Document:

EX-10.16

 Exhibit 10.16 

LETTER AGREEMENT 
 27
JULY 2015 
 INTERNATIONAL FINANCE CORPORATION 

AND 
 AZURE POWER GLOBAL
LIMITED 
 AND 

AZURE POWER INDIA PRIVATE LIMITED 

AND 
 IW GREEN INC.

 AND 
 MR.
INDERPREET SINGH WADHWA 
 AND 

MR. HARKANWAL SINGH WADHWA 
  

 
 DELHI     |     MUMBAI
    |     BANGALORE     |     HYDERABAD 

 TABLE OF CONTENTS 

 

					
	 Article I - Definitions and Interpretation
	  	 	4	  
	 Section 1.01. Definitions
	  	 	4	  
	 Section 1.02. Interpretation
	  	 	7	  
	 Section 1.03. Third Party Rights
	  	 	7	  
	 Article II - Agreement for Subscription
	  	 	7	  
	 Section 2.01. Subscription
	  	 	7	  
	 Section 2.02. Company’s Obligations until all of the Subscription Shares are Issued
	  	 	9	  
	 Section 2.03. Cancellation of Investor Subscription
	  	 	10	  
	 Article III - Representations and Warranties
	  	 	10	  
	 Section 3.01. Representations and Warranties
	  	 	10	  
	 Section 3.02. Other provisions
	  	 	12	  
	 Article IV - Conditions of Investor Subscription
	  	 	12	  
	 Section 4.01. Conditions of Investor Subscription
	  	 	12	  
	 Article V - Miscellaneous
	  	 	13	  
	 Section 5.01. Notices
	  	 	13	  
	 Section 5.02. Applicable Law and Arbitration
	  	 	14	  
	 Section 5.03. Other miscellaneous provisions
	  	 	14	  
	 Schedule 1 - Form of Subscription Notice
	  	 	20	  
	 Schedule 2 - Original Company Disclosure Schedule
	  	 	22	  
	 Schedule 3 - Form of Certificate of Incumbency and Authority
	  	 	46	  
	 Schedule 4 - Form of Letter to Company’s Auditors
	  	 	48	  
	 Schedule 5 - Terms and Conditions of Series H CCPS
	  	 	49	  
	 Schedule 6 - List of Permitted Matters
	  	 	55	  

 LETTER AGREEMENT 

This LETTER AGREEMENT (the “Agreement”) executed on July 27, 2015 between: 

(1) AZURE POWER GLOBAL LIMITED, a company organized and existing under the laws of Mauritius (“Company”) having its principal office at 1st
Floor, The Exchange, 18 Cybercity, Ebene, Mauritius; 
 (2) MR. INDERPREET SINGH WADHWA, son of Mr. Harkanwal Singh Wadhwa, residing at [Address]
(“IW”); 
 (3) MR. HARKANWAL SINGH WADHWA, son of Late Mr. Manohar Singh Wadhwa, residing at [Address] (“HW”); 

(4) IW GREEN INC., a company established under the laws of United States of America having its principal office at 341, Raven Circile, Wyoming, Zip Code
19934, Kent, United States of America (“Sponsor Entity”); 
 (5) INTERNATIONAL FINANCE CORPORATION, an international organization
established by the Articles of Agreement among its member countries including the Republic of India (“Investor”); and 
 (6) AZURE POWER
INDIA PRIVATE LIMITED, a company incorporated under the laws in India and having its registered office at 8, LSC, Madangir, Pushpvihar, New Delhi-110062, India (“Azure India”). 

IW, HW and the Sponsor Entity shall hereinafter be collectively referred to as “Sponsors” and individually as “Sponsor”. The
Sponsors, the Investor, Azure India and the Company shall hereinafter be collectively referred to as “Parties” and individually be referred to as “Party”. 

RECITALS 
  

	(1)	Azure India, IW, HW and the Investor entered into a subscription agreement dated June 24, 2015 (“Subscription Agreement”) with respect to the proposed investment by the Investor in Azure India.

  

	(2)	The Company is raising further funds and has approached the Investor to make an investment in the share capital of the Company as opposed to investing in Azure India. 

 

	(3)	Upon the request of the Company and the Sponsors, the Investor has agreed to make an equity investment in the Company instead of investing in the share capital of Azure India. Therefore, based on the understanding set
forth above, the Parties wish to enter into this Agreement to record the terms and conditions of the subscription of Series H CCPS of the Company to the Investor. 

  
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 ARTICLE I 

Definitions and Interpretation 

Section 1.01. Definitions. (a) Except as hereinafter provided in sub-section (b) below, wherever used in this
Agreement, capitalized terms shall have the meaning set forth in the Subscription Agreement. 
 (b) Wherever used in this Agreement, the
following terms shall have the following meanings: 
 “Accounting Standards” in relation to the Company, means the generally accepted
accounting principles promulgated by the Financial Accounting Board of the United States, as amended from time to time, and applied on a consistent basis; and in relation to Azure India and its Subsidiaries, means the Indian generally accepted
accounting principles promulgated by Institute of Chartered Accountants of India, together with its pronouncements from time to time, and applied on consistent basis; 

“Action Plan” means the plan or plans developed by Azure India, a sample copy of which is attached as Annex B to Schedule K (Action
Plan) to the Shareholders Agreement, setting out the specific social and environmental measures to be undertaken by the Company, to enable the Company Operations to be undertaken in compliance with Performance Standards; 

“Auditors” means the independent, external auditors of the Company; 

“Authorized Representative” means, in relation to the Company, any individual who is duly authorized by the Company to act on its behalf and
whose name and a specimen of whose signature appear on the Certificate of Incumbency and Authority most recently delivered by the Company to the Investor and, in relation to the Sponsor Entity, any individual who is duly authorized by the Sponsor
Entity to act on its behalf and whose name and a specimen of whose signature appear on the Certificate of Incumbency and Authority most recently delivered by the Sponsor Entity to the Investor; 

“Azure India” has the meaning set forth in the Preamble; 

“Azure India SHA” means the shareholders agreement to be executed between the Company, IW, HW and Azure India, in relation to the rights and
obligations of the parties thereto for regulating the management and control of the affairs of Azure India and certain other rights and obligations inter se in relation to Azure India in accordance with the terms and conditions set out
therein; 
 “Business Day” means a day when banks are open for business in New York, New York and the Republic of Mauritius; 

“Certificate of Incumbency and Authority” means a certificate provided to the Investor by the Company or the Sponsor Entity (as may be
relevant) substantially in the form set forth in Schedule 3 (Form of Certificate of Incumbency and Authority); 
 “Charter” means
the constitution, the memorandum of association, the articles of association or the by-laws of the Company or, as applicable, any Subsidiary; 

“Company” has the meaning set forth in the Preamble; 

  
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 “Conversion Notice” shall have the meaning set forth in Schedule 5; 

“Country” means the Republic of Mauritius; 

“Current Company Disclosure Schedule” means the Original Company Disclosure Schedule, as modified and/or supplemented by each Updated Company
Disclosure Schedule, if any, which has from time to time been delivered by the Company and accepted by the Investor, in accordance with Section 4.01(a)(ii) (Conditions of the Subscription); 

“Equity Shares” or “Shares” means the ordinary shares of the Company having the par value of USD 0.01 (Dollars zero decimal
zero one) each and carrying 1 (one) vote each; 
 “Externalization Process” means the signing and execution of the Transaction Documents by
the parties thereto and the subscription of Equity Securities of the Company by: (a) Helion Venture Partners II, LLC; (b) Helion Venture Partners India II, LLC; (c) IFC; (d) DEG – Deutsche Investitions –und
Entwicklungsgesellschaft mbH; (e) FC VI India Venture (Mauritius) Ltd.; and (f) Société de Promotion et de Participation Pour la Coopération Economique S.A. as set out in Section 3.01(f) (Capital Structure of
the Company) of the Current Company Disclosure Schedule; 
 “GIF Series H Lock-in Agreement” means the lock-in agreement dated on or
around the date of this Agreement entered into between the Co-Investor and certain other shareholders of the Company for setting out the lock-in modalities for the Equity Shares of the Co-Investor received on conversion of the Equity Securities of
the Co-Investor in accordance with Schedule 6 of the Co-Investor Lock-up Agreement; 
 “HW” has the meaning set forth in the Preamble; 

“IFC Series H CCPS Lock-in Agreement” means the lock-in agreement dated on or around the date of this Agreement entered into between the
Investor and certain other shareholders of the Company for setting out the lock-in modalities for the Equity Shares of the Investor received on conversion of the Subscription Shares in accordance with Schedule 5 hereto; 

“Investor” has the meaning set forth in the Preamble; 

“IW” has the meaning set forth in the Preamble; 

“Key Subsidiary” means, at the relevant time: 
  

	 	(a)	Azure India; and 

  

	 	(b)	each Subsidiary or such Subsidiaries (both direct or indirect) of Azure India where, as of the end of the then most recently completed fiscal year of Azure India: 

 

	 	(i)	the Assets of such Subsidiary or cumulative Assets of such Subsidiaries, as the case may be, account for more than 70% (seventy per cent) of the total consolidated Assets of Azure India; or 

 

	 	(ii)	such Subsidiary or such Subsidiaries cumulatively, have earnings before interest, tax, depreciation and amortization representing more than 70% (seventy per cent) of Azure India’s total consolidated earnings before
interest, tax, depreciation and amortization.; 

  
 5 

 “Maturity Date” has the meaning set forth in Schedule 5; 

“New Issuance” shall have the meaning set forth in Schedule 5; 

“Normal Conversion Factor” has the meaning set forth in Schedule 5; 

“OFAC” has the meaning set forth in Section 3.01(f); 

“Original Company Disclosure Schedule” means the Company’s completed disclosure schedule attached hereto as Schedule 2 (Original
Company Disclosure Schedule); 
 “Parties” or “Party” has the meaning set forth in the Preamble; 

“Registration Rights Agreement” means the registration rights agreement entered into by the shareholders of the Company setting out the right
to have the registration statement filed with respect to the Equity Shares or Equity Securities held by them for resale/make an offering under the Securities Act of 1933, as amended; 

“Series H CCPS” means fully paid up compulsorily convertible preference shares of the Company having the rights, preferences and privileges
as set forth in Schedule 5 hereto and in the Shareholders’ Agreement; 
 “Shareholders Agreement” means the shareholders
agreement to be executed between the Company and its shareholders in relation to the rights and obligations of the parties thereto for regulating the management and control of the affairs of the Company and certain other rights and obligations
inter se in relation to the Company; 
 “Sponsor Entity” has the meaning set forth in the Preamble; 

“Sponsors” has the meaning set forth in the Preamble; 

“Subscription Agreement” has the meaning set forth in the Recitals; 

“Subscription Date” has the meaning set forth in Section 2.01(b); 

“Subscription Price” has the meaning set forth in Section 2.01(a); 

“Subscription Shares” has the meaning set forth in in Section 2.01(a); 

“Subscription Notice” means a notice in the form set forth in Schedule 1 (Form of Subscription Notice); 

“Subsidiary” means with respect to the Company, an Affiliate over fifty per cent (50%) of whose capital is owned, directly or indirectly
by the Company, and shall include Azure India and such other companies in which over fifty per cent (50%) of whose capital is owned, directly or indirectly by Azure India; 

“Transaction Documents” means: 
  

	 	(a)	this Agreement; 

  
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	 	(b)	the Shareholders’ Agreement; 

  

	 	(c)	the Azure India SHA; 

  

	 	(d)	the IFC Series H Lock-in Agreement; 

  

	 	(e)	the GIF Series H Lock-in Agreement; 

  

	 	(f)	Registration Rights Agreement; and 

  

	 	(g)	any other document designated as a Transaction Document under the Shareholders’ Agreement; 

“Updated Company Disclosure Schedule” means the Company’s updated disclosure schedule, if any, which has been delivered by the Company
in accordance with Section 3.01 (Representations and Warranties). 
 Section 1.02. Interpretation.
(a) The provisions of Section 1.02 (Interpretation) of the Subscription Agreement are deemed to be incorporated herein and apply mutatis mutandis to this Agreement. 

(b) Capitalized terms used in the provisions incorporated from the Subscription Agreement and defined under Section 1.01(b)
(Definitions) of this Agreement shall, unless otherwise specified, have the meaning assigned to them in Section 1.01 (b) (Definitions). Without prejudice to the generality of the foregoing, it is clarified that: (i) any
reference to “this Agreement” in the provisions incorporated from the Subscription Agreement shall be construed as a reference to this Agreement; (ii) any reference to “the Company” in the provisions incorporated from the
Subscription Agreement shall be construed as a reference to the Company under this Agreement; and (iii) any reference to “Sponsors” in the provisions incorporated from the Subscription Agreement shall be construed as a reference to
the Sponsors under this Agreement. 
 Section 1.03. Third Party Rights. The provisions of Section 1.03 (Third
Party Rights) of the Subscription Agreement are deemed to be incorporated herein and apply mutatis mutandis to this Agreement. 

ARTICLE II 
 Agreement
for Subscription 
 Section 2.01. Subscription. (a) On the terms and subject to the conditions of this
Agreement, the Investor agrees to subscribe and pay for an aggregate of 22,214 (Twenty Two Thousand and Two Hundred and Fourteen) fully paid Series H CCPS in the Company (the “Subscription Shares”) for a subscription price of USD
450.16 (Dollars Four Hundred and Fifty and Sixteen Cents) per Subscription Share (the “Subscription Price”). The aggregate consideration payable by the Investor for the subscription of the Subscription Shares shall be USD 9,999,854
(Dollars Nine Million Nine Hundred and Ninety Nine Thousand Eight Hundred Fifty Four). 

  
 7 

 (b) Subject to the terms of this Agreement and the reasonable satisfaction (or waiver by the
Investor) of the conditions of subscription set forth in Section 4.01 (Conditions of Investor Subscription), either: 
  

	 	(i)	the Company may request the Investor to subscribe for the Subscription Shares by delivering a Subscription Notice to the Investor; or 

 

	 	(ii)	the Investor may notify the Company that it shall subscribe for the Subscription Shares by delivering a Subscription Notice to the Company, 

at least 12 (twelve) Business Days prior to the date of the Investor Subscription specified in such Subscription Notice (the “Subscription
Date”), subject to Section 2.03 (Cancellation of Investor Subscription). 
 (c) If a Subscription Notice is delivered
by the Company to the Investor in accordance with Section 2.01(b)(i), or the Investor delivers a Subscription Notice to the Company in accordance with Section 2.01(b)(ii), then the Company shall be obliged to issue the Subscription Shares
to the Investor on the Subscription Date and shall take all necessary corporate and other action, including but not limited to all appropriate steps to ensure that a meeting of the Company’s shareholders or a meeting of the board of directors,
as applicable, is promptly convened, to ensure that the Subscription Shares shall be issued to the Investor on the Subscription Date, in accordance with the terms of this Agreement. 

