sole discretion, resume or terminate the Line of Credit, post such suspension
by giving 3 (three) days prior notice to the Company (“Post Suspension Termination Notice”). Upon resumption,
BCCL may grant a reasonable extension of the Term to the Company for utilising the Line of Credit.

 

		4.4	Either Party (the “Non Defaulting Party”) may terminate this Agreement at any
time in the event of a material breach by the other Party (the “Defaulting Party”) of any of its obligations
under this Agreement, which material breach, if capable of cure or remedy, has not been cured or remedied by the Defaulting Party
within 14 (fourteen) days of the receipt of written notice of such breach or failure (“Cure Period”) from the
Non Defaulting Party.

 

    	(1) __________ (2) ___________	8

     

    

 

		4.5	The Company shall be liable to make payment of such amounts due under the Line of Credit as given
below, on the occurrence of any of the following events, within such dates as outlined:

 

		4.5.1	Upon the occurrence of a Liquidity Event before the expiry of the Term, termination of the Line
of Credit in terms of Article 4.2 or 4.3 above, or upon termination of this Agreement in terms of Article 4.4 above, the Company
shall be liable to make payment towards the Line of Credit, of an amount equivalent to the Net Warrant Exercise Amount paid under
such Liquidity Event (“Liquidity Amount”), within 3 (Three) days from the date of such Liquidity Event. It is
clarified that the Company shall be liable to make such payment, upon each occurrence of a Liquidity Event.

 

		4.5.2	Upon expiry of the Term or termination of the Line of Credit in terms of Article 4.2 or 4.3 above
or upon termination of this Agreement in terms of Article 4.4 above, provided a Liquidity Event has not taken place, within 3 (Three)
days from such expiry or the date of the Termination Notice or Post Suspension Termination Notice or expiry of Cure Period, as
the case may be, the Company shall be liable for an amount equal to the Utilised Credit Amount or the Deposit, whichever is higher.

 

		4.5.3	Upon expiry of the Term or termination of the Line of Credit in terms of Article 4.2 or 4.3 above
or upon termination of this Agreement in terms of Article 4.4 above, provided a Liquidity Event has taken place prior to such expiry
or termination and the Utilized Credit Amount is greater than or equal to the aggregate Liquidity Amount(s) plus the Deposit, within
3 (Three) days from such expiry or the date of the Termination Notice or Post Suspension Termination Notice or expiry of Cure Period,
as the case may be, the Company shall be liable for the Utilised Credit Amount less the aggregate of all amounts already paid by
the Company in terms of Article 4.3.1 above (other than the Deposit).

 

		4.5.4	Upon expiry of the Term or upon termination of the Line of Credit in terms of Article 4.2 or 4.3
above or upon termination of this Agreement in terms of Article 4.4 above, provided a Liquidity Event has taken place prior to
such expiry and/or termination and the Utilised Credit Amount is less than the aggregate Liquidity Amount(s) plus the Deposit,
within 3 (Three) days from such expiry or date of the Termination Notice or Post Suspension Termination Notice or expiry of Cure
Period, as the case may be, the Company shall be liable for the aggregate Liquidity Amount(s) plus the Deposit less aggregate of
all amounts, if any, already paid by the Company in terms of Article 4.5.1 above (other than the Deposit).

 

		4.6	It is clarified that:

 

		4.6.1	The aggregate of all amounts so payable in terms of Article 4.5 above by the Company shall not
in any event exceed the Credit Amount; and

 

    	(1) __________ (2) ___________	9

     

    

 

		4.6.2	The amount payable to BCCL by the Company in terms of Article 4.5 above (“Gross Amount
Due”) shall be paid after setting off the Deposit against such amount (“Net Amount Due”). It being
acknowledged and agreed by the Parties that the Deposit shall be appropriated only on the Payment Date.

 

		4.7	On or before the Payment Date or in terms of Article 4.5.1 above, the Company shall, by pay order(s)
or demand draft(s) or cheque(s) drawn on a recognised bank or such other means that are acceptable to BCCL, pay the Net Amount
Due or the Liquidity Amount, as the case may be.

 

		4.8	Notwithstanding Article 4.4 above, in the event of the Company failing to make payment of the Net
Amount Due to BCCL in the manner set out in this Agreement and within the time period set out in this Agreement, the Company shall
be liable to pay such Net Amount Due along with an amount that is aggregate of the following:

 

		4.8.1	an amount equivalent to the interest calculated at the rate of [...***...] per annum,
compounded annually, on the Net Amount Due (i.e. after adjusting the Deposit), calculated from the Payment Date till the actual
date of payment.

 

		4.9	Notwithstanding anything contained herein, in the event BCCL does not exercise the Warrants under
the Warrant Subscription Agreement within the time stipulated in Article 2.2.3 of the Warrant Subscription Agreement, the Company
shall be liable to make payment only of the following amounts, under the Line of Credit:

 

		4.9.1	An amount equal to the aggregate value of advertisements consumed monthly and released by the Company
under this Agreement along with interest calculated @ [...***...] compounded on a monthly basis calculated from the Utilisation
Date till the date of payment by the Company; and

 

		4.9.2	Subject to Article 4.9.3 below, an additional interest of an amount equivalent to [...***...].

 

		4.9.3	The aforesaid payments shall be paid within 15 (Fifteen) days from the expiry of the Warrant Exercise
Period as defined in the Warrant Subscription Agreement.

 

		4.9.4	In the event the Warrant Subscription Agreement is terminated by BCCL, and the Company has completed
the purchase of the Warrants including making payment thereunder, in accordance with Article 9.3 therein, the payment referred
to above in Article 4.9.2 shall not apply.

 

		4.10	Notwithstanding anything contained in this Agreement, termination
of this Agreement will lead to the termination of the Warrant Subscription Agreement. Upon termination of this Agreement and subject
to the payment by the Company towards the Line of Credit, along with interest calculated @ [...***...] compounded on
a monthly basis calculated from the date of termination till the date of payment, being received by BCCL, BCCL shall within 14
(Fourteen) days of receipt of payment as mentioned post such termination, send to the Company a notice of termination of the Warrant
Subscription Agreement.

