Document:

Exhibit 10.28

EXECUTION   VERSION US$7.8 MILLION FACILITY AGREEMENT AMONG YATRA ONLINE, INC. (as   Borrower) ASIA CONSOLIDATED DMC PTE. LTD. (as Guarantor) AND INNOVEN CAPITAL   SINGAPORE PTE. LTD. (as Lender) DATED THE 12th DAY OF SEPTEMBER 2017 I RAJAH   & TANN 

    

 

FACILITY   AGREEMENT THIS AGREEMENT is made on the 12th day of September 2017 AMONG: (1)   YATRA ONLINE, INC., an exempted company incorporated in the Cayman Islands   (company registration number: MC-159709) with its registered office at PO Box   309, Ugland House, Grand Cayman, KY1-1104 Cayman Island, as the borrower (the   "Borrower"); (2) ASIA CONSOLIDATED DMC PTE. LTD., a company   incorporated in Singapore (company registration number: 201130572E) with its   registered office at 75, Bukit Timah Road, #03-04, Boon Siew Building,   Singapore-229833, as the guarantor (the "Guarantor"); and (3)   INNOVEN CAPITAL SINGAPORE PTE. LTD., a company incorporated in Singapore   (company registration number: 201509265H) with its office at 16 Collyer Quay,   #23-01, Income at Raffles, Singapore 049318, as lender (in such capacity, the   "Lender"), (collectively, the "Parties", and each, a   "Party"). NOW IT IS HEREBY AGREED as follows: 1. DEFINITIONS The   principles of construction and the terms used in this Agreement shall have   the meaning ascribed to them in Paragraph 1 (Definitions and Interpretation)   of the Standard Terms, and in addition: "Availability Period" means   in relation to each Facility, the period from and including the date of this   Agreement to and including 15 September 2017, or such other period as may be   agreed in writing by the Lender in its sole discretion.   "Commitment" means the Facility A Commitment or the Facility B   Commitment, as the case may be, and "Commitments" means all of the   foregoing. "Default Interest Rate" means interest at a rate of one   per cent. (1.0%) per Month. "Facility" means Facility A or Facility   B, and "Facilities" means all of the foregoing. "Facility   A" means the initial term loan facility made available under this   Agreement as described in Clause 2(a) (The Facilities). "Facility A   Commitment" means US$5,000,000, at the date of this Agreement, to the   extent not cancelled or reduced under this Agreement. means, as the context   requires, a loan made or to be made under Facility A or the principal amount   outstanding for the time being of that loan. "Facility A Loan" 

    

 

"Facility   B" means the additional term loan facility made available under this   Agreement as described in Clause 2(b) (The Facilities). "Facility B   Commitment" means US$2,800,000, to the extent not cancelled or reduced   under this Agreement "Facility B Loan" means, as the context   requires, a loan made or to be made under Facility B or the principal amount   outstanding for the time being of that loan. "Facility Interest   Rate" means nine per cent (9.0%) per annum. "Final Repayment   Date" in relation to Facility A, 1 January 2020; and (a) (b) in relation   to Facility B, 1 August 2019. means the Borrower, its Subsidiaries and its   joint venture companies from time to time. "Group" means the   guarantee made by the Guarantor or expressed to be made by the Guarantor   under Clause 10 (Guarantee and Indemnity). "Guarantee" means the   letter of undertaking to be issued by THCL Travel Holding Cyprus Limited to   the Lender (in form and substance satisfactory to the Lender). "Letter   of Undertaking" "Loan" means a Facility A Loan or a Facility B   Loan, and "Loans" means all of the foregoing. means the Borrower   and the Guarantor and "Obligor" means each one of them.   "Obligors" Financial means: "Original Statements" (a) in   relation to the Borrower: (i) the Borrower's standalone unaudited financial   statements for the period ended 30 June 2017; and (ii) the Borrower's   standalone audited financial statements for the financial year ended 31 March   2017;and (b) in relation to the Guarantor: (i) the Guarantor's standalone   unaudited financial statements for the period ended June 30, 2017; and (ii)   the Guarantor's standalone audited financial 2 

    

 

statements for   the financial year ended March 31,2017;and (c) in relation to the Group: (i)   the Group's consolidated unaudited financial statements for the period ended   June 30, 2017; and (ii) the Group's consolidated audited financial statements   for the financial year ended March 31,2017. "Process Agent" means   the Guarantor, irrevocably appointed by the Borrower as its agent for service   of process in relation to any proceedings before the Singapore courts in   connection with any Finance Document for the purposes of Paragraph 26   (Service of Process) of the Standard Terms. "SA" means the   Singapore law governed security agreement creating a first fixed and floating   charge over all of the Borrower's present and future assets (as the case may   be) (in form and substance satisfactory to the Lender). "Security   Document" means the SA or any other document entered into by any person   which is a guarantee of, or which creates or evidences or purports to create   or evidence any Security over all or any part of its assets in respect of,   any of the obligations of any Obligor under the Finance Documents, or any   other document entered into in connection with the creation, validity,   perfection or priority of any such guarantee or Security. "THCL"   means THCL Travel Holding Cyprus Limited, a company incorporated in Cyprus.   "Total Commitments" means at any time the aggregate of the Facility   A Commitment and the Facility B Commitment (being US$7,800,000 as at the date   of this Agreement). "Utilisation Request" means a notice substantially   in the form set out in Schedule 3 (Form of Utilisation Request). 2. THE   FACILITIES Subject to the terms of this Agreement, the Lender makes available   to the Borrower: (a) a US Dollar term loan facility in an aggregate amount   equal to the Facility A Commitment; and (b) a US Dollar term loan facility in   an aggregate amount equal to the Facility B Commitment. 3 

    

 

3. PURPOSE 3.1   Purpose The Borrower shall apply all amounts borrowed by it under the   Facilities towards general corporate purposes. 3.2 Monitoring The Lender is   not bound to monitor or verify the application of any amount borrowed   pursuant to this Agreement 4. CONDITIONS OF UTILISATION 4.1 Initial   Conditions Precedent The Borrower may not deliver a Utilisation Request for   either Facility A or Facility B unless the Lender has received: (a) all of   the documents and other evidence listed in Schedule 1 (Conditions Precedent)   in form and substance satisfactory to the Lender; and (b) a confirmation   certificate signed by a director of the Borrower substantially in the form   set out in Schedule 2 (Form of Confirmation Certificate). 4.2 Further   Conditions Precedent The Lender will be obliged to comply with Clause 5.4   (Availability of Loans) only if on the date of the relevant Utilisation Request   and on the relevant proposed Utilisation Date: (a) no Default is continuing   or would result from the proposed Loan; and (b) the Repeating Representations   to be made or deemed to be made by each Obligor are true in all material   respects. 4.3 Maximum Number of Loans The Borrower may borrow one Loan under   each Facility. 5. UTILISATION 5.1 Delivery of a Utilisation Request The   Borrower may utilise a Facility by delivery to the Lender of a duly completed   Utilisation Request not later than 11.00 a.m. (Singapore time) two Business   Days prior to the proposed Utilisation Date. 5.2 Completion of a Utilisation   Request (a) Each Utilisation Request is irrevocable and will not be regarded   as having been duly completed unless: (i) it identifies the Facility to be utilised;   4 

    

 

(ii) the   proposed Utilisation Date is a Business Day within the Availability Period   applicable to that Facility; (iii) the currency and amount specified in the   Utilisation Request comply with Clause 5.3 (Currency and Amount); and (iv)   the proposed first Interest Period complies with Paragraph 3 (Interest   Periods) of the Standard Terms. (b) Only one Loan may be requested in each   Utilisation Request 5.3 Currency and Amount (a) The currency specified in a   Utilisation Request must be US Dollars. (b) The amount of a proposed Loan   must be an amount less than or equal to the Commitment under that Facility.   5.4 Availability of Loans If the conditions set out in Clause 4 (Conditions   of Utilisation) and Clause 5.1 (Delivery of a Utilisation Request) to Clause   5.3 (Currency and Amount) have been met, the Lender shall make each Loan   available by the relevant Utilisation Date through its Facility Office. 5.5   Cancellation of Commitments (a) The portion of any Facility A Commitment   which, at that time, is unutilised shall be immediately cancelled at 5:00p.m.   (Singapore time) on the last day of the Availability Period applicable to it   (b) The portion of any Facility B Commitment which, at that time, is   unutilised shall be immediately cancelled at 5:00 p.m. (Singapore time) on   the last day of the Availability Period applicable to it 6. REPAYMENT 6.1   Repayment of Loan (a) Subject to the Repayment Moratorium (as defined below),   the Borrower shall repay the Facility A Loan in accordance with a repayment   schedule to be provided by the Lender on the Utilisation Date of Facility A,   each Repayment Instalment to be payable on the first day of each calendar   Month. (b) Subject to the Repayment Moratorium, the Borrower shall repay the   Facility B Loan in accordance with a repayment schedule to be provided by the   Lender on the Utilisation Date of Facility B, each Repayment Instalment to be   payable on the first day of each calendar Month. (c) Save in respect of a   prepayment under Clause 6.1(g), the Borrower shall be granted a moratorium on   the repayment of the principal amount of the relevant outstanding Loan as   follows: (i) in respect of the Facility A Loan, until 30 November 2017; and   (ii) in respect of the Facility B Loan, until 30 September 2017, 5 

    

 

(in each case,   the "Repayment Moratorium"). (d) For the avoidance of doubt, the   Repayment Moratorium is only with respect to the repayment of the principal   amount of the relevant outstanding Loan and the Borrower shall remain liable   to pay interest accrued on the Loans during the Repayment Moratorium. (e) The   Borrower may notre-borrow any part of any Facility which is repaid. (f)   Notwithstanding any other provision in this Agreement to the contrary, the   Borrower shall repay all outstanding Loans and pay to the Lender all other   amounts accrued or owing in connection with the Facilities no later than the   Final Repayment Date applicable to each Facility. (g) If the Borrower does   not receive a fresh inflow of funds in the amount of at least US$11,000,000   from its GDS service providers by no later than 31 October 2017, the Borrower   shall repay US$2,500,000 to the Lender by the date falling three (3) Business   Days from 31 October 2017. 7. PREPAYMENT AND CANCELLATION 7.1 Illegality If,   at any time, it is or will become unlawful in any applicable jurisdiction for   the Lender to perform any of its obligations as contemplated by this   Agreement or to fund any Loan or it is or will become unlawful for any   Affiliate of the Lender for the Lender to do so: (a) the Lender shall   promptly notify the Borrower upon becoming aware of that event; (b) upon the   Lender notifying the Borrower, the Total Commitments will be immediately   cancelled; and (c) the Borrower shall repay the Loans on the last day of the   Interest Period for each Loan occurring after the Lender has notified the   Borrower or, if earlier, the date specified by the Lender in the notice   delivered to the Borrower (being no earlier than the last day of any   applicable grace period permitted by law). 7.2 Voluntary Prepayment (a)   Subject to paragraphs (b) to (d) in this Clause 7.2 (Voluntary Prepayment}   below, the Borrower may, if it gives the Lender not less than 15 days' (or   such shorter period as the Lender may agree) prior written notice, prepay in   a single lump sum payment on the last day of an Interest Period applicable   thereto the whole of all Loans. (b) The Loans may be prepaid only after 31   July 2018, save in respect of a prepayment under Clause 6.1(g) (Repayment of   Loan) and item 10.13(c), 10.13(d) (Financial Indebtedness} of Annex 2. (c)   Any prepayment of the Loans under this Clause 7.2 (Voluntary Prepayment)   shall satisfy the repayment obligations of the Borrower applicable to the   Loans under Clause 6.1 (Repayment of Loan). (d) Any prepayment of the Loans   is subject to a prepayment fee of one point five per cent. (1 5%} of the   outstanding Loan (the "Prepayment Fee"} save in respect of a 6 

    

 

prepayment   under Clause 6.1(g) (Repayment of Loan), Clause 11.5 (Restriction against Acquisition   of Ownership Interest) and items 10.13(c), 10.13(d) (Financial Indebtedness)   and 12.1 (Assignments and Transfers) of Annex 2. 7.3 Restrictions (a) Any   notice of cancellation or prepayment given by any Party under this Clause 7   (Prepayment and Cancellation) shall be irrevocable and, unless a contrary   indication appears in this Agreement, shall specify the date or dates upon   which the relevant cancellation or prepayment (as the case may be) is to be   made and the amount of that cancellation or prepayment (as the case may be).   (b) Any prepayment under this Agreement shall be made together with accrued   interest on the amount prepaid and all other amounts accrued under the   Finance Documents and owing to the Lender and, subject to any Prepayment Fee,   without premium. (c) The Borrower may notre-borrow any part of any Facility   which is prepaid. (d) The Borrower shall not repay or prepay all or any part   of the Loans or cancel or reduce all or any part of any Commitment except at   the times and in the manner expressly provided for in this Agreement. (e) If   any Commitment is cancelled and reduced in accordance with this Agreement,   the amount of such reduction may not be subsequently reinstated. 8. FEES 8.1   Facility Fee The Borrower shall pay to the Lender a non-refundable facility   fee equivalent to one per cent. (1%) of each Commitment, which shall be   payable on the Utilisation Date of each Facility and any facility fee payable   shall be exclusive of all applicable Taxes and statutory levies thereon. 9.   TRANSACTION EXPENSES The Borrower shall, within three Business Days of   demand, pay or reimburse to the Lender the amount of all costs and expenses   (including legal fees) reasonably incurred by the Lender in connection with   the negotiation, preparation, printing, execution and perfection of: (a) the   Finance Documents and any other documents referred to in the Finance   Document, and the Transaction Security thereunder; and (b) any other Finance   Documents and any other documents required in connection with any Finance Document,   which are executed after the date of this Agreement, and any other   Transaction Security thereunder. 10. GUARANTEE AND INDEMNITY 10.1 Guarantee   and Indemnity The Guarantor irrevocably and unconditionally: (a) guarantees   to the Lender punctual performance by each Obligor of all that Obligor's   obligations under the Finance Documents; 7 

    

 

(b) undertakes   with the Lender that whenever an Obligor does not pay any amount when due   under or in connection with any Finance Document, the Guarantor shall   immediately on demand pay that amount as if it were the principal obligor;   and (c) agrees with the Lender that if any obligation guaranteed by it is or   becomes unenforceable, invalid or illegal, the Guarantor will, as an   independent and primary obligation, indemnify the Lender immediately on   demand against any cost, expense, loss or liability the Lender incurs as a   result of an Obligor not paying any amount which would, but for such   unenforceability, invalidity or illegality, have been payable by it under any   Finance Document on the date when it would have been due. The amount payable   by the Guarantor under this indemnity will not exceed the amount the   Guarantor would have had to pay under this Clause 10 (Guarantee and   Indemnity) if the amount claimed had been recoverable on the basis of a   guarantee. For the avoidance of doubt, the amount payable by the Guarantor   under this Clause 10.1 (Guarantee and Indemnity) shall not at any time exceed   the total amount due and payable by the Borrower under this Agreement 10.2   Continuing Guarantee This Guarantee is a continuing guarantee and will extend   to the ultimate balance of sums payable by any Obligor under the Finance   Documents, regardless of any intermediate payment or discharge in whole or in   part. 10.3 Reinstatement If any discharge, release or arrangement (whether in   respect of the obligations of any Obligor or any Security or Quasi-Security   for those obligations or otherwise) is made by the Lender in whole or in part   on the basis of any payment, Security, Quasi-Security or other disposition   which is avoided, reduced and/or must be restored in insolvency, liquidation,   administration or otherwise, without limitation, or as a result of a breach   of fiduciary or statutory duty or other similar event or for any other   reason, then the liability of the Guarantor under this Clause 10 (Guarantee   and Indemnity) will continue and be reinstated (as relevant) and the Lender   shall be entitled to recover the value or amount of that payment, Security,   Quasi-Security or other disposition from the Obligors, as if such payment,   Security, Quasi-Security or other disposition and such discharge, release or   arrangement had not occurred. 10.4 Waiver of Defenses The obligations of the   Guarantor under this Clause 10 (Guarantee and Indemnity) will not be affected   by an act, omission, matter or thing which, but for this Clause 10.4 (Waiver   of Defenses), would reduce, release or prejudice any of its obligations under   this Clause 10 (Guarantee and Indemnity) (without limitation and whether or   not known to it or the Lender), including: (a) any time, waiver or consent   granted to, or composition with, any Obligor or other person; (b) the release   of any Obligor or any other member of the Group or any other person under the   terms of any composition or arrangement with any creditor of any Obligor or   any other member of the Group; (c) the taking, variation, compromise,   exchange, renewal or release of, or refusal or neglect to perfect, execute,   take up or enforce, any rights against, or Security or 8 

    

 

Quasi-Security   over assets of, any Obligor or other person or any non-presentation or   non-observance of any formality or other requirement in respect of any   instrument or any failure to realise the full value of any Security or   Quasi-Security; (d) any death, mental or other incapacity or lack of power,   authority or legal personality of or dissolution or change in the members or   status or constitution of an Obligor or any other person; (e) any amendment,   novation, supplement, extension, restatement or replacement (in each case,   however fundamental and whether or not more onerous) of any Finance Document   or any other document or Security or Quasi-Security, including any change in   the purpose of, any extension of or any increase in any facility or the   addition of any new facility under any Finance Document or other document or   in relation to any Security or Quasi-Security; (f) any unenforceability,   illegality or invalidity of any obligation of any person under any Finance   Document or any other document or Security or Quasi-Security; (g) any   insolvency, bankruptcy, liquidation, winding-up, amalgamation,   reconstruction, administration, dissolution, merger, consolidation or similar   proceedings or any analogous procedure or step in any jurisdiction; (h) this   Agreement or any other Finance Document not being executed by or being   binding upon any other party; or (i) any postponement, discharge, reduction,   non-provability or other similar circumstance affecting any obligation of any   Obligor or other person under any Finance Document resulting from any   insolvency, bankruptcy, liquidation, winding-up, administration, dissolution   or similar proceedings or from any law, regulation or order. 10.5 Immediate   Recourse The Guarantor waives any right it may have of first requiring the   Lender to proceed against or enforce any other rights or Security or Quasi-Security   or claim payment from any person before claiming from the Guarantor under   this Clause 10 (Guarantee and Indemnity). This waiver applies irrespective of   any law or any provision of a Finance Document to the contrary. 10.6   Appropriations Until all amounts which may be or become payable by the   Obligors under or in connection with the Finance Documents have been fully   and irrevocably paid or discharged and no Commitment is in force and the   Lender is otherwise not under any further commitment, obligation or liability   (actual or contingent) to make advances or provide other financial   accommodation to any of the Obligors pursuant to the Finance Documents, each   Obligor hereby agrees, declares and confirms that notwithstanding the   provisions of any applicable law, or any terms and conditions to the contrary   contained in this Agreement, the Lender (a) may, at its absolute discretion,   appropriate any payments made by any Obligor under this Agreement and I or   any amounts realised by the Lender by enforcement of its Security, towards   the amounts due and payable by any Obligor to the Lender under this Agreement   and I or other agreements entered into between any Obligor and the Lender and   in any manner whatsoever or (b) shall appropriate any payments made by any Obligor   under this Agreement and I or any amounts realised by the Lender in   accordance with item 15 (Payment Mechanics) of Annex 2. 9 

    

 

10.7 Deferral   of Guarantor's rights Until all amounts which may be or become payable by the   Obligors under or in connection with the Finance Documents have been fully   and irrevocably paid or discharged and no Commitment is in force and the   Lender is otherwise not under any further commitment, obligation or liability   (actual or contingent) to make advances or provide other financial   accommodation to any of the Obligors pursuant to the Finance Documents and   unless the Lender otherwise directs, the Guarantor will not exercise or   otherwise enjoy the benefit of any right which it may have by reason of   performance by it of its obligations under the Finance Documents or by reason   of any amount being payable or any liability arising under this Clause 10   (Guarantee and Indemnity): (a) to be indemnified by an Obligor or other   person; (b) to claim any contribution from any other guarantor of or provider   of Security or Quasi­ Security for the obligations of any Obligor or other   person under the Finance Documents; (c) to take the benefit (in whole or in   part and whether by way of subrogation or otherwise) of any rights of the   Lender under the Finance Documents or of any other guarantee or Security or   Quasi-Security taken pursuant to, or in connection with, the Finance   Documents by the Lender; (d) to bring legal or other proceedings for an order   requiring any Obligor to make any payment, or perform any obligation, in   respect of which the Guarantor has given a guarantee, undertaking or   indemnity under this Clause 10 (Guarantee and Indemnity); (e) to exercise any   right of set-off against any Obligor; and/or (f) to claim or prove as a   creditor of any Obligor in competition with the Lender. If the Guarantor   shall receive any benefit, payment or distribution in relation to any such   right, it shall hold that benefit, payment or distribution (or so much of it   as may be necessary to enable all amounts which may be or become payable to   the Lender by the Obligors under or in connection with the Finance Documents   to be paid in full) on trust for the Lender, and shall promptly pay or   transfer the same to the Lender (or as the Lender may direct) for application   in accordance with the terms of this Agreement. 10.8 Additional Security This   guarantee is in addition to and is not in any way prejudiced by any other   guarantee or Security or Quasi-Security now or subsequently held by the   Lender. 10.9 Guarantee Limitations The guarantee under this Clause 10   (Guarantee and Indemnity) does not apply to any liability to the extent that   it would result in the guarantee under this Clause 10 (Guarantee and   Indemnity) constituting unlawful financial assistance within the meaning of   Section 76 of the Companies Act (or any equivalent and applicable provisions   under the laws of the jurisdiction of incorporation of the Guarantor) 10 

    

 

11. SPECIFIC   UNDERTAKINGS Without prejudice to any undertakings set out in the Standard   Terms, the undertakings in this Clause 11(Specific Undertakings) remain in   force from the date of this Agreement for so long as any Secured Obligation   is outstanding under the Finance Documents or any Commitment is in force. 11.1   Financial Covenants (a) The Borrower along with other members of the Group,   on a consolidated basis, shall maintain a minimum consolidated unencumbered   cash balance of at least US$20,000,000 at the end of each calendar Month   ("Minimum Liquidity Level"). (b) If the Borrower is unable to   maintain the Minimum Liquidity Level, the Borrower shall ensure that the   consolidated net cash outflow of the Group during the next calendar Months is   less than or equal to US$2,500,000 per calendar Month until the Minimum   Liquidity Level is restored at the end of a calendar Month. (c) The financial   covenants in this Clause 11.1 (Financial Covenant) shall be tested at the end   of each calendar Month starting from September 2017 until the Final Repayment   Date by reference to the financial statements delivered pursuant to Clause   12.1 (Financial Statements and Information). 11.2 Restriction against Payment   of Commission The Obligors shall ensure that no commission is paid to any   Obligor's promoters, directors, managers or other persons for furnishing   guarantees, counter guarantees or indemnities or for undertaking any other   Secured Obligations undertaken for or by any Obligor. 11.3 Restriction   against Related Party Transactions (a) Subject to paragraph (b), the Obligors   shall ensure that the Borrower shall not enter into or renew any transaction   or arrangement with any Affiliates. (b) Paragraph (a) shall not apply to any   transaction or arrangement entered into by the Borrower: (i) with any member   holding less than 15% of the shares in the Borrower; (ii) in the ordinary   course of business; or (iii) for purposes of an investment in any member of   the Group. 11.4 Restriction against Change of Key Managerial Personnel The   Obligors shall ensure that the Borrower does not permit any change of its Key   Managerial Personnel defined as Mr. Dhruv Shringi and Mr. Alok Vaish unless   such change has been approved by the board of directors of the Borrower. 11.5   Restriction against Acquisition of Ownership Interest The Obligors shall   ensure that the Borrower and the other members of the Group do not acquire   any ownership interest in any other entity without the prior written consent   of the Lender. The Lender shall provide its written consent for such   acquisition within 10 Business Days of intimation, and in no event later than   at least fourteen (14) Business Days prior to the 11 

    

 

anticipated   date of the acquisition, failing which, the Borrower shall have the   discretion to prepay the Loans in accordance with Clause 7.2 (Voluntary   Prepayment). It is hereby clarified that this Clause shall not be applicable   in respect of any acquisition within the Group. 11.6 Letter of Undertaking   The Obligors shall ensure and procure that THCL issues and delivers the   Letter of Undertaking to the Lender by the date falling 10 days from the   Utilisation Date of Facility A. 12. INFORMATION UNDERTAKINGS The undertakings   in this Clause 12 (Information Undertakings) remain in force from the date of   this Agreement for so long as any Secured Obligation is outstanding under the   Finance Documents or any Commitment is in force. 12.1 Financial Statements   and Information The Borrower shall supply to the Lender: (a) as soon as the   same becomes available, but in any event within 180 days after the end of   each of its financial years, the Group's audited consolidated financial   statements for that financial year, certified by an independent certified   public accountant; (b) as soon as the same becomes available. but in any   event within 30 days after the end of each Month: (i) the Borrower's and each   of its operating entities' unaudited standalone financial statements: (A) for   that Month; and (B) for the financial year as of that Month; (ii) the Group's   unaudited consolidated financial statements: (A) for that Month; and (B) for   the financial year as of that Month; (c) as soon as the same becomes   available, but in any event within 45 days after the end of each of its   financial years, its standalone and consolidated annual operating budgets and   financial projections for the next financial year; and (d) as soon as the   same becomes available, but in any event within 10 days after the end of each   Month, details of its and each of its operating entities' cash position and   the Group's consolidated cash position (including encumbered and free cash)   as of that Month. 12.2 Compliance Certificate The Borrower shall supply to   the Lender, with each set of financial statements delivered pursuant to   paragraph (a) of Clause 12.1 (Financial Statements and Information), a   certificate signed by a director of the Borrower substantially in the form   set out in Schedule 4 (Form of 12 

    

 

Compliance   Certificate) certifying that no Default is continuing (or if a Default is   continuing, specifying the Default and the steps, if any, being taken to   remedy it). 12.3 Requirements as to Financial Statements (a) Each set of audited   financial statements delivered by the Borrower pursuant to Clause 12.1(a)   (Financial Statements and Information) shall be certified by a director of   the relevant company as giving a true and fair view of its financial   condition (or, in the case of the Group, the Group's consolidated financial   condition) as at the end of, and the results of operations (or, in the case   of the Group, the Group's consolidated results of operation) for, the period   in respect of which those financial statements were drawn up. (b) Each set of   audited financial statements delivered by the Borrower pursuant to Clause   12.1(a) (Financial Statements and Information) shall be certified by an   independent certified public accountant as giving a true and fair view of its   financial condition (or, in the case of the Group, the Group's consolidated   financial condition) as at the end of the period in respect of which those   financial statements were drawn up. (c) The Borrower shall procure that each   set of financial statements delivered pursuant to Clause 12.1 (Financial   Statements and Information) is prepared using !FRS. 12.4 Information:   Miscellaneous The Obligor shall supply to the Lender: (a) promptly upon any   Obligor becoming aware of them, the details of any litigation, arbitration,   administrative or other proceedings which are current or pending against any   Obligor or its respective assets (or any other member of the Group or its   assets), only if such litigation, arbitration, administrative or proceeding   exceeds (i) INR 50,000,000 (Rupees Fifty Million only) if it relates to Tax   and (ii) INR 10,000,000 (Rupees Ten Million only) in all other cases   including customer disputes; (b) promptly on request, such information as the   Lender may reasonably require about the Charged Assets and/or compliance of   any Obligor with the terms of the Security Documents to which it is a party;   (c) promptly, such further information regarding the financial condition,   business and operations of any Obligor (or any other member of the Group) as   the Lender may reasonably request; and (d) promptly, written notice of any   change in authorised signatories of any Obligor signed by a director or   company secretary of such Obligor (whose specimen signature has previously   been provided to the Lender) and accompanied by specimen signatures of any   new authorised signatories. 13. WARRANTS 13.1 Warrants Definitions In this   Agreement (a) "Warrant Certificate" shall bear the same meaning   ascribed to it in the Warrants Instrument 13 

