Document:

Exhibit 10.2

 

 

Exhibit 10.2 INDIA NON JUDICIAL Government of
National Capital Territory of Delhi e-Stamp Certificate No. : IN-DL23846358595854L Certificate Issued Date : 12-Jun-2013
11:17 AM Account Reference : IMPACC (IV)/ d1793103/ DELHI/ DL-DLH Unique Doc. Reference : SUBIN-DLDL79310346863762829570L
Purchased by : ASCEND TELECOM INFRASTRUCTURE PVT LTD Description of Document : Article 5 General Agreement Property
Description : Not Applicable Consideration Price (Rs.) : 0 (Zero) First Party : ASCEND TELECOM INFRASTRUCTURE PVT LTD Second
Party : Not Applicable Stamp Duty Paid By : ASCEND TELECOM INFRASTRUCTURE PVT LTD Stamp Duty Amount(Rs.) : 100 (One Hundred
only) Please write or type below this line FORMING PART OF SUPPLEMENTARY MASTER RESTRUCTURING AGREEMENT Borrower CB-MI BOB
UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC ASCEND AXIS-ASCEND
Statutory Alert: 1. The authenticity of this Stamp Certificate should be verified at “www.shcilestamp.com”. Any
discrepancy in the detail on this Certificate and as available on the website renders it invalid. 2. The onus of checking the
legitimacy is on the users of the certificate. 3. In case of any discrepancy please inform the Competent
Authority.

 

    	 

    	 

    

 

 

SUPPLEMENTARY MASTER RESTRUCTURING AGREEMENT THIS
SUPPLEMENTARY AGREEMENT to MASTER RESTRUCTURING AGREEMENT dated 30.03.2013 is executed at Delhi as of 31\01\2014 between: 1. ASCEND
TELECOM INFRASTRUCTURE PVT. LTD., a company within the meaning of the Companies Act, 1956 having its Registered Office at Plot
No. 332, Mani Mansion, Defence Colony, Sainikpuri, Hyderabad - 500 094, India in the State of Andhra Pradesh (hereinafter referred
to as “the Borrower” which expression shall, unless it be repugnant to the subject or context thereof, include its
successors and assigns); of the FIRST PART AND 2. CANARA BANK, a body corporate constituted under Banking Companies (Acquisition
& Undertaking) Act, 1970, and having its Head Office at 112, J.C. Road, Bangalore -560002 and Branch at Prime Corporate Connaught
Place Branch, 2nd floor, World Trade Center, Barakhamba Lane New Delhi 110 001 (hereinafter referred to as “Monitoring
Institution/Lead Bank” which expression shall unless it be repugnant to the subject or context thereof, include its successors
and assigns), of the SECOND PART AND 3. BANK OF BARODA, a body Corporate constituted by and under the Banking Companies (Acquisition
and Transfer of Undertakings) Act 1970, and having its Head Office at Suraj Plaza 1, Sayaji Ganj, Baroda 390005 and having one
of its Branch offices at Corporate Financial Services Branch, 1st floor, 3, Walchand Hirachand Marg, Ballard Pier, Mumbai - 1,
(hereinafter referred to as “BOB” which expression shall, unless it be repugnant to the subject or context thereof,
include its successors and assigns), of the THIRD PART AND 4. UNITED BANK OF INDIA, a body Corporate constituted by and under the
Banking Companies. (Acquisition and Transfer of Undertakings) Act 1970, and having its Head Office at 11 Hemant Basu
Sarani, Kolkata - 700001, and having one of its Branch offices at Nehru Place Branch, 106-109, Borrower CB-MI BOB UBI BOI SBBJ
SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

1st Floor, Ansal Tower, 35, Nehru Place, New Delhi - 110019 (hereinafter referred to as “UBI, which
expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns), of the FOURTH
PART AND 5. BANK OF INDIA, a body Corporate constituted by and under the Banking Companies (Acquisition and Transfer of Undertakings)
Act 1970, and having its Head Office at Star House, C-5, “G” Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400
051, and having one of its Branch offices at Bank of India, Mumbai Large Corporate Branch, Oriental Building, Ground floor, 364,
D.N.Road, Fort, Mumbai 400001 (hereinafter referred to as “BOI” which expression shall, unless. it be repugnant
to the subject or context thereof, include its successors and assigns), of the FIFTH PART AND 6. STATE BANK OF BIKANER & JAIPUR,
a body corporate constituted under the State Bank of India (Subsidiary Banks) Act of 1959, and having its Head Office at Tilak
Marg, Jaipur- 302005, and having one of its Branch offices at 16, Community Centre, Saket, New Delhi-110 017 (hereinafter referred
to as “SBBJ” which expression shall, unless it be repugnant to the subject or context thereof, include its successors
and assigns), of the SIXTH PART AND 7. STATE BANK OF MYSORE, a body corporate constituted under the State Bank of India (Subsidiary
Banks) Act of 1959 and having its Head Office at K.G. Road, Bangalore - 560254, India, and having one of its Branch offices at
Corporate Accounts Branch, No. 3-4-5, DDA Bldg, Nehru Place, New Delhi-110019 (hereinafter referred to as “SBM” which
expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns), of the SEVENTH
PART AND 8. ALLAHABAD BANK, a body Corporate constituted by and under the Banking Companies (Acquisition and Transfer of Undertakings)
Act 1970, and having its Head Office at 2, N.S. ROAD, Kolkata- 700 001, and having one of its Branch offices at Industrial Finance
Branch, 1st Floor, 17, Parliament Branch, New Delhi – 1 (hereinafter referred to as “AB” which Borrower
CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

expression shall, unless it be repugnant to the subject or context
thereof, include its successors and assigns), of the EIGHTH PART AND 9. STATE BANK OF HYDERABAD, a body corporate constituted
under the State Bank of India (Subsidiary Banks) Act of 1959, and having its Head Office at Gunfoundry, Hybank Tower, Hyderabad
- 500001, Andhra Pradesh and having one of its Branch offices at 74, Janpath, New Delhi-1 (hereinafter referred to as “SBH”
which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns), of the
NINTH PART AND 10. VIJAYA BANK, a body Corporate constituted by and under the Banking. Companies (Acquisition and Transfer
of Undertakings) Act 1930, and having its Head Office at No.41/2, Trinity Circle, M G Road, Bangalore - 560001, and having one
of its Branch offices at Nanjappa Mansion, Shantinagar, K.H. Road, Bangalore-560027 (hereinafter referred to as “VB”
which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns), of the
TENTH PART AND 11. STATE BANK OF INDIA, a body corporate constituted under the State Bank of India Act, 1955, and having its Head
Office at 8th Floor, State Bank Bhavan, Madame Cama Road, Near Vidhan Bhavan, Nariman Point, Mumbai, - 400021, and
having one of its Branch offices at Industrial Finance Branch, 14th floor, Jawahar Vyapar Bhawan, 1 Tolstoy Marg, New Delhi-1
(hereinafter referred to as “SBI” which expression shall, unless it be repugnant to the subject or context thereof,
include its successors and assigns), of the ELEVENTH PART AND 12. DENA BANK, a body Corporate constituted by and under the Banking
Companies (Acquisition and Transfer of Undertakings) Act 1970, and having its Head Office at Dena Corporate Centre, C-10, G-Block,
Bandra- Kurla Complex, Bandra (E), Mumbai - 400 051, and having one of its Branch offices at Corporate Business Branch, C-10,
G Block, Bandra-Kurla Complex, Bandra (E), Mumbai-51 (hereinafter referred to as “DB” which expression shall, unless
it be repugnant to the subject or context thereof, include its successors and assigns), of the TWELFTH PART
Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND
AXIS-ASCEND

 

    	 

    	 

    

 

 

AND 13. CORPORATION BANK, a body Corporate constituted by and
under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, and having its Head Office at Mangaladevi Temple
Road, Pandeshwar, Mangalore -575001, Karnataka, India, and having one of its Branch office at 21, Dalal Street, Mumbai -400 021
(hereinafter referred to as “CorpB” which expression shall, unless it be repugnant to the subject or context thereof,
include its successors and assigns), of the THIRTEENTH PART AND 14. ORIENTAL BANK OF COMMERCE, a body Corporate constituted by
and under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, and having its Head Office at Plot No. 5,
Institutional Area, Sector-32, Gurgaon-122001, and having one of its Branch offices at HarshaBhawan, Ground Floor, E Block, Connaught
Place, New Delhi – 1 (hereinafter referred to as “OBC ITIL” Which expression shall, unless it be repugnant to
the subject or context thereof, include its successors and assigns), of the FOURTEENTH PART AND 15. UCO BANK, a body Corporate
constituted by and under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, and having its Head Office
at 10, BTM Sarani, Kolkata, 700001, and having one of its Branch offices at Mid Corporate Branch, 5, Sansad Marg, New Delhi –
1 (hereinafter referred to as “UCO” which expression shall, unless it be repugnant to the subject or context thereof,
include its successors and assigns), of the FIFTEENTH PART AND 16. INDIAN BANK, a body Corporate constituted by and under the
Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, and having its Head Office at PB No: 5555, 254-260, Avvai
Shanmugam Salai, Royapettah, Chennai - 600 014, and having one of its Branch offices at G-41, Connaught Circus, New Delhi-1 (hereinafter
referred to as “IB” which expression shall, unless it be repugnant to the subject or context thereof, include its
successors and assigns), of the SIXTEENTH PART AND Borrower CB-MI BOB
UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

17. KARUR VYSYA BANK, a body Corporate constituted by and under
the Companies Act, 1913, and having its Head Office at Erode Road, Karur - 639002, and having one of its Branch offices at 108/1,
T. Nagar G. N. Chetty Road, Chennai 600017 (hereinafter referred to as “KVB” which expression shall, unless it be
repugnant to the subject or context thereof, include its successors and assigns), of the SEVENTEENTH PART AND 18. INDIAN OVERSEAS
BANK, a body Corporate constituted by and under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, and
having its Head Office at 763 Anna Salai, Chennai - 600002, and having one of its Branch offices at Unit No. 19 & 22, MoolChand
Shopping cum office complex, Defence Colony, Ring Road, New Delhi – 110 024 (hereinafter referred to as “IOB”
which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns), of the
EIGHTEENTH PART' AND 19. UNION BANK OF INDIA, a body Corporate constituted by and under the Banking Companies (Acquisition and
Transfer of Undertakings) Act 1970, and having its Head Office at Union Bank Bhavan, 239, Vidhan Bhawan Marg, Nariman Point, Mumbai
– 400.021, and having one of its Branch offices at Industrial Finance Branch, Union Bank Bhavan, 239, Vidhan
Bhawan Marg, Nariman Point, Mumbai – 400 021 (hereinafter referred to as “UB” which expression shall, unless
it be repugnant to the subject or context -thereof, include its successors and assigns), of the NINETEENTH PART AND
20. STATE BANK OF TRAVANCORE, a body corporate constituted under the State Bank of India (Subsidiary Banks) Act of 1959, and having
its Head Office at State Bank of Travancore Head Office Building, Trivandrum - 695012, and having one of its Branch offices at
Industrial Finance Branch, Bldg. No. 40 / 6694 – E, Malankara Centre, M G Road, Ernakulam – 682 035 (hereinafter referred
to as “SBT” which expression shall, unless it be repugnant to the subject or context thereof, include its successors
and assigns), of the TWENTIETH PART; AND Borrower CB-MI BOB UBI BOI SBBJ
SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

21. BANK OF MAHARASHTRA, a body Corporate constituted by and
under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, and having its Head Office at ‘Lokmangal’,
1501, Shivajinagar Pune-411005, and having one of its Branch offices at Mittal Chambers, Ground Floor, Nariman Point, Mumbai –
400 021 (hereinafter referred to as “BM” which expression shall, unless it be repugnant to the subject or context
thereof, include its successors and assigns), of the TWENTY-FIRSTPART AND 22. PUNJAB & SIND BANK, a body Corporate constituted
by and under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, and having its Head Office at 1st Floor,
21, Rajendra Place, New Delhi-110008, and having one of its Branch offices at P – 18/90, 1st floor, Madra Hotel Building,
Connaught Place, New Delhi - 1 (hereinafter referred to as “PSB” which expression shall, unless it be repugnant to
the subject or context thereof, include its successors and assigns), of the TWENTY-SECOND PART AND 23. JL&FS FINANCIAL SERVICES
LTD., a company incorporated and registered under the companies act 1956, and having its Head Office at The IL&FS Financial
Centre, 3rd Floor, Plot C-22; G-Block, Bandra Kurla Complex, Bandra – East, Mumbai – 400 051 and having
one of its Branch offices at The IL&FS Financial, Centre, 3rd Floor, Plot C-22, G-Block, Bandra Kurla Complex, Bandra –
East, Mumbai – 400 051 (hereinafter referred to as “ILFS” which expression shall, unless it be repugnant to
the subject or context thereof, include its successors and assigns), of the TWENTY-THIRD PART AND 24. CENTRAL BANK OF INDIA, a
body Corporate constituted by and under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, and having
its Head Office at Chander Mukhi, Nariman Point, Mumbai – 400 021, and having one of its Branch offices at Corporate finance
branch, Central Bank Bldg, 1st floor, M G Road, Fort, Mumbai - 23 (hereinafter referred to as “CBI” which
expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns), of the TWENTY-FOURTH
PART AND Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL
UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