 

    	(1) __________ (2) ___________	10

     

    

 

ARTICLE 5

 

AGREEMENT TO ADVERTISE & REFUND TO
THE COMPANY

 

		5.1	Upon the occurrence of one or more Liquidity Event(s) and in the event the aggregate of the Liquidity
Amount for all such Liquidity Events plus the Deposit is greater than the Utilised Credit Amount, the Company hereby agrees to
place advertisements of the value equal to such aggregate Liquidity Amount plus the Deposit less the Utilised Credit Amount (Remaining
Credit Amount) in the Media, within the Term. It being further clarified that the Company shall be permitted to utilise the
unutilised Credit Amount, i.e. the Credit Amount less the Liquidity Amount, if any, in terms of Article 3.

 

		5.2	Upon any failure by BCCL to release any advertisements in the Print Publications on the scheduled
date, including in the event of there being no issue of the relevant Print Publication on such date, BCCL shall refund the value
of such advertisement as stated in the release order, provided that:

 

		5.2.1	The release order for such advertisement given by the Company has been confirmed by the scheduling
department of BCCL; and

 

		5.2.2	BCCL shall have failed to have obtained the written consent of the Company, for not releasing such
advertisement;

 

		5.3	The Credit Amount or the Remaining Credit Amount shall stand reduced to the extent of refund as
stated in Article 5.2. Further, such refund shall be made out of Remaining Credit Amount or the Deposit. Other than as stated in
this Article 5, the Company shall not have any claim upon the Deposit or the Remaining Credit Amount.

 

ARTICLE 6

 

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

		6.1	Each Party hereby represents and warrants to the other party as follows:

 

		(a)	Organization and Standing: It is duly organized and validly existing under the laws of India
and has full power and authority (corporate or otherwise) and has all material governmental licenses, consents and approvals necessary
to own its assets and properties and to carry on its business as now conducted.

 

		(b)	Authority and Enforceability: It has all necessary power, authority and approval to execute
and deliver this Agreement and to perform all of its obligations arising or created hereunder. The execution, delivery and performance
of this Agreement have been duly authorized after taking all required corporate action.

 

		6.2	The Company hereby represents and warrants that the Company is the legal owner of and has the exclusive
right, title and interest in all the brands promoted and advertised by the Company in terms of this Agreement, being the brands
listed in Part A of Exhibit 1 hereto. The Company covenants that the brands promoted and advertised by the Company in terms
of this Agreement, including the brands listed in Part A of Exhibit 1 hereto shall be owned and used exclusively by the Company
during the Term of this Agreement. The Company further covenants that at least 3 (three) days prior to the release of advertisements
relating to brand(s) other than those listed in Exhibit 1 hereto, the Company shall provide BCCL with necessary documents evidencing
that it is the owner of such brand(s).

 

    	(1) __________ (2) ___________	11

     

    

 

		6.3	In respect of all advertisements to be released in Media in terms of this Agreement, the Company
shall ensure the following:

 

		6.3.1	That the Company shall be the owner of all rights to such advertisements;

 

		6.3.2	That release of such advertisements shall not result in a violation of rights of any other entity;
and

 

		6.3.3	That release of such advertisements shall not result in a violation of any Applicable Law.

 

		6.4	The Company represents that the information provided by the Company to BCCL with respect to its
financial condition and business plan is accurate in all respects. The Company agrees that it shall on a continuous basis furnish
the following information to BCCL after the date hereof:

 

		6.4.1	The Company shall provide BCCL with the annual audited financials of the Company within 3 (Three)
days from the same being approved at a board meeting of the Company and in any event, no later than 180 (One Hundred and Eighty)
days from the end of each financial year; and

 

		6.4.2	Quarterly turnover of the Company, within 45 days from the end of each Quarter;

 

		6.5	As on the date of this Agreement, the Promoter holds 100% (One Hundred percent) of the shares of
the Company and is in Control of the Company.

 

		6.6	Each of the representations and warranties shall be construed as a separate representation, warranty,
covenant or undertaking, as the case may be, and shall not be limited by the terms of any other representation or warranty or by
any other term of this Agreement. Each of the representations and warranties shall be valid for the entire Term.

 

ARTICLE 7

 

MISCELLANEOUS

 

		7.1	Notices

 

		7.1.1	Any Notice or other communication required to be sent under this Agreement shall be sent or delivered
to the receiving party at the postal address and facsimile set forth below, or at such other address as the Parties may from time
to time designate in writing:

 

	The Company	
        Yatra Online Private Limited

        Unit no 1101-1103, 11th Floor, Tower B

        Unitech Cyber Park, Sector-39

        Gurgaon.

        Fax no: 0124-3040543

         

        Attn: Mr. Dhruv Shringi, WTD-cum-CEO & Mr. Alok Vaish, CFO

         

	BCCL	
        Bennett, Coleman & Company Limited,

        Times House

        7, Bahadurshah Zafar Marg

        New Delhi 110103

 

    	(1) __________ (2) ___________	12

     

    

 

	 	
        Fax #: +91 11 23492040

         

        Attention: Director – Legal,

         

        CC: VP & Company Secretary,

        Fax #: +91 22 22731737

 

		7.1.2	Any notice or other communication shall be sent by certified or registered mail, facsimile or by
hand delivery.

 

		7.1.3	All notices referred to in this Agreement or other communications shall be deemed to have been
duly given or made:

 

		(a)	7 (seven) working days after being deposited in the mail with postage pre-paid; and

 

		(b)	if delivered by facsimile, when the activity report confirms successful transmission.

 

		7.2	Amendment

 

No modification or amendment
to this Agreement and no waiver of any of the terms or conditions hereof shall be valid or binding unless made in writing and duly
executed by all the Parties.

