Document:

EX-4.26

 Exhibit 4.26 

AZURE POWER ENERGY LTD 
 as
Company 
 AZURE POWER GLOBAL LIMITED 

as Parent  
 CITICORP
INTERNATIONAL LIMITED 
 as Trustee, Notes Collateral Agent and Common Collateral Agent  

INDENTURE 
  

 
 Dated as of
August 3, 2017 
 5.50% SENIOR NOTES DUE 2022 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
		 	ARTICLE 1	  			
	 	 	DEFINITIONS AND INCORPORATION	  	 	 
	 	 	BY REFERENCE	  	 	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	26	 
	 Section 1.03
	 	Rules of Construction	  	 	27	 
			
		 	ARTICLE 2	  			
	 	 	THE NOTES	  	 	 
			
	Section 2.01	 	Form and Dating	  	 	28	 
	Section 2.02	 	Execution and Authentication	  	 	28	 
	Section 2.03	 	Registrar and Paying Agent	  	 	29	 
	Section 2.04	 	Paying Agent to Hold Money	  	 	29	 
	Section 2.05	 	Holder Lists	  	 	29	 
	Section 2.06	 	Transfer and Exchange	  	 	30	 
	Section 2.07	 	Replacement Notes	  	 	39	 
	Section 2.08	 	Outstanding Notes	  	 	39	 
	Section 2.09	 	Treasury Notes	  	 	40	 
	Section 2.10	 	Temporary Notes	  	 	40	 
	Section 2.11	 	Cancellation	  	 	40	 
	Section 2.12	 	Defaulted Interest	  	 	41	 
	Section 2.13	 	Additional Amounts	  	 	41	 
			
		 	ARTICLE 3	  			
	 	 	REDEMPTION AND PREPAYMENT	  	 	 
			
	Section 3.01	 	Notices to Trustee	  	 	43	 
	Section 3.02	 	Selection of Notes to Be Redeemed or Purchased	  	 	43	 
	Section 3.03	 	Notice of Redemption	  	 	44	 
	Section 3.04	 	Effect of Notice of Redemption	  	 	45	 
	Section 3.05	 	Deposit of Redemption or Purchase Price	  	 	45	 
	Section 3.06	 	Notes Redeemed or Purchased in Part	  	 	46	 
	Section 3.07	 	Optional Redemption	  	 	46	 
	Section 3.08	 	Special Mandatory Redemption	  	 	47	 
	Section 3.09	 	Offer to Purchase by Application of Excess Proceeds	  	 	48	 
	Section 3.10	 	Redemption for Taxation Reasons	  	 	49	 
			
		 	ARTICLE 4	  			
	 	 	COVENANTS	  	 	 
			
	Section 4.01	 	Payment of Notes	  	 	51	 
	Section 4.02	 	Maintenance of Office or Agency	  	 	51	 
	Section 4.03	 	Provision of Financial Statements and Reports	  	 	52	 
	Section 4.04	 	Compliance Certificate	  	 	54	 
	Section 4.05	 	Taxes	  	 	54	 
	Section 4.06	 	Stay, Extension and Usury Laws	  	 	54	 
	Section 4.07	 	Restricted Payments	  	 	55	 
	Section 4.08	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	58	 
	Section 4.09	 	Incurrence of Indebtedness and Issuance of Preferred Stock	  	 	60	 

  
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	 	 	 	  	Page	 
			
	 Section 4.10
	 	Asset Sales	  	 	64	 
	 Section 4.11
	 	Transactions with Affiliates	  	 	66	 
	 Section 4.12
	 	Liens	  	 	68	 
	 Section 4.13
	 	Restricted Group’s Business Activities	  	 	68	 
	 Section 4.14
	 	Company’s Business Activities	  	 	68	 
	 Section 4.15
	 	Corporate Existence	  	 	70	 
	 Section 4.16
	 	Offer to Repurchase Upon Change of Control Triggering Event	  	 	70	 
	 Section 4.17
	 	Anti-Layering	  	 	72	 
	 Section 4.18
	 	Limitations on Redemptions or Dispositions of and Amendments to Rupee Debt	  	 	72	 
	 Section 4.19
	 	[Reserved]	  	 	73	 
	 Section 4.20
	 	Sales and Issuances of Capital Stock in Restricted Subsidiaries	  	 	73	 
	 Section 4.21
	 	Issuances of Guarantees by Restricted Subsidiaries	  	 	74	 
	 Section 4.22
	 	No Payments for Consent	  	 	74	 
	 Section 4.23
	 	Additional Note Guarantees	  	 	75	 
	 Section 4.24
	 	Designation of Restricted Subsidiaries	  	 	75	 
	 Section 4.25
	 	Permitted Pari Passu Secured Indebtedness	  	 	76	 
	 Section 4.26
	 	Intercreditor Agreement	  	 	76	 
	 Section 4.27
	 	[Reserved]	  	 	77	 
	 Section 4.28
	 	Escrow Account	  	 	77	 
	 Section 4.29
	 	Use of Proceeds	  	 	78	 
	 Section 4.30
	 	Government Approvals and Licenses; Compliance with Law	  	 	78	 
	 Section 4.31
	 	Currency Indemnity	  	 	79	 
	 Section 4.32
	 	Suspension of Certain Covenants	  	 	79	 
			
		 	ARTICLE 5	  			
	 	 	SUCCESSORS	  	 	 
			
	 Section 5.01
	 	Merger, Consolidation, and Sale of Assets	  	 	80	 
	 Section 5.02
	 	Successor Corporation Substituted	  	 	81	 
			
		 	ARTICLE 6	  			
	 	 	DEFAULTS AND REMEDIES	  	 	 
			
	 Section 6.01
	 	Events of Default	  	 	82	 
	 Section 6.02
	 	Acceleration	  	 	83	 
	 Section 6.03
	 	Other Remedies	  	 	83	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	84	 
	 Section 6.05
	 	Control by Majority	  	 	84	 
	 Section 6.06
	 	Limitation on Suits	  	 	84	 
	 Section 6.07
	 	Rights of Holders to Receive Payment	  	 	85	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	85	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	86	 
	 Section 6.10
	 	Priorities	  	 	86	 
	 Section 6.11
	 	Undertaking for Costs	  	 	87	 
			
		 	ARTICLE 7	  			
	 	 	TRUSTEE	  	 	 
			
	 Section 7.01
	 	Duties of Trustee	  	 	87	 
	 Section 7.02
	 	Rights of Trustee	  	 	88	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	92	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	92	 

  
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	 	  	 	  	Page	 
			
	Section 7.05	  	Notice of Defaults	  	 	92	 
	Section 7.06	  	Limitation on Duty of Trustee and Collateral Agents in Respect of Collateral; Indemnification	  	 	93	 
	Section 7.07	  	Compensation and Indemnity	  	 	93	 
	Section 7.08	  	Replacement of Trustee	  	 	94	 
	Section 7.09	  	Successor Trustee by Merger, etc.	  	 	95	 
	Section 7.10	  	Eligibility; Disqualification	  	 	95	 
	Section 7.11	  	Rights of Trustee in other roles; Collateral Agents	  	 	96	 
			
		  	ARTICLE 8	  			
	 	  	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	 	 
			
	Section 8.01	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	96	 
	Section 8.02	  	Legal Defeasance and Discharge	  	 	96	 
	Section 8.03	  	Covenant Defeasance	  	 	96	 
	Section 8.04	  	Conditions to Legal or Covenant Defeasance	  	 	97	 
	Section 8.05	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	98	 
	Section 8.06	  	Repayment to Company	  	 	99	 
	Section 8.07	  	Reinstatement	  	 	99	 
			
		  	ARTICLE 9	  			
	 	  	AMENDMENT, SUPPLEMENT AND WAIVER	  	 	 
			
	Section 9.01	  	Without Consent of Holders	  	 	99	 
	Section 9.02	  	With Consent of Holders	  	 	100	 
	Section 9.03	  	Supplemental Indenture	  	 	102	 
	Section 9.04	  	Revocation and Effect of Consents	  	 	102	 
	Section 9.05	  	Notation on or Exchange of Notes	  	 	102	 
	Section 9.06	  	Trustee to Sign Amendments, etc	  	 	102	 
			
		  	ARTICLE 10	  			
	 	  	COLLATERAL AND SECURITY	  	 	 
			
	Section 10.01	  	Security	  	 	103	 
	Section 10.02	  	[Reserved]	  	 	103	 
	Section 10.03	  	Priorities of Proceeds from Enforcement of Security	  	 	103	 
	Section 10.04	  	Release of Collateral	  	 	105	 
	Section 10.05	  	Certificate of the Parent	  	 	106	 
	Section 10.06	  	Certificates of the Trustee	  	 	106	 
	Section 10.07	  	Authorization of Actions to Be Taken by the Trustee Under the Collateral Documents	  	 	106	 
	Section 10.08	  	Authorization of Receipt of Funds by the Trustee Under the Collateral Documents	  	 	107	 
	Section 10.09	  	Termination of Security Interest	  	 	107	 
	Section 10.10	  	Certain Rights of Collateral Agents	  	 	107	 
			
		  	ARTICLE 11	  			
	 	  	NOTE GUARANTEES	  	 	 
			
	Section 11.01	  	Guarantee	  	 	110	 
	Section 11.02	  	Limitation on Liability	  	 	112	 
	Section 11.03	  	Successors and Assigns	  	 	112	 
	Section 11.04	  	No Waiver	  	 	112	 

  
 iii 

							
	 	  	 	  	Page	 
			
	Section 11.05	  	Subrogation	  	 	112	 
	Section 11.06	  	Modification	  	 	112	 
	Section 11.07	  	Execution of Supplemental Indenture for Future Guarantors	  	 	113	 
	Section 11.08	  	Non-Impairment	  	 	113	 
	Section 11.09	  	Releases	  	 	113	 
			
		  	ARTICLE 12	  			
	 	  	SATISFACTION AND DISCHARGE	  	 	 
			
	Section 12.01	  	Satisfaction and Discharge	  	 	114	 
	Section 12.02	  	Application of Trust Money	  	 	115	 
			
		  	ARTICLE 13	  			
	 	  	MISCELLANEOUS	  	 	 
			
	Section 13.01	  	Notices	  	 	115	 
	Section 13.02	  	[Reserved]	  	 	116	 
	Section 13.03	  	Certificate and Opinion as to Conditions Precedent	  	 	116	 
	Section 13.04	  	Statements Required in Certificate or Opinion	  	 	116	 
	Section 13.05	  	Rules by Trustee and Agents	  	 	117	 
	Section 13.06	  	No Personal Liability of Incorporators, Promoters, Directors, Officers, Employees and Stockholders	  	 	117	 
	Section 13.07	  	Governing Law	  	 	117	 
	Section 13.08	  	Adverse Interpretation of Other Agreements	  	 	117	 
	Section 13.09	  	Successors	  	 	117	 
	Section 13.10	  	Severability	  	 	117	 
	Section 13.11	  	Counterpart Originals	  	 	117	 
	Section 13.12	  	Table of Contents, Headings, etc.	  	 	118	 
	Section 13.13	  	Patriot Act	  	 	118	 
	Section 13.14	  	Submission to Jurisdiction; Waiver of Jury Trial	  	 	118	 

  

					
		  	EXHIBITS	  	
			
	Exhibit A	  	FORM OF NOTE	  	    
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER	  	
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE	  	
	Exhibit D	  	FORM OF SUPPLEMENTAL INDENTURE	  	
	Exhibit E	  	FORM OF AGENT APPOINTMENT LETTER	  	
	Exhibit F-1	  	FORM OF COMPANY AUTHORIZATION CERTIFICATE	  	
	Exhibit F-2	  	FORM OF GUARANTOR AUTHORIZATION CERTIFICATE	  	
	Exhibit G	  	FORM OF TRANSFER NOTICE	  	
	Exhibit H	  	FORM OF NOTE HOLDER REPRESENTATIVE APPOINTMENT LETTER	  	
	Exhibit I	  	FORM OF OPINION	  	
	Exhibit J	  	FORM OF INTERCREDITOR AGREEMENT	  	
	Exhibit K	  	FORM OF OFFICER’S CERTIFICATE (Section 4.28(b)(1))	  	
	Exhibit L	  	FORM OF OFFICER’S CERTIFICATE (Section 4.28(b)(2))	  	

  

  
 iv 

 INDENTURE dated as of August 3, 2017 among Azure Power Energy Ltd, a public company with limited
liability incorporated under the laws of Mauritius (the “Company”), Azure Power Global Limited, a public company with limited liability incorporated under the laws of Mauritius (the “Parent”) and Citicorp
International Limited, as trustee (the “Trustee”), notes collateral agent (the “Notes Collateral Agent”) and common collateral agent (the “Common Collateral Agent” and together with the Notes
Collateral Agent, the “Collateral Agents”). 
 The Company, the Parent and the Trustee agree as follows for the benefit of
each other and for the equal and ratable benefit of the Holders (as defined herein) of the Initial Notes and any Additional Notes (as defined herein) issued under this Indenture (collectively, the “Notes”). 

ARTICLE 1 
 DEFINITIONS AND
INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 

“144A Definitive Note” means the Definitive Note issued in exchange for beneficial interests in the 144A Global Note. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“Acquired EBITDA” means Combined EBITDA; provided, however, that for the purposes of this definition of Acquired EBITDA,
Combined EBITDA, and each relevant definition referred to therein, shall be with respect to the relevant Person that becomes a Restricted Subsidiary and not to the Restricted Group. 

“Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary or
Indebtedness of a Restricted Subsidiary assumed in connection with an Asset Acquisition by such Restricted Subsidiary whether or not Incurred in connection with, or in contemplation of, the Person merging with or into a Restricted Subsidiary or
becoming a Restricted Subsidiary. 
 “Additional Notes” means additional Notes (other than the Initial Notes) issued under
this Indenture in accordance with Sections 2.02 and 4.09, as part of the same series as the Initial Notes; provided that any Additional Notes that are not fungible with the Notes for U.S. federal income tax purposes shall have a separate
CUSIP number than any previously issued Notes, unless the Notes and the Additional Notes are issued with no more than a de minimus amount of original issue discount for U.S. federal income tax purposes, but shall otherwise be treated as a
single class with all other Notes issued under this Indenture. 
 “Adjusted Treasury Rate” means, with respect to any
redemption date, the rate per annum equal to the semi-annual equivalent yield in maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date. 

  
 1 

 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings. 
 “Agent” or
“Agents” means any Registrar, Transfer Agent, Paying Agent and/or additional paying agent. 
 “Authorized
Officer” means, with respect to the Company, the Parent or a Guarantor, as applicable, any one person, officer, a director, who, in each case, is authorized to represent the Company, the Parent or a Guarantor, as the case may be, as
designated in the Authorization Certificate furnished to the Trustee. 
 “Applicable Premium” means, with respect to a Note
at any redemption date, the greater of (1) 1.00% of the principal amount of such Note and (2) the excess of (a) the present value at such redemption date of the redemption price of such Note at August 3, 2020 (such redemption price
being set forth in the table appearing above under the caption “Optional Redemption”), plus all required remaining scheduled interest payments due on such Note through August 3, 2020 (but excluding accrued and unpaid interest, if any,
to (but not including) the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate plus 50 basis points, over (b) the principal amount of such Note on such redemption date. 

“Asset Acquisition” means (i) an Investment by any Restricted Subsidiary in any other Person pursuant to which such
Person will become a Restricted Subsidiary or will be merged into or consolidated with any Restricted Subsidiary or (ii) an acquisition by any Restricted Subsidiary of the property and assets of any Person (other than a Restricted Subsidiary)
that constitute substantially all of a division or line of business of such Person. 
 “Asset Sale” means the sale, lease,
conveyance or other disposition of any assets or rights (including by way of merger, consolidation or Sale and Leaseback Transaction and including any sale or issuance of the Capital Stock of any Restricted Subsidiary) in one transaction or a series
of related transactions by the Company or any other Restricted Subsidiary to any Person; provided that “Asset Sale” shall not include: 
  

	 	(1)	the sale, lease, transfer or other disposition of inventory, products, services, accounts receivable or other current assets in the ordinary course of business; 

 

	 	(2)	Restricted Payments permitted to be made under Section 4.07 or any Permitted Investment; 

  

	 	(3)	sales, transfers or other dispositions of assets with a Fair Market Value not in excess of US$1.0 million (or the Dollar Equivalent thereof); 

 

	 	(4)	any sale or other disposition of damaged, worn-out or obsolete or permanently retired assets (including the abandonment or other disposition of property that is no longer
economically practicable to maintain or useful in the conduct of the business of the Restricted Group); 

  
 2 

	 	(5)	any sale, transfer or other disposition deemed to occur in connection with creating or granting any Permitted Lien; 

  

	 	(6)	a transaction covered by Section 4.16 or Section 5.01; 

  

	 	(7)	any sale, transfer or other disposition of any assets by the Company or any other Restricted Subsidiary, including the sale or issuance by the Company or any other Restricted Subsidiary of any Capital Stock of any
Restricted Subsidiary, to the Company or any other Restricted Subsidiary; 

  

	 	(8)	any sale, transfer or other disposition of any national, state or foreign production tax credit, tax grant, renewable energy credit, carbon emission reductions, certified emission reductions or similar credits based on
the generation of electricity from renewable resources or investment in renewable generation and related equipment and related costs, or the sale or issuance of Capital Stock entitling the holder thereof to benefit from any such items;

  

	 	(9)	any sale, transfer or other disposition of licenses and sublicenses of software or intellectual property in the ordinary course of business; 

 

	 	(10)	any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims in the ordinary course of business; 

 

	 	(11)	the sale or other disposition of cash or Temporary Cash Equivalents; 

  

	 	(12)	dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar
arrangements; 

  

	 	(13)	transfers resulting from any casualty or condemnation of property; 

  

	 	(14)	dispositions of investments in joint ventures to the extent required by or made pursuant to buy/sell arrangements between the joint parties; 

 

	 	(15)	the unwinding of any Hedging Obligation; 

  

	 	(16)	the sale, transfer or other disposition of Capital Stock of a Restricted Subsidiary to an offtaker or an Affiliate of an offtaker of a project owned and operated by a Restricted Subsidiary; and 

 

	 	(17)	the sale, transfer or other disposition of contract rights, development rights or resource data obtained in connection with the initial development of a project prior to the commencement of commercial operations of such
project. 

 “Attributable Indebtedness” means, in respect of a Sale and Leaseback Transaction, the present
value, discounted at the interest rate implicit in the Sale and Leaseback Transaction, of the total obligations of the lessee for rental payments during the remaining term of the lease in the Sale and Leaseback Transaction. 

  
 3 

 “Applicable Procedures” means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Average Life” means, at any date of determination with respect to any Indebtedness, the quotient obtained by dividing
(1) the sum of the products of (a) the number of years from such date of determination to the dates of each successive scheduled principal payment of such Indebtedness and (b) the amount of such principal payment by (2) the sum
of all such principal payments.  
 “Bankruptcy Law” means the United States Bankruptcy Code of 1978 or any similar
U.S. federal or state law for the relief of debtors. 
 “Board of Directors” means: 

 

	 	(1)	with respect to a corporation, the board of directors of the corporation; 

  

	 	(2)	with respect to a partnership, the board of directors of the general partner of the partnership; 

  

	 	(3)	with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and 

 

	 	(4)	with respect to any other Person, the board or committee of such Person serving a similar function, 

including, in each case, any committee thereof duly authorized to act on its behalf. 

“Board Resolution” means any resolution of the Board of Directors taking an action which it is authorized to take and
(i) adopted at a meeting duly called and held at which a quorum of members (if so required) was present and acting throughout or (ii) adopted by written resolution of a majority of the members of the Board of Directors. 

“Business Day” means any day which is not a Saturday, Sunday, legal holiday or other day on which banking institutions in The
City of New York, London, Mauritius, Singapore or India (or in any other place in which payments on the Notes are to be made) are authorized by law or governmental regulation to close. 

“Capitalized Lease Obligations” means, at the time any determination is to be made, the amount of the liability in respect of
a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior
to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital Stock”
means: 
  

	 	(1)	in the case of a corporation, corporate stock; 

  

	 	(2)	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 

  
 4 

	 	(3)	in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and 

 

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt
securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

“Change of Control” means the occurrence of any of the following events: 

 

	 	(1)	the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets
of either (a) for so long as the Parent Guarantee is outstanding, the Parent and the Restricted Group, taken as a whole, or (b) the Restricted Group, taken as a whole, in each case to any “person” (within the meaning of
Section 13(d) of the Exchange Act), other than one or more Permitted Holders, (for the avoidance of doubt, any sale, transfer, conveyance or other disposition of all or substantially all of the Restricted Group required by applicable law, rule,
regulation or order will constitute a Change of Control under this definition); 

  

	 	(2)	if either of the Parent or the Company consolidates with, or merges with or into, any Person (other than one or more Permitted Holders), or any Person (other than one or more Permitted Holders) consolidates with, or
merges with or into, the Parent or the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Parent or the Company, respectively, or such other Person is converted into or exchanged for cash,
securities or other property, other than any such transaction where the Voting Stock of the Parent or the Company, respectively, outstanding immediately prior to such transaction is converted into or exchanged for (or continues as) Voting Stock
(other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance); 

 

	 	(3)	any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Permitted Holders, is or becomes the “beneficial owner” (as such term is
used in Rule 13d-3 of the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Parent; or 

 

	 	(4)	the adoption of a plan relating to the liquidation or dissolution of the Parent or the Company (other than a liquidation or dissolution of the Parent or the Company, respectively, undertaken in compliance with
Section 5.01. 

 “Change of Control Triggering Event” means the occurrence of both a Change of Control
and a Rating Decline. 
 “Clearstream” means Clearstream Banking, S.A. 

“Collateral Documents” means the security agreements, pledge agreements, agency agreements and other instruments and
documents executed and delivered pursuant to this Indenture or any of the foregoing, as the same may be amended, supplemented or otherwise modified from time to time and 

  
 5 

 
pursuant to which Collateral is pledged, charged, assigned or granted to or on behalf of the Collateral Agent for the ratable benefit of the Holders and the Trustee, including the Pari Passu
Collateral Document and the Notes Collateral Document. 
 “Combined EBITDA” means, for any period, Combined Net Income for
such period plus, to the extent such amount was deducted in calculating such Combined Net Income: 
  

	 	(1)	Combined Interest Expense; 

  

	 	(2)	income taxes (other than income taxes attributable to extraordinary gains (or losses) or sales of assets outside the ordinary course of business); 

 

	 	(3)	depreciation expense, amortization expense and all other non-cash items (including impairment charges and write-offs) reducing Combined Net Income (other than non-cash items in a period which reflect cash expenses paid or to be paid in another period), less all non-cash items increasing Combined Net Income (other than the accrual of
revenues in the ordinary course of business); 

  

	 	(4)	any gains or losses arising from the acquisition of any securities or extinguishment, repurchase, cancellation or assignment of Indebtedness; and 

 

	 	(5)	any unrealized gains or losses in respect of Hedging Obligations or other derivative instruments or forward contracts or any ineffectiveness recognized in earnings related to a qualifying hedge transaction or the fair
value of changes therein recognized in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations; 

all as determined on a combined basis in conformity with GAAP. 

“Combined Indebtedness” means, as of any date of determination, the aggregate amount of Indebtedness of the Restricted Group
on such date on a combined basis, to the extent appearing as a liability upon a balance sheet (excluding the footnotes thereto) of the Restricted Group prepared in accordance with GAAP, (excluding Subordinated Shareholder Debt) plus
(b) an amount equal to the greater of the liquidation preference or the maximum fixed redemption or repurchase price of all Disqualified Stock of the Company and all preferred stock of Restricted Subsidiaries, in each case, determined on a
combined basis in accordance with GAAP. 
 “Combined Interest Expense” means, with respect to the Restricted Group for any
period, the amount that would be included in gross interest expense on a combined income statement prepared in accordance with GAAP for such period of the Restricted Group, plus, to the extent not included in such gross interest expense, and to the
extent accrued or payable during such period by the Restricted Group, without duplication, (1) interest expense attributable to Capitalized Lease Obligations, (2) amortization of debt issuance costs and original issue discount expense and non-cash interest payments in respect of any Indebtedness, (3) the interest portion of any deferred payment obligation, (4) all commissions, discounts and other fees and charges with respect to letters of
credit or similar instruments issued for financing purposes or in respect of any Indebtedness, (5) the net costs associated with Hedging Obligations with respect to Indebtedness (including the amortization of fees), (6) interest accruing on
Indebtedness of any other Person that is Guaranteed by, or secured by a Lien on any asset of, the Restricted Group and (7) any capitalized interest. 

  
 6 

 “Combined Leverage Ratio” means, with respect to the Restricted Group as of
any date of determination, the ratio of: 
  

	 	(1)	Combined Indebtedness on such date to; 

  

	 	(2)	Combined EBITDA for the then most recently concluded period of two semi-annual fiscal periods for which financial statements are available (the “Reference Period”); provided, however, that in
making the foregoing calculation: 

  

	 	(a)	acquisitions of any Person, business or group of assets that constitutes an operating unit or division of a business that have been made by the Restricted Group, including through mergers, consolidations, amalgamations
or otherwise, or by any acquired Person, and including any related financing transactions and including increases in ownership of or designations of Restricted Subsidiaries (including Persons who become Restricted Subsidiaries as a result of such
increase), during the Reference Period or subsequent to such Reference Period and on or prior to the date on which the event for which the calculation of the Combined Leverage Ratio is made (the “Calculation Date”) (including
transactions giving rise to the need to calculate such Combined Leverage Ratio) will be given pro forma effect as if they had occurred on the first day of the Reference Period; 

 

	 	(b)	the Combined EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of on or prior to the Calculation Date
(including transactions giving rise to the need to calculate such Combined Leverage Ratio), will be excluded; 

  

	 	(c)	any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such Reference Period; and 

 

	 	(d)	any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary at any time during such Reference Period. 

For purposes of this definition, whenever pro forma effect is to be given to a transaction referred to in clause (a), (b), (c) or (d),
including, the amount of Combined EBITDA associated therewith, the pro forma calculation shall be based on the Reference Period immediately preceding the calculation date. In determining the amount of Indebtedness outstanding on any date of
determination, pro forma effect will be given to any incurrence, repayment, repurchase, defeasance or other acquisition, retirement or discharge of Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary on such date. 

 

  
 7 

 “Combined Net Income” means, for any period, the aggregate of the net
income of the Restricted Group for such period, on a combined basis, determined in accordance with GAAP; provided that: 
  

	 	(1)	the net income (or loss) of any Person other than a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included only to the extent of the amount of dividends or similar
distributions paid in cash to the Restricted Group; 

  

	 	(2)	the cumulative effect of a change in accounting principles will be excluded; 

  

	 	(3)	any translation gains or losses due solely to fluctuations in currency values and related tax effects will be excluded; and 

  

	 	(4)	noncash (a) equity-based compensation expense and (b) unrealized gain or loss in respect of Hedging Obligations will be excluded. 

“Combined Net Worth” means, as of any date, the sum of: 

 

	 	(1)	the total equity of the Restricted Group as of such date; plus 

  

	 	(2)	the respective amounts reported on the Restricted Group’s combined balance sheet as of such date with respect to any series of preferred stock (other than Disqualified Stock) that by its terms is not entitled to
the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year of such declaration and payment. 

“Commodity Hedging Agreement” means any spot, forward, commodity swap, commodity cap, commodity floor or option commodity
price protection agreements or other similar agreement or arrangement. 
 “Common Collateral Agent” has the meaning set
forth in the preamble of this Indenture and any successor thereto under the Collateral Documents. 
 “Common Stock” means,
with respect to any Person, any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common stock or ordinary
shares, whether or not outstanding on the Original Issue Date, and include all series and classes of such common stock or ordinary shares. 

“Company” has the meaning set forth in the preamble of this Indenture and its successors and assigns, until released in
accordance with the provisions of this Indenture, and shall thereafter refer to the successor. 
 “Comparable Treasury
Issue” means the U.S. Treasury security having a maturity comparable to August 3, 2020 that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities with a maturity comparable to August 3, 2020. 
 “Comparable Treasury Price” means, with respect to any
redemption date: (i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such redemption date, as set forth in the
Federal Reserve Statistical Release H.15 (519) (or, if such Statistical Release is no longer published, any publically available source of similar market data);” or (ii) if such release (or any successor release) is not published or does
not contain such prices on such Business Day, (a) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations or (b) if fewer than
three such Reference Treasury Dealer Quotations are available, the average of all such quotations. 

  
 8 

 “Corporate Trust Office” means the principal office of the Trustee at which
at any time its corporate trust business shall be administered, which office at the date hereof is located at 39/F, Champion Tower, 3 Garden Road, Central, Hong Kong , or such other address as the Trustee may designate from time to time by notice to
the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Credit Facilities” means, one or more debt or commercial paper facilities, in each case, with banks or other institutional
lenders or other lenders (including any direct or indirect shareholder of the Restricted Subsidiary Incurring Indebtedness under such Credit Facility) providing for revolving credit loans, term loans, receivables financing (including through the
sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time; provided that any Credit Facility with a direct or indirect shareholder of the
Restricted Subsidiary Incurring Indebtedness under such Credit Facility will, by its terms or by the terms of any agreement or instrument under which such Indebtedness is issued, not provide for any cash payment of interest (or premium, if any).

 “Currency Hedging Agreement” means any currency swap agreement, currency cap agreement, currency floor agreement,
currency futures agreement, currency option agreement or any other similar agreement or arrangement. 
 “Custodian” means a
custodian of the Global Notes for DTC under a custody agreement or any similar successor agreement, which will initially be Cede & Co.. 

“Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.06, substantially in the form of Exhibit A except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Designated Restricted Subsidiary” means, any Restricted Subsidiary (other than a Restricted Subsidiary that has Incurred
(i) Rupee Debt or (ii) Indebtedness pursuant to clause (b)(15) of the definition of Permitted Indebtedness, in each case that is outstanding) that has entered into an agreement with each of the trustees under the INR bond trust deeds or
INR security trustee agreements relating to all outstanding Rupee Debt of the other Restricted Subsidiaries, providing a Guarantee for the obligations of the other Restricted Subsidiaries (other than the Company) under their Rupee Debt and each of
other Restricted Subsidiaries (other than the Company) providing a Guarantee for the obligations of such Restricted Subsidiary. 

  
 9 

 “Disqualified Stock” means, with respect to any Person, any Capital Stock
of such Person which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event: 
  

	 	(1)	matures or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking fund obligation or otherwise; 

  

	 	(2)	is convertible or exchangeable at the option of the holder thereof for Indebtedness or Disqualified Stock; or 

  

	 	(3)	is or may become (in accordance with its terms) upon the occurrence of certain events or otherwise redeemable or re-purchasable for cash or in exchange for Indebtedness at the
option of the holder of the Capital Stock in whole or in part, 

 in each case on or prior to the earlier of (a) the
Stated Maturity of the Notes or (b) the date on which there are no Notes outstanding; provided, however, that (i) only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or
is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock and (ii) any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the
Parent or the Company, as applicable, to repurchase such Capital Stock upon the occurrence of a change of control or asset sale (howsoever defined or referred to) shall not constitute Disqualified Stock if any such redemption or repurchase
obligation is not prohibited by Section 4.07. 
 “Dollar Equivalent” means, with respect to any monetary amount in a
currency other than U.S. dollars, at any time for the determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars at the noon buying rate for U.S. dollars in New York
City for cable transfers as certified for customs purposes by the Federal Reserve Bank of New York on the date of determination. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any
debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means a public or private
sale either (1) of Equity Interests of the Parent by the Parent (other than Disqualified Stock and other than to a Subsidiary of the Parent) or (2) of Equity Interests of a direct or indirect parent entity of the Parent (other than to the
Parent or a Subsidiary of the Parent) to the extent that the net proceeds therefrom are contributed to the common equity capital of the Parent; provided that following the release of the Parent Guarantee, any such public or private sale of
Equity Interests will only be deemed to be an “Equity Offering” to the extent the net proceeds therefrom are contributed to the common equity capital of a Restricted Subsidiary. 

“Escrowed Proceeds” means the proceeds from the offering of any debt securities incurred in accordance with Section 4.09
paid into an escrow account with an independent escrow agent on the date of the applicable offering pursuant to escrow arrangements that permit the release of amounts on deposit in such escrow account upon satisfaction of certain conditions or the
occurrence of certain events, and shall include any interest earned on the amounts held in escrow. 

  
 10 

 “Escrow Account Bank” means Citibank, N.A., Hong Kong Branch. 

“Escrow Funds” means all moneys from time to time deposited in the Escrow Account by the Company together with any interest
accrued thereon from time to time. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “Fair Market Value” means the value that would be paid by a
willing buyer to an unaffiliated willing seller, determined in good faith by senior management of the Company or if the relevant value exceeds US$5.0 million (or the Dollar Equivalent thereof), the Board of Directors of the Parent or of the
Company (unless otherwise provided in this Indenture), in each case whose determination shall be conclusive. 
 “Fitch”
means Fitch Inc. and its successors. 
 “Force Majeure Event” means any event (including but not limited to an act of God, fire,
epidemic, explosion, floods, earthquakes, typhoons; riot, civil commotion or unrest, insurrection, terrorism, war, strikes or lockouts; nationalization, expropriation or other governmental actions; any law, order or regulation of a governmental,
supranational or regulatory body; regulation of the banking or securities industry including changes in market rules, currency restrictions, devaluations or fluctuations; market conditions affecting the execution or settlement of transactions or the
value of assets; and breakdown, failure or malfunction of any telecommunications, computer services or systems, or other causes) beyond the control of any party which restricts or prohibits the performance of the obligations of such party
contemplated by this Indenture. 
 “GAAP” means (a) with respect to the Parent, the generally accepted accounting
principles adopted in the United States of America published by the Financial Accounting Standards Board or any successor Board or agency as in effect from time to time and (b) with respect to the Restricted Group, the Indian Accounting
Standards as in effect from time to time (“Ind-AS”), in each case as modified by commonly used carve-out principles as in effect on the date of such report or
financial statement (or otherwise on the basis of such GAAP as then in effect). All ratios and computations contained or referred to in this Indenture will be computed in conformity with GAAP applied in a consistent basis. 

“Global Note Legend” means the legend set forth in Section 2.06(f)(2), which is required to be placed on all Global
Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the 144A Global Notes
and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A and that bears the Global Note Legend and that has the “Schedule of Exchanges
of Interests in the Global Note” attached thereto, issued in accordance with Sections 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f). 

“Government Securities” means direct obligations of, or obligations Guaranteed by, the United States of America, and the
payment for which the United States of America pledges its full faith and credit. 
 “Government Subsidies” means
obligations in respect any Viability Gap Funding (“Viability Gap Funding”) by the government of India or any state or any agency of any such government in connection with any project of the Restricted Group, including any second lien on
assets of such project to secure such obligations. 

  
 11 

 “Guarantee” means a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any
part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 

“Guarantor” means each of: 
  

	 	(1)	the Parent until the Parent Guarantee has been released in accordance with the provisions of this Indenture; and 

  

	 	(2)	any Restricted Subsidiary that executes a Guarantee in accordance with the provisions of this Indenture, and their respective successors and assigns, in each case, until the Guarantee of such Person has been released in
accordance with the provisions of this Indenture. 

 “Hedging Obligations” means, with respect to any
specified Person, the obligations of such Person pursuant to Commodity Hedging Agreements, Currency Hedging Agreement or Interest Rate Hedging Agreements. 

“Holder” means the Person in whose name a Note is registered in the Note register. 

“Incur” means, with respect to any Indebtedness or Disqualified Stock, to incur, create, issue, assume, Guarantee or
otherwise become liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness or Disqualified Stock; provided that (1) any Indebtedness and Disqualified Stock of a Person existing
at the time such Person becomes a Restricted Subsidiary will be deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and (2) the accretion of original issue discount, the accrual of interest, the
accrual of dividends, the payment of interest in the form of additional Indebtedness and the payment of dividends on Disqualified Stock in the form of additional shares of Disqualified Stock (to the extent provided for when the Indebtedness or
Disqualified Stock on which such interest or dividend is paid was originally issued) will not be considered an Incurrence of Indebtedness. The terms “Incurrence,” “Incurred” and “Incurring” have meanings correlative
with the foregoing. 
 “Indebtedness” means, with respect to any Person at any date of determination (without duplication):

  

	 	(1)	all indebtedness of such Person for borrowed money; 

  

	 	(2)	all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

  

	 	(3)	all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments; 

  
 12 

	 	(4)	all obligations of such Person to pay the deferred and unpaid purchase price of property or services, except Trade Payables; 

  

	 	(5)	all Capitalized Lease Obligations and Attributable Indebtedness; 

  

	 	(6)	all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; provided that the amount of such Indebtedness will be the lesser of
(a) the Fair Market Value of such asset at such date of determination and (b) the amount of such Indebtedness; 

  

	 	(7)	all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such Person; and 

  

	 	(8)	to the extent not otherwise included in this definition, Hedging Obligations. 

 The amount of Indebtedness of
any Person at any date will be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the
obligation; provided that: 
  

	 	(1)	the amount outstanding at any time of any Indebtedness issued with original issue discount is the face amount of such Indebtedness less the remaining unamortized portion of the original issue discount of such
Indebtedness at such time as determined in conformity with GAAP; 

  

	 	(2)	money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to prefund the payment of the interest on such Indebtedness will not be deemed to be “Indebtedness” so long as such money
is held to secure the payment of such interest; 

  

	 	(3)	that the amount of Indebtedness with respect to any Hedging Obligation at any time will be equal to the net amount, if any, payable if the Commodity Hedging Agreement, Currency Hedging Agreement or Interest Rate Hedging
Agreement giving rise to such Hedging Obligation terminated at that time; and 

  

	 	(4)	without duplication for clause (3) above, the amount of any Indebtedness for which there is a related Currency Hedging Agreement or Interest Rate Hedging Agreement at any time shall be calculated after giving
effect to such Currency Hedging Agreement or Interest Rate Hedging Agreement. 

 “Indirect Participant” means
a Person who holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the
US$500,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof. 
 “INR” means
Indian Rupees.  
 “Interest Payment Date” means May 3 and November 3 of each year, commencing May 3,
2018. 

  
 13 

 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Interest Rate Hedging Agreement” means any interest rate protection agreement,
interest rate future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or
arrangement. 
 “Investment Grade” means a rating of “AAA,” “AA,” “A” or “BBB,” as
modified by a “+” or “-” indication, or an equivalent rating representing one of the four highest rating categories, by Fitch or any of its successors or assigns, or a rating of “Aaa,” “Aa,” “A” or
“Baa,” as modified by a “1,” “2” or “3” indication, or an equivalent rating representing one of the four highest rating categories, by Moody’s or any of its successors or assigns, or the equivalent
ratings of any internationally recognized rating agency or agencies, as the case may be, which will have been designated by the Parent or the Company as having been substituted for Fitch or Moody’s or both, as the case may be. 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other obligations), advances (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), capital contributions,
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or
any other Restricted Subsidiary sells or otherwise disposes of any Equity Interests of any Restricted Subsidiary such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company or such Restricted
Subsidiary, the Company or such Restricted Subsidiary will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Company’s or such Restricted Subsidiary’s Investments in such
Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.07(d). The acquisition by the Company or any other Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be
deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in
Section 4.07(d). The amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“Minimum Rupee Debt Amount” means, with respect to any Restricted Subsidiary that issued Original Rupee Debt, 50% of the
aggregate principal amount of such Restricted Subsidiary’s Original Rupee Debt outstanding on the SMR Measurement Date; provided, that such amount will be reduced proportionately to reflect any redemption, repurchase, defeasance,
acquisition or other reduction in the principal amount of Notes outstanding (including, for the avoidance of doubt, any Special Mandatory Redemption) since the Original Issue Date. 

  
 14 

 “Moody’s” means Moody’s Investors Service, Inc. 

“Net Cash Proceeds” means with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash or cash
equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents and proceeds from the conversion of
other property received when converted to cash or cash equivalents, net of: 
  

	 	(1)	brokerage commissions and other fees and expenses (including fees and expenses of counsel and investment bankers) related to such Asset Sale; 

 

	 	(2)	provisions for all taxes (whether or not such taxes will actually be paid or are payable) as a result of such Asset Sale without regard to the consolidated results of operations of the Parent or any of its Subsidiaries,
taken as a whole; 

  

	 	(3)	payments made to repay Indebtedness or any other obligation outstanding at the time of such Asset Sale that either (x) is secured by a Lien on the property or assets sold or (y) is required to be paid as a
result of such sale; and 

  

	 	(4)	appropriate amounts to be provided by the Parent or any Restricted Subsidiary as a reserve against any liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment
benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as determined in conformity with GAAP and reflected in an Officer’s Certificate
delivered to the Trustee. 

 “Note” has the meaning set forth in the preamble of this Indenture.  

“Note Guarantee” means each guarantee from a Guarantor. 

“Notes Collateral Agent” has the meaning set forth in the preamble of this Indenture and any successor thereto under the
Collateral Documents. 
 “Note Holders Representative” means the representative of the Holders of the Notes as appointed by
the Company pursuant to the Mauritius Companies Act 2001 and the Note Holders Representative Appointment Letter or any successor Person thereto and shall initially be Dushyant Ramdhur, attorney at law, of Appleby (JV) Ltd & Cie, 9th Floor,
Medine Mews, La Chaussée Street, Port Louis, Republic of Mauritius. 
 “Note Holders Representative Appointment
Letter” means the appointment letter appointing a note holders representative in Mauritius, substantially in the form of Exhibit H. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness. 
 “Offering Memorandum” means the offering memorandum dated
July 27, 2017, in connection with the offering of the Notes. 

  
 15 

 “Officer” means one of the directors or executive officers of the Parent
or, in the case of the Company or any other Restricted Subsidiary, one of the directors or officers of the Company or such other Restricted Subsidiary, as the case may be. 

“Officer’s Certificate” means a certificate signed by an Officer. 

“Original Issue Date” means the date on which the Notes are originally issued under this Indenture. 

“Opinion of Counsel” means a written opinion from external legal counsel selected by the Parent or the Company, provided that
such counsel will be acceptable to the Trustee in its sole discretion. 
 “Parent” has the meaning set forth in the
preamble of this Indenture and its successors and assigns until released in accordance with the provisions of this Indenture and thereafter shall refer to the successor. 

“Pari Passu Collateral” means a first-priority fixed charge by the Parent as chargor over the Capital Stock of the Company.

 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).  

“Permitted Business” means any business, service or activity engaged in by the Restricted Group on the Original Issue Date
and any other businesses, services or activities that are related, complementary, incidental, ancillary or similar to any of the foregoing or any expansions, extensions or developments thereof, including the ownership, acquisition, development,
financing, operation and maintenance of power generation or power transmission or distribution facilities. 
 “Permitted
Holders” means any or all of the following: 
  

	 	(1)	(a) Inderpreet Singh Wadhwa, (b) International Finance Corporation and (c) Caisse de dépôt et placement du Québec; 

 

	 	(2)	any spouse, former spouse or immediate family member of any of the natural persons named in clause (1) above; 

  

	 	(3)	any trust or estate planning or investment vehicle established for the benefit of any of the natural persons referred to in clause (1) or (2) above;; 

 

	 	(4)	any Affiliate of any of the Persons referred to in clauses (1), (2) or (3) above; and 

  

	 	(5)	any group of which one or more Persons referred to in clauses (1), (2), (3) or (4) above is a member so long as such Person or Persons collectively are the beneficial owners (without giving effect to the existence
of such group) of at least a majority of the Voting Stock collectively owned by the members of such group. 