(d) On the Subscription Date: 
  

	 	(i)	the Investor shall pay the amount equal to the Subscription Price multiplied by the number of Subscription Shares in Dollars to the following account of the Company: 

Company Account (IBAN): MU52BARC0305000007069376000USD 

Bank Name: Barclays Bank Mauritius Limited 

Bank Address: International Banking, 1ST Floor, Barclays House, Barclays House, 68-68A, Cybercity Ebene, Mauritius 

SWIFT Code: BARCUS33, 
 or such
other account specified in the Subscription Notice; and 
  

	 	(ii)	the Company shall: 

  

	 	(A)	issue to the Investor, or as the Investor directs, the Subscription Shares free of all Liens or other encumbrances or rights of third parties and record the Investor as the legal and beneficial owner of the Subscription
Shares in the Company’s share register; 

  

	 	(B)	deliver to the Investor, or as the Investor directs: (1) a share certificate in customary form; and (2) a certified copy of the Company’s share register, evidencing the Investor’s valid title to the
Subscription Shares, free of all Liens or other encumbrances or rights of third parties; and 

  

	 	(C)	provide the Investor with a certified copy of the resolutions passed by the board of directors and the shareholders of the Company for the issue and allotment of the Subscription Shares to the Investor;

  
 8 

 The Parties agree that the fulfillment of the obligations of the Company set forth in Sections
2.01(d)(ii)(A) through (C) above are conditions precedent to the application of any funds disbursed by the Investor under Section 2.01(d)(i) to the subscription for the Subscription Shares and that, accordingly, any funds disbursed in
accordance with Section 2.01(d)(i) shall be held in trust by the Company (for the benefit of the Investor) until the acts set forth in Section 2.01(d)(ii)(A) through (C) have been performed, and in the event that such acts are not
performed as soon as practicable, and in any event within three (3) Business Days from any such disbursement of funds by the Investor, the Company shall, upon the Investor’s request, immediately return the funds disbursed in accordance
with Section 2.01(d)(i) to the Investor, unless instructed otherwise by the Investor. 
 (e) The Company shall pay all Taxes, fees or
other charges payable on or in connection with the execution, issue, subscription, delivery, registration, translation or notarization of this Agreement, the other Transaction Documents, the Company’s Charter, the Subscription Shares and any
other documents related to this Agreement, the other Transaction Documents or the Company’s Charter. 
 (f) The Company shall undertake
all post-issue filings and other requirements associated with the issuance of the Subscription Shares in the time prescribed for the same under Applicable Law. 

(g) If the Company, for any reason, does not issue the Subscription Shares as set forth in Section 2.01(d), including by reason of
failure of the Company’s shareholders to authorize such issuance, such failure to issue the Subscription Shares shall constitute a breach of the Company’s obligations under this Agreement, and the Investor shall have the right to exercise
any and all rights or legal or equitable remedies of any kind which may accrue to it against the Company. It is clarified that provisions of this Section 2.01(g) shall not apply if, upon reasonable satisfaction (or waiver by the Investor) of
the conditions of subscription set forth in Section 4.01 (Conditions of Investor Subscription), the Investor does not subscribe to the Subscription Shares within Subscription Date. 

Section 2.02. Company’s Obligations until all of the Subscription Shares are Issued. (a) Until the Subscription
Shares have been subscribed and issued or the right of the Company to request the subscription has been cancelled as provided in Section 2.03 (Cancellation of Investor Subscription), whichever occurs first, the Company shall conduct its
business in the ordinary course and shall use, and shall cause each of its Subsidiaries to use, its reasonable best efforts to preserve intact its business organizations and relationships with third parties and to keep available the services of its
present officers and employees. 
 (b) In addition to Section 2.02(a), until the Subscription Shares have been subscribed and issued or
the right of the Company to request the subscription has been cancelled as provided in Section 2.03 (1) (Cancellation of Investor Subscription) or the right of the Investor to subscribe has been cancelled as provided in
Section 2.03 (2), whichever occurs first, the Company shall not, and shall ensure that each of its Subsidiaries shall not (other than in connection with the Investor Subscription, the issuance and allotment of Co-Investor Shares to the
Co-Investor, the issuance and allotment of the Equity Securities of the Company as part of the Externalization Process and for matters listed in Schedule 6 or with the prior written approval of the Investor) take any of the actions set forth in

  
 9 

 
sub-sections (i) to (xi) of Section 2.02(b) (Company’s Obligations until all of the Subscription Shares are Issued) of the Subscription Agreement (which shall be deemed
to be incorporated herein and apply mutatis mutandis to this Agreement). 
 Section 2.03. Cancellation of Investor
Subscription. (1) The Investor may, by written notice to the Company, cancel the right of the Company to request the Investor to subscribe for any Subscription Shares: 

(a) if at any time, in the reasonable opinion of the Investor, anything has occurred which has or may reasonably be expected to have a
Material Adverse Effect or there exists any situation which indicates that performance by the Company, its Subsidiaries or the Sponsors of their respective obligations under any of the Transaction Documents, or the Company’s Charter or the
constitutional documents of the Sponsors who are not natural Persons cannot be expected; 
 (b) if the Company has breached
Section 2.02 (Company’s Obligations until all of the Subscription Shares are Issued) and such breach is incapable of cure (in the sole opinion of the Investor) or, where such breach is capable (in the sole opinion of the Investor)
of cure, it has not been cured within thirty (30) days following receipt by the Company of notice of such breach from the Investor; or 

(c) in any case, at any time on or after the Cancellation Date, 

(2) The Company may, by written notice to the Investor, cancel the right of the Investor to subscribe to any Subscription Shares at any time
on or after the Cancellation Date. 
 Upon any such cancellation, each Party’s further rights and obligations shall terminate immediately, provided
that such termination shall not affect a Party’s accrued rights and obligations at the date of termination and shall be without prejudice to any and all rights or legal or equitable remedies of any kind which may accrue to the Investor against
the Company and provided that the provisions of Section 5.01 (Notices), Section 5.02 (Applicable Law and Arbitration) and Section 5.03(b) (Other Miscellaneous Provisions) shall survive such termination. 

ARTICLE III 

Representations and Warranties 

Section 3.01. Representations and Warranties. The representations and warranties contained in Section 3.01 of the
Subscription Agreement (except the representations set forth in sub-sections (a), (h), (i), (v) and (z) of Section 3.01 (Representations and Warranties) of the Subscription Agreement) are deemed to be incorporated herein and
apply mutatis mutandis to this Agreement and shall also be deemed to be repeated as of the Subscription Date. 
 Each of the Company
and the Sponsors hereby represents and warrants to the Investor that the representations and warranties incorporated by reference from the Subscription Agreement and the statements contained in this Section 3.01: (i) are true, accurate and
not misleading with respect to the Company and the Sponsors who are not natural Persons and/or, as the case may be, each of the Key Subsidiaries or Subsidiaries (as the case may be) as of the date of this Agreement, except as otherwise set forth in
the Company’s disclosure schedule (the “Original Company Disclosure Schedule”) attached to this Agreement as Schedule 2 (Company Disclosure Schedule); and (ii) will remain true,

  
 10 

 
accurate and not misleading immediately prior to the Investor Subscription except as set forth in any updated disclosure schedule, which shall be in the form and substance satisfactory to the
Investor (an “Updated Company Disclosure Schedule”), delivered by the Company to the Investor and accepted and signed by the Investor at least ten (10) Business Days prior to the Subscription Date. No disclosure made in the
Original Company Disclosure Schedule or an Updated Company Disclosure Schedule shall be deemed adequate to disclose an exception to a representation or warranty made herein, unless the disclosure contained therein identifies the relevant facts and
circumstances for such exception fully, fairly, specifically and accurately. 
 (a) Organization and Authority. Each of the Company,
and the Sponsors who are not natural Persons and the Subsidiaries is a legal entity duly organized and validly existing under the laws of its place of incorporation, and the Company has the corporate power and authority to enter into, deliver and
perform its obligations under this Agreement and each of the other Transaction Documents to which it is a party. Each of the Sponsors who are natural Persons have the power and authority to enter into, deliver and perform their respective
obligations under this Agreement and each of the Transaction Documents to which it is a party. 
 (b) Financial Condition. For the
Company, since its incorporation, and for its Subsidiaries, since March 31, 2015: 
  

	 	(i)	the business of the Company and each of its Subsidiaries has been conducted in the ordinary course so as to maintain the business as a going concern; 

 

	 	(ii)	neither the Company nor any of its Subsidiaries nor the Sponsors has suffered any change having a Material Adverse Effect or incurred any substantial loss or liability other than notional forex losses due to mark to
market variation of currency; 

  

	 	(iii)	neither the Company nor any of its Subsidiaries has undertaken or agreed to undertake any substantial obligation; and 

  

	 	(iv)	no dividend or distribution has been declared or paid by the Company or any of its Subsidiaries. 

(c) Financial Statements. Azure India’s audited consolidated balance sheet as of March 31, 2014 and provisional balance sheet
as of March 31, 2015 and the related audited consolidated statements of income and cash flows for the fiscal year ended March 31, 2014 and provisional consolidated statements of income for the fiscal year ended March 31, 2015 have
been prepared in accordance with the Accounting Standards applied on a consistent basis throughout the periods therein specified, and give a true and fair view of the consolidated financial condition of Azure India as of the date as of which they
were prepared and the results of Azure India’s operations during the periods therein specified. As on the date of the foregoing financial statements, there are no losses, liabilities (whether actual or contingent or otherwise) or bad or
doubtful debts other than those fully disclosed in the consolidated financial statements of Azure India hereinbefore referred to. 
 (d)
Title to and Condition of Property. The Company does not own property and assets, movable and immovable, whatsoever. Each of its Subsidiaries has: (i) good and marketable title free and clear of all Liens to all of the property and
assets, movable and immovable, reflected in the Company’s most recent balance sheet included in the consolidated financial statements (except assets 

  
 11 

 
sold or otherwise disposed of since such date in the ordinary course of business), other than Liens in favour lenders pursuant to project financing/loan agreements described in Section 3.01
(v) of the Current Company Disclosure Schedule; and (ii) with respect to leased properties and assets, valid leasehold interests therein free and clear of all Liens, other than liens in favour lenders pursuant to project financing/loan
agreements described in Section 3.01 (v) of the Current Company Disclosure Schedule. The plant, property and equipment of the Company and each of its Subsidiaries that are used in the Company Operations are in good operating condition and
repair, subject to normal wear and tear not caused by neglect, and are adequate and suitable for the purposes for which they are currently being used. All properties used in the Company Operations are reflected in the Company’s most recent
balance sheet included in the consolidated financial statements to the extent the Accounting Standards require the same to be reflected. 

(e) Intellectual Property. The Company does not own or use any Intellectual Property. Each of the Subsidiaries owns or has the valid
right to use at a nominal cost, all Intellectual Property that is material to the operation of its business as currently conducted or proposed to be conducted by it. 

(f) Economic Sanctions. None of the Company, its Subsidiaries, and the Sponsors has entered into a business relationship with any
person which is the target of economic sanctions administered by U.S. Office of Foreign Assets and Control (“OFAC”) or provide any financing or services to, or in connection with, any activity in any sector under embargo by the
United Nations. 
 Section 3.02. Other provisions. The provisions of Section 3.02 (Investor Reliance),
Section 3.03 (Survival of Representations and Warranties) and Section 3.04 (Indemnity) of the Subscription Agreement are deemed to be incorporated herein and apply mutatis mutandis to this Agreement. 

ARTICLE IV 
 Conditions
of Investor Subscription 
 Section 4.01. Conditions of Investor Subscription. The obligation of the Investor to make
the Investor Subscription is subject to the fulfillment, to the Investor’s reasonable satisfaction, prior to or concurrently with the making of the Investor Subscription, of the conditions set forth under sub-sections (a), (b), (c), (d), (e),
(f), (g), (i), (j), (k), (l) and (n) of Section 4.01 (Conditions of Investor Subscription) of the Subscription Agreement (which shall be deemed to be incorporated herein by reference and shall apply mutatis mutandis to this
Agreement) and the following conditions: 
 (a) Opinions of Counsel. The Investor has received a legal opinion or opinions, in form
and substance satisfactory to the Investor, from the Investor’s counsels on Mauritian laws and on English laws (as applicable) covering such matters relating to the transactions contemplated by this Agreement, the other Transaction Documents
and the Company’s Charter, as the Investor may reasonably request; 
 (b) Appointment of Auditors. The Company (i) has
appointed a firm of internationally recognized independent public accountants acceptable to the Investor as Auditors of the Company, (ii) has authorized and instructed them, in the form set forth in Schedule 4 (Form of Letter to
Company’s 

  
 12 

 
Auditors), to communicate directly with the Investor; and (iii) has taken such actions, issued such instructions and delivered such documents as necessary to procure the firm’s
compliance with such request; 
 (c) Employee Stock Plan. The Company has formally adopted an employee stock plan in a form
acceptable to the Investor that meets the criteria set forth in the Shareholders’ Agreement; 
 (d) Externalization Process. The
Externalization Process has been completed in form and substance satisfactory to the Investor, and pursuant to such Externalization Process, Equity Securities of the Company have been issued and allotted to: (i) Helion Venture Partners II, LLC,
(ii) Helion Venture Partners India II, LLC, (iii) IFC, (iv) DEG-Deutsche Investitions -und Entwicklungsgesellschaft mbH, (v) FC VI India Venture (Mauritius) Ltd., and (vi) Société de Promotion et de
Participation Pour la Coopération Économique S.A. as set out in Section 3.01(f) (Capital Structure of the Company) of the Current Company Disclosure Schedule; 

(e) Charter Documents. The Company and each of the Subsidiary has adopted an amended Charter, such amended Charter is fully effective,
and such amended Charter is in form and substance satisfactory to the Investor and is consistent with the provisions of the Shareholders Agreement, including but not limited to provisions of the Shareholders Agreement in respect of consent and/or
voting rights, restrictions on transfer, corporate governance and any other matter provided for in the Shareholders Agreement which is desirable or necessary to be included in the Charter; 

(f) Waiver of Pre-emptive Rights. The Investor has received intimation in writing from the existing shareholders or investors of the
Company, in the form acceptable to the Investor, waiving their pre-emptive rights under the Shareholders’ Agreement to subscribe to the Equity Securities of the Company arising from the issuance of Subscription Shares to the Investor under this
Agreement. 
 ARTICLE V 