25. ORIENTAL BANK OF COMMERCE, a body Corporate constituted by and under the Banking Companies (Acquisition
and Transfer of Undertakings) Act 1970, and having its Head Office at Plot No. 5, Institutional Area, Sector-32, Gurgaon –
122001, and having one of its Branch offices at S.D. Road Branch, Secunderabad (hereinafter referred to as “OBC-Ascend”
which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns), of the TWENTY-FIFTH
PART AND 26. AXIS BANK, a company incorporated under the Companies Act, 1956 and carrying on the business of banking under the
Banking Regulation Act, 1949 having its registered office at Trishul, Third Floor, Opp. Samartheswar Temple, Law Garden, Ellisbridge,
Ahmedabad 380 006 in the State of Gujarat, and having its Head Office at Bombay Dyeing Mills Compound, Pandurang Budhkar Marg,
Worli, Mumbai - 400025, and having one of its Branch offices at 6-3-879/B, 1st floor, G.Pulla Reddy Building, Greenlands,
Begumpet Road, Hyderabad (hereinafter referred to as “Axis-Ascend” which expression shall, unless it be repugnant to
the subject or context thereof, include its successors and assigns), of the TWENTY-SIXTH PART WHEREAS: A. The Borrower, engaged
in the business of owning and providing passive telecom infrastructure on a shared, multi-tenancy basis, had a portfolio of 3,864
independent telecom towers as on 01.04.2012 with 6,337 tenants spread across 19 telecom circles in India. The Borrower had requested
the Existing Lenders for various financial assistances for setting up/modernization/implementation of the Project and for other
requirements for its operations. B. The Borrower had requested the Existing Lenders from time to time for various financial facilities
for setting up/modernization/expansion of their activities and for other requirements of its Business. Accordingly, the Existing
Lenders have lent and advanced various financial facilities to the Borrower. C. The Borrower has requested the Lenders for debt
restructuring as the operations of the Borrower has come under strain due to various internal and/or external reasons. D. At the
request of the Borrower and in consideration of the Borrower’s commitment to improve its operations, the Borrower has been
referred to the Corporate Debt Restructuring Forum, a non-statutory voluntary mechanism set. Borrower
CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

up under the aegis of the Reserve Bank of India, for the efficient restructuring of corporate debt (hereinafter
referred to as the “CDR”). Pursuant thereto, the CDR Empowered Group in their meeting held on March 7, 2013 has approved
a restructuring package in terms of which the Existing Financial Assistance permitted to the Borrower is to be restructured as
set out in the Letter of Approval dated March 28, 2013 (hereinafter referred to as “LOA”) issued by Corporate Debt
Restructuring Cell (“CDR Cell”) to the CDR Lenders and Borrower (hereinafter referred to as
the “CDR Package”). Pursuant to CDR Approved Package, the Borrower has entered into Master Restructuring Agreement
dated March 30, 2013 with the Lenders alongwith with any amendments and modifications made thereto (“MRA”). E. One
of the conditions of the said MRA was that the Promoters of the Borrower shall pledge 100% share of the Borrower as an additional
security. However, upon the request of the Borrower, Managing Committee of CDR Lenders in their meeting held on 20th May,
2013 have agreed to waive the said condition and agreed acceptance of negative lien on the Promoters equity, subject to acceptance
of the same by CDR EG. F. The said MRA was executed on 30.03.2013 but, the same was signed by the CDR Lenders on different dates.
However Axis Bank and Allahabad Bank did not execute the Master Restructuring Agreement dated 30.03.2013. G. To give effect to
the condition E and F herein above and for participation of the CDR Lenders, who could not execute the agreement on said date,
the necessity has arisen to execute the present Supplementary Agreement to the Master Restructuring Agreement dated 30.03.2013.
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and adequacy of which
are hereby expressly acknowledged, the parties hereto hereby agree as follows: - 1. That the parties to the present Supplementary
Agreement confirm that they being the parties to the Master Restructuring Agreement have executed the same and agreed to the terms
and conditions as laid down therein. 2. The parties to the present Supplementary Agreement further agree that the conditions relating
to the Additional Security in Article 3.1(A) (c) has been modified in the meeting of the Lenders and after such change, the existing
para relating to the Additional Security would read as under:: Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL
UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

“Additional security: Negative Lien on the Shareholding of the promoters i.e. 100% of unencumbered
shares held by promoters including additional infusion, in future as detailed in Schedule VII ( attached herewith as Schedule A)”
3. That the parties to the present Supplementary Agreement agree that under Schedule III B Part B the existing sub clause (a) would
be amended and the amended clause would read as under: “(a) Axis Bank The Facility of Axis Bank shall be restructured after
conversion into Rupee Loan and would be paid in the manner as under: S.
No. Year % of payment No. of installments Amount (Rs. in Crores) 1 F.Y. 2013 0.00 0 0.00 2 F.Y. 2014 3.50 1 0.61 3 F.Y. 2015 15.00
4 2.62 4 F.Y. 2016 20.00 4 3.49 5 F.Y. 2017 25.00 4 4.36 6 F.Y. 2018 36.50 4 6.37 Total 100.00 17 17.45 4. That the parties to
the present Supplementary Agreement agree that under Schedule III B Part B the following sub clause (d) shall be added : (d) That
the rate of interest for Axis Bank and OBC (erstwhile Ascend) shall be 14.25% p.a..” 5. The parties agree that the Sacrifice
amount of Rs.5.90 Crores mentioned in Schedule III E relating to Axis Bank (erstwhile Ascend) shall be read as “Nil.”
6. The parties hereto confirm that each and all the rights, duties, and privileges, responsibilities and obligations or liabilities
as provided in the MRA are hereby accepted by the parties including Axis Bank and Allahabad Bank and it shall be responsible to
the parties to the MRA as provided in the Master Restructuring Agreement dated 30.03.2013 and that despite being not a party to
such Master Restructuring Agreement dated 30.03.2013, the Axis Bank and Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB
OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

Allahabad Bank confirm that they shall be bound by the MRA and the Borrower and other parties. The parties
confirm that they have accepted the Axis Bank and Allahabad Bank as party to the original Master Restructuring Agreement dated
30.03.2013 as it was original signatory thereto and the Axis Bank and Allahabad Bank shall be entitled to all rights, benefits
and obligations there-under. 7. The parties agrees that the specific clauses mentioned herein shall on and from the date of execution
of this agreement be deemed for all purposes and intent, to substitute/add to the specific corresponding clauses in the MRA as
if originally contained therein. 8. This Supplementary Agreement shall become binding on the Parties hereto on and from the date
first above written. 9. This Supplementary Agreement and the rights and obligations of the Parties hereunder shall be construed
in accordance with and be governed by the laws of India. 10. Any provision of this Supplementary Agreement or the MRA which is
prohibited or unenforceable shall not invalidate the remaining provisions of this Supplementary Agreement or MRA. 11. The parties
agree and declare that save and except as modified by this Supplementary Agreement all the respective provisions, covenants, conditions
and stipulations contained in the MRA shall in all other respect remain in full force and effect and binding on the parties and
this Supplementary Agreement shall be construed as in addition and supplemental to the MRA. 12. This Supplementary Agreement may
be executed in any number of counterparts by different Parties hereto, each of which when so executed and delivered shall be effective
for purposes of binding the parties hereto, but all of which shall together constitute one and the same instrument. A set of counterparts
executed by all the parties hereto shall be lodged with the Borrower, the Monitoring Institution, the Escrow Agent, the Security
Trustee and photocopies of this Supplementary Agreement to each of the parties to the MRA. 13 All parties irrevocably agree that
the courts/tribunals of competent jurisdiction in New Delhi shall have jurisdiction to settle any disputes which may arise out
of or in connection with this Agreement and that, accordingly, any legal action, suit or proceedings arising out of or in connection
with this Agreement Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB
CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

may be brought in those courts/tribunals of competent jurisdiction and the Borrower irrevocably submit
to and accept the jurisdiction of those courts/tribunals at New Delhi irrespective of the place of execution of the present documents.
14. This agreement shall be effective from the date when all parties to the agreement execute this Agreement. SCHEDULE I (To be
read as Schedule VII to the Master Restructuring Agreement) DETAILS OF THE SHARES HELD BY PROMOTERS) Shares in Dematerialised Form
No. Name of Promoter DP Name DP No. Client ID Number of Securities % age
of Shareholding Face Value of each Share 1. NSR PE Mauritius LLC HDFC Bank Ltd – Mumbai IN300126 11239850 11532642 41.97%
Rs.10/- 2. NSR QSR PE Mauritius LLC HDFC Bank Ltd – Mumbai IN300126 11239794 6557541 25.32% Rs.10/- 3. Infrastrucutre Leasing
& Financial Services Ltd IN300095 10756134 4396922 16.98% Rs.10/- 4. N.K.Tele Systems Ltd IN301313 21351696 814463 3.15% Rs.10/-
5. N.K. Telecom Products Ltd IN301313 21331206 3257854 12.58% Rs.10/- Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB
OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF the Borrower has caused its Common Seal to be affixed hereto on the day, month and
year first here-in above written and the Lenders have caused the same to be executed by their respective Authorised Officers, as
hereinafter appearing. SIGNED AND DELIVERED BY the within named [MONITORING
INSTITUTION] hand of Shri S. Ramesh an authorised official Dated 18/07/2013 SIGNED AND DELIVERED BY the within named [BANK OF BARODA]
hand of Shri S. Ponnusamy an authorised official Dated 18/07/2013 SIGNED AND DELIVERED BY the within named [UNITED BANK OF INDIA]
hand of Shri Mohit Dhawan an authorised official. Dated 19/07/2013 Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL
UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

SIGNED AND DELIVERED BY the within named [BANK OF INDIA] hand of Shri IYER. S. Vishwanathan an authorised
official. Dated 18-07-2013 SIGNED AND DELIVERED BY the within named [STATE BANK OF BIKANER & JAIPUR] hand of Shri M. L. Agarwal
an authorised official Dated 18.07.2013 SIGNED AND DELIVERED BY the within named [STATE BANK OF MYSORE] hand of Shri D. M. Pai
an authorised official. Dated 19/08/2013 SIGNED AND DELIVERED BY the within named [ALLAHABAD BANK] hand of Shri/Smt Sushme Jha
an authorised official. Dated 26/07/2013 Borrower CB-MI BOB UBI BOI SBBJ
SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

SIGNED AND DELIVERED BY the within named [STATE BANK OF HYDERABAD] hand of Shri Narayan Panda an authorised
official Dated 13/09/2013 SIGNED AND DELIVERED BY the within named [VIJAYA BANK] hand of Shri T. M. Mini an authorised official
Dated 18.07.2013 SIGNED AND DELIVERED BY the within named [STATE BANK OF INDIA] hand of Shri Tilak Raj Pahwa an authorised official
Dated 31/01/2014 SIGNED AND DELIVERED BY the within named [DENA BANK] hand of Shri Amrita Mishra an authorised official Dated 18.07.2013
Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO
IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

SIGNED AND DELIVERED BY the within named [CORPORATION BANK] hand of Shri C. Sridharan an authorised official
Dated 18/07/2013 SIGNED AND DELIVERED BY the within named [ORIENTAL BANK OF COMMERCE- ITIL] hand of Shri E. Venkateswarlu an authorised
official Dated 18/07/2013 SIGNED AND DELIVERED BY the within named [UCO BANK] hand of Shri N. Padhi an authorised official Dated
18.07.2013 Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL
UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

SIGNED AND DELIVERED BY the within named [INDIAN BANK] hand of Shri D. Srinivasan, DGM an authorised official
Dated 06/12/2013 SIGNED AND DELIVERED BY the within named [KARUR VYSYA BANK] hand of Shri V. Anburaj an authorised official Dated
18.07.2013 SIGNED AND DELIVERED BY the within named [INDIAN OVERSEAS BANK] hand of Shri M. Parthasarathy an authorised official
Dated 18.7.13 SIGNED AND DELIVERED BY the within named [UNION BANK OF INDIA] hand of Shri Suresh S. Kamdhav authorised official.
Dated 01.11.2013 Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB
OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

SIGNED AND DELIVERED BY the within named [STATE BANK OF TRAVANCORE] hand of Shri Dileep.K.L A.G.M an authorised
official Dated 18th July 2013 SIGNED AND DELIVERED BY the within named [BANK OF MAHARASHTRA] hand of Shri ILLEGIBLE
an authorised official Dated 18/7/2013 SIGNED AND DELIVERED BY the within named [PUNJAB & SIND BANK] hand of Ms an ILLEGIBLE
authorised official Dated 18/7/2013 Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM
PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