    

 

(b)   "Warrant Price" shall bear the same meaning ascribed to it in the   Warrants Instrument. (c) "Warrant Shares" shall bear the same   meaning ascribed to it in the Warrants Instrument. (d) "Warrants"   shall bear the same meaning ascribed to it in the Warrants Instrument. (e)   "Warrants Instrument" means the Singapore law governed instrument   substantially in the form set out in Schedule 5 (Form of Warrants Instrument)   to be executed by the Borrower as issuer in respect of the creation and   issuance of five-year detachable Warrants, and includes any amendments and   variations thereto and any further deed or agreement executed in addition to   or in substitution therefor. 13.2 Entry into Warrants Instrument In   connection with the Borrower's entry into the Finance Documents, the Borrower   hereby undertakes to promptly, and no later than the first Utilisation Date,   duly execute the Warrants Instrument and the Borrower shall: (a) issue to the   Lender the Warrants by no later than the first Utilisation Date, on terms and   subject to the conditions set out in the Warrants Instrument; and (b) deliver   to the Lender the definitive Warrant Certificates in respect of the Warrants   by no later than the first Utilisation Date. 13.3 Warrant Representations and   Warranties The Borrower makes the representations and warranties set out in   this Clause 13.3 (Warrant Representations and Warranties) to the Lender: (a)   the issue of the Warrants has been or will be duly authorised by the Borrower   and, when duly executed, authenticated, issued and delivered in accordance   with the Warrants Instrument and this Agreement, the Warrants will constitute   valid and legally binding obligations of the Borrower in accordance with,   without limitation, its constitutional documents; (b) the Warrant Shares have   been or will be duly authorised by the Borrower and will be validly issued,   fully-paid and unencumbered and free and clear of any security interests,   claims (including pre-emptive rights), liens, encumbrances and shall rank   pari passu in all respects with the fully paid Warrant Shares (of the   relevant class) then in issue; and (c) all actions, conditions and things   required to be taken, fulfilled or done (including, without limitation, the   obtaining of any consent or licence or the making of any filing or registration)   for the issue and delivery of the Warrants and the Warrant Shares (free from   any pre-emption rights) to be issued upon the exercise of the Warrants, the   carrying out of the other transactions contemplated by the Warrants   Instrument or the compliance by the Borrower with the terms of the Warrants   and the Warrants Instrument have been or will be taken, fulfilled or done.   13.4 Warrant Price The exercise price of each Warrant Share shall be equal to   the Warrant Price, subject to any adjustment as provided for in the Warrants   Instrument. 14 

    

 

13.5 Warrant   Shares The Lender shall be entitled to subscribe pursuant to the Warrants   Instrument up to US$1,848,000 worth of Warrant Shares in the Borrower,   subject to any adjustment as provided for in the Warrants Instrument. 14.   SUMMARY OF TERMS (a) A summary of the salient terms of the Finance Documents   is set out in Annex (Summary of Terms) hereto ("Summary of Terms")   and the Borrower shall sign and acknowledge every page of Annex 1 (Summary of   Terms). (b) The Summary of Terms is intended solely for information purposes   only and is not intended to be and does not constitute legally binding terms   and conditions of this Agreement. (c) In the event of inconsistency between   the Summary of Terms and any Finance Document, the terms of such Finance   Document shall prevaiL 15. STANDARD TERMS AND CONDITIONS (a) The standard   terms and conditions set out in Annex 2 (Standard Terms) hereto (as amended,   supplemented or varied from time to time, "Standard Terms") shall   apply to this Agreement. In the event of inconsistency, the terms of this   Agreement shall prevail. (b) The Obligors jointly and severally undertake to   comply with the Standard Terms. 15 

    

 

IN WITNESS   WHEREOF this Agreement has been entered into by the parties on the date   stated at the beginning. The Borrower SIGNED by for and on behalf of YATRA   ONLINE, INC. in the presence of: 1101-03, Tower B, 111 Address: h Floor,   Unitech Cyber Park, Sector-39, Gurgaon-122001 Fax No.: +91 124 3395500 E-mail   Address: alok. vaish@yatra.com Alok Vaish Attention: 16 

    

 

The Guarantor   SIGNED by for and on behalf of ASIA CONSOLIDATED DMC PTE. LTD. in the   presence of: Address: 1101-03, Tower B, 11th Floor, Unitech Cyber 122001   Park, Sector-39, Gurgaon-Fax No.: +91 124 3395500 E-mail Address:   alok.vaish@yatra.com Attention: Alok Vaish 17 

    

 

The Lender   SIGNED by for and on behalf of INNOVEN CAPITAL SINGAPORE PTE. LTD. in the presence   of: Witness Name: Address: 16 Collyer Quay, #23-01 Income at Raffles,   Singapore 049318 E-mail Address: chin@innovencapital.com Chin Chao Attention:   18 

    

 

SCHEDULE 1   Conditions Precedent 1. The Obligors (a) A certified true copy of the   constitutional documents of each Obligor. (b) A copy of a resolution of the   board of directors of each Obligor: (i) approving the terms of, and the   transactions contemplated by, the Finance Documents to which it is a party   and resolving that it execute, deliver and perform the Finance Documents to   which it is a party; (ii) authorising a specified person or persons to   execute the Finance Documents to which it is a party on its behalf; and (iii)   authorising a specified person or persons, on its behalf, to sign and/or   deliver all documents and notices (including, if relevant, any Utilisation   Request) to be signed and/or delivered by it under or in connection with the   Finance Documents to which it is a party. (c) A specimen of the signature of   each person authorised by each resolution referred to in paragraph (b) above.   (d) A copy of a resolution of the members of the Guarantor, approving the   terms of, and the transactions contemplated by, the Finance Documents to   which it is a party and resolving that it execute, deliver and perform the   Finance Documents to which it is a party. (e) A certificate from each Obligor   (signed by a director) confirming that borrowing, guaranteeing or securing,   as appropriate, the Commitments would not cause any borrowing, guaranteeing,   securing or similar limit binding on it to be exceeded. (f) A certificate of   an authorised signatory of each Obligor certifying that each copy document   relating to it specified in this Schedule 1 (Conditions Precedent) is   correct, complete and in full force and effect as at a date no earlier than   the date of this Agreement 2. Finance Documents (a) This Agreement, the   Warrants Instrument, the Warrant Certificate, the Security Documents duly   executed by all the parties thereto. (b) All notices required to be sent   under the Security Documents, each notice duly executed by the relevant   Obligor. 3. Other Documents and Evidence (a) A copy each of all   Authorisations (save for the Letter of Undertaking) required for the   execution, delivery and performance of any Finance Document, or the entry   into and performance of the transactions contemplated by any Finance   Document, or the validity, legality, enforceability and admissibility in   evidence of any Finance Document or any Transaction Security, or the   creation, validity, perfection or priority of any Transaction Security. \ 19   \ 

    

 

(b) Evidence   that all stamp duty, registration fees, notarial fees and other Taxes payable   in connection with the execution, delivery and performance of any Finance   Document or the entry into and performance of the transactions contemplated   by any Finance Document, or for the validity, legality, enforceability and   admissibility in evidence of any Finance Document or any Transaction   Security, or for the creation, validity, perfection or priority of any   Transaction Security, and all other amounts then due from the Borrower   pursuant to Paragraph 4.4 (Stamp Taxes) of the Standard Terms, have been   paid. (c) Evidence satisfactory to the Lender that all translation, filing,   registration and/or reporting requirements required under any applicable law   (including but not limited to the updated Register of Mortgages and Charges   of the Borrower) in connection with the SA have been made or (as the case may   be) completed. (d) A copy of any other Authorisation or other document,   opinion or assurance which the Lender considers to be necessary or desirable   (if it has notified any Obligor accordingly) in connection with any Finance   Document or the transactions contemplated by any Finance Document (e) Copies   of the Original Financial Statements. Evidence that the fees, costs and   expenses then due from the Borrower pursuant to Clause 8 (Fees) and Clause 9   (Transaction Expenses) have been paid or will be paid by the first   Utilisation Date. (f) (g) Such documentation and other evidence satisfactory   to the Lender of compliance with "know your customer" checks,   anti-money laundering checks or other similar procedures under applicable   laws and regulations. (h) The Lender being satisfied with the results of a   due diligence conducted on the company that the Borrower is in the process of   Agreement acquiring as of the date of this 20 

    

 

SCHEDULE 2 Form   of Confirmation Certificate From: Yatra Online, Inc. To: lnnoven Capital   Singapore Pte. Ltd. Date: Dear Sirs, Yatra Online, Inc. 1 in relation to   US$7.8 Million loan facilities -Facility Agreement dated [ (the   "Facility Agreement") 1. We refer to the Facility Agreement. This   is a Confirmation Certificate. Terms defined in the Facility Agreement shall   have the same meanings when used in this Confirmation Certificate, unless otherwise   defined herein. 2. We confirm that: (a) all the representations and   warranties made or deemed to be made by us under the Facility Agreement are   true and correct and continue to be valid; (b) all our undertakings and   obligations under the Facility Agreement are true and correct and continue to   be valid; (c) no event or circumstance has occurred since the date of the   Facility Agreement which is likely to have a Material Adverse Effect; and (d)   we have been complying with all the terms and conditions of the Facility   Agreement. 3. We agree to provide any additional documentary evidence in   support of the statements made in this letter, if the Lender so requires.   Yours faithfully, For and on behalf of Yatra Online, Inc. By: Name: Title:   Director 21 

    

 

SCHEDULE 3 Form   of Utilisation Request From: Yatra Online, Inc. To: lnnoven Capital Singapore   Pte. Ltd. Date: Dear Sirs, Yatra Online, Inc. 1 in relation to US$7.8 Million   loan facilities -Facility Agreement dated [ (the "Facility Agreement")   1. We refer to the Facility Agreement. This is the Utilisation Request Terms   defined in the Facility Agreement shall have the same meanings when used in   this Utilisation Request, unless otherwise defined herein. 2. We wish to   borrow the Loan on the following terms: Proposed Utilisation Date: ] (or, if   that is not a Business Day, the next Business Day) [Facility A I Facility B]   1 Facility to be utilised: Currency of Loan: [US Dollars]. [US$][ or, if   less, the Commitment Amount: applicable to the Facility to be utilised.   [First] Interest Period: 3. We confirm that each condition specified in   Clause 4.2 (Further Conditions Precedent) of the Facility Agreement is   satisfied on the date of this Utilisation Request. 4. The proceeds of this   Loan should be credited to [account]. 5. This Utilisation Request is   irrevocable. 1 Delete as appropriate 22 

    

 

Yours   faithfully For and on behalf of Yatra Online, Inc. Authorised Signatory Name:   Title: 23 

    

 

SCHEDULE 4 Form   of Compliance Certificate From: Yatra Online, Inc. To: lnnoven Capital   Singapore Pte. Ltd. Date: Dear Sirs, Yatra Online, Inc. J in relation to   US$7.8 Million loan facilities -Facility Agreement dated [ (the   "Facility Agreement") 1. We refer to the Facility Agreement This is   a Compliance Certificate. Terms used in the Facility Agreement shall have the   same meanings when used in this Compliance Certificate, unless otherwise   defined herein. 2. [We confirm that no Default is continuing.]* Yours   faithfully, For and on behalf of Yatra Online, Inc. By: Name: Title: Director   * If this statement cannot be made. the certificate should identify any   Default that is continuing and the steps, if any, being taken to remedy it.   24 

    

 

SCHEDULE 5 Form   of Warrants Instrument 25 

    

 

ANNEX 1 Summary   of Terms 26 

    

 

"Commitment",   "Facility B Facility Agreement "Facility Interest Annex2 of the   first Interest Period "Availability Period" I Repayment Date"   Facility Agreement Facility Agreement Facility Agreement SUMMARY OF TERMS AND   CONDITIONS OF THE FACILITY RELATED CLAUSES Facility Amount: I US$7,800,000 in   two tranches: Facility A-US$5,000,000 Facility B-US$2,800,000 • Definitions   of 'Total Commitments", "Facility Commitment “and Commitment “in   Clause1 of the Facility Agreement Purpose: General corporate purposes, •   Clause 3,1 of the I Interest Rate: I 9,00% p,a, • Definition of Rate" in   Clause 1 of the Facility Agreement Interest Payable: Payable monthly upon   drawdown. • Paragraph 3.1 of Facility Agreement • Please note that for any   loan shall end on the first Repayment Date for that loan. Availability: I For   both Facilities - Immediate upon completion of legal documentation but no   later than 15 September 2017. • Definition of in Clause 1 of the Facility   Agreement Maturity: Facility A-1 January 2020 Facility B - 1 August 2019 •   Definition of "Final in Clause 1 of the Facility Agreement Principal   Repayment Facility A - Principal repayment for the Facility will be amortised   equally on a monthly basis starting from 1 December 2017. Facility B -   Principal repayment for the Facility will be amortised equally on a monthly   basis starting from 1 October 2017 • Clause 6.1 of the Facility Fee: 1% of   the Commitment for each Facility (exclusive of taxes and statutory levies)   payable on the [first Utilisation Date I Utilisation Date of each Facility].   • Clause 8.1 of the j Prepayment Fee: Prepayment is not permitted for either   Facility prior to 31 July 2018. Prepayment is thereafter permitted, in a single   lump • Clause 7.2 of the Signed and ac r:ledged by: vvA NamqOK VAI H CFO ).   Yatra Onhpe, Inc, as Borrower 

    

 

¥it 1.5% of the   Borrower must Clause 1 of Agreement 13.1 and shares at a per-share   "Warrant Facility (or any part Warrants termination of the Facility 3.5   of Adverse Obligor or of the Group Agreement 11.11 its obligations under   reementy of, or the rights or enforceability, or the ranking, of any of the   event of default. Facility Agreement payment, with a prepayment penalty equal   to principal then outstanding on the total Facility. provide at least 15   days' prior wr"ltten notice of ·Its in prepay. tension to Default/   Penalty Interest: Amounts unpaid on any due date will attract additional   interest at 1% per month, compounded annually. • Definition "Default   Rate" in the Agreement • Paragraph Annex2 Facility of Interest Facility   2.3 of of the Facility of Date" Clause 3.2 of in 1 of of the 2 of the   Warrants The Borrower shall grant the Lender wa US$1,848,000 worth of   ordinary exercise price equal to US$12.00 per shar Warrants may be exercised   in whole or i via a net exercise provision]) at any time years from the date   of issuance. Warrant drawdown and/or payment of the thereof) and any   expiration and/or Agreement. warrants to purchase e. n part (by cash [or over   a period of 5 s shall survive any in the reasonable effect on: , condition   (financial Finance Documents; • Clauses 13.5 of the Agreement • Definitions   "Expiration and Price" in 1.1 of Instrument • Conditions and   Warrants Instrument • Definition "Material Effect" paragraph Annex   2 Facility • Paragraph of Annex Facility Ag Material Adverse Effect Clause:   Material Adverse Effect shall mean, opinion of the Lender, a material adverse   •The business, operations, property or otherwise) or prospects of any taken   as a whole; •The ability of any Obligor to perform the Finance Documents;   •The validity, legality or enforceability remedies of the Lender under, the   or •The validity, legality or effectiveness, priority or Transaction   Security. Any material adverse effect shall be an Security: The Facility   shall be secured by: •A Security Agreement To Create Fixed And Floating   Charge incorporating a first and exclusive fixed and floating charge over all   the Borrower's present and future assets. •Corporate guarantee from Asia   Consolidated DMC Pte. Ltd. ("Guarantor"). • Definition of "Debenture   “in Clause 1 of the Facility Agreement • Definition of "Guarantee “in   Clause 1 of the • Clause 10 of the Facility Agreement Signed and acknowledged   by:  Name: ALOK VAISH CFO\ Yatra   Online, Inc. as Borrower 

    

 

Financial To be   tested at the end of each Month starting from Covenants: September 2017 until   the Final Repayment Date: • Borrower to maintain a minimum consolidated   unencumbered US$20,000,000 at the end of each Month • If the above liquidity   level is breached, Borrower to ensure that the Group during the next Month is   less than or equal to US$2,500,000 per month until such Month end when the   unencumbered cash balance is reinstated to US$20,000,000 Conditions   precedent: Reporting Covenants: Agreement the Group within 180 days of   year-end, certified by and Borrower within 45 days of financial year end; and   Agreement Signed and acknowledged by:    Name: Alok VAISH CFO \ Yatra Online. Inc. as Borrower cash balance of at   least consolidated net cash outflow of the or more. • Clause 11.1 of the   Facility Agreement Both Facilities shall be made available to the Borrower   upon compliance with the following conditions precedent: •Submission of all   required documentation in agreed form and duly authorised and executed.   •Perfection of all security interests. •Satisfactory compliance with   know-your-customer and anti-money laundering checks. •Satisfactory due   diligence on the company which the Borrower is in the process of acquiring as   at the date of this Agreement. • Clause 4.1(a) of the Facility Agreement •   Schedule 1 of the Facility Agreement • Consolidated monthly and year-till-date   financial statements of the Borrower and for each operating entity of the   Group within 30 days of month end; • Annual consolidated audited financial   statements of independent certified public accountants acceptable to the   Lender; • Annual operating budgets and projections of the Group • Clause 12.1   of Facility the the Documentation As prescribed by the Lender including but   not limited to: •Facility Agreement. •Security Agreement To Create Fixed And   Floating Charge. •Warrants Instrument. •Board resolutions for availing the   Facility from the Lender and the issuance of Warrants along with signature   verification of the authorized signatories. •Shareholders' resolutions of the   Borrower for availing the Facility from the Lender. •Board and shareholders'   resolutions of the Guarantor for providing the corporate guarantee.   •Certified true copies of each of the Obligors' constitutional documents.   •Certified true copies of the Borrower's latest capitalisation table. •Other   applicable documents including waivers, utilization requests, compliance   certificates, as required by the Lender. • Schedule 1 of Facility 

    

 

Annex 2 of the   • Paragraph 10.4 of Facility Agreement Annex 2 of the Debenture the Warrants   **This Appendix A is intended solely for information purposes only and is not   intended to be and does not constitute legally binding terms and conditions   of the Facility Agreement. In the event of inconsistency between this   Appendix A and any Finance Document, the terms of such Finance Document shall   prevail and supersede Appendix A. Signed and acknowledged by:  Name: AC'OK VAISfi CFO \ Yatra Online, Inc.   as Borrower Other Conditions I Other clauses usual and customary to such debt   transactions such as: • Standard Legal Representations and Warranties. •   Negative Pledge over each of the Borrower's assets with consent only given on   a pari passu basis except for the Existing Paktor Facility. • Paragraph 9 of   Facility Agreement Annex 2 of the Governing Law All documents herein shall be   governed by Singapore law unless otherwise specified by the Lender_ •   Paragraph 24 of Facility Agreement • Clause 32 of the • Condition 13.1 of   Instrument Expenses Borrower agrees to pay all costs, fees and expenses   incurred • Clause 9 of the by the Lender in connection with the Facility   documentation. Facility Agreement 

    

 

ANNEX 2   Standard Terms 27 

    

 

1. DEFINITIONS   AND INTERPRETATION the expiry of a grace period. the giving of notice, the   making of any determination under the Finance Documents or any combination of   any of the foregoing) be an Event of Default. 1.1 Definitions   "Affiliate" means. in relation to any person. any person that   (directly or indirectly). owns or controls or is owned or controlled by or is   under common ownership or control with. such person. and each of such   person's officers. directors. joint venture parties or partners. as   applicable; and for this purpose. a person shall be treated as being   controlled by another person if that other person is able to direct its   affairs and/or control the composition of its board of directors or   equivalent body and/or vote (or control the voting of) more than 50% of its   voting shares. in each case. whether by way of ownership of shares. proxy.   contract agency or otherwise. In the case of the Lender, the term   "Affiliate" shall include all persons that form part of the Lender   group on the relevant date. "Event of Default" means any event or   circumstance specified as such in Paragraph 11 (Events of Default) of the   Standard Terms. "Facility Office" means the office notified in   writing by the Lender to the Borrower as the office through which it will   perform its obligations under this Agreement. "Finance Document"   means this Agreement, any Security Document, any Utilisation Request, any   Confirmation Certificate, any Compliance Certificate. the Warrants   Instrument, the Warrant Certificates. any Waiver Letter, the Letter of   Undertaking or any other document designated as such by the Lender and the   Borrower. "Authorisation" means: "Financial Indebtedness"   means any indebtedness for or in respect of: an authorisation. consent.   approval. (a) resolution. licence. waiver, exemption. filing. notarization.   order. lodgment or registration: or monies borrowed; (a) (b) any amount   raised by acceptance under any acceptance credit facility or dematerialised   equivalent; in relation to anything which will be fully or partly prohibited   or restricted by law or regulation if a Governmental Agency intervenes or   acts in any way within a specified period after lodgment filing, registration   or notification, the expiry of that period without intervention or action.   (b) any amount raised pursuant to any note purchase facility or the issue of   bonds. notes. debentures. loan stock or any similar instrument; (c) the   amount of any liability in respect of any lease or hire purchase contract   which would, in accordance with IFRS. be treated as a finance or capital   lease; (d) "Business Day" means a day (other than a Saturday,   Sunday or a public holiday) on which banks are open for general business in   Singapore, and (in relation to any date for payment or purchase of a   currency) the principal financial centre of the country of that currency.   receivables sold or discounted (other than any receivables to the extent they   are sold on a non-recourse basis); (e) "Change of Control" shall be   deemed to have occurred if any third party acquires Control over the   Borrower. (f) any amount raised under any other transaction (including any   forward sale or purchase agreement) having the "Charged Assets"   means all of the assets which from time to time are. or are expressed to be,   the subject of the Transaction Security. commercial effect of a borrowing;   (g) any derivative transaction entered into in connection with protection   against or benefit from fluctuation in any rate or price (and. when   calculating the value of any derivative transaction, only the marked to   market value shall be taken into account); "Companies Act" means   the Companies Act Chapter 50 of Singapore. "Control" (including,   the terms "is controlled by" or "under common control   with"), as used with respect to any person. means (i) in the case of   corporate entities, direct or indirect ownership of more than 50% of the   shares or voting shares. and (ii) in the case of other entities. direct or   indirect ownership of more than 50% of the equity interest, and/or shall   include (iii) the power to direct the management and policies of a person.   whether by way of contract or otherwise any counter-indemnity obligation in   respect of a guarantee. indemnity. bond. standby or documentary letter of   credit or any other instrument issued by a bank or financial institution: and   (h) the amount of any liability in respect of any guarantee or indemnity for   any of the items referred to in paragraphs (a) to (h) above. (i)   "Default" means an Event of Default or any event or circumstance   specified in Paragraph 11 (Events of Default) of the Standard Terms which   would (with 

    

 

"GAAP"   means generally accepted accounting principles in Singapore or any other   jurisdiction as may be agreed by the Lender from time to time.   "Month" means a period starting on one day in a calendar month and   ending on the numerically corresponding day in the next calendar month.   except that: "Governmental Agency" means any government. or any   governmental. regulatory, administrative. public or other authority. agency   or department. or any semi-governmental. statutory, judicial or quasi­   judicial entity or authority (including any stock exchange or any   self-regulatory organisation established under statute). (a) (subject to   paragraph (c) below) if the numerically corresponding day is not a Business   Day. that period shall end on the next Business Day in that calendar month in   which that period is to end if there is one. or if there is not. on the   immediately preceding Business Day; "INR" means the lawful currency   from time to time of India. (b) if there is no numerically corresponding day   in the calendar month in which that period is to end. that period shall end   on the last Business Day in that calendar month; and "Indirect Tax"   means any goods and services tax. consumption tax. value added tax or any Tax   of a similar nature. "Intellectual Property" means: (c) if an   Interest Period begins on the last Business Day of a calendar month. that   Interest Period shall end on the last Business Day in the calendar month in   which that Interest Period is to end. (a) any patents. trademarks. service   marks. designs. logos. trade names. business names. copyrights. database   rights. design rights. domain names. moral rights. inventions. confidential   information. know-how and other intellectual property. rights and interests   (which may now or in the future subsist). whether registered or unregistered;   and The above rules will apply only to the last Month of any period.   "Quasi-Security" means an arrangement or transaction under which a   person: the benefit of all applications and rights to use or exploit such   assets of each Obligor and each other member of the Group (which may now or   in the future subsist). (a) sells. transfers or otherwise disposes of any of   its assets on terms whereby they are or may be leased to or re-acquired by   such person or its Affiliate; (b) "Interest Period" means. in   relation to a Loan. each period determined in accordance with Paragraph 3   (Interest Periods) of the Standard Terms. and. in relation to an Unpaid Sum.   each period determined in accordance with Paragraph 2.3 (Default Interest) of   the Standard Terms. (b) sells. transfers or otherwise disposes of any of its   receivables on recourse terms; enters into or permits to subsist any title   retention arrangement; (c) (d) enters into or permits to subsist any   arrangement under which money or the benefit of a bank or other account may   be applied. set-off or made subject to a combination of accounts; or   "Material Adverse Effect" means a material adverse effect on: (a)   the business. operations. property. condition (financial or otherwise) or   prospects of any Obligor or of the Group taken as a whole; enters into or   permits to subsist any other preferential arrangement having a similar   effect. (e) the ability of any Obligor to perform its (b) in circumstances   where the arrangement or obligation sunder Documents; the Finance transaction   is entered into primarily as a method of raising Financial Indebtedness or of   financing the acquisition of an asset. the validity, legality or   enforceability of. or the rights or remedies of the Lender under. the Finance   Documents; or (c) "Receiver" means any receiver. manager. receiver   and manager or administrative receiver or any similar officer of the whole or   any part of the Charged Assets the validity. legality or enforceability. or   the effectiveness. priority or ranking. of any of the Transaction Security.   (d) "Repayment Date" means any date on which an instalment for   repayment of the Loans is due under the repayment schedule to be provided by   the Lender on each Utilisation Date. "Repayment Instalment" means   any instalment for repayment of the Loans specified in the repayment 2 