“Permitted Investments” means: 
  

	 	(1)	any Investment in the Company or another Restricted Subsidiary; 

  
 16 

	 	(2)	any Investment in Temporary Cash Equivalents; 

  

	 	(3)	any Investment by the Company or any other Restricted Subsidiary in a Person, if as a result of such Investment: 

  

	 	(a)	such Person becomes a Restricted Subsidiary; or 

  

	 	(b)	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or another Restricted Subsidiary; 

 

	 	(4)	any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10; 

 

	 	(5)	any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company or the Parent or contributed by the Parent to the common equity capital
of a Restricted Subsidiary; 

  

	 	(6)	any Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Restricted Group, including pursuant to any plan
of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other disputes with Persons who are not Affiliates; 

 

	 	(7)	Investments represented by Hedging Obligations; 

  

	 	(8)	loans or advances to employees made in the ordinary course of business of the Parent or any Restricted Subsidiary in an aggregate principal amount not to exceed US$1.0 million (or the Dollar Equivalent thereof) at
any one time outstanding; 

  

	 	(9)	repurchases of the Notes; 

  

	 	(10)	pledges or deposits (x) with respect to leases or utilities provided to third parties in the ordinary course of business or (y) otherwise described in the definition of “Permitted Liens” or made in
connection with Liens permitted under Section 4.12; 

  

	 	(11)	(x) receivables, trade credits or other current assets owing to any Restricted Subsidiary, if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms,
including such concessionary trade terms as the Parent or such Restricted Subsidiary considers reasonable under the circumstances and (y) advances or extensions of credit for purchases and acquisitions of assets, supplies, material or equipment
from suppliers or vendors in the ordinary course of business; 

  

	 	(12)	Investments existing at the Original Issue Date and described in the Offering Memorandum and any Investment that amends, extends, renews, replaces or refinances such Investment; provided, however, that
such new Investment is on terms and conditions no less favorable to the applicable Restricted Subsidiary than the Investment being amended, extended, renewed, replaced or refinanced; 

  
 17 

	 	(13)	Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other
Investments made pursuant to this clause (13) that are at the time outstanding, not to exceed US$10.0 million (or the Dollar Equivalent thereof); 

  

	 	(14)	Investments of a Person engaged primarily in a Permitted Business held by such Person at the time it becomes a Restricted Subsidiary or is merged, consolidated or amalgamated with or into a Restricted Subsidiary so long
as such Investments were not made in contemplation thereof; and 

  

	 	(15)	any Investment in the form of Indebtedness or Preferred Stock made by a Restricted Subsidiary to the Parent or any Subsidiary of the Parent (other than a Restricted Subsidiary) in a principal amount not to exceed the
Fair Market Value of the net equity value of such Restricted Subsidiary calculated by any Independent Auditor as of the time of the designation of such Person as a Restricted Subsidiary in accordance with Section 4.24; provided, however, that
to the extent such Person has any outstanding Acquired Indebtedness at the time of such designation and such outstanding Acquired Indebtedness is being Incurred under clause (2)(i) of Section 4.09 then such Investment shall only be deemed to
have been made pursuant to this clause (15) to the extent that (i) any such outstanding Acquired Indebtedness has been refinanced or refunded, replaced, exchanged, renewed, repaid, redeemed, defeased or discharged by cash or by the
incurrence of Ratio Debt in accordance with Section 4.09(a) and (ii) such Person has entered into an agreement with each of the trustees under the INR bond trust deeds or INR security trustee agreements relating to all other outstanding
Rupee Debt of the other Restricted Subsidiaries and such Restricted Subsidiary, providing a Guarantee for the obligations of the other Restricted Subsidiaries (other than the Company) under their Rupee Debt and each of other Restricted Subsidiaries
(other than the Company) providing a Guarantee for the obligations of such Restricted Subsidiary. 

 “Permitted
Liens” means: 
  

	 	(1)	Liens in favor of the Collateral Agents created pursuant to this Indenture and the Collateral Documents with respect to the Notes (including any Additional Notes) and the Note Guarantees therefore, including Liens
granted in respect of the Escrow Account; 

  

	 	(2)	Liens in favor of a Restricted Subsidiary (including in favor of any trustee or agent on behalf thereof); 

  

	 	(3)	Liens on property of a Person existing at the time such Person becomes a Restricted Subsidiary; provided that such Liens were in existence prior to the contemplation of such Person becoming a Restricted
Subsidiary and do not extend to any assets other than those of such Person; 

  

	 	(4)	Liens on property (including Capital Stock) existing at the time of acquisition of the property by any Restricted Subsidiary; provided that such Liens were in existence prior to such acquisition, and not incurred
in contemplation of, such acquisition; 

  
 18 

	 	(5)	Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 

 

	 	(6)	Liens existing on the Original Issue Date; 

  

	 	(7)	Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided
that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

  

	 	(8)	Liens imposed by law, such as suppliers’, carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each case, incurred in the ordinary course of business; 

 

	 	(9)	survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person; 

  

	 	(10)	Liens created for the benefit of (or to secure) the Notes or any Note Guarantee; 

  

	 	(11)	Liens securing Indebtedness which is Incurred to refinance secured Indebtedness which is permitted to be Incurred under clause (b)(4) of Section 4.09; provided that such Liens do not extend to or cover any
property or assets of the Company or such other Restricted Subsidiary other than the property or assets securing the Indebtedness being refinanced; 

  

	 	(12)	(x) Liens on property or assets securing Indebtedness used or to be used to defease or satisfy and discharge the Notes; provided that (a) the Incurrence of such Indebtedness was not prohibited by this
Indenture and (b) such defeasance or satisfaction and discharge is not prohibited by this Indenture and (y) Liens on cash and Temporary Cash Equivalents arising in connection with the defeasance, discharge or redemption of Indebtedness;

  

	 	(13)	Liens on Pari Passu Collateral securing Permitted Pari Passu Secured Indebtedness that complies with each of the requirements set forth in Section 4.25; 

 

	 	(14)	Liens securing Indebtedness permitted to be Incurred under Section 4.09(b)(11); provided that such Indebtedness is not owed to any direct or indirect shareholder of the Restricted Subsidiary Incurring such
Indebtedness; 

  

	 	(15)	Liens securing Hedging Obligations permitted to be Incurred under Section 4.09(b)(5); 

  

	 	(16)	Liens securing Indebtedness permitted to be Incurred under Section 4.09(b)(14); 

  

	 	(17)	Liens incurred or pledges or deposits made in the ordinary course of business (x) to a public utility or any municipality or governmental or other public authority when required by such utility or municipality or
governmental or other authority in connection with the operations of the Restricted Subsidiaries or (y) in connection with workers’ compensation, unemployment insurance and other types of social security and employee health and disability
benefits; 

  
 19 

	 	(18)	Liens securing Indebtedness permitted to be Incurred under Section 4.09(b)(15) so long as such Liens are secured only by the property, plant or equipment and related assets (including Capital Stock) originally
acquired, designed, constructed, installed or improved in connection therewith, accretions and additions thereon and the proceeds thereof; and 

  

	 	(19)	Liens on Escrowed Proceeds for the benefit of the related holders of debt securities incurred in accordance with Section 4.09 or on cash set aside at the time of the incurrence of such Indebtedness or on Temporary
Cash Equivalents purchased with such cash, in either case to the extent such cash or Temporary Cash Equivalents prefund the payment of interest, premium or penalties on such Indebtedness and are held in an escrow account or similar arrangement to be
applied for such purpose; 

 provided that, the only Liens permitted on Notes Collateral are (1), (7), (8) and
(10) and the only Liens permitted on Pari Passu Collateral are (1), (7), (8), (10), (13) and (15). Liens permitted under clause (15) to secure Currency Hedging Agreements related to the Notes or Permitted Pari Passu Secured Indebtedness
may have super priority status as described under Section 4.26.  
 “Person” means any individual, corporation,
partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Preferred Stock” as applied to the Capital Stock of any Person means Capital Stock of any class or classes that by its term
is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 

“Private Placement Legend” means the legend set forth in Section 2.06(f)(1) to be placed on all Notes issued under this
Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Project Projection Report” means, with
respect to any Person or asset, a project projection report prepared by an internationally recognized accounting firm on substantially the same basis as the project projection reports contained in Appendix A of the Offering Memorandum; provided
that (a) such Person or asset has executed a long-term power purchase agreement and (b) the project named or described in such project projection report has become fully operational. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Rating Agencies” means (1) Fitch and (2) Moody’s; provided that if Fitch or Moody’s shall not make a
rating of the Notes publicly available, one or more nationally recognized statistical rating organizations (as defined in Section 3(a)(62) under the Exchange Act), as the case may be, selected by the Company or the Parent, which will be
substituted for Fitch or Moody’s or both, as the case may be. 
 “Rating Category” means (i) with respect to
Fitch, any of the following categories: “BB,” “B,” “CCC,” “CC,” “C” and “D” (or equivalent successor categories); (ii) with respect to Moody’s, any of the following categories:
“Ba,” “B,” “Caa,” “Ca,” “C” and “D” (or equivalent successor categories); and (iii) the equivalent of any such category of Fitch or Moody’s used by another Rating Agency. In
determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating 

  
 20 

 
Categories (“+” and “—” for Fitch; “1,” “2” and “3” for Moody’s; or the equivalent gradations for another Rating Agency) will be taken
into account (e.g., with respect to Fitch, a decline in a rating from “BB+” to “BB,” as well as from “BB-” to “B+,” will constitute a decrease of one gradation). 

“Rating Date” means that date which is 60 days prior to the earlier of (x) a Change of Control and (y) a public
notice of the occurrence of a Change of Control or of the intention by the Parent or any other Person or Persons to effect a Change of Control. 

“Rating Decline” means the occurrence on or within six months after the date of a Change of Control, or of public notice of
the occurrence of a Change of Control or the intention by the Parent or any other Person or Persons to effect a Change of Control, (which period will be extended so long as the rating of the Notes is under publicly announced consideration for
possible downgrade by any of the Rating Agencies) of any of the events listed below: 
 (1) in the event the Notes are rated by one or more
Rating Agencies on the Rating Date as Investment Grade, the rating of the Notes by any such Rating Agency shall be below Investment Grade; or 

(2) in the event the Notes are rated below Investment Grade by one or more Rating Agencies on the Rating Date, the rating of the Notes by any
such Rating Agency shall be decreased by one or more gradations (including gradations within Rating Categories as well as between Rating Categories). 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Global Note substantially in the form of Exhibit A bearing the Global Note Legend and
deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of Notes sold in reliance of Rule 903 of Regulation S. 

“Reference Treasury Dealer” means each of any three investment banks of recognized standing that is a primary U.S. Government
securities dealer in The City of New York, selected by the Company in good faith. 
 “Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average as determined an investment banking firm of recognized international standing, of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) quoted in writing by such Reference Treasury Dealer at 5:00 p.m. New York City time on the third Business Day preceding such redemption date. 

“Required Hedging Arrangements” means Currency Hedging Agreements pursuant to customary ISDA documentation and hedging
arrangements in place thereunder that comprise (i) a coupon swap on the interest payments due under the Notes on each Interest Payment Date to fully protect the Company against any depreciation in the Indian Rupee to U.S. Dollar occurring
after the date of each Incurrence of Original Rupee Debt; and (ii) a call spread option on the principal amount of the Notes that (a) will fully protect the Company against any depreciation in the Indian Rupee occurring after the date of
each Incurrence of Original Rupee Debt if the Indian Rupee to U.S. Dollar spot rate is between the current spot rate in effect on the date of such Incurrence and 90, and (b) partially protect the Company (by receiving the same fixed
payment) against any depreciation in the Indian Rupee occurring after the date of each Incurrence of Original Rupee Debt if the Indian Rupee to U.S. Dollar spot rate is above 90, in each case on the payment of principal due under the Notes at
maturity. 

  
 21 

 “Responsible Officer” shall mean, when used with respect to the Trustee,
any managing director, vice president, trust associate, relationship manager, transaction manager, client service manager, any trust officer or any other officer located at the Corporate Trust Office of the Trustee who customarily performs functions
similar to those performed by any persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and in each such
case, who shall have direct responsibility for the day to day administration of this Indenture. 
 “Restricted Group” means
the Company and the other Restricted Subsidiaries. 
 “Restricted Subsidiary” means each of the Company, Azure Power
(Punjab) Private Limited, Azure Urja Private Limited, Azure Power Pluto Private Limited, Azure Renewable Energy Private Limited, Azure Surya Private Limited, Azure Power Eris Private Limited, Azure Sunshine Private Limited, Azure Green Tech Private
Limited, Azure Clean Energy Private Limited, Azure Power Mars Private Limited, Azure Power (Karnataka) Private Limited, Azure Sunrise Private Limited, Azure Power (Raj.) Private Limited, Azure Photovoltaic Private Limited, Azure Power (Haryana)
Private Limited, Azure Power Thirty Seven Private Limited and Azure Power Infrastructure Private Limited and any Subsidiary of the Parent acquired by the Company or another Restricted Subsidiary or designated as a Restricted Subsidiary by the Board
of Directors of the Parent or of the Company in accordance with Section 4.24, in each case until sold, transferred or otherwise disposed of or no longer a Subsidiary of the Parent in accordance with this Indenture or designated an Unrestricted
Subsidiary in accordance with Section 4.24. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“Rupee Debt” means the Rupee ECBs and the Rupee NCDs. 

“Rupee ECB” means Rupee denominated external commercial borrowings to be extended by the Company to other Restricted
Subsidiaries as described in the Offering Memorandum under the heading “Use of Proceeds” and any future Rupee denominated external commercial borrowings to be extended by the Company to another Restricted Subsidiary. 

“Rupee NCDs” means the Rupee denominated senior secured non-convertible debentures to
be issued by the Restricted Subsidiaries, other than the Company, and subscribed for by the Company in an aggregate principal amount equal to the net proceeds of the offering of Notes and any future Rupee denominated
non-convertible debentures issued by a Restricted Subsidiary and subscribed for by the Company. 

“S&P” means Standard & Poor’s Ratings Group. 

  
 22 

 “Sale and Leaseback Transaction” means any direct or indirect arrangement
relating to property (whether real, personal or mixed), now owned or hereafter acquired whereby any Restricted Subsidiary transfers such property to another Person and any Restricted Subsidiary leases it from such Person. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Senior Indebtedness” means, with respect to any Person, all obligations of such Person, whether outstanding on the Original
Issue Date or thereafter created, incurred or assumed, without duplication, consisting of principal and premium, if any, accrued and unpaid interest on, and fees and other amounts relating to, all Indebtedness of such Person, including interest
accruing on or after the filing of any petition in bankruptcy or for reorganization relating to such Person, regardless of whether post-filing interest is allowed in such proceeding. 

“Shareholder Loans” means any loans (including convertible debentures) between a Restricted Subsidiary and its direct or
indirect shareholders (and any Subsidiaries of such shareholders) existing on the Original Issue Date; provided that any such loans not refinanced pursuant to Section 4.29 will be subordinated on the terms set forth under the definition
of “Subordinated Shareholder Debt”. 
 “SMR Measurement Date” means the date that is six months after the
Original Issue Date. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of
Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Original Issue Date, and will not include any contingent obligations to repay, redeem or
repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subordinated
Shareholder Debt” means any Indebtedness Incurred by any Restricted Subsidiary (other than the Company) owed to its direct or indirect shareholders which, by its terms or by the terms of any agreement or instrument pursuant to which such
Indebtedness is issued or remains outstanding, (i) is expressly made subordinate to the prior payment in full of the Rupee Debt issued by such Restricted Subsidiary (including upon any default, bankruptcy, reorganization, liquidation, winding
up or other disposition of assets of the Restricted Subsidiary), (ii) does not mature or require any amortization and is not required to be repaid, redeemed, repurchased or otherwise retired, pursuant to a sinking fund obligation, event of default
or otherwise, (including any redemption, retirement or repurchase which is contingent upon events or circumstance but excluding any retirement required by virtue of acceleration of such Indebtedness upon an event of default) in whole or in part, on
or prior to six months after the final Stated Maturity of the Notes, (iii) does not provide for any cash payment of interest (or premium, if any) prior to 180 days after the final Stated Maturity of the Notes, (iv) is not secured by a Lien
on any assets of the Restricted Subsidiary and is not guaranteed by any Restricted Subsidiary and (v) does not (including upon the happening of any event) restrict the payment of amounts due in respect of the Rupee Debt or compliance by the
Restricted Subsidiary with its obligations under the Rupee Debt; provided, however, that upon any event or circumstance that results in such Indebtedness ceasing to qualify as Subordinated Shareholder Debt, such Indebtedness shall
constitute an incurrence of such Indebtedness by the Restricted Subsidiary. Notwithstanding the foregoing, the foregoing limitations shall not be violated by provisions that permit payments of principal, premium or interest on such Indebtedness if
such Restricted Subsidiary would be permitted to make such payment under Section 4.07. 

  
 23 

 “Subsidiary” means, with respect to any specified Person: 

 

	 	(1)	any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to
any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or Trustees of the corporation, association or other business entity is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

  

	 	(2)	any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more
Subsidiaries of that Person (or any combination thereof). 

 “Temporary Cash Equivalents” means any of the
following: 
  

	 	(1)	United States dollars, Indian rupees, Euros or, in the case of any Restricted Subsidiary, local currencies held by such Restricted Subsidiaries from time to time in the ordinary course of the Permitted Business;

  

	 	(2)	direct obligations of the United States of America, Canada, a member of the European Union or India or, in each case, any agency of any of the foregoing or obligations fully and unconditionally Guaranteed by any of the
foregoing or any agency of any of the foregoing, in each case maturing within one year; 

  

	 	(3)	demand or time deposit accounts, certificates of deposit and money market deposits maturing within 365 days of the date of acquisition thereof issued by a bank or trust company that is organized under the laws of the
United States of America, the United Kingdom, India, Hong Kong or Mauritius and which bank or trust company (x) has capital, surplus and undivided profits aggregating in excess of US$100.0 million (or the Dollar Equivalent thereof) and
(y)(A) has outstanding debt which is rated “A” or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Section 3(a)(62) under the Exchange Act) or (B) is
organized under the laws of India and has a long term foreign issuer credit rating or senior unsecured debt rating equal to or higher than India’s sovereign credit rating by at least one nationally recognized statistical rating organization (as
defined in Section 3(a)(62) under the Exchange Act) or (C) is a bank owned or controlled by the government of India and organized under the laws of India; 

 

	 	(4)	repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause (2) above entered into with a bank or trust company meeting the qualifications described in
clause (3) above; 

  

	 	(5)	commercial paper, maturing not more than six months after the date of acquisition thereof, issued by a corporation (other than an Affiliate of the Parent) organized and in existence under the laws of the United States
of America, any state thereof or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of “P-1” (or higher) according to
Moody’s or “A-1” (or higher) according to S&P or Fitch; 

  
 24 

	 	(6)	securities with maturities of six months or less from the date of acquisition thereof, issued or fully and unconditionally Guaranteed by any state, commonwealth or territory of the United States of America, or by any
political subdivision or taxing authority thereof, and rated at least “A” by S&P, Moody’s or Fitch; 

  

	 	(7)	any money market fund that has at least 95.0% of its assets continuously invested in investments of the types described in clauses (1) through (6) above; 

 

	 	(8)	demand or time deposit accounts with any scheduled commercial bank organized under the laws of India; and 

  

	 	(9)	certificates of deposit and debt mutual funds, maturing not more than one year after the date of acquisition thereof, which invest solely in companies organized under the laws of India whose long-term debt has a
national credit rating of AAA. 

 “Total Assets” means, as of any date, the total assets of the Restricted
Group on a combined basis calculated in accordance with GAAP as of the last day of the most recent semi-annual period for which financial statements are available (which may be internal financial statements), calculated after giving pro forma effect
to any acquisition or disposition of property, plant or equipment or the acquisition of any Person that becomes a Restricted Subsidiary subsequent to such date and after giving pro forma effect to the application of the proceeds of any Indebtedness,
including the proposed Incurrence of which has given rise to the need to make such calculation of Total Assets. 
 “Trade
Payables” means, with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such Person or any of its Restricted Subsidiaries arising in the
ordinary course of business in connection with the acquisition of goods or services and payable within one year. 
 “Transfer
Amount” means the amount specified in a Transfer Notice as being the amount to be transferred, with such additions or modifications requested by the Escrow Account Bank for the Escrow Account Bank to effect the requested transfer. 

“Transfer Notice” means a notice substantially in the form contained in Exhibit G signed by the Notes Collateral Agent and
delivered to the Escrow Account Bank. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock of
such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 

“Unrestricted Global Note” means a Global Note, including a Regulation S Global Note, that does not bear and is not required
to bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means a Subsidiary of the Parent that is not a
Restricted Subsidiary. 
 “Wholly Owned Restricted Subsidiary” means (i) the Company or (ii) any other Restricted
Subsidiary, all of the outstanding Capital Stock of which (other than any director’s qualifying shares, Investments by foreign nationals mandated by applicable law or Investments by an off taker or an

  
 25 

 
affiliate of an offtaker of a project owned and operated by such Restricted Subsidiary) is owned or controlled by either (x) the Parent or the Company or (y) one or more Wholly Owned
Restricted Subsidiaries of the Parent or the Company. 
 Section 1.02 Other Definitions  

 

			
	 Term
	  	Defined
in
	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	3.09
	 “Authentication Order”
	  	2.02
	 “Certificate of Redemption Calculation”
	  	3.08
	 “Change of Control Offer”
	  	4.16
	 “Change of Control Payment”
	  	4.16
	 “Change of Control Payment Date”
	  	4.16
	 “Collateral”
	  	10.01
	 “Collateral Agents”
	  	10.03
	 “Common Collateral Agent”
	  	4.26
	 “Contractual Currency”
	  	4.31
	 “Covenant Defeasance”
	  	8.03
	 “Determination Agent”
	  	4.14
	 “DTC”
	  	2.03
	 “Early Parent Guarantee Release”
	  	11.09
	 “Event of Default”
	  	6.01
	 “Escrow Account”
	  	4.28
	 “Excess Proceeds”
	  	4.10
	 “Excess Proceeds Repurchase Offer”
	  	4.10
	 “Existing Indebtedness”
	  	4.09
	 “Guaranteed Obligations”
	  	11.01
	 “Intercreditor Agreement”
	  	4.26
	 “Legal Defeasance”
	  	8.02
	 “Note Collateral”
	  	10.01
	 “Notes Collateral Agent”
	  	4.28
	 “Notes Collateral Document”
	  	10.01
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Original Rupee Debt”
	  	4.18
	 “Paying Agent”
	  	2.03
	 “Pari Passu Collateral”
	  	10.01
	 “Pari Passu Collateral Documents”
	  	10.01
	 “Pari Passu Secured Parties”
	  	4.26
	 “Permitted Indebtedness”
	  	4.09
	 “Permitted Pari Passu Secured Indebtedness”
	  	4.25
	 “Permitted Refinancing Indebtedness”
	  	4.09
	 “Purchase Date”
	  	3.09
	 “Reference Period”
	  	1.01
	 “Reinstatement Date”
	  	4.32
	 “Replacement Assets”
	  	4.10
	 “Relevant Taxing Jurisdiction”
	  	2.13

  
 26 

			
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07
	 “Shortfall Amount”
	  	3.08
	 “Special Mandatory Redemption”
	  	3.08
	 “Special Mandatory Redemption Price”
	  	3.08
	 “Subordinated Indebtedness”
	  	4.07
	 “Suspension Event”
	  	4.32
	 “Suspension Period”
	  	4.32
	 “Surviving Person”
	  	5.01
	 “Total Mandatory Redemption Threshold”
	  	3.08
	 “Tax Redemption Date”
	  	3.10
	 “Trustee”
	  	8.05

 Section 1.03 Rules of Construction. 

Unless the context otherwise requires or except as otherwise expressly provided: 

(1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “herein”, “hereof” and other words of similar import refer to in this Indenture as a whole and not to
any practical as Section, Article and other subdivision; 
 (4) “or” is not exclusive; 

(5) words in the singular include the plural, and in the plural include the singular; 

(6) “will” shall be interpreted to express a command; 

(7) provisions apply to successive events and transactions; 

(8) all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless
otherwise indicated; 
 (9) references to sections of or rules under the Securities Act will be deemed to include substitute,
replacement of successor sections or rules adopted by the SEC from time to time; and 
 (10) References to agreements or
instruments, or to statutes or regulations, are to such agreements or instruments, or statutes or regulations as amended from time to time (or to successor statutes and regulations). 

  
 27 

 ARTICLE 2 

THE NOTES  

Section 2.01 Form and Dating. 

(a) General. The Notes and the certificate of authentication from the Trustee will be substantially in the form of Exhibit A. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of US$200,000 or integral multiples of US$1,000 in excess
thereof.  
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture
and the Company, the Parent and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Notes issued in
global form will be substantially in the form of Exhibit A (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially
in the form of Exhibit A (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be
specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made
by the Registrar or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06.  

(c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the
Regulation S Global Note that are held by Participants through Euroclear or Clearstream.  
 Section 2.02 Execution and
Authentication. 
 At least one Officer must sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of the Company signed by one
Officer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding at any time may not
exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07. 

With the delivery of this Indenture, the Company and the Parent is furnishing, and from time to time thereafter the Company and each Guarantor
may each furnish, a certificate to the Trustee substantially in the form of Exhibits F-1 and F-2 (an “Authorization Certificate”) identifying and

  
 28 

 
certifying the incumbency and specimen (or facsimile) signatures of the Authorized Officers. Until the Trustee receives a subsequent Authorization Certificate, the Trustee shall be entitled to
conclusively rely on the last Authorization Certificate delivered to it for purposes of determining the Authorized Officers. Typographical and other minor errors or defects in any signature shall not affect the validity or enforceability of any Note
which has been duly authenticated and delivered by the Trustee. 
 Section 2.03 Registrar, Transfer Agent, Paying Agent and Note
Holders Representative. 
 The Company will maintain an office or agency where Notes may be presented for registration of transfer or for
exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may
appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder and shall so notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.
The Company, the Parent or any other Restricted Subsidiary may act as Paying Agent or Registrar. 
 The Company initially appoints The
Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The Company initially appoints
Citibank, N.A, London Branch to act as the Registrar, Transfer Agent and Paying Agent pursuant to the agent appointment letter as set forth in Exhibit E, and to act as Custodian with respect to the Global Notes. 

The Company initially appoints Dushyant Ramdhur, attorney at law, of Appleby (JV) Ltd & Cie, 9th Floor, Medine Mews, La Chaussée Street, Port Louis, Republic of Mauritius, to act as the Note Holders Representative, pursuant to the Note Holders Representative Appointment Letter as set
forth in Exhibit H, and to act as such with respect to the Global Note pursuant to the Mauritius Companies Act 2001. 
 Section 2.04
Paying Agent to Hold Money. 
 The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying
Agent will hold for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Additional Amounts, if any, or interest on the Notes. The Company at any time may require a Paying Agent to pay all
money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company, the Parent or any other Restricted Subsidiary) will have no further liability for the money. If the Company, the Parent or any other
Restricted Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. 

Section 2.05 Holder Lists. 

The Trustee through the Registrar will preserve in as current a form as is reasonably practicable the most recent list available to it of the
names and addresses of all Holders. If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in
such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

  
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 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee and Registrar notice from the Depositary that
it is unwilling or unable to continue to act as Depositary or that it has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of
such notice from the Depositary; 
 (2) the Company, at its sole discretion, notifies the Trustee and Registrar in writing
that it elects to cause the issuance of the Definitive Notes; or 
 (3) if a beneficial owner of a Note requests such
exchange in writing through DTC following a Default or an Event of Default which has occurred and is continuing. 
 Upon the occurrence of
any of the preceding events in (1), (2) or (3) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Registrar. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections
2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and
shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b),
(c) or (f). 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the 144A Global Notes will be subject to restrictions on transfer
comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or
more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global
Note. Beneficial interests in any 144A Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same 144A Global Note in accordance with the transfer restrictions set forth in the Private
Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required
to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).  
 (2) All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either:  

  
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 (A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; 
 provided that in no event
shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Global Note prior to the receipt by the Registrar of any certificates required pursuant to Rule 903 or Rule 904 under the Securities Act or
Rule 144 under the Securities Act (if available).  
 Upon satisfaction of all of the requirements for transfer or exchange of
beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Registrar shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g). 

(3) Transfer of Beneficial Interests to Another 144A Global Note. A beneficial interest in any 144A Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another 144A Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives a certificate from the
transferor in the form of Exhibit B, including the certifications in item (1) thereof.  
 (4) Transfer and
Exchange of Beneficial Interests in a 144A Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any 144A Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following: 
 (A) if the holder of such beneficial interest in a 144A Global Note proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C, including the certifications in item (1)(a) thereof; or 

  
 31 

 (B) if the holder of such beneficial interest in a 144A Global Note proposes
to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this Section 2.06(b)(4), if the Registrar so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected
pursuant to the above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to the above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a 144A Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in 144A Global Notes to 144A Definitive Notes. If following the occurrence of an event
described in Section 2.06(a), any holder of a beneficial interest in a 144A Global Note proposes to exchange such beneficial interest for a 144A Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in
the form of a 144A Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder
of such beneficial interest in a 144A Global Note proposes to exchange such beneficial interest for a 144A Definitive Note, a certificate from such Holder in the form of Exhibit C, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B, including the certification in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

  
 32 

 (E) if such beneficial interest is being transferred to the (Company or any
of its Subsidiaries), a certificate to the effect set forth in Exhibit B, including the certifications in item (3)(b) thereof; or 

(F) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B, including the certifications in item (3)(c) thereof, the Registrar shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.06(g), and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a
beneficial interest in a 144A Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar
through instructions from the Depositary and the Participant or Indirect Participant. The Registrar shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest in a 144A Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(2) Beneficial Interests in 144A Global Notes to Unrestricted Definitive Notes. Following the occurrence of an event
described in Section 2.06(a), a holder of a beneficial interest in a 144A Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in
the form of an Unrestricted Definitive Note only if the Registrar receives the following: 
 (A) if the holder of such
beneficial interest in a 144A Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C, including the certifications in item (1)(b) thereof; or 

(B) if the holder of such beneficial interest in a 144A Global Note proposes to transfer such beneficial interest to a Person
who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B, including the certifications in item (4) thereof; 

and, in such case set forth in this paragraph, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2), the Registrar will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly
pursuant to Section 2.06(g), 

  
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 and the Company will execute and the Trustee will authenticate and deliver to the Person
designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) and will be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1) 144A Definitive Notes to Beneficial Interests in 144A Global Notes. If any Holder of a 144A Definitive Note proposes
to exchange such Note for a beneficial interest in a 144A Global Note or to transfer such 144A Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a 144A Global Note, then, upon receipt by the Registrar of
the following documentation: 
 (A) if the Holder of such 144A Definitive Note proposes to exchange such Note for a
beneficial interest in a 144A Global Note, a certificate from such Holder in the form of Exhibit C, including the certifications in item (2)(b) thereof; 

(B) if such 144A Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B, including the certifications in item (1) thereof; 
 (C) if such 144A Definitive Note is being
transferred in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B, including the certifications in item (2) thereof; 

(D) if such 144A Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B, including the certifications in item (3)(a) thereof; 

(E) if such 144A Definitive Note is being transferred to the Parent or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B, including the certifications in item (3)(b) thereof; or 
 (F) if such 144A Definitive Note is being
transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B, including the certifications in item (3)(c) thereof, 

the Registrar will cancel the 144A Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause
(A) above, the appropriate 144A Global Note. 
 (2) 144A Definitive Notes to Beneficial Interests in Unrestricted
Global Notes. A Holder of a 144A Definitive Note may exchange such Note for a beneficial interest in an 

  
 34 

 Unrestricted Global Note or transfer such 144A Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 

(A) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global
Note, a certificate from such Holder in the form of Exhibit C, including the certifications in item (1)(c) thereof; or 
 (B)
if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B,
including the certifications in item (4) thereof; and, in such case set forth above in this paragraph, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar
to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act. 
 Upon satisfaction of the conditions of Section 2.06(d)(2), the Registrar will cancel the Definitive
Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (3)
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive
Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Registrar will cancel the applicable Unrestricted
Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to (3) above at a
time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee will authenticate one or more Unrestricted Global Notes in an
aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive
Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such
registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such
Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 2.06(e). 
 (1) 144A Definitive Notes to 144A Definitive Notes. Any 144A Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof in the form of a 144A Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit
B, including the certifications in item (1) thereof; and 

  
 35 

 (B) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B, including the certifications, certificates and (Opinion of Counsel) required by item (3) thereof, if applicable. 

(2) 144A Definitive Notes to Unrestricted Definitive Notes. Following the occurrence of an event described in
Section 2.06(a), any 144A Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar
receives the following: 
 (A) if the Holder of such 144A Definitive Notes proposes to exchange such Notes for an
Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C, including the certifications in item (1)(d) thereof; or 

(B) if the Holder of such 144A Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B, including the certifications in item (4) thereof; 

and, in such case set forth above in this paragraph if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted
Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes
pursuant to the instructions from the Holder thereof. 
 (f) Legends. The following legends will appear on the face of all 144A
Global Notes and 144A Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(1) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each 144A Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS NOTE AND THE NOTE GUARANTEE HAVE NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, THIS NOTE AND THE NOTE GUARANTEE MAY NOT BE OFFERED, SOLD, PLEDGED OR 

  
 36 

 
OTHERWISE TRANSFERRED EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) IT IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”) OR (B) IT IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT,
(2) AGREES THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(d) UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS NOTE, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO AZURE POWER GLOBAL
LIMITED (THE “PARENT”) OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT (IF
AVAILABLE), (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF
AVAILABLE) OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN
INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN, INCLUDING PARENT GUARANTEE RELATING TO THIS NOTE, WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE
HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRANSFER AGENT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION” AND “UNITED STATES”
HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRANSFER AGENT TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS.”

 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2),
(c)(3), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF

  
 37 

 
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

(g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note will be returned to or retained and cancelled by the Registrar in accordance with
Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Registrar or by the Depositary at the direction of the Registrar to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Registrar or by the Depositary at the direction of the Registrar to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or other similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.16 and 9.05). 
 (3) The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

  
 38 

 (5) Neither the Registrar nor the Company will be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding Interest Payment Date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee
will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02. 
 (8) All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Company and the Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Registrar or the Company, an indemnity
bond must be supplied by the Holder that is sufficient in the judgment of the Registrar and the Company to protect the Company, the Trustee and any Agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its
expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Company and will be entitled to all of the
benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding
Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those
delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Registrar in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. All Notes that are purchased,
acquired or otherwise redeemed by the Company or the Parent will be cancelled in accordance with Section 2.11. Except as set forth in Section 2.09, a Note does not cease to be outstanding because an Affiliate of the Company or any
Guarantor holds the Note; however, Notes held by an Affiliate of the Company or any Guarantor shall not be deemed to be outstanding for purposes of Section 3.07(a). 

  
 39 

 If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the
Registrar receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note
is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other
than the Company, the Parent, any other Restricted Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to
be no longer outstanding and will cease to accrue interest. 
 Section 2.09 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Guarantor will be considered as not outstanding, except that for the purposes of determining whether the Trustee and
each Agent will be protected in relying on any such direction, waiver or consent, only Notes that the Registrar has received an Officer’s Certificate from the Company or an Affiliate of the Company evidencing such ownership or beneficial
holding will be so disregarded. 
 Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order,
will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may reasonably be acceptable to the Registrar.
Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 

Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 

The Company at any time may deliver Notes, and the Company and the Parent shall promptly deliver all Notes that are purchased, acquired or
otherwise redeemed by the Company or the Parent, to the Paying Agent for cancellation and the Paying Agent shall cancel such Notes. The Registrar and Trustee will forward to the Paying Agent any Notes surrendered to them for registration of
transfer, exchange or payment. The Paying Agent and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy cancelled Notes (subject to the record retention
requirement of the Exchange Act). Certification of the destruction of all cancelled Notes will be delivered to the Company upon prior written request of the Company. The Company may not issue new Notes to replace Notes that it has paid or that have
been delivered to the Paying Agent for cancellation. 

  
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 Section 2.12 Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. The Company will notify the Paying Agent in writing of
the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be
less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request, the Trustee or the Registrar in the name and at the expense of the Company)
will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

Section 2.13 Additional Amounts. 

All payments of principal of, and premium, if any, and interest on the Notes or under the Note Guarantee will be made without withholding or
deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or within India, Mauritius or any other jurisdiction in which the Company, a Surviving Person or any
Guarantor is or was organized or resident for tax purposes or any political subdivision or taxing authority thereof or therein (each, as applicable, a “Relevant Taxing Jurisdiction”) or any jurisdiction through which payment is made
by or on behalf of the Company, the Guarantors or a Surviving Person, or any political subdivision or taxing authority thereof or therein (together with the Relevant Taxing Jurisdictions, the “Relevant Jurisdictions”), unless such
withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so required, the Company, the Guarantors or a Surviving Person, as the case may be,
will pay such additional amounts (the “Additional Amounts”) as will result in receipt by the Holder of each Note of such amounts as would have been received by such Holder had no such withholding or deduction been required, except
that no Additional Amounts will be payable: 
 (a) for or on account of: 

(1) any tax, duty, assessment or governmental charge that would not have been imposed but for: 

(A) the existence of any present or former connection between the Holder or beneficial owner of such Note and the Relevant
Jurisdiction other than merely holding such Note or the receipt of payments thereunder or under the Note Guarantee, or the enforcement of such Notes or the Note Guarantee, including, without limitation, such Holder or beneficial owner being or
having been a national, domiciliary or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent establishment
therein; 
 (B) the presentation of such Note (in cases in which presentation is required) more than 30 days after the later
of the date on which the payment of the principal of, premium, if any, and interest on, such Note became due and payable pursuant to the terms thereof or was made or duly provided for, except to the extent that the Holder thereof would have been
entitled to such Additional Amounts if it had presented such Note for payment on any date within such 30-day period; 

  
 41 

 (C) the presentation of such Note (in cases in which presentation is
required) for payment in the Relevant Jurisdiction, unless such Note could not have been presented for payment elsewhere; or 

(D) the failure of the Holder or beneficial owner to comply with a timely request of the Company, any Guarantor or a Surviving
Person, addressed to the Holder, to provide any applicable information concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with any Relevant Jurisdiction, if and to the extent that it is legally
entitled to do so and due and timely compliance with such request is required under the statutes, regulations or official administrative guidance having a force of law of the Relevant Jurisdiction in order to reduce or eliminate any withholding or
deduction as to which Additional Amounts would have otherwise been payable to such Holder. 
 (2) any estate, inheritance,
gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 
 (3) any tax, duty,
assessment or other governmental charge which is payable other than by deduction or withholding from payments of principal of or interest or any premium on the Note or payments under the Note Guarantee; 

(4) any tax, assessment, withholding or deduction required by Sections 1471 through 1474 of the U.S. Internal Revenue Code of
1986, as amended (“FATCA”), any current or future Treasury Regulations or rulings promulgated thereunder, any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA, any intergovernmental agreement
between the United States and any other jurisdiction to implement FATCA, or any agreement with the U.S. Internal Revenue Service under FATCA; or 

(5) any combination of taxes, duties, assessments or governmental charges referred to in the preceding clauses (1), (2), (3)
and (4); 
 (b) to a Holder that is a fiduciary, partnership or person other than the sole beneficial owner of any payment to the extent
that such payment would be required to be included in the income under the laws of a Relevant Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, or a member of that partnership or a beneficial owner who would
not have been entitled to such Additional Amounts had that beneficiary, settlor, partner or beneficial owner been the Holder thereof. 
 (c)
The Company, a Guarantor or a Surviving Person, as the case may be, will (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant authority in accordance with applicable law. The Company, a
Guarantor or a Surviving Person, as the case may be, will make reasonable efforts to obtain original tax receipts or certified copies thereof evidencing the payment of any taxes, duties, assessment or governmental charges so deducted or withheld and
paid to the Relevant Jurisdiction. The Company, a Guarantor or a Surviving Person, as the case may be, will furnish to the Trustee, within 60 days after the date of the payment of any taxes, duties, assessment or governmental charges so deducted or
withheld is due pursuant to applicable law, either original tax receipts or certified copies thereof evidencing such payment or, if such receipts are not obtainable, other evidence of such payments. 

  
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 (d) At least 30 days prior to each date on which any payment under or with respect to the
Notes is due and payable, if the Company, a Guarantor or a Surviving Person, as the case may be, will be obligated to pay Additional Amounts with respect to such payment, the Company, a Guarantor or a Surviving Person, as the case may be, will
deliver to the Trustee an Officer’s Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information necessary to enable the Paying Agent to pay such Additional
Amounts to the Holders on such payment date. 
 (e) The Paying Agent and the Trustee will make payments free of withholdings or deductions
on account of taxes unless required by applicable law. If such a deduction or withholding is required, the Paying Agent or the Trustee will not be obligated to pay any Additional Amount to the recipient unless such an Additional Amount is received
by the Paying Agent or the Trustee. 
 (f) In addition, the Company, a Guarantor or a Surviving Person, as the case may be, will pay any
stamp, issue, registration, documentary, value added or other similar taxes and other duties (including interest and penalties) payable in any Relevant Jurisdiction in respect of the creation, issue, offering, execution or enforcement of, or the
receipt of payments under, the Notes, the Note Guarantee or any documentation with respect thereto. Whenever there is mentioned in any context the payment of principal of, and any premium or interest on, any Note or under the Note Guarantee, such
mention will be deemed to include payment of Additional Amounts provided for in this Indenture to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Notices to Trustee. 

Unless the Company has delivered an Officer’s Certificate to the Trustee pursuant to the third paragraph of Section 3.03, if the
Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07, it must furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth:

 (a) the clause of this Indenture pursuant to which the redemption shall occur; 

(b) the redemption date; 
 (c)
the principal amount of Notes to be redeemed; and 
 (d) the redemption price. 

Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption
or purchase on a pro rata basis to the extent practicable or pursuant to another method in accordance with the procedures of the Depositary, unless otherwise required by law or applicable stock exchange requirements.     

No Notes of a principal amount of US$200,000 or less can be redeemed or purchased in part, and if Notes are redeemed or purchased in part, the
remaining outstanding amount must be at least equal to 

  
 43 

 
US$200,000 and integral multiples of US$1,000 in excess thereof. Notices of redemption will be mailed by first class mail at least 30 but not more than 60 days before the redemption date to each
Holder of Notes to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or the satisfaction and
discharge of this Indenture.  
 If any Note is to be redeemed in part only, the notice of redemption that relates to that Note will
state the portion of the principal amount of that Note that is to be redeemed. Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on Notes or portions of Notes called
for redemption. 
 In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected,
unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. A new Note in principal amount equal to the
unredeemed portion of the original Note will be issued in the name of the Holder upon cancellation of the original Note. 
 The Trustee will
as soon as reasonably practicable notify the Company in writing of the Notes selected for redemption or purchase and, in the integral of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased.
Notes and portions of Notes selected will be in amounts of US$200,000 or integral multiples of US$1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by
such Holder, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

Section 3.03 Notice of Redemption. 

Subject to the provisions of Section 3.09, at least 30 days but not more than 60 days before a redemption date, the Company will mail or
cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is
issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 hereof. 

The notice will identify the Notes to be redeemed and will state: 

(a) the redemption date; 
 (b)
the redemption price; 
 (c) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and
that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; provided that the unredeemed portion has a minimum
denomination of US$200,000; 
 (d) the name and address of the Paying Agent; 

  
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 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the
redemption price; 
 (f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases
to accrue on and after the redemption date; 
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes
called for redemption are being redeemed; and 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in such notice or printed on the Notes. 
 At the Company’s request, the Trustee will give the notice of redemption in
the Company’s name and at its expense; provided however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, an Officer’s Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding paragraph. 
 At least 10 days prior to mailing of any notice
of redemption to the Holders under this Article 3, the Company shall provide notice of redemption to the Trustee. 
 Section 3.04
Effect of Notice of Redemption. 
 Except as provided in Section 3.07(c), once notice of redemption is mailed in accordance with
Section 3.03, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. 

Section 3.05 Deposit of Redemption or Purchase Price. 

No later than one Business Day prior to the redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent
money sufficient to pay the redemption or purchase price of and accrued interest and Additional Amounts, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will as soon as reasonably practicable return to
the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Additional Amounts, if any on, all Notes to be redeemed or
purchased. 
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest
will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related Interest Payment Date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure
of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.01. 

  
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 Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.07 Optional Redemption. 

(a) At any time prior to August 3, 2020, upon not less than 30 nor more than 60 days’ prior notice the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture at a redemption price of 105.500% of the principal amount thereof, plus accrued and unpaid interest, if any, to (but not including) the redemption
date, with the net cash proceeds of one or more sales of the Capital Stock of the Parent in an Equity Offering; provided that: 

(1) at least 65% of the aggregate principal amount of Notes issued on the Original Issue Date (excluding Notes held by the
Parent or its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
 (2) the
redemption occurs within 90 days of the date of the closing of such Equity Offering. 
 (b) At any time prior to August 3, 2020, upon
not less than 30 or more than 60 days’ prior notice the Company may on any one or more occasions redeem all or any portion of the Notes, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable
Premium as of, and accrued and unpaid interest, if any, to (but not including), the redemption date, subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date. Neither the Trustee nor
any of the Agents shall be responsible for verifying or calculating the Applicable Premium. 
 (c) On or after August 3, 2020, the
Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ prior notice, the Company may redeem all or a part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below
plus accrued and unpaid interest, if any, on the Notes redeemed to (but not including) the applicable redemption date, if redeemed during the twelve-month period beginning on August 3 of the years indicated below, subject to the rights of
Holders on the relevant Record Date to receive interest on the relevant Interest Payment Date: 
  

					
	 Year
	  	Percentage	 
	 2020
	  	 	102.750	% 
	 2021
	  	 	101.375	% 
	 2022 and thereafter
	  	 	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes
or portions thereof called for redemption on the applicable redemption date. 
 In connection with any redemption of Notes pursuant to
Section 3.07 of this Indenture, any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more conditions
precedent, such notice may state that, in the Company’s discretion, the redemption date may be delayed until such 

  
 46 

 
time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied
by the redemption date, or by the redemption date so delayed. 
 (d) Any redemption pursuant to this Section 3.07 shall be made
pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 Special Mandatory Redemption. 