 

		7.3	Assignment

 

No rights, liabilities or obligations
under this Agreement shall be assigned by either of the Parties hereto without the prior written consent of the other Party hereto.
Provided that, the restrictions imposed by this Article, shall not be applicable to assignment by BCCL of its rights and obligations
under this Agreement to any of its subsidiaries, affiliates or group companies. Any such subsidiary, affiliate or group company,
to whom rights under this Agreement are assigned shall execute a deed of adherence agreeing to be bound by the terms and conditions
of this Agreement.

 

		7.4	Entirety

 

This Agreement supersedes all
prior discussions and agreements between the Parties with respect to the subject matter of this Agreement (together with any amendments
or modifications thereof and policies referred to), and contains the sole and entire agreement between the Parties hereto with
respect to the subject matter hereof.

 

		7.5	Relationship

 

None of the provisions of this
Agreement shall be deemed to constitute a partnership between the Parties hereto and neither Party shall have any authority to
bind or shall be deemed to be the agent of the other in any way except as set out herein.

 

    	(1) __________ (2) ___________	13

     

    

 

		7.6	Costs

 

Each Party shall bear its own
legal, accounting, professional and advisory fees, commissions and other costs and expenses incurred by it in connection with this
Agreement and the transactions contemplated herein.

 

		7.7	Dispute Resolution 

 

		7.7.1	Any and all disputes or differences between BCCL and the Company arising out of or in connection
with this Agreement or its performance shall, so far as it is possible, be settled by negotiations between the Parties amicably
through consultation between a representative on behalf of BCCL and a representative on behalf of the Company.

 

		7.7.2	Any dispute or difference arising out of or in connection with this Agreement, which cannot be
amicably settled within 30 (thirty) days, shall be referred at the request in writing of either Party to binding arbitration by
1 (one) arbitrator to be appointed by mutual agreement between the Company and BCCL. If the Company and BCCL cannot mutually agree
upon the same, then the dispute shall be decided by arbitration by a panel of 3 (three) arbitrators, one arbitrator each being
appointed by the Company and BCCL and the third arbitrator being appointed in accordance with the Arbitration and Conciliation
Act, 1996 or any amendment thereof. The language of arbitration shall be English and the venue of arbitration shall be New Delhi
and the award shall be given at New Delhi.

 

		7.7.3	Each Party shall bear and pay its own costs and expenses in connection with the arbitration proceedings
unless the arbitrators direct otherwise.

 

		7.8	Governing Law 

 

This Agreement shall be governed
and construed in accordance with the laws of India.

 

		7.9	Jurisdiction 

 

Subject to the provisions of
this Article 7 and for such matters which the Court may have jurisdiction under and in respect of any arbitration proceedings,
and subject further to applicable laws in this regard, this Agreement shall be subject to the exclusive jurisdiction of the Courts
in New Delhi.

 

		7.10	Severability

 

If any term
or provision of this Agreement is held to be invalid, void or unenforceable, such provision shall be ineffective to the extent
of prohibition or unenforceability shall be amended by the parties only to the extent necessary to be enforceable consistent with
the parties' intent; provided that such unenforceability shall not invalidate the remaining provisions of this Agreement which
shall remain in full force and effect.

 

		7.11	Waiver

 

No waiver of any breach of any
provision of this Agreement shall constitute a waiver of any prior, concurrent or subsequent breach of the same of any other provisions
hereof, and no waiver shall be effective unless made in writing and signed by an authorized representative of the waiving Party.

 

    	(1) __________ (2) ___________	14

     

    

 

		7.12	Counterparts

 

This Agreement may be executed
in counterparts, each in the like form and which when taken together shall constitute one and the same document.

 

		7.13	Confidentiality: 

 

No announcements or other disclosures
concerning this agreement or any acts performed by the Parties in pursuance hereof shall be made by any Party save in the form
agreed in writing between the Parties or where required by applicable law or regulation or any Government Agency or authority and
save and except such information, which is part of the public domain, provided that such information has not become part of the
public domain on account of any act or omission of any of the Parties.

 

		7.14	Survival

 

Any provision or covenant of
this Agreement, which expressly, or by its nature, imposes obligations beyond the expiration, or termination of this Agreement
shall survive such expiration or termination.

 

		7.15	Force Majeure

 

Upon the occurrence of an event
of force majeure which restricts, prevents or interferes with the either of the Parties performance of their obligations under
this Agreement, the Parties shall meet forthwith to discuss the terms of this Agreement, in order to arrive mutually at an equitable
solution.

 

		7.16	Disclosure of Terms

 

The Company, if required, shall
disclose the terms of this Agreement in the offer document filed by the Company with the concerned authorities in relation to an
initial public offer of the Company.

 

[REST OF THE PAGE INTENTIONALLY LEFT
BLANK]

 

    	(1) __________ (2) ___________	15

     

    

 

IN WITNESS WHEREOF the parties hereto have
hereunto set their hands and seals the day and year first above written.

 

SIGNED AND DELIVERED BY THE WITHIN NAMED

 

BENNETT, COLEMAN & CO LIMITED

BY THE HAND OF MR.

 

(AUTHORISED SIGNATORY)

Name: Puneet Suri      /s/
Puneet Suri

Designation: Dep. Director

 

IN THE PRESENCE OF:

WITNESS:

NAME AND ADDRESS

 

SIGNED AND DELIVERED BY THE WITHIN NAMED

 

YATRA ONLINE PRIVATE LIMITED

 

BY THE HAND OF MR. Dhruv Shringi

/s/ Dhruv Shringi

 

(AUTHORISED SIGNATORY)

Name:

Designation: WTD-cum-CEO

 

IN THE PRESENCE OF:

WITNESS:

NAME AND ADDRESS

 

    	(1) __________ (2) ___________	16Exhibit 10.22

 

GLOBAL AGREEMENT

 

This Global Agreement (“Agreement”)
is effective as of 1 July 2012 (“Effective Date”) and is between:

 

Amadeus IT Group, S.A., a Spanish
company with principal offices at Salvador de Madrigal, 1 - 28027 Madrid, Spain ( “Amadeus”), and