    

 

schedule to be   provided by the Lender on each Utilisation Date. "Unpaid Sum" means   any sum due and payable but unpaid by an Obligor under the Finance Documents.   "Repeating Representations" means each of the representations and   warranties set out in Paragraph 9.1 (Status) of the Standard Terms to   Paragraph 9.16 (Charged Assets) of the Standard Terms, and each of the   representations and warranties deemed or otherwise expressed to be repeated   by any Obligor under any other Finance Documents. "US Dollars" and   "US$" mean the lawful currency from time to time of the United   States of America. "Utilisation" means a Loan from the utilisation   of a Facility. "Utilisation Date" means the date of a Utilisation,   being the date on which the relevant Loan is to be made.   "Representative" means any delegate, agent. manager, administrator,   nominee, attorney, trustee or custodian. 1.2 Construction "Secured   Obligations" means all present and future monies, indebtedness.   obligations and liabilities of any kind at any time due, owing or incurred by   any Obligor to the Lender under or in connection with any Finance Document   (in each case. whether actually or contingently, whether incurred solely or   jointly or jointly and severally with any other person, and whether incurred   as principal, surety or in any other capacity). (a) Unless a contrary   indication appears. any reference in the Standard Terms to: (i) the   "Lender", the "Borrower", the "Guarantor", any   "Obligor", any "Party" or any other person shall be   construed so as to include its successors in title, permitted assigns and   permitted transferees: "Security" means a mortgage, charge, pledge,   lien or other security interest securing any obligation of any person or any   other agreement or arrangement having a similar effect. (ii) a "Finance   Document" or any other agreement, document or instrument is a reference   to that Finance Document or other "Subsidiary" means. in relation   to any company or corporation. a company or corporation: agreement,   instrument novated. document or as amended, supplemented, (a) which is   controlled, directly or indirectly, by the first mentioned company or   corporation: extended, restated or replaced from time to time (in each case,   however fundamental and whether or not more onerous, and including any waiver   or consent granted in respect of (b) more than half the issued equity share   capital of which is beneficially owned, directly or indirectly, by the first   mentioned company or corporation; or such Finance Document, agreement,   document instrument or any of terms), and includes or their any (c) which is   a Subsidiary of another Subsidiary of the first mentioned company or   corporation, change in the purpose of, any extension of or any increase in any   facility or the addition of any new facility under that Finance Document or   other agreement, document or instrument; and for this purpose, a company or   corporation shall be treated as being controlled by another if that other   company or corporation is able to direct its affairs and/or to control the   composition of its board of directors or equivalent body. (iii)   "including" shall be construed as "including without   limitation" (and cognate expressions shall be construed similarly); "Tax"   means any tax, levy, impost, duty or other charge or withholding of a similar   nature (including any penalty or interest payable in connection with any   failure to pay or any delay in paying any of the same). (iv)   "indebtedness" includes any obligation (whether incurred as principal   or as surety) for the payment or repayment of money, whether present or   future, actual or contingent: "Tax Deduction" has the meaning given   to that term in Paragraph 4.1 Standard Terms. (Tax Definitions) of the a   "person" includes any individual, firm, body corporate,   "Transaction Security" means the Security created or purported to   be created in favour of the Lender in respect of the obligations of the   Obligors under the Finance Documents pursuant to, or as evidenced by, this   Agreement and the Security Documents. (v) company, corporation, government,   state or agency of a state or any association. trust, joint venture,   consortium, partnership or other entity 3 

    

 

(whether or not   having separate legal personality}; Periods. In addition, a further default   interest at the Default Interest Rate shall be payable on the aggregate of   the Unpaid Sum and any interest accruing thereto from the due date to the   date of actual payment (both before and after judgment}. Any amount under   this Paragraph 2.3 (Default Interest) shall be immediately payable by the   Borrower on demand by the Lender. (vi} a "regulation" includes any   regulation, rule, official directive, request or guideline governmental,   intergovernmental supranational body, of any or agency, department or   regulatory authority or organisation: (b) Default interest (if unpaid}   arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of   each yearly anniversary from the date of the first Utilisation Date but will   remain immediately due and payable. (vii} a provision of law or regulation is   a reference to that provision as amended or re-enacted: (viii} words   importing the singular include the plural and vice versa and words importing   a gender include every gender: 3. INTEREST PERIODS 3.1 Interest Periods (ix}   Clauses. Annexes and Subject to this Paragraph 3 (Interest Periods). each   Interest Period shall be for a period of one Month except for the first   Interest Period which shall end on the first Repayment Date for that Loan. Schedules   are to clauses of. annexes to and schedules to this Agreement; and (a) (x} a   time of day is a reference to Singapore time. (b) An Interest Period for a   Loan shall not extend beyond any Repayment Date or the Final Repayment Date   applicable to its Facility. Clause, Annex and Schedule headings are for ease   of reference only_ (b) Unless a contrary indication appears. a term used in   any other Finance Document or in any notice given under or in connection with   any Finance Document has the same meaning in that Finance Document or notice   as in this Agreement. (c) (c) Each Interest Period for a Loan shall start on   its Utilisation Date. 3.2 Non-Business Days If an Interest Period would   otherwise end on a day which is not a Business Day, that Interest Period will   instead end on the next Business Day in that calendar month (if there is one}   or the preceding Business Day (if there is not). (d) A Default (other than an   Event of Default) is "continuing" if it has not been remedied or   waived and an Event of Default is "continuing" if it has not been   remedied or waived. 4. TAX INDEMNITIES 2. INTEREST 4.1 Tax Definitions 2.1   Calculation of Interest (a} A reference in this Paragraph 4 (Tax The rate of   interest on each Loan for each Interest Period is the Facility Interest Rate.   Indemnities) to or "determines" "determined" means a   determination made in the absolute discretion of the person making the   determination. 2.2 Payment of Interest The Borrower shall pay accrued   interest on a Loan on the last day of each Interest Period. 4.2   (Intentionally Omitted] 4.3 Tax Indemnity 2.3 Default Interest If the Lender   is required to make any payment of or on account of Tax on or in relation to   any sum received or receivable under the Finance Documents (including any sum   deemed for purposes of Tax to be received or receivable by the Lender whether   or not actually received or receivable} or if any liability in respect of any   such payment is asserted, imposed. levied or assessed against the Lender, (a)   If any Obligor fails to pay any amount payable by it under a Finance Document   on its due date, interest shall accrue on the Unpaid Sum from the due date to   the date of actual payment (both before and after judgment) at a rate which   would have been payable if the Unpaid Sum had. during the period of   non-payment. constituted a Loan in the currency of the Unpaid Sum for   successive Interest (a} 4 

    

 

the Borrower   shall, within three Business Days of demand, promptly indemnify the Lender   against such payment or liability, together with any interest, penalties,   costs and expenses payable or incurred in connection therewith. provided that   this Paragraph 4.3 (Tax Indemnity) shall not apply to: an amount equal to the   amount of the Indirect Tax. (b) Where a Finance Document requires an Obligor   to reimburse the Lender for any costs or expenses, such Obligor shall also at   the same time pay and indemnify the Lender against all Indirect Tax incurred   by the Lender in respect of such costs or expenses. (i) any Tax imposed on   and calculated by reference to the net income actually received or receivable   by the Lender (but, for the avoidance of doubt, not including any sum deemed   for purposes of Tax to be received or receivable by the Lender but 5.   MITIGATION BY THE LENDER 5.1 Mitigation (a) The Lender shall, in consultation   with the Borrower, take all reasonable steps to mitigate any circumstances   which arise and which would result in any amount becoming payable under or   pursuant to. or cancelled pursuant to, any of Clause 7.1 (Illegality) or   Paragraph 4 (Tax Indemnities), including, in relation to any circumstances   which arise following the date of this Agreement, transferring its rights and   obligations under the Finance Documents to another Affiliate or Facility   Office. not actually received or receivable) by the jurisdiction in which the   Lender is incorporated; or (ii) any Tax imposed on and calculated by   reference to the net income of the Facility Office of the Lender actually   received or receivable by the Lender (but for the avoidance of doubt, not   including any sum deemed for purposes of Tax to be received or receivable by   the Lender but not actually received or receivable) by the jurisdiction in   which its Facility Office is located. (b) Paragraph (a) above does not in any   way limit the obligations of any Obligor under the Finance Documents. 5.2   limitation of Liability (a) The Borrower shall. promptly on demand. indemnify   the Lender for all costs and expenses reasonably incurred by the Lender as a   result of steps taken by it under Paragraph 5.1 (Mitigation). (b) The Lender.   upon making a claim under paragraph. (a) above. shall notify the Borrower of   the event giving rise to the claim. 4.4 Stamp Taxes (b) The Lender is not   obliged to take any steps under Paragraph 5.1 (Mitigation) if, in the opinion   of the Lender (acting reasonably), to do so might be prejudicial to it. The   Borrower shall: pay all stamp duty. registration fees. notarial fees and   other similar Taxes and fees payable in respect of any Finance Document; and   (a) Conduct of Business by the lender 5.3 No provision of this Agreement   will: (b) within three Business Days of demand, indemnify the Lender against any   cost, expense, loss or liability which the Lender incurs as a result of any   failure to pay or delay in paying. or otherwise in relation to, any such   Taxes or fees. (a) interfere with the right of the Lender to arrange its   affairs (tax or otherwise) in whatever manner it thinks fit: (b) oblige the   Lender to investigate or claim any credit. relief, remission or repayment   available to it or the extent. order and manner of any claim; or 4.5 Indirect   Tax All amounts set out or expressed in a Finance Document to be payable by   any Obligor to the Lender shall be deemed to be exclusive of any Indirect   Tax. If any Indirect Tax is chargeable on any supply made by the Lender to   any Obligor in connection with a Finance Document, such Obligor shall pay to   the Lender (in addition to and at the same time as paying the consideration   for such supply) (a) (c) oblige the Lender to disclose any information   relating to its affairs (tax or otherwise) or any computations in respect of   Tax. 6. OTHER INDEMNITIES 6.1 Currency Indemnity 5 

    

 

(a) If any sum   due from an Obligor under the Finance Documents (a "Sum") is paid   in any other currency than US Dollars, the Borrower shall as an independent   obligation, within three Business Days of demand, indemnify the Lender against   any cost, expense, loss or liability arising out of or as a result of the   conversion of such Sum into US Dollars. Utilisation Request but not made by   reason of the operation of any one or more of the provisions of this   Agreement (other than by reason of fraud. wilful default or gross negligence   by the Lender alone); (h) a Loan (or part of a Loan) not being prepaid in   accordance with a notice of prepayment given by the Borrower; (b) Without   prejudice to paragraph (a) above, any amount received or recovered by the   Lender in respect of any sum due or payable by an Obligor to the Lender under   the Finance Documents in a currency other than US Dollars shall constitute a   discharge of the obligation of the Obligor to pay such sum only to the extent   of the amount in US Dollars which the Lender is able, in accordance with its   usual practice (and after deducting any costs of currency conversion   incurred). to purchase with the amount so received or recovered in such other   currency on the date of that receipt or recovery (or. if it is not   practicable to make that purchase on that date. on the first date on which it   is practicable to do so). (i) the administration, taking. holding.   perfection, protection or preservation of any Transaction Security or any   Charged Assets or any of the rights. powers or remedies of the Lender (or any   Receiver) under or in connection with the Finance Documents or the   Transaction Security, or the release of any Security Document or any other   document referred to in the Security Documents, or the release, re­   assignment or discharge of any Transaction Security or any Charged Assets; or   any other act. omission, matter or thing in connection with any of the   Finance Documents or arising from the Finance {j) Documents or the   transactions (c) Each Obligor waives any right it may have in any   jurisdiction to pay any amount under the Finance Documents in a currency or   currency unit other than US Dollars. contemplated by the Finance Documents   (other than. in each case. as a result of the Lender's fraud. wilful   misconduct or gross negligence). 7. COSTS AND EXPENSES 6.2 Other Indemnities   7.1 Amendment Costs Each Obligor shall. promptly on demand, indemnify the   Lender against any direct cost. expense. loss or liability incurred by the   Lender as a result of: If any Obligor requests an amendment, waiver or   consent, the Borrower shall, within three Business Days of demand, pay or   reimburse to the Lender the amount of all costs and expenses (including legal   fees) reasonably incurred by the Lender in responding to, evaluating,   negotiating or complying with that request or requirement. (a) the occurrence   of any Event of Default; (b) investigating any event which reasonably   believes is a Default; it the information produced or approved by any Obligor   being or being alleged to be misleading and/or deceptive in any respect; 7.2   (c) Enforcement Costs The Borrower shall, within three Business Days of   demand, pay or reimburse to the Lender the amount of all costs and expenses   (including legal fees) incurred by the Lender in connection with the   protection or preservation of, or the enforcement, realisation or exercise   (or the attempted enforcement, realisation or exercise) of. any rights,   powers or remedies under any Finance Document or any Transaction Security,   the defending of any claims against the Lender in relation to any Finance   Document or any Transaction Security, or any proceedings instituted by or   against the Lender (or any Receiver) as a consequence of taking or holding   any Transaction Security or any Charged Assets or of enforcing any rights.   powers or remedies in respect thereof. acting or relying on any notice.   request or instruction which it reasonably believes to be genuine, correct   and appropriately authorised; (d) any enquiry, investigation. subpoena (or similar   order) or litigation (or other proceedings) with respect to any Obligor (e)   or with respect to the financed transactions contemplated Agreement; or under   this (f) a failure by any Obligor to pay any amount due under a Finance   Document on its due date or in the relevant currency; 8. EXCLUSION OF   LIABILITY (g) funding, or making arrangements to fund. a Loan requested by   the Borrower in a In no event shall the Lender be liable for any loss of   profits. goodwill. reputation, business opportunity or 6 

    

 

anticipated   saving, or for special, punitive. indirect or consequential damages, whether   or not the Lender has been advised of the possibility of such loss or damages   or any special conditions or circumstances were known to the Lender, and each   Obligor (for itself and on behalf of each other member of the Group) waives   and releases the Lender from any claims it may have for any such damages.   constitute termination described) a default or event (howsoever under any   such agreement or instrument; or (b) (except for the Transaction Security)   result in the creation or existence of, or oblige it or any other member of   the Group to create, any Security over any of its or their respective assets,   other than as expressly permitted under the Finance Documents. 9.   REPRESENTATIONS Each Obligor makes warranties setout the representations and   in this Paragraph 9 (Representations) to the Lender on the date of this   Agreement. 9.4 Power and Authority It has the power to enter into. perform   and deliver, and has taken all necessary action to authorise its entry into,   performance and delivery of, the Finance Documents to which it is a party and   the transactions contemplated by those Finance Documents. 9.1 Status (a) It   (and each other member of the Group) is a corporation, duly incorporated and   validly existing under the laws of its respective jurisdiction of   incorporation. 9.5 Validity and Admissibility in Evidence (b) It (and each   other member of the Group) has the capacity and power to own and lease its respective   assets and carry on All Authorisations required or desirable: its respective   conducted. business as it is being (a) to enable it lawfully to enter into.   exercise its rights and comply with its obligations in the Finance Documents   to which it is a party; 9.2 Binding Obligations The obligations expressed to   be assumed by it in each Finance Document to which it is a party are legal,   valid, binding and enforceable obligations. (a) (b) to enable it to create   any Transaction Security expressed to be created by it or evidenced under the   Security Documents to which it is a party. and to ensure that each such   Transaction Security has the priority and ranking it is expressed to have   under such Security Documents; (b) Without limiting the paragraph (a) above, generality   of each Security Document to which it is a party creates the Transaction   Security which that Security Document purports to create or, if that Security   Document purports to evidence Security, accurately evidences validly created   Transaction Security which that Security Document purports to evidence, and   all such Transaction Security is valid and effective. to make the Finance   Documents to which it is a party admissible in evidence in its jurisdiction   of incorporation and in Singapore; and (c) (d) for it and the other members   of the Group to carry on its and their respective business. and which are   material. 9.3 Non-Conflict with Other Obligations have been obtained or   effected and are in full force and effect. The entry into and performance by   it of, and the transactions contemplated by, the Finance Documents to which   it is a party do not and will not: 9.6 Governing Law and Enforcement (a) The   choice of Singapore law as the governing law of the Finance Documents will be   recognised and enforced in its jurisdiction of incorporation. (a) conflict   with: (i) any law or regulation applicable to it; (b) Any judgment obtained   in Singapore in relation to a Finance Document will be recognised and   enforced in its jurisdiction of incorporation. (ii) its constitutional   documents or the constitutional documents of any other member of the Group;   or 9.7 Deduction of Tax any agreement or instrument binding upon it or any   other member of the Group or any of its or their respective assets. or (iii)   It is not required under the law applicable where it is incorporated or   resident or at the address specified in this Agreement to make any deduction   for or on 7 

    

 

account of Tax   from any payment it may make under any Finance Document. expressly disclosed   in such financial statements. 9.8 No Filing or Stamp Taxes Its financial   statements most recently supplied to the Lender (which, at or around the date   of this Agreement. are the Original Financial Statements) give a true and   fair view and represent the Group's consolidated financial condition as at   the end of, and the Group's consolidated results of operation) during the   relevant financial year. save to the extent expressly disclosed in such   financial statements. (b) Under the laws of Singapore and its jurisdiction of   incorporation, it is not necessary that the Finance Documents be filed,   registered. recorded or enrolled with any court or other authority in   Singapore or that jurisdiction or that any stamp duty, registration fees,   notarial fees or other similar Taxes or fees be paid on or in relation to the   Finance Documents or the transactions Documents. contemplated by the Finance   9.9 No Default (c) There has been no material adverse change in the business.   operations or consolidated financial condition of the Group since the date of   the Original Financial Statements prepared for the period ended as of March   31. 2017. (a) No Default is continuing or might reasonably be expected to   result from the making of any Utilisation. (b) No other event or circumstance   is outstanding which constitutes (or. with the expiry of a grace period, the   giving of notice, the making of any determination or any combination of any   of the foregoing. would constitute) a default or termination event (however   described) under any other agreement or instrument which is binding on it (or   any other member of the Group) or to which its (or their) respective assets   are subject which might have a Material Adverse Effect. 9.12 Senior Ranking   Its payment obligations under the Finance Documents to which it is a party   rank senior to and take priority over the claims of all of its creditors.   except for obligations mandatorily preferred by laws applying to companies   generally. 9.13 No Proceedings Pending No litigation. arbitration.   administrative or other proceedings of or before any court, arbitral body or   agency, which, if adversely determined, might reasonably be expected to have   a Material Adverse Effect. have been started or (to the best of its knowledge   and belief) is pending against it or any other member of the Group or any of   its or their assets. 9.10 No Misleading Information (a) All information   provided by it (or by any other member of the Group) to the Lender in   connection with the transactions contemplated by the Finance Documents is   true. complete and accurate in all material respects as at the date it was   provided or as at the date (if any) at which it is stated and was not   misleading in any respect. 9.14 Authorised Signatures Any person specified as   its authorised signatory in the documents delivered pursuant to Schedule 1   (Conditions Precedent) or Clause 12.4(d) (b) Any financial projections   provided by it (or by any other member of the Group) to the Lender in   connection with the transactions contemplated by the Finance Documents have   been prepared on the basis of recent historical information and on the basis   of reasonable assumptions. (Information: Miscellaneous) is authorised to sign   Utilisation Requests and other notices on its behalf. Ranking of Transaction   Security 9.15 The Transaction Security has the ranking in priority which the   Transaction Security is expressed to have in the Security Documents. and the   Transaction Security is not subject to any Security which ranks prior to or   pari passu with it. (c) Nothing has occurred and no information has been   given or withheld that results in the information provided by it (or by any   other member of the Group) to the Lender being untrue or misleading in any   material respect. Charged Assets 9.16 It is the sole legal and beneficial   owner of the Charged Assets over which it purports to grant the Transaction   Security, and such Charged Assets are free from any Security. Quasi-Security.   claims. third party rights or competing interests (other than the Transaction   Security). 9.11 Financial Statements (a) Its financial statements most   recently supplied to the Lender (which. at or around the date of this   Agreement. are the Original Financial Statements) were prepared in accordance   with IFRS consistently applied save to the extent 9.17 [Intentionally Omitted]   8 

    

 

9.18 Repetition   10.2 Compliance with Laws The Repeating Representations are deemed to be made   by each Obligor by reference to the facts and circumstances then existing on   the date of each Confirmation Certificate. each Utilisation Request, on each   Utilisation Date. Each Obligor shall (and the Obligors shall jointly and   severally ensure that each member of the Group will) shall promptly: (a)   obtain, comply with and do all that is necessary to maintain in full force   and effect; and 9.19 Notification of Default Each Obligor shall notify the   Lender of any Default (and the steps, if any, being taken to remedy it)   promptly upon becoming aware of its occurrence. (a) (b) supply certified   copies to the Lender of. any Authorisation required to comply in all respects   with all laws and regulations to which it may be subject and to conduct its   business in the same manner as it is conducted as at the date of this   Agreement. if failure to so comply would have a Material Adverse Effect. Each   Obligor shall notify the Lender in writing in the event of any revocation,   repudiation. denial or cancellation of any such Authorisation. (b) Promptly   upon a request by the Lender. the Borrower shall supply to the Lender a   certificate signed by one director on its behalf certifying that no Default   is continuing (or if a Default is continuing. specifying the Default and the   steps, if any. being taken to remedy it). 10.3 Senior Ranking 9.20 "Know   Your Customer" Checks Each Obligor shall ensure that its payment   obligations under the Finance Documents rank and continue to rank senior to   and take priority over the claims of all of its creditors, except for   obligations mandatorily preferred by law applying to companies generally.   Each Obligor shall promptly upon the request of the Lender supply, or procure   the supply of. such documentation and other evidence as is reasonably   requested by the Lender (including for the Lender on behalf of any   prospective assignee or transferee lender) in order for the Lender (or any   such prospective new assignee or transferee lender) to conduct any "know   your customer'' or other similar procedures under applicable laws and   regulations. 10.4 Negative Pledge (a) No Obligor shall (and the Obligors   shall jointly and severally ensure that no other member of the Group will)   create or permit to subsist any Security or Quasi­ Security over any of its   assets (including without limitation its Intellectual Property). 10. GENERAL   UNDERTAKINGS The undertakings in this Paragraph 10 (General Undertakings)   remain in force from the date of this Agreement for so long as any Secured   Obligation is outstanding under the Finance Documents or any Commitment is in   force. Paragraph (a) above does not apply to: (b) the Transaction Security   and all (i) 10.1 Authorisations Quasi-Security created or evidenced, or   purported to be created or evidenced, pursuant to any Finance Document; Each   Obligor shall promptly: (a) obtain, comply with and do all that is necessary   to maintain in full force and effect; and (ii) any Security or Quasi-Security   created by any Obligor (or any other member of the Group) with the prior   written consent of the Lender, provided always that any such Security or   Quasi-Security shall not rank (b) supply certified copies to the Lender of.   any Authorisation required to enable it to enter into and perform its   obligations under the Finance Documents to which it is a party, to ensure the   legality, validity, enforceability or admissibility in evidence in its   jurisdiction of incorporation and in Singapore of any Finance Document to which   it is a party. and to ensure that the Transaction Security is and remains in   full force and effect with the priority and ranking it is expressed to have   under the Security Documents. prior to Security. the Transaction 10.5   Disposals (a) No Obligor shall (and the Obligors shall jointly and severally   ensure that no other member of the Group will) enter into a single   transaction or a series of transactions (whether related or not, and whether   voluntary or involuntary) to sell. lease. assign, transfer or otherwise   dispose of any asset. 9 

    

 

Paragraph (a)   above does not apply to any sale. lease. assignment, transfer or other   disposal: (b) 10.8 Intellectual Property Each Obligor shall (and the Obligors   shall jointly and severally procure that each other member of Group will)   preserve and maintain the subsistence and validity of the Intellectual   Property necessary for its respective business. (i) of trading stock or cash   made in the ordinary course of trading of the disposing entity; (ii) of assets   in exchange for or replacement of other assets comparable or superior as to   type. value and quality and for a similar purpose; 10.9 Conduct of Business   Each Obligor shall (and the Obligors shall jointly and severally ensure that   each other member of the Group will) at all times carry on and conduct its   respective business in a proper and efficient manner. (iii) of obsolete or   redundant vehicles. plant and equipment for cash and on an arm's length 10.10   Books and Records basis and terms; or normal commercial Each Obligor shall   (and the Obligors shall jointly and severally ensure that each other member   of the Group will) keep proper records and books of account in respect of its   respective business_ (a) (iv) made with prior written consent of the Lender. 10.6   Preservation of Assets (b) Each Obligor shall (and the Obligors shall jointly   and severally procure that each other member of the Group will) permit the   Lender, after providing at least 7 days prior written notice unless there   occurs an Event of Default whereby only 1 day prior written will be required.   (i) to examine and inspect all requested books of account of the Obligors and   each member of the Group and (ii) to meet and discuss matters with senior   management, officers and auditors of each Obligor and member of the Group;   Each Obligor shall (and the Obligors shall jointly and severally ensure that   each other member of the Group will) maintain in good working order and   condition (ordinary wear and tear excepted) all of its assets necessary or   desirable from time to time in the conduct of its business. 10.7 Insurance   (a) Each Obligor shall (and the Obligors shall Jointly and severally ensure   that each other member of the Group will) maintain insurances on and 1m   relation to its business and assets (including the Charged Assets) against   those risks, and to the extent, as is usual for prudent companies owning the   same or similar property and carrying on the same or substantially similar   business in the same or similar location. 10.11 Taxation (a) Each Obligor   shall (and the Obligors shall jointly and severally procure that each other   member of the Group will) pay and discharge all Taxes, rents, rates.   assessments and governmental charges imposed upon it or its respective assets   within the time period allowed without incurring penalties. All insurances   must be in a form and with (b) reputable independent insurance companies or   underwriters. Each Obligor shall (and the Obligors shall jointly and   severally procure that each other member of the Group will) file and submit   in a timely manner all tax returns and other filings required to be filed or   submitted under any law or regulation in its jurisdiction of incorporation   and in the jurisdiction in which it is treated as resident for Tax purposes.   (b) (c) Each Obligor shall (and the Obligors shall jointly and severally   ensure that each other member of the Group will) comply with all the   conditions of the insurances taken by it, and shall promptly pay all premium   and other sums due in respect of each of the insurances effected by it. If an   Obligor fails to insure its assets or to pay any premium or other sums due in   respect of each of the insurances effected by it, the Lender may at its   discretion insure such assets or pay such premium or other sums due in   respect of each of the insurances effected by such Obligor (as the case may   be) at such Obligor's cost. (d) 10.12 Loans and Guarantees (a) No Obligor   shall (and the Obligors shall jointly and severally ensure that THCL will   not) make or allow to subsist any deposits, loans, investments in share   capital. grant any credit or give or allow to remain outstanding any   guarantee or indemnity to or for the benefit of any person or otherwise   voluntarily assume 10 