Miscellaneous 

Section 5.01. Notices. The provisions of Section 5.01 (Notices) of the Subscription Agreement are deemed to be
incorporated herein and apply mutatis mutandis to this Agreement, subject to the following modifications: 
 For the Company: 

1st Floor, The Exchange, 
 18 Cybercity, Ebene, Mauritius 

Facsmile: +91 1149409807 
 Attention: Inderpreet Singh Wadhwa 

For the Sponsors: 
 Inderpreet Singh Wadhwa 

[Address] 
 Fascimile: [Fax Number] 

Attention: Inderpreet Singh Wadhwa 

  
 13 

 Harkanwal Singh Wadhwa 

[Address] 
 Facsimile: [Fax Number] 

Attention: Harkanwal Singh Wadhwa 
 IW Green Inc.: 

341, Raven Circle 
 Wyoming, Zip Code 19934 

Kent, United States of America 
 Facsimile: 91 1149409807 

Attention: Inderpreet Singh Wadhwa 
 For the Investor: 

International Finance Corporation 
 2121 Pennsylvania Avenue,
N.W. 
 Washington, D.C. 20433 
 United States of America 

Facsimile: +1 (202) 974-4307 
 Attention: Mr. Sujoy
Bose, Director, Infrastructure and Natural Resources 
 With a copy (in the case of communications relating to payments) sent to the attention of the
Director, Department of Financial Operations, at: Facsimile: +1 (202) 522-3064. 
 And a copy to: 

IFC’s South Asia Department 
 3rd and 4th Floor, Maruti
Suzuki Building, 
 Plot No. 1, Nelson Mandela Road, 

Vasant Kunj, New Delhi - 110070, India, 
 Facsimile Number:
(91-11) 4111-1001 
 Section 5.02. Applicable Law and Arbitration. (a) This Agreement is governed by, and construed
in accordance with, the laws of England and Wales. 
 (b) The provisions of sub-sections (b), (c), (d), (e), (f), (g) and (h) of
Section 5.04 (Applicable Law and Arbitration) of the Subscription Agreement are deemed to be incorporated herein and apply mutatis mutandis to this Agreement. It is clarified that the term “Related Agreements” shall mean the
Transaction Documents and such other agreements or documents referred to in Schedule X of the Shareholders Agreement. 
 Section 5.03.
Other miscellaneous provisions. (a) The following provisions of Article V (Miscellaneous) of the Subscription Agreement are deemed to be incorporated herein and apply mutatis mutandis to this Agreement: Section 5.02
(Saving of Rights), Section 5.05 (Immunity), Section 5.06 (Announcements), Section 5.07 (Successors and Assigns), Section 5.08 (Amendments, Waivers and Consents), Section 5.09
(Counterparts) and Section 5.12 (Invalid Provisions). 

  
 14 

 (b) The following provisions of Article V (Miscellaneous) of the Subscription Agreement
are deemed to be incorporated herein and apply mutatis mutandis to this Agreement: Section 5.03 (English Language) and Section 5.10 (Expenses). 

(c) This Agreement, together with the Subscription Agreement and other Transaction Documents supersedes all prior discussions, memoranda of
understanding, agreements and arrangements (whether written or oral, including all correspondence), if any, between the Parties with respect to the subject matter of this Agreement, and this Agreement (together with the Subscription Agreement and
the other Transaction Documents) contains the sole and entire agreement between the Parties with respect to the subject matter of this Agreement. 

  
 15 

 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this
Agreement to be signed in their respective names as of the date first written above 
  

					
	 SIGNED AND DELIVERED BY “INTERNATIONAL FINANCE CORPORATION” BY THE HAND OF PRATIBHA BAJAJ (AUTHORIZED
SIGNATORY)
 PORTFOLIO OFFICER
 Infrastructure &
Natural Resources
	 		 	/s/ PRATIBHA BAJAJ
	 		 
	 		 
	 		 

  
 16 

 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this
Agreement to be signed in their respective names as of the date first written above 
  

					
	SIGNED AND DELIVERED BY “AZURE POWER GLOBAL LIMITED” BY THE HAND OF                      (AUTHORIZED
SIGNATORY)	 		 	

			
	

	 		 	

  
 17 

 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this
Agreement to be signed in their respective names as of the date first written above 
  

					
	SIGNED AND DELIVERED BY “AZURE POWER INDIA PRIVATE LIMITED” BY THE HAND OF                      (AUTHORIZED
SIGNATORY)	 		 	

			
	

	 		 	

  
 18 

 IN WITNESS WHEREOF, the parties hereto, acting through their duly authorized representatives, have caused this
Agreement to be signed in their respective names as of the date first written above 
  

	
	SIGNED AND DELIVERED BY “IW GREEN INC” BY THE HAND OF                      (AUTHORIZED SIGNATORY)
	
	

  

	
	SIGNED AND DELIVERED BY “MR. INDERPREET SINGH WADHWA”
	
	

  

	
	

	SIGNED AND DELIVERED BY “MR. HARKANWAL SINGH WADHWA”

  
 19 

 SCHEDULE 1 

FORM OF SUBSCRIPTION NOTICE 

[Letterhead of the Company/the Investor] 

[Date] 
 International Finance Corporation 

							
	  
	  		  		  	
	  
	  		  		  	
	  
	  		  		  	

 Attention: [●] 
 Ladies and
Gentlemen: 
 Investment No.              

Request for Investor Subscription No.      (Equity) 

 

	 	1.	Please refer to the Letter Agreement (the “Letter Agreement, dated [●], between, inter alia, Azure Power Global Limited (the “Company”), the Sponsors and International Finance
Corporation (“Investor”). Terms defined in the Subscription Agreement, including terms defined by reference to any other Transaction Document (as defined in the Subscription Agreement), have their defined meanings wherever used in
this request. 

  

	 	2.	In accordance with the provisions of the Letter Agreement [and the enclosed resolution of the Company’s [board of directors]/[shareholders]], the Company requests the subscription of [[●] of Subscription
Shares each at the Subscription Price. Therefore, the Company requests the Investor to pay [●] [Dollars] on the Subscription Date to [●], for credit to the Company’s account no. [●].] 

 

	 	3.	The Subscription Date for the Investor Subscription [contemplated by this Subscription Notice] shall be [●]. 

  

	 	4.	For the purpose of Section 4.01 (Conditions of Investor Subscription) of the Subscription Agreement, the Company certifies as follows:[to be inserted] 

 

	 	5.	The above certifications are effective as of the date of this Subscription Notice and shall continue to be effective as of the Subscription Date set out in paragraph 3 (as if made by reference to such date). If any such
certification is no longer valid as of or prior to that Subscription Date, the Company undertakes to promptly notify the Investor by facsimile. 

 

			
	Yours faithfully,
		
	By	 	  

		 	Authorized Representative
		
	By	 	  

		 	Authorized Representative

  
 20 

			
	[Enclosure[s]]:	  	[Resolution of the Company’s [board of directors]/[shareholders]]; [Subscription Form]
		
	Copy to:	  	International Finance Corporation Attention: [●]

  
 21 

 SCHEDULE 2 

ORIGINAL COMPANY DISCLOSURE SCHEDULE 
 The
purpose of this Schedule is to disclose matters which may be relevant to the representations and warranties contained in the Subscription Agreement. The representations and warranties are qualified by the facts and circumstances fully, fairly,
specifically and accurately contained or disclosed in this Schedule or in any of the documents annexed to this Schedule. 
 DISCLOSURES IN RELATION TO
REPRESENTATIONS AND WARRANTIES UNDER SECTION 3.01(a) to (f) OF THIS AGREEMENT 
 The following specific disclosures are made in relation to the
representations and warranties under Section 3.01(a) to (f) of this Agreement. Each matter disclosed is listed against the sub-section number of the representation and warranty to which the disclosure relates but a disclosure applies to
all of the representations and warranties only to the extent it is reasonably apparent on its face. 
  

			
	Representation/Warranty No.	  	Disclosure
	Clause 3.01(a) (Organization and Authority)	  	No disclosure.
		
	Clause 3.01 (b) (Financial Condition)	  	 Section 3.01 (b) (i): No Disclosure
  

Section 3.01 (b) (ii): No Disclosure
  

Section 3.01 (b) (iii): Details of disclosures are set out in Annexure 3
  

Section 3.01 (b) (iv): No Disclosure

		
	Clause 3.01(c) (Financial Statements)	  	No disclosure
		
	Clause 3.01(d) (Title to and Condition of Property)	  	No disclosure
		
	Clause 3.01 (e) (Intellectual Property)	  	No disclosure
		
	Clause 3.01 (f) (Economic Sanctions)	  	No disclosure

 DISCLOSURES IN RELATION TO REPRESENTATIONS AND WARRANTIES DEEMED TO BE INCORPORATED FROM THE SUBSCRIPTION AGREEMENT

 The following specific disclosures are made in relation to the representations and warranties incorporated by reference from the Subscription
Agreement. Each matter disclosed is listed against the sub-section number of the representation and warranty to which the disclosure relates but a disclosure applies to all of the representations and warranties only to the extent it is reasonably
apparent on its face. 
  

			
	Representation/Warranty No.	  	Disclosure
	Clause 3.01 (b) (Validity)	  	No disclosure.

  
 22 

					
	Representation/Warranty No.	 	Disclosure
		
	Clause 3.01(c) (No Conflict)	 	No disclosure
		
	Clause 3.01(d) (Status of Authorizations)	 	Section 3.01(d) (i):
		
		 	Resolution of the board of directors of the Company for signing and executing this Agreement and other applicable Transaction Documents
		
		 	Resolution of the board of directors of the Sponsor Entity dated for signing and executing this Agreement and other applicable Transaction Documents
		
		 	 Section 3.01(d)(ii):

Shareholders’ resolution for amendment of Charter Documents.

		
		 	Resolution of the board of directors of the Company for issuance of Shares.
		
	Clause 3.01(e) (Charter)	 	List of Directors
		 	•	 	Azure Power Global Limited
		 		 	 a.      Inderpreet Wadhwa

		 		 	 b.      Eric Ng.

		 		 	 c.      Khalid Peyrye

		 	•	 	Details of directors of the Subsidiaries are set out in Annexure 2 (A)).
		
	Clause 3.01 (f) (Capital Structure of the Company)	 	 Paid up Capital of the Company is USD 1,098.30

(Details of the Capital Structure attached separately as Annexure 1)

		
	Clause 3.01 (g) (No immunity)	 	No disclosure
		
	Clause 3.01 (i) (Taxes)	 	No disclosure
		
	Clause 3.01 (k) (Litigation)	 	Section 3.01 (k) (i):
			
		 	 1.      
	 	 Civil Suit No. 22/2012 along with temporary injunction application no. 20/2012 filed by Sh. Mehram before Civil Judge (Jr. Div.) Jayal,
District Nagaur on 9th July 2012 against Azure Power (Rajasthan) Pvt. Ltd.,
 In the continuation of
this a Writ Petition (S. B. Civil Writ Petition No. 9685/2012) filed by Azure Power Rajasthan Pvt. Ltd., at High Court, Jodhpur - a portion of land leased admeasuring Khasra Number 1175, Tehsil Jayal District Nagour, Rajasthan from the Government of
Rajasthan for the projects of

  
 23 

					
	Representation/Warranty No.	 	Disclosure
		 		 	Azure Power Rajasthan Pvt. Ltd., in Rajasthan, is presently disputed as third parties have sought establishment of mining rights through the Mining Department of the State of Rajasthan. Azure Power Rajasthan Pvt. Ltd, has filed a
petition with the High Court of Rajasthan seeking non-renewal of the mining rights. Presently, this matter is pending before the High Court of Rajasthan.
		 		 	Prayer: Azure Power Rajasthan Private Limited has prayed before the honorable high court that the mining lease under dispute should not be renewed.
		 	2.  	 	Case pending before the Supreme Court of India - The Gujarat Urja Vikas Nigam Limited, had filed a petition with the Gujarat Electricity Regulatory Commission, seeking recalculation on the basis of actual cash flow required for
development of solar projects and consequent revision of the tariff payable by it, in relation to certain solar power projects including 10 MW Gujarat project of Azure Power (Haryana) Pvt. Ltd. While the Gujarat Electricity Regulatory Commission and
the Appellate Tribunal for Electricity dismissed the claims made by Gujarat Urja Vikas Nigam Limited, an appeal filed by Gujarat Urja Vikas Nigam Limited is pending with the Supreme Court of India (GUVNL vs GERC & Others CA No. 10301/
2014).
		 		 	Prayer: All respondents have prayed for dismissal of the appeal.
		 	3.	 	WP No. 13132/2012 pending before the High Court of Rajasthan at Jodhpur filed by Radhan Kishan & Deepa Ram against the State of Rajasthan and the Azure Power Rajasthan Private Limited involving a challenge of the
allotment of 1059 Bighas land to the Company by the Government of Rajasthan in Katothi.
		 		 	Prayer: Azure Power Rajasthan Private Limited has, in its prayers, requested for dismissal of the petition.
		 	4.	 	Ordinary Assessment proceedings pending before the Income Tax department against Azure Power (Rajasthan) Private Limited for the assessment year 2012-13. The assessment is of a routine nature and no adverse observation or adverse
finding has been made by the Income Tax Department in this regard.
		 	5.	 	Ordinary Assessment proceedings pending before the Income Tax department against Azure Power India Private Limited for the assessment year 2012-13. The assessment is

  
 24 

					
	Representation/Warranty No.	 	Disclosure
		 		 	of a routine nature and no adverse observation or adverse finding has been made by the Income Tax Department in this regard.
		 	6.  	 	Ordinary Assessment proceedings pending before the Income Tax department against Azure Power India Private Limited for the assessment year 2013-14. The assessment is of a routine nature and no adverse observation or adverse finding
has been made by the Income Tax Department in this regard.
		 	7.	 	Ordinary Assessment proceedings pending before the Income Tax department against Azure Solar Private Limited for the assessment year 2013-14. The assessment is of a routine nature and no adverse observation or adverse finding has
been made by the Income Tax Department in this regard.
		 	8.	 	Ordinary Assessment proceedings pending before the Income Tax department against Azure Power (Rajasthan) Private Limited for the assessment year 2013-14. The assessment is of a routine nature and no adverse observation or adverse
finding has been made by the Income Tax Department in this regard.
		