SIGNED AND DELIVERED BY the within named [IL&FS FINANCIAL SERVICES LTD.-ITIL] hand of Shri ILLEGIBLE
an authorised official Dated 19/07/2013 SIGNED AND DELIVERED BY the within named CENTRAL BANK OF INDIA hand of Shri A.W. Sathe
an authorised official Dated 24/7/13 SIGNED AND DELIVERED BY the within named [AXIS BANK-ASCEND] hand of Shri Sanjeeva Kumar Singh
an authorised official Dated 13.09.2013 SIGNED AND DELIVERED BY the within named [ORIENTAL BANK OF COMMERCE-ASCEND] hand of Shri
E. Venkateswarlu an authorised official Dated 18/07/2013 Borrower CB-MI
BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCEND

 

    	 

    	 

    

 

 

SIGNED, SEALED AND DELIVERED by the within named ASCEND TELECOM INFRASTRUCTURE PVT. LTD. by the hand of
Mr. RAJAGOPALAN, C.F.O., authorized to sign under Resolution of its Board of Directors held on 12th July, 2013. The
COMMON SEAL of ASCEND TELECOM INFRASTRUCTURE PVT. LTD. has been hereunto affixed pursuant to the Resolution of its Board of Directors
passed at the Meeting held on 12th July, 2013 in the presence of Mr. RAJAGOPALAN, C.F.O. authorized signatory who have
set their signatures hereto in token thereof. Dated 18/07/2013 Borrower CB-MI BOB UBI BOI SBBJ SBM AB SBH VB SBI DB CorpB OBC-ITIL
UCO IB KVB IOB UB SBT BM PSB IL&FS-ITIL CBI OBC-ASCEND AXIS-ASCENDExhibit 10.3

 

 

Exhibit 10.3 FACILITY AGREEMENT THIS
FACILITY AGREEMENT executed BETWEEN THE PERSONS as more particularly described in Schedule I (hereinafter referred to as
“the Borrower”); AND L&T INFRASTRUCTURE FINANCE COMPANY LIMITED a company registered under the Companies Act,
1956, having its Registered Office at Mount Poonamallee Road, Manapakkam, Chennai – 600 089 and Corporate Office at 3A,
Laxmi Towers, 1st Floor, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, (hereinafter referred to as
“Lender” which expression shall, unless it be repugnant to the subject or context thereof, include its successors
in title and assigns). I. DEFINITIONS 1.1 In this Agreement, unless the context otherwise so requires, the following
expressions shall have the following meanings, viz : (i) “Agreement” means this agreement, all Schedules and all
amendments to this agreement; (ii) “Applicable Rate(s)” shall mean the applicable rate(s) of interest on any
amount(s) payable under this Agreement and/or any other Transaction Documents, as specified herein; (iii)
“Assets” shall mean all movable and immoveable properties, tangible and intangible, present and future described
in Schedule III to this agreement, and includes any individual items comprised in the asset(s) and all equipments
spares, accessories, attachments, alterations, improvements, hereditaments, replacements and/or additions to the asset(s) or
any item or any part thereof during the period of this agreement and shall include project assets as defined hereafter;

 

    	 

    	 

    

 

  

(iv) “Authority” shall mean
and include any applicable legislative body, regulatory or administrative authority, agency or commission, or any court, board,
bureau, instrumentality, tribunal, or judicial or arbitral body having authority of law; (v) “Business Day” shall mean
a day on which the office of the Lender as described in this Agreement, or such other office as may be notified by the Lender to
the Borrower, is open for business; (vi) “Clearance” shall mean any consent, license, approval, registration, permit,
sanction or other authorisation of any nature which is required to be granted by any Government Authority for the formation of
the Borrower and for undertaking, performing or enforcing the obligations contemplated by the Transaction Documents required to
be obtained by the Borrower under the Applicable Law or otherwise in connection with the Project; (vii) “Debt to Equity Ratio”
shall mean the result, expressed as a fraction, obtained by dividing debt by equity as specified in Schedule II hereto; (viii)
“Default’ shall mean any event, act, omission or condition which is or which amounts to non-compliance of any of the
obligations under this Agreement or any other Transaction Document and which with notice, lapse of time or both or the fulfilment
of any other requirement provided for in this Agreement or any other Transaction Document would become an Event of Default; (ix)
“Default Rate” shall mean the rate of interest specified as the Default Rate in Schedule II hereto and/or such other
rate as may be intimated from time to time by the Lender to the Borrower as the Default Rate; (x) “DSCR” shall mean
on any date, in respect of any period, the ratio of : The AGGREGATE of (a) profit after tax computed based on project revenues
realized in cash (excluding non cash adjustments, if any) for that period; (b) depreciation for such period; (c) all interest and
commissions payable; (d) financing costs payable under the Facility Agreement/Transaction Documents for such period; to An amount
equal to the sum of interest, guarantee commission and financing costs payable under the Facility Agreement/Transaction Agreements
and the repayment instalments to be paid under the Financing Agreements for that period. (xi) “Due Date” shall mean,
in respect of a Repayment Instalment or an interest payment, the date on which the same falls due as stipulated in Schedule II
hereto; or in case of any other amount payable under this Agreement, the date on which such amount falls due in terms of this Agreement;
(xii) “Encumbrance” means any mortgage, charge, pledge, lien, hypothecation, assignment, escrow arrangement, trust
arrangement, title retention or other

 

    	 

    	 

    

 

 

arrangement, of any kind or description
whatsoever, having the effect of conferring security interest or right of any similar nature whatsoever; (xiii) “Event of
Default” shall mean any or all of the events specified in Clause 7 hereof; (xiv) “Facility shall mean the Rupee term
loan specified in Schedule II hereto agreed to be granted to the Borrower by the Lender on the terms and conditions contained herein;
(xv) “Indebtedness” means any indebtedness whatsoever of the Borrower at any time for or in respect of monies borrowed,
contracted or raised (whether or not for cash consideration) or liabilities contracted by whatever means (including under guarantees,
indemnities, acceptance, credits, deposits, hire purchase and leasing); (xvi) “Interest Payment Date(s)” shall mean
the date(s) for payment of interest as specified in Schedule II hereto; (xvii) “Law” shall mean and include any statute,
law, treaties, rule, regulation, ordinance, guideline, notification or any requirement, restriction, authorisation, order, directive,
permit, judgement, decree having the force of law, or any interpretation of any of the foregoing by any Authority, whether in effect
as on the date hereof or thereafter, and shall include any reenactment, substitution or amendment thereof that is applicable to
any transactions contemplated herein and/or to any other Transaction Document, and/or to any of the Parties to this Agreement and/or
any Transaction Document; (xviii) “Material Adverse Effect” shall mean the effect or consequence of any event or series
of events or circumstances, whether related or not, which is or is likely to be detrimental to, or adversely effect, or which has
or is likely to have a material adverse effect on the business, Asset/assets, securities, financial condition, Project (if applicable)
of the Borrower; which may or is likely to effect (i) the ability of the Borrower or any person to perform or comply with all or
any of their respective obligations under this Agreement and/or the other Transaction Documents; (ii) or endanger the business,
Assets/assets, security, financial condition, Project(if applicable) in any manner; (xix) “Project” shall have the
meaning specified in Schedule I hereto; (xx) “Project Assets” shall mean all movable and immovable properties of the
Borrower (present and future) including but not limited to (a) all movable and immovable properties (present and future) with respect
to the Project (b) all the rights, title, interests, benefits, claims and demands of the Borrower under the Project Documents,
(c) all the rights, title, interest, benefits, claims and demands of the Borrower in or under Clearances, (d) all the right title,
interest, benefits, claims and demands whatsoever of the Borrower in any letter of credit, guarantee, performance bond provided
by any party to the Project Documents and (e) Insurance Contracts or, as the case may be, Insurance Proceeds;

 

    	 

    	 

    

 

 

(xxi) “Project Documents” shall
mean the documents enumerated in Annexure1 and as may be amended and supplemented from time to time and include any other material
document (in the opinion of the Lender) relating to development, operation and maintenance of the Project; (xxii) “Receivables”
shall mean all amounts owing to and received and/or receivable by the Borrower and/or any person on its behalf, all book debts,
all cash flows and receivables and proceeds arising from / in connection with Project, all cash-in-hand, commissions, revenues,
claims and actionable claims of whatsoever nature and howsoever and wherever arising due or owing to or become due or owing to
or acquired by the Borrower and the full benefit of all rights and remedies relating thereto including but not limited to fees,
deposits and all claims for damages and other remedies for non payment of the same; and all rights, title, interest, benefits,
claims and demands whatsoever of the Borrower in, to or in respect of all the aforesaid assets, both present and future (the “Receivables”,
which expression shall, as the context may permit or require, mean any or each of such Receivables); (xxiii) “Repayment Date(s)”
shall mean the date(s) specified in the Repayment Schedule for payment of Repayment Instalment(s); (xxvi) “Repayment Instalment(s)”
shall mean Instalment(s) of the Facility to be repaid on the Repayment Date(s) as specified in the Repayment Schedule; (xxv) “Repayment
Schedule” shall mean the repayment schedule set out in Schedule II hereto specifying Repayment Date(s) and Repayment Instalment(s);
(xxvi) “SBI PLR” means the prime lending rate or the benchmark rate of lending announced by the State Bank of India
from time to time; (xxvii) “Secured Obligations” shall mean the Borrower’s obligation to pay, repay or reimburse,
as the case may be, the principal amounts of the Facility, Interest, Further Interest, Additional Interest, premium on prepayment,
all costs, charges and expenses and other monies owing by, and all other present and future obligations and liabilities of the
Borrower to the Lender under this Agreement, all costs, charges and expenses including but not limited to the costs, legal expenses
and costs of preserving the securities and/or enforcement thereof, incurred by the Lender under the Facility Agreement/Transaction
Documents executed by the Borrower; (xxviii) “Security” means the security interest created by the Borrower or any
other person to secure all amounts owing by the Borrower to the Lender under this Agreement; (xxix) “Taxes” shall mean
and include all present and future taxes, levies, imposts, duties or charges of a similar nature including, without limitation,
any corporation, capital gains, income, withholding taxes, gross receipts, franchise, transfer, sales, use, business , occupation,
transaction, purchase, value added, excise, goods and services, real or personal property, stamp duty or other taxes whatsoever
imposed by any Authority together with

 

    	 

    	 

    

 

 

interest
thereon and penalties in respect thereof and “Taxation” shall be construed accordingly; (xxx) “Transaction Documents”
shall mean and include this Agreement, the Approval Letter issued by the Lender in respect of the grant of the Facility to the
Borrower, and all or any other agreements, instruments, undertakings, deeds, writings and other documents executed or entered into,
or to be executed or entered into by the Borrower and/or any other person in relation to or pertaining to the transactions contemplated
by, or under this Agreement as amended from time to time; (xxxi) “Trust and Retention Account’ shall have the meaning
ascribed to it in the Trust and Retention Account Agreement; (xxxii) “Trust and Retention Account Agreement” or “TRA”
shall mean the agreement to be entered into between the Borrower, the Account Bank, the Lender and the Lenders’ Agent providing
for the opening and operation of the Trust and Retention Account and as modified/amended to the satisfaction of the Lender; (xxxiii)
“Unpaid Liability” shall mean any amount remaining unpaid on Due Date. 1.2 In this Agreement, unless the contrary intention
appears: (i) a reference to: ·
an agreement / document / undertaking / deed / instrument / indenture / writing includes all amendments made thereto from time
to time as also all schedules, annexures and appendices thereto; ·
an “amendment” includes a supplement, modification, novation, replacement or re-enactment and “amended”
is to be construed accordingly; ·
“authorisation” includes an authorisation, consent, clearance, approval, permission, resolution, licence, exemption,
filing and registration; ·
“person” includes an individual, statutory corporation, body corporate, partnership, joint venture, association of
persons, society, trust, juridical person, government, or any agency, department, authority or political subdivision thereof, international
organisation, and shall include their respective successors and assigns and in case of an individual shall include his legal representatives,
administrators, executors and heirs and in case of a trust shall include the trustee or the trustees for the time being; (ii) a
reference to a Sub-clause, Clause or a Schedule shall denote a reference to such Sub-clause, Clause or Schedule as specified, of
this Agreement; (iii) the singular includes the plural (and vice versa ); (iv) the index to and the headings in this Agreement
are inserted for convenience of reference only and are to be ignored in construing and interpreting this Agreement; 

  

    	 

    	 

    

 

 