    

 

any liability,   whether actual or contingent. in respect of any obligation of any person. in   respect of an amount exceeding INR 20,000,000 (Rupees Twenty Million only).   accordance with Clause 7.2 (Voluntary Prepayment). (d) In the event the   Lender does not approve any Financial Indebtedness in respect of an amount   greater than INR 250,000,000 (Rupees Two Hundred and Fifty Million only)   within 7 Business Days of receiving the relevant information related to the   proposed Financial Indebtedness. the Borrower shall have the discretion to   prepay the Loans in accordance with Clause 7.2 (Voluntary Prepayment). For   the avoidance of doubt, the Borrower shall not be required to obtain any   approval of the Lender in the event it Paragraph (a) above does not apply to:   (b) (i) any trade credit extended by any Obligor (or any other member of the   Group) to its customers/vendors/suppliers on normal commercial terms and in   the ordinary course of its trading activities: (ii) any loan or credit   granted or provided by any Obligor (or any other member of the Group) seeks   to procure any Financial Indebtedness in respect of an amount up to INR   250,000,000 (Rupees Two Hundred and Fifty Million only). under any of   Documents; the Finance (iii) any guarantee or indemnity 10.14 Transaction   Security given or required under any of the Finance Documents; or Each   Obligor shall. ensure that any Transaction Security created by or evidenced   in, or purported to be created by or evidenced in, any Security Document   remains in full force and effect with the ranking and priority it is expressed   to have under the Security Document. (iv) any loan. credit, guarantee or   indemnity granted or provided by any Obligor (or any other member of the   Group) with the prior written consent of the Lender. 10.15 Anti-bribery and   Anti-corruption laws (v) any loan. credit, investments. guarantee or   indemnity granted. made or provided by any Obligor or THCL in respect of any   entity within the Group. Each Obligor shall (and the Obligors shall jointly   and severally ensure that each other member of the Group will): (a) comply   with all applicable anti-bribery and anti-corruption laws and regulations:   10.13 Financial Indebtedness not offer any bribe or facilitation payment to   any public official or other person; and (b) No Obligors shall (and the   Obligors shall jointly and severally ensure that no other member of the Group   will) incur or permit to remain outstanding any Financial Indebtedness. (a)   not do anything that may cause the Lender or any of its Affiliates to breach   any anti-bribery or anti-corruption law. (c) 10.16 Marketing Materials   Paragraph (a) above does not apply to: (b) The Lender may. and the Borrower   shall ensure that each Obligor and each other member of the Group will   accordingly permit the Lender to. use the Borrower's logo to highlight the   relationship between the Parties in the Lender's marketing materials. any   Financial Indebtedness incurred pursuant to any Finance Documents; (i) (ii)   any Financial Indebtedness incurred within the ordinary course of business of   the Group; and 10.17 Further Assurance The Obligors shall jointly and   severally promptly, at their own expense, execute and deliver (or procure the   execution and delivery of) all instruments and documents and do all acts and   things as the Lender may require: (iii) any Financial Indebtedness incurred   with the prior written consent of the Lender. In the event the Borrower   approves a convertible debt offering of the Borrower which is junior to the   debt availed by the Borrower under this Agreement and the Lender does not   allow issuance of such convertible debt, then the Borrower shall have the   discretion to prepay the Loans in (c) to create. perfect. maintain, protect   and/or preserve any of the Transaction Security created by or evidenced in.   or purported to be created by or evidenced in, the Security Documents, the   priority of any of the Transaction Security. or any of the rights. powers.   authorities. discretions and (a) 11 

    

 

remedies of the   Lender provided by or pursuant to the Finance Documents or by law; 11.4 Cross   Default (a) Any Financial Indebtedness of any Obligor or any other member of   the Group is not paid when due nor within any originally applicable grace   period. (b) to confer on the Lender Security over any property and assets of   any Obligor located in any jurisdiction. which is equivalent or similar to   the Security purported to be conferred by or pursuant to the Security   Documents; (b) Any Financial Indebtedness of any Obligor or any other member   of the Group is declared to be or otherwise becomes due and payable prior to   its specified maturity as a result of an event of default (however   described). (c) to facilitate the enforcement or realisation of any of the   Transaction Security. any of the Charged Assets or any of the Finance   Documents; and/or (c) Any commitment for any Financial Indebtedness of any   Obligor or any other member of the Group is cancelled or suspended by a   creditor of such Obligor. (d) to permit or facilitate the exercise by the   Lender of any right. power. authority. discretion or remedy with respect to   the Charged Assets and the Transaction Security or which is provided by or   pursuant to the Finance Documents or by law. (d) Any creditor of any Obligor   or any other member of the Group becomes entitled to declare any Financial   Indebtedness of any Obligor or any other member of the Group due and payable   prior to its specified maturity as a result of an event of default (however   described). 11. EVENTS OF DEFAULT Each of the events or circumstances set out   in the following sub-paragraphs of this Paragraph 11 {Events of Default)   {other than Paragraph 11.14 (Acceleration)) is an Event of Default. This   Paragraph 11.4 shall not include Air Travel Bureau Limited until Yatra Online   Private Limited. an indirect Subsidiary of the Borrower. holds 100% of the   shareholding of Air Travel Bureau Limited. 11.1 Non-payment 11.5 Insolvency   Any Obligor does not pay on the due date any amount payable pursuant to a   Finance Document at the place at and in the currency in which it is expressed   to be payable. No Event of Default will occur under the Finance Documents   including this Agreement if any Obligor repays the payable amount within   seven Business Days' of such due date. (a) Any Obligor or other member of the   Group admits inability to pay its debts as they fall due. suspends making   payments on any of its debts or. by reason of actual or anticipated financial   difficulties. commences negotiations with one or more of its creditors with a   view to rescheduling any of its indebtedness. 11.2 Other Obligations (b) A   moratorium is declared in respect of any indebtedness of the Borrower or any   other member of the Group. Any Obligor does not comply with any provision of   the Finance Documents (other than those referred to in Paragraph 11 1   (Non-payment)) (including but not limited to the delivery of the Letter of   Undertaking to the Lender pursuant to Clause 11.6 (Letter of Undertaking)) or   its obligations with respect to its insurances. No Event of Default will   occur under the Finance Documents including this Agreement if such breach is   remedied within 21 days from the date the Lender gives prior notice of such   breach to the relevant Obligor (save in respect 11.6 Insolvency Proceedings   Any corporate action. legal proceedings or other procedure or step is taken   in relation to: (a) the suspension of payments. a moratorium of any   indebtedness. winding­ up. liquidation. dissolution. administration. judicial   management. provisional of the aforementioned delivery of the Letter   Utilisation pursuant to Clause 11.6 (Letter Undertaking)). of of supervision   or reorganisation (by way of voluntary arrangement. scheme of arrangement or   otherwise) of any Obligor or any other member of the Group, other 11.3   Misrepresentation than a solvent liquidation or Any representation or   statement made or deemed to be made by any Obligor in the Finance Documents   or any other document delivered by or on behalf of any Obligor under or in   connection with any Finance Document is or proves to have been incorrect or   misleading in any material respect when made or deemed to be made.   reorganisation of any member of the Group which is not an Obligor; (b) a   composition or arrangement with any creditor of any Obligor or any other   member of the Group. or an assignment for the benefit of creditors generally   of any 12 

    

 

Obligor or any   other member of the Group or a class of such creditors; Any Transaction   Security is not. or ceases to be, in full force and effect or does not have.   or ceases to have, the ranking and priority it is expressed to have under the   Security Documents. (c) (c) the appointment of a liquidator (other than in   respect of a solvent liquidation of a member of the Group which is not an   Obligor), receiver, administrator, administrative receiver. receiver and   manager, manager, trustee. judicial manager, compulsory manager. provisional   supervisor or other similar officer in respect of any Obligor or any other   member of the Group or any of its respective assets; 11.8 Repudiation Any   Obligor repudiates a Finance Document or any Transaction Security, or evidences   an intention to repudiate a Finance Document or any Transaction Security.   11.9 Expropriation the enforcement of any Security over any (d) assets of any   Obligor member of the Group; or or any other Any seizure, compulsory   acquisition. expropriation, nationalization, intervention. restriction or   other similar action by or on behalf of any Governmental Agency or other   authority or person (whether de jure or de facto). or any step with a view to   the foregoing, is taken in relation to any Obligor or other member of the   Group or any of its respective assets. any acceptance by the courts of any   (e) application by any person to the courts for or in relation to: any   moratorium, stay, or restraining order with regard to any Obligor or any   member of the Group, or any of its respective assets (including without   limitation. in relation to any of the events listed in paragraph (a) to   paragraph (d) above); (i) 11.10 Litigation (a) Any litigation, arbitration,   administrative or other proceedings is commenced in relation to the   transactions contemplated under the Finance Documents or against any Obligor   or any other member of the Group or its respective assets which, if adversely   determined. might reasonably be expected to have a Material Adverse Effect.   (ii) any cram down order in relation to an Obligor or any member of the   Group, and its respective creditors or any class of those creditors   (including without limitation, under section 21 1H or section 2.2X of the   Companies Act); or (b) Any Obligor or other member of the Group fails to pay   or perform or comply with any final judgment or court order. 11.11 Material   Adverse Change (iii) any order for rescue financing (including without   limitation, under section 21E or section 27A of the Companies Act), Any event   or circumstance occurs which the Lender reasonably believe has or is   reasonably likely to have a Material Adverse Effect 11.12 ChangeofControl or   any analogous procedure or step is taken in any jurisdiction. Any Change of   Control (either directly or indirectly) of the Borrower or of any other   person who Controls the Borrower without the prior written consent of the   Lender. No Event of Default will occur under this Paragraph in respect of any   winding up petition which is frivolous or vexatious or is discharged, stayed   or dismissed within 90 days of commencement Structure of the Group 11.13   Unlawfulness and Invalidity 11.7 Any decrease in the cumulative percentage   ownership that the Borrower currently holds in the Guarantor and THCL and any   change in the members of THCL; (a) (a) It is or becomes unlawful for any   Obligor to perform any of its obligations under the Finance Documents to   which it is a party. Any obligation or obligations of any Obligor under any   Finance Document to which it is a party are not, or cease to be or are   alleged by any Obligor not to be. legal. valid. binding or enforceable in   accordance with the terms of that Finance Document (b) Any decrease in the   cumulative percentage ownership that the Guarantor and THCL currently holds   in Yatra Online Private Limited. an Indian corporation and any change in the   members of Yatra Online Private Limited; or (b) 13 

    

 

the Loans in   accordance with Clause 7.2 (Voluntary Prepayment). (c) Any decrease in the   percentage ownership that THCL currently holds in the Guarantor and any   change members of the Guarantor. in the Each Obligor agrees and acknowledges   that an assignment or transfer by the Lender of any of its rights and   obligations under the Finance Documents does not require the consent of the   Borrower or any other Obligor. (b) (d) 11.14 Acceleration On and at any time   after the occurrence of an Event of Default which is continuing. the Lender   may, by notice to the Borrower: 12.2 Sub-Participations without prejudice   outstanding: to any Loans then (a) The Lender may, without the consent of any   Obligor, at any time grant one or more sub­ participations in its rights   and/or obligations under the Finance Documents and no other Party or person   shall be concerned in any way with any sub­ participation so granted. (i)   cancel the Total Commitments (and reduce them to zero). whereupon they shall   immediately be cancelled (and reduced to zero); or 13. CHANGES TO THE   OBLIGORS (ii) cancel any part of any Commitment (and reduce such An Obligor   may not assign or transfer any of its rights or obligations under any Finance   Document, except with the prior written consent of the Lender. Commitment   accordingly), whereupon the relevant part shall immediately be cancelled (and   the relevant Commitment shall be immediately reduced accordingly); and/or 14.   DISCLOSURE OF INFORMATION 14.1 Disclosure of Information Each Obligor hereby   irrevocably (a) (b) declare that all or part of the Loans, authorises the   Lender, its employees or any other person who by reason of their scope of work   or capacity or office have access to the Lender's records. registers or any   correspondence or materials with regard to information relating to any   Obligor. its accounts, its transactions. any Facility, any Finance Document,   any transaction contemplated under the Finance Documents   ("Transactions") and/or any personal data (as defined in the   Personal Data Protection Act 2012 ("PAPA")) provided by any Obligor   to the Lender or which the Lender receives from any other sources without any   obligation of confidentiality or is otherwise collected by the Lender in the   course of any Obligor's relationship with the Lender or together with accrued   interest, and all other amounts accrued or outstanding under the Finance   Documents be immediately due and payable, whereupon they shall become   immediately due and payable; and/or (c) declare that all or part of the   Loans, together with accrued interest, and all other amounts accrued or   outstanding under the Finance Documents be payable on demand, whereupon they   shall immediately become payable on demand by the Lender. 12. CHANGES TO THE   LENDER its Affiliates (collectively. the such "Information"), to   disclose 12.1 Assignments and Transfers by the lender information to (a) any   person to whom such disclosure is permitted or required under any or pursuant   to any court order in which case sufficient notice on the Borrower shall be   provided to defend such disclosure; and (b) to the following parties who   shall (to the extent possible and where such party is not a government   department. agency, ministry, body or statutory board or any relevant   authority) undertake to be bound by the same disclosure restrictions imposed   on such Obligor for the purposes specified in the sub-paragraphs below and   for any and all the Purposes (as defined below): (a) The Lender may: (i)   assign any of its rights; or (ii) transfer by novation any of its rights and   obligations. under the Finance Documents to any person I another bank or   financial institution or to a trust, fund or other entity which is regularly engaged   in or established for the purpose of making, purchasing or investing in   loans. securities or other financial assets provided that no such assignment   or transfer may be made in favour of a competitor of the Borrower and such   assignment under this Clause 12.1 (Assignments and Transfers by the Lender)   will allow the Borrower to prepay (i) Any Obligor or its respective   Affiliates; (ii) any person in connection with a Transfer or proposed   Transfer. A "Transfer" includes any 14 

    

 

any other   dealing by any person whatsoever over or of or with the security; assignment   or transfer of the Lender's rights or obligations. any participation, sub­   participation. transfer of credit or other risk (entirely or in part) or   benefit (entirely or in part) by any means, and entry into any other   contractual relationship, in relation to any Facility and/or the   Transactions: (viii) any insurer. valuer or proposed insurer or valuer for   any security provided for any Facility and/or the Transactions: (ix) any   auditor of any Obligor or any auditor of any Affiliate of any Obligor; (iii)   any person for the purposes of enforcing or protecting its rights or   interests in relation to any (x) any person engaged by the Lender to collect   any sums of money owing from any Obligor to such party, for any purpose in   connection with the collection of such sum; and Facility, any Document.   and/or Transactions; Finance the (iv) any person in connection with any   insolvency proceeding (including, without limitation) judicial management.   winding­ (xi) the Lender, any of its Affiliates or any third-party service   provider engaged by the Lender up, compromise or arrangement. and   receivership) relating to any Obligor or any other person in connection with   in connection with risk management (which includes conflict clearance   exercise). credit approval''. credit exposure monitoring, credit   facility/repayment collection, data processing, cross-selling of products and   pursuing. on behalf of the Lender, further business opportunities. any Facility,   Document Transactions: any Finance and/or the (v) the Commissioner of Stamp   other Duties and any government department. agency, ministry, body or   statutory board or any relevant authority: In this Paragraph 14.1 (Disclosure   of Information), "Purposes" means the core business purposes of the   Lender, and includes the following: (b) any person involved in or connected   to the grant of any Facility by the Lender to any Obligor. the preparation of   any (vi) developing and providing credit facilities, products or services   (whether made available by the Lender or through it). including but not   limited to executing investments, commercial or other transactions and   clearing (i) Finance Document. the performance of any Transaction and/or (as   the case may be) the entry by the Lender into the Transactions (including,   without limitation. legal and other or reporting on these out and   professional advisors and transactions, carrying partners) and any person to   whom any Facility is granted to, and/or (as the case may be) With whom the   Lender may research. planning statistical analysis; or analytics for the   purposes of developing or improving its products, enter into Transactions   services. security. service pursuant to any change in the constitution of any   Obligor; quality, and advertising strategies; any person having or claiming   any interest in any security provided for any Facility, and/or the   Transactions or any person in favour of whom any Obligor is proposing to   create or grant an interest in the security for the purpose of seeking any   consent for the creation or variation of any interest in or increasing the   amount of moneys and liabilities secured or to be secured by any encumbrance   over the security or in connection with any security sharing arrangements   relating to the security or any enforcement of any security or any sale   transfer disposition or (vii) (ii) responding to queries or feedback of any   Obligor or any other person; (iii) addressing or investigating any   complaints, claims or disputes; (iv) verifying the identity of any Obligor   for the purposes of providing credit facilities, products or services;   conducting screenings checks as credit or due may be checks, diligence   required (v) under applicable law. regulation or directive; 15 

    

 

(vi) complying   with all applicable Lender in accordance with this Paragraph 14.1 (Disclosure   of Information). laws, regulations, rules. directives, orders, instructions   and requests from any local or foreign authorities, including regulatory,   governmental, tax and law enforcement authorities or other authorities; (e)   Any consent given pursuant to this Paragraph 14.1 (Disclosure of Information)   in relation to personal data shalf survive death. incapacity, bankruptcy or   insolvency of any such individual and the termination or expiration of this   Agreement or the cancellation. termination or repayment of all or any part of   any Facility and/or the Transactions. (vii) enforcing obligations the Lender;   owed to (viii) complying with obligations and requirements imposed by the   Lender from time to time by any 14.2 Verification by the Lender credit bureau   or credit information sharing services of which it is a member or subscriber;   Each Obligor consents and confirms that the Lender is authorised to verify or   make checks and/or obtain any information and/or confirmation. with or from   any credit reference agencies. and/or from any financial institution. on the   relevant Obligor or any member of the Group as the Lender may deem fit and   for any purposes which the Lender deems fit. (ix) financial reporting.   regulatory reporting, reporting, (including management risk management   monitoring credit record exposures). audit and keeping purposes; 15. PAYMENT   MECHANICS 15.1 Payments to the lender (x) enabling proposed transferee, any   or or actual assignee (a) On each date on which an Obligor is required to   make a payment under a Finance Document. that Obligor shalf make the same   available to the Lender (unless a contrary _indication appears in a Finance   Document) for value on the due date at the time and in such funds specified   by the Lender as being customary at the time for settlement of transactions   in the relevant currency in the place of payment. participant or   sub-participant of the Lender's rights or obligations to evaluate any proposed   transaction; and/or (xi) seeking professional advice. including legal advice.   Without prejudice to the foregoing, the Lender or any of its officers.   employees or agents may disclose any information in connection with any   Obligor or its respective accounts or any Facility or the Finance Documents   or any of the Transactions to any person to whom such disclosure is permitted   or required under any law or pursuant to any court order. (b) Payment shalf   be made to such account in the principal financial centre of the country of   that currency with such bank as the Lender specifies. (c) Upon the occurrence   of an Event of Default. all amounts paid to the Lender under this Deed or   received or recovered by the Lender in exercise of its rights under the   Finance Documents shalf. subject to the rights of any creditors having   priority, be applied in the following order: (c) The above Paragraph 14.1(a)   and Paragraph 14.1(b) (Disclosure of Information) apply to all personal data   provided by any Obligor or otherwise collected by the Lender from any other   sources or in the course of any Obligor's relationship with the Lender or any   of its Affiliates and each Obligor hereby consents. and hereby undertakes.   represents and warrants to the Lender that it has consented. to the collection.   processing, use and disclosure of personal data in accordance therewith. (i)   first. in or towards payment of any fee and any costs. charges and expenses   incurred by the Lender then due and payable under the Finance Documents; If   any Obligor provides the Lender with personal data of any individual   (including. where applicable. its directors. partners. office holders.   officers. employees. agents. shareholders and beneficial owners). such   Obligor hereby undertakes. represents and warrants to the Lender that such   Obligor has obtained such individual's consent for. and hereby consent on   behalf of such individual to. the collection. processing, use and disclosure   of his/her personal data by the {d) (ii) second. in or towards payment of any   interest due and accrued on the Secured Obligations; (iii) third. in or   towards the payment of the principal of the Secured Obligations and any   applicable fees and other charges. in such order as the Lender shalf 16 

    

 

determine in   its sole discretion; and under paragraph (a) above, interest is payable on   the principal or Unpaid Sum at the rate payable on the original due date.   (iv) fourth, in payment of any surplus to the Borrower or any other persons   legally entitled thereto and the Borrower shall remain liable to the Lender   for any deficiency thereof_ 15.7 Currency of Account (a) Subject to   paragraphs (b) and (c) below. US Dollars is the currency of account and   payment for any sum due from an Obligor under any Finance Document. 15.2   Payments to the Borrower (b) Each payment in respect of costs. expenses or   Taxes shall be made in the currency in which the costs. expenses or Taxes are   incurred. Each Utilisation to be made available by the Lender under this   Agreement shall be made available by the Lender to the Borrower by payment to   such account (with a bank in the principal financial centre of the country of   the currency of such Utilisation) as the Borrower may specify in the relevant   Utilisation Request (or as the Borrower may otherwise notify to the Lender be   not less than three Business Days' written notice). (c) Any amount expressed   to be payable in a currency other than US Dollars shall be paid in that other   currency. 15.8 Currency Conversion by the lender 15.3 Payments to an Obligor   Without prejudice to Paragraph 15.7 (Currency of Account) and Paragraph 6.1   (Currency Indemnity) and subject to any other provision in this Agreement to   the contrary. the Lender may convert any monies received or recovered by the   Lender from one currency to another currency at the Lender's spot rate of   exchange (or such other rate of exchange as may be utilised by the Lender in   its discretion) for the purchase of the other currency with the first­   mentioned currency. for the purpose of. or pending the discharge of. any of the   Secured Obligations or any amount outstanding under any of the Finance   Documents. The Lender may (with the consent of the Obligor or in accordance   with Paragraph 16 (Set-Off)) apply any amount received by it for that Obligor   in or towards payment (in the currency and funds of receipt) of any amount   due from that Obligor under the Finance Documents or in or towards purchase   of any amount of any currency to be so applied. 15.4 Partial Payments (a) If   the Lender receives a payment that is insufficient to discharge all the   amounts then due and payable by any Obligor under the Finance Documents, the   Lender shall apply that payment towards the obligations of that Obligor under   the Finance Documents in any order as the Lender considers appropriate. 15.9   Calculations by the lender For the purpose of calculating any amount payable   to or by it or for any other calculations to be made in connection with the   Finance Documents. unless a contrary indication appears in any other terms of   the Finance Documents. the Lender shall be entitled to notionally convert an   amount into a common base currency (decided by the Lender in its discretion),   that notional conversion to be made at the Lender's spot rate of exchange (or   such other rate of exchange as may be utilised by the Lender in its   discretion) at which the Lender is able to purchase the notional base   currency with the currency of such amount at the time at which that   calculation is to be made. (b) Paragraph (a) above will override   appropriation made by an Obligor. any No Set-off by Obligors 15.5 All   payments to be made by any Obligor under the Finance Documents shall be   calculated and be made without (and free and clear of any deduction for)   set-off or counterclaim. 15.6 Business Days 16. SET-OFF Subject to paragraph   (b) below. any payment which is due to be made on a day that is not a   Business Day shall be made on the next Business Day in the same calendar   month (if there is one) or the preceding Business Day (if there is not). (a)   The Lender may set off any matured obligation due from an Obligor to the   Lender under the Finance Documents against any matured obligation owed by the   Lender to that Obligor, regardless of the place of payment. booking branch or   currency of either obligation. If the obligations are in different currencies,   the Lender may convert either obligation at the Lender's spot rate of   exchange (or such other rate of exchange as may be utilised by the Lender in   its discretion) for the purpose of the set-off. Any payment which is due to   be made on a Final Repayment Date that is not a Business Day shall be made on   the preceding Business Day. (b) 17. NOTICES During any extension of the due   date for payment of any principal or Unpaid Sum (c) 17 

    

 

17.1   Communications in Writing 17.4 Electronic Communication Any communication to   be made under or in connection with the Finance Documents shall be made in   writing and, unless otherwise stated, may be made by fax or letter. Any   communication to be made between the Lender and any other Party under or (a)   in connection with the Finance Documents may be made by electronic mail or   other electronic means to the extent that the Lender and the Borrower agree   that, unless and until notified to the contrary, this is to be an accepted   form of communication and if each Party: 17.2 Addresses The address and fax   number (and the department or officer. if any, for whose attention the   communication is to be made) of each Party for any communication or document   to be made or delivered under or in connection with the Finance Documents is   that identified with its name below or any substitute address. fax number or   department or officer as such Party may notify to the other Parties by not   less than five Business Days' prior written notice. notify each other in   writing of their electronic mail address and/or any other information   required to enable the sending and receipt of information by that means: and   (i) (ii) notify each other of any change to their electronic mail address or   any other such information supplied by them by not less than five Business   Days' prior written notice. 17.3 Delivery Any communication or document made   or delivered by one person to another under or in connection with the Finance   Documents will be effective: (a) Any electronic communication made (b) if by   way of fax, only when (i) between the Lender and any other Party will be   effective only when actually received in readable form and in the case of any   electronic communication made by a Party to the Lender only if it is   addressed in such a manner as the Lender shall specify for this purpose. dispatched   with a fax transmission report showing that the entire communication or   document has been transmitted to the (elegant fax number; or (ii) if by way   of letter, only when it has been left at the relevant address or five   Business Days after being deposited in the post postage prepaid in an   envelope addressed to it at that address. (C) Any electronic communication   which becomes effective, in accordance with paragraph (b) above. after 5:00   p.m. (or on a day which is not a working day) in the place of receipt shall   be deemed only to become effective on the following working day in the place   of receipt. and, if a particular department or officer is specified as part   of its address details 17.5 English Language provided under Paragraph 17.2   that (a) Any notice and communication given under or in connection with any   Finance Document must be in English. (Addresses), if addressed to department   or officer. Any communication or document to be made or delivered to the   Lender will be effective only when actually received by the Lender and then   only if it is expressly marked for the attention of the department or officer   identified with the Lender's signature below (or any substitute department or   officer as the Lender shall specify for this purpose). All other documents   provided under or in connection with any Finance Document must be: (b) (b)   (i) in English: or (ii) if not in English, and if so required by the Lender.   accompanied by a certified English translation and. in this case. the English   translation will prevail unless the document is a constitutional, statutory   or other official document. Any communication or document which becomes   effective, in accordance with paragraphs (a) to (c) above, after 5:00 p.m.   (or on a day which is not a working day) in the place of receipt shall be   deemed only to become effective on the following working day in the place of   receipt. (c) 18 

    

 