		 	Section 3.01 (k) (ii): No Disclosure
		
		 	Section 3.01 (k) (iii): No Disclosure
		
	Clause 3.01 (l) (Compliance with Law)	 	No disclosure
		
	Clause 3.01 (m) (Environmental Matters)	 	No disclosure
		
	Clause 3.01 (n) (Sanctionable Practices)	 	No disclosure
		
	Clause 3.01 (o) (Insurance)	 	Description of any Material Claims
		 	1.	 	Azure Urja Private Limited:- Claim of Rs. 5.6 Million is pending with National Insurance Company on account of solar module damage.
		 	2.	 	Azure Clean Energy Pvt. Ltd., Azure Sunshine Pvt. Ltd. and Azure Greentech Pvt. Ltd. :- Claim of Rs. 7 Million is pending with National Insurance Company on account of solar module damage.
		
	Clause 3.01 (p) (Disclosure)	 	No disclosure
		
	Clause 3.01 (q) (Subsidiaries)	 	Attached Separately list of Subsidiaries, their directors, ownership, domicile and head office as Annexure 2 (A) and (B)
		
	Clause 3.01 (r) (UN Security Council Resolutions)	 	No disclosure

  
 25 

					
	Representation/Warranty No.	 	Disclosure
		
	Clause 3.01 (s) (Criminal Offenses)	 	No disclosure
		
	Clause 3.01 (t) (Restrictions on Business Activities)	 	No disclosure
		
	Clause 3.01 (u) (Related Party Transactions)	 	No disclosure
		
	Clause 3.01 (w) (Books and Records)	 	No disclosure
		
	Clause 3.01 (x) (Material Contracts)	 	Section 3.01(x) (i):
		 	•    	 	Operations & Maintenance Agreements hereinafter referred to as the “O & M Contract”) between the Azure Power India Private Limited (“AZI”) and its Subsidiaries (attached separately as Annexure 4
(A)).
		 	•	 	Agreement in respect of lease of office premises at corporate office of the Company between Sunbir Singh Wadhwa & Kulwinder Wadhwa (Lessors) and Azure Power India Pvt. Ltd. (Lessee) dated 15th October, 2013. Agreement in respect of lease of project land for Azure Power Punjab Pvt. Ltd.
		 	•	 	Agreement in respect of lease of project land for Azure Power Rajasthan Pvt. Ltd.
		 	•	 	Agreement in respect of lease of project land for Azure Solar Pvt. Ltd.
		 	•	 	Agreement in respect of lease of project land for Azure Urja Pvt. Ltd.
		 	•	 	Agreement in respect of lease of project land for Azure Clean Energy Pvt. Ltd.
		 	•	 	Agreement in respect of lease of project land for Azure Sunshine Pvt. Ltd.
		 	•	 	Agreement in respect of lease of project land for Azure Greentech Pvt. Ltd.
		
		 	Section 3.01(x) (ii): Details of disclosures set out in Annexure 3. The Company or any of its Subsidiaries has not defaulted with respect to any Company Agreements in relation to indebtedness.
		
		 	Section 3.01(x) (iii): No disclosure
		
		 	Section 3.01(x) (iv): No disclosure
		
		 	Section 3.01(x) (v): No disclosure
		
	Clause 3.01 (y) (Labour Matters)	 	No disclosure

  
 26 

 ANNEXURE 1 

PAID-UP CAPITAL & SHARE EQUIVALENTS 
  

																	
	 Name of Party
	  	Pre
Externalization	 	  	Post Externalization	 
	 	  	 	 	  	Equity
Shares	 	  	Preference
Shares	 	  	CCDs	 
	International Finance Corporation	  	 	—  	  	  	 	10	  	  	 	73,272 Series B	  	  	 	1,100,000 IFC	  
		  				  				  	 	CCPS	  	  	 	CCDs	  
		  				  				  	 	4,439 Series D	  	  	 	37,500 IFC II	  
		  				  				  	 	CCPS	  	  	 	CCDs	  
		  				  				  	 	20,307 Series F	  	  	 	36,000 IFC III	  
		  				  				  	 	CCPS	  	  	 	CCDs	  
	Helion Venture Partners II, LLC	  	 	—  	  	  	 	10	  	  	 	2,575 Series A	  	  	 	—  	  
	  				  				  	 	CCPS	  	  			
	  				  				  	 	53,887 Series B	  	  			
	  				  				  	 	CCPS	  	  			
	  				  				  	 	114,940 Series	  	  			
	  				  				  	 	CCCPS	  	  			
	  				  				  	 	26,636 Series D	  	  			
	  				  				  	 	CCPS	  	  			
	  				  				  	 	63,853 Series F	  	  			
	  				  				  	 	CCPS	  	  			
	Helion Venture Partners India II, LLC	  	 	—  	  	  	 	—  	  	  	 	16,810 Series A	  	  	 	—  	  
	  				  				  	 	CCPS	  	  			
	FC VI India Venture (Mauritius) Ltd.	  	 	—  	  	  	 	10	  	  	 	19,385 Series A	  	  	 	—  	  
	  				  				  	 	CCPS	  	  			
	  				  				  	 	53,887 Series B	  	  			
	  				  				  	 	CCPS	  	  			
	  				  				  	 	114,940 Series	  	  			
	  				  				  	 	CCCPS	  	  			
	  				  				  	 	53273 Series D	  	  			
	  				  				  	 	CCPS	  	  			
	  				  				  	 	53,973 Series F	  	  			
	  				  				  	 	CCPS	  	  			
	DEG – Deutsche Investitions -und EntwicklungsgesellschaftmbH	  	 	—  	  	  	 	10	  	  	 	—  	  	  	 	680,390 DEG	  
	  				  				  				  	 	CCDs	  
	Société de Promotion et de Participation pour la Coopération Economique S.A.	  	 	—  	  	  	 	10	  	  	 	140,000 Series	  	  	 	—  	  
	  				  				  	 	ECCPS	  	  			
	IW Green Inc.	  	 	102,497	  	  	 	102,497	  	  	 	—  	  	  	 	—  	  
	Azure Power Inc.	  	 	5,700	  	  	 	5,700	  	  	 	—  	  	  	 	—  	  
	Satnam Sanghera	  	 	1,633	  	  	 	1,633	  	  	 	—  	  	  	 	—  	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	109,880	  	  	 	109,880	  	  	 	812,177	  	  	 	1,853,890	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 27 

 ANNEXURE 2 (A) 

LIST OF SUBSIDIARIES, THEIR DIRECTORS, OWNERSHIP, DOMICILE AND HEAD OFFICE [pursuant to Section 3.01(e) (Charter
and Number of Directors) & Section 3.01(g) (Subsidiaries) of the Subscription Agreement] 

 

													
	 Sl.
	  	 Name of

Subsidiary
	 	 Directors
	  	 Capitalisation
	  	 Shareholding/

Ownership
	  	 Registered Office/

Domicile
	  	 Head office

	1.	  	 Azure Power India Private Limited

(“AZI”)
	 	 a.      Mr. Inderpreet S Wadhwa.

b.      Mr. H.S. Wadhwa.

c.      Mr. Sanjeev Aggarwal,

d.      Mr. William Bruce Elmore

e.      Ms. Dianne Goss Farrell

f.       Mr. Robert Douglas Kelly
	  	 Rs. 9,220,570/- Divided into 1,09,880 Equity Shares of Rs. 10 Each & 8,12,177 Preference share of Rs. 10 each.
	  	 1. Mr. Inderpreet Singh Wadhwa holds 97,497 Equity Shares of Rs 10 Each.

 
 2. Azure Power Inc. Holds 5,700 Equity Shares of Rs 10 Each.

 
 3. Mr. Harkanwal singh Holds 5,000 Equity Shares of Rs 10 Each.

 
 4. FC VI India Venture (Mauritius) Ltd Holds 10 Equity Shares of Rs 10 Each and 295,458
Compulsorily Convertible Preference Shares of Rs. 10 Each.
  
 5. Helion Ventures Partners
II LLC Holds 10 Equity Shares of Rs 10 Each and 261,891 Compulsorily Convertible Preference Shares of Rs. 10 Each.
	  	8, G.F., Local Shopping Complex, Pushp Vihar, Madangir, New Delhi - 62	  	8, G.F., Local Shopping Complex, Pushp Vihar, Madangir, New Delhi - 62

  
 28 

																	
	 Sl.
	  	 Name of

Subsidiary
	 	 Directors
	  	 Capitalisation
	  	 Shareholding/

Ownership
	  	 Registered Office/

Domicile
	  	 Head office

								
		  		 		  		  		  	 6.International Finance Corporation Holds 10 Equity Shares of Rs 10 Each, 98018 Compulsorily Convertible Preference Shares of Rs.
10 Each, 11,00,000 Compulsorily Convertible Debentures of Rs. 224.19, 37,500 Compulsorily Convertible Debentures of Rs. 2,000 and 36,000 Compulsorily Convertible Debentures of Rs.5,000.

 
 7. Satnam Sanghera Holds 1,633 Equity Shares of Rs 10 Each.

 
 8. DEG Holds 10 Equity Shares of Rs 10 Each and 680,390 Compulsorily Convertible
Debentures of Rs. 1,000/-.
  
 9. PROPARCO holds 10 Equity Share of Rs 10 Each and 140,000
Compulsorily Convertible Preference Shares of Rs. 10 Each.
	  		  	

  
 29 

																	
	 Sl.
	  	 Name of

Subsidiary
	  	 Directors
	  	 Capitalisation
	 	 Shareholding/

Ownership
	  	 Registered Office/

Domicile
	  	 Head office

							
		  		  		  		 	10. Helion Venture Partners India II LLC holds 16,810 Compulsorily Convertible Preference Shares of Rs. 10 Each.	  		  	
								
	2.	  	Azure Power (Punjab) Pvt. Ltd.	  	 g.      Inderpreet Wadhwa

h.      H.S. Wadhwa
	  	Rs. 1,265,240/- divided into 1,265,24 equity shares of Rs. 10 each.	 	 1.      
	 	Mr. H.S. Wadhwa holds 1 Equity Share	  	C - 2324, Ranjit Avenue, Amritsar	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062
	  	  	  	 	2.	 	Azure Power India Private Limited Holds 126523 Equity Share of Rs 10 Each	  	  
								
	3.	  	Azure Power (Haryana) Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa

c.      Sanjeev Aggarwal

d.      Natarajan Ranganathan
	  	 Rs. 20,49,200 Lacs Divided into 204920 Equity Shares of Rs. 10 Each.
	 	 1.      
	 	Mr. H.S. Wadhwa holds 1 Equity Share	  	 Villa No. 148, Tatvam Villas, Sohna Road, Gurgaon, Haryana - 122018
	  	8, G.F., Local Shopping Complex, Pushp Vihar, Madangir, New Delhi - 62
	  	  	  	 	2.	 	Azure Power India Private Limited Holds 163935 Equity Share of Rs 10 Each	  	  
	  	  	  	 	3.	 	Suntech Power International Ltd. holds 40984 Equity Share of Rs 10 Each	  	  
								
	4.	  	 Azure Power (Rajasthan)
 Pvt.
Ltd.
	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 988,740 Divided into 988,74/ Equity Shares of Rs. 10 Each.	 	 1.      
	 	Mr. H.S. Wadhwa holds 1 equity share	  	8, G.F., Local Shopping Complex, Pushp Vihar, Madangir, New Delhi - 62	  	 8, G.F., Local Shopping Complex, Pushp Vihar, Madangir, New Delhi - 62

	  	  	  	 	2.	 	Azure Power India Private Limited holds 98873 Equity Share of Rs 10 Each	  	  
								
	5.	  	Azure Solar Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 11,845,800 Divided Equity Shares of Rs. 10 Each.	 	 1.      
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each.	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds	  	  
		  		  		  		  	 		 	  	  
		  		  		  		  	 		 	  	  
		  		  		  		  	 		 	  	  

  
 30 

															
	 Sl.
	  	 Name of

Subsidiary
	  	 Directors
	  	 Capitalisation
	 	 Shareholding/

Ownership
	  	 Registered Office/

Domicile
	  	 Head office

		  		  		  		 		 	1093521 Equity Share of Rs 10 Each	  		  	
		  		  		  		 	 3.      
	 	Azure Power US Inc. holds 91058 Equity Share of Rs 10 Each	  		  	
								
	6.	  	Azure Sun Energy Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 7,56,240 Divided into 75,624 Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 75623 Equity Share of Rs 10 Each.	  	  
								
	7.	  	Azure Solar Solutions Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 2,25,760 divided into 22,576 Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 22575 Equity Share of Rs 10 Each	  	  
								
	8.	  	Azure Urja Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 1416380 Lacs Divided into 141638 Equity Shares Rs. 10 Each	 	1.	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	 8, Local Shopping Complex,
 Pushp
Vihar, Madangir, New Delhi, Delhi, INDIA - 110062
	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 104532 Equity Share of Rs 10 Each	  	  
	  	  	  	 	3.	 	Azure Power US Inc. holds 37105 Equity Share of Rs 10 Each	  	  
								
	9.	  	 Azure Power (Karnataka)
 Pvt. Ltd.
	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 6,41,650 Divided into 64,165 Equity Shares of Rs. 10 Each.	 	 1.      
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	“PRASHANTH NILAYA”, H.No. 279, 4TH CROSS,	  	8, Local Shopping Complex, Pushp Vihar, Madangir,

  
 31 

															
	 Sl.
	  	 Name of

Subsidiary
	  	 Directors
	  	 Capitalisation
	 	 Shareholding/

Ownership
	  	 Registered Office/

Domicile
	  	 Head office

		  		  		  		 	 2.      
	 	Azure Power India Private Limited holds 37776 Equity Share of Rs 10 Each	  	ARAVIND NAGAR, HUBLI - 580024	  	New Delhi, Delhi, INDIA - 110062
	  	  	  	 	3.	 	Azure Urja Private Limited holds 26388 Equity Share of Rs 10 Each	  	  
								
	10.	  	Azure Surya Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 666870 Divided into 66687 Equity Shares of Rs. 10 Each.	 	 1.      
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	 8, Local Shopping Complex,
 Pushp
Vihar, Madangir, New Delhi, Delhi, INDIA - 110062
	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 44898 Equity Share of Rs 10 Each	  	  
	  	  	  	 	3.	 	Azure Urja Private Limited holds 21788 Equity Share of Rs 10 Each	  	  
								
	11.	  	Azure Sunshine Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 5,63,360 Divided 56336 Equity Shares of Rs. 10 Each.	 	 1.      
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 Each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 56335 Equity Share of Rs 10 Each	  	  
								
	12.	  	Azure Greentech Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs.5,64,030 Divided into 56,403 Equity Shares of Rs. 10 Each.	 	 1.      
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 56402 Equity Share of Rs 10 Each	  	  