If on the SMR Measurement Date any debt of the Restricted Subsidiaries intended to be refinanced with the proceeds of the Notes remains
outstanding, the Company will be required to redeem Notes (a “Special Mandatory Redemption”), at a redemption price of 101% of their principal amount plus accrued and unpaid interest to (but not including) the redemption date (the
“Special Mandatory Redemption Price”) in the circumstances and on the basis set forth below: 
 (a) if the total aggregate
principal amount of Rupee Debt issued by the Restricted Subsidiaries and subscribed for or loaned by the Company is less than or equal to 80% of the aggregate principal amount of the Notes originally issued (the “Total Mandatory Redemption
Threshold”), the Company will be required to redeem all of the Notes then outstanding at the Special Mandatory Redemption Price; and 

(b) if the total aggregate principal amount of Rupee Debt Incurred by the Restricted Subsidiaries and subscribed for or loaned by the Company
is more than the Total Mandatory Redemption Threshold but less than the aggregate total principal amount of the Notes originally issued, the Company will be required to use the amounts remaining in the Escrow Account to redeem Notes on a pro rata
basis at the Special Mandatory Redemption Price. 
 If any Notes are to be redeemed as set forth above, the Company will issue, or cause to
be issued, to the Notes Collateral Agent (with a copy to the Trustee) a notice of Special Mandatory Redemption not later than two Business Days after the SMR Measurement Date and the redemption date shall be no earlier than 30 calendar days and no
later than 40 calendar days following the date of such notice. In addition, no later than two Business Days after the SMR Measurement Date, the Company shall also deliver to the Notes Collateral Agent, with a copy to the Trustee, an officer’s
certificate setting forth (i) the calculation of the amount of Escrow Funds, including interest and proceeds from the sale of Temporary Cash Equivalents, on deposit in the Escrow Account and (ii) the calculation of the Special Mandatory
Redemption Price payable on the date of the Special Mandatory Redemption (the “Certificate of Redemption Calculations”). If, in connection with a redemption of all the Notes, such Certificate of Redemption Calculations reveals that
the amount of cash that is available in the Escrow Account is insufficient to pay the Special Mandatory Redemption Price, then the Company shall, within one Business Day after delivery of such certificate to the Notes Collateral Agent, deposit
directly into the Escrow Account Bank an amount of cash that, without reinvestment, is equal to the amount of such shortfall (the “Shortfall Amounts”). To the extent that the proceeds realized by the Company from liquidating the
Temporary Cash Equivalents are less than the market value thereof as set forth in the Certificate of Redemption Calculations and this gives rise to a shortfall, the Company shall promptly, but in any event within one Business Day deposit cash in an
amount that, without reinvestment, is equal to the amount of the Shortfall Amounts. 

  
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 Any notice of redemption pursuant to this Section 3.08 shall be in the form set forth
in Section 3.03. The certificate from the Notes Collateral Agent permitting release of the amounts in the Escrow Account to the Paying Agent shall be substantially in the form provided in Exhibit L. 

Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.10, the Company is required to commence an offer to all Holders to purchase Notes (an
“Asset Sale Offer”), it will follow the procedures specified below. 
 The Asset Sale Offer shall be made to all Holders
and all Holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer
will remain open for a period of at least 30 days following its commencement and not more than 60 days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business Days
after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu Indebtedness (on a pro
rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest
payments are made. 
 If the Purchase Date is on or after an interest record date and on or before the related Interest Payment Date, any
accrued and unpaid interest if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to the Trustee and each of the
Holders. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state: 

(a) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 and the length of time the Asset Sale
Offer will remain open; 
 (b) the Offer Amount, the purchase price and the Purchase Date; 

(c) that any Note not tendered or accepted for payment will continue to accrue interest; 

(d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease to
accrue interest after the Purchase Date; 
 (e) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to
have Notes purchased in minimum denominations of US$200,000 and integral multiples of US$1,000 thereof only; 
 (f) that Holders electing to
have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company,
a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 

  
 48 

 (g) that Holders will be entitled to withdraw their election if the Company, the Depositary
or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase
and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (h) that, if the aggregate principal amount of
Notes and other pari passu Indebtedness surrendered by Holders thereof exceeds the Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased in accordance with Section 3.02 based on the
principal amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in minimum denominations of US$200,000, and integral multiples of US$1,000 in
excess thereof, will be purchased); and 
 (i) that Holders whose Notes were purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer), provided, that the unpurchased portion has a minimum denomination of US$200,000. 

On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent
necessary, but subject to Section 3.02, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered
to the Trustee the Notes properly accepted together with an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the
Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder
and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such
Holder, in a principal amount equal to any unpurchased portion of the Note surrendered, provided, that the unpurchased portion has a minimum denomination of US$200,000. Any Note not so accepted shall be promptly mailed or delivered by the
Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date. 
 Other than as
specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06. 

Section 3.10 Redemption for Taxation Reasons. 

The Notes may be redeemed, at the option of the Company or a Surviving Person, as a whole but not in part, upon giving not less than 30
days’ nor more than 60 days’ notice to the Holders and the Trustee (which notice will be irrevocable), at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest (including any Additional
Amounts), if any, to the date fixed by the Company or the Surviving Person, as the case may be, for redemption (the “Tax Redemption Date”) if, as a result of: 

(a) any change in, or amendment to, the statutes, regulations or official administrative guidance having the force of law, of a Relevant
Taxing Jurisdiction (or India, or any political subdivision or taxing authority thereof or therein, in the case of payments on a Rupee Debt) affecting taxation; or 

  
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 (b) any change in, or amendment to, the existing official position regarding the application
or interpretation of such statutes, regulations, rulings or official administrative guidance (including a holding, judgment or order by a court of competent jurisdiction), 

which change or amendment or official position is announced and becomes effective (i) with respect to the Company, on or after the Original Issue Date,
or (ii) with respect to a Surviving Person organized or resident for tax purposes in a jurisdiction that is not the Company’s or a Guarantor’s Relevant Taxing Jurisdiction as of the Original Issue Date, on or after the date such
Surviving Person becomes a Surviving Person, with respect to any payment due or to become due under the Notes or the Rupee Debt, as applicable, the Company, the Guarantors, a Surviving Person, or a Restricted Subsidiary that has Incurred Rupee Debt,
as the case may be, is, or on the next Interest Payment Date would be, required to pay Additional Amounts (or in the case of a Rupee Debt, the Restricted Subsidiary that is the issuer or borrower of the Rupee Debt would be required to withhold or
deduct any taxes, duties, assessments or government charges of whatever nature), and such requirement cannot be avoided by the taking of reasonable measures by the Company, the Guarantors, a Surviving Person or such Restricted Subsidiary, as the
case may be; provided that no such notice of redemption will be given earlier than 90 days prior to the earliest date on which the Company, the Guarantors, a Surviving Person, or such Restricted Subsidiary, as the case may be, would be
obligated to pay such Additional Amounts (or withhold or deduct an amount with respect to any payment on a Rupee Debt) if a payment in respect of the Notes (or on a Rupee Debt) were then due; and provided further that where any such
requirement to pay Additional Amounts (or withhold or deduct an amount with respect to any payment on a Rupee Debt) is due to taxes imposed by India or any political subdivision or taxing authority thereof or therein, the Company or the Surviving
Person will be permitted to redeem the Notes in accordance with the provisions hereof only if the rate of withholding or deduction in respect of which Additional Amounts are required (or in respect of which withholding is required on a Rupee Debt)
is in excess of 20% (plus applicable surcharge and cess). 
 Prior to the mailing of any notice of redemption of the Notes pursuant to the foregoing, the
Company or a Surviving Person, as the case may be, will deliver to the Trustee at least 30 days but not more than 60 days before a redemption date: 

(1) an Officer’s Certificate stating that such change or amendment referred to in the prior paragraph has occurred,
describing the facts related thereto and stating that such requirement cannot be avoided by the Company, the Guarantor, a Surviving Person or the applicable Restricted Subsidiary, as the case may be, taking reasonable measures; and 

(2) an Opinion of Counsel or an opinion of a tax consultant of recognized standing with respect to tax matters of the
Company’s, Guarantor’s or a Surviving Person’s Relevant Taxing Jurisdiction, or tax matters of India, with respect to the Restricted Subsidiaries, stating that the requirement to pay such Additional Amounts results from such change or
amendment referred to in the prior paragraph. 
 The Trustee is and shall be entitled to accept such certificate and opinion as sufficient
evidence of the satisfaction of the conditions precedent described above without further verification, in which event it will be conclusive and binding on the Holders and the Trustee will not be responsible for any loss occasioned by acting in
reliance on such certificate and opinion. 

  
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 ARTICLE 4 

COVENANTS  

Section 4.01 Payment of Notes. 

The Company will pay or cause to be paid the principal of, premium, if any, and interest and Additional Amounts, if any, on, the Notes on the
dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Additional Amounts, if any, will be considered paid on the date due if the Paying Agent, if other than the Company, the Parent or any other Restricted
Subsidiary thereof, holds as of 5:00 p.m. (London time) one Business Day prior to the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest and
Additional Amounts, if any, then due. 
 Not later than 5:00 p.m. (London time) on the second Business Day immediately preceding each
payment date, the Company shall confirm such payment, or procure confirmations by a tested telex or authenticated SWIFT message from the bank making such payment to the Paying Agent. For the avoidance of doubt, the Paying Agent shall only be obliged
to remit money to Holders if it has actually received such money from the Company. 
 The Company will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Amounts, if any, (without regard to any applicable grace period) at the same rate to the extent lawful. 

An installment of principal or interest will be considered paid on the date due if the Paying Agent, other than the Company or any Affiliate
of the Company, holds on that date money designated for and sufficient to pay the installment. If the Company or any Affiliate of the Company acts as Paying Agent, an installment of principal or interest will be considered paid on the due date only
if paid to the Holders. 
 Anything in this Section 4.01 to the contrary notwithstanding, the Company may at any time, for the purpose
of obtaining a satisfaction and discharge of this Indenture or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or any Paying Agent hereunder, as required by this Section 4.01 and such sums
shall be held by the Trustee. If the Paying Agent shall pay all sums held in trust to the Trustee as required under this Section 4.01, the Paying Agent shall have no further liability for the money so paid over to the Trustee. The Paying Agent
shall not be bound to make any payment until it has received the full amount due to be paid to it pursuant to this Section 4.01. 

Anything in this Section 4.01 to the contrary notwithstanding, the agreements to hold sums as provided in this Section 4.01 are
subject to the provisions of 8.06. 
 Section 4.02 Maintenance of Office or Agency. 

The Company will maintain an office or agency where Notes may be surrendered for registration of transfer or exchange or for presentation for
payment and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company hereby initially designates the specified office of the Paying Agent as such office of the Company. The Company will
give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served to the Trustee. 

  
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 The Company may also from time to time designate one or more other offices or agencies where
the Notes may be surrendered or presented for any of such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain
an office or agency in each place where principal of, and interest on, any Notes are payable. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office
or agency. 
 For so long as the Notes are listed on the SGX-ST and the rules of the SGX-ST so require, if a Global Note is exchanged for Definitive Notes, the Company will appoint and maintain a paying agent in Singapore, where the Notes may be presented or surrendered for payment or redemption,
and make an announcement of such exchange through the SGX-ST that will include all material information with respect to the delivery of the Definitive Notes, including details of the paying agent in Singapore
by way of an announcement through SGXNET. 
 If the Parent or the Company maintains a paying agent with respect to the Notes in a member
state of the European Union, such paying agent will be located in a member state of the European Union that is not obligated to withhold or deduct tax pursuant to European Council Directive 2003/48/EC or any other Directive implementing the
conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such Directive. 

Upon written notice to the Trustee, the Company may change the Paying Agent, Registrar or Transfer Agent without prior notice to the Holders.
In addition, the Company, the Parent or any of its Subsidiaries may act as Paying Agent in connection with the Notes other than for the purposes of effecting a redemption under Section 3.02 or an offer to purchase the Notes described under
Section 4.10 or Section 4.16. 
 Section 4.03 Provision of Financial Statements and Reports. 

(a) For so long as any Notes are outstanding, the Parent will provide to the Trustee, as soon as they are available but in any event not more
than ten calendar days after they are filed with SEC or, if the Parent does not file periodic reports with the SEC, the principal international recognized stock exchange on which the Parent’s Common Stock is at any time listed for trading, true
and correct copies of any quarterly or annual financial or other report in the English language (and an English translation of such report in any other language) filed with such exchange; provided, however, that if at any time the Parent does not
file periodic reports with the SEC and the Common Stock of the Parent is not listed for trading on an internationally recognized stock exchange, the Parent will file with the Trustee, in the English language (or accompanied by an English translation
thereof), 
 (1) within 120 days after the end of the Parent’s fiscal year beginning with the first fiscal year ending
after the Original Issue Date, annual reports containing the following information: (a) audited consolidated balance sheets of the Parent as of the end of the two most recent fiscal years and audited consolidated income statements and
statements of cash flow of the Parent for the two most recent fiscal years, including footnotes to such financial statements and the audit report of a member firm of an internationally recognized accounting firm on the financial statements; and
(b) an operating and financial review of the audited financial statements; and 

  
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 (2) within 90 days after the end of the first semi-annual period in each
fiscal year of the Parent beginning with the semi-annual period ending after the Original Issue Date, semi-annual reports containing (a) an unaudited consolidated balance sheet as of the end of such semi-annual period and unaudited condensed
statements of income and cash flow for the most recent semi-annual period ending on the unaudited consolidated balance sheet date, and the comparable prior year periods, together with footnotes reviewed by a member firm of an internationally
recognized accounting firm; and (b) an operating and financial review of the unaudited financial statements. 
 (b) In addition, for so
long as any Notes are outstanding, the Company will provide to the Trustee the following reports, in the English language: 

(1) no later than the date on which the Parent provides its corresponding annual reports to the Trustee pursuant to
Section 4.03(a), annual reports containing the following information: (a) audited combined balance sheets of the Restricted Group of the end as of the two most recent fiscal years and audited combined income statements and statements of
cash flow of the Restricted Group for the two most recent fiscal years, including footnotes to such financial statements and the audit report of a member firm of an internationally recognized accounting firm on the financial statements; and
(b) an operating and financial review of the audited financial statements; and 
 (2) no later than the date on which
the Parent provides its corresponding semi-annual reports to the Trustee pursuant to Section 4.03(a), semi-annual reports containing (a) an unaudited combined balance sheet of the Restricted Group as of the end of such semi-annual period
and unaudited combined statements of income and cash flow of the Restricted Group for the most recent semi-annual period ending on the unaudited combined balance sheet date, and the comparable prior year periods, together with footnotes reviewed by
a member firm of an internationally recognized accounting firm together with the review report thereon; and (b) an operating and financial review of the unaudited financial statements. 

(c) In addition, for so long as any Note remains outstanding, the Parent or the Company will provide to the Trustee (1) within 120 days
after the close of each fiscal year, an Officer’s Certificate stating the Combined Leverage Ratio at the end of such fiscal year and showing in reasonable detail the calculation of such ratio with a certificate from the Parent’s or the
Company’s external auditors verifying the accuracy and correctness of the calculation and arithmetic computation; provided, however, that the Parent and the Company shall not be required to provide such auditor certification if
its external auditors refuse as a general policy to provide such certification; and (2) as soon as possible and in any event within 10 Business Days after the Parent or the Company becomes aware or should reasonably became aware of the
occurrence of a Default or an Event of Default, an Officer’s Certificate setting forth the details of the Default or an Event of Default, and the action which the Parent or the Company proposes to take with respect thereto. 

(d) All financial statements of (1) the Parent will be prepared in accordance with GAAP as in effect on the date of such report or
financial statement (or otherwise on the basis of GAAP as then in effect) and on a consistent basis for the periods presented and (2) the Restricted Group will be prepared in accordance with Ind-AS (as
defined in the definition of “GAAP” in Section 1.01) and on a consistent basis for the periods presented; provided, however, that the reports set forth in this covenant may, in the event of change in applicable financial reporting
standards, present earlier periods on a basis that applied to such periods. 

  
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 (e) Further, the Parent and the Company have agreed that, for as long as any Notes are
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, during any period in which the Parent or the Company is neither subject to Section 13 or 15(d) of the Exchange Act, nor exempt from reporting
pursuant to Rule 12g3-2(b) thereunder, the Parent (prior to an Early Parent Guarantee Release) or the Company, as applicable, will supply to (1) any Holder or beneficial owner of a Note or (2) a
prospective purchaser of a Note or a beneficial interest therein designated by such Holder or beneficial owner, the information specified in, and meeting the requirements of Rule 144A(d)(4) under the Securities Act upon the request of any Holder or
beneficial owner of a Note. 
 (f) Delivery of any such information to the Trustee is for informational purposes only and the Trustee’s
receipt of them will not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Company or the Parent’s compliance with any of its or their
covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 4.04
Compliance Certificate. 
 (a) The Parent shall deliver to the Trustee, on or before a date not more than 120 days after the end of
each fiscal year and within 14 days after a written request from the Trustee, an Officer’s Certificate stating that a review has been conducted of the activities of the Parent and the Restricted Subsidiaries and the Parent and the Restricted
Subsidiaries’ performance under this Indenture, the Notes and the Collateral Documents, and that the Parent and each Restricted Subsidiary have fulfilled all of their respective obligations thereunder, or, if there has been a default in the
fulfillment of any such obligation, specifying each such Default or Event of Default and the nature and status thereof. 
 Section 4.05
Taxes. 
 The Parent will cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and
governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders. 

Section 4.06 Stay, Extension and Usury Laws. 

The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and
each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

  
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 Section 4.07 Restricted Payments. 

(a) The Company will not and the Parent will not permit any other Restricted Subsidiary to, directly or indirectly: 

(1) declare or pay any dividend or make any distribution on or with respect to any Restricted Subsidiary’s Capital Stock
(other than dividends or distributions payable solely in shares of the Company’s or any Restricted Subsidiary’s Capital Stock (other than Disqualified Stock or Preferred Stock) or in options, warrants or other rights to acquire shares of
such Capital Stock) held by Persons other than the Company or any other Wholly Owned Restricted Subsidiary; 
 (2) purchase,
call for redemption or redeem, retire or otherwise acquire for value any shares of Capital Stock (including options, warrants or other rights to acquire such shares of Capital Stock) of any Restricted Subsidiary or any direct or indirect parent of a
Restricted Subsidiary, in each case held by any Persons other than the Company or any other Restricted Subsidiary and other than Capital Stock of any Restricted Subsidiary that is a Subsidiary of another Restricted Subsidiary; 

(3) make any voluntary or optional principal payment, or voluntary or optional redemption, repurchase, defeasance, or other
acquisition or retirement for value, of Indebtedness that is subordinated in right of payment to the Notes, the Note Guarantees or any Rupee Debt (“Subordinated Indebtedness”), excluding any intercompany Indebtedness between or
among any Restricted Subsidiaries; or 
 (4) make any Investment, other than a Permitted Investment; 

if (the payments or any other actions described in clauses (1) through (4) above being collectively referred to as
“Restricted Payments”), at the time of and after giving effect to such Restricted Payment: 
 (A) a Default
has occurred and is continuing or would occur as a result of such Restricted Payment; 
 (B) the Company could not Incur at
least US$1.00 of Indebtedness under the proviso in clause (a) of Section 4.09; or 
 (C) such Restricted Payment,
together with the aggregate amount of all Restricted Payments made by the Company and the other Restricted Subsidiaries after the Original Issue Date, shall exceed the sum (without duplication) of: 

(i) 50% of the aggregate amount of the Combined Net Income of the Restricted Group (or, if the Combined Net Income is a loss,
minus 100% of the amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning on the first day of the semi-annual fiscal period in which the Original Issue Date occurs and ending on the last day of
the Restricted Group’s most recently ended semi-annual fiscal period for which combined financial statements of the Restricted Group are available and have been provided to the Trustee at the time of such Restricted Payment; plus 

(ii) 100% of the aggregate net cash proceeds received by a Restricted Subsidiary as a capital contribution to its common
equity (other than Disqualified Stock) or any Subordinated Shareholder Debt, in each case other than from the Company or another Restricted Subsidiary; plus 

  
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 (iii) an amount equal to the net reduction in Investments (other than
reductions in Permitted Investments) that were made after the Original Issue Date in any Person resulting from (w) payments of interest on Indebtedness, dividends or repayments of loans or advances by such Person, in each case, to any
Restricted Subsidiary (except, in each case, to the extent any such payment or proceeds are included in the calculation of Combined Net Income), (x) the unconditional release of a Guarantee provided by any Restricted Subsidiary after the Original
Issue Date of an obligation of another Person or (y) the net cash proceeds from the sale of any such Investment (except to the extent such proceeds are included in the calculation of Combined Net Income), not to exceed, in each case, the amount
of Investments made by such Restricted Subsidiary after the Original Issue Date in any such Person; plus 
 (iv) the amount
by which Indebtedness of any Restricted Subsidiary is reduced on the Restricted Group’s combined balance sheet upon the conversion or exchange (other than by a Subsidiary of the Parent) subsequent to the Original Issue Date of any Indebtedness
of such Restricted Subsidiary convertible or exchangeable into Capital Stock (other than Disqualified Stock) of the Parent (less the amount of any cash, or the Fair Market Value of any other property, distributed by the Company or such other
Restricted Subsidiary upon such conversion or exchange); 
 (b) The foregoing provision shall not be violated by reason of: 

(1) the payment of any dividend or redemption of any Capital Stock within 90 days after the related date of declaration or call
for redemption if, at said date of declaration or call for redemption, such payment or redemption would comply with Section 4.07(a); 

(2) the redemption, repurchase, defeasance or other acquisition or retirement for value of Subordinated Indebtedness of any
Restricted Subsidiary with the Net Cash Proceeds of, or in exchange for, a substantially concurrent Incurrence of Indebtedness issued in exchange for, or the net proceeds of which are used to, refinance or refund, replace, exchange, renew, repay,
redeem, defease, discharge or extend, such Subordinated Indebtedness; provided that such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is issued or remains outstanding,
is expressly made subordinate in right of payment to the Notes, the Note Guarantee, or the Rupee Debt, as applicable, at least to the extent that the Subordinated Indebtedness to be refinanced is subordinated to the Notes, the Note Guarantee, or the
Rupee Debt, as applicable; 
 (3) the redemption, repurchase or other acquisition of Capital Stock of any Restricted
Subsidiary (or options, warrants or other rights to acquire such Capital Stock) in exchange for, or out of the net cash proceeds of a substantially concurrent capital contribution or sale (other than to a Subsidiary of the Parent) of, shares of
Capital Stock (other than Disqualified Stock) of any Restricted Subsidiary (or options, warrants or other rights to acquire such Capital Stock); provided that the amount of any such net cash proceeds that are utilized for any such Restricted
Payment will be excluded from clause (C) of Section 4.07(a); 
 (4) the redemption, repurchase, defeasance or other
acquisition or retirement for value of Subordinated Indebtedness of any Restricted Subsidiary in exchange for, or out of the 

  
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net cash proceeds of, a substantially concurrent capital contribution or sale (other than to a Subsidiary of the Parent) of, shares of Capital Stock (other than Disqualified Stock) of any
Restricted Subsidiary (or options, warrants or other rights to acquire such Capital Stock); provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (C) of
Section 4.07(a); 
 (5) the payment of any dividends or distributions declared, paid or made by a Restricted Subsidiary
to the holders of such Restricted Subsidiary’s Capital Stock, a majority of which is held, directly or indirectly through Restricted Subsidiaries, by another Restricted Subsidiary, on a pro rata basis or on a basis more favourable to the other
Restricted Subsidiary; 
 (6) dividends by any Restricted Subsidiary to fund the redemption, repurchase or other acquisition
of Capital Stock of the Parent from employees, former employees, directors or former directors of the Parent or any of its Subsidiaries (or permitted transferees of such persons), or their authorized representatives upon the death, disability or
termination of employment of such employees or directors, in an aggregate amount not to exceed US$1.0 million (or the Dollar Equivalent thereof) in any fiscal year; 

(7) payments of cash, dividends, distributions, advances or other Restricted Payments to allow the payment of cash in lieu of
the issuance of fractional shares upon (i) the exercise of options or warrants, (ii) the conversion or exchange of capital stock of any such Person or (iii) stock dividends, splits or business combinations; 

(8) the declaration and payment of dividends and distributions to, or the making of loans to, the Parent or any of its
Subsidiaries in amounts required for it to pay (x) customary salary, bonus and other benefits payable to officers and employees of the Parent or any Subsidiary thereof and (y) general corporate overhead expenses (including professional
expenses) of the Parent or any Subsidiary thereof, in an aggregate amount not to exceed US$2.0 million (or the Dollar Equivalent thereof) in any fiscal year; 

(9) Restricted Payments (including, without limitation, by way of (i) dividend or distribution on or with respect to any
Restricted Subsidiary’s Capital Stock, (ii) purchase, call for redemption or redeem, retire or otherwise acquire for value any shares of Capital Stock of any Restricted Subsidiary, (iii) repay any Subordinated Shareholder Debt, or
(iv) make Investments in the Parent or any of its Subsidiaries) made with the proceeds of the Original Rupee Debt, less amounts applied or to be applied to (a) repay, redeem or otherwise retire existing Indebtedness (other than Shareholder
Loans), including any prepayment premium or penalties thereunder, (b) make existing capital expenditure related payment obligations due towards EPC contractors for the Restricted Group, (c) pay fees and expenses related to the issuance of
the Original Rupee Debt, in each case as described under the heading “Use of Proceeds” in the Offering Memorandum, and (d) any required Special Mandatory Redemption; provided that any such Restricted Payment made under this
clause may only be made (x) after amounts have been satisfied, whether with the proceeds of the Original Rupee Debt or existing cash and cash equivalents as described under the heading “Use of Proceeds” in the Offering Memorandum, as
described in (a), (b), (c) and, if required, (d) of this clause (9) and (y) if the total aggregate principal amount of Rupee Debt Incurred by the Restricted Subsidiaries and subscribed for or loaned by the Company is not less than the
aggregate total principal amount of the Notes originally issued or the Company has made a Special Mandatory Redemption; 

  
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 (10) Restricted Payments made with proceeds received from Viability Gap
Funding; provided that such Restricted Payment is made within 90 days of receiving such proceeds; and 
 (11) the
making of any other Restricted Payment in an aggregate amount, together with all other Restricted Payments made under this clause (11), not exceeding US$40.0 million (or the Dollar Equivalent thereof); 

provided that, in the case of clauses (10) and (11) above, no Default shall have occurred and be continuing or
would occur as a consequence of the actions or payments set forth therein. 
 (c) Each Restricted Payment permitted pursuant to
Section 4.07(b) shall be excluded in calculating whether the conditions of clause (C) of Section 4.07(a) have been met with respect to any subsequent Restricted Payments. 

(d) The amount of any Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s)
or securities proposed to be transferred or issued by the Company or any other Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The value of any assets or securities that are required to be valued by this covenant will
be the Fair Market Value. The Board of Directors’ determination of the Fair Market Value of a Restricted Payment or any such assets or securities must be based upon an opinion or appraisal issued by an accounting, appraisal or investment
banking firm of recognized international standing (or a local affiliate thereof) if the Fair Market Value exceeds US$10.0 million (or the Dollar Equivalent thereof). 

Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Parent will not permit any Restricted Subsidiary (other than the Company) to, create or otherwise cause or permit to exist or become
effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or
make any other distributions on any Capital Stock of such Restricted Subsidiary owned by the Parent (prior to an Early Parent Guarantee Release), the Company or any other Restricted Subsidiary; 

(2) pay any Indebtedness or other obligation owed to the Parent (prior to an Early Parent Guarantee Release), the Company or
any other Restricted Subsidiary; 
 (3) make loans or advances to the Parent (prior to an Early Parent Guarantee Release),
the Company or any other Restricted Subsidiary; or 
 (4) sell, lease or transfer any of its property or assets to the Parent
(prior to an Early Parent Guarantee Release), the Company or any other Restricted Subsidiary; 
 provided that it
being understood that (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock; (ii) the subordination of loans or advances made
to any Restricted Subsidiary to other Indebtedness Incurred by any Restricted Subsidiary; and (iii) provisions requiring transactions to be on fair and reasonable terms or on an arm’s length basis, in each case, shall not be deemed to
constitute such an encumbrance or restriction.  

  
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 (b) The foregoing restrictions will not apply to encumbrances or restrictions: 

(1) existing in agreements as in effect on the Original Issue Date and any extensions, refinancings, renewals, supplements,
amendments or replacements of any of the foregoing agreements; provided that the encumbrances and restrictions in any such extension, refinancing, renewal, supplement, amendment or replacement are not materially more restrictive, taken as a
whole, than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed or replaced, as determined in good faith by the Board of Directors of the Parent or of the Company; 

(2) in the Notes, the Note Guarantees, this Indenture, the Rupee Debt, the Collateral Documents and any agreements
pursuant to which security interests or Guarantees are granted for the benefit of the holder of any Rupee Debt; 

(3) existing under or by reason of applicable law, rule, regulation or order; 

(4) with respect to any Person or the property or assets of such Person that is designated a Restricted Subsidiary or is
acquired by any Restricted Subsidiary, existing at the time of such designation or acquisition and not incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or assets of any Person
other than such Person or the property or assets of such Person so designated or acquired, and any extensions, refinancings, renewals or replacements thereof; provided that the encumbrances and restrictions in any such extension, refinancing,
renewal or replacement are not materially more restrictive, taken as a whole, than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed or replaced, as determined in good faith by the Board of
Directors of the Parent or of the Company; 
 (5) if they arise, or are agreed to in the ordinary course of business,
and that (x) restrict in a customary manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, (y) exist by virtue of any Lien on, or agreement to transfer, option or
similar right with respect to any property or assets of the Company or any other Restricted Subsidiary not otherwise prohibited by this Indenture or that limit the right of the debtor to dispose of assets subject to a Lien not otherwise prohibited
by this Indenture (z) do not relate to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of any Restricted Subsidiary in any manner material to any Restricted Subsidiary; 

(6) with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into for the sale
or disposition of all or substantially all of the Capital Stock of, or property and assets of, such Restricted Subsidiary that is permitted by Section 4.09, 4.10 and 4.20; 

(7) arising from provisions in joint venture agreements and other similar agreements entered into in the ordinary course of
business if the encumbrances or restrictions (i) are customary for such types of agreements and (ii) would not, at the time agreed to, be expected to materially adversely affect the ability of the Company or any Guarantor to make required
payments on the Notes or any Note Guarantee, as determined in good faith by the Board of Directors of the Parent or the Company; 

  
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 (8) with respect to any Indebtedness that is permitted by Section 4.09
provided that the encumbrances or restrictions are (i) customary for such types of agreements and (ii) would not, at the time agreed to, be expected to materially adversely affect the ability of the Company or any Guarantor to make
required payments on the Notes or any Note Guarantee, as determined in good faith by the Board of Directors of the Parent or of the Company; or 

(9) encumbrances or restrictions on cash or other deposits or net worth imposed by customers under contracts entered into
in the ordinary course of business 
 Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock. 

(a) The Company will not and the Parent will not permit any other Restricted Subsidiary to, Incur any Indebtedness (including Acquired
Indebtedness), and the Company will not and the Parent will not permit any other Restricted Subsidiary to issue any Preferred Stock; provided that the Company and any Designated Restricted Subsidiary may incur Indebtedness if, after giving
effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, (x) no Default has occurred and is continuing and (y) the Combined Leverage Ratio does not exceed 5.5 to 1.0; provided,
further, that in the case of any Designated Restricted Subsidiary, such Indebtedness to be incurred under this paragraph has a final Stated Maturity that occurs after the final Stated Maturity of the Notes and the Average Life of such
Indebtedness at least equal to the remaining Average Life of the Notes. 
 (b) Notwithstanding the foregoing, to the extent provided below,
the Company or any other Restricted Subsidiary, may Incur each and all of the following (“Permitted Indebtedness”): 

(1) Indebtedness of the Company under the Notes (excluding Additional Notes), Indebtedness under any Note Guarantee and
Indebtedness of any Restricted Subsidiary (other than a Designated Restricted Subsidiary that has incurred Indebtedness outstanding under paragraph (a) of this covenant) under any Rupee Debt; 

(2) Indebtedness outstanding on the Original Issue Date (excluding Indebtedness permitted under clause (3) below)
including the Shareholder Loans (the “Existing Indebtedness”); 
 (3) Indebtedness of any Restricted
Subsidiary owed to the Company or any other Restricted Subsidiary; provided that any event which results in any such Restricted Subsidiary to which such Indebtedness is owed ceasing to be a Restricted Subsidiary or any subsequent transfer of
such Indebtedness (other than to the Company or any other Restricted Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (b)(3); and if any Restricted Subsidiary is the obligor on
such Indebtedness, such Indebtedness must be unsecured and be expressly subordinated in right of payment to the Notes, in the case of the Company, the Note Guarantee, in the case of a Guarantor, or the Rupee Debt, in the case of another Restricted
Subsidiary to the extent such Restricted Subsidiary is the obligor under Rupee Debt; 
 (4) Indebtedness of the Company
(“Permitted Refinancing Indebtedness”) issued in exchange for, or the net proceeds of which are used to refinance or refund, replace, exchange, renew, repay, redeem, defease, discharge or extend (collectively, “refinance”
and “refinances” and “refinanced” shall have a correlative meaning), then outstanding Indebtedness Incurred under clause (a) or clause (b)(1), (2), (4), (9) or (16) of Section 4.09 and any refinancings thereof in
an amount not to exceed the amount so refinanced (plus premiums, accrued interest, fees and expenses); provided that 

  
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 (A) Indebtedness the proceeds of which are used to refinance the Notes or
Indebtedness that is pari passu with, or subordinated in right of payment to, the Notes will only be permitted under this clause (b)(4) if (x) in case the Notes are refinanced in part or the Indebtedness to be refinanced is pari
passu with the Notes, such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is outstanding, is expressly made pari passu with, or subordinate in right of payment to, the
remaining Notes or (y) in case the Indebtedness to be refinanced is subordinated in right of payment to the Notes, such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is
issued or remains outstanding, is expressly made subordinate in right of payment to the Notes, at least to the extent that the Indebtedness to be refinanced is subordinated to the Notes; and 

(B) such new Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the
Stated Maturity of the Indebtedness to be refinanced, and the Average Life of such new Indebtedness is at least equal to the remaining Average Life of the Indebtedness to be refinanced; provided that such new Indebtedness under this
clause (b)(4) that refinances Existing Indebtedness will be permitted as long as (x) such new Indebtedness does not mature prior to the Stated Maturity of the Notes and the Average Life of such new Indebtedness is at least equal to the
remaining Average Life of the Notes and (y) such Existing Indebtedness is refinanced from the net proceeds of an Incurrence of Rupee Debt which will not mature prior to the Stated Maturity of the Notes and will have an Average Life at least
equal to the remaining Average Life of the Notes. 
 (5) Indebtedness Incurred by the Company pursuant to Hedging Obligations
entered into for the purpose of protecting the Company from fluctuations in interest rates, currencies or commodity prices and not for speculation; 

(6) Indebtedness Incurred by any Restricted Subsidiary constituting reimbursement obligations with respect to workers’
compensation claims or self-insurance obligations or bid, performance, surety or appeal bonds or payment obligations in connection with insurance premiums or similar obligations, security deposits and bank overdrafts (and letters of credit in
connection with or in lieu of each of the foregoing) in the ordinary course of business (in each case other than for an obligation for borrowed money); 

(7) Indebtedness Incurred by any Restricted Subsidiary constituting letters of credit, trade guarantees or reimbursement
obligations with respect to letters of credit or trade guarantees, in each case issued in the ordinary course of business to the extent that such letters of credit or trade guarantees are not drawn upon or, if drawn upon, to the extent such drawing
is reimbursed no later than the 60 days following receipt by such Restricted Subsidiary of a demand for reimbursement; 
 (8)
Indebtedness arising from agreements providing for indemnification, adjustment of purchase price, earn-outs or similar obligations, or from guarantees or letters of credit, surety bonds or performance bonds securing any obligation of any Restricted
Subsidiary, in any case, 

  
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Incurred in connection with the acquisition or disposition of any business, assets or Restricted Subsidiary (other than guarantees of Indebtedness Incurred by any Person acquiring all or any
portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition); provided that the maximum aggregate liability of a Restricted Subsidiary in respect of all such Indebtedness Incurred in
connection with a disposition shall at no time exceed the gross proceeds actually received by such Restricted Subsidiary from the disposition of such business, assets or Restricted Subsidiary; 

(9) Acquired Indebtedness of any Restricted Subsidiary outstanding on the date on which such Person becomes a Restricted
Subsidiary; provided, 
 (A) if such Person becomes a Restricted Subsidiary on or before the first anniversary of the Original Issue
Date, that on the date that such Person becomes a Restricted Subsidiary, the amount of such Indebtedness, after giving pro forma effect to such transaction or series of transactions, including such Incurrence and any repayment of such Indebtedness
with cash on hand, does not exceed five times the amount of Acquired EBITDA of such Subsidiary as set forth in the relevant Project Projection Report : 

(i) if such Subsidiary commenced commercial operations prior to the beginning of the most recently completed fiscal year of
the Restricted Group, the current fiscal year; or 
 (ii) if such Subsidiary commenced commercial operations since the
beginning of the most recently completed fiscal year of the Restricted Group, the next full fiscal year; 
 in each case after making such
adjustments as are appropriate and consistent with the adjustments set forth in the definition of “Combined EBITDA”; 
 (B) if
such Person becomes a Restricted Subsidiary after the first anniversary of the Original Issue Date, that on the date that such Person becomes a Restricted Subsidiary, either: 

(i) the Company would have been able to incur $1.00 of additional Indebtedness under clause (a) of Section 4.09
after giving pro forma effect to such transaction or series of transactions, including such Incurrence and any repayment of such Indebtedness; or 

(ii) Combined Indebtedness, after giving pro forma effect to such transaction or series of transactions, including such
Incurrence and any repayment of such Indebtedness with cash on hand, does not exceed five and a half times the amount of Combined EBITDA for the then most recently concluded Reference Period plus five times the amount of Acquired EBITDA of such
Subsidiary as set forth in the relevant Project Projection Report for 
 1. if such Subsidiary commenced commercial operations prior to the
beginning of the most recently completed fiscal year of the Restricted Group, the current fiscal year; or 

  
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 2. if such Subsidiary commenced commercial operations since the beginning of the most
recently completed fiscal year of the Restricted Group, the next full fiscal year; 
 in each case after making such adjustments as are
appropriate and consistent with the adjustments set forth in the definition of “Combined EBITDA”; and 
 (C) any such Acquired
Indebtedness under clause (b)(9)(A) of Section 4.09 that is not refinanced or refunded, replaced, exchanged, renewed, repaid, redeemed, defeased or discharged within three months of the date such Person becomes a Restricted Subsidiary by Rupee
Debt subscribed for or loaned by the Company and financed through the issuance of Additional Notes incurred under clause (b)(16) of Section 4.09 or Indebtedness incurred under paragraph (a) of this covenant, and any such Acquired
Indebtedness under clause (b)(9)(B) of Section 4.09 that is not refinanced or refunded, replaced, exchanged, renewed, repaid, redeemed, defeased or discharged within three months of the date such Person becomes a Restricted Subsidiary by cash,
Rupee Debt subscribed for or loaned by the Company, Indebtedness incurred under paragraph (a) of this covenant or Indebtedness incurred under clause (b)(3) of Section 4.09 from any other Restricted Subsidiary shall be deemed, in each case,
to constitute an Incurrence of such Indebtedness not permitted by these clauses (b)(9)(A) and (b)(9)(B) of Section 4.09; 

(10) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds; provided, however, that such Indebtedness is extinguished within ten Business Days of Incurrence; 

(11) Indebtedness Incurred by any Restricted Subsidiary under Credit Facilities with a maturity of one year or less;
provided that the aggregate principal amount outstanding at any time does not exceed US$30.0 million (or the Dollar Equivalent thereof); 

(12) Subordinated Shareholder Debt; 

(13) Indebtedness Incurred by any Restricted Subsidiary to the extent the net cash proceeds thereof are promptly and
irrevocably deposited with the Trustee to defease or to satisfy and discharge the Notes as described in Article 8 and Article 12; 

(14) Indebtedness Incurred by any Restricted Subsidiary in an aggregate principal amount outstanding at any time (together with
refinancings thereof under this clause (14)) not to exceed US$10.0 million (or the Dollar Equivalent thereof); 
 (15)
Indebtedness (including Acquired Indebtedness) Incurred by any Restricted Subsidiary (other than a Designated Restricted Subsidiary) for the purpose of financing all or any part of the purchase price or cost of acquisition, design, construction,
installation or improvement of property, plant or equipment and related assets used in the business of the Company or any of its Restricted Subsidiaries (or the Capital Stock of a Person engaged in a Permitted Business which will upon such
acquisition become a Restricted Subsidiary), in an aggregate principal amount outstanding at any time (together with refinancing thereof under this clause (15)), not to 

  
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exceed 15.0% of Total Assets (or the Dollar Equivalent thereof); provided that such Restricted Subsidiary has not Incurred any Rupee Debt, any Indebtedness described under paragraph
(a) of this covenant, or any Indebtedness of the type described in clause (b)(3) of Section 4.09; and 

(16) Indebtedness consisting of Additional Notes and Note Guarantees issued in exchange for, or the net proceeds of which
are used to refinance or refund, replace, exchange, renew, repay, redeem, defease or discharge Acquired Indebtedness incurred pursuant to clause (b)(9)(A) of Section 4.09 (plus premiums, accrued interest, fees and expenses). 

(c) For purposes of determining compliance with this covenant, in the event that an item of Indebtedness meets the criteria of more than one
type of Permitted Indebtedness, or of Indebtedness described in Section 4.09(a) and one or more types of Permitted Indebtedness, the Parent or the Company, in its sole discretion, shall classify, and from time to time may reclassify, such item
of Indebtedness. 
 (d) The accrual of interest, the accretion or amortization of original issue discount and the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, will not be deemed to be an incurrence of Indebtedness for purposes of this covenant; provided that, in each such case, the amount of any such accrual, accretion, amortization
or payment is included in the Combined Interest Expense of the Restricted Group as accrued. 
 (e) Notwithstanding any other provision of
this covenant, the maximum amount of Indebtedness that may be Incurred pursuant to this covenant will not be deemed to be exceeded solely as a result of fluctuations in the exchange rates of currencies. For purposes of determining compliance with
any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred (or first committed, in the case of revolving credit debt); provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would
cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been
exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced (plus premiums, accrued interest, fees and expenses). The maximum amount of Indebtedness permitted
to be incurred under clause (b)(11), (14) or (15) shall not be deemed to have been exceeded in connection with refinancing of such Indebtedness pursuant to such clause so long as the principal amount of such refinancing Indebtedness does not
exceed the principal amount of such Indebtedness being refinanced plus premiums, accrued interests, fees and expenses. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency than the
Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 

Section 4.10 Asset Sales. 

(a) The Company will not and the Parent will not permit any other Restricted Subsidiary to consummate any Asset Sale, unless: 

(1) no Default shall have occurred and be continuing or would occur as a result of such Asset Sale; 

  
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 (2) the consideration received by the Company or such other Restricted
Subsidiary is at least equal to the Fair Market Value of the assets sold or disposed of; and 
 (3) at least 75% of the
consideration received consists of cash, Temporary Cash Equivalents or Replacement Assets (as defined below) or any combination thereof. 
 For purposes of
this provision, each of the following will be deemed to be cash: 
 (1) any liabilities, as shown on the most recent combined
statement of financial position of the Restricted Group (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes) that are assumed by the transferee of any such assets pursuant to a customary assumption,
assignment, novation or similar agreement that irrevocably and unconditionally releases the Company or such other Restricted Subsidiary from further liability; and 

(2) any securities, notes or other obligations received by the Company or any other Restricted Subsidiary from such transferee
that are promptly, but in any event within 30 days of closing, converted by the Company or such other Restricted Subsidiary into cash, to the extent of the cash received in that conversion. 

Within 360 days after the receipt of any Net Cash Proceeds from an Asset Sale, such Net Cash Proceeds must be applied (a) to repay Senior
Indebtedness (and if such Indebtedness is revolving credit Indebtedness, to permanently reduce such commitments) of a Restricted Subsidiary or (b) to make capital expenditures for a Permitted Business, (c) acquire properties and assets
(other than current assets) that are used or will be used in a Permitted Business, acquire all, or substantially all of the assets of, or the Capital Stock of, a Person, or a line of business, which is a Permitted Business, or (d) any
combination of the foregoing (collectively, “Replacement Assets”); provided that any such reinvestment in Replacement Assets made pursuant to a definitive binding agreement or a commitment approved by the Board of Directors
of the Parent or of the Company that is executed or approved within such time will satisfy this requirement, so long as such investment is consummated within 180 days after such 360th day. Pending application in accordance with this covenant, Net
Cash Proceeds may be invested or used for any purpose not otherwise prohibited under this Indenture. 
 Any Net Cash Proceeds from Asset
Sales that are not applied or invested in accordance with the immediately preceding paragraph will constitute “Excess Proceeds”. When the aggregate amount of Excess Proceeds exceeds US$5.0 million, within ten days thereof, the Company
must make an offer (an “Excess Proceeds Repurchase Offer”) to purchase the Notes at 100% of the principal amount of the Notes and any pari passu Indebtedness similarly required to be repaid, redeemed or tendered for in
connection with the Asset Sale, plus accrued and unpaid interest, if any, to (but not including) the date of purchase. If the aggregate principal amount of Notes and pari passu Indebtedness tendered into such Excess Proceeds Repurchase Offer
exceeds the amount of Excess Proceeds, the Notes and such pari passu Indebtedness will be purchased on a pro rata basis. Any remaining proceeds after such Excess Proceeds Repurchase Offer may be used for any purpose not otherwise prohibited
under this Indenture. Upon completion of each Excess Proceeds Repurchase Offer, the amount of Excess Proceeds will be reset at zero. 
 The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in

  
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connection with the repurchase of the Notes as a result of an Asset Sale. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale provisions of this
Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Asset Sale provisions of this Indenture by virtue of such compliance. 