18.   CALCULATIONS AND CERTIFICATES 22. COUNTERPARTS 18.1 Accounts Each Finance   Document may be executed in any number of counterparts. and this has the same   effect as if the signatures on the counterparts were on a single copy of the   Finance Document. In any litigation or arbitration proceedings arising out of   or in connection with a Finance Document. the entries made in the accounts   maintained by the Lender are prima facie evidence of the matters to which   they relate. 23. THIRD PARTIES RIGHTS {a) Unless expressly provided to the   contrary in a Finance Document. a person who is not a Party has no right   under the Contracts {Rights of Third Parties) Act. Chapter 54B of Singapore   to enforce or to enjoy the benefit of any term of this Agreement. 18.2   Certificates and Determinations Any certification or determination by the   Lender of a rate or amount under any Finance Document is. in the absence of   manifest error. conclusive evidence of the matters to which it relates. 18.3   Notwithstanding any term of any Finance Document. the consent of any third   person who is not a Party is not required to rescind or vary this Agreement   at any time. Day Count Convention {b) Any interest. commission or fee   accruing under a Finance Document will accrue from day to day and is   calculated on the basis of the actual number of days elapsed and a year of   365 days or, in any case where the practice in the Relevant Interbank Market   differs. in accordance with that market practice. 24. GOVERNING LAW This   Agreement and all the rights and obligations of the Parties hereunder are   governed by and construed in accordance with Singapore law. 19. PARTIAL   INVALIDITY If, at any time. any provision of the Finance Documents is or   becomes illegal, invalid or unenforceable in any respect under any law of any   25. JURISDICTION jurisdiction. neither enforceability of the Finance   Documents the legality, validity or remaining provisions of the nor the   legality. validity or 25.1 Jurisdiction {a) The courts of Hong Kong have   exclusive jurisdiction to settle any dispute arising out of or in connection   with this Agreement (including any dispute relating to the existence.   validity or termination of this Agreement) (a "Dispute").   enforceability of such provision under the laws of any other jurisdiction   will in any way be affected or impaired. 20. REMEDIES AND WAIVERS (b) The   Parties agree that the courts of Hong Kong are the most appropriate and   convenient courts to settle Disputes and accordingly no Party will argue to   the contrary. No failure to exercise, nor any delay in exercising, on the part   of the Lender, any right or remedy under the Finance Documents shall operate   as a waiver of any such right or remedy or constitute an election to affirm   any of the Finance Documents. No election to affirm any of the Finance   Documents on the part of the Lender shall be effective unless it is in   writing. No single or partial exercise of any right or remedy shall prevent   any further or other exercise or the exercise of any other right or remedy.   The rights and remedies provided in each Finance Document are cumulative and   not exclusive of any rights or remedies provided by law. 25.2 Consent to   Relief Each Obligor irrevocably and generally consents. in respect of any   proceedings anywhere arising out of or in connection with any Finance   Document. to the giving of any relief or the issue of any process in   connection with such proceedings, including the making. enforcement or   execution against any assets whatsoever (irrespective of their use or   intended use) of any order or judgment which may be made or given in such   proceedings. 21. AMENDMENTS AND WAIVERS {a) Any term of a Finance Document   may be amended or waived only with the prior written consent of the Lender   and the Obligor party to such Financing Document. and any such amendment or   waiver will be binding on all Parties. 25.3 Waiver of Immunities Each Obligor   irrevocably and unconditionally waives. to the fullest extent permitted by   applicable law. with respect to itself and its revenues and assets   (irrespective of their use or intended use), all immunity on the grounds of   sovereignty or other similar grounds from: {b) Any amendment or waiver of any   term of a Finance Document permitted by this Paragraph 21 {Amendments and   Waivers) shall only be effective if made in writing. suit or any other   proceedings or legal process: (a) 19 

    

 

for service of   process in relation to any proceedings before the Singapore courts in   connection with any Finance Document. jurisdiction of any court; (b) relief   by way of injunction or order for specific performance or recovery of   property; (C) 26.2 Without prejudice to any other mode of service allowed   under any relevant law, the Borrower agrees that failure by a Process Agent   to notify the Borrower of the process will not invalidate the proceedings   concerned. attachment of its assets (whether before or after judgment); and   (d) (e) execution or enforcement of any judgment to which it or its revenues   or assets might otherwise be entitled in any proceedings in the courts of any   jurisdiction. 26.3 If any person appointed as a Process Agent for service in   connection with this Paragraph 26 (Service of Process) is unable for any   reason to act as agent for service of process. the Borrower must immediately   (and in any event within fourteen days of such event taking place) appoint   another Process Agent on terms acceptable to the Lender. Failing this. the   Lender may appoint another Process Agent for this purpose. and irrevocably   agrees. to the extent permitted by applicable law. that it will not claim any   such immunity in any proceedings. 26. SERVICE OF PROCESS 26.4 Each Obligor   expressly agrees and consents to the provisions of this Paragraph 26 (Service   of Process) 26.1 Without prejudice to any other mode of service allowed under   any relevant law. each Obligor (other than an Obligor incorporated in   Singapore) irrevocably appoints the Process Agent as its agent where   applicable. \ it \ 20Exhibit 10.29

Non judicial   Indian-Non Judicial Stamp Haryana Government date: 28/08/2017) Certificate No   G0282017H1893 Stamp Duty Paid : 300 GRN No 30084165 Penalty: Seller / First   Party Detail Name. Yatra Online Pvt ltd H.No/Floor Na Sector/Ward : Na LandMark:   Na City/Village Gurugram District: Gurugram State: Haryana Phone 9871372500   Buyer / Second Party Detail f Name : Innoven Capital India pvt ltd H.   No/Floor Na Sector/Ward Na LandMark Na City/Village Gurugram District:   Gurugram State: Haryana Phone 0 Purpose : TERM LOAN AGREEMENT The   authenticity of this document can be verified by scanning this QrCode Through   smart phone or on the website https://egrashry.nic.in This stamp paper Forms   an integral part of the Term Loan Agreement executed by and between Ytra   Online Private Limited, Yatra Online, Inc. and Innoven Capital India Private   Limited on September 12, 2017.

    

 

TERM LOAN   AGREEMENT BY AND BETWEEN INNOVEN CAPITAL INDIA PRIVATE LIMITED AND BORROWER   AND GUARANTOR InnoVen BORROWER

    

 

TABLE OF CONTENTS 1 DEFINITION AND CONSTRUCTION 3 2 TERM LOAN;   DISBURSEMENT TERMS 3 3 PAYMENT OF INTEREST 5 4 OTHER TERMS OF PAYMENTS 6 5   CONDITIONS PRECEDENT 7 6 SECURITY INTEREST 7 7 BORROWER’S COVENANTS 8 8   REPRESENTATIONS AND WARRANTIES 15 9 EVENTS OF DEFAULT 16 10 INNOVEN’S RIGHTS   AND REMEDIES 18 11 AMENDMENTS AND WAIVERS 20 12 INDEMNIFICATION 20 13   MISCELLANEOUS 21 SCHEDULE 1 35 SCHEDULE 2 40 SCHEDULE 3 50 SCHEDULE 4 51   SCHEDULE 5 52 SCHEDULE 6 53 InnoVen BORROWER GUARANTOR 2

    

 

TERM LOAN AGREEMENT THIS TERM LOAN AGREEMENT made on the day,   month and year set out in Schedule 1 Part 1 hereof (this “Agreement”   between the Person(s)/corporation(s) named in Schedule 1 Part 1   hereof (hereinafter referred to as the “Borrower”) of the ONE PART AND Yatra   Online, Inc., a company incorporated under the laws of Cayman Islands,   and having its registered office at c/o Maples Corporate Services Ltd , PO   Box 309, Ugland House, Grand Cayman, KYI-1104 Cayman Islands {hereinafter   referred to as the “Guarantor” which expression shall, unless repugnant to   the context or meaning thereof, include its successors and permitted assigns)   of the SECOND PART. AND InnoVen Capital India Private Limited, a private   limited company incorporated under the Companies Act, 1956 and registered as   a Non-Banking Financial Company within the meaning of the Reserve Bank of   India Act, 1934 having its registered office at 12th Floor, Express Towers,   Nariman Point, Mumbai 400021 (hereinafter referred to as “InnoVen”, which   expression shall, unless it be repugnant to the subject or context thereof,   include its successors and permitted assigns) of the THIRD PART InnoVen, the   Guarantor and the Borrower are hereinafter, where the context so requires,   collectively referred to as the ‘‘Parties” and individually as a “Party” 1   DEFINITION AND CONSTRUCTION 1.1 Definitions. Capitalized terms, unless   defined elsewhere in this Agreement, shall have the meaning assigned to such   terms in Appendix 1 to this Agreement. 1.2 Construction. Unless specified   elsewhere in this Agreement this Agreement shall be interpreted using the   rules of construction as mentioned in Appendix 1 to this Agreement 2   TERM LOAN; DISBURSEMENT TERMS 2.1 Terms of Disbursement and draw downs. 2 1 1   Subject to the terms and conditions set forth in this Agreement and in the   other Loan Documents, InnoVen shall extend the Term Loan to the Borrower   on the First Closing Date up to an aggregate of the principal amount   specified in Schedule 1 Part 1 hereunder The Term Loan shall be utilized   by the Borrower only for the specific Purpose as stated in Schedule 1   Part 1 hereunder, and for no other reason or purpose whatsoever. InnoVen   BORROWER GUARANTOR 3

    

 

2 12 The   Borrower shall, drawdown the Term Loan in 2 (two) tranches (“Tranche/s”) on   or prior to the Last Date of Drawal for each Tranche i.e. the First Closing   Date and the Second Closing Date. At least 7 (Seven) days prior to the   drawdown date of each Tranche, the Borrower shall submit a Confirmation   Certificate in the form provided in Schedule 1 Part 2. Upon InnoVen   being satisfied with the declarations made in the Confirmation Certificate   and at least 2 (Two) Business Days prior to the date of the drawdown of the   First Tranche and the Second Tranche, as the case may be. the Borrower shall   submit a Drawal Request in the form provided in Schedule 1 Part 3, upon   the receipt of which InnoVen shall disburse the First Tranche or the Second   Tranche, as the case may be. Unless InnoVen otherwise agrees, the right to   make the drawal from the Term Loan for both the First Tranche and the Second   Tranche shall cease on September 15, 2017 (each being the “Last Date of   Drawal”) specified in Schedule 1 Part 1 hereunder. 2 1 3 Procedures for   Borrowing. Subject to the prior satisfaction of all other applicable   conditions to the making of the Term Loan disbursement in accordance with the   specific terms set forth in Schedule 1 Part 1 hereunder, the Borrower   shall furnish to InnoVen the Drawal Request, at least 2 (Two) Business Days   prior to the draw down date of each Tranche, in the manner specified in   Schedule 1 Part 3 hereunder; provided each such draw down date is a   Business Day. If InnoVen is satisfied with the declarations made in the   Confirmation Certificate, InnoVen shall credit the First Tranche or the   Second Tranche amount to the designated account of the Borrower on the   relevant draw down date. 2.1 4 The Borrower shall be entitled to avail each   Tranche of the Term Loan up to the Last Date of Drawal for such Tranche/s   provided the Borrower complies and continues to comply with the terms and   conditions contained in this Agreement and the other Loan Documents, and   contingent upon there being no subsisting Event of Default ! 2 Repayment 2.2   1 The Borrower shall and the Guarantor shall cause the Borrower repay the   Term Loan on the Due Date(s), in accordance with the terms set out in   Schedule 1 Part 1 hereof. On the Maturity Date, the entire unpaid Term Loan   Amount together with (a) Interest, (b) Expenses incurred by Innoven   in connection with this Agreement and / or the other Loan Documents and not   reimbursed by the Borrower in accordance with Section 4 1,   (c) Taxes paid by InnoVen and not reimbursed by the Borrower in   accordance with Section 4 1 and (d) such other amounts due to   InnoVen as provided under this Agreement that shall have become due and   payable on Maturity Date/s. If the Due Date in respect of any amounts payable   under the Term Loan falls on a day which is not a Business Day, the   immediately preceding Business Day shall be considered as the Due Date for   such payment InnoVen BORROWER GUARANTOR 4

    

 

2.2.2 Subject   to the provisions of this Agreement, the Borrower may prepay the outstanding   principal amounts of the Term Loan in full or in part, before the Due Date/s,   subject to the Borrower paying the Prepayment Fee in accordance with the   terms set out in Schedule 1 Part 1 hereof, together with any other   Expenses, charges and/ or fees Notwithstanding anything contained   herein, If the Borrower does not receive fresh inflow of at least USD   11,000,000 (eleven million US dollars only) from its GDS service providers by   October 31, 2017, the Borrower shall repay INR 162,500,000 (Rupees one   sixty two million and five hundred thousand only) to InnoVen within 3 (three)   Business Days without any Prepayment Fees obligation as mentioned in this   Agreement 3 PAYMENT OF INTEREST 3 1 The Borrower shall and the Guarantor   shall cause the Borrower pay to InnoVen, Interest on the principal   amounts of the Term Loan at the interest rate, in the manner and on the dates   specified in Schedule 1 Part 1 hereof. 3.2 In the event any monies   remain due and payable by the Borrower to InnoVen under this Agreement and /   or the other Loan Documents or otherwise, InnoVen may, at its sole   discretion, adjust such monies against the amounts available for drawal by   the Borrower on such date, and all such adjustments shall be treated as   drawals by the Borrower Further, all such monies, including Interest, which   have not been paid by the Borrower on the respective Due Date(s), shall carry   further interest at the Default Rate Such interest will be computed from the   respective Due Date(s) and shall become payable with monthly rests, or   such other rests as may be prescribed by InnoVen from time to time, and shall   be payable on the dates specified in Section 3-1 above. The Borrower   hereby expressly acknowledges that the further rates of interest under this   Section 3 2 are reasonable and that they represent genuine pre-estimates   of the loss expected to be incurred by InnoVen in the event of non-payment of   any monies by the Borrower 3 3 The Parties agree that the Term Loan provided   under this Agreement shall carry a fixed rate of Interest in accordance with   Section 7 of Schedule 1 Part 1. The Interest payable by the   Borrower shall be subject to the changes based on applicable guidelines /   directives issued by the RBI from time to time. Accordingly, the Borrower   hereby accepts and acknowledges that InnoVen shall be obliged to give effect   to any revision of interest rates pursuant to applicable guidelines /   directives that maybe issued by the RBI from time to time, and the Borrower   agrees that it shall be bound by all actions taken by InnoVen in this regard   3 4 The Borrower acknowledges that the Term Loan provided under this   Agreement is for a commercial transaction and hereby explicitly waives any   defense that may be available to it under usury or other laws relating to the   charging of interest 3.5 Interest and all other charges shall accrue from day   to day, and shall be computed on the basis of a 365 (Three Hundred and Sixty   Five) day year for the actual number of days elapsed InnoVen BORROWER   GUARANTOR 5

    

 

4 OTHER TERMS   OF PAYMENTS 4.1 The Borrower shall bear all Taxes (including, without   limitation, stamp duty and relevant registration and filing charges in   connection with this Agreement and / or the other Loan Documents) as may be   levied from time to time in respect of or in connection with the Term Loan,   this Agreement and / or the other Loan Documents The Borrower shall also pay   or reimburse all sums paid and / or Expenses incurred by InnoVen (including   stamp duty and legal counsel expenses incurred towards the loan documentation   and such other expenses incurred by or on behalf of their representatives /   consultants / appraiser) in connection with this Agreement and / or the other   Loan Documents, and (b) such other duties, charges and penalties as may   be levied or charged, in connection with the Loan Documents, according to the   Laws for the time being in force. For the avoidance of any doubt, the   Borrower shall not be required to reimburse and/or pay any income taxes   (including any withholding tax obligation) of InnoVen or gross-up any Taxes   that is required to be deducted under applicable Law In the event of the   Borrower failing to pay the monies referred to above, InnoVen may, at   its discretion, decide to make the necessary payments as applicable. The   Borrower shall forthwith and no later than 5 (Five) Business Days from the date   of receipt of a notice of demand from InnoVen in respect thereof   (“Reimbursement Date”), reimburse all sums paid by InnoVen in accordance with   the provisions contained herein. In addition to the said rights, in the event   that the Borrower fails to make the payments under this Section on or   before the Reimbursement Date, then all such sums shall carry interest from   the Reimbursement Date till such sums are duly reimbursed by the Borrower at   the Default Rate and, the payment made to InnoVen in this regard shall   include the aforesaid interest 4 2 AH Taxes required by Law to be paid /   deducted by the Borrower from any amounts of Interest paid or payable under   this Agreement shall be paid by the Borrower to the appropriate authorities   when due, and the Borrower shall within the statutory limits prescribed under   Law, deliver to InnoVen, a certificate of tax deduction at source or any   other evidence prescribed under Law satisfactory to InnoVen that the payment   has been duly remitted to the appropnate authority. 4.3 The Borrower hereby   expressly accepts, declares and confirms that, notwithstanding any of the   provisions of the Indian Contract Act, 1872 or any other applicable Law, or   any terms and conditions to the contrary contained in this   Agreement, InnoVen may, at its absolute discretion, appropriate any   payments made by the Borrower under this Agreement and / or any amounts   realized by InnoVen by enforcement of security or otherwise, towards the dues   payable by the Borrower to InnoVen under this Agreement and / or other   agreements entered into between the Borrower and InnoVen and in any manner   whatsoever. 4 4 Unless otherwise stipulated in Schedule 1 Part 1 hereof,   all monies payable by the Borrower to InnoVen shall be paid into such   account(s) as InnoVen may notify to the Borrower by cash, telegraphic,   telex or mail transfer or by cheque / bank draft drawn in favor of InnoVen on   a scheduled bank and shall be so paid as to enable InnoVen to realize, at   par, the amount on or InnoVen BORROWER GUARANTOR 6

    

 

before the   relevant Due Date Credit for all payments by cheque / bank draft will be   given only on realization or on the relevant Due Date, whichever is later 4.5   Unless an Event of Default has occurred and is continuing, InnoVen shall   apply any funds of the Borrower in its possession, whether from payments, or   proceeds realized as the result of any collection of Receivables, invocation   of the obligations of the Guarantors under the Guarantee, invocation of the   rights available to it under the Deed of Pledge, or other disposition of the   Collateral, first, to Expenses; second, to the interest due upon any of the   Obligations; and third, to the principal of the Obligations and any   applicable fees and other charges, in such order as InnoVen shall determine   in its sole discretion. Any surplus shall be paid to Borrower or other   Persons legally entitled thereto and the Borrower shall remain liable to   InnoVen for any deficiency. In the event an Event of Default has occurred and   is continuing, InnoVen may apply any funds in its possession, whether   from payments or proceeds realized as the result of any collection of   Receivables, invocation of the obligations of the Guarantors under the   Guarantee, invocation of the rights available to it under the Deed of Pledge,   or other disposition of the Collateral, or otherwise, to the Obligations in   such order as InnoVen shall determine in its sole discretion. Any surplus   shall be paid to Borrower or other Persons legally entitled thereto; Borrower   shall remain liable to InnoVen for any deficiency. If InnoVen, in its good   faith business judgment, directly or indirectly enters into a deferred   payment or other credit transaction with any purchaser at any sale of   Collateral, InnoVen shall have the option, exercisable at any time, of   either reducing the Obligations by the principal amount of the purchase price   or deferring the reduction of the Obligations until the actual receipt of the   monies by InnoVen 5 CONDITIONS PRECEDENT 5.1 InnoVen’s obligation to make the   Term Loan shall be subject to the Borrower duly performing and satisfying the   specific conditions precedent as set forth in Schedule 1 Part 1   hereunder to the satisfaction of InnoVen in its sole discretion. 5.2 Upon   fulfillment of the conditions precedent referred to under Section 5.1,   the Borrower shall forthwith issue a written notice to InnoVen, informing   InnoVen about the fulfillment of the said conditions InnoVen, on being   satisfied of the fulfillment of the conditions precedent and all other   conditions under the Loan Documents, shall make the Term Loan disbursement of   each Tranche to the Borrower in accordance with the terms of this Agreement 6   SECURITY INTEREST 6 1 Borrower hereby expressly grants InnoVen, to secure the   payment and performance in full of all of the Obligations, a continuing   security interest, and creates a Lien which shall comprise of pari passu   charge along with the charge created solely in favor of ICICI Bank Limited to   secure the bank guarantee facility from ICICI Bank Limited for the amount of   INR 1,100,000,000 (Rupees one billion and one hundred million only) (“ICICI   Security”), excluding INR 600,000,000 (Rupees six hundred million only)   collateral and cash margin in account no 002105023538 maintained InnoVen   BORROWER GUARANTOR 7

    

 

with ICICI Bank   Limited by the Borrower and any collection account of the Borrower including   account numbers 000705023846 and 031405000890 maintained with ICICI Bank   Limited by way of hypothecation of the Hypothecated Goods (as defined under   the Deed of Hypothecation) in favor of InnoVen (“Hypothecation”), in the   Collateral, wherever located, whether now owned or hereafter acquired or   arising, and all proceeds and products thereof, including the Intellectual   Property and the Intellectual Property Rights of the Borrower in accordance   with the specific terms and conditions set forth under Schedule 1 Part 1   hereunder The Borrower represents, warrants, and covenants that the security   interest, except for the ICICI security, granted herein is and shall, unless   otherwise agreed in writing between the Parties, at all times continue to be   a pari passu security interest in the Collateral (subject only to Permitted   Liens that may have superior priority to Innoven’s security interest under   this Agreement or the Loan Documents) In addition to the above, the Guarantor   has agreed to provide a continuing unconditional guarantee to secure the   Obligations of the Borrower in terms of and pursuant to the Guarantee and in   accordance with the specific terms and condition set forth therein and in the   other Loan Documents Further, the Borrower has agreed to pledge the shares   held by it in the Target Company to secure its Obligations in terms of and   pursuant to the Deed of Pledge and in accordance with the specific terms and   condition set forth therein and in the other Loan Documents 6 2 In the event   that this Agreement is terminated, InnoVen’s Lien in the Collateral, the   guarantee obligations under the Guarantee and the obligations under the Deed   of Pledge shall continue until the Obligations are repaid in full in cash by   the Borrower Upon payment to InnoVen in full and in cash of the Obligations   by the Borrower, InnoVen shall, at Borrower’s sole cost and expense,   (i) release its Lien in the Collateral and all rights therein shall   revert to Borrower, (ii) discharge the Guarantor from the obligations under   the Guarantee; (iii) discharge the Borrower from the obligations under   the Deed of Pledge This Section shall survive the termination of this   Agreement for any reason whatsoever 6.3 The Borrower shall comply / ensure   compliance with the following condition: 6.3.1 particulars of Lien, if   applicable, filed with the concerned Registrar of Companies (“ROC”) and duly   registered forms along with the receipt / ‘challan’ evidencing the payment of   ROC’s fee are handed over to InnoVen. 6.4 The above conditions set forth   herein are in addition to any other conditions and requirements as maybe   prescribed under Schedule 1 Part 1, the other Loan Documents or as may   be directed by InnoVen from time to time, to be fulfilled by the Borrower in   order to perfect InnoVen’s Lien and security interest in the Collateral and /   or InnoVen’s rights under the Guarantee and / or InnoVen’s rights under the   Deed of Pledge. 7 BORROWER’S COVENANTS 7.1 The Borrower shall promptly, where   applicable: InnoVen BORROWER GUARANTOR 8

    

 

7 1 1 Notify   InnoVen in writing if it becomes aware of any fact, matter or circumstance   (whether existing on or before the date of this Agreement or arising   afterwards) which would cause any of the representations and warranties of   the Borrower and / or of the Guarantor under this Agreement or the other Loan   Documents to become untrue or inaccurate or misleading in any material   respect. 7 12 Notify InnoVen in writing if it or the Guarantor has committed   any default or is in breach of any of its covenants under this Agreement or   the other Loan Documents or if it becomes aware of any fact, matter or   circumstance (whether existing on or before the date of this Agreement or   arising afterwards) which may give rise to a possibility of any breach of its   covenants under this Agreement or the other Loan Documents 7 1 3 Notify   InnoVen in writing if it becomes aware of any fact, matter or circumstance   which may have any Material Adverse Change or may give rise to any Material   Adverse Change 7 1 4 Deliver to InnoVen, each of the following a unaudited,   standalone and consolidated monthly financial statements and year-to -date   financial statements of the Borrower (profit and loss, balance sheet) within   30 (thirty) days from month-end; b annual audited financial statements   (consolidated and standalone) of the Borrower, within 180 (one hundred and   eighty) days from the close of the financial year certified by any of the Big   Four Auditors; c annual operating budgets and projections of the Borrower   within 45 (forty five) days of each financial year end; d details of existing   borrowing limits and outstanding (fund and non-fund) within 30 (thirty) days   from month-end; e. month end free and encumbered cash position of the   Borrower within 10 (ten) days of each month end f other such data that   InnoVen may reasonably request towards credit monitoring activities. 7 1 5   Deliver to InnoVen, copies of every notice of default, termination, or material   demand made, against it and/or the Guarantor or by it and/or the Guarantor,   which is. in the opinion of the Borrower, material in nature. It is hereby   clarified that the Borrower shall be required to notify InnoVen about any   action or event, pertaining to or having the effect of revocation,   repudiation, denial or cancellation of any Consent. 7 16 Except as notified   to InnoVen in the Disclosure Letter, notify InnoVen of (i) any action or   steps taken or legal proceedings started by or against the Borrower and/or   the Guarantor in any court of law for its winding-up, dissolution,   administration or InnoVen BORROWER GUARANTOR 9

    

 

reorganization   or for the appointment of a receiver, administrator, administrative receiver,   trustee or similar officer of the Borrower and /or the Guarantor or of any or   all of the Collateral; and / or (ii) any litigation, arbitration,   administrative or other proceedings initiated or threatened (to the knowledge   of the Borrower) against the Borrower and/or the Guarantor or their assets,   in the event amounts involved in such litigation, arbitration or other   proceeding exceed (i) Rs 10,000,000 (Rupees Ten Million only) in case of   customer disputes and (ii) INR 50,000,000 (Rupees Fifty Million only) if   they relate to Tax. 7 1 7 Notify InnoVen of any material loss or damage which   the Borrower may suffer due to any event, circumstances or act of God 7 18   Deliver to InnoVen copies of all material documents dispatched by the   Borrower to its creditors (or any general class of them) at the same time as   they are dispatched to the other creditors. 7 19 Deliver to InnoVen any   information or documents as may be reasonably required by InnoVen in relation   to the Term Loan, from time to time. 7 110 Notify InnoVen in the event the   Borrower and/or the Guarantor contracts, creates. incurs, assumes or suffers   to exist any Further Indebtedness in any manner whatsoever, except   (i) as specifically permitted under this Agreement or (ii) as maybe   specifically approved in writing by Innoven ; or (iii) trade liabilities   and guarantees etc assumed in the normal course of business (but excluding   any liabilities or guarantees relating to Indebtedness from any financial   institutions) 7 2 Affirmative Covenants. The Borrower hereby covenants and agrees   that until the Obligations of the Borrower under this Agreement are fully   paid off-to the satisfaction of InnoVen the Borrower shall comply with the   following: 7 2 1 The Borrower shall maintain its existence, corporate or   otherwise, and right to carry on business and operations and ensure that it   has the appropriate, requisite Consents and is duly qualified to conduct its   business and operations as it is conducted in all applicable jurisdictions   and will obtain and maintain all franchises, consent, approvals, and rights   necessary for the conduct of its business and operations in such   jurisdictions. 7 2 2 The Borrower shall comply with all its obligations under   each Loan Document. 7 2 3 The Borrower shall promptly obtain all necessary   Consents, and shall maintain and comply with the terms of all such Consents,   as maybe necessary for entering into or performing its obligations under this   Agreement and the other Loan Documents or for conducting its business and   operations. 7 2.4 The Borrower shall use the proceeds of the Term Loan for   the Purpose as specified in Schedule 1 Part 1 hereunder InnoVen BORROWER   GUARANTOR 10