 

Yatra Online Private Limited, an
Indian company having its registered office at Unit No. 208/209, 2nd Floor, C-Wing, Trade World Centre, Kamala Mills, Senapati
Bapat Marg, Lower Parel (W), Mumbai-400 013, Maharashtra, India (“Customer”)

 

(each a “Party” and collectively
the “Parties”)

 

RECITALS

 

WHEREAS, the Amadeus Group
has developed and is operating a fully automated global reservations and distribution system known as the Amadeus System (defined
below), with the ability to perform comprehensive information, communications, reservations, ticketing and related functions;

 

WHEREAS, Customer desires
to utilize the Amadeus System and other related products and services;

 

IT IS AGREED:

 

		1.	DEFINITIONS

 

The following definitions shall
apply to the terms used in this Agreement unless the context otherwise requires:

 

		1.1	“Agreement” means this Global Agreement, and any Exhibit attached hereto, as
amended or supplemented from time to time.

 

		1.2	“Amadeus Group” means the group of legal entities established in order to organize,
develop, operate, and market the Amadeus System, including Amadeus IT Group, S.A., its subsidiaries and affiliated companies.

 

		1.3	“Amadeus ACO” means an Amadeus Commercial Organization distributing the Amadeus
System within a specified market.

 

		1.4	“Amadeus System” or “System” means the global distribution system
(GDS) being developed, operated and distributed by the Amadeus Group. 

 

		1.5	“Amadeus Web Services” means the application program interface, which consists
of a platform-neutral offering that adheres to cross-platform Web services standards, and related infrastructure, including but
not limited to Amadeus System connectivity, software and services, made available by the Amadeus Group to Customer for the development
of Client Applications as referenced in Exhibit 4 hereto.

 

		1.6	“Booking” means an individual air, car or hotel reservation entry in the itinerary
portion of a PNR processed and booked in the Amadeus System which has not been cancelled, unconfirmed or unfulfilled and which
are billable to the Provider. “Net Bookings” are calculated as Bookings less cancellations. Such calculation shall
be done on a monthly basis.

 

		1.7	“Content” means all airline, car or hotel computerised travel information containing
information about schedules, availability, fares and related services, and through which reservations can be made and/or tickets
issued through the Amadeus System.

 

     

     

    

 

		1.8	“Customer Locations” means Customer and its wholly owned and majority owned
locations, all of which are identified on Exhibit 1 hereto. Additional Customer Locations may be added by mutual written agreement
in accordance with Exhibit 5, and at mutually agreed commercial terms.

 

		1.9	“Customer Equipment” means equipment, hardware, software and any other material
that is not provided by Amadeus or an Amadeus ACO.

 

		1.10	“Eligible Booking” means those Net Bookings that have been paid for by the Provider
to Amadeus.

 

		1.11	“Equipment” means hardware provided to Customer by Amadeus or an Amadeus ACO.

 

		1.12	“GDS” shall mean a global distribution system (commonly referred to as a computerized
reservation system). A GDS (i) collects, stores, processes, displays and/or distributes information through computer terminals
and other devices concerning air and/or ground transportation, lodging and other travel related products and services offered by
travel suppliers; (ii) enables travel agencies, corporations and/or travel wholesalers to reserve or otherwise confirm the use
of, or make inquiries or obtain information in relation to, such products and services and/or (iii) processes transactions for
the acquisition or use of such products and services. For the avoidance of doubt, GDS shall include but not be limited to each
of the global distribution systems operated by Abacus, Amadeus, Axess, Farelogix, G2 Switchworks, Infini, ITA, Sabre, Sirena, Topas,
Travelport, Travelsky, and their respective affiliates, successors and assigns, and any other system with multi-provider content
offering such content to travel agencies, corporations and/or travel wholesalers.

 

		1.13	“Location” means a physical travel service management location identified by
a specific physical street address and office ID.

 

		1.14	“Master Pricer" means an automated low fare search tool especially adapted to
online travel agents. Master Pricer is designed to allow many interactions in the flight and fare search and is only available
via Amadeus Web Services.

 

		1.15	“PNR” means passenger name record.

 

		1.16	“Preferred GDS” means [...***...] or more of Customer’s total
GDS Bookings will be made on the Amadeus System. For the purpose of this definition, bookings which Amadeus has indicated in writing
would not be Eligible Bookings shall not be counted among Customer’s total GDS Bookings.

 

		1.17	“Provider” means a provider of travel related services that makes its data available
through the Amadeus System. 

 

		1.18	“Review Period” means a period of every twelve months, the first such Review
Period commencing on the Effective Date, and subsequent Review Periods commencing on each anniversary of the Effective Date during
the Term and any Extension.

 

		1.20	“Software” means software and related documentation provided by Amadeus or an
Amadeus ACO.

 

		1.21	“Subscriber Agreement” means an agreement between Amadeus or an Amadeus ACO
and a customer covering the provision of Amadeus and/or Amadeus ACO related products and services.

 

		1.22	“Taxes” means any VAT, federal, state
or local tax, surcharge, education charge, levy, duty or similar charge that is imposed on the sale, lease, transfer or use of
any products or services made available to Customer or a Customer Location pursuant to this Agreement.

 

     

     

    

 

		1.23	“Transaction” or “Central System Transaction” means a request
to process data that is transmitted to the Amadeus System. Multiple data elements transmitted to the Amadeus System in a string
will be counted as one Transaction. Data elements transmitted via wizards, macros, robotics and similar means may result in multiple
Transactions that are not apparent to the Amadeus System user. A “Central System Transaction” means a Transaction on
the Amadeus System not including low fare search transactions (e.g Master Pricer).

 

		1.24	“User” or “Users” means individuals that access the Amadeus System
over a Web-Site.

 

		1.25	“Web-Site” means any internet web-site or mobile application owned and operated
by Customer that is made available to Users.