Section 4.11 Transactions with Shareholders and Affiliates. 

(a) The Parent will not permit any Restricted Subsidiary to enter into any transaction or series of related transactions involving aggregate
consideration in excess of US$2.0 million (or the Dollar Equivalent thereof) with (a) any holder of 10% or more of any class of Capital Stock of the Parent or (b) any Affiliate of the Parent or any Restricted Subsidiary (each an
“Affiliate Transaction”), unless: 
 (1) the Affiliate Transaction is on terms that are no less favorable to
such Restricted Subsidiary than those that would have been obtained in a comparable arm’s-length transaction by such Restricted Subsidiary with a Person that is not such a holder or Affiliate of the
Parent or such Restricted Subsidiary; and 
 (2) the Parent or Company delivers to the Trustee: 

(A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of US$5.0 million (or the Dollar Equivalent thereof), a Board Resolution of the Parent or of the Company set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with this covenant and such Affiliate
Transactions has been approved by a majority of the disinterested members of the Board of Directors of the Parent or of the Company; and 

(B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of US$10.0 million (or the Dollar Equivalent thereof), an opinion issued by an accounting, appraisal or investment banking firm of internationally recognized standing (or a local affiliate thereof) stating either (i) that such
Affiliate Transaction is, or series of related Affiliate Transactions are, fair to the Restricted Subsidiary from a financial point of view or (ii) that the terms of such Affiliate Transaction is, or series of related Affiliate Transactions
are, not materially less favorable to such Restricted Subsidiary than those that would have been obtained in a comparable arm’s length transaction by such Restricted Subsidiary with a Person that is not such a holder or Affiliate of the Parent
or such Restricted Subsidiary. 
 (b) The foregoing limitation does not limit, and will not apply to: 

(1) directors’ fees, indemnification, expense reimbursement and similar arrangements (including the payment of directors
and officers insurance premiums), employee salaries, bonuses, employment agreements and arrangements, compensation or employee benefit arrangements, including stock options or legal fees and fees and compensation paid to consultants and agents; 

(2) transactions between or among the Parent and its Restricted Subsidiaries or between or among Restricted Subsidiaries;
provided that following an Early Parent Guarantee Release, such transactions between the Parent, on the one hand, and one or more Restricted 

  
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Subsidiaries, on the other hand, will be subject to clauses (1) and (2)(A) of Section 4.11(a); provided, further for purposes of such clause (2)(A) the Parent may provide either a Board
Resolution of the Parent approved by a majority of the disinterested members of the Board of Directors of the Parent or, in lieu of a Board Resolution, a certification from senior management of the Parent adopted in accordance with policies adopted
by the Board of Directors of the Parent; 
 (3) any Restricted Payments not prohibited by Section 4.07 and Permitted
Investments other than those made pursuant to clause (3) of the definition thereof as set forth in Section 1.01; 

(4) transactions pursuant to agreements in effect on the Original Issue Date and described in the Offering Memorandum, or any
amendment or modification or replacement thereof, so long as such amendment, modification or replacement is not more disadvantageous to the Company and the other Restricted Subsidiaries than the original agreement in effect on the Original Issue
Date; 
 (5) transactions with a Person that is an Affiliate solely because any Restricted Subsidiary, directly or
indirectly, owns Capital Stock in, or controls, such Person; provided that no Affiliate of any Restricted Subsidiary (other than the Company or another Restricted Subsidiary) owns Capital Stock in such Person; 

(6) any payments or other transactions pursuant to tax sharing arrangements between any Restricted Subsidiary and any other
Person with which such Restricted Subsidiary files a consolidated tax return or with which such Restricted Subsidiary is part of a consolidated group for tax purposes or any tax advantageous group contribution made pursuant to applicable
legislation; 
 (7) transactions with customers, clients, contractors, purchasers or suppliers of goods (including turbines
and other equipment or property) or services (including administrative, cash management, legal and regulatory, engineering, technical, financial, accounting, procurement, marketing, insurance, labor, management, operation and maintenance, power
supply and other services) or insurance or lessors or lessees or providers of employees or other labor or property, in each case in the ordinary course of business and that are fair or on terms at least as favorable as arm’s length as
determined in good faith by the Board of Directors or senior management of the Parent or of the Company; and 
 (8) loans or
advances to, or guarantees of obligations of, directors, promoters, officers or employees of the Parent or any Restricted Subsidiary not to exceed US$1.0 million (or the Dollar Equivalent thereof) in the aggregate at any one time outstanding.

 For the avoidance of doubt, any Investments (including Permitted Investments) by the Company or any other Restricted Subsidiary which
result in a Subsidiary of the Parent becoming a Restricted Subsidiary will be subject to clause (1) and (2) of Section 4.11(a). 

  
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 Section 4.12 Liens. 

The Company will not, and the Parent will not, permit any other Restricted Subsidiary to, directly or indirectly, incur, assume or permit to
exist any Lien on the Collateral, other than Permitted Liens. 
 The Company will not, and the Parent will not, permit any other Restricted
Subsidiary to incur, assume or permit to exist any Lien (other than Permitted Liens) securing Indebtedness on existing or future assets of a Restricted Subsidiary other than Collateral, unless the Notes are equally and ratably secured. 

Section 4.13 Restricted Group’s Business Activities. 

The Parent will not permit any Restricted Subsidiary (other than the Company) to engage in any business other than a Permitted Business. 

Section 4.14 Company’s Business Activities. 

(a) Notwithstanding anything contained in this Indenture to the contrary, the Company will not, and the Parent will not permit the Company to,
engage in any business activity, except (1) any activity relating to the offering, sale or issuance of the Notes or any Additional Notes issued in compliance with this Indenture, and the Incurrence of Indebtedness represented by the Notes and
the Additional Notes subject to compliance with this Indenture; (2) the Incurrence of other Indebtedness in compliance with Section 4.09 and any activity relating thereto; (3) any activity relating to using the proceeds of
Indebtedness Incurred under clauses (1) and (2) of this Section 4.14(a) to subscribe for or loan the Rupee Debt Incurred by any Restricted Subsidiary, any activity relating to the Rupee Debt and any activity relating to making other
Investments in Restricted Subsidiaries; (4) any activity undertaken with the purpose of fulfilling any obligations under the Indebtedness referred to in clauses (1) and (2) of this Section 4.14(a) or the other provisions of this
Indenture, the Collateral Documents or any indenture, trust deed or Credit Facility related to such Indebtedness (including maintenance of interest reserve or escrow accounts required thereby) or for purposes of any consent solicitation or tender
for such Indebtedness or refinancing of such Indebtedness; (5) using assets other than net proceeds of a debt issuance under clauses (1) or (2) of this Section 4.14(a) to acquire and hold Capital Stock or other Investments (including
Rupee Debt) of a Restricted Subsidiary and using the net proceeds of a debt issuance under clauses (1) or (2) of this Section 4.14(a) to acquire and hold Rupee Debt; (6) holding cash and Temporary Cash Equivalents, including any cash
or Temporary Cash Equivalents acquired with the net proceeds of a debt issuance to be held in an interest account or an escrow account; (7) entering into Hedging Obligations for itself, provided that such Hedging Obligations are
not entered into for speculative purposes; and (8) any activity directly related to the establishment and/or maintenance of the Company’s corporate existence. 

(b) The Company shall, and the Parent shall cause the Company to, at all times remain 100% owned by the Parent. 

(c) From and after an Early Parent Guarantee Release, the Company will maintain the Required Hedging Arrangements in place at all times for so
long as any Notes are outstanding or, following the termination of the Required Hedging Arrangements as a result of a breach by, or insolvency of, the hedge counterparty, cause the Required Hedging Arrangements to be in place within 30 days of any
such termination. Any Required Hedging Arrangements will be entered into with 

  
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counterparties that have a long term debt rating of no lower than at least two of the following: (i) BBB- by Fitch, (ii) Baa3 by Moody’s or (iii) BBB- by S&P, at the time such Required Hedging Arrangements are entered into. 
 Upon the
date that is the later to occur of (i) 30 days after the Incurrence by the Restricted Subsidiaries of all of the Original Rupee Debt described under the heading “Use of Proceeds” in the Offering Memorandum and (ii) the date of any
Special Mandatory Redemption after which any Notes remain outstanding, the Parent shall deliver to the Trustee an Officer’s Certificate or an opinion issued by an accounting, appraisal or investment banking firm of internationally recognized
standing (or a local affiliate thereof) (the opinion from such accounting, appraisal or investment banking firm to be substantially in the form as provided in Exhibit I), or a consulting firm of internationally recognized standing (or a local
affiliate thereof) so long as the principals of such firm involved in the preparation of such opinion are experienced professionals in accounting, appraisals or investment banking, or Mecklai Financial Services Private Limited (any such Person other
than the Parent, a “Determination Agent”), certifying that: 
 (1) the Currency Hedging Agreements included in the
Required Hedging Arrangements comprise (a) a coupon swap on the interest payments due under the Notes on each Interest Payment Date to fully protect the Company against any depreciation in the Indian Rupee to U.S. Dollar occurring after
the date of each Incurrence of Original Rupee Debt, and (b) a call spread option on the principal amount of the Notes that will (i) fully protect the Company against any depreciation in the Indian Rupee occurring after the date of each
Incurrence of Original Rupee Debt if the Indian Rupee to U.S. Dollar spot rate is between the current spot rate in effect on the date of such Incurrence and 90, and (ii) partially protect the Company (by receiving the same fixed payment)
against any depreciation in the Indian Rupee occurring after the date of each Incurrence of Original Rupee Debt if the Indian Rupee to U.S. Dollar spot rate is above 90, in each case on the payment of principal due under the Notes at maturity;
and 
 (2) that the Company has sufficient contracted cash flows to satisfy all scheduled payment obligations under the Notes
and the Required Hedging Arrangements, 
 with such Officer’s Certificate or opinion being in substantially the form as attached to this
Indenture, which may include language limiting or excluding the liability of any Determination Agent in providing such opinion. 
 In
connection with any redemption of the Notes prior to their final Stated Maturity or redemption of Rupee Debt prior to its final Stated Maturity, the Company and the Parent will furnish an Officer’s Certificate to the Trustee stating the amount
of any additional amounts due as a redemption premium in connection with associated redemptions of Rupee Debt and certifying that such amounts are sufficient to enable the Company to pay (i) any costs associated with terminating or unwinding
any Required Hedging Arrangements, if applicable, plus (ii) any additional amounts required by the Company to satisfy its payment obligations under the Notes, including the principal, premium, if any, interest and Additional Amounts, if any,
due in connection with such redemption of the Notes or Rupee Debt, respectively, or through the final Stated Maturity of the Notes, as applicable, together with calculations in reasonable detail confirming the same. 

  
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 (d) For so long as any Notes are outstanding, the Parent will not commence or take any
action to facilitate a winding-up, liquidation or other analogous proceeding in respect of the Company (except as permitted by Section 5.01). 

Section 4.15 Corporate Existence. 

Subject to Article 5, the Parent shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(a) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to time) of the Parent or any such Subsidiary; and 
 (b) the
rights (charter and statutory), licenses and franchises of the Parent and its Subsidiaries; provided, however, that the Parent shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of its Subsidiaries, if the Board of Directors of the Parent shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Parent and its Subsidiaries, taken as a whole, and that the loss
thereof is not adverse in any material respect to the Holders of the Notes. 
 Section 4.16 Offer to Repurchase Upon Change of
Control Triggering Event  
 (a) If a Change of Control Triggering Event occurs, each Holder will have the right to require the Company
to repurchase all or any part (a “Change of Control Offer”) (equal to US$200,000 or an integral multiple of US$1,000 in excess thereof) of that Holder’s Notes pursuant to a Change of Control Offer on the terms set forth herein.
In the Change of Control Offer, the Company will offer a purchase price in cash equal to 101% of the aggregate principal amount of the Notes (the “Change of Control Payment”) repurchased plus accrued and unpaid interest, if any, on
the Notes repurchased to (but not including) the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. Within ten days following any Change of Control Triggering
Event, the Company will mail a notice to each Holder, describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the Change of Control Triggering Event payment date (the “Change of
Control Payment Date”) specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required by this Indenture and described in such notice.

 (1) that the Change of Control Offer is being made pursuant to this Section 4.16 and that all Notes tendered will be
accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no earlier than 30 days and no later
than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) that
any Note not tendered will continue to accrue interest; 
 (4) that, unless the Company defaults in the payment of the Change
of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

  
 70 

 (5) that Holders electing to have any Notes purchased pursuant to a Change
of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the
notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (6) that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to US$200,000 in principal amount or an integral multiple of US$1,000 in excess thereof. 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. 

To the extent that the provisions of any securities laws or regulations conflict with Section 3.09 or this Section 4.16, the Company
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 or this Section 4.16 by virtue of such compliance. 

(b) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent or tender agent for such Change of Control Offer an amount equal to the Change of Control
Payment in respect of all Notes or portions of Notes properly tendered; and 
 (3) deliver or cause to be delivered to the
Paying Agent or tender agent for such Change of Control Offer the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

The Paying Agent or tender agent for such Change of Control Offer will as soon as reasonably practicable at the expense of the Company, mail
to each Holder of Notes that properly tendered the Notes the Change of Control Payment for such Notes, and the Trustee will as soon as reasonably practicable authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note
equal in principal amount to any unpurchased portion of the Notes surrendered, if any. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

  
 71 

 (c) The provisions described above that require the Company to make a Change of Control
Offer following a Change of Control Triggering Event will be applicable whether or not any other provisions of this Indenture are applicable. Except as described above with respect to a Change of Control Triggering Event, this Indenture does not
contain provisions that permit the Holders of the Notes to require that the Company repurchase or redeem the Notes in the event of a takeover, recapitalization or similar transaction. 

(d) Notwithstanding anything to the contrary in this Section 4.16, the Company will not be required to make a Change of Control Offer
upon a Change of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.16 and purchases all Notes properly
tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 or Section 3.10, unless and until there is a default in payment of the applicable redemption price. 

(e) Notwithstanding anything to the contrary in this Section 4.16, a Change of Control Offer may be made in advance of a Change of
Control Triggering Event, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made. 

(f) The Trustee shall not be required to take any steps to ascertain whether a Change of Control Triggering Event has occurred or may occur,
and shall be entitled to assume that no such event has occurred until it has received written notice to the contrary from the Company. The Trustee shall not be required to take any steps to ascertain whether the condition for the exercise of the
rights herein has occurred. The Trustee shall not be responsible for determining or verifying whether a Note is to be accepted for redemption and will not be responsible to the Holders for any loss arising from any failure by it to do so. The
Trustee shall not be under any duty to determine, calculate or verify the redemption amount payable hereunder and will not be responsible to the Holders for any loss arising from any failure by it to do so. 

Section 4.17 Anti-Layering. 

The Company will not and will not permit any Guarantor to Incur any Indebtedness if such Indebtedness is contractually subordinated in right of
payment to any other Indebtedness of the Company or such Guarantor, unless such Indebtedness is also contractually subordinated in right of payment to the Notes or the applicable Note Guarantee, on substantially identical terms. This does not apply
to distinctions between categories of Indebtedness that exist by reason of any Liens or Guarantee securing or in favor of some but not all of such Indebtedness or by virtue of some Indebtedness being secured on a junior priority basis. 

Section 4.18 Limitations on Redemptions or Dispositions of and Amendments to Rupee Debt. 

(a) The Parent will not permit any Restricted Subsidiary to voluntarily prepay or redeem, in whole or in part, any Rupee Debt subscribed for or
loaned by the Company on or prior to the SMR Measurement Date (the “Original Rupee Debt”), in whole or in part and the Company will not voluntarily exercise its right of redemption in connection with any Rupee Debt, in whole or in part,
unless the proceeds of such prepayment or redemption are applied to redeem, repurchase, defease, acquire or otherwise reduce the principal amount of the Notes outstanding; provided that, after giving effect to such prepayment or redemption
and application of the proceeds thereof each Restricted 

  
 72 

 
Subsidiary that issued Original Rupee Debt has outstanding Original Rupee Debt in an aggregate principal amount at least equal to the Minimum Rupee Debt Amount (except in the case of any
prepayment or redemption by a Restricted Subsidiary in connection with any sale or issuance of Capital Stock permitted by this Indenture such that the Restricted Subsidiary would not remain a Subsidiary of the Parent). 

(b) For so long as the Notes are outstanding, the Parent will not permit any Restricted Subsidiary to amend, waive or modify the terms and
conditions of any Original Rupee Debt other than: (i) to conform to an amendment, waiver or modification of this Indenture, the Notes, any Note Guarantee or the Collateral Documents, (ii) to reflect a consolidation, merger or sale of
assets permitted by Section 5.01, (iii) in any manner not materially adverse to the holders of the Rupee Debt, (iv) to conform to any provision of this Indenture, (v) as required under applicable law, rule, regulation or order, and
(vi) in any manner to ensure that the restrictions in any Rupee Debt applicable to the Restricted Subsidiary issuing such Rupee Debt are not inconsistent with or more restrictive than the provisions of this Indenture applicable to such
Restricted Subsidiary. 
 (c) For so long as the Notes are outstanding, the Company will not sell or dispose or, including but not limited
to, by way transfer, assignment or subparticipation, any Rupee Debt to any person. 
 Section 4.19 [Reserved].  

Section 4.20 Sales and Issuances of Capital Stock in Restricted Subsidiaries. 

(a) The Parent will not permit any Restricted Subsidiary to issue or sell any shares of Capital Stock of another Restricted Subsidiary, except:

 (1) to the Parent, the Company or any Restricted Subsidiary; 

(2) the issuance or sale of Capital Stock of a Restricted Subsidiary (which remains a Restricted Subsidiary after any such
issuance or sale) to the extent such Capital Stock represents director’s qualifying shares or is required by applicable law, rule, regulation or order to be held by a Person other than the Parent, the Company or a Wholly Owned Restricted
Subsidiary; 
 (3) the issuance or sale of Capital Stock of a Restricted Subsidiary (which remains a Restricted
Subsidiary after any such issuance or sale); provided that the Parent or such Restricted Subsidiary applies the Net Cash Proceeds of such issuance or sale in accordance with Section 4.10, if and to the extent required thereby; or 

(4) the issuance or sale of Capital Stock of a Restricted Subsidiary (which does not remain a Restricted Subsidiary after
any such issuance or sale) if required by any applicable law, rule, regulation or order provided that such Restricted Subsidiary applies the net cash proceeds of such issuance or sale in accordance with Section 4.10, if and to the extent
required thereby. 
 (b) Notwithstanding the foregoing, a Restricted Subsidiary may issue Common Stock to its shareholders on a pro rata
basis or on a basis more favorable to the Parent or to any Restricted Subsidiary. 

  
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 (c) The Parent will not, and will not permit any Subsidiary of the Parent (other than a
Restricted Subsidiary) to, sell any shares of Capital Stock of a Restricted Subsidiary, except: 
 (1) to the Parent or any
Subsidiary of the Parent; 
 (2) the issuance or sale of Capital Stock of a Restricted Subsidiary (which does not remain a
Restricted Subsidiary after any such issuance or sale) if required by any applicable law, rule, regulation or order; or 

(3) if such Restricted Subsidiary remains a Restricted Subsidiary after such sale or issuance. 

Section 4.21 Issuances of Guarantees by Restricted Subsidiaries. 

The Parent will not permit any Restricted Subsidiary (other than the Company), directly or indirectly, to Guarantee any Indebtedness of the
Parent or the Company, unless (a) such Restricted Subsidiary simultaneously executes and delivers a supplemental indenture to this Indenture providing for an unsubordinated Guarantee of payment of the Notes by such Restricted Subsidiary and
(b) such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation as a result of any payment by such Restricted Subsidiary under its
Guarantee until the Notes have been paid in full. 
 Any Note Guarantee of a Restricted Subsidiary will be released upon legal defeasance,
covenant defeasance or satisfaction and discharge of this Indenture as provided under Article 8 and Article 12, upon repayment in full of the Notes and upon the release or discharge of the Guarantee that resulted in the creation of such Note
Guarantee pursuant to this covenant except a discharge or release by or as a result of payment under such Guarantee. 
 Section 4.22
No Payments for Consent. 
 (a) The Company will not, and the Parent will not permit any other Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is
offered to be paid and is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

(b) Notwithstanding the foregoing, in any offer or payment of consideration for, or as an inducement to, any consent, waiver or amendment of
any of the terms or provisions of this Indenture or the Notes in connection with an exchange offer, the Parent and any Restricted Subsidiary may exclude (1) in connection with an exchange offer, holders or beneficial owners of the Notes that
are not “qualified institutional buyers” as defined in Rule 144A under the Securities Act, and (2) in connection with any consent, waiver or amendment, holders or beneficial owners of the Notes in any jurisdiction where the inclusion
of such holders or beneficial owners could, in the reasonable judgment of the Parent or the Company, require the Parent or any Restricted Subsidiary to (A) file a registration statement, prospectus or similar document or subject the Parent or
any Restricted Subsidiary to ongoing periodic reporting or similar requirements under any securities laws (including but not limited to, the United States federal securities laws and the laws of the European Union or its member states), (B) qualify
as a foreign corporation or other entity as a dealer in securities in such jurisdiction if it is not otherwise 

  
 74 

 
required to so qualify, (C) generally consent to service of process in any such jurisdiction or (D) subject the Parent or any Restricted Subsidiary to taxation in any such jurisdiction
if it is not otherwise so subject, or the solicitation of such consent, waiver or amendment from, or the granting of such consent or waiver, or the approval of such amendment by, holders or beneficial owners in such jurisdiction would be unlawful,
in each case as determined by the Parent or the Company in its sole discretion. 
 Section 4.23 Additional Note Guarantees. 

The Parent may cause a Subsidiary to execute a Note Guarantee pursuant to a supplemental indenture in form and substance satisfactory to the
Trustee and deliver an Opinion of Counsel to the Trustee within 10 Business Days of the date on which it was acquired or created to the effect that such supplemental indenture has been duly authorized, executed and delivered by that Subsidiary and
constitutes a valid and binding agreement of that Subsidiary, enforceable in accordance with its terms (subject to customary exceptions). The form of such Note Guarantee is attached as Exhibit E. 

Section 4.24 Designation of Restricted Subsidiaries. 

(a) Neither the Board of Directors of the Parent nor the Board of Directors of the Company may not designate any Person as a Restricted
Subsidiary, unless: 
 (1) either (a) such Person is acquired by the Company or acquired by, merged, consolidated or
amalgamated with or into any of the other Restricted Subsidiaries, such Person is or becomes a Subsidiary of the Parent after such acquisition, merger, consolidation or amalgamation and any outstanding Indebtedness existing on the date it becomes a
Restricted Subsidiary is permitted under Section 4.09 or (b) if on the date on which such Person becomes a Restricted Subsidiary, such Person has outstanding Indebtedness owing (x) to any Person other than the Parent or any of its
Subsidiaries, such Indebtedness will, upon such Person becoming a Restricted Subsidiary, be permitted to be Incurred under clause (b)(9) or (b)(15) of Section 4.09 and (y) to the Parent or any of its Subsidiaries (other than a Restricted
Subsidiary), such Indebtedness will, upon such Person becoming a Restricted Subsidiary, be permitted to be Incurred under Section 4.09(b)(12); and 

(2) no Default shall have occurred and be continuing at the time of or after giving effect to such designation; 

(b) A Restricted Subsidiary may not be designated as an Unrestricted Subsidiary at any time other than as set forth in clause (c) of
this Section 4.24. The Company will not and the Parent will not permit any other Restricted Subsidiary to own any Subsidiary that is an Unrestricted Subsidiary at any time. 

(c) Notwithstanding any provision of this Indenture, the Board of Directors of the Parent or of the Company may designate a Restricted
Subsidiary that became a Restricted Subsidiary after the Original Issue Date as an Unrestricted Subsidiary solely in the event that such Restricted Subsidiary Incurred Indebtedness pursuant to clause (b)(9) of Section 4.09 that after the Parent
having used its reasonable best efforts will not be able to be refinanced or refunded, replaced, exchanged, renewed, repaid, redeemed, defeased or discharged within three months of the date such Restricted Subsidiary became a Restricted Subsidiary.
Any such Restricted Subsidiary that is re-designated an Unrestricted Subsidiary shall only be permitted if (1) such Subsidiary would not be owned by any other Restricted Subsidiary after such designation;
and (2) any Investment by any other Restricted Subsidiary remaining in 

  
 75 

 
such Subsidiary after giving effect to such designation would be permitted to be made pursuant to Section 4.07. In addition, notwithstanding any provision of this Indenture any sale or
transfer of the Capital Stock of a Restricted Subsidiary designated as an Unrestricted Subsidiary pursuant to the immediately preceding sentence to another Subsidiary of the Parent will be deemed to not be (x) an Asset Sale or a transaction
subject to Section 4.20 or (y) an Affiliate Transaction; provided that the consideration received for such sale or transfer is not less than the consideration paid for such Capital Stock in a sale or transfer by which such
Restricted Subsidiary was designated a Restricted Subsidiary. 
 Section 4.25 Permitted Pari Passu Secured Indebtedness 

On or after the Original Issue Date, the Parent will not create Liens on the Pari Passu Collateral other than (a) Liens pari passu
with the Lien for the benefit of the Holders to secure Indebtedness of the Company, including any Additional Notes (such Indebtedness of the Company, “Permitted Pari Passu Secured Indebtedness”); provided that
(1) the Company was permitted to Incur such Indebtedness under clause (a), (b)(5) or (b)(16) of Section 4.09 and Section 4.14 or Permitted Refinancing Indebtedness thereof under clause (b)(4) of Section 4.09, (2) the holders of
such Indebtedness (or their representative), other than any Additional Notes or other Indebtedness in respect of which the relevant holders or representative is already a party to the Intercreditor Agreement (as defined below), become party to the
Intercreditor Agreement; (3) the agreement in respect of such Indebtedness contains provisions with respect to releases of Pari Passu Collateral no more restrictive on the Company than the provisions of this Indenture and the Pari Passu
Collateral Document; and (4) the Company delivers to the Trustee an Opinion of Counsel and an Officer’s Certificate with respect to corporate and collateral matters in connection with the Pari Passu Collateral Document and (b) certain
Permitted Liens. The Trustee and the Common Collateral Agent will be permitted and authorized, without the consent of or notice to any Holder, to enter into any amendments to the Pari Passu Collateral Document or this Indenture and take any other
action necessary to permit the creation and registration of Liens on the Pari Passu Collateral to secure Permitted Pari Passu Secured Indebtedness in accordance with this paragraph and the terms of this Indenture (including, without limitation, the
appointment of a common collateral agent under the Intercreditor Agreement referred to below to hold the Pari Passu Collateral on behalf of the Holders and the holders of Permitted Pari Passu Secured Indebtedness). 

Except for certain Permitted Liens and the Permitted Pari Passu Secured Indebtedness, the Company and the other Restricted Subsidiaries will
not be permitted to Incur any other Indebtedness secured by all or any portion of the Pari Passu Collateral without the consent of each Holder. 

Section 4.26 Intercreditor Agreement. 

(a) On or prior to the first Incurrence of any Permitted Pari Passu Secured Indebtedness (other than Additional Notes), the Trustee and the
Common Collateral Agent will enter into an intercreditor agreement substantially in the form set out in Exhibit J, or with such changes as the Trustee and the Common Collateral Agent may agree (the “Intercreditor Agreement”), without
requiring any instruction or consent from or notice to the Holders, with the Company, the Parent, the Common Collateral Agent and the holders of such Permitted Pari Passu Secured Indebtedness (or their representative). The Intercreditor Agreement
will provide for, among other things, that: 
 (1) the parties thereto shall share equal priority and pro rata entitlement in and to
the Pari Passu Collateral, but in the event of an acceleration of certain Hedging Obligations permitted to be incurred by the Company under Section 4.09(b)(5), amounts recovered in respect of the Pari Passu Collateral are required to be turned
over to the Common Collateral Agent and, subject to the payment of 

  
 76 

 
certain fees and expenses, paid by the Common Collateral Agent to the counterparties to such Hedging Obligations in priority to the Holders and to holders or lenders of other Permitted Pari Passu
Secured Indebtedness; 
 (2) the conditions that are applicable to the release of or granting of any Lien on such Pari Passu Collateral; and

 (3) the conditions under which the parties thereto will enforce their rights with respect to such Pari Passu Collateral and the
Indebtedness secured thereby. 
 (b) Under the Intercreditor Agreement, the holders of any Permitted Pari Passu Secured Indebtedness (or
their representative) (collectively with the Trustee, the “Pari Passu Secured Parties”) will appoint Citicorp International Limited (the “Common Collateral Agent”) (or the successor Common Collateral Agent appointed
under the Pari Passu Collateral Document if such a successor has been appointed) to act as the Common Collateral Agent with respect to the Pari Passu Collateral, to exercise remedies (subject to the terms of this Indenture and any document governing
Permitted Pari Passu Secured Indebtedness) in respect thereof upon the occurrence of an event of default under this Indenture and any document governing Permitted Pari Passu Secured Indebtedness, and to act as provided in the Intercreditor
Agreement. 
 (c) In connection with the Incurrence of any subsequent Permitted Pari Passu Secured Indebtedness (other than Additional Notes
or Indebtedness in respect of which the holders or their representative is already a party to the Intercreditor Agreement), the holders of such Permitted Pari Passu Secured Indebtedness (or their representative) will (a) accede to the
Intercreditor Agreement and become parties to it or (b) enter into another intercreditor agreement on substantially similar terms. 

(d) By accepting the Notes, each Holder shall be deemed to have consented to the execution of the Intercreditor Agreement, any supplements,
amendments or modifications thereto, and any future Intercreditor Agreement required under this Indenture. 
 Section 4.27
[Reserved]. 
 Section 4.28 Escrow Account. 

(a) Deposit of Funds. 

(1) On or prior to the Original Issue Date, the Company will establish a U.S. dollar account (the “Escrow
Account”) in the name of the Company with the Escrow Account Bank (the “Escrow Account”) and on the Original Issue Date will deposit the sum of US$494,615,000.00 into such account. The Company, for the benefit of the
Holders, will charge to Citicorp International Limited (the “Notes Collateral Agent”) the Escrow Account on the Original Issue Date in order to secure the obligations of the Company under the Notes and this Indenture. Amounts in the
Escrow Account will be released only (i) from time to time for the Company to subscribe for or lend the Rupee Debt issued or borrowed by a Restricted Subsidiary; it being understood that amounts in the Escrow Account may be released prior to
the Company’s receipt of the related Rupee Debt, (ii) in accordance with the provisions of Section 3.08 in respect of investments in Temporary Cash Equivalents, (iii) to fund a Special Mandatory Redemption or (iv) as
described in Section 4.28(b)(2). The Company may invest amounts deposited in the Escrow Account in Temporary Cash Equivalents. 

  
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 (b) Release of Funds for Subscription of Rupee Debt. 

(1) Upon receipt from the Company of a transfer instruction setting forth the relevant payment and transfer details and an
Officer’s Certificate setting forth the subscription amount of the Rupee Debt for which it intends to subscribe, and the Dollar Equivalent amount based upon the noon buying rate for U.S. dollar in New York City for cable transfer in Indian
rupee as of the most recent date prior to the date such Officer’s Certificate, and the name of the issuer(s) of such Rupee Debt, the Notes Collateral Agent will instruct the Escrow Account Bank (by delivery of a Transfer Notice to the Escrow
Account Bank) to release amounts from the Escrow Account to permit the Company to use the funds deposited in the Escrow Account to subscribe for such Rupee Debt. The Company shall provide the Officer’s Certificate to the Notes Collateral Agent,
substantially in the form provided in Exhibit K, at least three Business Days prior (or such shorter period as may be agreed by the Notes Collateral Agent) to the date on which transfer instructions are to be provided to the Escrow Account Bank.

 (2) Provided that no Special Mandatory Redemption has occurred, any amounts remaining in the Escrow Account after the SMR
Measurement Date will be released and refunded to the Company, subject to the deduction of any costs, fees, charges, expenses or indemnity amounts owed to the Escrow Account Bank. Upon transfer of the last remaining Escrow Funds by the Escrow
Account Bank in accordance with this Indenture, the Notes Collateral Agent will, upon receipt of an Officer’s Certificate substantially in the form provided in Exhibit L (addressed to the Trustee and the Notes Collateral Agent) setting forth
instructions for the termination of the Escrow Account and its release from the Notes Collateral Document from the Company, (i) instruct the Escrow Account Bank to terminate the Escrow Account and (ii) provide a written declaration to the
Company (in a form to be agreed between the Notes Collateral Agent and the Company) that the Notes Collateral Document is cancelled and terminated. 

(c) Release of Funds for Special Mandatory Redemption. Upon satisfaction of the requirements set forth in Section 3.08, the Notes
Collateral Agent will instruct the Escrow Account Bank to release amounts in the Escrow Account necessary for the redemption of Notes in accordance with Section 3.08. The Notes Collateral Agent shall be entitled to conclusively rely on the
Officer’s Certificate and shall incur no liability for acting in accordance with the instructions set forth in the Officer’s Certificate. 

Section 4.29 Use of Proceeds. 

The Company will not use the net proceeds from the sale of the Initial Notes, and the Parent will not permit any other Restricted Subsidiary to
use the proceeds from the Rupee Debt acquired with the net proceeds from the sale of the Initial Notes, for any purpose other than (1) in the approximate amounts, in the order and for the purposes specified under the caption “—Use of
Proceeds” in the Offering Memorandum and (2) pending the application of all of such net proceeds in such manner, to invest the portion of such net proceeds not yet so applied in Temporary Cash Equivalents. 

Section 4.30 Government Approvals and Licenses; Compliance with Law. 

The Parent will cause each Restricted Subsidiary to (a) obtain and maintain in full force and effect all governmental approvals,
authorizations, consents, permits, concessions and licenses as are necessary to engage in the Permitted Businesses; (b) preserve and maintain good and valid title to its 

  
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properties and assets (including land-use rights); and (c) comply with all laws, regulations, orders, judgments and decrees of any governmental body,
except to the extent that failure so to obtain, maintain, preserve and comply would not reasonably be expected to have a material adverse effect on (1) the business or results of operations of the Restricted Group, taken as a whole, or
(2) the ability of the Company and any Guarantor to perform its obligations under the Notes, the Note Guarantee or this Indenture. 

Section 4.31 Currency Indemnity. 

(a) The U.S. Dollar is the sole currency of account and payment for all sums payable by the Company and the Guarantors under the Notes and
the Note Guarantees (the “Contractual Currency”). Any amount received or recovered in currency other than the Contractual Currency in respect of the Notes or the Note Guarantees (whether as a result of, or of the enforcement of, a
judgment or order of a court of any jurisdiction, in the winding up, liquidation or dissolution of any Guarantor, any Subsidiary or otherwise) by the Holder in respect of any sum expressed to be due to it from the Company or any Guarantor will
constitute a discharge of the Company or the Guarantor, as the case may be, only to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in other currency on the date of that
receipt or recovery (or, if it is not possible to make that purchase on that date, on the first date on which it is possible to do so). If that purchased amount is less than the Contractual Currency amount expressed to be due to the recipient under
any Note, the Company and the Guarantors will indemnify the recipient against any loss sustained by it as a result. For the purposes of this indemnity, it will be sufficient for the Holder to certify (indicating the sources of information used) that
it would have suffered a loss had the actual purchase of Contractual Currency been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of Contractual Currency on such date had not been
possible, on the first date on which it would have been possible). 
 (b) Each of the above indemnities will, to the extent permitted by
law: 
 (1) constitute a separate and independent obligation from the other obligations of the Company or the Guarantors;

 (2) give rise to a separate and independent cause of action; 

(3) apply irrespective of any waiver granted by any Holder; and 

(4) continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of
any sum due under any Note or any other judgment or order. 
 Section 4.32 Suspension of Certain Covenants 

(a) If on any date following the Original Issue Date, the Notes have a rating of Investment Grade from both of the Rating Agencies and no
Default or Event of Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the
Rating Agencies, the provisions of this Indenture summarized under the following captions will be suspended: 
 (1)
Section 4.07; 

  
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 (2)
Section 4.08;                 
 (3)
Section 4.11 
 (4) Section 4.09; 

(5) Section 4.10; 

(6) Section 4.13; 

(7) Section 4.20; 

(8) Section 4.21;                 

(9) clause (4) of Section 5.01(a); and 

(10) Section 4.17 

(b) Such covenants will be reinstated and apply according to their terms as of and from the first day on which a Suspension Event ceases to be
in effect (the “Reinstatement Date” and the period of time between the Suspension Event and the Reinstatement Date, the “Suspension Period”). Such covenants will not, however, be of any effect with regard to actions
of the Company or any other Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following reinstatement: 

(1) the calculations under Section 4.07 will be made as if such covenant had been in effect since the Original Issue
Date except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended; and 

(2) all Indebtedness Incurred during the Suspension Period will be classified to have been incurred pursuant to clause
(b)(2) of Section 4.09. 
 ARTICLE 5 

SUCCESSORS  

Section 5.01 Merger, Consolidation, and Sale of Assets. 

(a) Neither the Company nor, prior to an Early Parent Guarantee Release, the Parent will merge or consolidate with or into another Person; or
sell substantially all of its and the Restricted Subsidiaries’ assets taken as a whole, in one or more related transactions, unless: 

(1) either: 

(A) it is the surviving entity; or 

(B) the surviving entity (the “Surviving Person”) is organized under the laws of Mauritius, The Netherlands,
the Cayman Islands, the British Virgin Islands, Hong Kong, Singapore, Canada, the U.K., any member state of the European Union, Switzerland, the United States, any state of the United States or the District of Columbia and such Surviving Person
expressly assumes the obligations under this Indenture, the Notes, the Parent Guarantee and the Collateral Documents, as the case may be; 

  
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 (2) immediately after giving effect to such transaction, no Default shall
have occurred and be continuing; 
 (3) solely with respect to a merger, consolidation or sale of assets of the Company, the
Combined Net Worth is at least the same as Combined Net Worth before such merger, consolidation or sale of assets, on a pro forma basis; 

(4) solely with respect to a merger, consolidation or sale of assets of the Company, the Company could incur US$1.00 of
Indebtedness under the proviso in clause (a) of Section 4.09, on a pro forma basis; 
 (5) the Parent or the
Company, as applicable, delivers an Officer’s Certificate and an Opinion of Counsel as to compliance with this Section 5.01; 

(6) solely with respect to a merger, consolidation or sale of assets of the Company, each of the Guarantors confirms its Note
Guarantee; and 
 (7) solely with respect to a merger, consolidation or sale of assets of the Company following an Early
Parent Guarantee Release, such merger, consolidation or sale of assets is permitted by (or waived as required under) the documentation governing the Required Hedging Arrangements; and 

(8) solely with respect to a merger, consolidation or sale of assets of the Company and to the extent applicable, the Surviving
Person holds the Rupee Debt held by the Company immediately prior to such merger, consolidation or sale of assets and each of the Restricted Subsidiaries confirms (i) that the Rupee Debt documentation with respect to any outstanding Rupee Debt
issued by it is in full force and effect and (ii) as soon as reasonably practicable after the vesting of title to the Rupee Debt with the Surviving Person, that the Surviving Person is the ultimate beneficial owner of the Rupee Debt issued by
such Restricted Subsidiary. 
 Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of the Company or the Parent in a transaction that is subject to, and that complies with the provisions of, this Section 5.01, the successor Person formed by such consolidation or into or with which the Company or the
Parent is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease,
conveyance or other disposition, the provisions of this Indenture referring to the “Company” and the “Parent” shall refer instead to the successor Person and not to the Company or the Parent), and may exercise every right and
power of the Company or the Parent, as the case may be, under this Indenture with the same effect as if such successor Person had been named as the Company or the Parent, as the case may be, herein and the Company or the Parent, as the case may be,
shall be released from all obligations under this Indenture and the Notes or the Parent Guarantee. 

  
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 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

Each of the following is an “Event of Default”: 

(a) default in the payment of principal of (or premium, if any, on) the Notes when the same becomes due and payable at maturity, upon
acceleration, redemption or otherwise; 
 (b) default in the payment of interest on any Note when it becomes due and the continuance of any
such failure for 30 days; 
 (c) default in compliance with Section 5.01, or in respect of the Company’s obligations to consummate
an offer to purchase upon a Change of Control Triggering Event or Asset Sale, or in respect of its obligations to consummate a Special Mandatory Redemption; 

(d) defaults under this Indenture (other than a default specified in clause (a), (b) or (c) above) and continuance for 60 consecutive
days after written notice is given by Holders of 25% or more in aggregate principal amount of the Notes; 
 (e) any event of default occurs
and is continuing with respect to any Rupee Debt (other than any default in the payment of interest); 
 (f) with respect to any
Indebtedness of the Company or any other Restricted Subsidiary having an outstanding principal amount of US$10.0 million (or the Dollar Equivalent thereof) or more, (1) an event of default causing the holder thereof to declare such
Indebtedness to be due prior to its Stated Maturity and/or (2) the failure to make a principal payment when due; 
 (g) passage of 60
consecutive days following entry of the final judgment or order against the Company or any other Restricted Subsidiary that causes the aggregate amount for all such final judgments or orders outstanding and not paid, discharged or stayed to exceed
US$10.0 million (or the Dollar Equivalent thereof) (exclusive of any amounts for which a solvent (to the Company’s best knowledge) insurance company has acknowledged liability for); 

(h) an involuntary case or other proceeding is commenced against the Parent, the Company or one or more Restricted Subsidiaries representing
individually or in the aggregate at least 5% of the Total Assets or Combined EBITDA of the Restricted Group as of or for the most recently completed fiscal year of the Restricted Group for which financial statements are available seeking the
appointment of a receiver, official liquidator, administrator, trustee or corporate insolvency resolution professional and remains, undismissed and unstayed for 90 consecutive days, or a final non-appealable
judgment or order for relief is entered under any bankruptcy or other similar law; 
 (i) the Company, the Parent or one or more Restricted
Subsidiaries representing individually or in the aggregate at least 5% of the Total Assets or Combined EBITDA of the Restricted Group as of or for the most recently completed fiscal year of the Restricted Group for which financial statements are
available: 
 (1) commences a voluntary case, or consents to the entry of an order for relief in an involuntary case under
any bankruptcy or other similar law, 

  
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 (2) consents to the appointment of a receiver, liquidator, administrator or
corporate insolvency professional, or 
 (3) effects any general assignment for the benefit of creditors; 

(j) any Guarantor denies its obligations under its Note Guarantee or such Note Guarantee is determined to be unenforceable or invalid or shall
for any reason cease to be in full force and effect (other than due to a release of such Note Guarantee pursuant to the terms of this Indenture); 

(k) any default by the Company or the Parent in the performance of any of its obligations under the Collateral Documents, which adversely
affects the enforceability, validity, perfection or priority of the applicable Lien on the Collateral or which adversely affects the condition or value of the Collateral, taken as a whole, in any material respect; or 

(l) the repudiation by the Company or the Parent of any of their obligations under the Collateral Documents or a Collateral Document ceases to
be or is not in full force or effect or the failure to create a first priority lien on the Collateral or the Trustee or the applicable Collateral Agent ceases to have a first priority security interest in the Collateral (subject to any Permitted
Liens and in respect of the Pari Passu Collateral, any Intercreditor Agreement). 
 Section 6.02 Acceleration. 

If an Event of Default (other than an Event of Default specified in clause (h) or (i) of Section 6.01 above) occurs and is continuing
under this Indenture, the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Trustee and the Company, may, and the Trustee at the written direction of such Holders (subject to it being
indemnified and/or secured and/or pre-funded to its satisfaction) will, declare the principal of, premium and Additional Amounts, if any, and accrued and unpaid interest on the Notes to be immediately due and
payable. Upon a declaration of acceleration, such principal of, premium and Additional Amounts, if any, and accrued and unpaid interest will be immediately due and payable. If an Event of Default specified in clause (h) or (i) of
Section 6.01 above occurs, the principal of, premium and Additional Amounts, if any, and accrued and unpaid interest on the Notes then outstanding will automatically become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder. 
 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue, in its own name or as Trustee of an express trust, any available
remedy by proceeding at law or in equity to collect the payment of principal of and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture, including, but not limited to, directing a foreclosure on the
Collateral in accordance with the terms of the Collateral Documents and take such further action on behalf of the Holders with respect to the Collateral in accordance with such Holders’ instruction and the relevant Collateral Documents, subject
to any Intercreditor Agreement in the case of Pari Passu Collateral. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. 

  
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 Section 6.04 Waiver of Past Defaults. 

The Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee may on
behalf of all the Holders waive all past defaults and rescind and annul a declaration of acceleration and its consequences if: 
 (a) all
existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived; and 

(b) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. 

Upon such waiver, the Default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured, but no such
waiver will extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05 Control by
Majority. 
 (a) The Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, subject to any Intercreditor Agreement in the case of Pari Passu Collateral, provided that in all cases the
Trustee is indemnified and/or secured and/or prefunded to its satisfaction in advance of any such proceedings. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in
personal liability and may take any other action it deems proper that is not inconsistent with any such direction received from Holders. 

(b) The Trustee will not be required to expend its own funds in following such direction if it does not believe that reimbursement or
satisfactory indemnification and/or security and/or pre-funding is assured to it. 

Section 6.06 Limitation on Suits. 