    

 

7 2 5 The   Borrower shall ensure that, save as otherwise provided in this Agreement and   the other Loan Documents, its obligations under this Agreement and the other   Loan Documents do and will rank above and prior to all its other present and   future obligations. 7.2 6 The Borrower shall make, and cause each of its   subsidiaries to make, timely payment of all Taxes and shall file all relevant   Tax returns when due The Borrower shall deliver to InnoVen, on demand,   appropriate certificates attesting to such payments The Borrower shall at all   times materially comply with all applicable Laws. 7 2 7 The Borrower shall   obtain the prior written approval of InnoVen for any change or replacement of   its existing auditors, if the proposed auditor is not one of the Big Four   Auditors 7 2 8 The Borrower shall keep its business and the Collateral   insured for risks and in amounts standard for companies in Borrower’s   industry and location, and as InnoVen may reasonably request Insurance   policies shall be in a form and with companies that are satisfactory to   InnoVen. The Borrower shall comply with ail the conditions of the insurance   policies taken by it, and shall promptly pay all premium and other sums   payable for the aforesaid purpose. The Borrower agrees that, in the event of   failure on the part of the Borrower to insure the assets or to pay the   insurance premium or other sums referred to above, InnoVen may at its   sole discretion get the assets insured or pay the insurance premium and other   sums referred to above, as the case may be and take such other actions as   InnoVen may deem prudent The Borrower shall repay all such payments made to the   insurance companies by InnoVen in connection with insuring the assets of the   Borrower. The Borrower shall deliver to InnoVen promptly and in no event.   later than the period specified in Schedule 1 Part 1 hereof, certified   true copies of all policies of insurance. 7 2 9 Borrower shall mortgage any   immovable property, held by the Borrower as on the Closing Date and not   mortgaged to InnoVen as on that date, in favor of InnoVen in such form and   manner as may be decided by InnoVen Such mortgage shall be pari passu with   the ICICI Security. 7 2 10 So long as any monies remain due and outstanding   to InnoVen under the Loan Documents, the Borrower undertakes to notify   InnoVen in writing of all its acquisitions of immovable properties or rights   therein, and as soon as practicable thereafter and in no event later than 30   days from such acquisitions, to make out a marketable title to the   satisfaction of InnoVen and mortgage the same in favor of InnoVen and ICICI   Bank and such other bank and financial institution from whom the Borrower has   availed a credit facility InnoVen BORROWER GUARANTOR 11

    

 

7 2 11 Borrower   shall (i) protect, defend and maintain the validity and enforceability   of its Intellectual Property; (ii) promptly advise InnoVen in writing of   material infringements of its Intellectual Property; and (iii) not allow   any Intellectual Property material to Borrower’s business to be abandoned,   forfeited or dedicated to the public without InnoVen’s written consent. 7 2   12 From the date hereof and continuing through the termination of this   Agreement, the Borrower shall make available to InnoVen, without expense to   InnoVen, in accordance with Clause 7 2.14.2 , Borrower’s books and records,   to the extent that InnoVen may deem them necessary to prosecute or defend any   third-party suit or proceeding instituted by or against InnoVen with respect   to any Collateral or relating to the Borrower and/or the Guarantor and / or   the Target Company. 7 2 13 The Borrower shall ensure that no actions are   performed by the Borrower, which would result in any of the representations   and warranties of the Borrower under this Agreement from being breached or   rendered false, inaccurate or misleading 7 2 14 Records and Inspection: 7.2   14 1 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 of the Borrower relating to the Term Loan   availed under this Agreement. 7 2.14.2 The Borrower shall where applicable:   (i) permit InnoVen and its authorized representatives to carry out   technical, financial and legal inspections of its assets and projects and to   visit and examine any such assets including the assets comprising the   Collateral, and inspect records and documents relevant to the performance of   the Obligations of the Borrower under this Agreement and under the other Loan   Documents. Any such representative of InnoVen shall, with a prior written   notice of 7 (Seven) days, have free access at all reasonable times to the assets,   the place/s at which such assets are situated and shall receive full   co-operation and assistance from the Borrower and its employees;   (ii) Upon the occurrence of an Event of Default, permit any whole-time   officer of InnoVen or a qualified practicing auditor to examine the   Borrower’s books and records and shall provide all facilities to enable any   technically qualified Person engaged by InnoVen to report on the business and   operations of the Borrower at any time 7 2 14 3 Reasonable cost of inspection,   including costs incurred towards travel and all other expenses shall be borne   and payable by the Borrower to InnoVen. 7 2.15 Borrower shall execute any   further instruments and take further action as InnoVen may reasonably request   to perfect or continue InnoVen’s Lien in the Collateral, InnoVen’s   InnoVen BORROWER GUARANTOR 12

    

 

rights under   the Guarantee and the Deed of Pledge or to effect the transactions   contemplated under the Loan Documents 7 2 16 The Borrower shall permit   InnoVen to use the Borrower’s logo in InnoVen’s marketing material 7 3   Negative Covenants. The Borrower hereby covenants and agrees that until all   the Obligations of the Borrower under this Agreement and / or the other Loan   Documents are fully discharged and performed to the satisfaction of InnoVen,   the Borrower shall not, without the prior written approval of InnoVen: 7 3.1   Use the Term Loan for anything other than the Purpose stated in Schedule 1   Part 1. 7 3 2 Engage in or permit any of its subsidiaries to engage in   any business other than the businesses currently (as on the Effective Date)   engaged in by Borrower and such subsidiary, as applicable, or reasonably   related thereto, either alone or in partnership or joint venture with any   other Person, nor acquire any ownership interest in any other entity or   Person or enter into, any profit-sharing or royalty agreement or other   similar arrangement whereby the Borrower’s income or profits are. or might   be, shared with any other entity or Person, except any such profit-sharing or   royalty agreement in the ordinary course of business, or enter into any   management contract or similar arrangement whereby its business or operations   are managed by any other Person. However, InnoVen shall allow any   acquisition of any ownership interest in any other entity or Person within 10   Business Days of intimation and in no event later than at least 14 Business   Days prior to the anticipated date of such acquisition by the Borrower,   pursuant to this Clause 7 3.2. failing which the Borrower shall have the   discretion to prepay the entire outstanding Term Loan, without Prepayment   Fees, in accordance with this Agreement. 7 3 3 Contract, create, incur,   assume or suffer to exist any Indebtedness in any manner whatsoever except as   specifically permitted under this Agreement or as maybe specifically approved   in writing by InnoVen Provided however that in case InnoVen does not allow or   denies any forms of Indebtedness then the Borrower shall have the discretion   to prepay the entire outstanding Term Loan, with Prepayment Fees, in   accordance with this Agreement However, if the proposed Indebtedness is in   the form of issuance of any convertible debt which is junior to the debt   provided to the Borrower under this Agreement which InnoVen does not allow or   denies within a period of 7 Business days of receiving the relevant   intimation from the Borrower, then the Borrower shall have the discretion to   prepay the entire outstanding Term Loan, without Prepayment Fees, in   accordance with this Agreement. It is to be clarified that Borrower shall not   be required to obtain any approval of InnoVen in the event it seeks to   procure the Indebtedness upto the amount of INR 250.000 000 (Indian Rupees   Two Hundred and Fifty Million only) and if such Indebtedness is junior to the   Term Loan InnoVen BORROWER GUARANTOR 13

    

 

7 3 4 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 7.3.5 Undertake or permit any re-organization, re-capitalization,   liquidation, dissolution, merger, de-merger, consolidation, scheme or   arrangement or compromise with its creditors or shareholders or effect any   scheme of amalgamation or reconstruction. 7 3.6 Make any investments whether   by way of loans, or investments in share capital or otherwise, except   investments by way of loans or otherwise made in any Affiliate and joint   ventures of the Company, in any concern or provide any credit or give any   guarantee, indemnity or similar assurance or surety exceeding an amount of   INR 20,000,000 (Rupees Twenty Million only), except as specifically permitted   under this Agreement or as may be specifically approved by InnoVen in writing   which approval. 7.3 7 Reduce its capital or quasi equity (i.e. loans taken   from other group entities) 7 38 Except as specifically permitted under this   Agreement, create or permit to subsist any Encumbrance (save and except for   securing borrowings for working capital requirements in the ordinary course   of business, up to the limit as may be approved by InnoVen in writing) or any   type of preferential arrangement (including retention arrangements or escrow   arrangements having the effect of granting security), in any form whatsoever   on any of the Collateral or the Intellectual Property and the Intellectual   Property Rights of the Borrower or (whether voluntarily or involuntarily)   sell, transfer, grant lease or otherwise dispose of or deal with (or agree to   do any of the foregoing at any future time), all or any of the Collateral or   the Intellectual Property and the Intellectual Property Rights of the   Borrower 7 3 9 Enter into or renew any transaction or arrangement with any   Related Parties, unless entered into in ordinary course of business. 7 3 10   Change its financial year, accounting methods or policies or amend or modify   its Memorandum or Articles of association or such other similar   constitutional documents, if any. except pursuant to any requirement of law,   provided that InnoVen shall not withhold, deny or delay its consent   unreasonably. 7 311 Make any change to its board of directors unless such   change is in relation to the nomination of directors to its board by the   existing investors pursuant to their right to nominate directors under the   Articles of Association or the shareholders agreement(s) entered into by   and between the existing investors and the Borrower or is mandated by the   prevailing law, for which consent shall not be unreasonably withheld by   InnoVen Make any change of the Key Managerial Personnel, unless such change   has been approved by the board of directors of the Borrower InnoVen BORROWER   GUARANTOR 14

    

 

7 4 Financial   Covenants 7.4 1 From the month of September 2017 till Second Tranche   Maturity Date, the Borrower alongwith all the group entities shall ensure: 7   4.1.1 a minimum consolidated unencumbered cash balance of USD 20,000,000 (Twenty   Million Dollars Only) is maintained at the end of each month; If the   liquidity level mentioned in Clause 7.4.1.1 is breached for any month, the   Borrower shall ensure that the consolidated net cash outflow of the Group   during the next month shall be less than or equal to USD 2,500,000 (Two   Million and Five Hundred Thousand Dollars Only) per month until such month   end when the unencumbered cash balance is reinstated to USD 20,000,000   (Twenty Million Dollars Only) or more. It is clarified that the maintenance   of liquidity level in accordance with 7 4.1.1 shall be tested at the end of   every month 7.5 The Borrower acknowledges, agrees and confirms that: 7 5.1   If, at any time during the subsistence of this Agreement and till such time   the Obligations of the Borrower are completely discharged, InnoVen is of   the opinion that (i) the Collateral provided for the Term Loan has   become inadequate to cover the Term Loan then outstanding; and/or   (ii) the Guarantor is in a position that it would be unable to meet its   obligations under the Guarantee; and/or (ii) the Borrower / Target   Company is in a position that it would be unable to meet its obligations   under the Deed of Pledge, then, on InnoVen advising the Borrower to that   effect, the Borrower shall, provide and furnish to InnoVen, to the   satisfaction of InnoVen such additional security as may be acceptable to   InnoVen to cover such deficiency 7 5.2 In the event of any breach of any   representation, warranty, covenant or agreement made or given by the Borrower   under or pursuant to this Agreement or the other Loan Documents, the Borrower   shall indemnify and hold harmless InnoVen to the extent of any or all the   direct losses and or damages suffered or incurred by InnoVen resulting from   or consequent upon or relating to such breach of representation, warranty,   covenants or agreement. 8 REPRESENTATIONS AND WARRANTIES 8.1 The Borrower   makes the representations and warranties as set out in Schedule 2 hereunder   8.2 The Borrower hereby expressly represents and warrants that each of the   representations and warranties set out in Schedule 2 of this Agreement is   true and accurate as on date of this Agreement and shall continue to be true   and accurate as on the First Closing Date and the Second Closing Date, and   nothing contained in the said representations and warranties is / InnoVen   BORROWER GUARANTOR 15

    

 

will be   misleading or designed to create an inaccurate, incomplete or false picture   as on the Effective Date as well as the First Closing Date and the Second Closing   Date. 9 EVENTS OF DEFAULT 9 1 Any one of the following shall constitute an   event of default (an “Event of Default”) under this Agreement: 9 1 1 Default   in the payment of any monies in respect of the Term Loan on the Due Dates   (whether at stated maturity, by acceleration or otherwise) or in the   discharge of any of the Obligations of the Borrower and/or the Guarantor and   / or Target Company under this Agreement or obligations under the Loan   Documents and such Default has continued for five consecutive business days.   9 1 2 Breach of any material representation and / or warranty of the   Borrower. 9.1.3 Violation or breach of any covenant or default in the   performance of any covenant, condition or agreement on the part of the   Borrower under this Agreement or any other Loan Documents and such breach or   violation results in Material Adverse Change. 9.1 4 Any information or detail   provided by the Borrower in its credit application, in the documents and   other information furnished by or on behalf of the Borrower to InnoVen and/or   the Guarantor to InnoVen is or becomes untrue, incorrect or misleading, or a   material representation, warranty or statement made in or in connection with   this Agreement or any other Loan Documents by the Borrower or any other   Person, is untrue, incorrect or misleading in any respect 9.1.5 Any   impairment or depreciation in the value of the Collateral except in ordinary   course of business. 9 1.6 Any breach by the Borrower of its obligations with   respect to insurance coverage of the Collateral under this Agreement or the   other Loan Documents However, it is clarified that the breach of obligations   under other insurances maintained by the Borrower shall not be construed as   an Event of Default under this Section. 9 1 7 The Borrower and/or the Guarantor   and / or the Target Company has voluntarily or involuntarily become the   subject of proceedings under any bankruptcy or insolvency law, or is or will   be voluntarily or involuntarily dissolved, becomes bankrupt or insolvent or   if the Borrower and/or the Guarantor and / or Target Company has taken or   suffered any action for its reorganization, liquidation or dissolution or   insolvency or bankruptcy or if a receiver or liquidator has been appointed or   allowed to be appointed of all or any part of the assets of the Borrower   and/or Guarantor / Target Company or if an attachment or restraint has been   levied on the Borrower’s / Guarantor’s / Target Company’s assets, or the   Collateral (or any part thereof) or certificate proceedings have InnoVen   BORROWER GUARANTOR 16

    

 

been taken or   commenced for recovery of any dues from the Borrower and/or the Guarantor and   / Target Company or if one or more judgments or decrees have been rendered or   entered against the Borrower and/or the Guarantor and / or Target Company and   such judgments or decrees are not vacated, discharged or stayed for a period   of 90 (Ninety) days, and such judgments or decrees involve in the aggregate,   a liability which could have a Material Adverse Change 9 18 lf, in the opinion   of InnoVen, the Collateral is at risk or ceases to have effect or if any of   the Loan Documents furnished becomes illegal, invalid, unenforceable or   otherwise fails or ceases to be in effect or fails or ceases to provide the   benefit of the Lien, rights, powers, privileges or security interests   purported or sought to be created thereby or if any such Loan Documents is   assigned or otherwise transferred, amended or terminated, repudiated or   revoked without the approval of InnoVen. 9 1 9 Any Government takes or threatens   any action: (i) for the dissolution / liquidation / winding up of the   Borrower and/or the Guarantor and / or the Target Company, or any action   which deprives or threatens to deprive the Borrower and/or the Guarantor and   / or the Target Company: (a) from conducting any of its businesses or   carrying out its operations in the manner it is being conducted or carried   out. or (b) of the use of any of its assets or of the Collateral (or any   part thereof); (ii) to revoke or terminate or to refuse to provide or   renew any Consent or to impose onerous conditions in connection with any   Consent or (iii) regulating or imposing any limits on returns achievable   or prices charged by the Borrower and/or the Guarantor in connection with   their respective business; which, in each case, could have a Material Adverse   Change. 9 110 Any Change in Control (either directly or indirectly) of the   Borrower and/or the Guarantor / Target Company, without the prior written   approval of InnoVen which approval shall not be unreasonably withheld by   InnoVen 9 111 The performance of any of the obligations of the parties under   the Loan Documents becomes unlawful or illegal. 9 1.12 This Agreement and/or   any other Loan Document or any provisions thereof are required by any Law to   be amended, waived or repudiated which could have a material adverse effect   on the Obligations 9.1 13 Any obligation under this Agreement and/or any   other Loan Document is rendered invalid, void, illegal, unenforceable or is   repudiated by such Person (other than InnoVen) 9 1 14 An event of default   howsoever described occurs under any other agreement or document relating to   any Indebtedness of the Borrower and/or the Guarantor and / or any   subsidiaries of the Borrower or if any other lenders of the Borrower and/or   the Guarantor and /or any subsidiary of the Borrower including financial   institutions InnoVen BORROWER GUARANTOR 17

    

 

or banks with   whom the Borrower and/or the Guarantor has entered into agreements for   financial assistance have refused to disburse, extend, or have cancelled or   recalled its/their assistance or any part thereof It is hereby clarified that   this Clause 9 1 14 shall be applicable to the Target Company only when the   Borrower acquires 100% of the issued and paid up capital in the Target   Company 9 115 If the Borrower and/or the Guarantor / Target Company ceases or   threatens to cease to carry on any of their respective businesses or gives   notice of its intention to do so or if all or any part of the assets of the   Borrower and/or the Guarantor / Target Company required or essential for its   business or operations are damaged or destroyed, or if the Collateral (or any   part thereof) are damaged or destroyed, or there occurs any change from the   date of this Agreement in the general nature or scope of the business,   operations, management or ownership of the Borrower and/or the Guarantor /   Target Company or one or more events, conditions or circumstances (including   any change in Law), which could have a Material Adverse Change 9 116 The occurrence   of a Material Adverse Effect or the occurrence of one or more events,   conditions or circumstances (including any change in Law), which could result   in a Material Adverse Change 9 2 The Borrower shall promptly notify InnoVen   in writing upon becoming aware of any Event of Default and any event which   may constitute (or, with the giving of notice lapse of time, determination of   materiality or satisfaction of other conditions, would be likely to   constitute) an Event of Default and the steps, if any, being taken to remedy   it 10 INNOVEN’S RIGHTS AND REMEDIES 10.1 Upon occurrence of (a) an Event   of Default relating to payment of any monies in respect of the Term Loan or   Loan Documents, after giving 7 (Seven) business days prior notice (b) in   case of any other Event of Default, after giving 21 (Twenty one) days prior   notice (“Cure Period”) to the Borrower, and without prejudice to the rights   and remedies available to InnoVen under this Agreement or under Law or   equity, InnoVen shall at its option be entitled to take any or all of   the following actions: 10 1.1 terminate the Term Loan and declare all   Obligations under this Agreement and obligations under the Loan Documents   immediately due and payable (provided that if any of the Events of Default   under Section 9.1 6 occurs, then all Obligations under this Agreement   and obligations under the Loan Documents will become immediately due and   payable without any action by InnoVen); and/or 10 12 stop advancing money or   extending credit for Borrower’s benefit under this Agreement or any other   agreement between the Borrower and InnoVen, and terminate the right of the   Borrower to avail of or make drawals from the Term Loan; InnoVen BORROWER   GUARANTOR 18

    

 

10 13 declare   InnoVen’s Lien in the Collateral, in terms of this Agreement and / or the   other Loan Documents to be enforceable, and InnoVen or such other Person in   favor of whom such Lien in the Collateral or any part thereof is created   shall have, inter alia, the following rights (notwithstanding anything to the   contrary in this Agreement and/or the other Loan Documents) (i) to enter   upon and take possession of the assets comprised within the Collateral, and /   or (ii) to transfer the assets comprised in the Collateral, by way of   lease, leave and license, sale or otherwise and / or (iii) to reclaim,   recover, maintain, repair, store, prepare and I or advertise for sale and   sell the Collateral; and/or (iv) to invoke the guarantees provided   pursuant to the Guarantee; and/or (v) to invoke the Deed of Pledge; and/   or 10.1 4 settle or adjust disputes and claims directly with account debtors   for amounts due and if InnoVen considers advisable, notify any Person owing   money to the Borrower, of InnoVen’s security interest in such monies and   verify the amounts of such Receivables After the occurrence of an Event of   Default, any amounts received by Borrower shall be held in trust by Borrower   for InnoVen, and, if requested by InnoVen, Borrower shall immediately deliver   such receipts to InnoVen in the form received from the account debtor, with   proper endorsements for deposit; and/ or 10 15 demand and receive Borrower’s   books of accounts; and/ or 10 1 6 take any action permitted under the   Applicable Law that InnoVen may in its sole discretion deem appropriate;   and/or 10 17 take any and all actions to enforce / invoke the obligations of   the Guarantor under the respective Guarantee, in terms of this Agreement and   / or the other Loan Documents; and/or 10 1 8 take any and all actions to   enforce / invoke the obligations of the Borrower under the Deed of Pledge, in   terms of this Agreement and / or the other Loan Documents. 10.2 In addition   to the rights specified in Section 10 1 above, upon occurrence of any   Event of Default, InnoVen shall, where applicable, have a right to   review the management set up or organization of the Borrower, and if deemed   necessary by InnoVen, require the Borrower to restructure such set up or   organization to the satisfaction of InnoVen. The Borrower hereby agrees to   comply with all such requirements and directions of InnoVen 10 3   Notwithstanding any termination pursuant to the aforesaid provisions or for   any other reason, all the provisions of this Agreement pertaining to the   benefit or protection of InnoVen and its interests shall continue to be in   full force and effect as specifically provided in this Agreement. 10.4 All   Expenses incurred by InnoVen including in connection with,   (i) preservation or enforcement of the Collateral (whether then or   thereafter existing); (ii) collection of amounts due under this InnoVen   BORROWER GUARANTOR 19

    

 

Agreement and   the other Loan Documents, shall be borne by the Borrower; and (iii) any   investigation or enquiry carried out by InnoVen in accordance with this   Agreement. 10.5 Power of Attorney. Borrower hereby irrevocably appoints   InnoVen as its lawful attorney-in-fact, exercisable upon the occurrence and   during the continuance of an Event of Default, to: (a) endorse   Borrower’s name on any cheque or other forms of payment or security;   (b) sign Borrower’s name on any invoice or bill of lading for any   account or drafts against account debtors; (c) settle and adjust   disputes and claims about the Receivables directly with account debtors, for   amounts and on terms InnoVen determines reasonable; (d) make, settle,   and adjust all claims under Borrower’s insurance policies: (e) pay,   contest or settle any Lien, or Encumbrance, in or to the Collateral, or any   judgment based thereon, or otherwise take any action to terminate or   discharge the same; and (f) transfer the Collateral into the name of   InnoVen or a third party as permitted under Law, Borrower hereby appoints   InnoVen as its lawful attorney-in-fact to sign Borrower’s name on any   documents necessary to perfect or continue the perfection of any security   interest regardless of whether an Event of Default has occurred until all   Obligations have been satisfied in full. InnoVen’s foregoing appointment as   Borrower’s attorney-in-fact, and all of InnoVen’s rights and powers, coupled   with an interest, are irrevocable until and upto all Obligations under this   Agreement and obligations under the Loan Documents have been fully repaid and   performed 10 6 So long as InnoVen complies with reasonable and standard   practices regarding the safekeeping of the Collateral in the possession or   under the control of InnoVen, InnoVen shall not be liable or responsible   for: (a) the safekeeping of the Collateral, (b) any loss or damage   to the Collateral; (c) any diminution in the value of the Collateral; or   (d) any act or default of any carrier. warehouseman, bailee, or other   Person Borrower shall bear all risk of loss, damage or destruction of the   Collateral. 11 AMENDMENTS AND WAIVERS Any provision of this Agreement may be   amended or waived if, and only if such amendment or waiver is in writing and   duly signed by both Parties. No waiver by InnoVen of any term or condition of   this Agreement, in any one or more instances, shall be deemed to be or   construed as a waiver of the same or any other term or condition of this   Agreement on any future occasion. No delay in exercising or omitting to   exercise any right, power or remedy accruing to InnoVen upon any default or   otherwise under this Agreement and / or the other Loan Documents shall impair   any such right, power or remedy or shall be construed to be a waiver thereof   or any acquiescence in such default, nor shall the action or inaction of   InnoVen in respect of any default or any acquiescence by it in any default,   affect or impair any right, power or remedy of InnoVen in respect of any   other default. All remedies, either under this Agreement or by Law or   otherwise afforded, will be cumulative and not alternative. 12   INDEMNIFICATION InnoVen BORROWER GUARANTOR 20

    

 

Borrower hereby   expressly agrees to indemnify, defend and hold InnoVen and its directors,   officers, employees, agents, attorneys or any other Person affiliated with or   representing InnoVen harmless against (i) all obligations, demands,   claims, and liabilities (collectively “Claims”) asserted by any other party   in connection with the transactions contemplated by the Loan Documents; and   (ii) all direct losses or Expenses incurred, or paid by InnoVen from,   following, or arising from transactions between InnoVen and the Borrower   (including attorney’s fees and expenses), except for Claims and / or losses   directly caused by InnoVen’s gross negligence or willful misconduct. The   Borrower shall have the right to defend, any legal proceedings initiated by a   third party in connection with such Claims, provided that if InnoVen also   wants to defend the Claim, then the Borrower and InnoVen shall jointly defend   such Claim 13 MISCELLANEOUS 13 1 Notices. Unless otherwise provided herein,   all notices or other communications to be given shall be made in writing and   by letter or facsimile transmission (save as otherwise stated) and shall be   deemed to be duly given or made, in the case of personal delivery, when   delivered; in the case of facsimile transmission, provided that the sender   has received a receipt indicating proper transmission, when dispatched, or,   in the case of a letter, 3 (Three) Business Days after being deposited in the   post (by registered post, with acknowledgment due), postage prepaid, to such   party at its address or facsimile number specified herein or at such other   address or facsimile number as such party may hereafter specify for such   purposes to the other by notice in writing. The addresses referred to above   are: (i) In the case of a notice to InnoVen: INNOVEN CAPITAL INDIA PRIVATE   LIMITED 12th Floor, Express Towers, Nariman Point, Mumbai 400021 Telephone:   +91 22 6744 6516/ +91 22 6744 6512 Facsimile: +91 22 6744 6565 Marked to the   attention of: Ms. Suhani Chhaparwal (ii) In the case of a notice to the   Borrower: At the address specified under Schedule 1 Part 1 hereunder 13   1 1 A notice or other communication received on a day other than a Business   Day, or after business hours in the place of receipt, shall be deemed to be   given on the next following Business Day in such place 13 1.2 The address or   facsimile numbers for serving notices can be changed by any Party by properly   serving notices on the other Parties informing them of the changes of   address. InnoVen BORROWER GUARANTOR 21