 

		2.	TERM

 

			This Agreement, unless terminated earlier
by mutual consent of both the Parties, shall be effective from 1 July 2012 for a period of four (4) years and six (6) months, expiring
on 31 December 2016 (the “Term”), at which point this Agreement will automatically terminate without further action
by the Parties unless: (i) the Parties mutually agree in writing to an extension of this Agreement or (ii) the Customer fails to
fulfill its obligation pursuant to Clause 3.3 hereof, in which case the Agreement will automatically extend for additional one
month periods until such time as the Customer has created [...***...]
Net Bookings from its Customer Locations (sub-sections (i) or (ii) of this Clause 2 referred to herein as an “Extension”).
Subject to the aforementioned, Parties may enter into a new agreement based on mutual discussions. 

 

		3.	ESSENTIAL CONDITIONS OF THE AGREEMENT / CONTRACTING

 

			The following conditions agreed between the Parties form the base of this Agreement:

 

		3.1	Customer agrees that, as a material condition of this Agreement, Amadeus shall be used as its Preferred
GDS during any Review Period (including where airline direct connections may exist) for its reservations and air ticketing requirements
at its present or future Customer Locations, except where:

 

		(i)	certain content is not available on the Amadeus System;
or

 

		(ii)	upon reasonable evidence from Customer that due solely
to technical or other deficiencies with the Amadeus connection or Equipment (and not that of Customer), that the Amadeus System
is not connected to Customer Locations or Web-Site, but only for the limited period that such defect has not been corrected.

 

		3.2	In case of non-compliance with Clause 3.1 above, Amadeus will have the right to obtain an injunction
to prohibit Customer from using any other GDS other than Amadeus amongst other remedies.

 

		3.3	Customer shall create [...***...]
Net Bookings from all its Customer Locations combined during the Term together with any Extension. 

 

		3.4	This Agreement applies only to the Customer Locations listed
in Exhibit 1, and as may otherwise be agreed by the Parties in writing from time to time and upon completion and execution of
an Amendment to the Agreement (Exhibit 5).

 

		3.5	Where shareholdings in a new business in India are majority or wholly owned by Customer,
Bookings from such business shall automatically be counted under this Agreement. If, however, shareholdings in a business are not
majority owned by Customer, Bookings from such business will not automatically be counted under this Agreement.

 

		3.6	Notwithstanding the foregoing, in the event Customer or a Customer Location acquires business that
is already utilizing the Amadeus System and Customer desires Bookings from such business to be counted under this Agreement then
such Bookings will be counted and covered under this Agreement, but only subject to such business fulfilling all of its contractual
obligations under its existing Amadeus contract, and upon completion and execution of an Amendment to the Agreement (Exhibit 5).

 

     

     

    

 

		3.7	A breach of Clause 3.1 above shall be considered a material
breach of the Agreement in addition to other matters that may be material breaches under Clause 10 of this Agreement.

 

		4.	PRODUCTS AND SERVICES

 

		4.1	Generally. Customer Locations will be provided
access to the System and may order the products and services reflected on the attached Exhibits and/or as otherwise provided by
Amadeus and the Amadeus ACOs. Customer Locations will order all products and services directly from Amadeus unless otherwise directed.
In the event that Customer Locations wish to order products and services from an ACO then such Customer Location must enter into
a Subscriber Agreement with that ACO, even if such Customer Location is already a party to this Agreement.

 

		4.2	The System

 

		A.	System Access. Amadeus will grant access to the Amadeus System to all Customer Locations.

 

		B.	Ownership/Use. The System is Amadeus’ proprietary information and a trade secret.

 

		C.	System Modifications. Amadeus or its licensors may, in its discretion modify, replace,
substitute and/or upgrade or enhance the functions and components of, and data provided through, the System without any obligation
to Customer or any Customer Location.

 

		D.	Interference with System Performance. If Customer Equipment degrades or interferes
with System performance, or is an unauthorized modification thereto, Customer understands that all resulting downtime and costs
will be Customer’s or the applicable Customer Location’s sole responsibility.

 

		E.	Suspension of Access. Amadeus may suspend System access for a particular Customer
Location without liability if:

 

		(1)	Amadeus reasonably believes that an abuse or misuse of the System is being caused, permitted or
enabled by such particular Customer Location or on such particular Customer Location’s behalf; or

 

		(2)	Such particular Customer Location attempts unauthorized modifications to the System; or

 

		(3)	Such particular Customer Location's access causes degradation to the System or interference with
use of the System by other users, or causes a condition which may place Amadeus in potential or actual breach of its agreements
with other parties (e.g., in the event of robotic software causing an inordinate amount of Transactions to hit the System).

 

			If System access is suspended pursuant to E(1), E(2) or E(3) above, Amadeus will notify the Customer
Location as soon as reasonably possible. The particular affected Customer Location will have thirty (30) days to cure the degradation,
interference or other problem. If the cure is not effected within said period, then this Agreement may be terminated as to such
affected Customer Location without liability to the Customer Location or any other party.

 

     

     

    

 

		5.	CHARGES FOR PRODUCTS AND SERVICES

 

		5.1	Generally. Charges for products and services
provided to Customer Locations are as stated in the attached Exhibits and Taxes thereon will be as agreed under Clause 7 below.
Charges for other products and services will be at Amadeus’ or the applicable Amadeus ACO’s then prevailing rates.
Only Customer Locations are entitled to the pricing identified in the attached Exhibits.

 

		5.2	Payment of Charges. Unless otherwise agreed between the Parties, Amadeus will invoice
Customer for Amadeus centrally provided products and services. Any sums due to Customer by Amadeus may be offset by Amadeus against
charges invoiced and owed by Customer.

 

			Amadeus may impose a late charge for any
payments not received by the due date. Said late charge shall not exceed amounts authorized by applicable law. 