  
 32 

															
	 Sl.
	  	 Name of

Subsidiary
	  	 Directors
	  	 Capitalisation
	 	 Shareholding/

Ownership
	  	 Registered Office/
Domicile
	  	 Head office

	13.	  	Azure Clean Energy Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	 Rs.4,63,550 Divided into 46,355 Equity Shares of Rs. 10 Each.
	 	 1.
	  	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi. INDIA - 110062
	  	  	  	 	 2.
	  	Azure Power India Private Limited holds 46354 Equity Share of Rs 10 Each	  	  
								
	14.	  	Azure Sunlight Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 109520 Divided into 10952 Equity Shares of Rs. 10 Each.	 	 1.
	  	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 =8, Local Shopping Complex,
 Pushp
Vihar, Madangir, New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	  	Azure Power India Private Limited holds 10951 Equity Share of Rs 10 Each	  	  
								
	15.	  	Azure Sunrise Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 101810.00 Divided into 10181 Equity Shares of Rs. 10 Each.	 	 1.
	  	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	  	Azure Power India Private Limited holds 10180 Equity Share of Rs 10 Each	  	  
								
	16.	  	Azure Power (Raj.) Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	 Rs. 201310 Divided into 20131 Equity Shares of Rs. 10 Each.
	 	 1.
	  	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	  	Azure Power India Private Limited holds 20130 Equity Share of Rs 10 Each	  	  
								
	17.	  	Azure Renewable	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 1228940 Divided into 122894 Equity Shares of Rs. 10 Each.	 	 1.
	  	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	  	Azure Power India Private Limited holds	  	  

  
 33 

															
	 Sl.
	  	 Name of

Subsidiary
	  	 Directors
	  	 Capitalisation
	 	 Shareholding/

Ownership
	  	 Registered Office/
Domicile
	  	 Head office

		  	Energy Pvt. Ltd.	  		  		 		 	122894 Equity Share of Rs 10 Each	  		  	
								
	18.	  	Azure Photovoltaic Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 201,760.00 Divided into 20176 Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10 each	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 122894 Equity Share of Rs 10 Each	  	  
								
	19.	  	Azure Power Infrastructure Pvt. Ltd.	  	 a.      Inderpreet Wadhwa

b.      H.S. Wadhwa
	  	Rs. 872880 Lacs Divided into 87288 Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062
	  	  	  	 	2.	 	Azure Power India Private Limited holds 76073 Equity Share of Rs 10 Each	  	  
	  	  	  	 	3.	 	Azure Urja Private Limited Holds 11214 Equity Share of Rs 10 Each	  	  
								
	20.	  	Azure Power Earth Pvt. Ltd.	  	 a.      Surendra Kumar Gupta

b.      Preet Mohinder Singh Sandhu
	  	Rs. 1 Lacs Divided into 10 000/ Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 9999 Equity Share of Rs 10 Each	  	  
								
	21.	  	Azure Power Eris Pvt. Ltd.	  	 a.      Surendra Kumar Gupta

b.      Preet Mohinder Singh Sandhu
	  	Rs. 1 Lacs Divided into 10 000/ Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 9999 Equity Share of Rs 10 Each	  	  

  
 34 

															
	 Sl.
	  	 Name of

Subsidiary
	  	 Directors
	  	 Capitalisation
	 	 Shareholding/

Ownership
	  	 Registered Office/
Domicile
	  	 Head office

	22.	  	Azure Power Mars Pvt. Ltd.	  	 a.      Surendra  Kumar Gupta

b.      Preet Mohinder  Singh Sandhu
	  	Rs. 881,250.00 Divided into 88,125 Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 88124 Equity Share of Rs 10 Each	  	  
								
	23.	  	Azure Power Mercury Pvt. Ltd.	  	 a.      Surendra  Kumar Gupta

b.      Preet Mohinder  Singh Sandhu
	  	Rs. 1 Lacs Divided into 10 000/ Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 9999 Equity Share of Rs 10 Each	  	  
								
	24.	  	Azure Power Makemake Pvt. Ltd.	  	 a.      Surendra  Kumar Gupta

b.      Preet Mohinder  Singh Sandhu
	  	Rs. 1,422,030.00 Divided into 1,42,203 Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 142202 Equity Share of Rs 10 Each	  	  
								
	25.	  	Azure Power Pluto Pvt. Ltd.	  	 a.      Surendra  Kumar Gupta

b.      Preet Mohinder  Singh Sandhu
	  	Rs. 1 Lacs Divided into 10 000/ Equity Shares of Rs. 10 Each.	 	1.	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 9999 Equity Share of Rs 10 Each	  	  
								
	26.	  	Azure Power Venus Pvt. Ltd.	  	 a.      Surendra  Kumar Gupta

b.      Preet Mohinder  Singh Sandhu
	  	Rs. 1 Lacs Divided into 10 000/ Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 9999 Equity Share of Rs 10 Each	  	  

  
 35 

															
	 Sl.
	  	 Name of

Subsidiary
	  	 Directors
	  	 Capitalisation
	 	 Shareholding/

Ownership
	  	 Registered Office/
Domicile
	  	 Head office

	27.	  	Azure Power Saturn Pvt. Ltd.	  	 a.      Surendra  Kumar Gupta

b.      Preet Mohinder  Singh Sandhu
	  	Rs. 1 Lacs Divided into 10 000/ Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 9999 Equity Share of Rs 10 Each	  	  
								
	28.	  	Azure Power Uranus Pvt. Ltd.	  	 a.      Surendra  Kumar Gupta

b.      Preet Mohinder  Singh Sandhu
	  	Rs. 1 Lacs Divided into 10 000/ Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 9999 Equity Share of Rs 10 Each	  	  
								
	29.	  	Azure Power Jupiter Pvt. Ltd.	  	 a.      Surendra  Kumar Gupta

b.      Preet Mohinder  Singh Sandhu
	  	Rs. 1 Lacs Divided into 10 000/ Equity Shares of Rs. 10 Each.	 	 1.
	 	Mr. H.S. Wadhwa holds 1 equity share of Rs 10	  	8, Local Shopping Complex, Pushp Vihar, Madangir, New Delhi, Delhi, INDIA - 110062	  	 8, Local Shopping Complex, Pushp Vihar, Madangir,

New Delhi, Delhi, INDIA - 110062

	  	  	  	 	2.	 	Azure Power India Private Limited holds 9999 Equity Share of Rs 10 each	  	  
							
	30.	  	Aster Power Inc.	  	Inderpreet Wadhwa	  	531,001 Shares of US$ 1 each.	 	Azure Power India Private Limited holds 531,001 Shares of US$ 1 each.	  	United States of America	  	1054 31st Street, NW, Suite 545, Washington, DC 20007.
							
	31.	  	Azure Power US Inc.	  	Inderpreet Wadhwa	  	1,543,001 Shares of US$ 1 each.	 	Azure Power India Private Limited holds 1543,001 Shares of USS 1 each.	  	United States of America	  	1054 31st Street, NW, Suite 545, Washington, DC 20007.

  
 36 

 ANNEXURE 2 (B) 

LIST OF SUBSIDIARIES AND THE RELATED DETAILS [pursuant to Section 3.01(g) (Subsidiaries) of the Subscription Agreement] 

 

							
	 Sl.
	  	 Name of Subsidiary
	  	 Lien, if any
	  	 Other Remarks

	32.	  	Azure Power (Punjab) Pvt. Ltd.	  	 OPIC has lien on the project assets of Azure Power (Punjab) Pvt. Ltd.

Shareholding of the Company in Azure Power (Punjab) Pvt. Ltd., has been pledged in favour of OPIC.
	  	
				
	33.	  	Azure Power (Haryana) Pvt. Ltd.	  	 OPIC has lien on the project assets of Azure Power (Haryana) Pvt. Ltd.

Shareholding of the Company in Azure Power (Haryana) Pvt. Ltd., has been pledged in favour of OPIC.
	  	20% of shareholding is held by M/s Suntech.
				
	34.	  	Azure Power (Rajasthan) Pvt. Ltd.	  	 US Exim Bank has lien on the project assets of Azure Power (Rajasthan) Pvt. Ltd.

Shareholding of the Company in Azure Power (Rajasthan) Pvt. Ltd., has been pledged in favour of US Exim Bank/ their trustees.
	  	
				
	35.	  	Azure Solar Pvt. Ltd.	  	 US Exim Bank has lien on the project assets of Azure Solar Pvt. Ltd.

Shareholding of the Company in Azure Solar Pvt. Ltd., has been pledged in favour of the US Exim Bank/ their trustees.
	  	
				
	36.	  	Azure Sun Energy Pvt. Ltd.	  	 IFC has lien on the project assets of Azure Sun Energy Pvt. Ltd.

Shareholding of the Company in Azure Sun Energy Pvt. Ltd., has been pledged in favour of the trustee of IFC/ their trustees.
	  	
				
	37.	  	Azure Solar Solutions Pvt. Ltd.	  	 Central Bank of India Ltd., has lien on the project assets of Azure Solar Solutions Pvt. Ltd.

Shareholding of the Company in Azure Solar Solutions Pvt. Ltd., has been pledged in favour of Central Bank of India Ltd.
	  	
				
	38.	  	Azure Urja Pvt. Ltd.	  	 PTC Financial Services Ltd., has lien on the project assets of Azure Urja Pvt. Ltd.

Shareholding of the Company in Azure Urja Pvt. Ltd. has been pledged in favour of PTC Financial Services Ltd.
	  	
				
	39.	  	Azure Power (Karnataka) Pvt. Ltd.	  	 PTC Financial Services Ltd., has lien on the project assets of Azure (Karnataka) Pvt. Ltd.

Shareholding of the Company in Azure (Karnataka) Pvt. Ltd., has been pledged in favour of PTC Financial Services Ltd.
	  	

  
 37 

							
	 Sl.
	  	 Name of Subsidiary
	  	 Lien, if any
	  	 Other Remarks

	40.	  	Azure Surya Pvt. Ltd.	  	 PTC Financial Services Ltd., has lien on the project assets of Azure Surya Pvt. Ltd.

Shareholding of the Company in Azure Surya Pvt. Ltd., has been pledged in favour of PTC Financial Services Ltd.
	  	
				
	41.	  	Azure Sunshine Pvt. Ltd.	  	 IREDA and Central Bank have lien on the project assets of Azure Sunshine Pvt. Ltd.

Shareholding of the Company in Azure Sunshine Pvt. Ltd., has been pledged in favour of IREDA and Central Bank.
	  	
				
	42.	  	Azure Greentech Pvt. Ltd.	  	 IREDA and Central Bank have lien on the project assets of Azure Greentech Pvt. Ltd.

Shareholding of the Company in Azure Greentech Pvt. Ltd., has been pledged in favour of IREDA and Central Bank.
	  	
				
	43.	  	Azure Clean Energy Pvt. Ltd.	  	 IREDA, IFC and IIFCL have lien on the project assets of Azure Clean Energy Pvt. Ltd.

Shareholding of the Company in Azure Clean Energy Pvt. Ltd. has been pledged in favour of IREDA, IFC and IIFCL.
	  	
				
	44.	  	Azure Sunlight Pvt. Ltd.	  	Not applicable	  	
				
	45.	  	Azure Sunrise Pvt. Ltd,	  	Not applicable	  	
				
	46.	  	Azure Power (Raj.) Pvt. Ltd.	  	Not applicable	  	
				
	47.	  	Azure Renewable Energy Pvt. Ltd.	  	Not applicable	  	
				
	48.	  	Azure Photovoltaic Pvt. Ltd.	  	Not applicable	  	
				
	49.	  	Azure Power Infrastructure Pvt. Ltd.	  	Not applicable	  	
				
	50.	  	Azure Power Earth Pvt. Ltd.	  	Not applicable	  	
				
	51.	  	Azure Power Eris Pvt. Ltd.	  	Not applicable	  	
				
	52.	  	Azure Power Mars Pvt. Ltd.	  	Not applicable	  	
				
	53.	  	Azure Power Mercury Pvt. Ltd.	  	Not applicable	  	
				
	54.	  	Azure Power Makemake Pvt. Ltd.	  	Not applicable	  	
				
	55.	  	Azure Power Pluto Pvt. Ltd.	  	Not applicable	  	
				
	56.	  	Azure Power Venus Pvt. Ltd.	  	Not applicable	  	

  
 38 

							
	 Sl.
	  	 Name of Subsidiary
	  	 Lien, if any
	  	 Other Remarks

	57.	  	Azure Power Saturn Pvt. Ltd.	  	Not applicable	  	
				
	58.	  	Azure Power Uranus Pvt. Ltd.	  	Not applicable	  	
				
	59.	  	Azure Power Jupiter Pvt. Ltd.	  	Not applicable	  	

  
 39 

 ANNEXURE 3 [Section 3.01(b) (Financial Conditions)] 

DETAILS OF TERM LOAN AGREEMENTS AND OTHER FINANCING AGREEMENTS EXECUTED 

BY AZI AND ITS SUBSIDIARIES 
  

															
	 S. No
	  	 Project/

Location
	  	 Details of the
entity
	  	 Lender
	  	 Description of the agreement
	  	
Date of Execution of Agreements
	  	Loan Amount	 
	1.	  	2 MW Punjab	  	Azure Power Punjab Pvt. Ltd	  	OPIC	  	Term Loan Agreement and the related financing documents	  	February 20, 2009	  	USD	 6,230,000	  
	  	  	  	  	1st Amendment to the Term Loan Agreement	  	April 27, 2009	  
	  	  	  	  	2nd Amendment to the Term Loan Agreement	  	March 11, 2010	  			
	  	  	  	  	3 rd Amendment to the Term Loan Agreement	  	June 22, 2010	  			
	2.	  	10 MW Gujarat	  	 Azure Power (Haryana)
 Pvt.
Ltd.
	  	OPIC	  	Term Loan Agreement and the related financing documents	  	January 27, 2011	  	USD	26,835,436	  
	  	  	  	  	1st Amendment to the Term Loan Agreement	  	February 16, 2011	  
	  	  	  	  	2nd Amendment to the Term Loan Agreement	  	June 2, 2011	  
	  	  	  	  	3rd Amendment to the Term Loan Agreement	  	November 3, 2011	  
	  	  	  	  	4th Amendment to the Term Loan Agreement	  	November 16, 2012	  
	3.	  	5 MW Rajasthan	  	Azure Power (Rajasthan) Pvt. Ltd.	  	US EX-IM Bank	  	Term Loan Agreement and the related financing documents	  	August 25, 2011	  	USD	15,776,702	  
	  	  	  	  	1st Amendment to the Term Loan Agreement	  	Sep 15, 2011	  
	  	  	  	  	2nd Amendment to the Term Loan Agreement	  	November 22, 2011	  
	  	  	  	  	3 rd Amendment to the Term Loan Agreement	  	Feb 6, 2012	  
	4.	  	35 MW Rajasthan	  	Azure Solar Pvt. Ltd.	  	US EX-IM Bank	  	Term Loan Agreement and the related financing documents	  	August 29, 2012	  	USD	63,708,791	  