    

 

13 13 In the   event that a Party refuses delivery or acceptance of a notice, request or   other communication, under this Agreement, it shall be deemed that the notice   was given upon proof of the refused delivery, provided the same was sent in   the manner specified in this Agreement 13 14 The Borrower acknowledges and   confirms that notice, if any, provided by InnoVen as specified herein above   or in any other manner whatsoever, of any changes in interest rate(s),   charges, costs etc, or any notice from InnoVen for payment of amounts at such   changed rate(s), shall be treated by the Borrower as sufficient and   reasonable notice to the Borrower and InnoVen is not bound to issue any   further notice of such changes to the Borrower 13.2 Confidentiality. InnoVen   shall exercise care while handling any information which has been expressly   indicated by the Borrower to be confidential information However, the   Borrower acknowledges and accepts that InnoVen shall be entitled to disclose   such information (i) to InnoVen’s subsidiaries or Affiliates on a need   to know basis, (ii) to prospective transferees or purchasers of any   interest in the Term Loan, and (iii) as required by Law or any   Government order or direction including disclosure as maybe necessary to   perform or fulfill any requirement specified by the RBI, (iv) as deemed   appropriate by InnoVen, in its sole discretion, while exercising its remedies   under this Agreement or the other Loan Documents or while protecting its   interests under the Loan Documents It is hereby clarified that confidential   information shall not include information: (i) that is in the public   domain; (ii) that was previously known to InnoVen; (iii) that was   disclosed to InnoVen by a third party without any obligations of   confidentiality; and (iv) information disclosed to InnoVen without   confidential or proprietary restriction 13.2.1 Notwithstanding anything   contained in Section 13.2 above, in the Event of Default in payment of   any Obligation of the Borrower under this Agreement, InnoVen shall have   an unqualified right to disclose or publish the details of the default and   the name of the Borrower and of its directors as defaulters in such manner   and through medium as InnoVen / RBI / CIBIL and/or any other credit sharing   agency authorized in this behalf by the RBI 13.2 2 The Borrower hereby agrees   and gives consent for the disclosure by the lender / RBI / CIBIL and/or any   other credit sharing agency authorized in this behalf by the RBI, of all   information and data relating to the Borrower or to the Facility or defaults,   if any, as InnoVen may deem to be appropriate or necessary to CIBIL, or any   institution or any other agencies authorized in this behalf by the RBI. 13   2.3 The Borrower hereby further agrees that: (i) CIBIL, or any institution or   any other agency so authorized by the RBI may use, process the said   information and data disclosed by InnoVen; and InnoVen BORROWER GUARANTOR 22

    

 

(ii) CIBIL,   or any institution or any other agency may furnish on consideration, the   processed information and data or products thereof prepared by them to banks,   financial institutions and other credit grantors as may be specified by the   RBI and/or in this behalf 13.2.4 Nothing contained herein shall effect the   confidentiality obligations of InnoVen as provided for under this   Section 13.2. 13 3 Governing Law This Agreement and the other Loan   Documents shall be governed by and construed in accordance with the Laws of   India 13.4 Dispute Resolution. This Agreement and its performance shall be   governed by and construed in all respects in accordance with the laws of the   Republic of India Any dispute relating to the Term Loan hereunder, or in   respect of any rights, liabilities and obligations arising out of this   Agreement shall be resolved by arbitration by a sole arbitrator appointed by   both Parties. If the Parties are unable to decide on a sole arbitrator, then   each of the parties shall appoint one arbitrator, and the two appointed   arbitrators shall, in conjunction, appoint a third arbitrator, who shall   preside over the arbitration The arbitration proceedings shall be carried out   in accordance with the provisions laid down under the rules of the   (Indian) Arbitration and Conciliation Act, 1996 and follow the procedure laid   down under the rules enacted thereunder, and the place of arbitration   shall be Mumbai. India The arbitration proceedings shall be conducted in the   English language. The Parties shall equally share the costs of the   arbitrator’s fees, but shall bear the costs of their own legal counsel   engaged for the purposes of the arbitration. The Parties agree that the   arbitrators appointed pursuant to this Section 14.4 shall have the right   to apportion cost. 13.5 Survival All covenants, representations, warranties   of the Borrower under this Agreement shall continue in full force and effect   until all Obligations under this Agreement and obligations under the Loan   Documents have been satisfied. The indemnification obligations of the   Borrower shall also survive termination of this Agreement and shall be deemed   to be continuing and in full force and effect, subject to applicable Law   Further, all Sections of this Agreement, which are expressly stated as   surviving termination of this Agreement, shall survive the termination of   this Agreement. 13.6 Time is of Essence. Time is of the essence for the   performance of all Obligations in this Agreement and the other Loan   Documents. 13.7 Severability. Any provision in this Agreement, which is or   may become prohibited or unenforceable in any jurisdiction, shall, as to such   jurisdiction, be ineffective to the extent of such prohibition or   unenforceability without invalidating the remaining provisions of this   Agreement or affecting the validity or enforceability of such provision in   the same or any other jurisdiction Without prejudice to the foregoing, the   Parties will immediately negotiate in good faith to replace such provision   with a proviso, which is not prohibited or unenforceable and has, as far as   possible, the same commercial effect as that which it replaces InnoVen   BORROWER GUARANTOR 23

    

 

13 8   Counterparts. This Agreement may be signed in counterparts as necessary, each   of which shall be deemed to be an original, and all of which together shall   constitute one and the same instrument 13.9 Attorney’s Fees. Costs and   Expenses. In any action or proceeding between the Borrower and InnoVen arising   out of or relating to the Loan Documents., the prevailing Party shall be   entitled to recover its attorney’s fees and other costs and expenses   incurred, in addition to any other relief to which it may be entitled 13 10   Assignability. 13 10 1 The Borrower shall not assign or transfer all or any   of its rights, benefits or obligations under this Agreement and the other   Loan Documents without prior written approval of InnoVen. InnoVen may.   however, at any time, assign or transfer all or any of its rights, benefits   and obligations under this Agreement and the other Loan Documents.   Notwithstanding any such assignment or transfer by InnoVen, the Borrower   shall, unless otherwise notified by InnoVen. continue to make all payments   under this Agreement and the other Loan Documents to InnoVen. 13 10 2 Without   prejudice to the aforesaid provision, InnoVen may (at its sole   discretion), without notice to the Borrower, share the credit risk of the   whole or a part of the Term Loan with any other bank or financial institution   by way of participation. Notwithstanding such participation, all rights,   title, interests, special status and other benefits and privileges enjoyed or   conferred upon or held by InnoVen under this Agreement and the other Loan   Documents shall remain valid, effective and enforceable by InnoVen on the   same terms and conditions and the Borrower shall continue to discharge in   full all its obligations in favor of InnoVen. The Borrower shall not have and   shall not claim any privity of contract with such participating bank or   financial institution on account of any reason whatsoever 13.10 3 Any   assignment by InnoVen in accordance with Sections 13.10 1 and 14 102 shall be   subject to the following: (i) In case of prepayment, the restrictions   specified in Section 9 of Schedule 1 Part 1 hereunder shall not   apply and the Borrower shall not be liable to pay any Prepayment Fees; and   (ii) InnoVen shall not be entitled to assign the Loan Documents including   specifically its rights, benefits and obligations thereunder to a Competitor   13.11 Term. This Agreement shall become effective from the date of its   execution and shall be in full force and effect till all the Obligations of   the Borrower under this Agreement and the Loan Documents are fully paid off   and discharged to the satisfaction of InnoVen 13.12 Entire Agreement. This   Agreement and all exhibits, gnnexure(s) and schedules hereto embody the   complete agreement and understanding among the Parties with respect to the   matters InnoVen BORROWER GUARANTOR 24

    

 

covered therein   and supersede and preempt any prior understandings, agreements or   representation by or among the Parties, written or oral, which may have   related to such matters. [Signature page follows] InnoVen BORROWER   GUARANTOR 25

    

 

IN WITNESS   WHEREOF, each of the aforenamed Parties has signed and executed this   Agreement, and all the original copies hereto, on the date first above   written. FOR INNOVEN NAME: DESIGNATION : PLACE I DATE: BORROWER NAME:   ALOKVA1SH DESIGNATION: CFO PLACE :GURGAON DATE: GUARANTOR NAME: ALOKVAISH   DESIGNATION: CFO PLACE : GURGAON DATE: InnoVen BORROWER GUARANTOR 26

    

 

APPENDIX 1   DEFINITIONS AND CONSTRUCTION 1.1 Definitions: In this Agreement, the   following terms when capitalized shall have the meaning set out as follows:   1.1.1 “Accounts Date” means March 31, 2017 1 1.2 “Agreement” or “Term   Loan Agreement” means this Agreement entered hereto and as amended from time   to time and shall include all the Schedules, Annexures and Exhibits to this Agreement   113 “Affiliate” of any Person is a Person that owns or Controls directly or   indirectly the Person, any Person that Controls or is Controlled by or is   under the common Control with the Person, and each of that Person’s senior   officers who report to the board of directors, directors, partners and, for   any Person that is a limited liability company, that Person’s managers and   members. 114 Big Four Auditors” shall mean Pricewaterhouse Coopers, Deloitte   Haskins & Sells, Ernst & Young and KPMG and their respective   Indian affiliates 1 1 5 “Borrower” is as defined under Schedule 1 Part 1   to this Agreement. 1 1 6 “Business Day” means any day on which Banks are open   for business in Mumbai, India, not being a Saturday, or a Sunday, or a public   holiday 1 1.7 “Change in Control” shall be deemed to have occurred if any   third party acquires Control over the Borrower 118 “CIBIL” means Credit   Information Bureau (India) Limited. 119 “Collateral” is any and all   properties, rights and assets of Borrower described under Section 10 of   Schedule 1 Part 1. 11.10 “Competitor” shall mean any Person (“Subject   Person”) engaged in the business of travel, holiday and hotel bookings or any   other similar activity and shall include any Person who Controls the Subject   Person or is Controlled by the Subject Person 1.1.11 “Confirmation   Certificate” shall mean the certificate issued by the Borrower to InnoVen, in   accordance with Section 2 hereunder 1 1 12 “Consent” means any permit,   permission, license, approval, authorization, consent, clearance, waiver no   objection certificate or other authorization of whatever nature InnoVen   BORROWER GUARANTOR 27

    

 

and by whatever   name called which is required to be granted by the Government, the RBI, or   any other authority or under any applicable Law 1 1 13 “Control” (including,   with its correlative meanings, the terms “is controlled by” or “under common   control with”), as used with respect to any Person, means (i) in the   case of corporate entities, direct or indirect ownership of more than 50%   (fifty percent) of the stock or voting shares, and (ii) in the case of   other entities, direct or indirect ownership of more than 50% (fifty percent)   of the equity interest, and/or shall include (Hi) the power to direct the   management and policies of a Person, whether by way of contract or otherwise.   1.1.14 “Cure Period” shall have the meaning ascribed to it under   Section 10 1 of this Agreement 1 1.15 ‘Deed of Hypothecation” means the   hypothecation agreement dated September 12, 2017, entered into between   the Borrower and InnoVen for hypothecation of Hypothecated Goods by the   Borrower in favour of InnoVen, pursuant to this Agreement 1116 “Deed of   Pledge” means the pledge agreement dated September 12, 2017 entered into   between the Borrower and InnoVen whereby the Borrower has pledged all the   shares held by it in the Target Company in favour of InnoVen to secure its   Obligations under this Agreement and the other Loan Documents. 1.1.17   “Default Rate” means an additional monthly interest of 1% (One percent)   compounded on an annual basis on all unpaid amounts, calculated from the Due   Date up to the date of payment of all amounts due under the Sanction Letter   and this Agreement 1.118 “Disclosure Schedule” means the disclosure schedule   containing exceptions to the representations and warranties of the Borrower   set out in Schedule 2 hereto and annexed hereto as Schedule 3. 1 1 19 “Drawal   Request” means the request made by the Borrower to InnoVen, in accordance   with Section 2 of this Agreement 1.1.20 “Due Date” means the   date(s) on which any amounts in respect of the Term Loan including   principal, interest or other monies, fall due in terms of this Agreement and   / or the other Loan Documents 1 1.21 “Encumbrance” shall mean any Lien,   equitable interest, assignment by way of security, conditional sales   contract, hypothecation, right of other Persons, claim. encumbrance, title   defect, title retention agreement, voting trust agreement, interest, option,   commitment, restriction or limitation of any nature whatsoever, including   restriction on use, voting rights, transfer, receipt of income or exercise of   any other InnoVen BORROWER GUARANTOR 28

    

 

attribute of   ownership, right of set-off, any arrangement (for the purpose of, or which   has the effect of, granting security), or any other security interest of any   kind whatsoever, or any agreement, whether conditional or otherwise, to   create any of the same. 1.1.22 “Event of Default” means any of the Events of   Default specified in Section 9 of this Agreement. 1 1 23 “Expenses”   shall include all reasonable audit fees and expenses, costs and expenses   (including attorney’s fees and expenses) for preparing, negotiating,   administering, defending and enforcing the Loan Documents (including, without   limitation, those incurred in connection with appeals or insolvency /   bankruptcy proceedings or in connection with any actions taken by InnoVen   upon occurrence of an Event of Default) or otherwise incurred with respect to   the Borrower and / or the Term Loan 1.1 24 “First Closing Date” shall, unless   otherwise agreed to by InnoVen in writing, mean the date on which the   Conditions Precedent for drawal of First Tranche under Section 12 of   Schedule 1 Part 1 hereunder, are fulfilled by the Borrower to the   satisfaction of InnoVen 1 1 25 “First Tranche” shall have the meaning   ascribed to it in Section 3(A)(i) of Schedule 1 Part 1 herein   1 1 26 “Government” means the President of India, the Government of India,   the Governor and the Government of any State of India, any Ministry or Department   of the same and any authority exercising powers conferred by Law. 1 1.27   “Group” includes the Guarantor, Borrower, and their subsidiaries and any   other entity under common control of the Guarantor or Borrower, from time to   time. 1 1.28 “Guarantee” means the guarantee agreement dated   September 12, 2017 entered into between the Guarantor, the Borrower and   InnoVen whereby the Guarantor guarantees to fulfill all the Obligations of   the Borrower, in the event, the Borrower fails to fulfill the Obligations,   and is entered into pursuant to this Agreement and the other Loan Documents.   1 1.29 “Guarantor” means Yatra Online, Inc. a company incorporated under   the laws of Cayman Island and having its registered office at c/o Maples   Corporate Services Ltd., PO Box 309, Ugland House, Grand Cayman, KYI-1104   Cayman Islands 1 1 30 “Hypothecated Goods” shall have the meaning ascribed to   such term in the Deed of Hypothecation. 1 1 31 “Indebtedness” means any   indebtedness whatsoever of the Borrower at any time for or in respect of   monies borrowed contracted to be borrowed or raised (whether.or not InnoVen   BORROWER GUARANTOR 29

    

 

for cash   consideration) or financial liabilities contracted by whatever means   (including, without limitation, liabilities under guarantees, indemnities   (provided to trade vendors and customers in the ordinary course of business),   acceptance, credits, deposits, hire-purchase and leasing in the ordinary   course of business, obligations evidenced by debentures, bonds or similar instruments).   1.1.32 “Intellectual Property” includes ideas, concepts, creations,   discoveries, inventions, improvements, know how, trade or business secrets;   trademarks, service marks, designs, domain names, utility models, tools,   devices, models, methods, procedures, processes, systems, principles,   synthesis protocol algorithms, works of authorship, flowcharts, drawings,   books, papers, models, sketches, formulas, teaching techniques, proprietary   techniques, research projects, and other confidential and proprietary   information, databases, data, documents, instruction manuals, records,   memoranda, notes, user guides; in either printed or machine-readable form,   whether or not copyrightable or patentable or protectable under any other   intellectual property law, or any written or verbal instructions or comments   1.1 33 ‘Intellectual Property Rights’ include (i) all rights, title, and   interest under any statute or under common law including patent rights;   copyrights including moral rights; and any similar rights in respect of   Intellectual Property, anywhere in the world, whether negotiable or not;   (ii) any licenses, permissions and grants in connection therewith;   (iii) applications for any of the foregoing and the right to apply for   them in any part of the world; (iv) right to obtain and hold appropriate   registrations in Intellectual Property anywhere in the world and.   (v) all extensions and renewals thereof (vi) causes of action in   the past, present or future, related thereto including the rights to damages and   profits, due or accrued, arising out of past, present or future infringements   or violations thereof and the right to sue for and recover the same. 1 1 34   “Interest” shall mean the interest payable by the Borrower on the Term Loan   at the rate and in accordance with the specific conditions set forth in   Schedule 1 Part 1 hereunder 1.1.35 “Key Managerial Personnel” shall mean   Dhruv Shringi,and Mr. Alok Vaish 1 1 36 “Law” includes all applicable   statutes, enactments, acts of legislature or parliament, laws, ordinances, rules,   bye-laws, regulations, notifications, guidelines, policies, directions,   directives and orders of any Government, Governmental authority, statutory   authority, tribunal, board, court or recognized stock exchange 1 1 37 “Last   Date of Drawal” shall have the meaning ascribed to it in Section 2.1.2   of the Agreement 1 1 38 “Lien” is a lien, mortgage, deed of trust, charge,   pledge, security interest or other Encumbrance InnoVen BORROWER GUARANTOR 30

    

 

1.1.39 “Loan   Documents” include this Agreement credit application, Guarantee. Deed of   Hypothecation, Deed of Pledge, and all other agreements, instruments,   undertakings, indentures, deeds, writings and other documents (whether   financing, security or otherwise, including without limitation any documents   creating a Lien in favor of InnoVen) executed or entered into, or to be   executed or entered into, by the Borrower or as the case may be. any other   Person, in relation, or pertaining, to the transactions contemplated by, or   under this Agreement and/or the other Loan Documents, and each such Loan   Document as amended from time to time. 1 1.40 “Material Adverse Change” means   (i) a material impairment, in the opinion of InnoVen, in the perfection   of InnoVen’s Lien in the Collateral or in the value of such Collateral   (ii) a material adverse change, in the opinion of InnoVen, in the   business. operations or condition (financial or otherwise) of the Group;   (iii) a material impairment of the prospect of repayment of any portion   of the Obligations in the opinion of InnoVen. 1.1.41 “Maturity   Date’(1) shall mean the earliest of (i) the maturity dates for the   First Tranche or the Second Tranche specified under Schedule 1 Part 1   hereunder or (ii) the occurrence of an Event of Default 1.1 42 “Obligations”   are Borrower’s obligation to pay when due any debts, principal, interest,   Expenses and other amounts Borrower owes InnoVen now or later, whether under   this Agreement, the Loan Documents, including without limitation, , if any,   and including interest accruing after insolvency proceedings begin and debts,   liabilities, or obligations of Borrower assigned to InnoVen, and the   performance of Borrower’s duties under the Loan Documents 1 1 43 “Permitted   Lien” shall mean a Lien to any person other than InnoVen, expressly agreed to   by InnoVen in writing pnor to the creation of such Lien, including any other   lien that has been approved by InnoVen, which shall include but not be   limited to: (a) Liens existing on the Effective Date and disclosed to InnoVen   in writing; (b) Liens for taxes, fees, assessments or other government   charges or levies, either not delinquent or being contested in good faith and   for which Borrower maintains adequate reserves on its books of accounts; 1 1   44 “Person” includes an individual, statutory corporation, company, body   corporate, partnership, joint venture, association of persons, hindu   undivided family (HUF), societies (including co-operative societies), trust,   unincorporated organization, government (central, state or otherwise),   sovereign state or any agency, department, authority or political subdivision   thereof, international organization, agency or authority (in each case,   whether or not having separate, legal personality) and shall include their   respective successors and assigns and in case of an individual shall InnoVen   BORROWER GUARANTOR 31

    

 

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. 1.1 45   “Promoter” shall refer to any individual/entity named as the promoter in the   annual return of the Borrower or who exercises Control over the affairs of   the company either directly or indirectly. 1.1.46 Purpose” means the   purpose(s) for which the Term Loan has been granted to the Borrower by   InnoVen and which is more particularly specified in Schedule 1 Part 1   hereof 1-1.47 RBI” means Reserve Bank of India. 1.1.48 “Receivables” shall   include, without limitations, all accounts receivables and other sums owing   to the Borrower. 1.1 49 “Related Party(ies)” shall mean any of the following:   a any director, shareholder of the Borrower holding more than 5% (Five   percent) of the fully paid up share capital of the Borrower and their   respective Relative(s) (as the term “Relative” is defined under the   Companies Act, 2013); and/or b any Affiliate and any associated enterprise   (as defined under Section 92A of the Income Tax Act, 1961) of any of the   foregoing including the Borrower 1.1.50 “Rupees” or “Rs.” or   (H)INR(n) means Indian rupees, the lawful currency of India for the time   being 1.1.51 “Sanction Letter(1) means the letter dated August 28,   2017 signed by the Parties specifying the terms on which the Term Loan is   granted to the Borrower. 1.1 52 “Second Closing Date” shall, unless otherwise   agreed to by InnoVen in writing, mean the date on which the Conditions   Precedent for drawal of Second Tranche under Section 13 of Schedule 1   Part 1 hereunder, are fulfilled by the Borrower to the satisfaction of   InnoVen. 1.1.53 “Second Tranche” shall have the meaning ascribed to it in   Section 3(A)(ii) of Schedule 1 Part 1 herein. 1.1 54 “Target   Company” means Air Travel Bureau Limited 1.1.55 “Taxes” means all present and   future income and other taxes, levies, rates, imposts, duties deductions,   charges and withholdings whatsoever imposed by any Government or authority   having power to tax and all penalties, fines, surcharges, InnoVen BORROWER   GUARANTOR 32

    

 

interest or   other payments on or in respect thereof and “Tax” and “Taxation” shall be   construed accordingly. 1 1.56 “Term Loan” means the loan made by InnoVen   pursuant to Section 2.1 of this Agreement in accordance with the   specific terms and conditions set forth under Schedule 1 Part 1 of this   Agreement. 1 1 57 “Term Loan Amount” means the amount of Term Loan as   specified under Schedule 1 Part 1 hereunder and extended by InnoVen to   the Borrower under this Agreement and shall as the context may permit or   require, mean any or each of such Term Loan or so much thereof as may be   outstanding from time to time. 1 2 Construction: In this Agreement, unless   the contrary intention appears, 12 1 A reference to: 1 2 11 “agreement /   document I undertaking / deed / instrument I 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; 12 12 “assets” includes all properties whatsoever both   present and future, (whether tangible, intangible or otherwise), investments,   including actual bank balances and deferred revenues, rights, benefits,   interests and title of every description; 12 13 “authorization” includes an   authorization, consent, clearance, approval permission, resolution, license,   exemption, filing and registration; 1 2 1.4 “repayment” includes repaid,   repayable, repay; 12 15 “Schedules” includes all Schedules to this Agreement;   12 16 a Sub-clause, Section or a Schedule of this Agreement shall denote   a reference to such Sub-clause, Section or Schedule as specified, of   this Agreement; 12 17 the singular includes the plural (and vice versa) 12 18   a gender shall include references to the female, male and neuter genders 12 2   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. InnoVen BORROWER GUARANTOR 33

    

 

1 2.3 Reference   to the words “include” or “including” shall be construed without limitation.   The interpretation of general words shall not be restricted by words   indicating a particular class or particular examples. 12 4 All approvals,   permissions, consents or acceptance etc required from InnoVen for any matter   under this Agreement shall require the prior and written approval,   permission, consent or acceptance of InnoVen, unless otherwise specified. 1 2   5 The words ‘hereof, ‘herein’, and ‘hereto’ and words of similar import when   used with reference to a specific Section or Sub-clause in, or Schedule   to, this Agreement shall refer to such Section or Sub-clause in., or   Schedule to this Agreement, and when used otherwise than in connection with   specific Sections, Sub-clauses or Schedules, shall refer to this Agreement as   a whole. 1 2.6 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 1 2 7 The   word “drawals”, “draw” and “drawn” shall include disbursements / drawings   from time to time under the relevant Term Loan and/or issuance of bank   guarantees and / or letters of credit and / or co-acceptance / acceptance of   bills by InnoVen 1 2.8 With respect to capitalized terms (i) all   capitalized terms used but not specifically defined herein shall have the   respective meanings ascribed to them under the relevant Schedule(s);   (ii) all capitalized terms used but not specifically defined in a   Schedule shall have the respective meanings ascribed to them in the main body   of this Agreement or in the other relevant Schedule(s) 12 9 Unless otherwise   specified, time periods within or following which any payment is to be made   or act is to be done shall be calculated by excluding the day on which the   period commences and including the day on which the period ends and by   reducing the period to the preceding Business Day if the last day of the   period is not a Business Day; 1.2 10 Whenever any payment to be made or   action to be taken under this Agreement is required to be made or taken on a   day (“Scheduled Day”) other than a Business Day, such payment shall be made   or action taken on the Business Day immediately preceding such Scheduled Day   InnoVen BORROWER GUARANTOR 34

    

 

SCHEDULE 1   PART1 SPECIFIC DETAILS OF BORROWER AND TERM LOAN 1 DATE OF EXECUTION OF THIS   AGREEMENT (“Effective Date”) The Twelfth Day of September, Two Thousand and   Seventeen 2 DETAILS OF THE BORROWER Yatra Online Private Limited, a company   within the meaning of the Companies Act, 1956 and having its registered   office at B2, 202, 2nd Floor, Marathon Innova, Marathon Nextgen Complex, Off.   Ganpatrao Kadam Marg. Lower Parel (W), Mumbai Maharashtra 400013 The   expression “Borrower” shall, unless it be repugnant to the subject or context   thereof, include its successors and permitted assigns 3 AMOUNT OF THE TERM   LOAN The aggregate amount of the Term Loan shall be INR 495,000,000 (Rupees   Four Hundred and Ninety Five Million Only) to be made available by InnoVen to   the Borrower in 2 (Two) Tranches in the following manner (i) INR   320,000,000 (Rupees Three Hundred and Twenty Million Only) (“First Tranche”)   and (ii) INR 175,000.000 (Rupees One Hundred and Seventy Five Million   Only) (“Second Tranche”), respectively subject to the Borrower complying with   the provisions of this Agreement and the other Loan Documents 4 MATURITY DATE   AND LAST DATE OF DRAWAL Unless otherwise agreed to by InnoVen in writing, the   right to make the drawal from the Term Loan for the First Tranche and the   Second Tranche shall cease on September 15, 2017 (“Last Date of Drawal”)   Unless otherwise agreed to by InnoVen in writing, the maturity date of the   First Tranche of the Term Loan shall be the earlier of   (i) January 01, 2020, or (ii) occurrence of an Event of   Default (“First Tranche Maturity Date”). Unless otherwise agreed to by   InnoVen in writing, the maturity date of the Second Tranche of the Term Loan   shall be the earlier of (i) August 01, 2019 or (ii) occurrence   of an Event of Default (“Second Tranche Maturity Date”). 5 PURPOSE OF THE   TERM LOAN The Term Loan shall only be used for general corporate purposes. 6   BORROWER’S CONTACT DETAILS FOR NOTICES BORROWER: InnoVen BORROWER GUARANTOR   35