(v) reference to the words “include”
or “including” shall be construed without limitation; (vi) reference to a gender shall include references to the female,
male and neuter genders; (vii) all approvals, permissions, consents or acceptance required from the Lender for any matter shall
require the “prior”, “written” approval, permission, consent or acceptance of the Lender; (viii) a reference
to a “month” is a reference to a period starting on one day in a calendar month and ending on the date immediately
before the numerically corresponding day in the next calendar month, except that if there is no numerically corresponding day in
the month in which that period ends, that period shall end on the last day in that calendar month; (ix) in the event of any disagreement
or dispute between the Lender and the Borrower regarding the materiality or reasonableness of any matter including of any event,
occurrence, circumstance, change, fact, information, document, authorisation, proceeding, act, omission, claims, breach, default
or otherwise, the opinion of the Lender as to the materiality or reasonableness of any of the foregoing shall be final and binding
on the Borrower. II. TERMS OF THE FACILITY 2.1 (i) The Lender hereby agrees to lend and advance to the Borrower, and the Borrower
hereby agrees to avail of the Facility as specified in Schedule II hereto on the terms and conditions contained in this Agreement
and the other Transaction Documents. (ii) The Facility shall be used by the Borrower solely for the Project; (iii) Disbursements
under the Facility may be made by the Lender in one or more Instalments as may be decided by the Lender, subject to the Borrower
complying with the provisions of this Agreement and the disbursement procedure stipulated by the Lender and the expenditure incurred
being in consonance with the details mentioned herein/approved by the Lender. All disbursements shall be by cheques/authorisations.
All the collection/remittance/other charges will be borne by the Borrower; (iv) The Borrower shall provide the Lender with prior
notice of drawdown of any Instalments of the Facility as specified in Schedule II hereto. 2.2 (i) The Borrower shall repay the
Facility in the manner and on the Repayment Date(s) as specified in the Repayment Schedule as specified in Schedule II hereto;
(ii) The Borrower can prepay the Facility or any portion thereof as specified in Schedule II hereto; (Ill) (a) The Borrower shall
implement the Project within the overall Project Cost and in accordance with the Financing Plan, and within the time frame as agreed

 

    	 

    	 

    

 

 

to by the Lender; (b)
The Borrower agrees that the Lender shall have the right to conduct a review of the Project at any time, during implementation,
and before completion, of the Project; (C) The Borrower agrees that if as a result of such review, the Lender is of the opinion
that the Borrower has not implemented/nor is likely to implement the Project within the Project Cost and/or in accordance with
the Financing Plan and/or the Borrower has not commenced/nor is likely to commence commercial operation within the time frame as
specified in Schedule I hereto, the Lender shall be entitled, at its sole discretion, to revise the Repayment Schedule and/or stipulate
such additional conditions as the Lender may deem fit; (d) For the purposes herein, the terms “Project”, “Financing
Plan” and “Project Cost” shall have the meaning ascribed to them in Schedule I hereto. 2.3 (i) The Borrower shall
pay the Lender interest on the amount of the Facility outstanding from time to time at the Applicable Rate(s) in the manner and
on the date(s) as specified in Schedule II hereto, commencing from the first Interest Payment Date falling Immediately after the
date of first disbursement under the Facility; (ii) The Borrower shall pay such interest at the weighted average rate of interest
on total disbursements of the Facility from the date on which the whole of the Facility is disbursed to the Borrower. For the purpose
of this clause, “weighted average rate” means the weighted mean of the rates of interests applicable on each disbursement
of the Facility; (iii) All other payments made/expenses incurred by the Lender in terms of this Agreement and/or any other Transaction
Document shall be reimbursed /repaid by the Borrower together with interest thereon at the Applicable Rate(s) specified in Schedule
II hereof, calculated from the respective date(s) of payments made/expenses incurred by the Lender till the date of reimbursement/payment
thereof, within 15 days of the date of demand by the Lender; (iv) All interest on the Facility and on all other amounts accruing
due under this Agreement and/or the other Transaction Document shall in case the same is not paid on the respective Due Date(s),
carry further interest at the Default Rate, or at the Applicable Rate(s), whichever is higher. Such interest shall be computed
from the respective Due Date(s) and shall become payable upon the footing of compound interest with rests as specified in Schedule
II, till the date of payment by the Borrower; (v) All interest payable in terms of this Agreement shall, until creation of final
security for the Facility as specified herein, be increased by such rate(s) (“Additional Interest”) as specified in
Schedule II hereto; (vi) The Borrower acknowledges that the rates of interest / Default Rate and other fees/charges as specified
herein are reasonable; and that Default Rate of interest represents a genuine pre-estimate of the loss expected to be incurred
by the Lender in the event of non payment of any monies by the Borrower;

 

    	 

    	 

    

 

 

(viii) The Borrower acknowledges that the
Facility provided hereunder is for a commercial transaction and waives any defence available under usury or other laws relating
to the charging of interest; 2.4 The Borrower shall pay the Lender such upfront interest and in the manner as specified in Schedule
II hereto. 2.5 The Borrower’s obligation to pay the Repayment Instalments, interest and all other amounts/ monies payable
under or pursuant to this Agreement shall be absolute and unconditional and shall not be affected by any circumstances, including,
without limitation: (i) any setoff, counterclaim, recoupment, defense or other right which the Borrower may have against the Lender,
or any other person for any reason whatsoever; (ii) any insolvency, bankruptcy, reorganization or similar proceedings by or against
the Borrower; (iii) any other circumstances, happening or event whatsoever whether or not similar to any of the foregoing. 2.6
All payments by the Borrower under this Agreement shall be so paid to enable the Lender to realise, at par, the amount on or before
the due date and shall be made free and clear of and without any deduction on any account, except to the extent that the Borrower
is required by law to make payment subject to deduction of tax on interest payments. All such deductions made shall be paid by
the Borrower when due and the Borrower shall, within 30 days of the payment being made, deliver to the Lender a certificate indicating
the tax so deducted or evidence satisfactory to the Lender (including all relevant Tax receipts in originals) that the payment
has been duly remitted to the appropriate authority, as may be required by the Lender. Any future additional Taxes (excluding tax
deduction on interest payments) will be to the cost of the Borrower. 2.7 (i) All interest payable under or pursuant to this Agreement
are exclusive of charges payable by the Borrower towards tax on interest (except income tax on interest) and/or any other levy/charges
as may be levied by any Authority from time to time; (ii) Interest and all other charges shall accrue from day to day and shall
be computed on the basis of 365 days and the actual number of days elapsed. 2.8 The Borrower shall pay all interest tax, service
tax, all other imposts, duties (including stamp duty and relevant registration and filing charges in connection with this Agreement
and/or any other Transaction Document) and Taxes (of any description whatsoever) as may be levied from time to time by any Authority
in respect of or in connection with the Facility, this Agreement and / or any other Transaction Document. The Borrower shall also
pay all costs, charges, fees, and expenses in any way incurred or payable by the Lender in respect of or in connection with the
Facility, this Agreement and/or any other Transaction Document. In the event of the Borrower failing to pay the monies referred
to above, the Lender shall

 

    	 

    	 

    

 

 

be at liberty (but shall not be obliged)
to pay the same, and the Borrower shall reimburse all such sums paid by the Lender, together with interest thereon in accordance
with the provisions contained herein, within 15 days of the date of demand by the Lender. The Borrower shall pay an interest at
the Default Rate in case the reimbursements as aforesaid are not made within the said period of 15 days. 2.9 (i) All monies due
and payable by the Borrower to the Lender pursuant to this Agreement shall be paid by telegraphic telex or mail transfer to the
account of the Lender at ICICI Bank, Backbay Reclamation Branch, Churchgate, Mumbai- 400 020 or by cheque or bank draft drawn in
favour of the Lender on a scheduled bank not being a co-operative bank, as provided in Schedule II and shall be so paid as to enable
the Lender to realise at par, the amount sought to be paid on or before the due date to which the payment relates. Credit for all
payments by cheque/bank draft will be given only on realisation thereof by the Lender or on the Due Date to which the payment relates,
whichever is later. Provided however, if the Due Date in respect of any monies payable under or pursuant to this Agreement falls
on a Saturday or a day which is not a Business Day, the immediately preceding Business Day shall be the Due Date for such payment.
2.10 A statement signed by an officer of the Lender certifying the amount of any payment(s) including any interest thereon payable
under this Agreement and/or any other Transaction Document, and/or any loss or damage incurred or sustained by the Lender, shall
be final and binding on the Borrower. 2.11 Appropriation of payments (a) Any payments due and payable under or pursuant to this
Agreement and/or any other Transaction Document and made by the Borrower shall be appropriated towards such dues in the following
order viz: (i) Interest on costs, charges and other expenses; (ii) Costs, charges and other expenses; (iii) Default Interest on
arrears; (v) Interest on the Facility including Additional Interest till creation of security; (v) Repayment Instalments. (b) Notwithstanding
anything contained in Clause (a) hereinabove, the Lender may, at its discretion, appropriate such payments towards the dues, If
any, payable by the Borrower in respect of any other facility(ies) availed of by the Borrower from the Lender in the order specified
in the relative agreement(s). 2.12 Unless otherwise agreed to by the Lender, the Borrower’s right to request the Lender for
any disbursement(drawdown) under the Facility in terms of this Agreement shall cease upon expiry of the period as provided in Schedule
II, from the date of this Agreement, and the unutilised amount shall stand cancelled to that extent. 2.13 The obligations of the
Borrower (whether financial, performance or otherwise) under this Agreement and/or any other Transaction Document, including, without
limitation, the Secured Obligations, any increase as a result of devaluation /revaluation /fluctuation in the rates of exchange
of foreign currency involved where applicable, payable by the Borrower in respect thereof shall be secured by the

 

    	 

    	 

    

 

 

Assets/assets and in
the manner as provided in Schedule IV, in a form and manner satisfactory to the Lender. 2.14 If, at any time during the subsistence
of the Facility, the Lender is of the opinion that the security provided by the Borrower has become inadequate to cover the Facility
repayments then outstanding, the Lender shall advice the Borrower to that effect. The Borrower shall provide and furnish to the
Lender, such additional security as may be acceptable to the satisfaction of the Lender to cover such deficiency. 2.15 CONTINUING
SECURITY The security hereunder created or created under any Transaction Document in terms of this Agreement shall be and remain
a continuing security to the Lender and accordingly shall: (i) be binding upon the Borrower, its successors in title and/or such
persons under any Transaction Documents and their respective successors in title or heirs, executors, administrators, legal representatives
as may be applicable; (ii) extend to cover the Borrower’s Indebtedness hereunder or otherwise; (iii) not be discharged by
any intermediate payment by the Borrower or any settlement of accounts between the Borrower and the Lender; (iv) be in addition
to and not in substitution for or derogation of any other security which the Lender may at any time hold in respect of the Borrower’s
Indebtedness/obligations hereunder; and (v) be security for all amounts due and payable by the Borrower for all monies due by the
Borrower to the Lender, whether under this Agreement or otherwise. 2.16 The additional conditions as more particularly provided
in Schedule VI hereto shall be applicable to this Agreement /Transaction Documents and wherever necessary the Borrower shall effect
full compliance thereto in the manner and to the satisfaction of the Lender. III. PRE-DISBURSEMENT CONDITIONS 3.1 The Borrower
shall comply with the following conditions prior to the first disbursement under the Facility : (i) The Borrower shall provide
up-to-date certified copies of all necessary authorisations, resolutions, certificates, constitutional documents and/or any other
documents as may be required by the Lender, pertaining to the Borrower/ any other person as may be required for the entering into
of this Agreement and/or the other Transaction Documents and/or for any of the transactions contemplated hereunder; (ii) Unless
otherwise permitted by the Lender, the Borrower shall ensure that all

 

    	 

    	 

    

 

 

security required to
be created in terms of this Agreement has been duly and validly created, and all requirements for filing, registration or notification
in respect thereof have been duly complied with, and the Borrower shall provide the Lender with proof thereof, along with all the
required security and other Transaction Documents duly executed; (iii) The Borrower shall, in addition to the above, comply with
the pre-disbursement conditions as more particularly provided in Schedule V hereto; (iv) The Borrower shall provide certified,
up-to-date copies of all Project related documents to the Lender. 3.2 The Borrower shall comply with the following conditions prior
to all disbursements under the Facility: (i) The Borrower shall perform all its obligations and undertakings and comply with all
conditions specified herein and/or in the other Transaction Documents; (ii) The Borrower shall provide the Lender with all information/documents
as may be required by the Lender, and shall comply with all other conditions that may be stipulated by the Lender during the currency
of the Facility. IV. OTHER CONDITIONS 4.1 (i) The Borrower shall keep and maintain in accordance with good business practice and
applicable laws, all statutory books, books of accounts, bank statements and other records, including records showing expenditure
incurred on the Project/Asset/s, utilisation of the disbursements hereunder, utilisation of the Asset/s, where applicable, progress
of the Project and the operations and financial conditions of the Borrower and such records shall be open to examination by the
Lender and/or their employees or representatives. The cost of such inspection shall be borne by the Borrower; (ii) The Lender shall
be entitled to appoint, any consultant(s) as it may require to inspect and examine the accounts and/or operations of the Borrower
and its assets and premises, and/or to conduct any specific assignments, including examination of its financial or cost accounting
system, or as concurrent or internal auditors. The costs, charges and expenses, including professional charges of such consultants
shall be borne by the Borrower; (iii) The Borrower shall, at its cost, permit the Lender and/or its employees or representatives
to carry out any inspections of the business, operations or the assets/Assets of the Borrower and/or of the Project; (iv) The Borrower
shall provide free access to such persons mentioned hereinabove, and shall provide all cooperation, assistance and /or all documents,
records, accounts, etc. as may be required for the aforesaid purposes.