A Holder may not institute any proceeding, judicial or otherwise, with respect to this Indenture or the Notes, or for the appointment of a
receiver or trustee, or for any other remedy under this Indenture or the Notes, unless: 
 (a) the Holder has previously given the Trustee
written notice of a continuing Event of Default; 
 (b) the Holders of at least 25% in aggregate principal amount of the then outstanding
Notes make a written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer the Trustee and the Collateral Agents
indemnity and/or security and/or pre-funding satisfactory to the Trustee and the Collateral Agents against any fees, costs, liability or expenses to be incurred in compliance with such request; 

(d) the Trustee does not comply with the request within (x) 60 days after receipt of the written request pursuant to clause (b) above or
(y) 60 days after the receipt of the offer of indemnity and/or security and/or pre-funding pursuant to clause (c) above, whichever occurs later; and 

  
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 (e) during such 60-day period, the Holders of a
majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction that is inconsistent with such request. 

However, such limitations do not apply to the contractual right of any Holder to bring suit for the enforcement of any such contractual right
to payment, on or after the due date expressed in the Notes, which right will not be impaired or affected without the consent of the Holder. 

Section 6.07 Rights of Holders to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, premium and
Additional Amounts, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution or
prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien. 

Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in
its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium and Additional Amounts if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

First: to the Trustee, the Notes Collateral Agent and the Common Collateral Agent, the Agents, and their respective
agents and attorneys for amounts due under Section 7.07 and Section 10.10, including payment of all compensation, expenses, costs and liabilities properly incurred, and all advances properly made, by the Trustee, the Notes Collateral
Agent, the Common Collateral Agent, the Agents and their respective agents and attorneys, and the costs and expenses of collection and all amounts for which the Trustee, the Notes Collateral Agent, the Common Collateral Agent and the Agents are
entitled to indemnification under the Collateral Documents and this Indenture, for which the Trustee, the Notes Collateral Agent, the Common Collateral Agent or the Agents have made a claim pursuant to the terms of this Indenture; 

Second: to the Note Holders Representative and its respective agents and attorneys for amounts due under paragraphs
(a) and (b) of the Note Holders Representative Appointment Letter, including payment of all compensation, expenses and liabilities incurred, and all advances made by it and the costs and expenses of collection; 

Third: to Holders for amounts due and unpaid on the Notes for principal, premium and Additional Amount if any, and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and 

Fourth: to the Company or to such party as a court of competent jurisdiction shall direct.  

  
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 The Trustee may fix a record date and payment date for any payment to Holders pursuant to
this Section 6.10. 
 Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess properly incurred costs, including properly incurred
attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of
a Note pursuant to Section 6.07, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 

ARTICLE 7 
 TRUSTEE 

 Section 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) in the absence of bad faith on its part, the duties of the Trustee will be determined solely by the express provisions of
this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) the Trustee may conclusively rely on the truth of the statements contained in and the correctness of any certificates or
opinions furnished to the Trustee pursuant to this Indenture, and the Trustee shall not be responsible for any loss occasioned by acting in reliance on such certificates and opinions and shall not be obligated to verify any information in such
certificates or opinions.. 
 The Trustee shall not be charged with knowledge of any Default or Event of Default unless the
Company has delivered written notice of such Default or Event of Default to a Responsible Officer at the Corporate Trust Office of the Trustee referencing the applicable provision of this Indenture. During the continuance of an Event of Default, the
Trustee shall not be under any obligation to exercise any rights or powers conferred under this Indenture for the benefit of the Holders unless it receives the written direction of the Holders of at least 25% of the aggregate principal amount then
outstanding and indemnity and/or security and/or prefunding to its satisfaction. 

  
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 (c) The Trustee may not be relieved from liabilities for its own gross negligence, or its
own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this
Section 7.01; 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and 
 (3) the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

(d) Whether or not herein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
Article 7. 
 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The
Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holders have offered to the Trustee security and/or indemnity and/or
pre-funding satisfactory to it against any loss, liability or expense. 
 (f) The Trustee will not
be liable for interest on any money received by it. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon all instructions, notices, declarations and certificates, opinions and any other documents received
pursuant to this Indenture believed by it to be genuine and to have been signed or presented by the proper Person. In conclusively relying upon any of such documents, the Trustee need not investigate any fact or matter stated therein and shall not
be responsible for the accuracy, authenticity and validity thereof. 
 (b) Before the Trustee acts or refrains from acting, it may require
an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may, at the Company’s
expense, consult with counsel and other professional advisors and an Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder and in reliance
thereon. 
 (c) The Trustee may act through its attorneys, delegates and agents and will not be responsible for the misconduct or negligence
of any attorneys, delegates and agents appointed with due care hereunder. The Trustee shall not be obligated to monitor or supervise such attorneys, delegates and agents. 

(d) The Trustee will not be liable for any action it takes or omits to take that it believes to be authorized or within the rights or powers
conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or
notice from the Company will be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity and/or security and/or
pre-funding satisfactory to it against the losses, liabilities 

  
 88 

 
and expenses that might be incurred by it in compliance with such request or direction. The Trustee will not be responsible for any loss, liability, cost, claim, actions, demand, expense or
inconvenience which may result from its exercise or non-exercise of any of the rights or powers vested in it by this Indenture other than as caused by its own gross negligence or its own willful misconduct.

 (g) In no event shall the Trustee, the Collateral Agents or Agents be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond their control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; or failure of any money transmission or SWIFT system, any laws, ordinances, regulations or the
like which restrict or prohibit the performance of the obligations contemplated by this Indenture. 
 (h) The recitals contained herein and
in the Notes are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness and completeness thereof. The Trustee makes no representation as to the validity or sufficiency of this Indenture or the
Notes. 
 (i) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its sole and absolute discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records, and premises of the Company, personally or by agent
or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(j) Under no circumstances shall the Trustee, the Collateral Agents or Agents be responsible or liable to the Company or any other party to
this Indenture for any punitive, special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit, business, goodwill or opportunity) whether or not foreseeable and irrespective of whether the
Trustee, the Collateral Agents and Agents have known about or have been advised of the likelihood of such loss or damage and regardless of the form of legal actions. 

(k) The rights, privileges, indemnity, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and the Collateral Agents and the Agents, custodian and any other Person employed to act hereunder, provided, however any such
agent or custodian shall not be deemed to be a fiduciary; 
 (l) The Trustee, the Collateral Agents and Agents may request that the Company
deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture; and 

(m) So long as any of the Notes remains outstanding, the Company shall provide the Agents with a sufficient number of copies of this Indenture
and each of the documents sent to the Trustee or which are required to be made available by stock exchange regulations or stated in the Offering Memorandum, to be available and, subject to being provided with such copies, each of the Agents will
procure that such copies shall be available at its specified office during normal office hours for examination by the Holders and that copies thereof will be furnished to the Holders upon written request at their own expense. 

  
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 (n) If an Event of Default occurs and is continuing, the Trustee shall be entitled to
require all Agents and the Note Holders Representative to act solely in accordance with its directions. 
 (o) The Trustee shall treat all
information relating to the Company as confidential, but (unless consent is prohibited by law) the Company and the Guarantors consent to the transfer and disclosure by the Trustee of any information relating to the Company and the Guarantors to and
between branches, subsidiaries, representative offices, agents and affiliates of the Trustee and third parties (including service providers) selected by any of them, wherever situated, for confidential use (including without limitation in connection
with the provision of any service and for data processing, statistical and risk analysis purposes and for compliance with applicable law). The Trustee and any of its branch, subsidiary, representative office, agent, affiliate or third party may
transfer and disclose any such information as required or requested by any law, court, regulator, legal process, applicable law, or authority including any auditor of the Company or the Guarantors and including any payor or payee as required by
applicable law; provided that the Trustee shall give the Company prompt written notice of such request so that the Company may seek a protective order or other remedy protecting such confidential information from disclosure so long as
the provision of such notice is not contrary to applicable law. 
 (p) The Trustee will not be responsible for the acts, omissions,
misconduct default or negligence of the Note Holders Representative and shall not be obliged to monitor or supervise the Note Holders Representative for any action it takes or omits to take that the Note Holders Representative believes to be
authorized or within the rights or powers conferred upon it by the Note Holders Representative Appointment Letter. 
 (q) If an Event of
Default occurs and is continuing and the Trustee instructs the Note Holders Representative to act solely in accordance with its directions, the Trustee shall not be obliged to indemnify the Note Holders Representative or pay remuneration to the Note
Holders Representative before it acts in accordance with the directions of the Trustee. 
 (r) Notwithstanding anything to the contrary
provided for in this Indenture, the Notes and the Note Holders Representative Appointment Letter, the Note Holders Representative shall not, by any provision hereof or in the Note Holders Representative Appointment Letter, have any claim or recourse
to the Trustee in connection with the Note Holders Representative’s indemnification, remuneration or liabilities and acknowledges and agrees that the expenses of the Note Holders Representative shall be limited to the amounts for the time being
held by the Trustee in respect of the Notes under this Indenture and after application of such sums in accordance with Section 6.10 in satisfaction of payment of relevant sums. 

(s) Notwithstanding anything to the contrary in this Indenture, the Notes or in any other document the Company, Parent and the Holders of the
Notes, by accepting the Notes, acknowledge and understand that the: 
 (1) Trustee has not conducted any due diligence or investigation with
respect to the Note Holders Representative or its ability to perform its required duties and accepts no responsibility or liability for any acts, omissions or defaults of the Note Holders Representative; and 

  
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 (2) The Note Holders Representative is executing the Note Holders Representative Appointment
Letter as an agent of the Company and not as an agent of the Trustee and there is no trustee-beneficiary or fiduciary relationship between the Note Holders Representative and the Trustee of any nature whatsoever and no principal-agent relationship
between the Note Holders Representative and the Trustee of any nature whatsoever until such time an Event of Default occurs and is continuing and the Trustee requires the Note Holders Representative to act as agent of the Trustee and to act solely
in accordance with its directions. 
 (t) The Company and the Parent hereby irrevocably waive, in favor of the Trustee, the Agents and the
Collateral Agents, any conflict of interest which may arise by virtue of the Trustee and/or the Agents and/or the Collateral Agents acting in various capacities under this Indenture, the Notes, the Note Guarantees and the Collateral Documents or for
other customers of the Trustee and/or the Agents and/or the Collateral Agents. The Company and the Parent acknowledge that the Trustee, the Agents and the Collateral Agents and their respective affiliates (together, the “Agent Parties”)
may have interests in, or may be providing or may in the future provide, financial or other services to other parties with interests which the Company or the Parent may regard as conflicting with their respective interests under this Indenture, the
Notes, the Note Guarantees and the Collateral Documents and may possess information (whether or not material to the Company or the Parent) other than as a result of acting as Trustee and/or the Agents and/or the Collateral Agents hereunder, that the
Trustee and/or the Agents and/or the Collateral Agents may not be entitled to share with the Company or the Parent. The Trustee, the Agents and the Collateral Agents will not disclose confidential information obtained from the Company and the Parent
(without their respective consent) to any of the Trustee’s and/or the Agent’s and/or the Collateral Agent’s other customers nor will any of them use on the Company’s or the Parent’s behalf any confidential information
obtained from any other customer. Without prejudice to the foregoing, the Company and the Parent agree that the Agent Parties may deal (whether for their own respective or their respective customers’ accounts) in, or advise on, securities of
any party and that such dealing or giving of advice, will not constitute a conflict of interest for the purposes of this Indenture, the Notes, the Note Guarantees and the Collateral Documents. 

(u) The Trustee shall have no obligation or duty to monitor, supervise, determine or inquire as to the Company’s or the Parent’s
compliance with any provision of this Indenture. 
 (v) The Trustee shall not be deemed to have knowledge of any event unless it has been
actually notified in writing of such event. In the exercise of its duties, the Trustee shall not be responsible for the verification of the accuracy or completeness of any certification or legal opinion submitted to it pursuant to this Indenture and
is entitled to rely exclusively on, and take action based on the information contained in, such certification or legal opinion. 
 (w) The
Trustee shall not be responsible for the performance by any other person appointed by the Company in relation to the Notes and this Indenture and, unless notified in writing to the contrary, shall assume that the same is duly performed. The Trustee
shall not be liable to any Holders or any other person for any action taken by the Holders or the Trustee in accordance with the instructions of the Holders. 

(x) In all instances in which the Trustee is called upon to exercise its discretion, such discretion shall be absolute and unfettered. 

  
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 (y) Notwithstanding anything else herein contained, the Trustee may refrain without
liability from doing anything that would or might in its opinion be contrary to any law of any state or jurisdiction (including but not limited to Hong Kong, the United States of America or any jurisdiction forming a part of it and
England & Wales) or any directive or regulation of any agency of any such state or jurisdiction, in each case, applicable to it, and may without liability do anything which is, in its reasonable opinion, necessary to comply with any such
law, directive or regulation. The Trustee shall as soon as reasonably practicable, to the extent permitted by applicable laws, notify the Company of such action or inaction. 

(z) The Trustee, the Collateral Agents and the Agents shall not be responsible for any loss or damage, or failure to comply or delay in
complying with any duty or obligation, under or pursuant to this Indenture arising as a direct or indirect result of any Force Majeure Event or any event where, in the reasonable opinion of the Trustee, the Collateral Agents or the Agents (as the
case may be), performance of any duty or obligation under or pursuant to this Indenture would or may be illegal or would result in the Trustee, the Collateral Agents or the Agents (as the case may be) being in breach of any law, rule, regulation, or
any decree, order or judgment of any court, or practice, request, direction, notice, announcement or similar action (whether or not having the force of law) of any relevant government, government agency, regulatory authority, stock exchange or
self-regulatory organization to which the Trustee, the Collateral Agents or the Agents (as the case may be) are subject. 

Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not Trustee. The Trustee is permitted to engage in other transactions, including normal banking and trustee relationships, with the Company, the Parent and their respective
Affiliates and to benefit from them without being obliged to account for profits, if any; provided, however, that if it acquires any conflicting interest that may have a prejudicial effect upon the Holders of the Notes, the Trustee must
eliminate such conflict within 90 days or resign. The Trustee and the Agents may have an interest in, may be providing, or may in the future provide financial or other services to other parties. Any Agent and the Collateral Agents may do the same
with like rights and duties contained in this Section 7.03. The Trustee is also subject to Section 7.10. 
 Section 7.04
Trustee’s Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Notes; it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture; it will not be
responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the
sale of the Notes or pursuant to this Indenture other than its certificate of authentication. The Trustee shall not be deemed to be required to calculate any Adjusted Treasury Rates, Additional Amounts, make-whole amount, Combined Leverage Ratio or
other leverage ratio. 
 Section 7.05 Notice of Defaults. 

If a Default or an Event of Default occurs and is continuing and if the Holders of 25% or more in aggregate principal amount of the Notes
notified the Trustee in writing of such occurrence, the Trustee will mail to Holders, at the expense of the Company, a notice of the Default or Event of Default within 

  
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90 days after it occurs. The Trustee shall not be deemed to have notice or knowledge of a Default or Event of Default unless and until it has received written notification of such Default or
Event of Default describing the circumstances of such, and identifying the circumstances constituting such Default or Event of Default pursuant to Section 4.03(c)(2). None of the Trustee or any Agent is obligated to do anything to ascertain
whether any Event of Default or Default has occurred or is continuing and will not be responsible to Holders or any other person for any loss arising from any failure by it to do so, and each of the Trustee and the Agents may assume that no such
event has occurred and that the Company and the Parent are performing all of their respective obligations under the Indenture, the Notes and the Notes Guarantees unless the Trustee or the Agents, as the case may be, has received written notice of
the occurrence of such event or facts establishing that a Default or an Event of Default has occurred or that the Company and the Parent are not performing all of their respective obligations under the Indenture, the Notes and the Notes Guarantees.
The Trustee or the Agents are entitled to rely on any Opinion of Counsel or Officers’ Certificate regarding whether a Default or an Event of Default has occurred. 

Section 7.06 Limitation on Duty of Trustee and Collateral Agents in Respect of Collateral; Indemnification. 

(a) The Trustee and Collateral Agents shall have no duty as to any Collateral in their possession or control or in the possession or control of
any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Trustee and Collateral Agents shall not be responsible for filing any financing or continuation statements
or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. 

(b) The Trustee and Collateral Agents shall not be responsible for the existence, title, genuineness, protection or value of any of the
Collateral or for the legality, genuineness, validity, perfection, priority of enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder. The
Collateral Agents may decline to foreclose on the Collateral or exercise remedies available if they do not receive indemnification and/or security and/or pre-funding to its satisfaction. The Collateral
Agents’ ability to foreclose on the Collateral may be subject to lack of perfection, the consent of third parties, prior Liens and practical problems associated with the realization of the Collateral Agents’ Liens on the Notes Collateral
and/or the Pari Passu Collateral, as the case may be. Neither the Trustee, the Collateral Agents nor any of their respective officers, directors, employees, attorneys or agents will be responsible or liable for the existence, genuineness, value,
adequacy or protection of the Notes Collateral and/or the Pari Passu Collateral, for the legality, genuineness, validity, perfection, priority of enforceability of the Liens, effectiveness or sufficiency of the Notes Collateral Document or the Pari
Passu Collateral Document, for the creation, perfection, priority, sufficiency or protection of any of the Liens, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise
enforce any of the Liens or the Notes Collateral Document or the Pari Passu Collateral Document, as the case may be, or any delay in doing so. The Collateral Agents will not be required to expend their own funds under any circumstances. The Trustee
and Collateral Agents shall have no duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture or the Collateral Documents by the Company or any Guarantor. 

Section 7.07 Compensation and Indemnity. 

(a) The Company agrees to pay to the Trustee and each Agent from time to time compensation for their acceptance of this Indenture and services
hereunder pursuant to a written fee 

  
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agreement. The Trustee’s and each Agent’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee and each
Agent promptly upon request for all properly incurred disbursements, advances and expenses incurred or made by them in addition to the compensation for their services. Such expenses will include the properly incurred compensation, disbursements and
expenses of the Trustee’s and each Agent’s respective agents and counsel and other Persons not regularly within their employ. 

(b) The Company agrees to be responsible for and indemnify the Trustee and each Agent and their respective agents, employees, delegates,
employees, officers and directors against any and all losses, liabilities or expenses incurred by them arising out of or in connection with the acceptance or administration of their duties under this Indenture, including the properly incurred fees,
costs and expenses of enforcing this Indenture against the Company and the Parent (including this Section 7.07) and defending themselves against any claim (whether asserted by the Company, the Parent, any Holder or any other Person) or
liability in connection with the exercise or performance of any of their powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to their gross negligence fraud or willful misconduct. 

(c) The obligations of the Company under this Section 7.07 and Section 7.02(j) will survive the satisfaction and discharge of this
Indenture, the redemption or maturity of the Notes, and the resignation or termination of appointment of the Trustee or each Agent. 
 (d)
To secure the Company’s payment obligations in this Section 7.07, the Trustee and each Agent will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of,
premium on, if any, and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) For
purposes of this Section 7.07, “hereunder” shall be deemed to include this Indenture, the Notes, the Note Guarantees and the Collateral Documents. 

(f) If a Default or an Event of Default has occurred or if the Trustee finds it expedient or necessary after attempting to consult with the
Company or is requested by the Company to undertake duties which are of an exceptional nature or otherwise outside the scope of the Trustee’s normal duties under this Indenture, the Company and the Parent will pay such additional remuneration
as they may agree (and which may be calculated by reference to the Trustee’s normal hourly rate or such other rate or fees in place from time to time) or, failing such agreement, as determined by an independent financial institution (acting as
an expert and not as an arbitrator) selected by the Trustee and, prior to the occurrence of an Event of Default that is continuing, also approved by the Company. The properly incurred expenses involved in such nomination and such financial
institution’s properly incurred fees will be paid by the Company and the Parent. The determination of such financial institution will be conclusive and binding on the Company, the Parent, the Trustee and the Holders. 

Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign without giving any reason in writing at any
time by giving 60 days’ notice and be discharged from the trust hereby created by so notifying the Company. The Holders 

  
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of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so providing a 60-day notice to the Trustee and the
Company in writing. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 
 (d) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring
Trustee may, on behalf of and at the expense of, the Company appoint a successor trustee or the retiring trustee, the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of
competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee, after written request by any Holder who has been a
Holder for at least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The retiring Trustee will as soon as reasonably practicable transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in
Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 

Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.10 Eligibility;
Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of
Hong Kong, the United States of America or of any state thereof, the United Kingdom, Mauritius or India) that is authorized under such laws to exercise corporate trustee power. 

  
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 Section 7.11 Rights of Trustee in other roles; Collateral Agents. 

All rights, powers and indemnities contained in this Article 7 shall apply to the Trustee in its other roles hereunder and to the Collateral
Agents, provided, however, that the Collateral Agents are an agent and not a fiduciary. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate,
elect to have either Section 8.02 or 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in the relevant Sections, as the case may be. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Company and the Guarantors (if
any) will, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees if any) on the date the conditions
set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors (if any) will be deemed to have paid and discharged the entire Indebtedness represented by
the outstanding Notes (including the Note Guarantees, if any), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in clauses (a) and (b)
below, and to have satisfied all their other obligations under such Notes, the Note Guarantees (if any) and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same),
except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
  

	 	(a)	the rights of Holders to receive payments in respect of the principal of, or interest or premium, if any, on, such Notes when such payments are due from the trust referred to below; 

 

	 	(b)	the Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and
money for security payments held in trust; 

  

	 	(c)	the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s and the Guarantors’ obligations (if any) in connection therewith; and 

 

	 	(d)	the Legal Defeasance and Covenant Defeasance provisions of this Indenture. 

 Subject to
compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03. 

Section 8.03 Covenant Defeasance. 

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the
Guarantors (if any) will, subject to the satisfaction of the conditions set forth 

  
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in Section 8.04 hereof, be released from their obligations under the covenants contained in Article 4 (other than Sections 4.01, 4.02, 4.05, 4.06, 4.15 (solely with respect to the Parent and
the Company), 4.30 and 4.31), hereof and clauses (3) and (4) of Section 5.01(a) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with
such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that,
with respect to the outstanding Notes and Note Guarantees (if any), the Company and the Guarantors (if any) may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a
Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees (if any) will be unaffected thereby. In addition, upon the Company’s exercise under
Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01 (c), (d) and (f) will not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03: 

(a) the Company must irrevocably deposit with the Trustee (or such other entity designated or appointed (as agent) by it for such purpose), in
trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may
be, and the Company must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 

(b) in the case of an election under Section 8.02, the Company must deliver to the Trustee an Opinion of Counsel confirming that: 

(1) the Company has received from, or there has been published by, the U.S. Internal Revenue Service a ruling; or 

(2) since the Original Issue Date, there has been a change in the applicable U.S. federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred; 

  
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 (c) in the case of an election under Section 8.03, the Company must deliver to the
Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d)
no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit
relating to other Indebtedness) and the granting of Liens securing such borrowing); 
 (e) such Legal Defeasance or Covenant Defeasance will
not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture and any agreements or instruments governing any other Indebtedness being defeased, discharged or replaced) to
which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
 (f) the Company must
deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over the other creditors of the Company with the intent of defeating, hindering, delaying or
defrauding any creditors of the Company or others; and 
 (g) the Company must deliver to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06, all money and non-callable Government Securities (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes will be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of
such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Company will pay and indemnify the Trustee against any tax, fee, cost or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the
Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance. 

  
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 Section 8.06 Repayment to Company. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium
and Additional Amounts if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company)
will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, will thereupon cease. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and any
Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees (if any) will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium and Additional Amounts if any, or interest on, any Note
following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

ARTICLE 9 
 AMENDMENT,
SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders. 

Notwithstanding Section 9.02, the Company, any Guarantor and the Trustee may amend or supplement this Indenture, the Notes, any Note
Guarantee, the Collateral Documents or the Intercreditor Agreement (if any) without the consent of any Holder of Note: 
 (a) to cure any
ambiguity, defect, omission or inconsistency; 
 (b) to provide for certificated Notes in addition to or in place of uncertificated Notes
(provided, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the U.S. Internal Revenue Code of 1986, as amended); 

(c) to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes or the Note Guarantees
by a successor to the Company in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets, as applicable; 

(d) to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights
hereunder of any Holder; 

  
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 (e) to conform the text of this Indenture, the Notes or the Note Guarantees or the
Collateral Documents to any provision of the “Description of the Notes” section of the Offering Memorandum to the extent that such provision in that “Description of the Notes” was intended to be a verbatim recitation of a
provision of this Indenture, the Notes, the Note Guarantees, the Collateral Documents or the Intercreditor Agreement (if any); 
 (f) to
provide for the issuance of Additional Notes in accordance with the covenants set forth in this Indenture; 
 (g) to effect any changes to
this Indenture in a manner necessary to comply with the procedures of the relevant clearing system; 
 (h) to allow a Guarantor to execute a
supplemental indenture and/or a Note Guarantee with respect to the Notes or to release a Guarantor from its Note Guarantee in accordance with the terms of this Indenture; 

(i) to enter into additional or supplemental Collateral Documents or to release Collateral from the Lien of this Indenture or the Collateral
Documents in accordance with the terms of this Indenture; 
 (j) to evidence and provide for the acceptance of appointment by a successor
Trustee or Collateral Agents; or 
 (k) to enter into an Intercreditor Agreement. 

In connection with the matters indicated above, the Trustee shall be entitled to rely absolutely on an Opinion of Counsel and an
Officer’s Certificate to the effect that the entry into such amendment, supplement or waiver is authorized or permitted by this Indenture. 

Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02, the Trustee and the Collateral Agents will join with the Company and the Guarantors (if any) in the execution of any amended or supplemental
indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee and the Collateral Agents will not be obligated to enter into such
amended or supplemental indenture that affects their own rights, duties or immunities under this Indenture or otherwise. 

Section 9.02 With Consent of Holders. 

Except as provided in this Section 9.02, this Indenture, the Notes, any Note Guarantee, the Collateral Documents or the Intercreditor
Agreement (if any) may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including Additional Notes, if any) voting as a single class (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing Default or Event of Default or compliance with any provision of this Indenture, the Notes, any Note Guarantees, the
Collateral Documents or the Intercreditor Agreement (if any) may be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding (including Additional Notes, if any) voting as a single class
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). 

  
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 Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents
described in Section 7.02, the Trustee will join with the Company and the Guarantors (if any) in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its sole discretion, but will not be obligated to, enter into such amended or supplemental indenture. 

It is not necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver under
this Section 9.02 becomes effective, the Company will mail to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver; provided that the foregoing shall not be required if such amendment, supplement or
waiver, or such notice, is filed with the SEC. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to
Sections 6.04 and 6.07, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes or
the Note Guarantees. However, without the consent of each Holder of Notes (including Additional Notes) affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes (including Additional Notes) held by
a non-consenting Holder): 
 (a) reduce the principal amount of Notes whose Holders must consent to
an amendment, supplement or waiver; 
 (b) reduce the principal of or change the fixed maturity of any Note; 

(c) change the redemption date or the redemption price of the Notes from that stated under Section 3.07 or Section 3.10; 

(d) reduce the rate of or change the currency or change the time for payment of interest, including default interest, on any Note; 

(e) waive a Default or an Event of Default in the payment of principal of, or interest or premium, if any, on, the Notes (except a rescission
of acceleration of the Notes by the Holders of a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

(f) reduce the amount payable upon a Change of Control Offer or an Excess Proceeds Repurchase Offer or change the time or manner a Change of
Control Offer or an Excess Proceeds Repurchase Offer may be made or by which the Notes must be repurchased pursuant to a Change of Control Offer or an Excess Proceeds Repurchase Offer, in each case after the obligation to make such Change of Control
Offer or Excess Proceeds Repurchase Offer has arisen; 

  
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 (g) make any change in the provisions of this Indenture relating to waivers of past Defaults
or the rights of Holders to bring suit for the enforcement of any contractual right to payment, on or after the due date expressed in the Notes; 

(h) waive a redemption payment with respect to any Note (other than a payment required by Section 4.10 and Section 4.16); 

(i) release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except as set forth under Section 11.09
and Section 5.01; 
 (j) release any Collateral from the Lien of this Indenture and the Collateral Documents, except as set forth under
Section 10.04; or 
 (k) make any change in the preceding amendment and waiver provisions. 

Section 9.03 Supplemental Indenture. 

Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture. 

Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms
and thereafter binds every Holder. 
 Section 9.05 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.06 Trustee to Sign Amendments, etc. 

The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee; provided that the Trustee has received an Officer’s Certificate and an Opinion of Counsel pursuant to this Article 9. The Company and any Guarantor may not sign an
amended or supplemental indenture until the Board of Directors of the Company and such Guarantor approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01) will be
fully protected in relying upon, in addition to the documents required by Section 13.03, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by
this Indenture. 

  
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 ARTICLE 10 

COLLATERAL AND SECURITY 

Section 10.01 Security. 

The Parent shall, for the benefit of the Holders, charge on a first priority basis (subject to the Permitted Liens) the Capital Stock of the
Company (the “Pari Passu Collateral” and such fixed share charge, the “Pari Passu Collateral Document”), and the Company shall, for the benefit of the Holders, charge on a first priority basis (subject to the
Permitted Liens) funds held in the Escrow Account (the “Notes Collateral”) pursuant to an account charge agreement (the “Notes Collateral Document”). The Pari Passu Collateral and the Notes Collateral together with
any additional collateral provided to secure the Notes and prior to any release thereof pursuant to the terms of this Indenture are the “Collateral”. The Pari Passu Collateral Document and the Notes Collateral Document are collectively the
“Collateral Documents”. 
 The due and punctual payment of the principal of and premium and Additional Amounts, if
any, on the Notes when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest and Additional Amounts (to
the extent permitted by law), if any, on the Notes and performance of all other obligations of the Company to the Holders or the Trustee under this Indenture and the Notes, according to the terms hereunder or thereunder, are secured as provided in
the Collateral Documents which the Company and the Parent, the Trustee, the Note Collateral Agent and the Common Collateral Agent have entered into simultaneously with the execution of this Indenture. Each Holder, by its acceptance of a Note,
consents and agrees to the terms of the Collateral Documents (including, without limitation, the provisions providing for foreclosure and release of the Collateral) as the same may be in effect or may be amended from time to time in accordance with
its terms and authorizes and directs the Collateral Agents to enter into the Collateral Documents and to perform its obligations and exercise its rights thereunder in accordance therewith. The Company and the Parent will deliver to the Trustee
copies of all documents delivered to the Collateral Agents pursuant to the Collateral Documents, and will do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Collateral
Documents, to assure and confirm to the Trustee and the Collateral Agents the security interest in the Collateral contemplated hereby, by the Collateral Documents or any part thereof, as from time to time constituted, so as to render the same
available for the security and benefit of this Indenture and of the Notes secured hereby, according to the intent and purposes herein expressed. The Parent will take, upon request of the Trustee, any and all actions reasonably required to cause the
Collateral Documents to create and maintain, as security for the obligations of the Company hereunder, a valid and enforceable perfected first priority Lien in and on all the Collateral, in favor of the Collateral Agents for the benefit of the
Holders, superior to and prior to the rights of all third Persons and subject to no other Liens than Permitted Liens. 
 Section 10.02
[Reserved]. 
 Section 10.03 Priorities of Proceeds from Enforcement of Security.  

The first-priority liens over the Notes Collateral will be granted to the Notes Collateral Agent. The Notes Collateral Agent, subject to the
Notes Collateral Document and this Indenture, will hold 

  
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such Liens and security interests in the Notes Collateral granted pursuant to the Notes Collateral Document with sole authority as directed by the written instruction of the Trustee to exercise
remedies under the Notes Collateral Document. The Notes Collateral Agent has agreed to act as secured party on behalf of the Holders under the Notes Collateral Document, to follow the instructions provided to it under this Indenture and the Notes
Collateral Document and to carry out certain other duties. 
 The first-priority liens over the Pari Passu Collateral will be granted to the
Common Collateral Agent. The Common Collateral Agent will hold such Liens and security interests in the Pari Passu Collateral granted pursuant to the applicable Pari Passu Collateral Document with sole authority as directed by the written
instruction of the majority of the secured creditors, as defined in the Intercreditor Agreement, to exercise remedies under the Pari Passu Collateral Document. The Common Collateral Agent has agreed to act as secured party on behalf of the Pari
Passu Secured Parties under the Pari Passu Collateral Document, to follow the instructions provided to it under the Intercreditor Agreement and the Pari Passu Collateral Document and to carry out certain other duties. 

The Notes Collateral Agent and/or the Common Collateral Agent (together, the “Collateral Agents”) may decline to foreclose on the
Notes Collateral or the Pari Passu Collateral, as the case may be, or exercise remedies available if it does not receive indemnification and/or security and/or pre-funding to its satisfaction. In addition, the
Collateral Agents’ ability to foreclose on the Collateral may be subject to lack of perfection, the consent of third parties, prior Liens and practical problems associated with the realization of the Collateral Agents’ Liens on the Notes
Collateral and/or the Pari Passu Collateral, as the case may be. None of the Collateral Agents nor the Trustee, nor any of their respective officers, directors, employees, attorneys or agents will be responsible or liable for the existence,
genuineness, value, adequacy or protection of the Notes Collateral and/or the Pari Passu Collateral, for the legality, enforceability, effectiveness or sufficiency of the Notes Collateral Document or the Pari Passu Collateral Document, for the
creation, perfection, priority, sufficiency or protection of any of the Liens, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the Liens or the
Notes Collateral Document or the Pari Passu Collateral Document, as the case may be, or any delay in doing so. 
 Each of this Indenture,
the Notes Collateral Document and the Pari Passu Collateral Document provides that the Company and the Parent will be jointly and severally responsible for and indemnify the Collateral Agents and the Trustee for all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind imposed against each of the Collateral Agents arising out of the Notes Collateral Document and the Pari Passu Collateral Document except to the extent that
any of the foregoing are finally judicially determined to have resulted from the gross negligence or willful misconduct of the relevant Collateral Agent. 

(a) All payments received and all amounts held by the Notes Collateral Agent in respect of the Notes Collateral under the Notes Collateral
Document will be applied as follows: 
 first, to the Trustee, the Notes Collateral Agent, the Agents and to the extent necessary to
reimburse the Trustee, the Notes Collateral Agent and the Agents for their respective unpaid fees, costs and expenses incurred in connection with this Indenture and the Notes Collateral Document and the collection or distribution of such amounts
held or realized or in connection with fees, costs and expenses incurred (including, fees and expenses of legal counsel) in enforcing its remedies under the Notes Collateral Document and preserving the Notes Collateral and all amounts for which the
Trustee, the Notes Collateral Agent and the Agents are entitled to indemnification under the Notes Collateral Document and this Indenture;  

  
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 second, to the Trustee for the benefit of Holders; and  

third, any surplus remaining after such payments will be paid to the Company or to whomever may be lawfully entitled thereto. 

 (b) All payments received and all amounts held by the Common Collateral Agent in respect of the Pari Passu Collateral under the Pari
Passu Collateral Document will, in accordance with the terms of the Intercreditor Agreement, be applied as follows: 
 first, to the
Trustee, the Common Collateral Agent, the Agents and to the extent applicable, any representative of holders of any Permitted Pari Passu Secured Indebtedness, to the extent necessary to reimburse the Trustee, the Common Collateral Agent, the Agents
and any such representative for any unpaid fees, costs and expenses incurred in connection with the collection or distribution of such amounts held or realized or in connection with expenses incurred in enforcing its remedies under the Pari Passu
Collateral Document and preserving the Pari Passu Collateral and all amounts for which the Trustee, the Common Collateral Agent, the Agents and any such representative are entitled to indemnification under the Collateral Documents and the
Intercreditor Agreement;  
 second, on a pro rata and pari passu basis to the counterparties under Hedging Obligations
Incurred by the Company under Section 4.09(b)(5) of the definition of Permitted Indebtedness; 
 third, to the Trustee for the
benefit of Holders and, to the extent applicable, holders of any Permitted Pari Passu Secured Indebtedness (or their representative) on a pro rata and pari passu basis; and 

fourth, any surplus remaining after such payments will be paid to the Company or whomever may be lawfully entitled thereto. 

 Section 10.04 Release of Collateral. 

(a) The Liens created by this Indenture and the Collateral Documents will be released upon (1) the full and final payment and performance
of the Obligations of the Company under this Indenture and the Notes, (2) legal or covenant defeasance pursuant to Article 8 or discharge of this Indenture in accordance with Article 12 or (3) in the case of the release of the Lien over
the Escrow Account, in accordance with Section 4.28. 
 (b) The Trustee shall, if so requested by the Parent, authorize the Collateral
Agents to execute, deliver or acknowledge any necessary or proper instruments of termination, satisfy or release to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Collateral Documents. 

(c) At any time when a Default or an Event of Default has occurred and is continuing and the maturity of the Notes has been accelerated
(whether by declaration or otherwise) and the Trustee has delivered a notice of acceleration to the Collateral Agents: 
 (1)
all rights of the Parent and the Company to receive all or claim payment of cash dividends, interest and other payments made upon or with respect to the Collateral will cease and such cash dividends, interest and other payments will be paid to the
Notes Collateral Agent or the Common Collateral Agent, as applicable; 

  
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 (2) all voting or other consensual rights pertaining to the Collateral will
become vested solely in the Notes Collateral Agent or the Common Collateral Agent, as applicable, and the right of the Parent and the Company to exercise any such voting and consensual rights will cease; and 

(3) the Notes Collateral Agent or the Common Collateral Agent, as applicable, may distribute or sell the Collateral or any part
of the Collateral in accordance with the terms of the Collateral Documents, subject to the provisions of applicable law. The Notes Collateral Agent in accordance with the provisions of this Indenture will distribute all funds distributed under the
Notes Collateral Documents in connection with the Notes Collateral. The Common Collateral Agent in accordance with the Intercreditor Agreement will distribute all funds distributed under the Collateral Documents in connection with the Pari Passu
Collateral and received by the Common Collateral Agent for the benefit of the Permitted Pari Passu Secured Indebtedness creditors and the Holders. 

(d) The release of the Collateral from the terms of this Indenture and the Collateral Documents will not be deemed to impair the security
under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms of the Collateral Documents. 

Section 10.05 Certificate of the Parent. 

The Parent shall furnish to the Collateral Agents and the Trustee on or prior to any proposed releases of Collateral by the Parent an
Officer’s Certificate certifying and an Opinion of Counsel stating that such release shall comply with the terms of this Indenture, the Intercreditor Agreement, if any, and the relevant Collateral Documents. For the avoidance of doubt, the
release of funds from the Escrow Account is not a release of Collateral notwithstanding that such released funds will not be subject to any security interest under the Notes Collateral Document upon such release from the Escrow Account. 

Section 10.06 Certificates of the Trustee. 

In the event that the Company wishes to release the Collateral in accordance with the Collateral Documents and has delivered the certificates
and documents required by the Collateral Documents and Sections 10.04, 10.05 and 10.06 to the Trustee, the Trustee will based on such certification and, if applicable, the Opinion of Counsel delivered pursuant to Section 10.05, will instruct
the Collateral Agents to release the Collateral. 
 Section 10.07 Authorization of Actions to Be Taken by the Trustee Under the
Collateral Documents. 
 Subject to the provisions of Section 7.01 and 7.02, the Trustee may, in its sole discretion and without the
consent of the Holders, direct, on behalf of the Holders, the Collateral Agents to, take all actions it deems necessary or appropriate in order to: 

(a) enforce any of the terms of the Collateral Documents; and 

  
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 (b) collect and receive any and all amounts payable in respect of the obligations of the
Company hereunder. 
 The Trustee will have power to institute and maintain such suits and proceedings as it may deem expedient to prevent
any impairment of the Collateral by any acts that may be unlawful or in violation of the Collateral Documents or this Indenture, and such suits and proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests
of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or
otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or of the Trustee). 

Section 10.08 Authorization of Receipt of Funds by the Trustee Under the Collateral Documents. 

The Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral Documents, and to make further
distributions of such funds to the Holders according to the provisions of this Indenture. 
 Section 10.09 Termination of Security
Interest. 
 (a) Upon the payment in full of all Obligations of the Company under this Indenture and the Notes, or upon Legal Defeasance,
Covenant Defeasance or a satisfaction and discharge pursuant to Article 12, the Trustee will, at the request of the Company, deliver a certificate to the Collateral Agents stating that such Obligations have been paid in full, and instruct the
Collateral Agents to release the Liens pursuant to this Indenture and the Collateral Documents. 
 (b) Upon the Notes Collateral Agent
having distributed all of the amounts in the Escrow Account; or if the amounts in the Escrow Account is not credited to or received in accordance with the Notes Collateral Document and Section 3.08 and 4.28, the Notes Collateral Agent shall be
discharged from all duties and liabilities and all security interest created in favor of such Escrow Account shall be terminated. 

Section 10.10 Certain Rights of Collateral Agents. 

(a) The Collateral Agents’ duties under the respective Collateral Documents are solely mechanical and administrative in nature. The
Collateral Agents shall have no other duties save as expressly provided for in the respective Collateral Documents and this Indenture. 

(b) The Collateral Agents may act in relation to the Collateral Documents, respectively, through their Affiliates, officers, employees and
agents and the Collateral Agents shall not be liable for any error of judgment made by any such person. 
 (c) The Collateral Agents are not
obliged to do or omit to do anything if it would or might in their opinion constitute a breach of any law or duty of confidentiality. 

  
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 (d) The Collateral Agents are not responsible for the adequacy, accuracy and/or completeness
of any information supplied by the Parent, or the Company or any other person, as applicable, given in or in connection with the Collateral Documents. 

(e) The Collateral Agents shall not be bound to enquire: 

(1) whether or not any Default or Event of Default has occurred; 

(2) as to the performance, default or any breach by any party of its obligations under any of the Collateral Documents; or 

(3) whether any other event specified in any of the Collateral Documents has occurred. 

(f) The Collateral Agents shall not be liable for any cost, loss or liability incurred by any person as a consequence of the Collateral Agents
having taken or having omitted to take any action under or in connection with the respective Collateral Documents to which they are a party to, unless directly caused by the Collateral Agents’ gross negligence or willful misconduct; or 

(g) The Collateral Agents shall not be liable for any failure to: 

(1) require the deposit with it of any deed or document certifying, representing or constituting the title of the Parent in
respect of the Pari Passu Collateral; 
 (2) obtain any license, consent or other authority for the execution, delivery,
legality, validity, enforceability or admissibility in evidence of any of the Collateral Documents; 
 (3) register, file or
record or otherwise protect any of the Pari Passu Collateral or the Note Collateral, as the case may be, created under any of the Collateral Documents under any applicable laws in any jurisdiction or to give notice to any person of the execution of
any of the Collateral Documents; 
 (4) take any steps to perfect its title to any of the Pari Passu Collateral or the Note
Collateral, as applicable, or to render the security effective or to secure the creation of any ancillary security under the laws of any jurisdiction; or 

(5) require any further assurances in relation to any of the Collateral Documents. 

(h) The Collateral Agents shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that the
Parent or the Company may have to the Pari Passu Collateral or the Notes Collateral, respectively, and shall not be liable for or bound to require the Parent or the Company, as the case may be, to remedy any defect in its right or title. 

(i) The Collateral Agents may delegate by power of attorney or otherwise to any person all or any of the rights, powers and discretions vested
in them by the Collateral Documents. The Collateral Agents shall not be bound to monitor or supervise, or be in any way responsible for any loss incurred by reason of any acts, omissions, misconduct or default on the part of any such delegate or sub-delegate selected with due care. 

  
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 (j) The Collateral Agents are not responsible for and will make no investigation as to the
title, ownership, value, sufficiency or existence of the Collateral. 
 (k) The Collateral Agents are not responsible for and will make no
investigation as to the existence, accuracy or sufficiency of any legal or other opinions, searches, reports, certificates, valuations or investigations given or required in connection with the Collateral. 

(l) The Collateral Agents are not responsible for the creditworthiness or solvency of the Parent or the Company. 

(m) The Collateral Agents shall have no obligation or duty to monitor, supervise, determine or inquire as to the performance (financial or
otherwise) of the Parent or the Company, or the Parent’s or the Company’s performance of, or failure to perform, the obligations, duties and covenants set forth in any of the Collateral Documents. 

(n) The Collateral Agents are entitled to seek directions as to the exercise of any of their powers from the Trustee and to seek clarification
of any instruction previously given and shall incur no liability for any action they take or refrains from taking in accordance with the directions of the Trustee. The Collateral Agents are entitled to refrain from acting if they receive unclear,
inconsistent or conflicting instructions. 
 (o) Nothing in the Collateral Documents shall be construed to relieve the Collateral Agents
from liability for their own fraud, gross negligence or willful misconduct. 
 (p) The Company and the Parent agree to jointly and severally
pay to the Collateral Agents from time to time compensation for their acceptance of this Indenture and of the Collateral Documents and services under this Indenture and the Collateral Documents pursuant to a written fee agreement. The Collateral
Agents’ compensation will not be limited by any law on compensation of a trustee of an express trust. The Company and the Parent will jointly and severally reimburse the Collateral Agents promptly upon request for all properly incurred
disbursements, advances and expenses incurred or made by them in addition to the compensation for their services. Such expenses will include the properly incurred compensation, disbursements and expenses of the Collateral Agents’ agents,
counsel and other Persons not regularly within their employ. 
 (q) The Company and the Parent agree to be jointly and severally responsible
for and indemnify the Collateral Agents and their respective agents, employees, delegates, employees, officers and directors against any and all losses, liabilities or expenses incurred by them arising out of or in connection with the acceptance or
administration of their duties under this Indenture and the Collateral Documents, including the properly incurred fees, costs and expenses of enforcing the Collateral Documents against the Company and the Parent and defending themselves against any
claim (whether asserted by the Company, the Parent, any Holder or any other Person) or liability in connection with the exercise or performance of any of their powers or duties thereunder, except to the extent any such loss, liability or expense may
be attributable to their gross negligence fraud or willful misconduct. 
 (r) The obligations of the Company and the Parent under Sections
10.10(p) to (s) and Section 7.02(j) will survive the satisfaction and discharge of this Indenture, the redemption or maturity of the Notes, and the resignation or termination of appointment of the Collateral Agents. 