    

 

Yatra Online   Private Limited, Address: 1101-03, Tower B, 11th Floor, Unitech Cyber Park,   Sector-39, Gurgaon-122001 Attention: Mr Alok Vaish Telephone No : +91 124   3395575 Fax No +91 124 3395500 E-mail ID: alok.vaish@yatra.com 7 RATE OF   INTEREST The Borrower shall pay to InnoVen interest on the principal amount   of the Term Loan outstanding from time to time on the 1st (first) day of each   calendar month. The outstanding Term Loan shall accrue interest on a monthly   basis from the date of the disbursement of the relevant Tranche, as the case   may be, at a fixed rate of 14 75% (Fourteen and seventy five percent) per   annum (the “Interest”). 8 REPAYMENT Subject to Repayment Moratorium, the   Borrower shall be obligated to repay the amounts under the Term Loan payable   monthly till the applicable Maturity Date Provided further that on each of   the Due Dates, the Borrower shall, without any notice or demand from InnoVen.   repay / pay such amounts of the Term Loan which are due, together with all   interest, costs, charges, expenses and other monies payable in respect of the   Term Loan which is due and payable on such Due Date. The Borrower shall be   provided a moratorium on the repayment of the principal amount ending on   (i) November 30, 2017 for the First Tranche; and   (ii) September 30, 2017 for the Second Tranche (“Repayment   Moratorium”) It is clarified that the moratorium provided above is only with   respect to repayment of the principal amount of the Term Loan and the   Borrower shall be liable to pay the Interest to InnoVen during the respective   repayment moratorium periods Provided further that the Borrower will have the   option to prepay the outstanding amount after July 31, 2018 for the   First Tranche and the Second Tranche giving InnoVen at least 15 (Fifteen)   Business Days’ prior written notice Such prepayment shall attract prepayment   fees of 1 5% (One Point Five percent) (“Prepayment Fees’) of the outstanding   principal amount Any such notice of prepayment, once given, shall be   irrevocable, and the Borrower shall be bound to make the prepayment of the   amount(s) specified therein. For the avoidance of doubt, it is hereby   clarified that the Borrower shall not be allowed to prepay the outstanding   principal amount for First Tranche and Second Tranche prior to   August 01. 2018. InnoVen BORROWER GUARANTOR 36

    

 

9 A FRONT END   FEE The Borrower shall pay to InnoVen a non-refundable front end fee equal to   INR 3,200,000 (Rupees Three Million and Two Hundred Thousand only) on the   First Closing Date and INR 1,750,000 (Rupees One Million and Seven Hundred   Fifty Thousand only) on the Second Closing Date and such front end fee   payable shall be exclusive of all applicable Taxes and statutory levies   thereon. 10 SECURITY 10.1 Pursuant to Section 6 of the Term Loan   Agreement, and to secure the performance of all the obligations of the   Borrower under the Loan Documents, the Borrower hereby creates a Lien in the   Collateral in favor of InnoVen The Lien shall comprise of pari passu charge   by way of hypothecation on the Hypothecated Goods (the “Collateral”) In   addition to the above, (i) the Guarantor shall provide a continuing   unconditional guarantee to secure the Obligations of the Borrower in terms of   and pursuant to the Guarantee as well as the other Loan Documents and   (ii) the Borrower shall pledge the shares held by it in the Target   Company in terms of and pursuant to the Deed of Pledge as well as other Loan   Documents 10.2 The specific terms and conditions of the security interest and   Lien created on the Collateral by the Borrower in favor of InnoVen, the   guarantee to be provided by the Guarantor as well as the Deed of Pledge are   set forth in the Deed of Hypothecation, the Guarantee and the Deed of the   Pledge annexed to the Term Loan Agreement as Schedule 4, Schedule 5 and   Schedule 6 respectively 11 CONDITIONS PRECEDENT TO DRAWAL OF FIRST TRANCHE   InnoVen’s obligation to extend the initial Advance to the Borrower is subject   to the condition precedent that InnoVen shall have received, in form and   substance satisfactory to InnoVen, such documents, and completion of such   other matters, as InnoVen may reasonably deem necessary or appropriate,   including, without limitation: I Borrower shall have delivered duly executed   original signatures to the Term Loan Agreement and Loan Documents to which it   is a party; II. Borrower shall have delivered duly executed original   signatures to the Deed of Hypothecation. the Guarantee executed by the   Guarantor, the Deed of Pledge executed by the Borrower and the Target   Company; III Borrower shall have delivered duly executed original signatures   to the completed board resolutions authorizing the Borrower to perform its   obligations; IV Borrower shall have delivered certified true copies of the   Memorandum and Articles of Association of the Borrowers; V. Borrower shall   have delivered to InnoVen the request letter for the drawal of First Tranche;   InnoVen BORROWER GUARANTOR 37

    

 

VI Borrower   shall have delivered evidence satisfactory to InnoVen that the insurance   policies required under the Term Loan Agreement hereof are in full force and   effect; VII. Borrower shall have paid the fees set out in Section 10 of   this Schedule 1 Part V, VIII Borrower shall have paid the legal invoice   raised by Nishith Desai Associates with respect to legal expenses incurred in   connection with the Term Loan Agreement and other Loan Documents IX. The   Borrower shall have delivered to InnoVen a duly executed Confirmation Certificate   (in accordance with Section 2.1.2) in the form provided in Schedule 1   Part 2 stating that the representations and warranties in Schedule 2   shall be true in all material respects on the date of the Confirmation   Certificate and on the date of drawal; provided, however, that such   materiality qualifier shall not be applicable to any representations and   warranties that already are qualified or modified by materiality in the text   thereof; and provided, further that those representations and warranties expressly   referring to a specific date shall be true, accurate and complete in all   material respects as of such date, and no default or Event of Default shall   have occurred and be continuing or result from the disbursal, X Upon InnoVen   being satisfied with the declarations made in the Confirmation Certificate   except as otherwise agreed between InnoVen and the Borrower., timely receipt   of an executed Drawal Request (in accordance with Section 2.1.2) in the   form provided in Schedule 1 Part 3, XI. In InnoVen “s sole opinion,   there has not been a Material Adverse Change; and XII The Borrower shall have   filed Form CHG-1 registering the charge in favour of InnoVen with the   Registrar of Companies 12 CONDITIONS PRECEDENT TO DRAWAL OF SECOND TRANCHE   InnoVen’s obligations to extend the Second Tranche to the Borrower is subject   to the condition precedent that InnoVen shall have received, in form and   substance satisfactory to InnoVen , such documents, and completion of such   other matters, as InnoVen may reasonably deem necessary or appropriate,   including, without limitation: I. Borrower shall have drawndown the First   Tranche; II. Borrower shall have delivered to InnoVen the request letter for   the Second Tranche; III. Borrower shall have paid the fees set out in Section 10   of this Schedule 1 Part 1; IV Borrower shall have delivered to InnoVen a   duly executed Confirmation Certificate (in accordance with Section 2 12)   in the form provided in Schedule 1 Part 2 stating that the   representations and warranties in Schedule 2 shall be true in all material   respects on the date of InnoVen BORROWER GUARANTOR 38

    

 

the   Confirmation Certificate and on the date of drawal, provided, however, that   such materiality qualifier shall not be applicable to any representations and   warranties that already are qualified or modified by materiality in the text   thereof; and provided, further that those representations and warranties   expressly referring to a specific date shall be true, accurate and complete   in all material respects as of such date, and no default or Event of Default   shall have occurred and be continuing or result from the disbursal; V Upon   InnoVen being satisfied with the declarations made in the Confirmation   Certificate, except as otherwise agreed between InnoVen and the Borrower,   timely receipt of an executed Drawal Request (in accordance with   Section 2.1 2) in the form provided in Schedule 1 Part 3, VI In   InnoVen’s sole opinion, there has not been a Material Adverse Change. VII.   The Borrower has complied with all the financial covenants, specified in   Section 7 5 of the Term Loan Agreement. InnoVen BORROWER GUARANTOR 39

    

 

SCHEDULE 1   PART 2 Form of Confirmation Certificate To. InnoVen Capital India   Private Limited 12th Floor, Express Towers, Nariman Point, Mumbai 400021 Dear   Sir This is with reference to Section 2.1.2 and further to Schedule 1   Part 1 of the Agreement entered into by InnoVen Capital India Private   Limited (“InnoVen”) and Yatra Online Private Limited dated (“Agreement”). As   required under the Agreement, we hereby state that (i) All the   representations and warranties made by us under the Agreement are true and   correct and continue to be valid. (ii) All the covenants stated by us under   the Agreement are true and correct and continue to be valid. (iii) There has   been no Material Adverse Change in the status of the Borrower since the date   of the Agreement. (iv) The Borrower has been complying with all the terms and   conditions of the Agreement. We agree to provide any additional documentary   evidence in support of the representations made in this letter, if so desired   by InnoVen. Thanks and regards, For Yatra Online Private Limited InnoVen   BORROWER GUARANTOR 40

    

 

SCHEDULE 1   PART 3 Form of Drawal Request To, InnoVen Capital India Private   Limited 12th Floor, Express Towers, Nariman Point, Mumbai 400021 Dear Sir.   This is with reference to Section 2.1.2 and further to Schedule 1,   Part 1 of the Agreement entered into by Yatra Online private Limited and   InnoVen Capital India Private Limited (“InnoVen”) dated (“Agreement”). Based   on the Confirmation Certificate attached to this Drawal Request, we request   InnoVen Capital India Private Limited to kindly disburse the amount of Rs.   (Rupees Only) (Amount in words) into our account, the details of which are   given below Name of Beneficiary Yatra Online Private Limited Bank Name   Account Number Branch IFSC Code Thanks and regards, For Yatra Online Private   Limited InnoVen BORROWER GUARANTOR 41

    

 

SCHEDULE 2   REPRESENTATIONS AND WARRANTIES The Borrower hereby makes the following   representations and warranties to InnoVen and confirms that they are true,   correct, valid and subsisting in every respect as of the date of this   Agreement, and shall continue to be true, correct, valid and subsisting as of   the First Closing Date, the Second Closing Date under this Agreement (in each   case, before and after giving effect to disbursements occurring on such date)   The Borrower hereby confirms that the following representations and   warranties would be true, correct, valid and subsisting during the term of   the Term Loan and any material breach of a representation or warranty would   be promptly notified by the Borrower to InnoVen. It is hereby clarified that   the following representations and warranties shall be applicable to the   Target Company only when the Borrower acquires 100% of the issued and paid up   capital in the Target Company. 1 Authority and Capacity 1.1 The Borrower and   each of the Borrower’s subsidiaries have been duly incorporated and organized,   and is validly existing in good standing, under the respective Law of the   country of incorporation. 1 2 Each of the Borrower and its subsidiaries has   the corporate power and authority to own and operate a substantial part of   its assets and properties and to carry on its business in substantially the   same manner as it is currently conducted. 1 3 The Borrower and its   subsidiaries have all material permits, approvals, authorizations, licenses,   registrations, and consents including registrations necessary for the conduct   of their respective businesses as currently conducted. 1.4 Subject to   applicable Law and the Consents to be procured in relation to the performance   of the obligations of the Borrower, under this Agreement and other Loan   Documents, the Borrower have, or will have the legal right, power and   authority to enter into, deliver and perform this Agreement, Loan Documents   and all other documents and instruments required to be executed pursuant   thereto or in connection therewith, and such documents, when executed, will   constitute valid and binding obligations and be enforceable against the   Borrower in accordance with their respective terms 1.5 Subject to applicable   Law and the Consents to be procured in relation to the performance of the   obligations of the Borrower and the Guarantor under this Agreement and other   Loan Documents, the Borrower and the Guarantor has the legal right, power and   authority to deliver and perform its obligations under this Agreement and the   Borrower represents that all Consents, and actions of, filings with and   notices to any governmental or regulatory authority as may be required to be   obtained by the Borrower in connection with the execution, delivery and   performance by the Borrower of this Agreement and/or the transaction have   been obtained. InnoVen BORROWER GUARANTOR 42

    

 

1 6 The   Borrower hereby confirms that there has been no Material Adverse Change since   the Accounts Date in the business and operations of the Group and that it has   no notice of any action or investigation or other proceedings of any nature   whatsoever (excluding regular scrutiny related to tax assessments and tax   audits), by any Government authority or any other Person which would   restrain, prohibit or otherwise challenge the obligations under the Loan   Documents or would be likely to have a Material Adverse Change on the   Borrower or its subsidiaries or their respective businesses and operations.   1.7 All written materials provided by the Borrower to InnoVen do not contain   any untrue statement of a material fact or omit to state a material fact   necessary to make the statements contained therein, in light of circumstances   under which they are made, not misleading, except that with respect to   assumptions, projections and expressions of opinion or predictions contained   in such written materials, the Borrower represents only that (i) the   assumptions are described in reasonable detail therein and (ii) such   assumptions are reasonable given the operations of the Borrower to date, the   current state of the economy and the existing assets, liabilities, sources of   capital and other business factors involving the Borrower 2 Corporate Matters   2.1 The copies of the charter documents of the Borrower and its subsidiaries   delivered to InnoVen are true and complete copies, and each of the Borrower   and its subsidiaries have complied with all the provisions of their   respective charter documents and in particular, have not entered into any   ultra vires transaction which has had or is likely to have a Material Adverse   Change on the Borrower All legal and procedural requirements concerning the   Companies Act, 2013, other applicable Laws and the charter documents have   been duly complied with in all material respects 2 2 The Term Loan to be   availed by the Borrower under this Agreement has been duly authorized by all   necessary corporate action and all necessary consents, approvals, orders,   authorizations, or registrations required to be obtained by the Borrower for   such Term Loan have been obtained. 3 Accounts and Records 3 1 The books of   accounts of the Borrower and its subsidiaries have been accurately and   properly maintained., the accounts of the Borrower and the audited accounts   of the Borrower have been prepared, in each case, in accordance with   applicable Law and in accordance with Indian accounting standards as   prescribed by the Institute of Chartered Accountants of India, so as to give   a true and fair view of the business (including the assets, liabilities and   state of affairs) of the Borrower and its subsidiaries 3.2 Since the date of   the last audited financial statements provided to InnoVen. there has been no   event or a condition of any type that has or would have a Material Adverse   Change on the business of the Borrower or its subsidiaries 4 Borrowings   InnoVen BORROWER GUARANTOR 43

    

 

4 1 Except for   the borrowings set out in the Disclosure Schedule, there are no other   borrowings (including any outstanding obligations for the repayment of   money), whether present or future, actual or contingent, or charges or other   security interests (excluding statutory liens) of the Group 4.2 All the   borrowings made by the Borrower and/or its subsidiaries, if any, have been   duly authorized by all necessary corporate action / necessary consents,   approvals, orders, authorizations and the requisite filings / registrations   in this regard have been duly complied with. 4 3 Except for the Liens set out   in the Disclosure Schedule, there are no other Liens or Encumbrances against   any of the properties, whether tangible, intangible or real, of the Borrower   5 Taxation Matters 5.1 The Group has complied with all the material   requirements, in respect of Tax matter exceeding a value of INR 50.000,000   (Rupees Fifty Million only), as specified under the respective Tax laws as   applicable to them in relation to filing of returns, computations, notices   and information which are or are required to be made or given by the Group to   any tax authority for taxation and for any other tax or duty purposes, have   been made and are correct based on various interpretations and tax advice. 5   2 Except for as set out in the Disclosure Schedule, the Borrower and its   subsidiaries have no notice of any Tax disputes or other liabilities of Taxes   in respect of which a claim has been made or notice has been issued against   the Borrower and /or its subsidiaries in excess of exceeding INR 50,000,000   (Rupees Fifty Million only) 6 Legal / Litigation Matters 6 1 Except as   provided in the Disclosure Letter, the Group has no notice of any   investigation or enquiry by, nor any notice or communication of any order   decree, decision or judgment of, any court, tribunal, arbitrator,   governmental agency or regulatory body, outstanding or received by and   against the Group or any employee for whose acts or defaults the Group may be   vicariously liable, with respect to an alleged actual violation and/or   failure to comply with any such applicable law, regulation, byelaw or   constitutional document, or requiring it/them to take or omit any action,   which may result in any liability or criminal or administrative sanction   against the Group, having a Material Adverse Change on the Group. 6.2 No   order has been made, petition presented, resolution passed or meeting   convened for the winding up (or other process whereby the business is   terminated or a substantial part of the assets of the Borrower or its   subsidiaries are distributed amongst its creditors and/or shareholders or   other contributories) of the Borrower or its subsidiaries and there are no   cases or proceedings under any applicable insolvency, reorganization, or   similar laws concerning the Borrower or its subsidiaries 6 3 Neither the   Borrower nor its subsidiaries have committed InnoVen BORROWER GUARANTOR 44

    

 

i) any criminal   or unlawful act involving dishonesty; ii) any breach of trust; or iii) any   material breach of contract or statutory duty or any tortious act which could   entitle any third party to terminate any material contract to which the   Borrower or its subsidiaries is a party; which could have a Material Adverse   Change on the Borrower and/or its business or its subsidiaries and/or their   businesses. 7 Contractual Arrangements 7.1 Neither the Borrower nor its   subsidiaries have been a party to any agreement, arrangement or practice   which in whole or in part contravenes or is invalidated by any restrictive   trade practices, fair trading, consumer protection, competition law or   similar laws or regulations under the relevant jurisdiction or in respect of   which any filing, registration or notification is required pursuant to such   laws or regulations (whether or not the same has in fact been made) and which   would have a Material Adverse Change on the business. 7.2 Al! material   contracts and all material leases, tenancies, licenses and agreements of any   nature relating to real estate which the Borrower and its subsidiaries are a   party are valid, binding and enforceable obligations of the respective   parties thereto and the terms thereof have been complied with by the   Borrower, its subsidiaries and the counter parties thereto and there have   occurred no grounds for rescission, avoidance or repudiation of any of the   contracts or such leases, tenancies, licenses or agreements and no notice of   termination or of intention to terminate has been received in respect of any   thereof. 7.3 The Borrower warrants that all material documents/agreements   executed by it and which are required to be stamped under applicable laws,   are duly stamped 7.4 The Borrower is not in violation of any material term of   its Memorandum of Association or Articles of Association, each as amended to   date, or in any material respect of any term or provision of any mortgage,   indebtedness, indenture, contract, agreement, instrument, judgment, order or   decree to which it is party or by which it is bound which would have a   Material Adverse Change on the Borrower’s business. The execution and   delivery of the Loan Documents by the Borrower, the performance by the   Borrower of its obligations pursuant to the Loan Documents will not result in   any material violation of, or materially conflict with, or constitute a   material default under, the Borrower’s Memorandum of Association or Articles   of Association, each as amended to date, or any of its agreements nor result   in the suspension, revocation, impairment forfeiture or nonrenewal of any   permit, license, authorization or approval applicable to the Borrower, its   business or operations or any of its assets or properties. 7.5 The Borrower   has avoided every condition, and has not performed any act, the occurrence of   which would result in the Borrower’s loss of any right granted under any   license, distribution agreement or other agreement InnoVen BORROWER GUARANTOR   45

    

 

7 6 No   employee, officer, director or shareholder of the Borrower or member of his   or her immediate family is indebted to the Borrower for amounts exceeding INR   2,000,000 (Rupees Two Million only) in each case, and not exceeding, in   aggregate, an amount of INR 5,000,000 (Rupees Five Million only), nor is the   Borrower indebted (or committed to make loans or extend or guarantee credit)   to any of them other than (i) for payment of salary for services   rendered, (ii) reimbursement for reasonable expenses incurred on behalf   of the Borrower and (iii) for other standard employee benefits made   generally available to all employees (including stock option agreements   outstanding under any stock option plan approved by the Borrower’s Board of   Directors and stock purchase agreements approved by the Borrower’s Board of   Directors) 7 7 There are no Related Party Transactions, agreements,   arrangements or other forms of relationships involving the Borrower, which   are on terms less favorable to the Borrower than an arm’s length transaction.   8 Employees, Directors 8 1 The Borrower and its subsidiaries are complying   with all material obligations under the applicable labor laws and other laws   in relation to their employees. There have not been any strikes, go slow or   work stoppages or other labor dispute involving the Borrower and/or its   subsidiaries, neither is such strike, go slow or work stoppage or   similar action pending 8.2 Each officer, employee or consultant of the   Borrower and/or its subsidiaries that has had or may have access to the   Borrower’s intellectual property has entered into an agreement containing   appropriate confidentiality and invention assignment provisions To the   knowledge of the Borrower, no officer, employee or consultant of the Borrower   is in violation of such confidential information and invention assignment   agreement or any pnor employee contract or proprietary information agreement   with any other corporation or third party 9 Operations 9.1 There has been no   damage, destruction or loss, whether or not covered by insurance, materially   and adversely affecting the assets, business, operations of the Borrower or   its subsidiaries. 9 2 There has been no Material Adverse Change to or in the   business of the Group (including termination of any contracts or arrangements   including those pertaining to their ongoing business) and / or the Group has   not received any notice of any action or investigation or other proceedings   of any nature whatsoever, by any Government authority which would restrain,   prohibit or otherwise challenge or impede the performance of the Loan   Documents or would be likely to have a Material Adverse Change on the Group   or their business 9.3 Each of the Group companies has all franchises,   permits, licenses, and any similar authority/certification/authorization   necessary for the conduct of their business as now being conducted by it, the   lack of which would have a Material Adverse Change on any of the Group’s   Business, and believes they can obtain, without undue burden or expense, any   similar authority InnoVen BORROWER GUARANTOR 46

    

 

for the conduct   of its business as currently planned to be conducted. The Group is not in   default in any material respect under any of such franchises, permits,   licenses or other similar authority. 9 4 None of the companies in the Group   is in violation of any applicable Law relating to the environment or   occupational health and safety, and to its knowledge, no material expenditure   are or will be required in order to comply with any such existing Law. 10   Assets 10.1 The specifics of the assets set out under Schedule A of the Deed   of Hypothecation comprise a substantial part of the assets used in connection   with the business of the Borrower and its subsidiaries 10.2 No assets   (whether comprising part of the Collateral or not) of the Borrower and its   subsidiaries have been disposed other than (a) in the ordinary course of   business and (b) of a value of less than Rs.5,000.000 (Rupees Five   Million only) Neither the Borrower nor its subsidiaries have given any rights   to any third parties with respect to any of the assets owned by them other   than in the ordinary course of business 10 3 All assets of the Borrower and   its subsidiaries including all debts due to the Borrower and its subsidiaries   which are included in the audited financial accounts of the Borrower and its   subsidiaries or have otherwise been represented as being the property of or   due to the Borrower and/or its subsidiaries and/or being used by the Borrower   or its subsidiaries for the purposes of their business are the absolute   property of the Borrower or its subsidiaries, as the case may be, and/or is   being leased to the Borrower or its subsidiaries, as the case may be 10 4   Other than as disclosed in the audited financial statements, all receivables   of the Borrower are considered good by the Borrower and the Borrower does not   have any reason to believe that any of its receivables are to be treated as   bad or doubtful debts. 11 Related Party Transactions 11.1 Set out in the   Disclosure Schedule is a list of all subsisting transactions that the   Borrower has entered into with its Related Parties. 11.2 The Borrower hereby   confirms that any transactions with Related Parties have been conducted at   commercially justifiable terms and at an arm’s length basis 12 Intellectual   Property 12.1 The Borrower and its subsidiaries are the absolute owners,   valid licensees or authorized users (as the case may be) of the Intellectual   Property, which the Borrower and its subsidiaries are using The Borrower and   its subsidiaries have taken all necessary steps to maintain and protect the   Intellectual Property. InnoVen BORROWER GUARANTOR 47

    

 

12.2 The use by   the Borrower or its subsidiaries of any Intellectual Property does not   violate and would not infringe the Intellectual Property rights of any Person   12 3 Neither the Borrower nor its subsidiaries have granted, nor is it   obliged to grant, any license, sub- license or assignment in respect of any   of its Intellectual Property There are no restrictions on the right of the   Borrower or its subsidiaries to license any of the Intellectual Property and   Intellectual Property Rights owned by the Borrower 12.4 With respect to   Intellectual property, there are no legal proceedings including any   litigation, arbitration, infringement and/or passing off actions filed   against and/or is proposed and/or is threatened to be filed against the   Borrower or its subsidiaries and that Borrower or its subsidiaries have not   received any cease and desist notice so far and is/are not aware of any   circumstance under which such a notice may be issued. 13 Insurance 13 1 All   the material assets of the Borrower and its subsidiaries have been and are at   the date of this Agreement insured for risks and in amounts standard for   companies in Borrower’s business and location and the same are in force as of   the date of this Agreement 13.2 The Borrower and its subsidiaries are in   compliance with all the material terms and conditions under all existing and   valid insurance policies. 13.3 The Borrower will procure the necessary   insurance coverage and will comply with the requirements in connection with   insurance as laid out in the Term Loan Agreement or as may be specifically   required by InnoVen. 14 Confidentiality 14.1 Neither the Borrower nor its   subsidiaries have disclosed or permitted to be disclosed or undertaken or   arranged to disclose to any Person any of its know-how, secrets or   confidential information except in the ordinary course of business and   subject to entering into valid and binding agreements with the party to whom   such information has been disclosed to keep such information confidential 15   Guarantees 15 1 The Guarantee and the obligations set forth therein are   enforceable in against the Guarantor under all relevant applicable Law 15.2   The guarantee under the Guarantee has been provided in accordance with the   applicable Law. 16 Independent representations and warranties InnoVen   BORROWER GUARANTOR 48

    

 

16.1 For the   avoidance of doubt, the foregoing representations and warranties shall be   separate and independent, and save as expressly provided shall not be limited   by reference to any other section, clause or anything in this Agreement or   its Annexures, Exhibits or Schedules. 17 Disclosure to InnoVen 17.1 All   information relating to the Borrower, including subsidiaries of the Borrower   which is material in relation to the Borrower’s Business, operations,   financial conditions, assets and liabilities, intellectual property,   organization, Tax, employment related matters, compliance matters, litigation   and environmental matters, required to be known by any prudent lender has   been disclosed to InnoVen InnoVen BORROWER GUARANTOR 49

    

 

SCHEDULE 6 DEED   OF PLEDGE 53

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