 

    	 

    	 

    

 

 

4.2 (i) The Borrower
shall not appoint/re-appoint/remove any person having substantial powers of management without the approval of the Lender; (ii)
The persons referred to in (i) above shall not be paid any commission and/or any compensation for loss of their office so long
as any event of default has occurred or is subsisting hereunder and/or under any of the other Transaction Documents; (iii) The
Borrower shall, if so required by the Lender, appoint persons mentioned in (i) hereinabove and/or other suitable/duly qualified
technical, financial and executive staff for any key posts in the Borrower’s organisation. The terms of such appointments
shall be subject to the approval of the Lender. (iv) The Borrower shall constitute such committees of the Board with such composition
and functions as may be required by the Lender. V. BORROWER’S REPRESENTATIONS AND WARRANTIES The Borrower hereby makes the
following representations, warranties and confirmations; and states that the same are true, correct, valid and subsisting in every
respect as of the date of this Agreement, as of the date of each disbursement by the Lender hereunder, and as on each Due Date:-
5.1 It is duly incorporated and validly existing under the laws of India and has the corporate power to own its assets, conduct
its business as presently conducted and to enter into, and ensure performance of its obligations under this Agreement; 5.2 This
Agreement and each of the other Transaction Documents is duly authorised and executed by the Borrower and constitutes a valid and
legally binding obligation of the Borrower, enforceable in accordance with the terms contained herein; 5.3 All authorisations as
are necessary for the execution of this Agreement and the other Transaction Documents for and on its behalf are in full force and
effect; 5.4 All information provided by the Borrower to the Lender, including any information provided in relation to its application
for the grant of the Facility is true and accurate in all material respects, is not misleading and does not omit any material fact,
the omission of which would make any fact or statement therein misleading; 5.5(i) All acts, conditions and things required to be
done, fulfilled or performed, and all authorisations required or essential, for the Project or for the entry and delivery of this
Agreement and/or the other Transaction Documents, or for the performance of the Borrower’s obligations thereunder, have been
done, fulfilled, obtained, effected and performed and are in full force and effect and no such authorisation has been, or is threatened
to be, revoked or cancelled; (ii) The Borrower has not received any notice, nor is it aware that any authorisation necessary or
required to be obtained in present or in future, will not be granted or obtained;

 

    	 

    	 

    

 

 

(iii) The Borrower
is in compliance in all respects with all laws and regulations affecting its Assets, the Project and its business and operations.
5.6 The entry into, delivery and performance by the Borrower of, and the transactions contemplated by, this Agreement and the other
Transaction Documents do not and will not conflict with any Law, or with the provisions of any document, which is binding on the
Borrower or any of its Assets. 5.7 The Borrower is not in default, or breach of any of the terms of this Agreement and/or any of
the other Transaction Document; and no Event of Default is subsisting, nor is there any event or circumstance subsisting which
constitutes, or is likely to constitute an Event of Default and/or a default under any document binding on the Borrower or any
of its Assets. 5.8 Except to the extent disclosed by the Borrower to the Lender in Schedule VII hereto, as on the date hereof,
the Borrower is not in arrears of any public demands such as income tax, service tax, corporation tax or any other taxes or any
other statutory dues payable to any Authority. 5.9 The Borrower is not entitled to, and will not claim immunity for itself or any
of its assets from suit, execution, attachment or other legal process in any proceedings in relation to this Agreement and/or any
other Transaction Document. 5.10 The choice of governing law and jurisdiction of the Courts as specified in this Agreement is legal,
valid and binding on the Borrower under Indian Law/the Law applicable to the Borrower. 5.11 No litigation, arbitration, administrative
or other proceedings are pending or threatened against the Borrower, its assets or the Project, which, if adversely determined,
might have a Material Adverse Effect. 5.12 The Borrower is in compliance with all applicable environmental laws, and has obtained
all authorisations as may be necessary for the Project and/or for the carrying on of the Borrower’s business; and there is
no material claim and/or action initiated/pending against the Borrower in this connection. 5.13 (i) The Borrower is not in breach
of the terms of any Project Document nor (so far as it is aware) is any other party thereto, to an extent, which might have a Material
Adverse Effect; (ii) The Borrower has not entered into any material agreement in connection with the Project that has not been
disclosed in writing to the Lender. All Project documents and/or copies thereof have been provided to the Lender; and all such
Project documents/copies were, as on the date of delivery, true, accurate and up to date and no significant change/amendment has
occurred in the same after such date and till the date hereof. 5.14 All insurances which are required to be maintained by the Borrower
/ any other person in relation to the Project and /or as specified herein and/or in the other Transaction Documents are in full
force and effect. 5.15 The Borrower duly owns or holds and/or applied for valid and subsisting licenses in respect of all trade
names, trade marks, patents, designs and other intellectual

 

    	 

    	 

    

 

 

property used or intended
to be used by the Borrower in the course of its business and the same are duly registered in the name of the Borrower and have
not become voidable. 5.16 The Borrower duly owns and holds all other material consents, licenses, franchises, permits and authorisations
necessary for the lawful conduct, ownership and operation, of its businesses and the same are valid and subsisting and have not
become voidable. VI. BORROWER’S COVENANTS 6.1 During the subsistence of this Agreement and till the Facility and all amounts
payable in terms hereof are duly paid by the Borrower, the Borrower shall : (i) Promptly notify the Lender ; (a) of any event or
circumstance which would, or is likely to, result in any of the representations and warranties made by the Borrower hereunder becoming
untrue, incorrect or misleading in any manner; (b) of any circumstance or event which would, or is likely to interfere in/prevent/delay
the proper implementation of the Project, or which may result in substantial overrun in the original estimate of costs, or of the
happening of any labour strikes, lockouts, shut-downs, fires or other similar happenings likely to have a Material Adverse Effect,
along with all details/documents as may be required by the Lender; (c) of any material loss or damage which the Borrower may suffer
due to any event, circumstances or act of God; d) of any action or steps taken or legal proceedings started by or against it in
any court of law for its winding-up, dissolution, insolvency, administration or re-organisation or for the appointment of a receives
administrator, administrative receiver, trustee or similar officer of the Borrower or of any or all of its Assets; (e) of any litigation,
arbitration, administrative or other proceedings initiated or threatened against the Borrower, its assets or any of the Assets
provided as security in terms hereof; (f) of any action or event pertaining to or having the effect of revocation, repudiation,
denial or cancellation of any authorisation. (g) of any public demands such as income tax, service tax, corporation tax or any
other taxes or any other statutory dues payable to any Authority. (ii) Deliver to the Lender: (a) its audited Balance Sheet and
Profit and Loss Account within 3 months of the end of its financial year/simultaneously with the issuance thereof to the shareholders
of the Borrower; and its accounts for each quarter within 45 days of the end of such quarter;

 

    	 

    	 

    

 

 

(b) copies of any notice
received by the Borrower, pertaining to any termination of any material contracts, material defaults, demands or claims made against
the Borrower or any of is assets, which could have a Material Adverse Effect; (c) copies of all documents despatched by the Borrower
to all its creditors (or any general class of them) at the same time as they are despatched; (d) regular progress reports, to the
satisfaction of the Lender, on any matter as may be required, including the Project, as also any other reports and information
as may be required by the Lender from time to time; (e) copies of all project documents, additional documents and authorisations
entered into or obtained by the Borrower, or any amendments thereto. (iii) The Borrower shall: (a) maintain its corporate existence
and the right to carry on its business and operations as it is conducted in all applicable jurisdictions; (b) obtain and maintain
all franchises and authorisations necessary for the conduct of its business and operations in such jurisdictions, and for the performance
of its obligations hereunder and/or in relation to the Project; (c) develop, maintain and implement the Project in accordance with
prudent industry standards and accepted industry practices and comply with all its obligations under each Project document and
complete the implementation of the Project. (iv) promptly inform the Lender if the auditors of the Borrower cease to act as such,
along with the reasons therefor, and appoint another firm as auditors with 15 days prior notice to the Lender; (v) if applicable
under applicable law, make such amendments/alterations to its constitutional documents as may be required by the Lender to give
effect to any of the provisions herein and/or in any of the other Transaction Documents, and/or to safeguard its interests hereunder
and/or in relation to the other Transaction Documents; (vi)(a) insure and keep insured all its assets /Assets against all risks
with the widest possible cover as per the best industry practice and as required by the Lender; (b) ensure that all such insurance
is in the joint names of the Borrower and the Lender/ all such insurance is duly assigned / endorsed in favour of the Lender; and
shall promptly deliver to the Lender all original policies/certified true copies of insurance and renewals thereof /endorsements
thereto; (c) promptly pay all premia and all other amounts in this regard; and in the event any amounts payable in respect of such
insurance is not paid, the Borrower

 

    	 

    	 

    

 

 

agrees that the Lender may, at its sole
discretion, make such payments and/or get the assets/Assets insured; (d) ensure that the Borrower and/or any other person does
not do or omit to do or be done or permit or suffer any act, deed or thing which might or could prejudicially vitiate or affect
any such insurance; (e) agree that the Lender may at its option decide that any insurance proceeds received under the said insurance
shall be applied at the option of the Lender in making good the damage or in the event of default towards payment/repayment of
the dues of the Lender. (vii) make arrangements satisfactory to the Lender for meeting the shortfall, if any, in the resources
of the Borrower for achieving the completing the Project, and for working capital requirements; and the Borrower shall provide
undertakings from such persons as may be specified by the Lender in this regard. The Borrower shall ensure that all funds brought
in to meet such shortfall shall be in the form and manner, and on such terms (including as regards interest) as may be required
by the Lender. Unless otherwise agreed by the Lender, such funds shall be in the form of unsecured/loans/deposits, and the Borrower
shall not repay/return the same or any part thereof till the Facility and all amounts payable in terms hereof are duly paid by
the Borrower, nor shall the Borrower pay any interest on the said amounts if at the time of such payment there is a default in
the payment of any amount under the Facility. 6.2 During the subsistence of this Agreement and till the Facility and all amounts
payable in terms hereof are duly paid by the Borrower, the Borrower shall not, without the approval of the Lender, or as otherwise
permitted hereunder: (i) (a) undertake any new project, or diversification or any substantial expansion, or alter the Financing
Plan or scope of the Projector engage in any new business or activities either alone or with any other person, or enter into any
arrangement with any other person whereby the Borrower’s income/profits may be shared; (b) make or permit any material amendments
or termination of any material contracts / any Project documents; (c) enter into any contract or arrangement whereby its business
or operations are managed by some other person; (ii) (a) contract, incur or agree to any indebtedness of any manner whatsoever
(save and except trade guarantees in the normal course of business) or create any security interest in favour of any other person;
(b) prepay any such indebtedness without offering to proportionally prepay the Facility provided by the Lender, subject to such
conditions as may be stipulated by the Lender as specified in this Agreement; (c) create or permit any encumbrance in any form
on any of the Assets provided as security for the Facility, or dispose off or deal with in any manner all or

 

    	 

    	 

    

 

 

any of its Assets;
(d) provide any loans/financial assistance, including by way of guarantees, indemnities or other assurances of a similar nature.
This provision shall not apply to loans and advances made to employees or contractors/suppliers in the ordinary course of business;
(e) pay any commission to its promoters, directors, managers or other persons for furnishing guarantees, counter guarantees or
indemnities or for undertaking any other liability in connection with any indebtedness incurred by the Borrower or in connection
with any other obligation undertaken for or by the Borrower. (iii) (a) declare or pay any dividend/make any distribution of profits
or otherwise to any person, so long as any default has occurred / is subsisting under this Agreement and/or any of the other Transaction
Document or would occur as a result of such declaration or payment of dividend or authorisation or making of distribution, and/or
in excess of the percentile amount specified herein; (b) buy back, cancel or reduce in any manner it share capital, or issue any
further share capital, or change its capital structure in any manner whatsoever; (c) permit any disposal /transfer of shares in
the Borrower’s share capital by any person as specified by the Lender. The borrower shall provide undertakings from such
persons in this regard as may be required by the Lender; (d) amend/alter its constitutional documents in any manner that would
be likely to affect the performance of its obligations hereunder and/or any rights of the Lender. (iv) (a) create any subsidiary
or a joint venture company or permit any company to become its subsidiary or joint venture partner; (b) undertake or permit any
merger, de-merger, consolidation, reorganisation, scheme or arrangement or compromise with its creditors or shareholders or effect
any scheme of amalgamation or reconstruction. (v) change its financial year end and/or the accounting methods or policies currently
being followed by the Borrower (unless such change is required by Law). VII. EVENTS OF DEFAULT 7.1 The following events/occurrences
shall constitute Events of Default. (i) If the Borrower fails to pay any monies payable hereunder on the dates and in the manner
stipulated in this Agreement, whether demanded or not; (ii) If the Borrower fails or neglects to observe or perform or commits
or allows to be

 

    	 

    	 

    

 