  
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 (s) To secure the Company’s and the Parent’s payment obligations in Sections
10.10(p) to (s), the Collateral Agents will have a Lien prior to the Notes on all money or property held or collected by the Collateral Agents, except that held in trust to pay principal of, premium on, if any, and interest on particular Notes. Such
Lien will survive the satisfaction and discharge of this Indenture. 
 Any Notes Collateral Agent or Common Collateral Agent may at any time resign by
giving written notice of its resignation but without giving any reason to the Company and the Trustee and specifying the date on which its resignation shall become effective; provided that such date shall be at least 60 days after the date on
which such notice is given unless the Company agrees to accept shorter notice. Upon receiving such notice of resignation, if required by this Indenture, the Company shall promptly appoint a successor collateral agent by written instrument
substantially in the form hereof in triplicate signed on behalf of the Company, one copy of which shall be delivered to the resigning Notes Collateral Agent and/or Common Collateral Agent, one copy to the successor collateral agent and one copy to
the Trustee. Upon the effectiveness of the appointment of a successor collateral agent, the retired Notes Collateral Agent and/or Common Collateral Agent shall have no further obligations under this Indenture. 

If no successor is appointed by the Company within 30 days of the resignation of the Notes Collateral Agent and/or Common Collateral Agent, (i) the
retiring Notes Collateral Agent and/or Common Collateral Agent may, on behalf of and at the expenses of the Company, appoint its successor or (ii) the retiring Notes Collateral Agent and/or Common Collateral Agent or the Company may petition
any court of competent jurisdiction for the appointment of a successor collateral agent. 
 ARTICLE 11 

NOTE GUARANTEES 

Section 11.01 Guarantee. 

(a) Each Guarantor (whether originally a signatory hereto or that is added pursuant to a supplemental indenture hereafter) fully and
unconditionally and jointly and severally guarantees to each Holder and to the Trustee (1) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all payment obligations of the
Company under this Indenture (including obligations to the Trustee) and the Notes, whether for payment of principal of, interest, premium or Additional Amounts, if any, on the Notes and all other monetary obligations of the Company under this
Indenture and the Notes within applicable grace periods and (2) the full and punctual performance within applicable grace periods of all other obligations of the Company whether for fees, expenses, indemnification or otherwise under this
Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without
notice or further assent from such Guarantor, and that such Guarantor shall remain bound under this Article 11 notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b) Each Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed Obligations and also
waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (1) the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Notes or any other agreement or otherwise; (2) any extension or renewal of any thereof; (3) any
rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (4) the failure of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the
Guaranteed Obligations; or (5) any change in the ownership of any Guarantor. 

  
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 (c) Each Guarantor hereby waives any right to which it may be entitled to have the assets of
the Company first be used and depleted as payment of the Company’s or their obligations hereunder prior to any amounts being claimed from or paid by such Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to
require that the Company be sued prior to an action being initiated against such Guarantor. 
 (d) Each Guarantor further agrees that its
Note Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of
the Guaranteed Obligations. 
 (e) Except as expressly set forth in Sections 8.02 and 11.02, the obligations of each Guarantor hereunder
shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or
termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or
impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default,
failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Guarantor or would
otherwise operate as a discharge of such Guarantor as a matter of law or equity. 
 (f) Except as expressly set forth in Sections 8.02 and
11.09, each Guarantor agrees that its Note Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations. Each Guarantor further agrees that its Note Guarantee herein shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of
the Company or otherwise. 
 (g) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee
has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by
redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the
Trustee an amount equal to the sum of (1) the unpaid principal amount of such Guaranteed Obligations, (2) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (3) all other
monetary obligations of the Company to the Holders and the Trustee. 
 (h) Each Guarantor further agrees that, as between it, on the one
hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of any Note Guarantee herein, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such
Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section 11.01. 

  
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 (i) Each Guarantor also agrees to pay any and all costs and expenses (including
attorneys’ fees and expenses) incurred by the Trustee in enforcing any rights under this Section 11.01. 
 Upon request of the
Trustee, each Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 11.02 Limitation on Liability. 

Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed
hereunder by each Guarantor shall not exceed the maximum amount that can be hereby guaranteed by such Guarantor without rendering the Note Guarantee voidable under applicable law relating to fraudulent conveyance. 

Section 11.03 Successors and Assigns. 

This Article 11 shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and
assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and
be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 Section 11.04 No Waiver.

 Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this
Article 11 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly
specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 11 at law, in equity, by statute or otherwise. 

Section 11.05 Subrogation. 

Upon making any payment with respect to any obligation of the Company under this Article, the Guarantor will be subrogated to the rights of the
payee against the Company with respect to such obligation. 
 Section 11.06 Modification. 

No modification, amendment or waiver of any provision of this Article 11, nor the consent to any departure by any Guarantor therefrom, shall in
any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in
any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

  
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 Section 11.07 Execution of Supplemental Indenture for Future Guarantors. 

The Parent and the Company shall cause each Restricted Subsidiary which is required to become a Guarantor pursuant to Section 4.23 to
promptly execute and deliver to the Trustee a supplemental indenture in the form attached as Exhibit D pursuant to which such Restricted Subsidiary shall become a Guarantor under this Article 11 and shall guarantee the Guaranteed Obligations.
Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee an Opinion of Counsel and an Officer’s Certificate to the effect that such supplemental indenture has been duly authorized,
executed and delivered by such Restricted Subsidiary and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights generally and to the
principles of equity, whether considered in a proceeding at law or in equity, the Note Guarantee of such Guarantor is a legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms and or to
such other matters as the Trustee may reasonably request. 
 Section 11.08
Non-Impairment. 
 The failure to endorse a Note Guarantee on any Note shall not affect or
impair the validity thereof. 
 Section 11.09 Releases. 

(a) The Note Guarantees will be released and discharged upon any of the following events: 

(1) repayment in full of the Notes; 

(2) Legal Defeasance or Covenant Defeasance in accordance with Article 8 or satisfaction and discharge of this Indenture
in accordance with Article 12; 
 (3) solely in the case of a Note Guarantee created pursuant to Section 4.21, the
release or discharge of the Guarantee that resulted in the creation of such Note Guarantee pursuant to this Article 11 except a discharge or release by or as a result of payment under such Guarantee; and 

(4) solely in the case of the Note Guarantee of the Parent, confirmation in an Officer’s Certificate of the Parent
delivered to the Trustee that the Company is able to incur at least US$1.00 of Indebtedness under the proviso in clause (a) of Section 4.09 (any such release of the Note Guarantee of the Parent pursuant to this clause (4), an
“Early Parent Guarantee Release”) . 
 (b) No release and discharge of a Guarantor from its Note Guarantee shall be
effective against the Trustee, any Agent or the Holders until the Company shall have delivered to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture and the Collateral Documents (other than
in the case of the release of the Note Guarantee of the Parent pursuant to clause (a)(4) above) relating to such release and discharge have been complied with and that such release and discharge is authorized and permitted under this Indenture and
the Collateral Documents (other than in the case of the release of the Note Guarantee of the Parent pursuant to clause (a)(4) above). At the request and expense of the Company, the Trustee shall execute and deliver an instrument evidencing such
release and discharge and do all such other acts and things necessary to release the Guarantor from its obligations hereunder. 

  
 113 

 ARTICLE 12 

SATISFACTION AND DISCHARGE 

Section 12.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(a) either: 

(1) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Paying Agent for cancellation; or 

(2) all Notes that have not been delivered to the Paying Agent for cancellation have become due and payable by reason of
the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee (or such other entity designated or appointed (as
agent) by it for such purpose) as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Paying
Agent for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 
 (b) the deposit
will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound (other than with respect to the borrowing of funds to
be applied concurrently to make the deposit required to effect such satisfaction and discharge or any similar concurrent deposit relating to other Indebtedness, and in each case the granting of Liens to secure such borrowings); 

(c) the Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 

(d) the Company has delivered written irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the
payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Company must deliver an Officer’s
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to sub clause
(2) of clause (a) of this Section 12.01, the provisions of Sections 12.02 and 8.06 will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.07, that, by their terms,
survive the satisfaction and discharge of this Indenture. 

  
 114 

 Section 12.02 Application of Trust Money. 

Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant to Section 12.01 shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal and premium and Additional Amounts, if any, and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by
law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with this Section 12.02 by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01; provided that if the Company has made any payment of principal of, premium, if any, or interest on, any Notes because of
the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 13 
 MISCELLANEOUS

 Section 13.01 Notices. 

Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in person or
by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Company or any Guarantor: 

Azure Power Energy Ltd 
 AAA
Global Services Ltd 
 1st Floor, The Exchange 

18 Cybercity, Ebene 
 Mauritius
(Fax: +230 454 3202 
 Attention: Mr. Eric Ng, Director 

If to the Trustee: 
 Citicorp
International Limited 
 39/F, Champion Tower 

3 Garden Road 
 Central 

Facsimile No.: +852 2323 0279 

Attention: Agency & Trust 

  
 115 

 The Company, any Guarantor or the Trustee, by notice to the others, may designate additional
or different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will
be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or
communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a
notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 If a notice or
communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 

Section 13.02 [Reserved]. 

Section 13.03 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 13.04) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 13.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 13.04 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

(a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

  
 116 

 (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied. 
 Section 13.05 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 13.06 No Personal Liability of Incorporators, Promoters, Directors, Officers,
Employees and Stockholders. 
 No incorporator, promoter, director, officer, employee or stockholder of the Company or the Parent, as
such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, any Note Guarantee, the Collateral Documents or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under U.S. federal securities
laws. 
 Section 13.07 Governing Law. 

The laws of the State of New York will govern and be used to construe this Indenture, the Notes and the Note Guarantees. 

Section 13.08 Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company, the Parent or any other Restricted
Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 13.09 Successors. 

All agreements of the Company in this Indenture and the Notes will bind its respective successors. All agreements of the Trustee in this
Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.05. 

Section 13.10 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 Section 13.11 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. The exchange of signature pages of this Indenture by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original executed Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
 117 

 Section 13.12 Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 13.13 Patriot Act. 

The parties hereto acknowledge that in order to help the United States government fight the funding of terrorism and money laundering
activities, Section 326 of the USA PATRIOT Act which became effective on October 1, 2003 requires all financial institutions to obtain, verify, record and update information that identifies each person establishing a relationship or
opening an account with such financial institution. The parties hereto agree that they will provide to the Agents such information as they may request, from time to time, in order for the Agents to satisfy the requirements of the USA PATRIOT Act,
including but not limited to the name, address, tax identification number, if any, and other information that will allow it to identify the individual or entity who is establishing the relationship or opening the account and may also ask for
formation documents such as articles of incorporation or other identifying documents to be provided. 
 Section 13.14 Submission to
Jurisdiction; Waiver of Jury Trial. 
 The Company and each Guarantor hereby submit to the
non-exclusive jurisdiction of the federal and state courts in the borough of Manhattan in the city of New York in any suit or proceeding arising out of or relating to this Indenture or the transactions
contemplated hereby. The Company and each Guarantor irrevocably and unconditionally waive any objection to the laying of venue of any suit or proceeding arising out of or relating to this Indenture, the Note Guarantees, the Notes and any of the
transactions contemplated hereby or thereby in federal and state courts in the borough of Manhattan in the city of New York and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit or proceeding
in any such court has been brought in an inconvenient forum. The Company and each Guarantor irrevocably appoint COGENCY GLOBAL INC., located 10 E. 40th Street, 10th floor, New York, New York 10016 as its authorized agent in the borough of Manhattan
in the city of New York upon which process may be served in any such suit or proceeding, and agrees that service of process upon such agent, and written notice of said service to the company by the person serving the same to the address provided in
Section 13.01, shall be deemed in every respect effective service of process upon the company or any guarantor, as the case may be, in any such suit or proceeding. The Company and each Guarantor further agree to take any and all action as may
be necessary to maintain such designation and appointment of such agent in full force and effect so long as the Notes are outstanding. Nothing herein shall affect the right of the Trustee or any Holder of the notes to serve process in any other
manner permitted by law or to commence legal proceedings or otherwise proceed against the Company or the Guarantors in any other jurisdiction. 

Each party hereto hereby waives its rights to a jury trial of any claim or cause of action based upon or arising out of this Indenture, the
Notes, the Note Guarantees, or the transactions contemplated hereby or thereby. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that
relate to the subject matter of this transaction, including, without limitation, contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. This Section 13.14 has been fully discussed by each of the
parties hereto and these provisions shall not be subject to any exceptions. Each party hereto hereby further warrants and represents that such party has reviewed this waiver with its legal counsel, and that such party knowingly and voluntarily

  
 118 

 
waives its jury trial rights following consultation with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in writing, and this waiver shall apply to
any subsequent amendments, supplements or modifications to (or assignments of) this Indenture. In the event of litigation, this Indenture may be filed as a written consent to a trial (without a jury) by the court. 

To the extent that either the Company or the Parent has or hereafter may acquire any sovereign or other immunity from jurisdiction of any
court or from any legal process with respect to itself or its property, each of the Company and the Parent irrevocably waives such immunity in respect of its obligations hereunder or under any Note, any Note Guarantee or any Collateral Document, as
applicable. 
 [Signatures on following page] 

  
 119 

 Dated as of August 3, 2017 

 

			
	AZURE POWER ENERGY LTD
	as the Company
		
	By:	 	 

  

	Name:	 	Muhammad Khalid Peyrye
	Title:	 	Director

 [Signature Page to Indenture] 

 
			
	 AZURE POWER GLOBAL LIMITED 

as the Parent

		
	By:	 	 

  

	Name:	 	Rajesh Puri
	Title:	 	Authorised Signatory

 [Signature Page to Indenture] 

 
			
	CITICORP INTERNATIONAL LIMITED
	as Trustee, Common Collateral Agent and
	Notes Collateral Agent
		
	By:	 	 

  

	Name:	 	Edward Kin Wing Chiu
	Title:	 	Vice President

 [Signature Page to Indenture] 

 EXHIBIT A 

[Face of Note] 
  

 

			
		  	CUSIP:
                                         

		
		  	ISIN:                                     
         
		
		  	Common Code:                             

 5.50% Senior Notes due 2022 
  

			
	No.    	  	US$                    

Azure Power Energy Ltd promises to pay to Cede & Co or its registered assigns the principal sum of
                     U.S. DOLLARS on November 3, 2022. 

Interest Payment Dates: May 3 and November 3 
 Record
Dates: April 19 and October 20 
 Dated: August 3, 2017 

IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by the duly authorized officer referred to below. 

					
	 Dated:
                    
	 		 	
		
		 	AZURE POWER ENERGY LTD, as Company
			
		 	 By:
	 	  

		 	 Name:
	 	

  
  

 Certificate of Authentication 

This is one of the Notes referred to in the within-mentioned Indenture. 

Dated:                      

Citicorp International Limited, 
 As Trustee 

			
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 [Back of Note] 

5.50% Senior Notes due 2022 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the
provisions of the Indenture] 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 (1) INTEREST. Azure Power Energy Ltd, a company with limited liability incorporated
under the laws of Mauritius (the “Company”), promises to pay interest on the principal amount of this Note at 5.50% per annum from August 3, 2017 until maturity. The Company will pay interest semiannually in arrears on
May 3 and November 3 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be May 3, 2018. The Company will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect to the extent lawful; it will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.  

(2) METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the Holders of record
at the close of business on April 19 or October 20 immediately preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional Amounts if any, and interest at the office or agency of the Company maintained for such purpose within or
without the City and State of New York, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders or by wire transfer; provided that payment by
wire transfer of immediately available funds will be required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying
Agent and provided further that interest payable on the Notes held through DTC will be available to DTC participants on the Business Day following the payment thereof. Such payment will be in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts.  
 (3) PAYING AGENT AND
REGISTRAR. Citibank, N.A., London Branch will act as initial Paying Agent, Transfer Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company, the Parent or any other Restricted
Subsidiaries may act in any such capacity.  
 (4) INDENTURE AND COLLATERAL DOCUMENTS. The Company issued the
Notes under an Indenture dated as of August 3, 2017 (the “Indenture”) among the Company, the Parent, the Trustee and the Collateral Agents. The terms of the Notes include those stated in the 

 
Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Notes are secured obligations of the Company. The Notes are secured by the Pari Passu Collateral and the Notes Collateral pursuant to the Collateral Documents referred to in the
Indenture. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.  
 (5) OPTIONAL
REDEMPTION. 
 (a) At any time prior to August 3, 2020, upon not less than 30 nor more than 60 days’ prior
notice the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture at a redemption price of 105.500% of the principal amount thereof, plus accrued and unpaid interest (if any)
to (but not including) the redemption date, with the net cash proceeds of one or more sales of the Capital Stock of the Parent in an Equity Offering; provided that: 

(1) at least 65% of the aggregate principal amount of Notes issued on the Original Issue Date (excluding Notes held by the
Parent or its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
 (2) the
redemption occurs within 90 days of the date of the closing of such Equity Offering. 
 (b) At any time prior to
August 3, 2020, upon not less than 30 nor more than 60 days’ prior notice the Company may on any one or more occasions redeem all or any portion of the Notes, at a redemption price equal to 100% of the principal amount of the Notes
redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to (but not including), the redemption date, subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment
Date. Neither the Trustee nor any of the Agents shall be responsible for verifying or calculating the Applicable Premium. 

(c) On or after August 3, 2020, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60
days’ prior notice, the Company may redeem all or a part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the Notes redeemed to (but not including)
the applicable redemption date, if redeemed during the twelve-month period beginning on August 3 of the years indicated below, subject to the rights of Holders on the relevant Record Date to receive interest on the relevant Interest Payment
Date: 
  

					
	 Year
	  	Percentage	 
	 2020
	  	 	102.750	% 
	 2021
	  	 	101.375	% 
	 2022 and thereafter
	  	 	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 In connection with any redemption of
Notes pursuant to Section 3.07 of the Indenture any such redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or
more conditions precedent, such notice may state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. 

 (6) MANDATORY REDEMPTION. 

If on the SMR Measurement Date any debt of the Restricted Subsidiaries intended to be refinanced with the proceeds of the Notes
remains outstanding, the Company will be required to redeem Notes (a “Special Mandatory Redemption”), at a redemption price of 101% of their principal amount plus accrued and unpaid interest to (but not including) the redemption
date (the “Special Mandatory Redemption Price”) in the circumstances and on the basis set forth below: 

(1) if the total aggregate principal amount of Rupee Debt Incurred by the Restricted Subsidiaries and subscribed for or
loaned by the Company is less than or equal to 80% of the aggregate principal amount of the Notes originally issued (the “Total Mandatory Redemption Threshold”), the Company will be required to redeem all of the Notes then
outstanding at the Special Mandatory Redemption Price; and 
 (2) if the total aggregate principal amount of Rupee Debt
Incurred by the Restricted Subsidiaries and subscribed for or loaned by the Company is more than the Total Mandatory Redemption Threshold but less than the aggregate total principal amount of the Notes originally issued, the Company will be required
to use the amounts remaining in the Escrow Account to redeem Notes on a pro rata basis at the Special Mandatory Redemption Price. 

If any Notes are to be redeemed as set forth above, the Company will issue, or cause to be issued, to the Notes Collateral
Agent (with a copy to the Trustee) a notice of Special Mandatory Redemption not later than two Business Days after the SMR Measurement Date and the redemption date shall be no earlier than 30 calendar days and no later than 40 calendar days
following the date of such notice. In addition, no later than two Business Days after the SMR Measurement Date, the Company shall also deliver to the Notes Collateral Agent, with a copy to the Trustee, an officer’s certificate setting forth
(i) the calculation of the amount of Escrow Funds, including interest and proceeds from the sale of Temporary Cash Equivalents, on deposit in the Escrow Account and (ii) the calculation of the Special Mandatory Redemption Price payable on
the date of the Special Mandatory Redemption (the “Certificate of Redemption Calculations”). If, in connection with a redemption of all the Notes, such Certificate of Redemption Calculations reveals that the amount of cash that is
available in the Escrow Account is insufficient to pay the Special Mandatory Redemption Price, then the Company shall, within one Business Day after delivery of such certificate to the Notes Collateral Agent, deposit directly into the Escrow Account
Bank an amount of cash that, without reinvestment, is equal to the amount of such shortfall (the “Shortfall Amounts”). To the extent that the proceeds realized by the Company from liquidating the Temporary Cash Equivalents are less
than the market value thereof as set forth in the Certificate of Redemption Calculations and this gives rise to a shortfall, the Company shall promptly, but in any event within one Business Day deposit cash in an amount that, without reinvestment,
is equal to the amount of the Shortfall Amounts. 
 Any notice of redemption pursuant to this Section 6 shall be in the
form set forth in Section 3.03 of the Indenture. 
 (7) REPURCHASE AT THE OPTION OF HOLDER. 

(1) If a Change of Control Triggering Event occurs, each Holder will have the right to require the Company to repurchase all or
any part (equal to US$200,000 or an integral multiple of US$1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of 

 
the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to (but not including) the date of purchase (subject to the rights of
Holders on the relevant record date to receive interest due on the relevant Interest Payment Date) (the “Change of Control Payment”), except to the extent that the Company has previously or concurrently elected to redeem the Notes
pursuant to Section 5 hereof. Within ten days following any Change of Control Triggering Event, the Company will mail a notice to each Holder, with a copy to the Trustee and Registrar describing the transaction or transactions that constitute
the Change of Control and setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(2) If the Company or any other Restricted Subsidiary consummates any Asset Sales, within ten days of each date on which the
aggregate amount of Excess Proceeds exceeds $5.0 million, the Company will commence an offer to all Holders and all Holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the
Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of Notes and any pari
passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon to (but not including) the date of purchase in
accordance with the procedures set forth in the Indenture. If the aggregate principal amount of Notes and such pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and such other pari
passu Indebtedness will be purchased on a pro rata basis. Any remaining proceeds after such Excess Proceeds Repurchase Offer may be used for any purpose not otherwise prohibited under the Indenture. Holders that are the subject of an offer to
purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 

(8) NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes
or a satisfaction or discharge of the Indenture. Notes in denominations larger than US$200,000 may be redeemed in part but only in integral multiples of US$1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. 

 (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in minimum denominations of
US$200,000 and integral multiples of US$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. Holders shall furnish appropriate endorsements and transfer documents in connection
with a transfer of Notes to the Trustee and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company will not be required to exchange or register the transfer of any Note or portion of a
Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company will not be required to exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be
redeemed or during the period between a record date and the corresponding Interest Payment Date.  
 (10) PERSONS
DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.  

 (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions,
the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a majority in aggregate principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee
may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency, or make other changes that do not adversely affect the rights of any Holder. 

(12) DEFAULTS AND REMEDIES. If an Event of Default, as defined in the Indenture, occurs and is continuing, the Holders
of at least 25% in aggregate principal amount of the Notes then outstanding may by written notice to the Issuer and to the Trustee, or the Trustee at the written request of such Holders shall (subject to being indemnified and/or secured and/or
prefunded to its satisfaction), declare the principal of, premium and Additional Amounts, if any, and accrued and unpaid interest on all the Notes to be immediately due and payable. If a bankruptcy or insolvency default with respect to the Company
or any other Restricted Subsidiaries occurs and is continuing, the Notes automatically become immediately due and payable. Holders may not enforce any Indenture or the Notes except as provided in the Indenture. The Trustee may require security
and/or indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the Notes then outstanding may direct the Trustee in its exercise of
remedies.  
 (13) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may
make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.  

(14) NO RECOURSE AGAINST OTHERS. No incorporator, promoter, director, officer, employee or stockholder of the Company or
the Parent, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, any Note Guarantee, the Collateral Documents or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under U.S.
federal securities laws.  
 (15) AUTHENTICATION. This Note will not be valid until authenticated by the manual
signature of the Trustee.  
 (16) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

 (17) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.  

(18) GOVERNING LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND
THE NOTE GUARANTEES. 

 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Azure Power Energy Ltd 

AAA Global Services Ltd 
 1st Floor, The Exchange 
 18 Cybercity, Ebene 

Mauritius 
 Attention: Eric Ng Yim On 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	 	 
		 	(Insert assignee’s legal name)

  

	
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)

  

	
	 

	
	
	 

	
	
	 

	
	
	 

 (Print or type assignee’s name, address and zip code) 

 

					
	 and irrevocably appoint
	  	 
	 to transfer this Note on the books of the Company. The agent may substitute another to
act for him.

  

			
	 Date:
                    
	  	
		  	Your Signature:
                                
	 (Sign exactly as your name appears on the face of this Note)

	
	 Signature Guarantee*:
                                    

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.16 of the Indenture, check the appropriate
box below: 
  

							
		 	☐ Section 4.10	  	☐ Section 4.16	  	

 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or
Section 4.16 of the Indenture, state the amount you elect to have purchased: 
  

	
	$                        
	
	 Date:
                        

	
	Your Signature:
                                        

	(Sign exactly as your name appears on the face of this Note)
	
	Tax Identification No.:                              
	
	 Signature Guarantee*:
                                        

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of
decrease in
Principal Amount
[at maturity] *
* of
this Global Note
	  	 Amount of
increase in
Principal Amount
[at maturity]
of
this Global Note
	  	 Principal Amount
[at maturity] of
this Global
Note
following such
decrease
(or increase)
	  	 Signature of
authorized officer
of Trustee
or
Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 This schedule should be included only if the Note is issued in global form.  

 

	**	[Footnote to be added for discount notes]  

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 

[Company address block] 

[Registrar address block] 

Re: 5.50% Senior Notes due 2022 of Azure Power Energy Ltd 

Reference is hereby made to the Indenture, dated as of August 3, 2017 (the “Indenture”), among Azure Power Energy Ltd, a
company with limited liability incorporated under the laws of Mauritius, Azure Power Global Limited, a public company with limited liability incorporated under the laws of Mauritius (the “Parent”) and Citicorp International Limited,
as trustee (the “Trustee”), notes collateral agent and common collateral agent. 
 ____________________ , (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $ ___________ in such Note[s] or interests (the “Transfer”), to
_____________________________ (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 
 1. ☐ Check
if Transferee will take delivery of a beneficial interest in the 144A Global Note or a 144A Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is
purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional
buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the 144A
Definitive Note and in the Indenture and the Securities Act.  
 2. ☐ Check if Transferee will take delivery of a
beneficial interest in the 144A Global Note, or a 144A Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the
Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor
nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S
under the Securities Act and, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.  

 3. ☐☐ Check and complete if Transferee will take delivery of a beneficial
interest in a 144A Definitive Note pursuant to any provision of the Securities Act other than Rule 144A The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in 144A Global Notes and
144A Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a) ☐ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 
 (b) ☐
such Transfer is being effected to the Company or a subsidiary thereof; 
 or 

(c) ☐ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in
compliance with the prospectus delivery requirements of the Securities Act; 
 4. ☐☐ Check if Transferee will take
delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a) ☐ Check if
Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required on order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A
Global Notes, on 144A Definitive Notes and in the Indenture. 
 (b) ☐ Check if Transfer is Pursuant to Regulation S.
(i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required on order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Notes, on 144A
Definitive Notes and in the Indenture. 
 (c) ☐ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is
being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any
applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the 144A Global Notes or 144A Definitive Notes and in the Indenture. 

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Company. 
  

			
	  

		 	 [Insert Name of Transferor]

		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 

(a) ☐ a beneficial interest in the 144A Global Note (CUSIP _________ ); or 

(b) ☐ a 144A Definitive Note. 
  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

(a) ☐ a beneficial interest in the: 
  

	 	(i)	☐ 144A Global Note (CUSIP__________ ); or 

  

	 	(ii)	☐ Unrestricted Global Note (CUSIP _________ ); or 

 (b) ☐ a 144A Definitive Note; or

 (c) ☐ an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture. 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 

[Company address block] 

[Registrar address block] 

Re: 5.50% Senior Note due 2022 of Azure Power Energy Ltd 

Reference is hereby made to the Indenture, dated as of August 3, 2017 (the “Indenture”), among Azure Power Energy Ltd, a
company with limited liability incorporated under the laws of Mauritius, Azure Power Global Limited, a public company with limited liability incorporated under the laws of Mauritius (the “Parent”) and Citicorp International Limited,
as trustee (the “Trustee”), notes collateral agent and common collateral agent. 
 ___________________________, (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $ _______________in such Note[s] or interests (the “Exchange”). In connection with the
Exchange, the Owner hereby certifies that: 
 1. Exchange of 144A Definitive Notes or Beneficial Interests in a 144A Global Note for
Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
 (a) ☐ Check if Exchange is
from beneficial interest in a 144A Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a 144A Global Note for a beneficial interest in an Unrestricted
Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state
of the United States.  
 (b) ☐ Check if Exchange is from beneficial interest in a 144A Global Note to Unrestricted
Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a 144A Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the 144A Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.  
 (c) ☐ Check if Exchange is from 144A Definitive Note to beneficial
interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a 144A Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.  

 (d) ☐ Check if Exchange is from 144A Definitive Note to Unrestricted Definitive
Note. In connection with the Owner’s Exchange of a 144A Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to 144A Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States. 
 2. Exchange of 144A Notes or Beneficial Interests in 144A Global Notes for 144A Definitive Notes or
Beneficial Interests in 144A Global Notes  
 (a) ☐ Check if Exchange is from beneficial interest in a 144A Global Note to 144A
Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a 144A Global Note for a 144A Definitive Note with an equal principal amount, the Owner hereby certifies that the 144A Definitive Note is being
acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the 144A Definitive Note issued will continue to be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Definitive Note and in the Indenture and the Securities Act. 
 (b)
☐ Check if Exchange is from 144A Definitive Note to beneficial interest in a 144A Global Note. In connection with the Exchange of the Owner’s 144A Definitive Note for a beneficial interest in the 144A Global Note, with an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the 144A Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the
terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant 144A Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

[Insert Name of Transferor] 
  

			
	By:	 	  

		 	Name:
		 	Title:

 
			
		
	Dated:	 	  

 EXHIBIT D 

FORM OF SUPPLEMENTAL INDENTURE 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of ______________, 20__, among Azure Power Energy Ltd, a
public company with limited liability incorporated under the laws of Mauritius, Azure Power Global Limited, a public company with limited liability incorporated under the laws of Mauritius (the “Parent”), ______________________ (the
“New Guarantor”) and Citicorp International Limited, as trustee (the “Trustee”), notes collateral agent (the “Notes Collateral Agent”) and common collateral agent (the “Common Collateral
Agent”).  
 W I T N E S S E T H: 

WHEREAS the Company, the Trustee and each of the parties described above are parties to an Indenture, dated as of August 3, 2017, as
amended (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of the Company’s 5.50% Senior Notes due 2022; 

WHEREAS, pursuant to Section 9.03 of the Indenture, each New Guarantor is required to execute a supplemental indenture; 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the New Guarantor, the Company, the Trustee and the other parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1. Definitions. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture. 

2. Agreement to Guarantee. Pursuant to, and subject to the provisions of, Article 11 of the Indenture, [each][the] New Guarantor (which
term includes each other New Guarantor that hereinafter guarantees the Notes pursuant to the terms of the Indenture) hereby fully and unconditionally guarantees, jointly and severally with the Parent and each other New Guarantor, to each Holder and
to the Trustee to the extent set forth in the Indenture and subject to the provisions thereof (a) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all payment obligations of the
Company under the Indenture (including obligations to the Trustee) and the Notes, whether for payment of principal of, or interest, premium or Additional Amounts, if any, on, the Notes and all other monetary obligations of the Company under the
Indenture and the Notes within applicable grace period and (b) the full and punctual performance within applicable grace periods of all other obligations of the Company whether for fees, expenses, indemnification or otherwise under the
Indenture and the Notes (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). [Each][The] New Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in
part, without notice or further assent from such New Guarantor and that such New Guarantor[s] will remain bound under Article 11 of the Indenture, notwithstanding any extension or renewal of any Guaranteed Obligation. 

The Guaranteed Obligations of [each][the] New Guarantor to the Holders and to the Trustee, Paying Agent, Transfer Agent and Registrar pursuant
to the Indenture as supplemented hereby, are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. 

 [Relevant limitations imposed by local law analogous to Section 11.02
of the Indenture to be inserted, if and as applicable]. 
 3. Ratification of Indenture: Supplemental Indentures Part of
Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of
the Indenture for all purposes, and each Holder, by accepting the Notes whether heretofore or hereafter authenticated and delivered (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee, Paying Agent,
Transfer Agent and Registrar, on behalf of such Holder, to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for such purpose; provided, however, that [the][each] New Guarantor shall be released from all its obligations with respect to this Guarantee in accordance with the
terms of the Indenture, including Section 11.09 of the Indenture and upon any defeasance of the Notes in accordance with Article 8 of the Indenture. 

4. Governing Law. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New
York. 
 5. Trustee Makes No Representation. The Trustee, Paying Agent, Transfer Agent and Registrar makes no representation as to
the validity or sufficiency of this Supplemental Indenture. The recitals of fact contained herein shall be treated as statements of the other parties hereto and not the Trustee, Paying Agent, Transfer Agent and Registrar. 

6. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. 
 7. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction thereof. 

					
	Dated:                     , 20__	  		  	

 
			
	[____]
	as New Guarantor

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	
	Azure Power Energy Ltd
	as Company

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	
	Azure Power Global Limited
	as Parent

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 
			
	
	Citicorp International Limited,
	as Trustee, Notes Collateral Agent and Common Collateral Agent

 
			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 EXHIBIT E 

FORM OF AGENT APPOINTMENT LETTER 
 Dated:
[●] 
 CITIBANK, N.A., LONDON BRANCH 
 c/o Citibank,
N.A., Dublin Branch 
 1 North Wall Quay 
 Ireland 

Re: 5.50% Senior Notes due 2022 of Azure Power Energy Ltd 

Reference is hereby made to the Indenture dated as of August 3, 2017 (as amended, modified or supplemented from time to time, the
“Indenture”) among Azure Power Energy Ltd, a company with limited liability incorporated under the laws of Mauritius (the “Company”), Azure Power Global Limited, a public company with limited liability incorporated
under the laws of Mauritius (the “Parent”) and Citicorp International Limited as trustee, notes collateral agent and common collateral agent. Unless otherwise defined herein, terms used herein are used as defined in the Indenture.

 The Company hereby appoints Citibank, N.A., London Branch as the paying agent, transfer agent and registrar (the
“Agent”) with respect to the Notes and the Agent hereby accepts such appointment. By accepting such appointment, the Agent agrees to be bound by and to perform the services with respect to itself set forth in the Indenture and the
Notes, as well as the following terms and conditions to all of which the Company agrees and to all of which the rights of the Holders from time to time shall be subject: 

(a) The Company, no later than 5:00 p.m. (London time) one Business Day immediately preceding each date on which a payment in respect of
the Notes becomes due, shall (i) transfer (or cause to be transferred) to the Agent in the currency of United States of America immediately available funds such amount as may be required for the purposes of such payment and (ii) notify the
Agent of such transfer. The Company, no later than 5:00 p.m. (London time) on the second Business Day immediately preceding each date on which any payment in respect of the Notes becomes due, shall confirm such payment, or procure confirmation, by a
tested telex or authenticated SWIFT message from the bank making such payment to the Agent. The Agent shall not be bound to make payment until funds in such amount as may be required for the purpose of such payment have been received from the
Company. 
 (b) The Agent shall be entitled to the compensation to be agreed in writing upon with the Company, for all services rendered by
it under the Indenture, and the Company agrees promptly to pay such compensation and to reimburse the Agent for its out-of-pocket expenses (including fees and expenses
of counsel) properly incurred by it in connection with the services rendered by it hereunder and under the Indenture. The Company hereby agrees to indemnify the Agent and its officers, directors, agents, employees and representatives for, and to
hold it harmless against, any loss, liability or expense (including properly incurred fees and expenses of counsel) incurred without gross negligence or willful misconduct on its part arising out of or in connection with its acting as the Agent
hereunder and under the Indenture. The obligations of the Company under this paragraph (b) shall survive the payment of the Notes, the termination or expiry of the Indenture or this letter and the resignation or removal of the Agent. Under no
circumstances will the Agent be liable to the Company or any other party to this letter or the Indenture for any special, indirect, punitive, consequential loss or damage of any kind (inter alia, being loss of business, goodwill, opportunity or
profit), whether or not foreseeable, even if actually aware of or advised of the possibility of such loss or damage and regardless of the form of action. 

 (c) In acting under the Indenture and in connection with the Notes, the Agent is acting
solely as agent of the Company and does not assume fiduciary duty or any other obligation towards or relationship of agency or trust for or with any of the owners or holders of the Notes, except that all funds held by the Agent for the payment of
principal interest or other amounts (including Additional Amounts) on the Notes shall, subject to the provisions of the Indenture, be held by the Agent and applied as set forth in the Indenture and in the Notes, but need not be segregated from other
funds held by the Agent, except as required by law. The Agent shall not be liable to account for interest on money paid to it pursuant to any of the provisions of the Indenture or the Notes. Any funds held by the Agent are not subject to the UK
Financial Conduct Authority Client Money Rules. 
 (d) The Agent may consult with counsel or other professional advisors satisfactory to it
and any advice or written opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it under the Indenture in good faith and in accordance with such advice or
opinion. 
 (e) The Agent shall give the Trustee written notice of any failure by the Company (or by any other obligor on the Notes or the
Guarantors) to make any payment of the principal, or premium or interest on, the Notes and any other payments to be made on behalf of the Company under the Indenture, when the same shall be due and payable and at any time during the continuance of
any such failure the Agent will pay any such sums so held in trust by it to the Trustee. 
 (f) The Agent shall be fully protected and shall
incur no liability for or in respect of any action taken or omitted to be taken or thing suffered by it in reliance upon any Note, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to
be genuine and to have been presented or signed by the proper party or parties. In the event that the Agent shall be uncertain as to its duties or rights hereunder or shall receive instructions, claims or demands from the Company or any other person
which, in its opinion, conflict with its rights or obligations under this Agreement, it shall be entitled to refrain from taking any action until it is directed in writing by a final order or judgment of a court of competent jurisdiction. The Agents
shall be entitled to refrain from taking any actions, without liability, if conflicting, unclear or equivocal instruction or direction are received or in order to comply with the Applicable Law. The Agents shall not be liable for errors in judgment
made in good faith. 
 (g) The Agent and any of its Affiliates, in its individual capacity or any other capacity, may become the owner of,
or acquire any interest in, any Notes or other obligations of the Company with the same rights that it would have if it were not the Agent and may engage or be interested in any financial or other transaction with the Company, and may act on, or as
depository, Trustee or agent for, any committee or body of Holders or other obligations of the Company, as freely as if it were not the Agent and that the Agent and its Affiliates shall not be under any obligation to monitor any conflicts of
interest, if any, which may arise between each of themselves and such other parties. 
 (h) The Agent shall not be under any liability for
interest on any monies received by it pursuant to any of the provisions of the Indenture or the Notes. 
 (i) The Agent shall be obligated
to perform such duties and only such duties as are specifically set forth in the Indenture and hereunder, and no implied duties or obligation shall be read against the Agent. The Agent shall not be under any obligation to take any action under the
Indenture or hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its opinion, assured to it. The Agent shall have no obligation to expend its own funds or otherwise incur any
financial liability in the performance of its obligations hereunder or under the Indenture. 

 (j) The Agent may at any time resign by giving written notice of its resignation but without
giving any reason to the Company and the Trustee and specifying the date on which its resignation shall become effective; provided that such date shall be at least 60 days after the date on which such notice is given unless the Company agrees
to accept shorter notice. Upon receiving such notice of resignation, if required by the Indenture, the Company shall promptly appoint a successor agent by written instrument substantially in the form hereof in triplicate signed on behalf of the
Company, one copy of which shall be delivered to the resigning Agent, one copy to the successor agent and one copy to the Trustee. Upon the effectiveness of the appointment of a successor Agent, the resigning Agent shall have no further obligations
under this letter or the Indenture. 
 Such resignation shall become effective upon the earlier of (i) the effective date of such
resignation and (ii) the acceptance of appointment by the successor agent, as provided below. The Company may, at any time and for any reason, remove the Agent and appoint a successor agent, by written instrument in triplicate signed on behalf
of the Company, one copy of which shall be delivered to the Agent being removed, one copy to the successor agent and one copy to the Trustee. Any removal of the Agent and any appointment of a successor agent shall become effective upon acceptance of
appointment by the successor agent. Upon its resignation or removal, the Agent shall be entitled to the payment by the Company of its compensation for the services rendered hereunder and to the reimbursement of all out-of-pocket expenses properly incurred in connection with the services rendered by it hereunder. 

(k) The Company shall remove the Agent and appoint a successor paying agent if the Agent shall (i) become incapable of acting,
(ii) be adjudged bankrupt or insolvent, (iii) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, (iv) consent to, or shall have had entered against it a court order for, any
such relief or to the appointment of or taking possession by any such official in any involuntary case or other proceedings commenced against it, (v) make a general assignment for the benefit of creditors or (vi) fail generally to pay its
debts as they become due. 
 (l) Any successor agent appointed as provided herein shall execute and deliver to its predecessor and to the
Company and the Trustee an instrument accepting such appointment (which may be in the form of an acceptance signature to the letter of the Company appointing such agent) and thereupon such successor agent, without any further act, deed or
conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Agent and such predecessor shall pay over to such successor agent all monies or other
property at the time held by it hereunder. 
 Notwithstanding the above, the Company agrees with the Agent that if no successor to such
Agent has been appointed by the Company after 30 days from the notice of resignation or removal, such retiring Agent may, on behalf of and at the expense of the Company, itself appoint a successor Agent or the retiring Agent or the Company, or
petition any court of competent jurisdiction for appointment of, as its successor Agent. 
 (m) The Agent shall at all times be a
responsible financial institution which is authorized by law to exercise its respective powers and duties hereunder and under the Indenture. 

(n) Notwithstanding any other provision of this letter, in acting under the Indenture and this letter and in connection with the Notes, the
Agent shall be entitled to make a deduction or withholding from any 

 
payment which it makes under the Indenture and the Notes for or on account of any Tax if and only to the extent so required by Applicable Law, in which event such Agent shall make such payment
after such withholding or deduction has been made and shall account to the relevant Authority for the amount so withheld or deducted. The Agent will use reasonable efforts to cooperate with the Company and the Guarantors to enable them to provide
the Tax receipts or other evidence of payments referred to in Section 2.13 of the Indenture. The Agent shall be entitled to make payments net of any Taxes or other sums required by any Applicable Law to be withheld or deducted. If such a
withholding or deduction is so required, the Agent will not pay an additional amount in respect of that withholding or deduction. 
 (o) The
Agent shall treat all information relating to the Company as confidential, but (unless consent is prohibited by law) the Company consents to the transfer and disclosure by the Agent of any information relating to the Company and the Guarantors to
and between branches, subsidiaries, representative offices and affiliates of the Trustee, for confidential use in connection with the provision of any service under this letter and the Indenture. The Agent and any of its branch, subsidiary,
representative office or affiliate may transfer and disclose any such information as required by any law, court regulator or legal process; provided that the Agent shall give the Company prompt written notice of such request so that
the Company may seek a protective order or other remedy protecting such confidential information from disclosure so long as the provision of such notice is not contrary to applicable law. 

(p) The Company hereby irrevocably waives, in favor of the Agent, any conflict of interest which may arise by virtue of the Agent acting in
various capacities under the Indenture and this letter or for other customers of the Agent. The Company acknowledges that the Agent and its Affiliates (together, the “Agent Parties”) may have interests in, or may be providing or may
in the future provide financial or other services to other parties with interests which the Company may regard as conflicting with its interests and may possess information (whether or not material to the Company) other than as a result of the Agent
acting as Agent hereunder, that the Agent may not be entitled to share with the Company. The Agent will not disclose confidential information obtained from the Company (without its consent) to any of the Agent’s other customers nor will it use
on the Company’s behalf any confidential information obtained from any other customer. Without prejudice to the foregoing, the Company agrees that the Agent Parties may deal (whether for its own or its customers’ account) in, or advise on,
securities of any party and that such dealing or giving of advice, will not constitute a conflict of interest for the purposes of the Indenture and this letter. 

(q) The Agent may act through its attorneys, delegates and agents and will not be responsible for the misconduct or negligence of any
attorney, delegate or agent appointed with due care by it hereunder or for supervising or monitoring the act or proceedings of such attorney, delegate or agent. 

(r) In no event shall the Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; or failure of any money transmission or SWIFT system, any laws, ordinances, regulations or the like which restrict or prohibit the
performance of the obligations contemplated by this letter. 
 (s) The Agent is not obliged to do or omit to do anything which in its
reasonable opinion, would or may be illegal or would constitute a breach of any law, rule, regulation, or any decree, order or judgment of any court, or practice, request, direction, notice, announcement or similar action (whether or not having the
force of law) of any relevant government, government agency, regulatory authority, stock exchange or self-regulatory organization to which the Agent is subject. 