 

		6.	ADVANCE INCENTIVE AND LOYALTY SIGNING BONUS

 

In
exchange for Customer’s use of the System in the Customer Locations as detailed under Exhibit 1, Customer will qualify for
the Advance Incentive and Loyalty Signing Bonus identified on and subject to Exhibit 2. Any repayments of the Advance Incentive
or Loyalty Signing Bonus or as referenced in Exhibit 2 will be along with interest at a compounded annual rate of [...***...]
from the date the payment was made by Amadeus. 

 

		7.	TAXES

 

The Parties agree to comply
with any and all applicable Tax laws and regulations. Charges for products and services and payment of the Loyalty Signing Bonus,
Advance Incentive and Loyalty Incentives are exclusive of Taxes. For the transactions contemplated hereunder, Amadeus shall be
liable for any Taxes which must be paid to Spanish tax authorities and Customer shall be liable for any Taxes which must be paid
to Indian tax authorities. Should Customer be required under applicable law to withhold or deduct any portion of the payments due
to Amadeus as repayment of any portion of either the Loyalty Signing Bonus or Advance Incentive, then the sum payable to Amadeus
will be increased by the amount necessary to yield to Amadeus an amount equal to the sum it would have received had no withholdings
or deductions been made. Payment to Amadeus for products and services (such as those described in Exhibit 3 hereof) shall be subject
to statutory withholding, and the Customer shall provide Amadeus with formal withholding certificates for all amounts withheld.
The Parties will cooperate in good faith to obtain refunds of any taxes paid to the authorities that should not have been charged
and/or paid. The Parties’ agreement to this clause is based on tax laws and regulations effective as of the Effective Date.
Should there be a material change in tax laws or regulations which affect the transactions hereunder, the Parties shall discuss
in good faith possible changes to their respective tax obligations pursuant this clause.

 

		8.	WARRANTIES DISCLAIMER/LIMITATIONS

 

		8.1	DISCLAIMER OF ALL OTHER WARRANTIES AND REMEDIES.
AMADEUS MAKES NO WARRANTIES TO CUSTOMER UNDER THIS AGREEMENT INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ACCURACY OR COMPLETENESS OF THE DATA DERIVED FROM THE SYSTEM, NON-INFRINGEMENT,
OR ANY IMPLIED WARRANTIES ARISING OUT OF COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE, OR THAT AMADEUS OR THE AMADEUS
ACO WILL MAKE THE DATA OF ANY PARTICULAR PROVIDER AVAILABLE TO CUSTOMER OR CUSTOMER LOCATIONS ON THE SYSTEM.

 

     

     

    

 

		8.2	LIABILITY LIMITATIONS

 

		A.	Dishonored Reservations. IF A PROVIDER DOES
NOT HONOR A RESERVATION BOOKED THROUGH THE SYSTEM DUE TO OVER SALE OR LACK OF A RECORD OF THE RESERVATION, THE SOLE REMEDY WILL
BE AS SET FORTH IN THE PROVIDER’S TARIFF OR THE PROVIDER’S APPLICABLE POLICIES AND PROCEDURES.

 

		B.	Limitation of Liability. EXCEPT FOR (A) ACCRUED SUMS EXPRESSLY OWED UNDER THIS AGREEMENT
BY EITHER PARTY TO THE OTHER; (B) ANY EXPRESS INDEMNITY OBLIGATIONS HEREIN; (C) ANY PAYMENT OBLIGATIONS PURSUANT TO AN EXHIBIT;
AND (D) DIRECT DAMAGES FOR BREACHES OF CONFIDENTIALITY, GROSS NEGLIGENCE OR WILFUL MISCONDUCT, NEITHER PARTY WILL BE LIABLE TO
THE OTHER, UNDER ANY THEORY OF LIABILITY OR ANY FORM OF ACTION FOR ANY OTHER DAMAGE INCLUDING LOSS OF PROFITS OR BUSINESS OR ANY
INCIDENTAL, SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT, CONSEQUENTIAL, INTEREST, REVENUE, SAVINGS OR ANY OTHER ECONOMIC LOSS, OR THE
COMPILATION, COMMUNICATION, DELIVERY OR LOSS OF USE OF ANY DATA, EVEN IF THE DEFAULTING PARTY HAD BEEN ADVISED OF, KNEW, OR SHOULD
HAVE KNOWN OF THE POSSIBILITY THEREOF.

 

TO THE EXTENT THAT EITHER PARTY
HAS ANY OTHER LIABILITY UNDER THIS AGREEMENT OR IN RELATION TO THIS AGREEMENT UNDER ANY THEORY OF LIABILITY, INCLUDING CONTRACT
AND TORT, THEN EACH PARTY'S LIABILITY FOR DAMAGES TO THE OTHER HEREUNDER, EXCEPT IN THE CASE OF WILFUL MISCONDUCT OR GROSS NEGLIGENCE
OF THE PARTY, WILL BE LIMITED TO ONE HUNDRED THOUSAND (100,000) U.S. DOLLARS.

 

		9.	CONFIDENTIALITY

 

The Parties will not disclose
any of the terms and conditions of this Agreement, including but not limited to pricing, loyalty bonus or incentive terms, to any
third party without the other Party’s written consent. Further, both Parties agree not to disclose the other Party’s
or any Customer Location’s Confidential Information without written consent. “Confidential Information” includes
the terms and conditions of this Agreement and otherwise means information, not generally known in the relevant trade or industry,
which was received by a Party (the “Receiving Party”) from the other Party or a Customer Location (the “Disclosing
Party” as applicable), and which is information relating to: (1) trade secrets of the Disclosing Party; (2) existing or contemplated
products, services, technology, designs, processes, formulae, computer systems, algorithms, research or developments of the Disclosing
Party; or (3) business plans, sales or marketing methods, methods of doing business, customer lists or requirements, and supplier
information of the Disclosing Party. “Confidential Information” does not include information (1) already known to the
Receiving Party at the time of disclosure (unless under a pre-existing obligation of confidence); (2) that becomes publicly available
(other than due to a breach by the Receiving Party); (3) is rightfully received by the Receiving Party from a third party without
an obligation of confidentiality; (4) is independently developed by the Receiving Party without reference to the Disclosing Party’s
Confidential Information, or (5) relates to data generated through the System which is disclosed by Amadeus to or as required by
third parties in the normal and customary course of Amadeus’ business (for example MIDT data).