 

committed a breach
of any of the terms, conditions, provisions or stipulations of this Agreement on its part to be observed and performed (other than
failure to pay any sum hereunder when due and payable) and if such breach is remediable, fails to remedy the same within fourteen
days of notice by the Lender specifying such default and requiring such default to be remedied; (iii) Any information given by
the Borrower in its application for grant of the Facility, in the reports and other information furnished by or on behalf of the
Borrower is incorrect or misleading, or a representation, warranty or statement made or deemed to be made hereunder or in connection
with any other Transaction Document by the Borrower or any other person, is incorrect or misleading in any respect; (iv) (a) If
the Borrower’s assets/Assets have not been kept insured by the Borrower or depreciate in value to such an extent that such
depreciation in value could in the opinion of the Lender, have a Material Adverse Effect; (b) Any insurance contracted or taken
by the Borrower is not, or ceases to be, in full force and effect at any time when it is required to be in effect or any insurance
is avoided, or any insurer or re-insurer avoids or suspends or becomes entitled to avoid or suspend, any insurance or any claim
under it or otherwise reduce its liability under any insurance or any insurer of any insurance is not bound, or ceases to be bound,
to meet its obligations in full or in part under any insurance. (v) If the Borrower voluntarily suspends all or any substantial
portion of its operations, business, or abandons the Project, or any or a substantial part of its assets/Assets or business are
damaged or destroyed, or any of the permits, certificates, licenses, rights or privileges required for the conduct of the business
and operations of the Borrower shall be revoked, cancelled or otherwise terminated, or the free and continued use and exercise
thereof curtailed or prevented, so as to have a Material Adverse Effect; (vi) If the Borrower or any other party/person is in breach
of, or does not comply with, any term or condition (whether, financial, performance or otherwise) of any Transaction Document including
any security document or undertaking; (vii) If, in the opinion of the Lender, the security created /to be created in favour of
the Lender is in jeopardy or ceases to have effect or if any Transaction Document becomes illegal, invalid, unenforceable or otherwise
fails or ceases to be in effect or fails or ceases to provide the benefit of the liens, rights, powers, privileges or security
interests purported or sought to be created thereby or if any such Transaction Document shall be assigned or otherwise transferred,
amended or terminated, repudiated or revoked without the approval of the Lender; (viii) If the Borrower takes or allows any action
to be taken for its liquidation/ insolvency/ bankruptcy, or if a Receiver is appointed of the whole or part of the assets/Assets,
properties or undertaking of the Borrower unless such proceedings are stayed or discharged within a period of 30 days from the
date of such occurrence; (ix) if the Borrower compounds with or enters into any composition with its creditors;

 

    	 

    	 

    

 

 

(x) The Borrower is
unable or has admitted in writing its inability to pay any of its indebtedness as they mature or when due; (xi) If the Borrower
does or suffers any act or thing or omits to do or suffer any act or thing whereby or in consequence of which the Borrower’s
assets/Assets may be or is likely to be distrained, arrested, endangered, attached or taken in execution under any legal process
or by public authority; (xii) Any person acting singularly or with any other person (either directly or indirectly) acquires control
of the Borrower either directly or indirectly, without the approval of the Lender; (xiii) Any change in Law occurs or is announced,
which would adversely affect the validity, legality or enforceability of this Agreement and/or any other Transaction Document,
and/or any security interest created in favour of the Lender, or which has a Material Adverse Effect; (xiv) An event of default
howsoever described occurs under any agreement or document relating to any indebtedness of the Borrower or if any other lenders
of the Borrower have refused to disburse, extend, or have cancelled or recalled its/their or any part thereof; (xv) If the Borrower
or any other party to any Project document are in breach of, or do not comply with, any term or condition (whether, financial,
performance or otherwise) of any Project Document and such breach or non-compliance is, in the opinion or the Lender, likely to
have a Material Adverse Effect and is not remedied within the period for remedy, if any, provided in such contractual documents;
(xvi) If the Borrower by any act or omission gives to the Lender reasonable grounds to consider that its rights or the assets/Assets
may be prejudiced or be in jeopardy, or does or omits to do any thing, which would have a Material Adverse Effect. For the purposes
of the above the following shall apply: i) On the occurrence of the events as provided in Article 7.1 hereinabove, the Borrower
shall forthwith notify the Lender in writing of the same; ii) The period for cure of breach / remedy of default is without prejudice
to the Lenders’ rights and remedies that are available to it hereunder and under applicable law and any non-exercise on the
part of the Lender shall not be construed as a waiver by the Lender in respect thereof; iii) The Borrower shall utilize the cure
period as provided hereinabove exclusively for the purpose of cure of breach/remedy of default only. 7.2 On the happening of any
of the Events of Default, the Lender (i) shall be entitled, without prejudice to any other right or remedy which the Lender may
have under this Agreement or otherwise in law and notwithstanding any subsequent acceptance of any Repayment Instalments/interest,
take any of the steps specified hereinbelow without any notice, except as specified herein, at any time after the occurrence of
such event (i) may, by a notice in writing to the Borrower, terminate this Agreement and/or declare the principal of and all interest
on and all other amounts

 

    	 

    	 

    

 

 

in respect of the Facility
to be due and payable forthwith, and/or the security created in terms of this Agreement and/or the other Transaction Documents
to be enforceable, and the Lender or such other person in favour of whom such security or any part thereof is created shall have
inter alia, the following rights (notwithstanding anything in the Facility Agreement or the Transaction Documents to the contrary)
namely: (i) to enforce any/all security/ies provided to the Lender in terms of this Agreement and the other Transaction Documents;
and/or; (ii) to enter upon and take possession of, deploy, dispose off, transfer any/all assets comprised within the security created
in favour of the Lender, as may be applicable by way of lease, leave and licence, sale or otherwise; and/or; (iii) to repossess,
sell, or otherwise dispose off/ deploy the Assets comprised in the security, as may be applicable in such manner, as the Lender
may deem fit; (iv) to exercise and enforce all rights and remedies available to the Lender under this Agreement and/or the other
Transaction Documents; (v) The Lender shall, without prejudice to any of the rights and remedies specified hereinabove, be entitled
to the following rights: (a) the Lender shall be entitled to appoint, from time to time, a Wholetime Director on the Board of Directors
of the Borrower. Such Director is hereinafter referred to as “the Wholetime Nominee Director”. Such Wholetime Nominee
Director shall not be required to hold qualification shares nor be liable to retire by rotation and shall be entitled to receive
such reasonable remuneration, fees, commission and monies as may be approved by the Lender. Such Wholetime Nominee Director shall
be entitled to be appointed a member of such committees of the Board as may be required by the Lender, and to receive notices of
and attend all general meetings and Board meetings or any committees of the Borrower of which they are members. Any expense that
may be incurred by the Lender or such Wholetime Nominee Director in connection with its appointment or directorship shall be paid
or reimbursed by the Borrower to the Lender or, as the case may be, to such Wholetime Nominee Director; (b) the Lender shall have
a right to review the management set up or organisation of the Borrower and to require the Borrower to restructure it as may be
considered necessary by the Lender, including the formation of management committees with such powers and functions as may be considered
suitable by the Lender. The Borrower shall promptly comply with all such requirements of the Lender. 7.3 All expenses incurred
by the Lender after an Event of Default has occurred including in connection with: (i) preservation of, or enforcement action against
the Borrower’s Assets or the Assets provided as security in terms hereof (whether then or thereafter existing); and (ii)
collection of amounts due under this Agreement and/or the other Transaction

 

    	 

    	 

    

 

 

Documents; shall be payable by the Borrower.
7.4 If any Event of Default has occurred or is continuing or if the Borrower has not availed of or drawn from the Facility by the
date referred to in this Agreement or such later date as may be permitted by the Lender, then, in such event, the Lender may, by
notice in writing to the Borrower: (i) suspend further access by the Borrower to the use of the Facility under this Agreement.
The right of the Borrower to avail of or make drawals from the Facility shall continue to be suspended till further notice from
the Lender in this regard; or (ii) terminate the right of the Borrower to avail of or make drawals from the Facility. Upon such
notice, the unutilised amount of the Facility shall stand cancelled. 7.5 Notwithstanding any suspension or termination of this
Agreement as specified hereinabove, all the provisions of this Agreement for the benefit or protection of the Lender and its interests
shall continue to be in full force and effect as specifically provided in this Agreement. VIII. ASSIGNMENT 8.1 The Borrower shall
not assign, delegate or otherwise transfer all or any part of its rights or obligations under this Agreement. 8.2 The Lender may
without the consent of the Borrower, assign all or any part of its rights and benefits hereunder or transfer or novate all or part
of its rights, benefits and obligations hereunder or under the Transaction Documents, to any person, including Bank, Financial
Institution or Public Financial Institution (under section 4A of the Companies Act 1956), or institutional lender (“New Lender”);
Provided that in the event of an assignment by the Lender of its rights, benefits or obligations under this Facility Agreement
and/or any other Transaction Documents, to the New Lender, the relationship between the New Lender and the Borrower shall be governed,
at the option of the New Lender, by the special legislations that are at present and/or then applicable/available to such New Lender
under applicable laws, inter alia in respect of enforcement of obligations/security and/or rights of recovery. 8.3 The New Lender
shall, upon such assignment/ novation/ transfer, acquire the same rights and assume the same obligations as regards the Borrower
as they would have acquired and assumed had the New Lender been an original party to this Agreement and other Transaction Documents.
8.4 Upon such assignment/novation/transfer, the Borrower and the Lender shall be released from further obligations to each other
and their respective rights against each other under this Agreement and other Transaction Documents, shall stand cancelled. 8.5
Without prejudice to the aforesaid Section 8.1 and 8.2, the Lender may (at its sole

 

    	 

    	 

    

 

 

discretion), without notice to the Borrower,
share the credit risk of the whole or a part of the Facility with any other person, including Bank, Financial Institution or Public
Financial Institution (under section 4A of the Companies Act 1956), or institutional lender, by way of participation (“participant”).
Notwithstanding such participation, all rights, title, interests, special status and other benefits and privileges enjoyed or conferred
upon or held by the Lender under this Agreement and the Transaction Documents shall remain valid, effective and enforceable by
the Lender on the same terms and conditions and the Borrower shall continue to discharge in full all its obligations under the
this Agreement and the Transaction Documents to the Lender. The Borrower shall not have and shall not claim any privity of contract
with such participant on account of any reason whatsoever. 8.6 Save as aforesaid, this Agreement shall be binding upon and shall
enure for the benefit of the Lender and its successors in title and assigns and the Borrower and its successors in title. IX. DISPUTE
RESOLUTION 9.1.(i) Any dispute or difference or claims that arises between parties or any of them touching or concerning this Facility
Agreement /Transaction Documents or any condition herein/therein contained or as to the rights, duties or liabilities of parties
hereto or any of them either during the continuance of the Facility Agreement or after the completion or termination or purported
termination hereof shall be referred to Arbitration by a sole Arbitrator, to be appointed by the Lender, according to the provisions
of Arbitration & Conciliation Act, 1996 and rules thereunder and any amendment thereto from time to time; (ii) It is agreed
between the parties hereto that nothing contained in Section 17 of Arbitration & Conciliation Act, 1996, shall in any way,
affect the right of any of or preclude the parties to / from seek / seeking such interim relief /s in any Court of competent jurisdiction,
including interim relief u/s 9 of the Arbitration & Conciliation Act, 1996, and the rules framed thereunder, if in the opinion
of the party seeking relief, such application for interim reliefs, is necessary in order to protect the Assets and / or the rights
of the party seeking relief and / or in aid of the arbitration; (iii) The award of the Arbitrator shall be a written award and
shall be final, conclusive & binding on all the parties whether on question of law or of fact; (iv) In the event of death,
refusal, negligence, inability, incapability of the persons so appointed to act as the sole Arbitrator, a new arbitrator shall
be appointed by the Lender; (v) The venue of arbitration shall be Mumbai or such other place as may be determined at the sole discretion
of the Lender and courts in Mumbai or such other place shall have exclusive jurisdiction; (vi) Notwithstanding anything contained
hereinabove, in the event of change in the status of the Lender or in the event of the law being made or amended so as to bring
the Lender under the Securitization Act or the DRT Act, or any other special legislation to enable the Lender to enforce the security
under the Securitization Act or proceed to recover dues from the Borrower under the DRT Act, the arbitration

 

    	 

    	 

    

 

 

provisions hereinbefore contained shall
at the option of the Lender cease to have any effect and if arbitration proceedings are commenced but no Award is made, then at
the option of the Lender, such proceedings shall stand terminated and the mandate of the Arbitrator shall come to an end, from
the date of the making of the law or the date when amendment becomes effective or the date when the Lender exercises the option
of terminating the mandate of Arbitrator the case may be. X. INDEMNITY 10.1 The Borrower hereby indemnifies and shall keep indemnified
the Lender, its Directors, Officers and Agents of, from and against any and all loss, damage, costs including actual legal costs,
charges and expenses, which they or any of them may suffer or incur arising out: (i) of any breach, default, act of commission
or omission on the part of the Borrower or any other party to the Transaction Documents, of the provisions of this Agreement/Transaction
Documents; (ii) any loss of or damage to the Assets or any part thereof from whatever cause arising and whether or not such loss
or damage results from the negligence or cause beyond the control of the Borrower; (iii) claims and demands made upon the Lender
by reason of any loss, death, injury or damage suffered by any person from the operation of the Assets or the use thereof; (iv)
any non-compliance by the Borrower with all applicable laws and regulation relating to the transportation, possession, operation
and use of the Assets and assumes all liabilities arising from or pertaining to the transportation, possession, operating or use
of the Assets. (v) The liability and responsibility as also the indemnity/ies herein contained of the Borrower arising from anything
done or any act of commission or omission occurring prior to the termination or sooner determination of this Agreement shall survive
in so far as they pertain to events/occurrences that transpired during the period of this Agreement and be enforceable and carried
out notwithstanding any such termination and/or sooner determination. XI. GENERAL 11.1 Any notice to the Borrower by the Lender
shall be in writing and posted, delivered personally or sent by courier, registered or certified mail or facsimile transmission
to the Borrower’s last known address and/or the address as specified in Schedule I hereto, and for proving service by the
Lender it shall be sufficient to show that the envelope containing the notice was properly addressed and posted/delivered/sent
to the said address/facsimile number. Any notice required to be given by the Borrower to the Lender shall be in writing and sent
by registered post A.D. to the aforesaid addresses of the Lender. Provided, however, that no notice or communication to the Lender
shall be effective unless actually received by the Lender.