 (t) The Agent shall, on demand by the Trustee by notice in writing given to the Agent and
the Company at any time after an Event of Default has occurred, until notified by the Trustee to contrary, to the extent permitted by applicable law, deliver all monies, documents and records held by the Agent in respect of the Notes to the Trustee
or as the Trustee shall direct in such notice or subsequently, provided that this paragraph shall not apply to any documents or records which the Agent is obliged not to release by any law or regulation to which it is subject. The Agent shall
not be deemed to have notice of any Event of Default, unless notified in writing of the same. 
 (u) The Agent shall, on demand by the
Trustee by notice in writing given to them and the Company at any time after the Event of Default or Default has occurred, until notified by the Trustee to the contrary, as far as permitted by applicable law to act thereafter as agents of the
Trustee under the Indenture and the Notes and to act solely in accordance with the Trustee’s directions, deliver up all Certificates and all monies, documents and records held by the Agent in respect of the Notes to the Trustee or as the
Trustee shall direct in such notice or subsequently, provided that this paragraph (i) shall not apply to any documents or records which the Agent or the relevant agent is obliged not to release by any law or regulation to which it is
subject. 
 (v) The obligations hereunder of the Agent with respect to its duties as paying agent, transfer agent and registrar shall be
several, not joint. 
 (w) Any notice or communication to the Agent shall be in the English language and will be deemed given when sent by
facsimile transmission, with transmission confirmed. Any notice to the Agent will be effective only upon receipt. The notice or communication should be addressed to the Agent at: 

CITIBANK, N.A., LONDON BRANCH 

c/o Citibank, N.A., Dublin Branch 

One North Wall Quay 
 Dublin 1

 Attention: Agency & Trust 

With a copy to: 
 CITICORP
INTERNATIONAL LIMITED 
 39/F, Champion Tower 

3 Garden Road 
 Central, Hong Kong

 Attention: Agency & Trust 
 Any
notice to the Company or the Trustee shall be given as set forth in the Indenture. 
 (x) Any corporation into which the Agent may be merged
or converted or any corporation with which the Agent may be consolidated or any corporation resulting from any merger, conversion or consolidation to which the Agent shall be a party or any corporation succeeding to the business of the Agent shall
be the successor to the Agent hereunder (provided that such corporation shall be qualified as aforesaid) without the execution or filing of any document or any further act on the part of any of the parties hereto. 

 (y) Any amendment, supplement or waiver under Sections 9.01 and 9.02 of the Indenture that
adversely affects the Agent shall not affect the rights, powers, obligations, duties or immunities of the Agent unless the Agent has consented thereto. 

(z) The Indenture, the Notes and this letter, together with the fee proposal agreed between Citicorp International Limited and the Company,
contain the whole agreement between the parties relating to the subject matter of the Indenture and this letter and supersede any previous written or oral agreement between the parties in relation to the matters dealt with in the Indenture and this
letter. 
 (aa) The Company and the Guarantors agree that the provisions of Sections 13.07 and 13.14 of the Indenture shall apply hereto,
mutatis mutandis. 
 (bb) This letter may be executed in counterparts, each of which shall be an original which together shall constitute
one and same instrument. 
 (cc) Mutual Undertaking Regarding Information Reporting and Collection Obligations. Each party herein shall,
within ten business days of a written request by another party, supply to that other party such forms, documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests for the purposes of that
other party’s compliance with Applicable Law and shall notify the relevant other party reasonably promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such party is (or becomes)
inaccurate in any material respect; provided, however, that no party shall be required to provide any forms, documentation or other information pursuant to this paragraph to the extent that: (i) any such form, documentation or other information
(or the information required to be provided on such form or documentation) is not reasonably available to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of
such party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality. 
 (dd) Notice
of Possible Withholding Under FATCA. The Company and the Guarantors shall notify the Agent in the event that the Company or the Guarantors determine that any payment to be made by the Agent under any Notes is a payment which could be subject to
FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated; provided, however, that the Company and the
Guarantors’ obligation under this paragraph shall apply only to the extent that such payments are so treated by virtue of characteristics of the Company and the Guarantors, the Notes, or both. 

(ee) Company and the Guarantors’ Right to Redirect. In the event that the Company or the Guarantors determine in its sole discretion that
withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Agent on any Notes, then the Company and the Guarantors will be entitled to redirect or reorganize any such payment in any
way that it sees fit in order that the payment may be made without such deductions or withholding provided that, any such redirected or reorganized payment is made through a recognized institution of international standing and otherwise made in
accordance with this letter. The Company and the Guarantors will promptly notify the Agent and the Trustee of any such redirection or reorganization. 

(ff) Notwithstanding anything else herein contained, the Agent may refrain without liability from doing anything that would or might in its
opinion be contrary to any law of any state or jurisdiction (including but not limited to Hong Kong, the United States of America or any jurisdiction forming a part of it and England & Wales) or any directive or regulation of any agency of
any such state or jurisdiction and may without liability do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. 

 (gg) Definitions. For the purposes of paragraphs (n), (cc), (dd), (ee) and (gg) the defined
terms used herein shall have the following meaning: 
 “Applicable Law” means any law or regulation including, but not limited to:
(i) any statute or regulation; (ii) any rule or practice of any Authority by which any party is bound or with which it is accustomed to comply; (iii) any agreement between any Authorities; and (iv) any customary agreement between
any Authority and any party. 
 “Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any
jurisdiction. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“FATCA Withholding” means any withholding or deduction required pursuant to an agreement described in section 1471(b) of the Code,
or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto. 

“Tax” means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected,
withheld or assessed by or on behalf of any Authority having power to tax. 

 Azure Power Energy Ltd 
  

			
		  	By:
		
		  	Name:
		  	Title: Director
		  	  

		
	Agreed and accepted:	  	

  

					
	CITIBANK, N.A., LONDON BRANCH
	 As Paying Agent and Transfer Agent

 

			
	By:	 		 	
		 	Name:	 	
		 	Title:	 	
		 	  

	
	CITIBANK, N.A., LONDON BRANCH
	As Registrar
			
	By:	 		 	
		 	Name:	 	
		 	Title:	 	

 Acknowledged by: 

					
	CITICORP INTERNATIONAL LIMITED
	As Trustee
			
	By:	 		 	
		 	Name:	 	
		 	Title:	 	
		 	  

 EXHIBIT F-1 

Form of Company Authorization Certificate 

I, [Name], [Title] of Azure Power Energy Ltd acting on behalf of Azure Power Energy Ltd, hereby certify that: 

 

	(A)	the persons listed below are (i) Authorized Officers of the Company for purposes of the Indenture dated as of August 3, 2017 (as amended, modified or supplemented from time to time, the
“Indenture”) among Azure Power Energy Ltd, a company with limited liability incorporated under the laws of Mauritius (the “Company”), Azure Power Global Limited, a public company with limited liability incorporated
under the laws of Mauritius and Citicorp International Limited as trustee, notes collateral agent and common collateral agent, (ii) duly elected or appointed, qualified and acting as the holder of the respective office or offices set forth
opposite his name and (iii) the duly authorized person who executed or will execute the Indenture, the Collateral Documents and the Notes (as defined in the Indenture) by his manual signature or signature in scanned format delivered through
email and was at the time of such execution, duly elected or appointed, qualified and acting as the holder of the office set forth opposite his name; 

  

	(B)	each signature appearing below is the person’s genuine signature; and 

  

	(C)	attached hereto as Schedule I is a true, correct and complete specimen of the certificates representing the Notes (with the Note Guarantee (as defined in the Indenture) endorsed thereon); and 

 

	(D)	such individuals have the authority to provide written direction/confirmation and receive callbacks at the phone number(s) noted below in connection with the 5.50% Senior Notes due 2022 of the Company.

 SCHEDULE I 
 Authorized
Officers: 
  

							
	Name	  	Title	  	Specimen Signature	  	Telephone Number
	    	  	 	  	 	  	 
	    	  	 	  	 	  	 
	    	  	 	  	 	  	 

 IN WITNESS WHEREOF, I have hereunto signed my name. 

 

			
	Dated:	 	  

 
			
	
	AZURE POWER ENERGY LTD
		
	By:	 	  

		 	 Name:

		 	 Title:

 EXHIBIT F-2 

Form of Guarantor Authorization Certificate 

I, [Name], [Title] of [                    ],
acting on behalf of                  (the “Guarantor”), hereby certify that: 
  

	(A)	the persons listed below are (i) Authorized Officers of the Guarantor for purposes of the Indenture dated as of August 3, 2017 (as amended, modified or supplemented from time to time, the
“Indenture”) among Azure Power Energy Ltd, a company with limited liability incorporated under the laws of Mauritius (the “Company”), Azure Power Global Limited, a public company with limited liability incorporated
under the laws of Mauritius and Citicorp International Limited as trustee, notes collateral agent and common collateral agent, (ii) duly elected or appointed, qualified and acting as the holder of the respective office or offices set forth
opposite his name and (iii) the duly authorized person who executed or will execute the Indenture and the Note Guarantee (as defined in the Indenture) endorsed on the Notes by his manual signature or signature in scanned format delivered
through email and was at the time of such execution, duly elected or appointed, qualified and acting as the holder of the office set forth opposite his name; 

  

	(B)	each signature appearing below is the person’s genuine signature; and 

  

	(C)	attached hereto as Schedule I is a true, correct and complete specimen of the certificates representing the Notes (with the Note Guarantee (as defined in the Indenture) endorsed thereon) 

SCHEDULE I 
 Authorized Officers: 

 

					
	Name	  	Title	  	Specimen Signature
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 

 IN WITNESS WHEREOF, I have hereunto signed my name. 

 

			
	Dated:	 	  

	
	Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT G 

TRANSFER NOTICE 
 [●],
20[●] 
 Standard Chartered Bank (Mauritius) Limited 

[●] 
 Fax:
               [TBC] 
 Attention:       [TBC] 

Dear Sirs, 
 Please pay the following amount from the Escrow
Account no. [●] pursuant to Section 4.28 (a) or 4.28(b) of the Indenture dated August 3, 2017 as amended from time to time between Azure Power Energy Ltd, Azure Power Global Limited and Citicorp International Limited as Trustee,
Notes Collateral Agent and Common Collateral Agent, to the account specified below: 
  

			
	 U.S. dollar equivalent
	  	US$[●]
	 Value date
	  	[●]
	 Correspondent Bank
	  	[●]
	 Correspondent Bank Swift Code
	  	[●]
	 Beneficiary Bank
	  	[●]
	 Swift Code
	  	[●]
	 Beneficiary Account Number
	  	[●]
	 Beneficiary Account Name
	  	[●]
	 Payment Reference
	  	[●]

  

							
	 Yours faithfully,
	 		 		  	
				
	 Authorized Signatory
	 		 	Authorized Signatory	  	
	 Citicorp International Limited
	 		 	Citicorp International Limited	  	
	  
	 		 	  
	  	

 EXHIBIT H 

NOTE HOLDERS REPRESENTATIVE APPOINTMENT LETTER 

Dated: [•], 2017 
 [●] 

Attention: [●]  
 Re:
US$500,000,000 of 5.50 % Senior Notes due 2022 of Azure Power Energy Ltd 
 Reference is hereby made to the Indenture dated as of
August 3, 2017 (as amended, modified or supplemented from time to time, the “Indenture”) among Azure Power Energy Ltd, a public company with limited liability incorporated under the laws of Mauritius (the
“Company”), Azure Power Global Limited, a public company with limited liability incorporated under the laws of Mauritius and Citicorp International Limited as trustee (the “Trustee”). Terms used herein are
used as defined in the Indenture. 
 The Company hereby appoints [•], of [•] to act as the Note Holders Representative, pursuant
to the present Note Holders Representative Appointment Letter and to act as such with respect to the Notes pursuant to the Mauritius Companies Act 2001 (the “Representative”) and the Representative hereby accepts such
appointment. By accepting such appointment, the Representative agrees to be bound by and to perform the duties with respect to itself set forth in the Mauritius Companies Act and the Notes, as well as the following terms and conditions to all of
which the Company agrees and to all of which the rights of the holders from time to time of the Notes shall be subject: 
 (a) The
Representative shall be entitled to the compensation to be agreed in writing upon with the Company, for all services rendered by it under the Indenture, and the Company agrees promptly to pay such compensation and to reimburse the Representative for
its properly incurred out-of-pocket expenses (including fees and expenses of counsel) incurred by it in connection with the services rendered by it hereunder and under
the Indenture. 
 (b) The Company hereby agrees to indemnify the Representative and its officers, directors, agents, employees and
representatives for, and to hold it harmless against, any loss, liability or expense (including properly incurred fees and expenses of counsel) incurred without gross negligence or willful misconduct on its part arising out of or in connection with
its acting as the Representative hereunder and under the Indenture. The obligations of the Company under this paragraph (b) shall survive the payment of the Notes, the termination or expiry of the Indenture or this letter and the resignation or
removal of the Representative. Under no circumstances will the Representative be liable to the Company or any other party to this letter or the Indenture for any special, indirect, punitive, consequential loss or damage of any kind (inter alia,
being loss of business, goodwill, opportunity or profit), whether or not foreseeable, subject to the Representative having taken due care and reasonable steps for mitigating or minimizing the special, indirect, punitive, consequential loss or damage
arising out of a forseeable event. 
 (c) In acting under the Indenture and in connection with the Notes, the Representative is acting solely
as Representative and does not assume any obligation towards or relationship of agency or trust for or with any of the owners or holders of the Notes other than provided in the Indenture. 

 (d) The Representative may consult with counsel or other professional advisors satisfactory
to it and any advice or written opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it under the Indenture in good faith and in accordance with such
advice or opinion. The Representative shall be under an obligation to inform the Company of such advice or written opinion of such counsel and must mutually agree with the Company on the course of action to be taken. 

(e) The Representative shall be fully protected and shall incur no liability for or in respect of any action taken or omitted to be taken or
thing suffered by it in reliance upon any Note, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper party or parties. In
the event that the Representative shall be uncertain as to its duties or rights hereunder or shall receive instructions, claims or demands from the Company or any other person which, in its opinion, conflict with its rights or obligations under this
Agreement, it shall be entitled to refrain from taking any action until it is directed in writing by a final order or judgment of a court of competent jurisdiction. 

(f) The Representative shall be obligated to perform such duties and only such duties as are specifically set forth in the Mauritius Companies
Act and hereunder, and no implied duties or obligation shall be read against the Representative. The Representative shall not be under any obligation to take any action under the Indenture or hereunder which may tend to involve it in any expense or
liability, the payment of which within a reasonable time is not, in its opinion, assured to it. The Representative shall have no obligation to expend its own funds or otherwise incur any financial liability in the performance of its obligations
hereunder or under the Indenture. 
 (g) The Representative may at any time resign by giving written notice of its resignation to the Company
and the Trustee and specifying the date on which its resignation shall become effective; provided that such date shall be at least 60 days after the date on which such notice is given unless the Company agrees to accept shorter notice. Upon
receiving such notice of resignation, the Company shall promptly appoint a successor Representative by written instrument substantially in the form hereof in triplicate signed on behalf of the Company, one copy of which shall be delivered to the
resigning Representative, one copy to the successor Representative and one copy to the Trustee. 
 Such resignation shall become effective
upon the earlier of (i) the effective date of such resignation and (ii) the acceptance of appointment by the successor Representative, as provided below. The Company may, at any time and for any reason, remove the Representative and
appoint a successor Representative, by written instrument in triplicate signed on behalf of the Company, one copy of which shall be delivered to the Representative being removed, one copy to the successor Representative and one copy to the Trustee.
Any removal of the Representative and any appointment of a successor Representative shall become effective upon acceptance of appointment by the successor Representative. Upon its resignation or removal, the Representative shall be entitled to the
payment by the Company of its compensation for the services rendered hereunder and to the reimbursement of all properly incurred out-of-pocket expenses incurred in
connection with the services rendered by it hereunder. 
 (h) The Company shall remove the Representative and appoint a successor paying
Representative if the Representative (i) shall become incapable of acting, (ii) shall be adjudged bankrupt or insolvent, (iii) shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief
with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its
property, (iv) shall consent to, or shall have had entered against it a 

 
court order for, any such relief or to the appointment of or taking possession by any such official in any involuntary case or other proceedings commenced against it, (v) shall make a
general assignment for the benefit of creditors or (vi) shall fail generally to pay its debts as they become due. 
 (i) Any successor
Representative appointed as provided herein shall execute and deliver to its predecessor and to the Company and the Trustee an instrument accepting such appointment (which may be in the form of an acceptance signature to the letter of the Company
appointing such Representative) and thereupon such successor Representative , without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if
originally named as Representative and such predecessor shall pay over to such successor Representative all monies or other property at the time held by it hereunder. 

Notwithstanding the above, the Company agrees with the Representative that if, no successor to such Representative has been appointed by the
Company after 30 days from the notice of resignation or removal, such retiring Representative may, on behalf of and at the expense of the Company, itself appoint a successor Representative or the retiring Representative or the Company, or petition
any court of competent jurisdiction for appointment of, as its successor Representative. 
 (j) The Representative shall treat all
information relating to the Company as confidential, but (unless consent is prohibited by law) the Company consents to the transfer and disclosure by the Representative of any information relating to the Company to and between branches,
subsidiaries, representative offices, affiliates of the Trustee, for confidential use in connection with the provision of any service under this letter and the Indenture. The Representative and any of its branch, subsidiary, representative office or
affiliate may transfer and disclose any such information as required by any law, court regulator or legal process; provided that the Representative shall give the Company prompt written notice of such request so that the Company may
seek a protective order or other remedy protecting such confidential information from disclosure so long as the provision of such notice is not contrary to applicable law. 

(k) The Company hereby irrevocably waives, in favor of the Representative, any conflict of interest which may arise by virtue of the
Representative acting in various capacities under the Indenture and this letter or for other clients of the Representative. The Company acknowledges that the Representative and its Affiliates (together, the “Representative
Parties”) may have interests in, or may be providing or may in the future provide other services to other parties with interests which the Company may regard as conflicting with its interests and may possess information (whether or not
material to the Company) other than as a result of the Representative acting as Representative hereunder, that the Representative may not be entitled to share with the Company. The Representative will not disclose confidential information obtained
from the Company (without its consent) to any of the Representative’s other customers nor will it use on the Company’s behalf any confidential information obtained from any other customer. Without prejudice to the foregoing, the Company
agrees that the Representative Parties may deal (whether for its own or its customers’ account) in, or advise on, securities of any party and that such dealing or giving of advice, will not constitute a conflict of interest for the purposes of
the Indenture and this letter. 
 (l) The Representative may act through its attorneys, delegates and representatives and will not be
responsible for the misconduct or negligence of any attorney, delegate or representative appointed with due care by it hereunder or for supervising the act or proceedings of such attorney, delegate or representative. 

 (m) In no event shall the Representative be responsible or liable for any failure or delay
in the performance of its obligations hereunder because of circumstances beyond its control, including, without limitation, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, rebellion, embargo, civil commotion or the
like which restrict or prohibit the performance of the obligations hereunder, and other causes beyond its control whether or not of the same class or kind as specifically named above subject to the Representative having exercised due care and
reasonable measures to minimize or mitigate the effects of such circumstances. 
 (n) The Representative is not obliged to do or omit to do
anything which in its reasonable opinion, would or may be illegal or would constitute a breach of any law, rule, regulation, or any decree, order or judgment of any court, or practice, request, direction, notice, announcement or similar action
(whether or not having the force of law) of any relevant government, government agency, regulatory authority, stock exchange or self-regulatory organization to which the Representative is subject. 

(o) The Representative shall, on demand by the Trustee by notice in writing given to them and the Company at any time after an Event of Default
has occurred, until notified by the Trustee to the contrary, as far as permitted by applicable law: 
 (i) act thereafter as
Representative of the Trustee under the Indenture and the Notes mutatis mutandis on the terms provided in this letter (save for necessary consequential amendments and the Trustee’s liability under any provision hereof for the indemnification,
remuneration and all other expenses of the Representative shall be limited to the amounts for the time being held by the Trustee in respect of the Notes on the trusts of the Indenture and after application of such sums in accordance with the
Indenture in satisfaction of payment of sums, other than referred to in this paragraph (i) and thereafter hold all Certificates and moneys, documents and records held by them in respect of the Notes to the order of the Trustee. 

(ii)Any notice or communication to the Representative will be deemed given when sent by facsimile transmission, with transmission confirmed.
Any notice to the Representative will be effective only upon receipt. The notice or communication should be addressed to the Representative at: 

Representative 
 [•]

 Attention: [•] 

With a copy to: 
 The Trustee

 Citicorp International Limited 

39/F, Champion Tower3 Garden Road 

Central Hong Kong 
 Facsimile
no.: +852 2323 0279 
 Attention: Agency & Trust 

Any notice to the Company or the Trustee shall be given as set forth in the Indenture. 

 (p) Any amendment, supplement or waiver under the Indenture that adversely affects the
Representative shall not affect the rights, powers, obligations, duties or immunities of the Representative unless the Representative has consented thereto. 

(q) The Indenture, the Notes and this letter, together with fee proposal dated as at the date hereof between the Representative and the
Company, contain the whole agreement between the parties relating to the subject matter of the Indenture and this letter and supersede any previous written or oral agreement between the parties in relation to the matters dealt with in the Indenture
and this letter. 
 (r) This letter may be executed in counterparts, each of which shall be an original which together shall constitute one
and same instrument. 
 The agreement set forth in this letter shall be construed in accordance with and governed by the laws of the law of Mauritius. 

 SIGNATURE PAGE TO NOTE HOLDERS REPRESENTATIVE APPOINTMENT LETTER 

 

	
	  

	 AZURE POWER ENERGY LTD

	
	 Name:

	 Title: Director

 SIGNATURE PAGE TO NOTE HOLDERS REPRESENTATIVE APPOINTMENT LETTER 

 

	
	  

	 Agreed and accepted:

	
	 Representative

	
	 Name:

	 Title:

 SIGNATURE PAGE TO NOTE HOLDERS REPRESENTATIVE APPOINTMENT LETTER 

 

	
	  

	 Acknowledged by:

	
	 Citicorp International Limited

	
	 Trustee

	 Name:

	 Title:

 EXHIBIT I 

FORM OF OPINION 
 [●], 201[7][8]

 Citicorp International Limited, as Trustee and Notes Collateral Trustee     

[●] 
 Azure Power Energy Ltd, as
Issuer     
 [●] 
 Ladies and
Gentlemen: 
 We have been engaged by Azure Power Energy Ltd, a company with limited liability incorporated under the laws of Mauritius (the
“Issuer”), to provide certain opinions in connection with the Issuer’s offering of US$500,000,000 in aggregate principal amount of its 5.50% senior notes due 2022 (the “Notes”). The Notes are governed by the
Indenture (the “Indenture”), dated as of August 3, 2017, among the Issuer, Azure Power Global Limited and Citicorp International Limited, as trustee. This opinion letter is furnished pursuant to Section 4.14 of the
Indenture. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture.     

In arriving at the opinions expressed below we have reviewed the following documents: 

(a) an executed copy of the Indenture; 

(b) the definitive documentation for the Rupee Debt; 

(c) the Currency Hedging Agreements included in the Required Hedging Arrangements (the “Currency
Hedges”); 
 (d) the schedules and confirmations for the Currency Hedges; 

(e) the term sheets for the Currency Hedges; 

(f) the U.S. Dollar cash flows with respect to the Notes; and 

(g) the cash flows with respect to the Rupee Debt. 

In rendering the opinions expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity
to the originals of all documents submitted to us as copies. In addition, we have assumed and have not verified the accuracy as to factual matters of each document we have reviewed. 

Based on the foregoing, it is our opinion that: 

1. The Currency Hedging Agreements included in the Required Hedging Arrangements comprise (a) a coupon swap on the interest payments due
under the Notes on each Interest Payment Date to fully protect the Issuer against any depreciation in the Indian Rupee to U.S. Dollar occurring after the date of each Incurrence of Original Rupee Debt, and (b) a call spread option on the
principal amount of the Notes that will (i) fully protect the Issuer against any depreciation in the Indian Rupee occurring after the date of each Incurrence of Original Rupee Debt if the Indian Rupee to U.S. Dollar spot rate is between
the current spot rate in effect on the date of such Incurrence and 90, and (ii) partially protect the Issuer (by receiving the same fixed payment) against any depreciation in the Indian Rupee occurring after the date of each Incurrence of
Original Rupee Debt if the Indian Rupee to U.S. Dollar spot rate is above 90, in each case on the payment of principal due under the Notes at maturity.     

 2. The Issuer has sufficient contracted cash flows to satisfy all scheduled payment
obligations under the Notes and the Required Hedging Arrangements. 
 We are furnishing this letter to you in connection with the issuance
of the Notes. This letter is not to be relied on by or furnished to any other person or used, circulated, quoted or otherwise referred to for any other purpose. We assume no obligation to advise you, or to make any investigations, as to any factual
matters arising subsequent to the date hereof that might affect the opinions expressed herein.     
 None of [●]
or any of its officers, employees or agents shall be liable to the Holders, any beneficial owners of the Notes, the Trustee, the Notes Collateral Agent or any other person, including for any loss (whether a loss of profit, loss of opportunity or
consequential loss), cost, expense or any other damage suffered by any such person, for any errors in calculations or determinations made by it hereunder, or any failure to make, or delay in making, any calculations or determinations (irrespective
of whether such error, failure or delay affects any other calculations or determinations made hereunder) or otherwise in acting as Determination Agent. The foregoing does not affect the obligations of the Issuer and [●] pursuant to their
separate engagement letter related to the services [●] is providing as Determination Agent. 
  

			
	Very truly yours,
	
	[●]
		
	By:	 	  

 EXHIBIT J 

INTERCREDITOR AGREEMENT 

[To be attached] 

 Intercreditor Agreement 

by and among 
 Citicorp
International Limited 
 Indenture Trustee 

The Super Senior Hedging Providers Listed in Part A of Schedule 1 Hereto 

Citicorp International Limited 

Common Collateral Agent 
 Azure
Power Energy Ltd 
 Issuer 

and 
 Azure Power Global
Limited 
 Chargor 
 Dated
[●], 2017 

							
		  	Table of Contents	  			
			
	 	  	 	  	Page	 
			
	 1.
	  	 Definitions
	  	 	1	 
	 2.
	  	 Pari Passu Security
	  	 	5	 
	 3.
	  	 Appointment of the Common Collateral Agent
	  	 	5	 
	 4.
	  	 Enforcement; Written Instructions
	  	 	6	 
	 5.
	  	 Distribution of Proceeds and Release
	  	 	8	 
	 6.
	  	 Resignation and Replacement of Common Collateral Agent
	  	 	9	 
	 7.
	  	 Super Senior Hedging Obligations
	  	 	10	 
	 8.
	  	 Accession of Holders of Permitted Pari Passu Secured Indebtedness
	  	 	11	 
	 9.
	  	 Dispute
	  	 	11	 
	 10.
	  	 Representations and Warranties
	  	 	12	 
	 11.
	  	 Successor Agent by Consolidation, Merger, Conversion or Transfer
	  	 	13	 
	 12.
	  	 Change of Indenture Trustee or Other Secured Parties
	  	 	13	 
	 13.
	  	 Indemnification
	  	 	13	 
	 14.
	  	 Limitation on Liability
	  	 	13	 
	 15.
	  	 Notices; Electronic Communication
	  	 	14	 
	 16.
	  	 Miscellaneous
	  	 	14	 
	 17.
	  	 Corporate Actions
	  	 	19	 
	 18.
	  	 Termination
	  	 	19	 
	 19.
	  	 Amendment
	  	 	19	 
	 20.
	  	 Governing Law; Consent to Jurisdiction; Waiver of Immunities; Waiver of Jury Trial
	  	 	20	 
	 21.
	  	 Counterparts; Signatures
	  	 	20	 
	 22.
	  	 Severability
	  	 	21	 
	 23.
	  	 Conflict
	  	 	21	 
	 24.
	  	 Exclusive Benefit
	  	 	21	 
	 25.
	  	 Language
	  	 	21	 

							
	 Schedule 1
	  	 Holders of Permitted Pari Passu Secured Indebtedness
	  	 	23	 
	 Schedule 2
	  	 Security Enforcement Principles
	  	 	24	 
	 Exhibit A
	  	 Form of Supplement to Intercreditor Agreement
	  	 	25	 

 This Intercreditor Agreement (as supplemented and amended from time to time, this
“Agreement”), dated as of [●], 2017, by and among: 
  

	(1)	Citicorp International Limited as trustee for the Noteholders under the Indenture (the “Indenture Trustee”); 

 

	(2)	The Super Senior Hedging Providers listed in Part A of Schedule 1 hereto; 

  

	(3)	Citicorp International Limited as common collateral agent for the benefit of the Indenture Trustee (for itself and the benefit of the Noteholders) and the other Secured Parties (the “Common Collateral
Agent”); 

  

	(4)	Azure Power Energy Ltd (the “Issuer”); and 

  

	(5)	Azure Power Global Limited as the chargor (the “Chargor”) under the Fixed Charge Agreement or other Shared Secured Documents. 

Whereas: 
  

	(A)	The Issuer, the Chargor and the Indenture Trustee have entered into the Indenture and the Issuer has entered into the Super Senior Hedging Agreements. 

 

	(B)	The Issuer may from time to time incur additional Permitted Pari Passu Secured Indebtedness in accordance with the terms of the Indenture. 

 

	(C)	The Chargor has charged the Pari Passu Collateral to the Common Collateral Agent to provide a Security Interest for the Note Obligations, the Super Senior Hedging Obligations and any other Permitted Pari Passu Secured
Obligations. 

  

	(D)	The execution of this Agreement is authorized under the Indenture. 

 NOW, THEREFORE, in consideration of the
foregoing and the mutual promises and covenants contained herein and for other good and valuable consideration, the parties hereto agree as follows: 
  

	1.	Definitions 

  

	1.1	In this Agreement (including the recitals): 

 “1992 ISDA Master Agreement”
means the Master Agreement (Multicurrency – Cross Border) as published by the International Swaps and Derivatives Association, Inc. 

“2002 ISDA Master Agreement” means the 2002 Master Agreement as published by the International Swaps and Derivatives
Association, Inc. 
 “Additional Notes” has the meaning given to such term in the Indenture. 

“Agent” has the meaning given to such term in the Indenture and any similar agents for Permitted Pari Passu Secured
Indebtedness. 
 “Close-Out Netting” means: 

 

	 	(a)	in respect of a Super Senior Hedging Agreement based on a 1992 ISDA Master Agreement, any step involved in determining the amount payable in respect of an Early Termination Date (as defined in the 1992 ISDA Master
Agreement) under section 6(e) of the 1992 ISDA Master Agreement before the application of any subsequent set-off (as defined in the 1992 ISDA Master Agreement); 

 

	 	(b)	in respect of a Super Senior Hedging Agreement based on a 2002 ISDA Master Agreement, any step involved in determining an Early Termination Amount (as defined in the 2002 ISDA Master Agreement) under section 6(e) of the
2002 ISDA Master Agreement; and 

  
 1 

	 	(c)	in respect of a Super Senior Hedging Agreement not based on an ISDA Master Agreement, any step involved on a termination of the transactions under that Super Senior Hedging Agreement pursuant to any provision of that
Super Senior Hedging Agreement which has a similar effect to either provision referenced in paragraph (a) and paragraph (b) above. 

“Business Day” means any day which is not a Saturday, Sunday, legal holiday or other day on which banking institutions in The
City of New York, London, Mauritius or India are authorized by law or governmental regulation to close. 
 “Defaulting Hedging
Provider” means any Hedging Provider in respect of which an Event of Default (as defined in the relevant Hedging Agreement) in relation to which such Hedging Provider is the Defaulting Party (as defined in the relevant Hedging Agreement)
occurs. 
 “Enforcement Notice” means any enforcement notice to be delivered by the Common Collateral Agent to the Issuer
and the Chargor to the effect that the Pari Passu Collateral has become enforceable as a result of the occurrence of an Event of Default that is continuing. 

“Event of Default” has the meaning given to such term in any applicable Secured Party Document, provided that in
respect of any Hedging Agreement based on a 1992 ISDA Master Agreement or 2002 ISDA Master Agreement, such term shall also include the occurrence or designation of an Early Termination Date with respect to all transactions thereunder resulting from
any Termination Event as such term is defined in such Hedging Agreement. For the avoidance of doubt, the foregoing reference to a Termination Event under this definition shall not imply or be construed that a default or event of default has occurred
under any agreement. 
 “Fixed Charge Agreement” means the Fixed Charge Agreement dated August 3, 2017 between the
Chargor and the Common Collateral Agent in respect of the share capital of the Issuer. 
 “Hedging Agreements” means the
hedging agreements entered into by the Issuer and the Hedging Providers (including any Hedging Providers acceding thereto) (as may be amended, supplemented or superseded from time to time) for the purpose of protecting the Issuer from fluctuations
in currency exchange rates, interest rates or commodity prices and not for speculation. 
 “Hedging Obligation” means, as of
any date of determination, the aggregate of (i) the net amount payable to any or all of the Hedging Providers in connection with Hedging Agreements where the transactions under such Hedging Agreements have been closed out on or before such date
of determination and the net amount calculated in accordance with the relevant Hedging Agreements and (ii) the net amounts that would be payable to any or all of the Hedging Providers in connection with Hedging Agreements if the transactions
under such Hedging Agreements were closed out or terminated on such date of determination and such net amount calculated in accordance with the relevant Hedging Agreements; provided that if such aggregate net amount is a negative number the Hedging
Obligation of the Hedging Providers will be zero. 
 “Hedging Providers” means the persons identified in Schedule 1 hereto
as having entered into Hedging Agreements (including, for the avoidance of doubt, the Super Senior Hedging Providers). 

“Indenture” means the indenture dated as of August 3, 2017 relating to the Notes, as amended, restated, supplemented or
otherwise modified from time to time. 
 “ISDA Master Agreement” means a 1992 ISDA Master Agreement or a 2002 ISDA Master
Agreement, as applicable. 

  
 2 

 “Liabilities” means all present and future moneys, debts, liabilities and
obligations due at any time by the Issuer to any Secured Party under the Secured Party Documents, both actual and contingent. 

“Majority Secured Parties” means the Secured Parties which have provided a written instruction or instructions to the Common
Collateral Agent hereunder and collectively represent more than 50% of the aggregate of the Note Obligations, the Hedging Obligations and any other Permitted Pari Passu Secured Obligations outstanding at such time, calculated based on the Common
Collateral Agent’s spot rate of exchange for the purchase of the applicable currencies in U.S. Dollars in the London foreign exchange market at or about 11:00 a.m. (London time) on the date of determination. 

“Majority Super Senior Hedging Providers” means the Super Senior Hedging Providers which have provided a written instruction
or instructions to the Common Collateral Agent hereunder and collectively represent more than 50% of the aggregate Super Senior Hedging Obligations outstanding at such time, calculated in accordance with the Super Senior Hedging Agreements on the
date of determination. 
 “Note Documents” means the Indenture and the Notes and such other agreements, instruments and
certificates executed and delivered (or issued) by the Issuer or any Note Guarantor pursuant to the foregoing documents. 
 “Note
Obligations” means all present and future obligations, contingent or otherwise, of the Issuer to the Indenture Trustee and the holders of the Notes arising under or pursuant to the Note Documents, including any interest, fees and expenses
accruing after the initiation of any insolvency proceeding (irrespective of whether such interest, fees and expenses are allowed as a claim in such proceeding). 

“Notes” means the Issuer’s $500,000,000 5.50% Senior Notes due 2022 and any Additional Notes. 

“Note Guarantee” has the meaning given to it in the Indenture. 

“Noteholders” means the Holders (as such term is defined in the Indenture). 

“Payment Netting” means: 
  

	 	(a)	in respect of a Super Senior Hedging Agreement based on an ISDA Master Agreement, netting under section 2(c) of the relevant ISDA Master Agreement; and 

 

	 	(b)	in respect of a Super Senior Hedging Agreement not based on an ISDA Master Agreement, netting pursuant to any provision of that Super Senior Hedging Agreement which has a similar effect to the provision referenced in
paragraph (a) above 

 “Pari Passu Collateral” means all assets charged, or purported to be charged, by
the Issuer and the Chargor to the Common Collateral Agent under the Shared Security Documents, including proceeds thereof. 

“Payment” means any payment, repayment, prepayment, redemption, defeasance or discharge of any principal, interest or other
amount on or in respect of any of the Liabilities (or other liabilities or obligations). 
 “Permitted Pari Passu Secured
Indebtedness” means any “Permitted Pari Passu Secured Indebtedness” as defined under and incurred in compliance with the terms of the Indenture. 

“Permitted Pari Passu Secured Indebtedness Documents” means all agreements governing or evidencing Permitted Pari Passu
Secured Indebtedness. 

  
 3 

 “Permitted Pari Passu Secured Obligations” means all present and future
obligations, contingent or otherwise, of the Issuer to any holder of the Permitted Pari Passu Secured Indebtedness, that has (or the agent or representative thereof has) become a party hereto in its capacity as a Secured Party, arising under or
pursuant to the Secured Party Documents to which such Permitted Pari Passu Secured Indebtedness relates, including any interest, fees and expenses accruing after the initiation of any insolvency proceeding (irrespective of whether such interest,
fees and expenses are allowed as a claim in such proceeding). 
 “Person” means any individual, corporation, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“proceeds” has the meaning given to such term set forth in Article 9 of the New York Uniform Commercial Code. 

“Secured Parties” means, collectively, the Indenture Trustee for the benefit of the Noteholders, the Super Senior Hedging
Providers and any holder (or any representative or agent thereof) of any other Permitted Pari Passu Secured Indebtedness that has been identified in Schedule 1 hereto and become a party to this Agreement pursuant to Section 8 hereof on behalf
of itself or, as the case may be, holder(s) of Permitted Pari Passu Secured Indebtedness. 
 “Secured Party Documents” means
the Note Documents, the Super Senior Hedging Agreements and the other Permitted Pari Passu Secured Indebtedness Documents. 

“Security Enforcement Objective” means maximizing, so far as is consistent with prompt and expeditious realization of value
from enforcement of the Shared Security Interest, and in a manner consistent with the provisions of this Agreement, including, in particular, the order of application of proceeds set forth in Section 5 hereof, the recovery by the Super Senior
Hedging Providers, the Noteholders and the holders of other Permitted Pari Passu Secured Indebtedness. 
 “Security Enforcement
Principles” means the principles set forth in Schedule 2 hereto. 
 “Security Interest” means any mortgage, pledge,
security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to create any mortgage, pledge, security interest,
lien, charge, easement or encumbrance of any kind). 
 “Shared Security Documents” means the Fixed Charge Agreement and any
other document executed from time to time evidencing the Shared Security Interest, in each case as such may be amended, supplemented or modified from time to time. 

“Shared Security Interest” means the Security Interest in favor of the Common Collateral Agent as agent for the Secured
Parties created, or purported to be created, pursuant to the Shared Security Documents. 
 “Super Senior Hedging Agreements”
means the Hedging Agreements entered into by the Issuer for the purpose of protecting it from fluctuations in currency exchange rates or interest rates related to the Notes or Permitted Pari Passu Secured Indebtedness. 

“Super Senior Hedging Providers” means the Hedging Providers that have entered into Super Senior Hedging Agreements. 

“Super Senior Hedging Obligations” means the Hedging Obligations of the Super Senior Hedging Providers under the Super Senior
Hedging Agreements. 
  

	1.2	A reference in this Agreement to any party or person shall be construed so as to include its successors in title, permitted assigns and permitted transferees, including in the case of the Issuer, any successor to the
Issuer under the Indenture. 

  
 4 

	1.3	Section, clause and schedule headings are for ease of reference only. 

  

	2.	Pari Passu Security 

  

	2.1	Notwithstanding (a) the time, order or method of attachment or perfection of any Security Interests, the time or order of filing of financing statements (or similar filings in any applicable jurisdiction), or the
giving of or failure to give notice of the acquisition or expected acquisition of purchase money or other Security Interest, (b) the manner in which the Shared Security Interest is acquired, whether by grant, statute or operation of law,
subrogation or otherwise, (c) the fact that the Pari Passu Collateral or Shared Security Interest (or any portion thereof) is otherwise subordinated, voided, avoided, invalidated or lapsed and (d) any applicable law or any provision to the
contrary in any Secured Party Document and the Shared Security Documents with respect to the Pari Passu Collateral and all proceeds of the Pari Passu Collateral, each Secured Party agrees that (i) the Security Interest of each Secured Party in
the Pari Passu Collateral ranks and shall rank equally in priority with the Security Interest of the other Secured Parties in the Pari Passu Collateral and (ii) the Note Obligations, the Hedging Obligations and any other Permitted Pari Passu
Secured Obligations rank and shall rank pari passu among themselves. 

  

	2.2	The agreements as to the priority of the Security Interest of each Secured Party in and to the Pari Passu Collateral provided for herein shall not be deemed to subordinate or otherwise affect in any respect the Security
Interest securing any other indebtedness (which, for the avoidance of doubt, does not include any Note Obligations, Super Senior Hedging Obligations or other Permitted Pari Passu Secured Obligations) of the Issuer or the Chargor. 

 

	2.3	Each Secured Party agrees that it will not attack, contest or bring (or voluntarily join in) any action for the purpose of contesting the validity, perfection, priority or enforceability of the Security Interest of any
other Secured Party or finance or urge any other Person to do so; provided that any Secured Party may enforce its rights and privileges hereunder without being deemed to have violated this provision. Any provision contained in this Agreement
to the contrary notwithstanding, the terms and conditions of this Agreement shall not apply to any property or asset (including properties or assets (or proceeds thereof) that do not constitute Pari Passu Collateral) as to which one Secured Party
has a Security Interest and as to which the other Secured Parties do not have a Security Interest. 

  

	3.	Appointment of the Common Collateral Agent 

  

	3.1	Each Secured Party hereby irrevocably appoints and authorizes the Common Collateral Agent to act as its collateral agent under and in connection with the Shared Security Documents and this Agreement in accordance with
laws of the State of New York or the law of another applicable jurisdiction, as the case may be, and authorizes the Common Collateral Agent to enter on its behalf and on behalf of the Noteholders (in the case of the Indenture Trustee), the Super
Senior Hedging Providers and, if applicable, the holders of any other Permitted Pari Passu Secured Indebtedness to which such Secured Party relates, into the Shared Security Documents. 

 

	3.2	The Common Collateral Agent agrees and acknowledges that it shall hold the Pari Passu Collateral and any Security Interest thereon for the equal and ratable benefit of all Secured Parties in accordance with the terms of
the Shared Security Documents and subject to the terms and conditions of this Agreement, including, in particular, the order of application of proceeds set forth in Section 5 hereof. Each of the Secured Parties agrees and acknowledges that the
Shared Security Documents shall be subject to the terms and conditions of this Agreement in all circumstances, and further agrees that it shall pay all proceeds received or realized by it in relation to the Pari Passu Collateral granted in favor of
it under the Shared Security Documents and any Security Interest thereon to the Common Collateral Agent for application and distribution in accordance with Section 5 hereof. 

  
 5 

	3.3	The Common Collateral Agent shall be entitled, in acting as common collateral agent for the Secured Parties, to all of the rights, powers and privileges, and the benefit of the limitations and exculpations, as set out
in the Shared Security Documents or in accordance with applicable laws and regulations. 

  

	3.4	As of the date hereof, this Agreement is entered into by the Indenture Trustee, the Super Senior Hedging Providers, the Common Collateral Agent, the Issuer and the Chargor pursuant to section 4.26 (Intercreditor
Agreement) of the Indenture. 

  

	3.5	The Chargor shall deliver all original share certificates, transfer forms and all other perfection documents to the Common Collateral Agent on or prior to the date hereof under the Shared Security Documents and the
Common Collateral Agent shall hold such documents subject to the terms of this Agreement. 

  

	3.6	Any Secured Party who is holding any perfection document shall deliver such perfection document to the Common Collateral Agent to hold such perfection documents for the benefit of all Secured Parties. 

 

	3.7	For the limited purpose of perfecting the Security Interests of the Secured Parties in those types or items of the Pari Passu Collateral, if any, in which a Security Interest may only be perfected by possession or
control, any Secured Party that is in possession or control of such Pari Passu Collateral agrees that if it elects to relinquish possession or control of such Pari Passu Collateral, it shall deliver possession or control thereof to the Common
Collateral Agent; provided that, no Secured Party shall be required to deliver any such Pari Passu Collateral or take any other action referred to in this Section to the extent that such action would contravene any law, order or other legal
requirements, and in the event of a controversy or dispute, such Secured Party may interplead any item of Pari Passu Collateral in any court of competent jurisdiction. 

 

	4.	Enforcement; Written Instructions 

  

	4.1	Only the Common Collateral Agent (or any delegate, receiver or other Person appointed by the Common Collateral Agent in accordance with the Shared Security Documents) shall be entitled to act, or otherwise refrain from
acting, in connection with, or enforce, the Shared Security Interest on behalf of the Secured Parties pursuant to the terms of the applicable Shared Security Document and this Agreement. 