  
 40 

															
	 S. No
	  	 Project/

Location
	  	 Details of the
entity
	  	 Lender
	  	 Description of the agreement
	  	
Date of Execution of Agreements
	  	Loan Amount	 
	5.	  	2.5 MW Rooftop Gujarat	  	Azure Sun Energy Pvt. Ltd.	  	IFC	  	Term Loan Agreement and the related financing documents	  	May 24, 2013	  	INR	 158,400,000	  
	  	  	  	  	1st Amendment to the Term Loan Agreement	  	Sep 16, 2013	  
	6.	  	34 MW Punjab	  	Azure Urja Pvt. Ltd.	  	PTC India Financial Services Ltd	  	Term Loan Agreement and the related financing documents	  	March 13, 2014	  	INR	1,88,00,00,000	  
	7.	  	Rooftop projects	  	Azure Solar Solution Private Ltd.	  	Central Bank of India	  	Term Loan Agreement and the related financing documents	  	March 25, 2014	  	INR	 31,45,00,000	  
	8.	  	Working Capital	  	Azure Power India Pvt. Ltd.	  	Central Bank of India	  	Non-fund based facility Agreement and the related financing documents	  	May 31, 2014	  	INR	1,98,00,00,000	  
	9.	  	BG Facility	  	Azure Power India Pvt. Ltd.	  	Yes Bank Ltd	  	Non-fund based facility Agreement and the related financing documents	  	March 2, 2015	  	INR	 50,00,00,000	  
	10.	  	BG Facility	  	Azure Power India Pvt. Ltd.	  	 Indusind
 Bank
	  	Non-fund based facility Agreement and the related financing documents	  	April 6, 2015	  	INR	 75,00,00,000	  
	11.	  	Chhattisgarh 30 MW	  	Azure Power India Pvt. Ltd.	  	Yes Bank Ltd	  	Term Loan Agreement and the related financing documents	  	May 8, 2015	  	INR	1,60,10,00,000	  
	12.	  	10 MW Uttar Pradesh	  	Azure Surya Pvt. Ltd.	  	PTC India Financial Services Ltd	  	Term Loan and the related financing documents Agreement	  	September 19, 2014	  	INR	 55,00,00,000	  
	13.	  	40 MW Rajasthan	  	Azure Clean Energy Pvt. Ltd.	  	IREDA, IIFCL	  	Common Loan Facility Agreement and the related financing documents	  	March 13, 2015	  	INR	2,05,00,00,000	  
	  	  	  	IFC	  	Loan Agreement and the related financing documents	  	October 31, 2014	  
	  	  	  	IFC	  	1st Amendment to the Term Loan Agreement	  	Feb 11, 2015	  
		  		  		  	IFC	  	2nd Amendment to the Term Loan Agreement	  	March 10, 2015	  			
	  	  	  	SECI	  	VGF Agreement	  	March 28, 2014	  

  
 41 

													
	 S. No
	  	 Project/

Location
	  	 Details of the
entity
	  	 Lender
	  	 Description of the agreement
	  	
Date of Execution of Agreements
	  	Loan Amount
	14.	  	20 MW Rajasthan	  	Azure Sunshine Pvt. Ltd.	  	IREDA	  	Term Loan Agreement and the related financing documents	  	September 23, 2014	  	INR1,17,40,00,000
	  	  	  	Central Bank of India	  	Term Loan Agreement and the related financing documents	  	October 30, 2014	  
	  	  	  	SECI	  	VGF Agreement	  	March 28, 2014	  
	15.	  	40 MW Rajasthan	  	Azure Green Tech Pvt. Ltd.	  	IREDA	  	Term Loan Agreement and the related financing documents	  	September 23, 2014	  	INR2,36,30,00,000
	  	  	  	Central Bank of India	  	Term Loan Agreement and the related financing documents	  	October 30, 2014	  
	  	  	  	SECI	  	VGF Agreement	  	March 28, 2014	  
	16.	  	Karnataka 10 MW	  	Azure Power Karnataka Pvt Ltd	  	PTC India Financial Services Ltd	  	Term Loan Agreement and the related financing documents	  	November 3, 2014	  	INR58,50,00,000

  
 42 

 ANNEXURE 4 (A) [Section 3.01(x) (Material Contracts) of the Subscription Agreement]

 DETAILS OF O & M AND EPC CONTRACTS BETWEEN AZI AND ITS SUBSIDIARIES 

 

									
	 Sl. No.
	  	 Descriptions
	  	Amount (in INR) payable to the
Company on an annual basis	 	  	 Terms

	1.	  	O &M Contract with Azure Power Haryana Private Limited dated 09-12-2011.	  	 	1,05,00,000	  	  	5% to be increased every year
	2.	  	O&M Contract with Azure Power Punjab Private Limited dated 01-04-2013.	  	 	22,00,000	  	  	5.72% to be increased every year
	3.	  	O&M Contract with Azure Power Rajasthan Private Limited dated 01-04-2013.	  	 	55,00,000	  	  	5.72% to be increased every year
	4.	  	O&M Contract with Azure Solar Limited dated 01-04-2013	  	 	3,84,00,000	  	  	5.72% to be increased every year
	5.	  	O&M Contract with Azure Sun Energy Private Limited dated 01-06-2013	  	 	26,15,000	  	  	5.72% to be increased every year
	6.	  	O&M Contract with Azure Urja Private Limited dated 01-06-2014	  	 	3,94,40,000	  	  	5.72% to be increased every year
	7.	  	O&M Contract with Azure Power Karnataka Private Limited dated 01-09-2014	  	 	1,16,00,000	  	  	5.72% to be increased every year
	8.	  	O&M Contract with Azure Surya Private Limited dated 01-06-2014	  	 	1,16,00,000	  	  	5.72% to be increased every year
	9.	  	O&M Contract with Azure Clean Energy Private Limited dated 01-09-2014	  	 	2,00,00,000	  	  	5% to be increased in every year
	10.	  	O&M Contract with Azure Green Tech Private Limited dated 01-09-2014	  	 	2,00,00,000	  	  	5% to be increased in every year
	11.	  	O&M Contract with Azure Sunshine Private Limited dated 01-09-2014	  	 	1,00,00,000	  	  	5% to be increased in every year
	12.	  	EPC Contracts with Azure Mars Private Limited dated 01-04-2015	  	 	35,90,00,000	  	  	Not Applicable

  
 43 

 ANNEXURE 4 (B) [Section 3.01(x) (Material Contracts) of the Subscription Agreement]

 DETAILS OF POWER PURCHASE AGREEMENT BY 

AZI AND ITS SUBSIDIARIES 
  

											
	 Sr. No.
	  	 Plant
	  	 Capacity (MW)
	  	 Offtaker
	  	 Tariff (Price in Rs.

/Kw)
	  	 PPA Date

	1.	  	Punjab	  	2	  	NTPC Vidyut Vyapar Nigam (NVVN)	  	17.91	  	15-Oct-10
	2.	  	Gujarat	  	10	  	Gujarat Urja Vikas Nigam Limited (GUVNL)	  	15.00	  	30-Apr-10
	3.	  	Rajasthan	  	5	  	NTPC Vidyut Vyapar Nigam (NVVN)	  	11.94	  	10-Jan-11
	4.	  	Rajasthan	  	15	  	NTPC Vidyut Vyapar Nigam (NVVN)	  	8.21	  	25-Jan-12
	5.	  	Rajasthan	  	20	  	NTPC Vidyut Vyapar Nigam (NVVN)	  	8.21	  	25-Jan-12
	6.	  	Punjab – I	  	15	  	Punjab State Power Corporation Limited (PSPCL)	  	7.67	  	27-Dec-13
	7.	  	Punjab -II	  	15	  	Punjab State Power Corporation Limited (PSPCL)	  	7.97	  	27-Dec-13
	8.	  	Punjab - III	  	4	  	Punjab State Power Corporation Limited (PSPCL)	  	8.28	  	27-Dec-13
	9.	  	Uttar Pradesh	  	10	  	Uttar Pradesh Power Corporation Limited (UPPCL)	  	8.99	  	27-Dec-13
	10.	  	Karnataka I	  	10	  	Bangalore Electricity Supply Company ( BESCOM )	  	7.47	  	18-Jan-14
	11.	  	Rajasthan	  	100	  	Solar Energy Corporation of India (SECI)	  	5.45 +VGF Funding	  	28-Mar-14
	12.	  	Karnataka II	  	10	  	Bangalore Electricity Supply Company ( BESCOM )	  	6.66	  	27-Sep-14

  
 44 

											
	 Sr. No.
	  	 Plant
	  	 Capacity (MW)
	  	 Offtaker
	  	 Tariff (Price in Rs.

/Kw)
	  	 PPA Date

	13.	  	Chhattisgarh - I	  	10	  	Chhattisgarh State Power Distribution Company Limited	  	6.44	  	1-Aug-14
	14.	  	Chhattisgarh - II	  	10	  	Chhattisgarh State Power Distribution Company Limited	  	6.45	  	15-Sep-14
	15.	  	Chhattisgarh - III	  	10	  	Chhattisgarh State Power Distribution Company Limited	  	6.46	  	15-Sep-14
	16.	  	Karnataka III P-I	  	50	  	Chamundeshwari Electricity Supply Corporation Limited (CESC)	  	6.89	  	2-Jan-15
	17.	  	Karnataka III P-II	  	40	  	Hubli Electricity Supply Company Limited (HESCOM)	  	6.93	  	14-Jan-15
	18.	  	Karnataka III P-III	  	40	  	Gulbarga Electricity Supply Corporation (GESCOM)	  	6.96	  	23-Jan-15
	19.	  	Bihar	  	10	  	North Bihar Power Distribution Company Limited and South Bihar Power Distribution Company Limited.	  	8.39	  	17-Jan-15
	20.	  	Andhra Pradesh	  	50	  	Southern Power Distribution Company of Andhra Pradesh Limited	  	5.89 with 3%
escalation i.e. (6.93)	  	5-Dec-14
	21.	  	Rajasthan	  	5	  	Solar Energy Corporation of India (SECI)	  	5.45	  	5-Feb-15

  
 45 

 SCHEDULE 3 

FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY 

[Letterhead of the Company/Sponsor] 

[Date] 
 International Finance Corporation 

							
	  
	  		  		  	
	  
	  		  		  	
	  
	  		  		  	

 Attention: [●] 

Investment No.             

Certificate of Incumbency and Authority 

Reference is made to the Letter Agreement, dated [●], between the Investor, the Company and the Sponsors (the “Letter
Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meaning set forth in the Letter Agreement. 

I, the undersigned [Chairman/Director] of
                                         (the
[“Company”]/[“Sponsor”]), duly authorized to do so, hereby certify that the following are the names, offices and true specimen signatures of the individuals [each]/[any two] of whom are, and will continue to be,
authorized: 
 (a) to sign on behalf of the Company the requests for the subscription for shares of the Company provided for in
Section 2.01 (Subscription) of the Subscription Agreement; 
 (b) to sign the certifications required under Section [4.01
(Conditions of Investor Subscription)] of the Subscription Agreement; and 
 (c) to take any other action required or permitted to be
taken, done, signed or executed under the Subscription Agreement or any other agreement to which the Investor and the [Company]/[Sponsor] may be parties. 
  

							
	*Name	  	Office	  	Specimen Signature	  	 
	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	
	  
	  	  
	  	  
	  	

  

	*	Designations may be changed by the Company/Sponsor at any time by issuing a new Certificate of Incumbency and Authority authorized by the board of directors of the Company/Sponsor where applicable. 

  
 46 

 You may assume that any such individual continues to be so authorized until you receive written notice from an
Authorized Representative of the [Company]/[Sponsor] that they, or any of them, is no longer so authorized. 
  

			
	Yours faithfully,
	
	  

		
	By	 	  

	Name:	 	
	Title:	 	[Chairman/Director]

  
 47 

 SCHEDULE 4 

FORM OF LETTER TO COMPANY’S AUDITORS 

[Letterhead of the Company] 

[Date] 
 [NAME OF AUDITORS] 

[ADDRESS] 
 Investment No.
             
 Letter to Auditors 

Ladies and Gentlemen: 
 We hereby authorize and
instruct you to give to the Investor of [●] (“Investor”), all such information as the Investor may reasonably request with regard to the financial statements (both audited and unaudited), accounts and operations of the
undersigned company. We have agreed to supply that information and those statements under the terms of a shareholders agreement, dated [●], between the undersigned company and the Shareholders named therein (the “Shareholders
Agreement”). For your information we enclose a copy of the Shareholders Agreement. 
 We authorize and instruct you to send two
(2) copies of the audited accounts of the undersigned company to the Investor each year to assist us in satisfying our obligation to the Investor under Section 3.01(a) of the Shareholders Agreement. When submitting the same to the
Investor, please also send, at the same time, a copy of your full report on such accounts to the Investor. 
 For our records, please ensure
that you send to us a copy of every letter that you receive from the Investor immediately upon receipt and a copy of each reply made by you immediately upon the issue of that reply. 

 

			
	Yours faithfully,
	
	AZURE POWER GLOBAL LIMITED
		
	By	 	  

	Name:	 	
	Title:	 	[Authorized Representative]

  

			
	Enclosure: Shareholders Agreement
		
	 cc:
	 	 Director
 International Finance
Corporation

		 	  

		 	  

		 	  

		 	Attention: [●]

  
 48 

 SCHEDULE 5 

TERMS AND CONDITIONS OF SERIES H CCPS 

All capitalized terms used herein but not defined shall have the meaning given to them under the Shareholders’ Agreement. Reference to a paragraph under
this Schedule shall be a reference to the paragraph of this Schedule. 
  

	1.	Issue Price 

 The Series H CCPS shall have the issue price of USD 450.16 (Dollars Four
Hundred and Fifty and Sixteen Cents). 
  

	2.	Dividend 

 Each of the holders of Series H CCPS shall be entitled to receive a dividend
of 8% in USD (eight per cent) per annum on a cumulative basis calculated on the issue price paid on each such Series H CCPS. Subject to the Applicable Law, each holder of Series H CCPS shall be individually entitled, in addition and
cumulative to the above, to participate in the distribution of the profits of the Company if made to the other shareholders (including the holders of Equity Shares and compulsorily convertible preference shares, but excluding Proparco CCPS) of the
Company assuming that all Series H CCPS have been converted to Equity Shares at the Normal Conversion Factor set out below. 
 Pursuant to
the above, it is clarified that the Company shall not declare, pay or set aside any dividends on Shares of any other class or kind of share capital (other than Proparco CCPS) unless the holders of the Series H CCPS first receive a dividend on each
Series H CCPS equal to the sum of: (i) 8% in USD (eight per cent) per annum on a cumulative basis calculated on the issue price paid; and (ii) the corresponding dividend that the holders of Series H CCPS would receive if the profits
of the Company are distributed to the other Shareholders of the Company. 
 The dividend pay-out as set out under this paragraph 2 shall be
payable in cash or in kind. 
  