 

    	 

    	 

    

 

 

11.2 Time shall be the essence of this
Agreement in so far as it relates to the observance or performance by the Borrower of all or any of its obligations hereunder.
11.3 The failure of the Lender to insist upon the punctual performance of any of the obligations of the Borrower hereunder, or
the failure of the Lender to exercise any right or remedy available to the Lender under this Agreement/Transaction Documents or
any failure of the Lender to require payment from or by the Borrower, when due of any sum owing hereunder, or any extension of
credit or any forbearance on the part of the Lender shall not constitute a waiver by the Lender of any subsequent or continuing
default by the Borrower hereunder nor shall the same prejudice, affect or restrict the rights and powers of the Lender hereunder.
All demands for payments and performance and all notices of non-payment or other default hereunder are hereby waived by the Borrower.
11.4 The Borrower shall pay to the Lender upon demand the stamp duty and registration charges if any, payable on this Agreement
and its duplicate and all other Agreements, deeds, writings and documents executed by and between the parties hereto in respect
of the Facility. 11.5 The Borrower declares and represents that every statement and representation made and every particular given
by it in relation to this transaction is true and correct. 11.6 (i) The Lender shall maintain, in accordance with its usual practice,
accounts evidencing the amounts from time to time lent by and/or owing to it under this Agreement and/or the other Transaction
Documents; (ii) In any legal action or proceedings arising out of or in connection with this Agreement, the entries made in the
accounts maintained pursuant to (i) above shall be prima-facie and conclusive evidence of the existence and amount of obligations
of the Borrower as therein recorded. 11.7 The Borrower hereby agrees & gives consent for the disclosures by the Lender of all
or any such: (i) information & data relating to the Borrower; (ii) information and data relating to any credit or loan availed/
to be availed by the Borrower and data relating to their obligations as Borrower/Guarantor; (iii) obligations assumed/to be assumed
by the Borrower in relation to the Credit Facility(ies); (iv) default if any, committed by the Borrower in discharge of the Borrower’s
obligations hereunder or under any Facility Agreements. as the Lender may deem appropriate and necessary, disclose and furnish
to Credit Information Bureau Limited (“CIBIL”) or any other agency authorized by Reserve Bank of India(“RBI”)
in this behalf. The Borrower declares that the information and data furnished by the Borrower to the Lender are true and correct.

 

    	 

    	 

    

 

 

The Borrower undertakes that CIBIL or any
other agency so authorized may use/process the said information and data disclosed by the Lender in the manner as may be deemed
fit by them. CIBIL or any other agency so authorized may furnish for consideration the processed information, data and products
thereof prepared by them to banks, Financial Institutions (“FIs’) or other credit granters or registered users as may
be specified by RBI in this behalf. The information and data furnished by the Borrower to the Lender from time to time shall be
true and correct. 11.8 This Agreement represents the entire Agreement in respect of the Facility between the parties hereto on
the subject matter hereof and shall be capable of variation in writing by a Note of Amendment signed by and on behalf of the Lender
and the Borrower. 11.9 This Agreement shall be governed by and construed in accordance with the laws of India. 11.10 Clause headings
are inserted for convenience of reference only and shall not be deemed to affect the interpretation of this Agreement. Reference
to Clauses and Schedules are to be construed as references to Clauses of and Schedules to this Agreement. Words importing the plural
shall, except where the context otherwise requires, include the singular and vice versa. 11.11 Any provision of this Agreement,
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition
or unenforceability but that shall not invalidate the remaining provisions of this Agreement or affect such provision in any other
jurisdiction. 11.12 All Schedules hereto shall be deemed to form an integral part of this Agreement and in the event of any inconsistency
or repugnancy between the contents of this Agreement and/or any Schedule hereto; the latter shall prevail to all intents and purposes.

 

    	 

    	 

    

 

 

SCHEDULE - I TO FACILITY AGREEMENT NO.
DATED 17th March 2008 1. Description of the Borrower Aster Infrastructure Private Limited, a company incorporated and registered
under the Companies Act 1956, having its Registered Office at E-67, 4th crescent, Sainikpuri, Secunderabad (herein referred to
as the “Borrower”, which expression shall, unless it be repugnant to the context or meaning thereof be deemed to mean
and include its successors in title). Address for service of notices: E-67, 4th Crescent, Sainikpuri, Secunderabad. Attn: Mr. Sheshadri
Raman Fax: 040-27117410 2. Project: Setting up of 861 telecom towers for cell sites for various telecom operators in India. 3.
Project Cost : Rs. 187 crore (Rupees One Hundred And Eighty Seven Crore) 4. Tenor: 6.5 years Including 1 year of moratorium from
the date of first disbursement 5. Financing Plan: The Total Project Cost of Rs. 187 crore will be funded by Rs. 130 crore of debt
and Rs. 57 crore of equity capital/internal accruals in the ratio of 2.28:1 6. Implementation Period: The project will be implemented
by 31st March, 2009.

 

    	 

    	 

    

 

 

SCHEDULE - II 1. Amount of the Facility:
Rs. 40 crore (Rupees Forty Crore only) 2. Repayment Schedule: The repayment shall be done in 66 monthly installments commencing
from Mar 1, 2009 as follows: Rs. 33.33 lacs each in the intial 6 months after the after the 1 year moratorium period from the date
of first disbursement; Rs. 38.46 lacs each in 12 monthly installments thereafter; Rs. 50.00 lacs each in 12 monthly installments
thereafter; Rs. 66.67 lacs each in 12 monthly installments thereafter; Rs. 78.20 lacs each in 12 monthly installments thereafter;
Rs. 83.33 lacs each in 11 monthly installments thereafter; Rs. 83.43 lacs each in 1 monthly installment thereafter. 3. Scheduled
Bank at: (i) Axis Bank Limited, 6-3-879/B, Greenlands, Begumpet Road, Hyderabad — 50 016. (ii) Oriental Bank of Commerce,
SD Road Branch, Secunderabad. 4. Applicable Rates of interest: (i) Interest on the Facility: 12.0% (SBI PLR-0.25%) p.a. payable
monthly The interest rate would be indexed to SBI PLR (State Bank of India Prime Lending rate). The SBI PLR is currently at 12.25%.
Accordingly, future interest rate shall be increased or decreased with the movement of the SBI PLR. In case the account is irregular
for more than one month at the time of reset, no benefit for reduction in interest would be passed on, though the increase in interest
will be loaded. (ii) Interest on other amounts payable by the Borrower: (iii) Default Rate of Interest: 1% over and above Applicable
Interest Rate (the Further Interest) computed from the respective due date until the date of actual payment. Such Further Interest
shall be compounded monthly and shall become payable on demand or in the absence of any such demand, on the next Interest Payment
Date falling after the date of default. (iv) Additional Interest pending creation of final security: Without prejudice to the Lender’s
right to disburse, any disbursements made pending creation of security including non-receipt of NOCs from existing lenders referred
to in herein above, shall carry further interest @ 1% per annum (the Additional Interest) from the date of expiry of 90 days from
the date of first disbursement on a prospective basis.

 

    	 

    	 

    

 

 

(v) Compound Interest: Monthly rests (vi)
Interest Payment Date: The Interest shall be payable on a monthly basis on the first day of each month in which it becomes due.
(vii) Interest Reset Date: The first reset of interest rates shall be done at the end of the moratorium period i.e. one year and
the subsequent resets shall be carried out every one year thereafter. 5. Upfront Interest The Borrower shall pay the Lender, a
non — refundable upfront interest of Rs. 2 million. The upfront interest shall be payable upon: the execution of this Agreement.
6. Notice period for drawdown: The Borrower shall give the Lender 7 business days advance notice in writing in respect of each
Intended drawn down. 7. Availability Period: Unless otherwise agreed by the Lender in writing the Borrower’s right to make
drawals from the Facility shall cease on 31st March, 2009. 8. Pre-payment Premium: The Borrower may prepay the outstanding principal
amounts of the Facility in full or in part, before the due dates with 30 days prior written notice given to the Lender for such
prepayment, subject to prepayment premium of 1% on the prepaid amount. In case the pre-payment is on the Interest Reset Date, no
penalty shall be payable. 9. Debt to Equity Ratio: 2.28:1.00 10. Legal fees: Rs 3,00,000/- (Rupees Three Lakhs Only) 11. Reimbursement
of all expenses: As per actual. 12. Commitment Charges: 1% (plus taxes, if any) of the amount undrawn beyond 31st March, 2009

 

    	 

    	 

    

 

 

SCHEDULE - III DESCRIPTION OF ASSETS 1.
The telecom towers of the Borrower (the “Specific Assets” which expression shall, as the context may permit or require,
mean any of each of such specific assets) as listed below: List of Towers setup by Aster Infrastructure Private Limited (as on
10thMarch, 2008) Sr. No. State GBT RTT Total Towers 1 KA 125 117 242 2 PB 135 94 229 3 AP 94 4 98 4 UP(E) 15 0 15 5
MP 10 0 10 6 GJ 7 0 7 2. All Current Assets, Immovable Assets and Equipment of the Borrower. 3. Any other asset owned by the Borrower.

 

    	 

    	 

    

 

 

SCHEDULE - IV SECURITY CREATION The Facility
together with all the Secured Obligations payable to the Lender shall be secured by: (a) A pari-passu first charge on the entire
fixed and current assets, present and future, of the Borrower including 861 telecom towers, being financed out of the total debt
of Rs. 130 crore and project cost of Rs. 187 crore, but excluding those assets which are currently charged to Oriental Bank of
Commerce; (b) A pari-passu first charge on the Escrow Account, which is a designated account with Axis Bank where all receivables
including lease rentals of all the Telecom Tower sites and land sites, present and future, which are currently not escrowed to
Oriental Bank of Commerce, shall be credited; (C) A pari-passu second charge on the entire fixed and current assets, present and
future, of the Borrower currently charged to Oriental Bank of Commerce. If, at any time during the subsistence of the Facility,
the Lender is of the opinion that the security provided by the Borrower has become inadequate to cover the Facility then outstanding,
then, on the Lender advising the Borrower to that effect, the Borrower shall provide and furnish to the Lender to the satisfaction
of the Lender such additional security as may be acceptable to the Lender to cover such deficiency.