 

     

     

    

 

		10.	TERMINATION/EFFECT OF TERMINATION

 

		10.1	Termination. The Agreement will be terminated in accordance with Clause 2 above.
Neither Party may terminate this Agreement for convenience. In addition to any other termination rights expressly provided for
in this Agreement, this Agreement may be terminated by either Party:

 

		(i)	for a material breach of any term of the Agreement by the other Party, in the event that the other
Party fails to cure such breach within thirty (30) days after receipt of notice;

 

		(ii)	upon notice if the other Party breaches Clause 9 above and fails to cure all consequences arising
from such breach within five (5) days’ notice of the breach;

 

		(iii)	if the other Party becomes insolvent, makes an assignment for the benefit of creditors, suffers
the appointment of a receiver, a trustee, a creditors committee, or a petition in bankruptcy or seeks reorganization, or readjustment
of its debts or its dissolution or liquidation or for any other relief under any bankruptcy or insolvency law, or has entered against
it a judgement or decree for its dissolution which remains undismissed or undischarged or unbonded for a period of thirty (30)
days, or if the other party shall take any step leading to the cessation as a going concern, or ceases operations for reasons other
than a strike.

 

		10.2	Effect of Termination.

 

		(i)	In the event of termination of this Agreement, (a) the Parties will promptly return all Confidential
Information to the Disclosing Party, and (b) Customer Locations will no longer be entitled to the pricing or any incentives that
may be identified in this Agreement.

 

		(ii)	A. In the event that this Agreement is terminated during the Term or any Extension by (a) Customer
for any reason other than pursuant to Clause 10.1 (i), (ii) or (iii) or 13.2 below or (b) Amadeus, pursuant to Clause 10.1 (i)
or (ii) above, and Customer has created less than [...***...] Net Bookings, Customer agrees to pay back to Amadeus, without
the requirement for notice or demand, and within ten (10)days following the termination of this Agreement: [...***...].

 

B. In the event that this Agreement
is terminated during the Term or any Extension by (a) Customer for any reason other than pursuant to Clause 10.1 (i), (ii) or (iii)
or 13.2 below or (b) Amadeus, pursuant to Clause 10.1 (i) or (ii) above, and Customer has created [...***...] Net Bookings
or more, Customer agrees to pay back to Amadeus, without the requirement for notice or demand, and within ten (10) days following
the termination of this Agreement: [...***...].

 

		(iii)	In the event that this Agreement is terminated during the Term or any Extension by Amadeus pursuant
to Clause 10.1 (iii) above or by either Party pursuant to Clause 13.2 or 13.6, or this Agreement is mutually terminated in writing
by both Parties, then Customer shall refund to Amadeus the amount equal to the sum of: [...***...] Net Bookings made
by the Customer on the Amadeus System from the Effective Date until the date of termination of this Agreement. Any such payment
will be paid within ten (10) days following termination of the Agreement along with interest at a compounded annual rate of [...***...]
from the date the Loyalty Signing Bonus and the Advance Incentive was paid.

 

     

     

    

 

		11.	NOTICES

 

Notices and consents under
this Agreement must be in writing, and will be deemed delivered: (1) five (5) business days after being sent by first class mail
to the address below (or identified on the form attached as Exhibit 1); or (2) two (2) business days after being sent by way of
a nationally recognized overnight delivery service to the address below (or identified on the form attached as Exhibit 1); or (3)
immediately upon hand delivery, in each case to the person identified below.

 

	
        To: Amadeus IT Group, S.A.

         

        Same address as above.

         

         

         

        Attn: Global Customers IT Solutions

         

        For any claims hereunder, a copy
        to General Counsel.
	
        To: Yatra Online Private Limited 

         

        1101-03, Tower B,

        11th Floor, Unitech Cyber Park

        Sector – 39, Gurgaon – 122 001

         

        Attn: Mr. Dhruv Shringi

 

Either Party may give written
notice to the other Party of such other address(es) to which notices shall be sent, and thereafter notices shall be sent to such
new or additional addresses.

 

		12.	ARBITRATION 

 

Any question
concerning the existence, validity, or termination of this Agreement, and any other dispute arising out of or relating to this
Agreement, that cannot be resolved by agreement between the Parties shall be finally settled by arbitration according to the ICC
Rules and the following:

 

		12.1	The number of arbitrators shall be three (3). Each Party
shall nominate one (1) arbitrator for confirmation by the ICC. If a Party fails to nominate an arbitrator within the time period
specified by the ICC Rules, the ICC Court of Arbitration shall appoint an arbitrator for that Party. The arbitrators nominated
by (or on behalf of) the Parties shall, within twenty-one (21) days after their confirmation by the ICC Court of Arbitration,
agree on a third arbitrator who shall act as the chairman.

 

		12.2	The language of the arbitration shall be English.

 

		12.3	The decision of the arbitrators shall be final, conclusive
and binding on the Parties. Any award rendered by the arbitrators may be enforced by any court or authority of competent jurisdiction.

 

		12.4	The place of the arbitration shall be Singapore.

 

		12.5	Any monetary award shall be denominated in U.S Dollars.

 

		12.6	The arbitrators shall be bound to follow the terms and conditions of this Agreement including,
but not limited to, all limitations of liability provided herein.

 

     

     

    

 

		13.	GENERAL PROVISIONS

 

		13.1	Assignment. Customer may not assign this Agreement or any right or obligation under
this Agreement without Amadeus’ consent, which will not be unreasonably withheld. If Amadeus permits an assignment, the assignee
will be deemed to have assumed and be bound by all of Customer obligations under this Agreement. Subject to prior written approval
given by the Customer, which will not be unreasonably withheld, Amadeus may assign this Agreement to (i) a company within the Amadeus
Group, and (ii) to any entity that acquires substantially all of Amadeus’ assets.