	3.	Term 

 Unless converted in accordance with the terms of this Schedule, the Charter of the
Company and the Applicable Laws, the term of the Series H CCPS shall be a maximum of 20 (twenty) years from the date of their issuance. 
  

	4.	Voting 

  

	4.1	The holders of Series H CCPS shall be entitled to attend all meetings of Shareholders of the Company. Series H CCPS shall be entitled to vote on all matters which affect their rights directly or indirectly. The voting
rights of each Series H CCPS on every resolution placed before the Company shall be in proportion to the share capital that the Equity Shares that the Series H CCPS represent, assuming that the Series H CCPS have been converted into Equity Shares of
the Company on the basis of the Normal Conversion Factor set out below. 

  

	4.2	From the date of conversion of the Series H CCPS into Equity Shares, the voting percentage of their holders in the Company shall be in proportion to their shareholding in the Company. 

  
 49 

	5.	Conversion 

  

	5.1	The Series H CCPS shall be convertible into Equity Shares of the Company at any time at the option of the holders of the Series H CCPS in accordance with paragraph 5.2. Any Series H CCPS that have not been converted
into the Equity Shares of the Company shall compulsorily convert into the Equity Shares of the Company in accordance with paragraph 5.3 below, upon the earlier of: 

 

	 	(i)	immediately prior to the listing of the Equity Shares pursuant to the QIPO or IPO, as approved by the Shareholders of the Company; and 

 

	 	(ii)	the date which is 20 (twenty) years from the date of the issuance of Series H CCPS (the “Maturity Date”), 

in each case in accordance with the terms of the Agreement. It is clarified that the Series H CCPS shall convert on the listing of the Equity
Shares pursuant to the QIPO or IPO as approved by the Shareholders, if all existing Equity Securities (including the IFC Securities, Helion Securities, FC Securities, DEG Securities, Proparco Securities and the Series G CCPS) convert on or before
the date of conversion of the Series H CCPS. 
  

	5.2	Optional Conversion 

  

	 	(i)	The holders of the Series H CCPS shall severally have the right, at any time and from time to time at their sole option, after their issuance, to require the Company, by written notice (the “Conversion
Notice”), to convert their respective Series H CCPS into Equity Shares of the Company. A copy of the Conversion Notice shall also be sent to the Sponsors, Proparco, Helion, FC, DEG and IFC, who are the other Shareholders of the Company.

  

	 	(ii)	In case the conversion occurs prior to the expiry of the Maturity Date, then the conversion shall be completed within a period of 21 (twenty one) days from the date of the Conversion Notice. 

 

	 	(iii)	“Normal Conversion Factor”: The Series H CCPS will be convertible into the Equity Shares of the Company at a conversion ratio of 1:1 (i.e. 1 (one) Series H CCPS will convert into 1 (one) Equity Share),
without being required to pay any amount for such conversion, and shall be adjusted for: 

  

	 	(a)	dividends declared and not paid in accordance with paragraph 2 above; 

  

	 	(b)	share splits, recapitalization or similar events; 

  

	 	(c)	the anti-dilution provision as set out in paragraph 9 below; 

  

	 	(d)	with respect to the CCDs and/or Proparco CCPS that are converted into Equity Shares on or before the conversion of Series H CCPS, the holders of Series H CCPS shall be entitled to an anti-dilution protection such that
the conversion 

  
 50 

	 	
ratio of the Series H CCPS is adjusted upwards to ensure that percentage holding of the holders of Series H CCPS after conversion of such CCDs and/or Proparco CCPS shall be same as the percentage
holding of the holders of Series H CCPS before the conversion of such CCDs and/or Proparco CCPS determined on a Fully Diluted Basis. 

The Normal Conversion Factor is specified based on the assumption that all the existing Equity Securities (including the IFC Securities,
Helion Securities, FC Securities, DEG Securities, Proparco Securities and the Series G CCPS) have converted on or before the date of conversion of the Series H CCPS. 
  

	 	(iv)	The Conversion Notice shall be dated and shall set forth: 

  

	 	(a)	The number of Series H CCPS in respect of which the holders of the Series H CCPS are exercising their right to conversion in accordance with this paragraph 5.2; and 

 

	 	(b)	The number of Equity Shares of the Company that the Series H CCPS shall convert into. 

  

	 	(v)	Upon receipt of the Conversion Notice, the Company shall and the Sponsors shall ensure that the Company shall effect the relevant board and shareholders’ meeting and undertake all such acts and deeds as may be
necessary to give effect to the provision of this paragraph 5. 

  

	 	(vi)	Upon receipt of the Conversion Notice, the Company shall effect the following: 

  

	 	(a)	Convening of a meeting of the board of directors, in which meeting the Company shall approve the following: 

  

	 	(A)	the conversion of the relevant Series H CCPS; 

  

	 	(B)	the cancellation of the share certificates representing such number of the Series H CCPS; and 

  

	 	(C)	the issuance and allotment of such number of Equity Shares of the Company that the Series H CCPS shall convert into, 

in each case, as are mentioned in the Conversion Notice; 
  

	 	(b)	Cancellation of the share certificates of Series H CCPS in respect of which the conversion right is exercised in the Conversion Notice; and thereafter issuance of share certificates to the holders of Series H CCPS to
evidence such holders of the Series H CCPS as the owners of the Equity Shares issued upon conversion of their respective Series H CCPS as mentioned in the Conversion Notice; 

 

	 	(c)	Making all the requisite filings with the appropriate Authority; 

  

	 	(d)	The Company and the Sponsors shall do all such acts and deeds as may be necessary to give effect to the provisions of this paragraph 5. 

  
 51 

	5.3	Automatic Conversion 

  

	 	(i)	The Company shall forthwith convert all the Series H CCPS into Equity Shares, based on the applicable conversion rate as determined in accordance with this paragraph 5.3, if at any time after their issuance, the Company
undertakes an IPO/QIPO, provided that the shareholders of the Company have consented to such IPO/QIPO in accordance with the Shareholders Agreement. The Series H CCPS shall convert into Equity Shares of the Company immediately prior to the listing
of Equity Shares pursuant to the IPO/QIPO, provided that all the existing Equity Securities (including the IFC Securities, Helion Securities, FC Securities, DEG Securities, Proparco Securities and the Series G CCPS) are converted on or before the
date of conversion of the Series H CCPS. 

 For the purpose of this Schedule 5, QIPO means an initial public offering of
the Company, which satisfies the following conditions: (i) the initial public offering results in the listing of the Equity Shares on the stock exchange acceptable to the Investor; (ii) the gross proceeds from the issuance of new Equity
Shares in such initial public offering is not less than USD 100,000,000 (United States Dollars One Hundred Million); and (iii) the offering price of the Equity Share is based on the pre-money valuation of the Company of at least USD 450,000,000
(United States Dollars Four Hundred and Fifty Million). 
  

	 	(ii)	In the event an IPO/QIPO occurs subsequent to the expiry of the first anniversary of the Subscription Date and prior to the second anniversary of the Subscription Date, the applicable conversion rate for the conversion
of the Series H CCPS shall be such that provides the holders of Series H CCPS such number of Equity Shares that is the greater of: (a) the number of Equity Shares which provide holders of Series H CCPS a USD return of 25% per annum on a
cumulative basis on the Subscription Price from the Subscription Date till the actual date of conversion of Series H CCPS; the calculation of return shall include any dividend paid before the date of conversion to the holders of Series H CCPS; the
valuation of Equity Shares in order to calculate a USD return of 25% per annum on a cumulative basis shall be based on the price at which Equity Shares are allotted to investors in the IPO/QIPO; or (b) the number of Equity Shares received
based on the Normal Conversion Factor. 

  

	 	(iii)	In the event an IPO/QIPO occurs subsequent to the expiry of the second anniversary of the Subscription Date, the applicable conversion rate for the conversion of the Series H CCPS shall be such that provides the holders
of Series H CCPS such number of Equity Shares that is the greater of: (a) the number of Equity Shares which provide holders of the Series H CCPS a USD return of 25% per annum on a cumulative basis on the Subscription Price for the period
starting from the Subscription Date till the second anniversary of the Subscription Date and a USD return of 18% per annum on a cumulative basis on the Subscription Price after the second anniversary of the Subscription Date till the date of
conversion. The calculation of return shall include any dividend paid before the date of conversion, and the valuation of Equity Shares to 

  
 52 

	 	
calculate the return to the holders of Series H CCPS shall be based on the price at which Equity Shares are allotted to investors in the IPO/QIPO; or (b) the number of Equity Shares received
based on the Normal Conversion Factor. 

  

	6.	If an IPO/QIPO occurs before the first anniversary of the Subscription Date, the applicable conversion rate for the conversion of the Series H CCPS shall be the Normal Conversion Factor. 

 

	7.	In the event that: 

  

	 	(a)	the Company initiates the procedure for IPO/QIPO which has necessitated the conversion of the Series H CCPS into the Equity Shares of the Company; and 

 

	 	(b)	within the Listing Date, the IPO/QIPO does not complete such that the entire issued, paid up and subscribed share capital is not admitted to trading on a Relevant Market by the expiry of the Listing Date,

 then the Company and the Sponsors shall comply with the relevant provisions of the Shareholders’ Agreement and shall
undertake all necessary actions to ensure that the holders of the Series H CCPS are placed in the same position, and possess the same rights as set forth in this Schedule, as they had the benefit of, immediately prior to the occurrence of the event
set forth in (a) above. 
  

	8.	Liquidation Preference 

 Upon the occurrence of a Liquidation Event A or Liquidation
Event B with respect to the Company or its Subsidiaries and in accordance with the terms of this Agreement, the holders of the Series H CCPS shall receive in preference to the holders of Series A CCPS, Series B CCPS, Series C CCPS, Series D CCPS,
Series F CCPS and other Equity Shares of the Company, the sum total of: (i) the amount equal to the total Subscription Price paid by holders of the Series H CCPS for such Series H CCPS; and (ii) an amount that provides the holders of
Series H CCPS a return of 8% (eight per cent) in USD per annum on a cumulative basis on such total Subscription Price from the date of issuance of such Series H CCPS till the date of the Liquidation Event A or Liquidation Event B, as reduced by any
dividends paid before the occurrence of a Liquidation Event A or Liquidation Event B to the holders of such Series H CCPS. It is clarified that the rights of the holders of the Series H CCPS shall be subordinate to the rights of the holders of the
CCDs and Proparco CCPS in relation to the Liquidation Preferences of the Company. 
  

	9.	Transferability 

 Subject to the terms of this Agreement, the Series H CCPS shall be
freely transferable to any Person, and the holders of the Series H CCPS may assign all or any of the Series H CCPS and any rights attaching under the Agreement, without the prior consent of any Person. 

 

	10.	Anti-Dilution Protection 

 If the Company issues or proposes to issue Equity Securities
(“New Issuance”) to any person at an effective issue price that is less than the subscription price in USD of the Series H CCPS (as adjusted for share splits or similar reorganization of the share capital of the Company), other than
the issue of Equity Shares on the conversion of the Equity Securities existing as on the 

  
 53 

 
date of subscription of Series H CCPS, then the holders of Series H CCPS shall be entitled to an adjustment to the Normal Conversion Factor based on broad-based weighted average method such that
the holders of Series H CCPS receive a higher number of Equity Shares to compensate for the higher subscription price paid for the subscription of Series H CCPS by its holders than the effective issue price of Equity Securities in the New Issuance.

  
 54 

 SCHEDULE 6 

LIST OF PERMITTED MATTERS 
 The following
disbursements under the existing loan facility arrangements entered into by the Company and/or its Subsidiaries may be applied/received without requiring approval from the Investor pursuant to Clause 2.02(b) of this Agreement. 

 

															
	 Company name
	  	Date of
Agreement	 	  	Lender	  	Total of Loan
(amount in
INR crores)	 	  	Remaining Disbursement
(amount in INR crores)	 
	 Azure Sunshine Pvt. Ltd
	  	 	23-Sep-14	  	  	IREDA	  	 	53.41	  	  	 	2.67	  
	  	 	30-Oct-14	  	  	CBI	  	 	63.94	  	  	 	3.20	  
	 Azure Green Tech Pvt. Ltd
	  	 	23-Sep-14	  	  	IREDA	  	 	105.68	  	  	 	5.28	  
	  	 	30-0ct-14	  	  	CBI	  	 	130.63	  	  	 	6.53	  
	 Azure Clean Energy Pvt. Ltd
	  	 	13-Mar-15	  	  	IREDA	  	 	87.49	  	  	 	4.37	  
	  	 	31-Oct-14	  	  	IFC	  	 	86.10	  	  	 	8.61	  
	  	 	13-Mar-15	  	  	IIFCL	  	 	31.40	  	  	 	1.57	  
	 Azure Power India Pvt. Ltd.
	  	 	8-May-15	  	  	Yes Bank	  	 	160.10	  	  	 	10.01	  
	 Azure Sunlight Pvt. Ltd
	  	 	Yet to be Signed	  	  	OPIC	  	 	Approx. 128	  	  	 	Approx. 128	  
	 Azure Mars Pvt. Ltd.
	  	 	Yet to be Signed	  	  	Reliance Capital
Bridge Loan	  	 	25	  	  	 	25	  
	 Azure Solar Solution Pvt Ltd
	  	 	25-03-2014	  	  	Central Bank of
India	  	 	31.45	  	  	 	19.45	  

  
 55Exhibit 10.1

 

AMENDMENT NO. 4

 

AMENDMENT NO. 4, dated as of December 10, 2015 (this “Amendment”), to the Credit Agreement, dated as of August 9, 2012 (as amended, modified or supplemented from time to time prior to the date hereof, the “Existing Credit Agreement”), among INTERPOOL, INC., a corporation organized under the laws of Delaware (the “Borrower”), the other loan parties thereto (the “Loan Parties”), the lenders party thereto (the “Lenders”), and BANK OF AMERICA, N.A. (“Bank of America”), as successor administrative agent (as successor in interest to JPMORGAN CHASE BANK, N.A. (in such capacity, the “Resigning Administrative Agent”) and in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Existing Credit Agreement, the Lenders have agreed to make, and have made, certain loans and other extensions of credit to the Borrower;

 

WHEREAS, the Borrower has requested that certain provisions of the Existing Credit Agreement be amended as set forth herein;

 

WHEREAS, each Lender (such term and each other capitalized term used but not defined herein having the meaning given it in the Amended and Restated Credit Agreement attached hereto as Exhibit A (the “Amended Credit Agreement”)) that executes and delivers a consent to this Amendment in the form of the “Lender Consent” attached hereto (a “Lender Consent”) will be deemed to have agreed to the terms of this Amendment (each such Lender, a “Consenting Lender”);

 

WHEREAS, the Borrower and the Lenders desire to amend and restate the Existing Credit Agreement and amend certain other Loan Documents to (x) modify the maturity of and interest rate on certain of the Loans and (y) to make certain other changes as set forth in the form of the Amended Credit Agreement, and the Lenders desire to appoint Bank of America as successor to the Resigning Administrative Agent, subject to the satisfaction of the conditions precedent to effectiveness referred to in Section 3 hereof; and

 

WHEREAS, the Administrative Agent, the Resigning Administrative Agent and the Borrower desire to enter into that certain Successor Agent Agreement, dated as of the Amendment No. 4 Effective Date (as defined below) to replace the Resigning Administrative Agent under the Existing Credit Agreement and each other Loan Document with Bank of America (the “Successor Agent Agreement”);

 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Borrower, the Resigning Administrative Agent, the Administrative Agent and the Lenders hereby agree as follows:

 

SECTION 1.                            Defined Terms.  Unless otherwise defined herein, terms defined in the Amended Credit Agreement and used herein shall have the meanings given to them in the Amended Credit Agreement.