 

    	 

    	 

    

 

 

SCHEDULE - V PRE-DISBURSEMENT CONDITIONS
1. The Borrower shall comply with the following conditions prior to the first disbursement under the Assistance: i. Execution of
Facility Agreement; ii. Execution of all other Transaction Documents; iii. The Borrower shall provide the Statutory Auditor/CA’s
certificate with respect to section 281 of the IT Act, prior to disbursement; iv. Submission of certified extract of board resolution
for acceptance of the Approval Letter;; v. Submission of an undertaking from Shri Uppala Kantha Rao & Smt. Uppala Rajani (
the Promoters) to the effect that any shortfall in the resources of the Borrower for completing the said Project and overrun in
the cost of the Project due to any circumstances shall be met by the Promoters by infusion of fresh equity/preference capital/unsecured
interest free loans/subordinated debt, without recourse to the Lender/other financial institutions/banks; vi. Submission of an
undertaking from Shri Uppala Kantha Rao and Smt. U Rajani to maintain at least 26% holding in the equity share capital of the Borrower
during the tenor of the Facility; vii. Submission of CA certificate regarding the equity and debt brought in and the end use of
the same; viii. The Borrower shall ensure that the Borrower has made amendments to the Memorandum and Articles of Association of
the Borrower to ensure that the authorized share Capital of the Borrower is in line with the means of financing for the Project;
ix. Appropriate due diligence of the Gold Customer Agreement between the Borrower and Aster Teleservices Private Limited; x. The
Security Interest stipulated in security clause above shall have been duly created, perfected and registered or recorded to the
extent necessary to create, perfect and protect Lenders’ first priority security interest therein. xi. Unless otherwise permitted
by the Lender, the Borrower shall ensure that all security required to be created in terms of this Agreement will be duly and validly
created and all requirements for filing, registration or notification in respect thereof shall be duly complied with. The Borrower
shall provide the Lender with proof thereof, along with all the required security and other Transaction Documents duly executed;

 

    	 

    	 

    

 

 

xii. No Default or Event of Default has
occurred and is continuing; xiii. No event has happened which in the opinion of the Lender would result in having a Material Adverse
Effect. 2. Conditions Precedent to each disbursement The obligation of the Lender to make any and all disbursements under this
Agreement shall be subject to the Borrower performing the obligations and undertakings set out herein below besides compliance
by the Borrower with the procedure for disbursement as stipulated by the Lender to the satisfaction of the Lender. 1. The Statutory
Auditors shall have provided a certificate certifying the expenditure incurred on the Project, the means of financing the same
and utilization of the Facility previously disbursed to the Borrower for the Project; 2. No Default or Event of Default has occurred
and is continuing; 3. No event has happened which in the opinion of the Lender would result in having a Material Adverse Effect.
The Borrower shall furnish NOCs from existing lenders (if any), within ninety days (90 days) from the date of first disbursement.
Without prejudice to the Lender’s right to disburse, any disbursements made pending creation of security including non-receipt
of NOCs from existing lenders referred to herein above, shall carry further interest @ 1% per annum (the Additional Interest) from
the date of expiry of 90 days from the date of first disbursement on a prospective basis. In the event of Borrower failing to provide
NOCs and create security within 120 days from the date of first disbursement, it will be construed as an Event of Default. xiv.
If the Borrower fails to keep the “Assets” suitably insured to Lender’s satisfaction, the Lender shall have the
right to obtain the insurance and the Borrower shall reimburse the amount along with late compensation charges to Lender.

 

    	 

    	 

    

 

 

SCHEDULE - VI ADDITIONAL CONDITIONS The
following conditions shall also apply to the Facility granted to the Borrower as set out in this Agreement and shall be construed
to be and be read as an integral part of this Agreement: 1. The Borrower shall to the satisfaction of the Lender i. Carry out such
alterations to its Memorandum and Articles of Association as may be required by the Lender (including but not limited to incorporation
of clause providing for the appointment of nominee directors of banks and financial institutions on the Borrower’s Board);
ii. Implement the Project within the overall Project cost of Rs. 187 crore (the “Project Cost”) and in accordance with
the financing plan (“The Financing Plan”) both as agreed to between the Borrower and the Lender and which will be set
out in the Facility Agreement and shall achieve Project completion on or before 31st March, 2009 (the “Scheduled Project
Completion Date”). iii. Obtain and maintain all the required statutory/ non-statutory clearances for the Project. iv. Obtain
comprehensive insurance covers in accordance with good industry practice including but not limited to contractor’s all risks
insurance, labor insurance, employee liability insurance, property all risk insurance and insurance for the Project assets, plant
and machinery, labor etc. within one month from the date of first disbursement of the Facility. The insurance cover would be kept
valid throughout the tenure of the Facility and insurance covers against loss of assets securing the Facility to be endorsed in
favor of the Lender as a ‘loss payee’. v. Appoint technical, financial and executive personnel of proper qualifications
and experience for the key posts and that its organizational set up is adequate to ensure smooth implementation and operation of
the Project. vi. Provide the following in such form and manner as may be required by the Lender: a) quarterly progress reports
on the implementation of the Project; b) audited / un-audited financial statements (consisting of income statement, balance sheet,
cash flow statement and accompanying notes) of the Borrower to the Lender on a half yearly basis; c) all other reporting requirements
of the Lender. 2. Any saving in the Project Cast on the completion of the Project shall result in reduction of scheduled debt and
equity contribution. 3. The Borrower shall not undertake any new projects without prior intimation to the Lender. 4. The Borrower
shall not without the prior written approval of the Lender: i. Make any modifications to any of the Project Documents. Provided
however that the Lender shall not unreasonably withhold such approval; ii. Augment, modernize, expand or otherwise change the scope
of the Project; iii Convey, sell, or otherwise dispose of or mortgage or otherwise charge (or agree to do any of the foregoing
at any future time) all or any part its Project assets over which security interest has been created in favor of the Lender;

 

    	 

    	 

    

 

 

iv. Issue any debentures, raise any loan,
accept deposits from public, issue equity or preference capital, save and except as provided in the Financing Plan or withdraw
the share premium amount or change its capital structure or create any security interest or give any guarantees other than in the
normal course of business activities; v. Create off balance sheet or balance sheet related exposure to any derivatives, equity
investments, or any other investments except those investments which are permitted as per the facility Agreement; vi. Merge or
amalgamate; vii. Prepay Promoter loans/ sub debt; viii. Create security in favor of any other entity, person or individual. 5.
The Lender would conduct one or more reviews of the Project before completion of the Project. The Borrower would provide all necessary
information to the Lender as may be required for this purpose. 6. The Lender shall have a right to appoint one (1) nominee director
on the Board of Directors of the Borrower on an occurrence of an Event of Default under the Facility agreement. The Borrower shall
suitably amend its Articles of Association to provide for such appointment. 7. Submission of an undertaking from NSR PE Maurties
LLC ( the Investors) to the effect that any shortfall in the resources of the Borrower for completing the said Project and overrun
in the cost of the Project due to any circumstances shall be met by the Promoters by infusion of fresh equity/preference capital/unsecured
interest free loans/subordinated debt, without recourse to the Lender/other financial institutions/banks; 8. Preliminary and preoperative
expenses and contingency shall be allowed as a part of the Project Cost only the extent permitted by the Lender and to the extent
that they are certified by Auditors that they have been actually incurred and relate to the proposed Project only. 9. Furnish original
copy of IT certificate under section 281 (1) (ii) of the Income Tax Act, 1961 within 45 days from the date of first disbursement.
10. The Project shall, at all times during the currency of the Facility, comply with the environmental, health, safety and social
(EHSS) requirements specified below: (a) Ensure compliance with provisions of all applicable legislation, and clearances issued
there under, and maintenance of documents to be able to demonstrate compliance with the same. (b) Ensure compliance with all conditions
stipulated in the State and Central environmental clearances obtained by the Borrower for the project. (c) Report to the Lender
on the environment, health and safety status of the project as per the format to be specified by the Lender. (d) Provide the requisite
information (if required) and provide access to the Lender or a consultant appointed by the Lender to carry out periodic Environment
& Social Monitoring and Review (ESMR) of the Borrower/Project. (e) Forward copies of any relevant internal or consultant’s
reports or annual reports on the environmental status and performance of the operations. (f) Ensure compliance with specified recommendations
made by the Lender following ESMR report.

 

    	 

    	 

    

 

 

11. The Borrower shall maintain the following
Financial Covenants for the Project: (i) Maintain a minimum FACR of 1.60 times during the tenor of the Facility; (ii) Maintain
a minimum DSCR of 1.25 during the tenor of the Facility. 12. Subject to compliance with Applicable Law, the Borrower shall pay
dividend to its shareholders (make other restricted payments towards redemption, repurchase, retirement or otherwise acquisition
of its shares) only if the following conditions are satisfied: (i) No Event of Default under the Facility Agreement and other Transaction
Documents has occurred and continuing; (ii) Financial Covenants stipulated hereinabove. Any favorable terms and conditions of sanction
stipulated by other participating Indian/foreign financial institutions/banks, if any, shall be applicable to the proposed Facility
by the Lender to the extent they are relevant. 13. (i) The Borrower shall establish and maintain an escrow and no-lien account
(“Designated Account”) with a bank agreeable to the Borrower (“Designated Bank”), and shall ensure that
all Receivables are paid into the Designated Account; 14. Conversion Right (i) If the Borrower commits a default in payment of
any two consecutive installments of principal amounts of the Facility or Interest thereon or any combination thereof, then, the
Lender shall have the right to convert (“the Conversion Right”) at its option the whole or part of the defaulted amount
of the Facility into fully paid-up equity shares of the Borrower, at par, in the manner specified in a notice in writing of at
least 15 days to be given by the Lender to the Borrower (which notice is hereinafter referred to as the “Notice of Conversion”)
prior to the date on which the conversion is to take effect, which date shall to specified in the said notice (the “Date
of Conversion”); (ii) On receipt of Notice of Conversion, the Borrower shall allot and Issue the requisite number of fully
paid-up equity shares to the Lender as from the Date of Conversion and the Lender shall accept the same in satisfaction of the
principal amount of the Facility to the extent so converted. The part of the Facility so converted shall cease to carry interest
as from the Date of Conversion and the Facility shall stand correspondingly reduced. Upon such conversion, the installments of
the Facility payable after the Date of Conversion as per the Amortisation Schedule set forth in Schedule II hereto shall stand
reduced proportionately by the amounts of the Facility so converted. The equity shares so allotted and issued to the Lender shall
carry, from the Date of Conversion, the right to receive proportionately the dividends and other distributions declared or to be
declared in respect of the equity capital of the Borrower; (iii) The Conversion Right may be exercised by the Lender on one or
more occasions during the currency of the Facility;

 

    	 

    	 

    

 

 

(iv) For the purposes of this provision,
the Borrower shall not be construed to be in default, if pursuant to its request made well in advance of the due date(s) the Lender
has agreed to the postpone payment of any instalment of principal or interest, as the case may be, of the Facility. 15. The Borrower
shall not, without the prior written consent and approval of the Lender: a. Issue any debentures, raise any loans, accept any deposits
from public, make any unfavourable change in the capital structure (including change in shareholding pattern) which is not consistent
with the terms of the Facility Agreement / terms of Approval Letter, make investments in, grant loans to or give any guarantee
on behalf of any person, firm or Borrower; b. Prepay any subordinated loans; c. sell/dispose any assets (excluding Permitted Investments)
in excess of an aggregate amount of Rs. 2.00 crores in any financial year and Rs 10.00. crores on a cumulative basis over the Project
period, without the prior written approval of the Lender (provided the same is permitted under the Project Agreements); d. Create
any security interest in favour of any other person; 16. The Borrower shall not: (i) Pay dividends (either in cash or property)
or make distributions in respect equity; or (ii) Make any investment (other than a permitted investment) in any entity; or (iii)
Prepay or redeem for value, any indebtedness of the Borrower that is subordinated to the Facility, prior to the scheduled maturity
of such indebtedness. (the foregoing being called “Restricted Payments”), unless all of the following conditions are
satisfied : (i) Such Restricted Payment is permitted by applicable law; (ii) No Event of Default or Potential event of Default
exists under the Facility Agreements; (iii) The financial covenants stipulated (DSCR and FACR) have been met; (iv) No event having
a material adverse effect on the Project shall have occurred; (v) repayment of the debt has commenced. 17. The Lender shall conduct
one or more reviews of the Project before completion of the Project. The Borrower shall provide all necessary information/documents
to the Lender as may be required for this purpose. If, as a result of such review, the Lender determines that the Borrower has
not implemented/nor is likely to implement not has the ability to implement the Project with the Project Cost and/or in accordance
with the Financing Plan and/or the Borrower has not commenced/nor is likely to commence commercial operations after implementation
of the proposed project by the completion date, the Lender may

 

    	 

    	 

    

 

 

stipulate such additional conditions (including
strengthening of the management set up, change in means of financing, raising of additional equity capital/other interest free
unsecured funds from the Sponsors) as the Lender in their absolute discretion may deem fit and require the Borrower to take such
measures as may be stipulated by the Lender in the light of the revised cost of the Project / Means of Finance / date of commencement
of commercial operations.

 

    	 

    	 

    

 

 

Schedule VII Disclosure as per the requirements
of Clause 5.8, by the Borrower to the Lender as on date of Facility Agreement. This disclosure list will keep getting added to
and deleted from.

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF the Parties hereto have
caused these presents to be executed in the manner hereinafter appearing on the day and year hereinbelow written. Dated this 17th
day of March 2008. THE COMMON SEAL OF ASTER INFRASTRUCTURE PRIVATE LIMITED, has been hereunto affixed pursuant to the Resolution(s)
of its Board of Directors passed in that behalf on the 14th day of March 2008, in the presence of Mr Sheshadri Srinivas Raman,
who has signed the same in token thereof. For Aster infrastructure Pvt. Ltd Director SIGNED AND DELIVERED by ASTER INFRASTRUCTURE
PRIVATE LIMITED by the hand of Mr. Sheshadri Srinivas Raman, Director who has been authorized pursuant to the resolutions passed
by the Board of Directors in that behalf on the 14th day of March 2008. For Aster infrastructure Pvt. Ltd Director SIGNED AND DELIVERED
by the withinnamed L&T INFRASTRUCTURE FINANCE COMPANY LIMITED by the hand of Mr. Subrat Das, its Authorised Signatory For L
& T infrastructure Finance Co. Ltd. Authorised Signatory

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