 

		13.2	Force Majeure. Neither Party shall be responsible for, nor be deemed to be in default
under this Agreement on account of, any failure to perform or delay in performance hereunder caused directly or indirectly by any
fact beyond such Party’s reasonable control including, but not limited to, acts of God, war, terrorism, criminal acts of
third parties, embargo, strikes or other labour disputes, work stoppages, riots, civil unrest, fires or acts of government (“Force
Majeure”). The Party claiming that Force Majeure has occurred shall without unnecessary delay notify the other Party in writing
of the cause and effect of the Force Majeure. The Parties shall use their best efforts to avoid, overcome and offset the effects
of any cause or potential cause of an event of Force Majeure. The Party claiming Force Majeure shall notify the other Party immediately
of the cessation of the Force Majeure. Upon cessation of the cause of the Force Majeure, this Agreement shall again become fully
operative, provided that should such Force Majeure event continue for greater than thirty (30) days, either Party may terminate
this Agreement upon written notice to the other Party, and the provisions of Clause 10 will apply.

 

		13.3	IP/Tradenames/Trademarks. The owner of all patent, trademark, copyright and any other
intellectual property right will continue to be the owner of such property rights. No right to such property is granted by one
Party to the other by virtue of this Agreement. Except for Amadeus’ right to identify Customer as a customer of Amadeus,
the Parties will not use one another’s tradename or trademarks without prior written consent of the owner. Amadeus will own
all development provided or funded by Amadeus or its contractors except solely as otherwise agreed in writing.

 

		13.4	Governing Law. This Agreement is governed by and construed in accordance with the
laws of England and Wales, exclusive of conflicts of law principles.

 

		13.5	Material Revenue Change. Should there be a decrease of chargeable booking fee from
Amadeus to any Provider, Amadeus upon receiving intimation to this effect, shall notify Customer of such change. The Parties agree
to negotiate in good faith any adjustments necessary to the Loyalty Incentive rates for such Eligible Bookings resulting from such
change. In the event that the Parties cannot agree to such adjustments after reasonable consultations and escalation to senior
management within their respective organizations during a period of no less than forty-five (45) days, Amadeus may reduce the Loyalty
Incentive on such segments. In such cases and at Customer’s request, Amadeus shall facilitate a certificate issued by an
independent third party auditor or accounting firm confirming that the reduction in the Loyalty Incentive to Customer is in proportion
to the reduction in the booking fee from the applicable Provider.

 

		13.6	Change in Law/Regulation. The Parties understand that the travel industry in which
they operate is constantly evolving due to technological advancements, regulatory overview and changes in Provider distribution
policies. The Parties desire the flexibility to address material changes in the industry. Accordingly, in the event there is a
material change in any law or regulation governing or applying to GDSs, Providers or travel agency companies which have or will
have a direct or indirect material adverse effect upon the benefits of this Agreement to either Party, then the affected Party
may notify the other Party of such material change in law or regulation, as well as proposed changes to this Agreement (the “Notice”).
The Parties will then meet as appropriate with the goal of addressing the proposed changes in good faith. If the Parties do not
agree to such changes within forty-five (45) days after the date of the Notice, then the affected Party may terminate this Agreement
upon ninety (90) days written prior notice to the other Party and the provisions of Clause 10 will apply.

 

     

     

    

 

		13.7	Booking and Transaction Counts. Amadeus relies
on automated records for Booking and Transaction data. In the event Customer disputes the Booking volume, Customer must prove
and substantiate such claim with proper records (electronic or otherwise) of all Bookings made within sixty (60) days from date
of intimation of Booking volumes by Amadeus to Customer failing which Amadeus' calculations will be final and binding.

 

		13.8	Waiver. No waiver of any provision or of
any breach of this Agreement shall constitute a waiver of any other provision or of any subsequent breach.

 

		13.9	Independence. In no event shall either Party
act as an agent of the other. The Parties are entirely independent from the other and this Agreement in no manner creates a partnership,
joint venture or similar relationship.

 

		13.10	Entire Agreement / Modification. This Agreement constitutes the entire agreement
between the Parties with respect to this subject matter and supersedes and cancels all prior agreements or understandings, oral
or written. This Agreement may not be modified or amended except in writing, signed by authorized representatives of each Party.

 

		13.11	Third Party Beneficiary. This Agreement is for the benefit of the Parties only. It
does not confer any rights or benefits on any other party.

 

		13.12	Identification of Customer and Customer Locations. Customer agrees, and will cause
Customer Locations to agree as necessary, to their identification in any marketing, booking and sales data that Amadeus, Amadeus
IT Group, S.A. or any other company of the Amadeus Group decides to make available.

 

		13.13	Severability. If any provision of this Agreement shall be invalid, illegal, or unenforceable
in any respect, it shall be ineffective only to the extent of such invalidity, illegality or unenforceability and shall not in
any way affect or impair the validity, legality and enforceability of the balance of such provision or any other provision of this
Agreement. The Parties shall endeavour in good faith negotiations to replace the invalid, illegal or unenforceable provision(s)
or such portion thereof with such valid, legal and enforceable provision(s) the economic effect or which is as close as possible
to that of the invalid, illegal or unenforceable provision(s).

 

		13.14	Captions. The captions appearing in this Agreement have been inserted as a matter
of convenience and in no way define, limit or enlarge the scope of any provision of this Agreement.

 

		13.15	Counterparts. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

     

     

    

 

IN WITNESS THEREOF, the Parties
hereto have executed this Agreement as of the dates below.

 

	Amadeus IT Group, S.A.	 	Yatra Online Private Limited
	 	 	 
	Name:	Holger Taubmann	 	Name:	Dhruv Shringi
	 	 	 	 	 
	Title:	SVP Distribution	 	Title:	CEO
	 	 	 	 	 
	Date:	Sept 14, 2012	 	Date:	Sept 14, 2012

 

	/s/ Holger Taubmann	 	/s/ Dhruv Shringi 
	Signature	 	Signature

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