 

 

SECTION 2.                            Amendments to Credit Agreement.

 

(a)                                 The Existing Credit Agreement (excluding all schedules and exhibits thereto) is, effective as of the Amendment No. 4 Effective Date, hereby amended to delete the stricken text (indicated textually in the same manner as the following example:  stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example:  double-underlined text) as set forth in the pages of the Amended Credit Agreement attached as Exhibit A hereto.  As used in the Amended Credit Agreement, the terms “Agreement”, “this Agreement”, “herein”, “hereinafter”, “hereto”, “hereof”, and words of similar import shall, unless the context otherwise requires, mean, from and after the replacement of the terms of the Existing Credit Agreement by the terms of the Amended Credit Agreement, the Amended Credit Agreement.

 

(b)                                 The Commitment Schedule and Schedules 3.14 and 3.15 attached as Exhibit B to this Amendment hereby replace existing Commitment Schedule and Schedules 3.14 and 3.15 to the Credit Agreement.

 

(c)                                  Exhibits A, B, D, H-1, H-2, H-3, H-4, K and L attached as Exhibit C to this Amendment hereby replace existing Exhibits A, B, D, H-1, H-2, H-3, H-4, K and L to the Credit Agreement.

 

(d)                                 Pursuant to Section 8.01 of the Credit Agreement, the Lenders hereby appoint Bank of America, N.A., as Administrative Agent (as successor in interest to JPMorgan Chase Bank, N.A. in such capacity) under the Loan Documents.

 

(e)                                  The Lenders hereby acknowledge and agree to the provisions of the Successor Agent Agreement (the form of which is attached hereto as Exhibit D), including that the provisions of Section 9.03 of the Existing Credit Agreement shall apply to all actions taken by the Resigning Administrative Agent under or in connection with the Successor Agent Agreement or the Loan Documents, whether taken before or after the Amendment No. 4 Effective Date, in its capacity as Administrative Agent under any of the Loan Documents or Resigning Administrative Agent after the Amendment No. 4 Effective Date.

 

(f)                                   The Lenders hereby agree that the Resigning Administrative Agent shall be deemed to have given notice of resignation, and such resignation shall become effective as provided for in the Successor Agent Agreement.

 

(g)                                  The Lenders hereby agree to waive the notice requirement of Section 2.10(c) in connection with the prepayment of outstanding Revolving Loans on the Amendment No. 4 Effective Date.

 

SECTION 3.                            Effectiveness of Amendment.  This Amendment shall become effective upon satisfaction of the following conditions precedent (such date, the “Amendment No. 4 Effective Date”):

 

(a)                                 The Administrative Agent shall have received the following:

 

(i)                                counterparts to this Amendment duly executed by each of the Loan Parties, the Resigning Administrative Agent, the Administrative Agent and the Lenders;

 

(ii)                                counterparts to the (x) Successor Agent Agreement and (y) the Notice of Succession of Agency, in each case, dated as of the date hereof, by and among the Resigning Administrative Agent, the Administrative Agent and the Loan Parties, together

 

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with all documents and filings contemplated thereby, in each case, in proper form for filing, registration or recordation;

 

(iii)                                 (x) counterparts to each Collateral Document deemed necessary or appropriate by the Administrative Agent, in each case by the parties thereto and (y) each document, certificate or instrument (including any UCC and PPSA financing statement or amendment) required by the Collateral Documents or under law or reasonably requested by the Administrative Agent to be delivered, filed, registered or recorded in order to maintain a perfected Lien on the Collateral described therein in favor of the Applicable Collateral Agent, for the benefit of the Lenders, in each case, if applicable, in proper form for filing, registration or recordation;

 

(iv)                               lien searches from jurisdictions in the United States and Canada reasonably acceptable to the Administrative Agent;

 

(v)                               a certificate, dated as of the Amendment No. 4 Effective Date and duly executed and delivered by a Responsible Officer of the Borrower, certifying that all of the conditions to effectiveness set forth in this Section 3 have been satisfied;

 

(vi)                               a legal opinion, dated as of the Amendment No. 4 Effective Date and addressed to the Administrative Agent and all Lenders, from Moore & Van Allen PLLC, counsel to the Borrower, in form and substance reasonably satisfactory to the Administrative Agent;

 

(vii)                                certified resolutions from the board of directors, members or other similar body of each Loan Party authorizing the execution, delivery and performance of this Amendment;

 

(viii)                                 satisfactory evidence that JPMorgan Chase Bank, N.A. ceasing to be a “Lender”, “Swingline Lender” and “Issuing Bank” under and as each of such terms are defined in the Existing Credit Agreement, and that all Obligations of the Loan Parties to JPMorgan Chase Bank, N.A. under the Existing Credit Agreement shall have been paid in full and all Letters of Credit issued by JPMorgan Chase Bank, N.A. under the Existing Credit Agreement shall either (i) be returned undrawn and cancelled and delivered to JPMorgan Chase Bank, N.A., (ii) be backed up by a standby Letter of Credit issued under the Credit Agreement with terms satisfactory to JPMorgan Chase Bank, N.A. or (iii) be cash collateralized in an amount in immediately available funds in Dollars equal to 105% of the aggregate amount of such Letters of Credit under the Existing Credit Agreement in a manner that is satisfactory to JPMorgan Chase Bank, N.A.;

 

(ix)                               (a) a written confirmation from the Appraiser in form and substance reasonably satisfactory to the Administrative Agent, which shall permit the Administrative Agent to rely on the Appraisals most recently completed pursuant to Section 5.10 of the Credit Agreement as if it were the original recipient thereof or (b) an Appraisal addressed to the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent;

 

(i)                                all fees required to be paid, and all reasonable expenses for which invoices have been presented (including the reasonable and documented fees and reasonable, documented, out-of-pocket expenses of legal counsel) required to be paid (including, in each case, to the Resigning Administrative Agent) (including (i) an upfront

 

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fee payable for the account of each Consenting Lender, in an amount equal to 0.25% of the aggregate principal amount of Revolving Commitments held by such Consenting Lender as of the Amendment No. 4 Effective Date and (ii) those fees and expenses required to be paid pursuant to the Amended and Restated Engagement Letter, dated as of December 8, 2015, between the Borrower and the Engagement Parties (as defined therein));

 

(ii)                                satisfactory evidence that the principal amounts of loans held by existing lenders and all accrued and unpaid interest, fees and other amounts due and owing to the Lenders through the Amendment No. 4 Effective Date required to be paid, at the rates set forth in the Existing Credit Agreement, by the Borrower (or the Borrower shall have caused Bank of America to pay, as successor Administrative Agent under the Credit Agreement) to the Resigning Administrative Agent (for prompt distribution by the Resigning Administrative Agent, acting as Administrative Agent under the Existing Credit Agreement to the Existing Lenders under the Existing Credit Agreement); and

 

(iii)                                 satisfactory evidence that the Borrower has begun a field examination substantially similar to those previously conducted pursuant to Section 5.11 of the Credit Agreement.

 

(c)                                  Each of the representations and warranties made by the Loan Parties in Section 4 shall be true and correct in all material respects (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier or “Material Adverse Effect” shall be required to be true and correct as qualified).

 

SECTION 4.                            Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, each of the Loan Parties hereby represents and warrants to the Administrative Agent and to each Lender, as of the Amendment No. 4 Effective Date:

 

(a)                                 Such Loan Party has the power and authority, and the legal right, to make, deliver and perform this Amendment, and to perform its obligations hereunder. The execution, delivery and performance of this Amendment has been duly authorized by all necessary corporate or other organizational action and no other corporate or other organizational proceedings are necessary to consummate such transactions.

 

(b)                                 This Amendment has been duly executed and delivered on behalf of such Loan Party. This Amendment (i) is a legal, valid and binding obligation of such Loan Party, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and an implied covenant of good faith and fair dealing and (ii) is in full force and effect subject to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). Neither the execution, delivery or performance of this Amendment, nor the performance of the transactions contemplated hereby, will invalidate the security interest granted on the Collateral pursuant to the Loan Documents or the priority or perfection of the Administrative Agent’s Lien on such Collateral.

 

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(c)                                  The execution and delivery of this Amendment (i) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect and except, to the extent permitted by the Loan Documents, for filings necessary to perfect Liens created pursuant to the Loan Documents, (ii) will not violate any Requirement of Law applicable to such Loan Party or any of its Restricted Subsidiaries, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon such Loan Party or any of its Restricted Subsidiaries or the assets of such Loan Party or any of its Restricted Subsidiaries, or give rise to a right thereunder to require any payment to be made by such Loan Party or any of its Restricted Subsidiaries, and (iv) will not result in the creation or imposition of any Lien on any asset of such Loan Party or any of its Restricted Subsidiaries; except Liens created pursuant to the Loan Documents, except, in each case other than with respect to the creation of Liens, to the extent that any such violation, default or right, or any failure to obtain such consent or approval or to take such action, could not reasonably be expected to result in a Material Adverse Effect.

 

(d)                                 Immediately before and immediately after giving effect to this Amendment, (A) the representations and warranties contained in Article III of the Credit Agreement and the other Loan Documents are true and correct in all material respects (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier or “Material Adverse Effect” shall be required to be true and correct in all respects), and (B) no Default exists.

 

SECTION 5.                            Effect on the Credit Agreement.

 

(a)                                 Except as specifically amended above, the Credit Agreement shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.

 

(b)                                 The execution, delivery and effectiveness of this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect any right, power or remedy of any Lender, the Administrative Agent, any other Agent, any Issuing Bank or Swingline Lender, in each case under the Existing Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Existing Credit Agreement or any other provision of either such agreement or any other Loan Document.  Except as expressly set forth herein, each and every term, condition, obligation, covenant and agreement contained in the Existing Credit Agreement or any other Loan Document is hereby ratified and re-affirmed in all respects and shall continue in full force and effect. Each Loan Party reaffirms its obligations under the Loan Documents to which it is party and the validity of the Liens granted by it pursuant to the Security Documents. This Amendment shall constitute a Loan Document for purposes of the Existing Credit Agreement and the Security Agreement and from and after the Amendment No. 4 Effective Date, all references to the Existing Credit Agreement in any Loan Document and all references in the Existing Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Existing Credit Agreement shall, unless expressly provided otherwise, refer to the Amended Credit Agreement. Each of the Loan Parties hereby consents to this Amendment and confirms that all obligations of such Loan Party under the Loan Documents to which such Loan Party is a party shall continue to apply to the Amended Credit Agreement.

 

(c)                                  For the avoidance of doubt, on and after the Amendment No. 4 Effective Date, the Resigning Administrative Agent shall not be required to process any break funding payment required to be paid to the Existing Lenders under the Existing Credit Agreement pursuant to Section 2.15 of the

 

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Existing Credit Agreement, it being understood that any such required payment shall be paid by the Borrower to such Existing Lender pursuant to the terms of Section 2.15 of the Existing Credit Agreement.

 

SECTION 6.                            Acknowledgement and Consent of Loan Guarantors.  Each Loan Guarantor hereby acknowledges and consents to all of the terms and conditions of this Agreement and agrees that this Agreement and any documents executed in connection herewith do not operate to reduce or discharge such Loan Guarantor’s obligations under such Loan Guarantor’s Guaranty.  Each Loan Guarantor hereby declares to and agrees with the Administrative Agent and the Lenders that its Guaranty is and shall continue in full force and effect for the benefit of the Lenders with respect to the obligations under the Loan Documents (it being understood that in no event shall such obligations include any Excluded Swap Obligation of such Loan Guarantor).

 

SECTION 7.                            Expenses.  The Borrower agrees to pay or reimburse the Administrative Agent for all of its out-of-pocket costs and reasonable expenses incurred in connection with this Amendment, any other documents prepared in connection herewith and the transaction contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

 

SECTION 8.                            Governing Law; Waiver of Jury Trial.  THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. EACH PARTY HERETO HEREBY AGREES AS SET FORTH FURTHER IN SECTION 9.09 OF THE CREDIT AGREEMENT AS IF SUCH SECTION WERE SET FORTH IN FULL HEREIN.

 

SECTION 9.                            Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment, the Credit Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or email shall be effective as delivery of a manually executed counterpart of this Amendment.  THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

SECTION 10.                     Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

[Remainder of page intentionally left blank.]

 

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

 

	
BORROWER:
    	
INTERPOOL, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
LOAN   GUARANTORS:
    	
TRAC   INTERMODAL LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRAC   INTERMODAL CORP.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRAC   LEASE, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

	
 
    	
TRAC   LOGISTICS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRAC   DRAYAGE LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRAC   SERVICES, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TRAC   CHASSIS POOL MANAGEMENT, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

2

 

	
 
    	
BANK OF AMERICA, N.A., as Administrative   Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

	
 
    	
Acknowledged by:
    
	
 
    	
JPMORGAN CHASE BANK, N.A., solely in its

capacity as Resigning Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

	
 
    	
                                           ,
    
	
 
    	
as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

Exhibit A

 

[Amended and Restated Credit Agreement to be attached as Exhibit A]

 

 

Exhibit B

 

[Amended and restated Schedules]

 

 

Exhibit C

 

[Amended and restated Exhibits]

 

2

 

Exhibit D

 

[Successor Agent Agreement]

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