 

	4.2	Each Secured Party agrees that, in relation to any instruction given by it to the Common Collateral Agent to take action in relation to depositing or maintaining any Pari Passu Collateral subject to a Shared Security
Interest or any other action in respect of such Pari Passu Collateral, any Secured Party may provide to the Common Collateral Agent written instructions signed by an authorized person of such Secured Party; provided, however, that upon
receipt of any such written instruction from any Secured Party, the Common Collateral Agent shall as soon as reasonably practicable inform the Issuer and the Chargor and the other Secured Parties accordingly (including providing a copy of such
instruction). 

  

	4.3	Upon the occurrence and during the continuance of an Event of Default, any Secured Party may, to the extent permitted or not restricted under the applicable Secured Party Document, notify in writing the Common
Collateral Agent of the occurrence of such Event of Default and may instruct in writing the Common Collateral Agent to (i) enforce the Pari Passu Collateral and (ii) deliver an Enforcement Notice to the Issuer and the Chargor (such
instructions, the “Enforcement Instructions”); provided, however, that in the case of the Super Senior Hedging Providers, the Enforcement Instructions shall be given by or on behalf of the Majority Super Senior Hedging
Providers. Upon receipt of an Enforcement Instruction, the Common Collateral Agent shall act unilaterally to enforce on or against the Shared Security Interest subject to Sections 4.4, 4.5, 4.7 and 9 hereof and the Security Enforcement Principles;
provided, however, that upon receipt of an Enforcement Instruction, the Common Collateral Agent shall as soon as reasonably practicable inform the Issuer, the Chargor and the other Secured Parties accordingly (including providing a copy of
such Enforcement Instruction and such Enforcement Notice). 

  
 6 

	4.4	Notwithstanding any provision herein to the contrary but subject to Section 9 hereof and the Security Enforcement Principles in all circumstances, if the Common Collateral Agent identifies a conflict:

  

	 	(a)	between Secured Parties’ interests in connection with any Enforcement Instructions; or 

  

	 	(b)	in the event that more than one of the Secured Parties issues Enforcement Instructions, between those Enforcement Instructions, 

and the Common Collateral Agent believes in its sole and absolute discretion that the interests of the Secured Parties would be in conflict
upon the exercise of those Enforcement Instructions, or that compliance with an Enforcement Instruction would cause the Common Collateral Agent to contravene another Enforcement Instruction or the Security Enforcement Principles, the Common
Collateral Agent shall notify each Secured Party in writing not more than ten (10) Business Days after it becomes aware of such conflict that the Common Collateral Agent considers such a conflict exists and the Common Collateral Agent is not
obligated to take any action if it identifies such conflict; provided that, the Common Collateral Agent shall act in accordance with such Enforcement Instructions to the extent that such Enforcement Instructions do not conflict with each
other and further provided that the Common Collateral Agent shall act in accordance with Section 9 hereof and the Security Enforcement Principles. 
  

	4.5	Notwithstanding anything to the contrary contained in this Agreement but subject to Section 9 hereof and the Security Enforcement Principles in all circumstances, if the Common Collateral Agent shall receive any
instruction from any Secured Party with respect to any act or action (including failure to act) in connection with this Agreement or the Shared Security Documents, the Common Collateral Agent shall be entitled to refrain from such act or taking such
action unless and until it shall have received written instruction from any Secured Party and to the extent requested, indemnification and/or security and/or pre-funding to its satisfaction in respect of
actions to be taken, and the Common Collateral Agent shall not incur liability to any Secured Party, any Noteholder or any holder of Permitted Pari Passu Secured Indebtedness or any other Person by reason of so refraining. Without limiting the
foregoing, no party hereto shall have any right of action whatsoever against the Common Collateral Agent and the Common Collateral Agent shall incur no liability to any party hereto as a result of the Common Collateral Agent acting or refraining
from acting hereunder in accordance with the instructions of the Secured Parties (provided that the Common Collateral Agent believes in good faith such instructions comply with the Security Enforcement Principles) or under any Shared Security
Document as provided for therein. 

  

	4.6	The Common Collateral Agent shall be entitled to seek directions as to the exercise or non-exercise of any of its rights, powers, or discretions from the instructing Secured Party
and to seek clarification of any instruction previously given, and the Common Collateral Agent shall be entitled to refrain from acting in the absence of any, or any clear, written instructions. 

 

	4.7	The Common Collateral Agent may refrain from acting unless and until (a) clearly instructed in writing by a Secured Party as to whether or not any right, power or discretion is to be exercised and, if it is to be
exercised, as to the manner in which it should be exercised and (b) it has received security and/or indemnity and/or pre-funding satisfactory to it. 

 

	4.8	The Common Collateral Agent shall be fully protected and not liable if it complies with any instructions of the Secured Party as the case may be with respect to any Enforcement Instruction in accordance with the
provisions of this Section and the Security Enforcement Principles. 

  

	4.9	The Common Collateral Agent shall not be responsible to any Secured Party for any failure to enforce or to maximize the proceeds of any enforcement in respect of any Enforcement Instruction, provided that it believes in
good faith that it complies with the Security Enforcement Principles. 

  
 7 

	4.10	Each Secured Party agrees to certify to the Common Collateral Agent, (x) upon reasonable request of the Common Collateral Agent and (y) at any time when an instruction is provided by a Secured Party to the
Common Collateral Agent hereunder, the outstanding principal amount of, as the case may be, the Notes or the Permitted Pari Passu Secured Indebtedness to which such Secured Party relates. 

 

	4.11	The Common Collateral Agent shall at all times have regard to the general interests of the Secured Parties as a class but shall not have regard to any interests arising from circumstances particular to any holder
(whatever their number) as regards the exercise and performance of all powers, authorities, duties, discretions and obligations of the Common Collateral Agent in respect of the Pari Passu Collateral or the rights or benefits which are comprised in
the Pari Passu Collateral (except where expressly provided otherwise). Prior to receiving any Enforcement Notice from any Secured Party, the Common Collateral Agent shall be under no obligation to take any steps to call in or to enforce the Pari
Passu Collateral and shall not be liable for any liability, damages, cost, loss or expense (including legal fees) and any value added tax thereon arising from any omissions on its part to take any such steps. 

 

	4.12	The Common Collateral Agent shall not be responsible and/or liable for the priority of the Pari Passu Collateral on enforcement. 

  

	5.	Distribution of Proceeds and Release 

 Following the delivery of an Enforcement
Instruction, the Issuer may not make any Payment in respect of any Liabilities except from the proceeds from any sale, collection, liquidation or enforcement of the Pari Passu Collateral, which shall be distributed by the Common Collateral Agent in
accordance with the terms hereof and subject to the conditions of the relevant Shared Security Document, provided that the Payments prohibited by this Section 5 shall remain owing by the Issuer to the extent not paid. Notwithstanding any
provision of this Agreement to the contrary, such proceeds shall be applied as follows: 
  

	 	(a)	first, to the Indenture Trustee, the Common Collateral Agent, the Agents and, to the extent applicable, any representative of holders of any Permitted Pari Passu Secured Indebtedness, to the extent necessary to
reimburse the Indenture Trustee, the Common Collateral Agent, the Agents and any such representative for any unpaid fees, costs and expenses incurred in connection with the collection or distribution of such amounts held or realized or in connection
with expenses incurred in enforcing its remedies under the Shared Security Documents and preserving the Pari Passu Collateral and all amounts for which the Indenture Trustee, the Common Collateral Agent, the Agents and any such representative are
entitled to indemnification under the Shared Security Documents and this Agreement; 

  

	 	(b)	second, on a pro rata and pari passu basis to the Super Senior Hedging Providers (other than any Defaulting Hedging Providers) under Super Senior Hedging Obligations; 

 

	 	(c)	third, to the Indenture Trustee for the benefit of Noteholders and, to the extent applicable, holders of any Permitted Pari Passu Secured Indebtedness (or their representative) (other than the Super Senior
Hedging Providers and any Defaulting Hedging Providers) on a pro rata and pari passu basis; 

  

	 	(d)	fourth, to any Defaulting Hedging Providers on a pro rata and pari passu basis; and 

  

	 	(e)	fifth, any surplus remaining after such payments will be paid to the Issuer or whomever may be lawfully entitled thereto. 

  
 8 

 Each party hereto agrees that any proceeds of the Pari Passu Collateral received or
recovered by it in violation of the priorities set forth above and the other provisions of this Agreement shall be segregated and held in trust and promptly paid over to the Common Collateral Agent, in the same form as received, with any necessary
endorsements, for application in accordance with the priorities set forth above. 
 Each Secured Party expressly authorizes and instructs the
Common Collateral Agent to execute any and all documents (including releases) with respect to the Pari Passu Collateral and the rights of each of the Secured Parties with respect thereto as contemplated by and in accordance with the provisions of
this Agreement and the Shared Security Documents. 
  

	6.	Resignation and Replacement of Common Collateral Agent 

  

	6.1	Resignation 

 The Common Collateral Agent may resign without giving any reason at any time by
sixty (60) calendar days’ prior written notice of resignation to each Secured Party, the Issuer and the Chargor. 
  

	6.2	Removal 

  

	 	(a)	The Common Collateral Agent may be removed by sixty (60) days’ prior written notice of removal to the Common Collateral Agent from the Majority Secured Parties, with a copy thereof to the Issuer and the
Chargor. 

  

	 	(b)	If the Common Collateral Agent has resigned or has been removed by or on behalf of the Secured Parties, the Secured Parties (in consultation with the Issuer and Chargor (so long as no Event of Default has occurred and
is continuing)) shall appoint a successor Common Collateral Agent and give notice of such successor Common Collateral Agent to the retiring Common Collateral Agent, the Issuer and the Chargor within thirty (30) calendar days of giving the
foregoing notice of removal to the Common Collateral Agent or of receiving the foregoing notice of resignation from the retiring Common Collateral Agent. 

  

	 	(c)	If a successor Common Collateral Agent has not been appointed, or has not accepted such appointment, within thirty (30) calendar days after the retiring Common Collateral Agent resigns or is removed, the retiring
Common Collateral Agent may, at the expense of the Issuer, and with notice to the Issuer and the Chargor, appoint a successor Common Collateral Agent or any one of the Secured Parties or the retiring Common Collateral Agent may apply to a court of
competent jurisdiction for the appointment of a successor Common Collateral Agent or for other appropriate relief. 

  

	6.3	Effectiveness 

 A resignation or removal of the Common Collateral Agent and appointment of a
successor Common Collateral Agent will become effective only upon: 
  

	 	(a)	the successor Common Collateral Agent’s acceptance of appointment as provided in this Section 6; and 

  

	 	(b)	the execution of all documents that are necessary to substitute the successor Common Collateral Agent hereunder pursuant to Section 6.4 hereof and under each of the Shared Security Documents. 

 

	6.4	Transfer of rights and interests 

 Upon delivery by the successor Common Collateral Agent of a
written acceptance of its appointment to the retiring Common Collateral Agent and each Secured Party, and upon the 

  
 9 

 
execution of all documents that are necessary to substitute the successor Common Collateral Agent hereunder and under each of the Shared Security Documents: 

 

	 	(a)	the retiring Common Collateral Agent will at the expense of the Issuer and the Chargor transfer and assign all property and documents held by it as Common Collateral Agent to the successor Common Collateral Agent,
subject to the Shared Security Interest; 

  

	 	(b)	the resignation or removal of the retiring Common Collateral Agent will become effective; and 

  

	 	(c)	the successor Common Collateral Agent will have all the rights, powers and duties of the retired Common Collateral Agent under this Agreement and the Shared Security Documents and the retiring Common Collateral Agent
shall have no further duties, responsibilities or obligations hereunder. 

  

	6.5	Failure to appoint successor Common Collateral Agent 

 Without prejudice to the Common
Collateral Agent’s rights under Section 9 hereof in the event that: 
  

	 	(a)	the Common Collateral Agent has given notice of its resignation pursuant to Section 6.1 hereof, or any Secured Party has given notice to the Common Collateral Agent of its removal pursuant to Section 6.2
hereof; and 

  

	 	(b)	a successor Common Collateral Agent has not been appointed or has not accepted its appointment, or the requirements of Sections 6.3 and 6.4 hereof relating to the transfer of the rights and interests of the Common
Collateral Agent to the successor Common Collateral Agent have not been satisfied, in each case within thirty (30) calendar days of the date of delivery of such notice, 

the Common Collateral Agent may, at its option, refuse to comply with any claims or demands, including without limitation, any Enforcement
Instruction, and refuse to take any other action hereunder; provided, however, that the Common Collateral Agent shall inform each Secured Party, the Issuer and the Chargor in writing of its decision, and in any such event, the Common
Collateral Agent shall not be liable in any way or to any person for its failure or refusal to act if the circumstances set out in this Section 6.5 occur, and the Common Collateral Agent shall be entitled to continue to so refuse to act and
refrain from acting until the matters referred to in paragraph (b) above have been satisfied. 
  

	7.	Super Senior Hedging Obligations 

  

	7.1	No payment may be made to a Super Senior Hedging Provider by (or on behalf of) the Issuer or the Common Collateral Agent if any scheduled payment due from that Super Senior Hedging Provider to the Issuer under a Super
Senior Hedging Agreement is due and unpaid unless the scheduled payment due from that Super Senior Hedging Provider to the Issuer under a Super Senior Hedging Agreement based on a 1992 ISDA Master Agreement or 2002 ISDA Master Agreement is being
withheld pursuant to the provisions of section 2(a)(iii) of such Super Senior Hedging Agreement. 

  

	7.2	Failure by the Issuer to make a payment to a Super Senior Hedging Provider which results solely from the operation of Section 7.1 hereof shall, without prejudice to Section 7.3 hereof, not result in a default,
potential event of default, event of default or termination event (however described) by or in respect of the Issuer under that Super Senior Hedging Agreement. 

  

	7.3	The Issuer shall not be released from liability for failing to make any payment under the terms of any Super Senior Hedging Agreement by the operation of Section 7.1 hereof even if its obligation to make that
payment is restricted at any time by Section 7.1 hereof. 

  
 10 

	7.4	If, on termination of any transaction under any Super Senior Hedging Agreement occurring after the acceleration of the Notes or any Permitted Pari Passu Secured Indebtedness or the delivery of any Enforcement
Instruction, a settlement amount or other amount (following the application of any Close-Out Netting or Payment Netting in respect of that Super Senior Hedging Agreement) falls due from a Super Senior Hedging
Provider to the Issuer, then that amount shall be paid by that Super Senior Hedging Provider to the Common Collateral Agent, treated as the proceeds of enforcement of the Shared Security Interest and applied in accordance with the terms of this
Agreement. The payment of such amount by the Super Senior Hedging Provider to the Common Collateral Agent in accordance with this Section 7.4 shall discharge the Super Senior Hedging Provider’s obligation to pay such amount to the Issuer.

  

	7.5	For the avoidance of doubt, in the event of any inconsistency between the provisions of the Super Senior Hedging Agreement and this Section 7, this Section 7 will prevail. 

 

	8.	Accession of Holders of Permitted Pari Passu Secured Indebtedness 

 Without prejudice to
any provision of the Secured Party Documents, the Issuer may not incur Permitted Pari Passu Secured Indebtedness (other than Additional Notes or other indebtedness in respect of which the holders or their representative is already a party to this
Agreement) and the Chargor may not create Security Interests on the Pari Passu Collateral unless the holder(s) (or a representative on its or their behalf) of such Permitted Pari Passu Secured Indebtedness agree(s) to become a party hereto pursuant
to a supplement hereto substantially in the form of Exhibit A and the Common Collateral Agent is satisfied with its internal compliance procedures (including but not limited to Know Your Client checks) in respect of such additional party acceding to
this Agreement. Upon (a) the due execution and delivery of such supplement by each such holder (or its representative) and (b) the satisfaction of any and all conditions under the Secured Party Documents to the incurrence of such Permitted
Pari Passu Secured Indebtedness by the Issuer or the Chargor, such holder (or its representative) shall become a Secured Party (and a Super Senior Hedging Provider, if applicable) bound by the provisions hereof and Schedule 1 hereto shall be deemed
to be amended to incorporate the particulars of such holder (or its representative) set forth in Annex A to such supplement. Without prejudice to any other provisions of this Agreement, this Section 8 shall not oblige any successor, assign or
transferee under the Indenture to execute a supplement hereto. The Issuer shall promptly deliver to the Common Collateral Agent an updated Schedule 1 hereto reflecting such particulars. 

 

	9.	Dispute 

  

	9.1	In the event of any disagreement between any Secured Parties or between a Secured Party and the Majority Secured Parties, or if the Common Collateral Agent believes at its sole and absolute discretion that any conflict
has arisen: 

  

	 	(a)	between such Secured Parties’ interests in connection with any instructions given by any Secured Party; or 

  

	 	(b)	in the event that each of the Secured Parties issues any instructions with respect to the same or a similar subject, between those instructions, 

any Secured Party or the Common Collateral Agent may deliver a notice to the other Secured Parties and the Common Collateral Agent, as
applicable, and the delivery of such notice shall commence a 30 calendar day consultation period during which time the Secured Parties shall consult with each other in good faith with a view to coordinating the proposed instructions and keep the
Common Collateral Agent informed of such consultation and coordination efforts. If consultation has taken place for at least 30 calendar days, there shall be no further obligation to consult and, the Common Collateral Agent may act in accordance
with the instructions of the Majority Secured Parties, which shall be binding on all Secured Parties; provided that such 

  
 11 

 
instructions comply with the Security Enforcement Principles; provided further that if no such instructions from the Majority Secured Parties are available, the Common Collateral Agent
may, at its option, refuse to comply with any claims or demands, and refuse to take any other action hereunder, so long as such disagreement or conflict continues; provided further that if the Common Collateral Agent receives conflicting
instructions as to whether or not to enforce the Shared Security Interest, the instructions that direct the Common Collateral Agent to enforce the Shared Security Interest shall prevail subject, in the case of Super Senior Hedging Providers, that
any such instruction have come from the Majority Super Senior Hedging Providers; provided, however, that the Common Collateral Agent shall inform such Secured Parties in writing of its decision, and in any such event, the Common Collateral
Agent shall not be liable in any way or to any person for its failure or refusal to act if the circumstances set out in this Section 9.1 occur, and the Common Collateral Agent shall be entitled to continue to so refuse to act and refrain from
acting until (i) the rights of all parties having or claiming an interest in the Shared Security Interest shall have been fully and finally adjudicated by a court of competent jurisdiction or the disagreement or, as the case may be, the
conflict shall have been resolved by agreement between the Secured Parties (and the Secured Parties shall consult with one another in good faith for at least 30 calendar days with a view to resolving the disagreement or, as the case may be, the
conflict), and (ii) the Common Collateral Agent shall, in the case of adjudication by a court of competent jurisdiction, have received a final order, judgment or decree by such court of competent jurisdiction, which order, judgment or decree is
not subject to appeal, and in the case of resolution of differences by agreement, have received a notice in writing signed by an authorized person of each of the Secured Parties setting forth in detail the agreement. The Common Collateral Agent
shall have the option, after 30 calendar days’ notice to the other parties of its intention to do so, to file an action in interpleader requiring the parties hereto to answer and litigate any claims and rights among themselves. The costs and
expenses (including attorneys’ fees and expenses) properly incurred by the Common Collateral Agent in connection with such proceeding shall be paid by, and be the obligation of, the Issuer, and the Common Collateral Agent shall have the right
to pay or reimburse itself for the prior payment of such fees and expenses from the Shared Security Interest. 
  

	9.2	The Common Collateral Agent may consult with legal counsel and/or professional advisors of its selection in the event of any dispute or question as to the meaning or construction of any of the provisions hereof or its
duties hereunder, and shall incur no liability and shall be fully protected in acting in accordance with the opinion and instructions of such counsel. The Issuer agrees to reimburse the Common Collateral Agent on demand for all legal fees,
disbursements and expenses properly incurred by the Common Collateral Agent in so consulting with legal counsel and the Common Collateral Agent shall have the right to pay or reimburse itself for the prior payment of such fees, disbursements and
expenses from the Shared Security Interest. 

  

	9.3	The parties hereto agree that any instructions given by any Secured Party to the Common Collateral Agent hereunder or any document executed in connection therewith shall in all circumstances be subject to this
Section 9. 

  

	9.4	The rights of the Common Collateral Agent under this Section 9 are cumulative of all other rights which it may have by law or otherwise. 

 

	10.	Representations and Warranties 

 Each Secured Party, the Issuer and the Chargor, each
individually, hereby represents and warrants that (i) this Agreement has been duly authorized, executed and delivered on its behalf by a person thereunto duly and validly authorized and constitutes its legal, valid and binding obligation,
enforceable in accordance with its terms and (ii) the execution and delivery of, and the performance of its obligations under, this Agreement do not violate any law or regulation applicable to it. 

  
 12 

	11.	Successor Agent by Consolidation, Merger, Conversion or Transfer 

 If the Common
Collateral Agent consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business or assets to, another corporation or national banking association, the resulting, surviving or transferee corporation
or national banking association without any further act will be the successor Common Collateral Agent with the same effect as if the successor Common Collateral Agent had been named the Common Collateral Agent. 

 

	12.	Change of Indenture Trustee or Other Secured Parties 

  

	12.1	The Indenture Trustee may assign and transfer all of its rights and obligations hereunder to a replacement Indenture Trustee, or may resign or be removed, in accordance with the Indenture; provided that the
Indenture Trustee shall give prompt notice to the other parties to this Agreement of such assignment, transfer, resignation or removal. Upon such assignment transfer, resignation or removal taking effect in accordance with the terms of the Indenture
the replacement Indenture Trustee shall be, and be deemed to be, acting as trustee for each of the Noteholders (as well as for itself) for the purposes of this Agreement in place of the old Indenture Trustee. 

 

	12.2	Each of the other Secured Parties may assign and transfer all of its respective rights and obligations hereunder to a replacement Secured Party, or may resign or be removed, in accordance with the relevant Permitted
Pari Passu Secured Indebtedness Document; provided that such Secured Party shall give prompt notice to the other parties to this Agreement of such assignment, transfer, resignation or removal. Upon such assignment, transfer, resignation or
removal taking effect in accordance with the terms of the relevant Permitted Pari Passu Secured Indebtedness Document, the replacement Secured Party shall be, and be deemed to be, acting as the Secured Party for the purposes of this Agreement in
place of the old Secured Party. 

  

	13.	Indemnification 

  

	13.1	The Issuer agrees to be responsible for and will indemnify the Common Collateral Agent or any predecessor Common Collateral Agent and their agents, employees, officers and directors for, and hold it harmless against any
loss or liability or properly incurred expense incurred by it without gross negligence or wilful default on its part arising out of or in connection with the acceptance or administration of this Agreement and its duties under this Agreement,
including (i) the properly incurred costs and expenses of defending itself against any claim or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its
powers or duties under this Agreement and (ii) the reasonable compensation and properly incurred expenses and disbursements of the Common Collateral Agent’s agents and counsel and other persons not regularly within the Common Collateral
Agent’s employ. This Section 13 shall survive the resignation or removal of the Common Collateral Agent and the termination of this Agreement. 

  

	13.2	References to the Common Collateral Agent in this Section 13 shall include any person selected by the Common Collateral Agent with due care to whom the Common Collateral Agent properly delegates any power,
authority, duty or obligation under and in accordance with this Agreement. 

  

	14.	Limitation on Liability 

  

	14.1	 The Common Collateral Agent shall not be liable to any person (including without limitation the Issuer, the
Chargor and the Secured Parties) for any action taken or omitted or for any loss or injury resulting from its actions or its performance or lack of performance of its duties hereunder in the absence of gross negligence or wilful default on its part.
The Common Collateral Agent is authorized to act, and shall not be liable for acting, in reliance upon any 

  
 13 

	 	
judgment, order, instruction, notice, certification, demand, consent, authorization, receipt, power of attorney or other writing delivered to it by any other party without being required to
determine the authenticity or validity thereof, the correctness of any fact stated therein, the propriety or validity of the service thereof, or the jurisdiction of the court issuing any judgement or order. The Common Collateral Agent may act in
reliance upon any signature believed by it to be genuine and may assume that such person has been properly authorized to do so. The Common Collateral Agent shall not be liable (i) for any indirect, consequential, punitive or special damages
(including loss of business, goodwill, opportunity or profit), regardless of the form of action and whether or not (a) any such damages arise directly or indirectly, (b) any such damages were foreseeable or contemplated or the possibility
of which was advised or known to the Common Collateral Agent or (c) the claim for such damages is made in negligence, breach of contract or otherwise or (ii) for the acts or omissions of any nominees, correspondents, designees, agents,
delegates, subagents or subcustodians selected by the Common Collateral Agent with due care. 

  

	14.2	The Common Collateral Agent shall not be liable to account for interest on money paid to it by the Issuer. 

  

	14.3	The Common Collateral Agent is not responsible for and will make no investigation as to the title, ownership, value, sufficiency or existence of any of the assets which are the subject of the Pari Passu Collateral.

  

	14.4	The Common Collateral Agent is not required to be the registered holder of title to any assets comprising the Pari Passu Collateral prior to enforcement. 

 

	14.5	The Common Collateral Agent is not responsible for and will make no investigation as to the existence, accuracy or sufficiency of any legal or other opinions, searches, reports, certificates, valuations or
investigations given or required in connection with any of the Pari Passu Collateral. 

  

	14.6	The Common Collateral Agent shall be entitled to call for and rely on any certificate of any party hereto as to any matter on which the Common Collateral Agent requires to be satisfied. The Common Collateral Agent shall
not be liable for acting or not acting (or relying) on such information in good faith. 

  

	14.7	This Section 14 shall survive the resignation or removal of the Common Collateral Agent and the termination of this Agreement 

  

	15.	Notices; Electronic Communication 

  

	15.1	Any communication to be made under or in connection with this Agreement shall be made in English, in writing and, unless otherwise stated, may be made by fax, electronic transmission or letter. The address, email
address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each party for any communication or document to be made or delivered under or in connection with this Agreement is identified with
its name below (or any substitute address, email address or fax number or department or officer as the party may notify to the other parties by not less than five Business Days’ notice). 

 

	15.2	Any electronic communication made between the parties hereto will be effective only when actually received in readable form. 

  

	16.	Miscellaneous 

  

	16.1	The Common Collateral Agent may use professional advisers in connection with this Agreement. 

  
 14 

	16.2	The Common Collateral Agent shall only be obligated to perform duties set out in this Agreement and the Shared Security Documents and no implied covenants or obligations shall be read into this Agreement.

  

	16.3	The Common Collateral Agent may acquire an interest in the Notes or any Permitted Pari Passu Secured Indebtedness or be involved in any other transaction with the Issuer and/or the Chargor. 

 

	16.4	The Issuer will, to the extent not otherwise reimbursed under Section 16.5 hereof, within 30 calendar days of demand by the Common Collateral Agent, pay or discharge all out-of-pocket costs, charges, liabilities and expenses properly incurred by the Common Collateral Agent in the preparation and execution of this Agreement and the performance of its functions under, and in
any manner in relation to, this Agreement and the Shared Security Documents, including but not limited to, out-of-pocket expenses properly incurred seeking appropriate
legal or financial advice to discharge its duties, legal and travelling expenses and any stamp, documentary or other taxes or duties paid or payable by the Common Collateral Agent in connection with any action or legal proceedings brought or
contemplated by the Common Collateral Agent against the Issuer to enforce any provision of this Agreement or the Shared Security Documents. Such costs, charges, liabilities and expenses will (i) in the case of payments made by the Common
Collateral Agent before such demand, carry interest from the date of demand at the rate of two per cent, per annum above the Common Collateral Agent’s cost of funds determined by the Common Collateral Agent on the date on which the Common
Collateral Agent made such payments; and (ii) in other cases, carry interest at such rate from 30 calendar days after the date of the demand or (where the demand specifies that payment is to be made on an earlier date) from such earlier date.
This Section 16.4 shall survive the resignation or removal of the Common Collateral Agent and the termination of this Agreement. 

  

	16.5	The Issuer shall pay the Common Collateral Agent such fees, costs and expenses as separately agreed upon in writing between the Issuer and the Common Collateral Agent. If the Common Collateral Agent receives any
Enforcement Instructions and is required to perform duties that are not expressly contemplated under this Agreement, or if the Common Collateral Agent is requested to undertake duties which are of an exceptional nature or otherwise outside the scope
of the Common Collateral Agent’s normal duties under this Agreement, the Issuer will pay such additional remuneration as they may agree (and which may be calculated by reference to the Common Collateral Agent’s normal hourly rate in place
from time to time) or, failing such agreement as to any of the matters in this Section 16.5, as determined by an independent financial institution (acting as an expert and not as an arbitrator) selected by the Common Collateral Agent and, prior
to the occurrence of an Event of Default that is continuing, also approved by the Issuer. The properly incurred expenses involved in such nomination and the financial institution’s reasonable fees will be paid by the Issuer. The determination
of such financial institution will be conclusive and binding on the Issuer, the Common Collateral Agent and the Secured Parties. This Section 16.5 shall survive the resignation or removal of the Common Collateral Agent and the termination of
this Agreement. 

  

	16.6	In case any term or provision of this Agreement conflicts with the terms or provisions of any Shared Security Documents, the terms and provisions of this Agreement shall govern. 

 

	16.7	The Common Collateral Agent is not required to monitor the performance (financial or otherwise) of the Issuer, or the Issuer’s performance of, or failure to perform, the obligations, duties and covenants set forth
in the Secured Party Documents or the Shared Security Documents, and shall bear no responsibility for, or liability in connection with, the Secured Party’s failure to perfect a security interest in the Pari Passu Collateral. 

 

	16.8	The Common Collateral Agent is not responsible for payment of any taxes or stamp duty as a result of (a) it holding any assets subject to a Security Interest or (b) it enforcing any Security Interest held by
it. 

  
 15 

	16.9	The Common Collateral Agent is not responsible for making any deductions or withholdings in respect of taxes or other governmental charges in respect of any amounts paid by the Common Collateral Agent from the proceeds
of any enforcement of the Shared Security Interest. 

  

	16.10	The Common Collateral Agent is not responsible for the creditworthiness, financial and business condition or solvency of the Issuer, the Chargor or any other party providing any Pari Passu Collateral. 

 

	16.11	The Common Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of Default unless the Common Collateral Agent has received written notice from a Secured Party which has
specified the same. 

  

	16.12	Notwithstanding anything to the contrary in this Agreement, the Secured Party Documents and the Shared Security Documents, the Common Collateral Agent shall not in any event be liable for any loss or damage, or any
failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any reason which is beyond the control of the Common Collateral Agent, including, but not limited to, by any existing or future
law or regulation, any existing or future act of governmental authority, act of God, flood, war whether declared or undeclared, terrorism, riot, rebellion, civil commotion, strike, lockout, other industrial action, general failure of electricity or
other energy or utility supply, aircraft collision, technical failure, accidental or mechanical or electrical breakdown, computer failure or failure of any money transmission system or any event where, in the reasonable opinion of the Common
Collateral Agent, performance of any duty or obligation under or pursuant to this Agreement would or may be illegal or would result in the Common Collateral Agent being in breach of any law, rule, regulation, or any decree, order or judgment of any
court, or practice, request, direction, notice, announcement or similar action (whether or not having the force of law) of any relevant government, government agency, regulatory authority, stock exchange or self-regulatory organization to which the
Common Collateral Agent is subject. 

  

	16.13	The Common Collateral Agent shall be regarded as acting through its agency division which shall be treated as a separate division from any other of its departments or divisions. If any information is received by another
department or division of the Common Collateral Agent, unless the Common Collateral Agent has written notice of such information, it shall be treated as confidential to that other department or division and the Common Collateral Agent shall not be
deemed to have notice of it. 

  

	16.14	The Common Collateral Agent will treat information provided hereunder as confidential, but (unless consent is prohibited by law) each of the Issuer and the Chargor hereby consents to the transfer and disclosure by the
Common Collateral Agent of any information relating to it provided hereunder to and between branches, subsidiaries, representative offices, affiliates and agents of the Common Collateral Agent and third parties, in each case selected by the Common
Collateral Agent with due care, wherever situated, for confidential use (including in connection with the provision of any service and for data processing, statistical and risk analysis purposes). The Common Collateral Agent and any branch,
subsidiary, representative office, affiliate, agent or third party may transfer and disclose any such information as required by any applicable law, regulatory authority or legal process. 

 

	16.15	The Common Collateral Agent is entitled to delegate instead of acting personally and is entitled to appoint attorneys and agents selected by it with due care and the Common Collateral Agent shall not be responsible for
the acts or omissions of delegates, attorneys or agents appointed with due care by it hereunder or for monitoring or supervising such delegates’, attorneys’ or agents’ actions. 

 

	16.16	 The Common Collateral Agent is not obliged to do or omit to do anything which in its opinion would or may be
illegal, or would constitute a breach of any law, rule, regulation, or any decree, order or judgment of any court, or practice, request, direction, notice, announcement or similar 

  
 16 

	 	
action (whether or not having the force of law) of any relevant government, government agency, regulatory authority, stock exchange or self-regulatory organization to which the Common Collateral
Agent is subject. 

  

	16.17	The Common Collateral Agent shall not be responsible for the registration, filing, protection or perfection of any Security Interest granted by or pursuant to this Agreement or any Shared Security Document, and shall
not be responsible for ensuring that necessary registration, filing, protection or perfection are carried out to ensure that Security Interests capable of being registered, filed against, protected or perfected are so registered, filed against,
protected or perfected. 

  

	16.18	The Common Collateral Agent and its officers, directors, employees, attorneys and agents selected by it with due care shall have no responsibility to make any investigation in relation to: 

 

	 	(a)	the execution, genuineness, legality, validity, effectiveness, enforceability, adequacy, accuracy, sufficiency or completeness of any Shared Security Documents or any other document; 

 

	 	(b)	the collectability of amounts payable under any Shared Security Documents or the observance by the Issuer or the Chargor or any other relevant party of its obligations under any Shared Security Document or any other
document; 

  

	 	(c)	any determination or calculation made (or deemed made) by or on behalf of any person pursuant to any Shared Security Document or any Secured Party Document; 

 

	 	(d)	any accounts, books, records or files maintained by the Issuer, the Chargor, any Secured Party or any other party or in relation to any of the Pari Passu Collateral; 

 

	 	(e)	the scope or accuracy of any recitals, representations, warranties or statements made by or on behalf of the Issuer, the Chargor, any Secured Party or any relevant party (other than itself) in, or incorporated by
reference into the Shared Security Documents, any Secured Party Document or any other documents entered into in connection with or pursuant to this Agreement or the Shared Security Documents; and 

 

	 	(f)	the existence of any other Security Interest affecting any asset secured under the Shared Security Documents. 

  

	16.19	In addition to the trusts, powers, authorities and discretions conferred on the Common Collateral Agent by applicable law, the Common Collateral Agent shall have the following powers, authorities and discretions:

  

	 	(a)	the Common Collateral Agent shall have sole and absolute discretion as to the exercise or performance or non-exercise or non-performance of
each of the powers, authorities, duties, discretions and obligations under the Shared Security Documents and each of the other documents to which it a party or conferred on it by operation of law and the exercise or performance or non-exercise or non-performance of those powers, authorities, duties, discretions and obligations shall, as between itself and the other Secured Parties, be conclusive and
binding on the other Secured Parties, in each case except as expressly provided otherwise in the Shared Security Documents or the other documents to which it is a party or unless otherwise instructed by a Secured Party; 

 

	 	(b)	the Common Collateral Agent, as between itself and the other Secured Parties, shall have full power to determine all questions arising in relation to any of the provisions of the Shared Security Documents and the Pari
Passu Collateral and every such determination shall, as between itself and the other Secured Parties, be conclusive, in each case except as expressly provided otherwise in the Shared Security Documents or the other documents to which it is a party
or unless otherwise instructed by a Secured Party; 

  
 17 

	 	(c)	any consent given by the Common Collateral Agent for the purposes of the Shared Security Documents, or any of the other documents may be given on such terms and subject to such conditions (if any) as the Common
Collateral Agent in its discretion considers appropriate and the Common Collateral Agent may subsequently ratify anything for which its prior consent was required but not obtained, in each case except as expressly provided otherwise in the Shared
Security Documents or the other documents to which it is a party or unless otherwise instructed by a Secured Party. Without prejudice to the generality of the foregoing, if a document specifies that the Common Collateral Agent is required to give
its consent to any event, matter or thing or take such action if certain specified conditions are met, the Common Collateral Agent shall give its consent to that event, matter or thing or take such action upon it being satisfied, in its discretion,
that those specified conditions have been met, in each case except as expressly provided otherwise in the Shared Security Documents or the other documents to which it is a party or unless otherwise instructed by a Secured Party; 

 

	 	(d)	where it is necessary or desirable for any purpose in connection with the Shared Security Documents for the Common Collateral Agent to convert any sum held by it (or whether stipulated in any document presented to it)
or for any other reason from one currency to another, the sum shall (unless otherwise provided in the Shared Security Documents or the Secured Party Documents or required by law) be converted at such rate or rates, in accordance with such method and
as at such date for the determination of such rate of exchange, as may be specified by the Common Collateral Agent in its absolute discretion but acting reasonably and having regard to current rates of exchange, if available. Any rate, method and
date so specified shall be binding on the Secured Parties, the Issuer and the Chargor; and 

  

	 	(e)	the Common Collateral Agent may at the expense of the Issuer and the Chargor (without double charging), make arrangements which it considers appropriate with any affiliate of the Common Collateral Agent for the safe
custody of the Secured Party Documents. 

  

	16.20	Nothing will oblige the Common Collateral Agent to satisfy any know your customer requirement in relation to the identity of any person on behalf of any Secured Party or any Agent (as defined under any Secured Party
Document). 

  

	16.21	The Common Collateral Agent is not obliged to review or check the accuracy or completeness of any document it forwards to another party and it may assume that such documents are correct and genuine. 

 

	16.22	The Common Collateral Agent is not liable for any delay (or any related consequences) in crediting an account with an amount required under the Secured Party Documents to be paid by the Common Collateral Agent if the
Common Collateral Agent has without gross negligence or willful default taken all reasonable steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognized clearing or settlement system used by the
Common Collateral Agent for that purpose. 

  

	16.23	Subject to Sections 4.4 and 9 hereof, in performing its duties and obligations as Common Collateral Agent and in exercising any rights, powers or discretions granted to it under this Agreement, the Common Collateral
Agent shall act solely on the written instructions of the Secured Parties, and the Common Collateral Agent shall incur no liability to any party (including but not limited to the Issuer, the Chargor and the Secured Parties) for any action it takes,
or refrains from taking, on the instructions of the Secured Parties. 

  
 18 

	16.24	Notwithstanding anything else herein contained, the Common Collateral Agent may refrain, without liability, from doing anything that would or might in its opinion be contrary to any law of any state or jurisdiction
(including but not limited to Hong Kong, Mauritius, the United States of America or any jurisdiction forming a part of it and England & Wales) or any directive or regulation of any agency of any such state or jurisdiction and may without
liability do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. 

  

	16.25	The Common Collateral Agent shall not be under any obligation to insure any assets comprising the Pari Passu Collateral, and shall not be responsible for any loss that may be suffered by any person (including but not
limited to the Issuer, the Chargor and the Secured Parties) as a result of, or the inadequacy of, any such insurance. 

  

	16.26	The Common Collateral Agent is not responsible for the creditworthiness or solvency of the Issuer or the Chargor. 

  

	17.	Corporate Actions 

 The Common Collateral Agent does not, and shall not be deemed to,
assume any responsibility to monitor any corporate actions affecting the Shared Security Interest. The Common Collateral Agent shall have no responsibility and shall not be liable for ascertaining or acting upon any calls, conversions, exchange
offers, tenders, interest rate changes, or similar matters relating to the Shared Security Interest unless the Common Collateral Agent shall have received written and timely notice of the same. The Common Collateral Agent does not, and shall not be
deemed to, assume any responsibility or incur any liability for any act or omission to act with respect to any discretionary corporate action affecting the Shared Security Interest. In the event the Common Collateral Agent receives notice of any
discretionary corporate action in respect of the Shared Security Interest, the Common Collateral Agent shall promptly notify each Secured Party and request written instructions from the Secured Parties in respect of discretionary corporate actions
and shall use commercially reasonable efforts to act upon such instructions. In the absence of such instructions, the Common Collateral Agent shall not be obligated to take any action in respect of the discretionary corporate action affecting the
Shared Security Interest. 
  

	18.	Termination 

 This Agreement shall terminate upon the earlier to occur of (i) the
distribution of all assets subject to a Shared Security Interest, and (ii) the Common Collateral Agent’s receipt of (A) a joint written instruction signed by each Secured Party advising the Common Collateral Agent that this Agreement
has terminated and instructing the Common Collateral Agent either to discharge the Shared Security Interest or to distribute the Pari Passu Collateral to the Indenture Trustee or another Secured Party as provided for therein, or (B) a written
confirmation from each Secured Party confirming that no amounts remain outstanding under the relevant Secured Party Document. 
  

	19.	Amendment 

 Any amendment of this Agreement (other than the accession of any Secured
Party on behalf of holders of Permitted Pari Passu Secured Indebtedness pursuant to Section 8 hereof) shall be binding only if evidenced by a document in writing signed by each of the parties hereto. Notwithstanding the foregoing, any amendment
of this Agreement to remove any Secured Party upon the satisfaction and discharge, defeasance or other satisfaction in full of all obligations of the Issuer or the Chargor secured by the Pari Passu Collateral under the Secured Party Documents to
which such Secured Party is party shall be binding if evidenced by a document in writing signed by such Secured Party and acknowledged by the Common Collateral Agent. 

  
 19 

	20.	Governing Law; Consent to Jurisdiction; Waiver of Immunities; Waiver of Jury Trial 

  

	20.1	This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

  

	20.2	Each of the parties hereto hereby irrevocably and unconditionally submits to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in the
Borough of Manhattan, the City of New York over any suit, action or proceeding arising out of or relating to this Agreement or any transactions contemplated hereby. Each of the parties hereto irrevocably and unconditionally waives, to the fullest
extent permitted by applicable law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action or proceeding brought in such a
court has been brought in an convenient forum. To the extent that any party hereto, has or hereafter may acquire any sovereign or other immunity from jurisdiction of any court or from any legal process with respect of itself or its property, such a
party hereto irrevocably waives such immunity in respect of its obligations hereunder. The parties hereto agree that any judgment in any such suit, action or proceeding, brought in such a court shall be conclusive and binding upon the parties
hereto, and, to the extent permitted by applicable law, may be enforced in any court to the jurisdiction of which any of the parties hereto, is subject by a suit upon such judgment or in any manner provided by law, provided that service of process
is effected upon the parties hereto, in the manner specified in the following subclause or as otherwise permitted by applicable law. 

  

	20.3	During the term of this Agreement, each of the Issuer, the Chargor and the Secured Parties will at all times maintain an authorized agent in the City of New York, upon whom process may be served in any legal action or
proceeding arising out of or relating to this Agreement (each, a “Process Agent”). Service of process upon such agent and written notice of such service mailed or delivered to the Issuer, the Chargor or the applicable Secured Party,
as the case may be, shall to the fullest extent permitted by applicable law be deemed in every respect effective service of process upon the Issuer, the Chargor or the applicable Secured Party, as the case may be, in any such legal action or
proceeding. Each of the Issuer, the Chargor and the Secured Parties hereby agree to take any and all action as may be necessary to maintain the designation and appointment of an agent in full force and effect until the termination of this Agreement.
The name and address of the Process Agent of each of the Issuer and the Chargor are set forth with its name below (or the name and address of any substitute Process Agent of any such party may be notified by such party to the other parties by not
less than five Business Days’ notice). 

  

	20.4	The parties hereto hereby irrevocably waive, to the fullest extent permitted by applicable law, any requirement or other provision of law, rule, regulation or practice which requires or otherwise establishes as a
condition to the institution, prosecution or completion of any suit, action or proceeding (including appeals) arising out of or relating to this Agreement. 

  

	20.5	EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT. 

  

	21.	Counterparts; Signatures 

 This Agreement may be executed in two or more counterparts,
any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. Facsimile, or electronic transmission of, signatures on counterparts of this Agreement
shall be deemed original signatures with all rights accruing thereto. 

  
 20 

	22.	Severability 

 The invalidity, illegality or unenforceability of any provision of this
Agreement shall in no way affect the validity, legality or enforceability of any other provision. If any provision of this Agreement is held to be unenforceable as a matter of law, the other provisions shall not be affected thereby and shall remain
in full force and effect. 
  

	23.	Conflict 

 Each of the parties hereto irrevocably waives in favor of Citicorp
International Limited any conflict of interest which may arise by virtue of Citicorp International Limited acting in various capacities under this Agreement, the Note Documents and the Shared Security Documents. Each of the parties hereto recognizes
that the Common Collateral Agent (acting individually and not in the capacity as the Common Collateral Agent) and its affiliates may engage in transactions and/or business adverse to the parties hereto or in which parties adverse to the parties
hereto may have interests. Nothing in this Agreement shall (i) preclude the Common Collateral Agent (acting individually and not in the capacity as the Common Collateral Agent) and any of its affiliates from engaging in such transactions or
business, or (ii) obligate the Common Collateral Agent or any of its affiliates to (A) disclose such transactions and/or business to the parties hereto, or (B) account for any profit made or payment received in, or as a part of, such
transactions and/or business. Nothing herein shall be deemed to (i) give rise to a partnership or joint venture, or (ii) establish a fiduciary or similar relationship, among the parties hereto and the Common Collateral Agent. Citicorp
International Limited hereby confirms that in its capacity as the Common Collateral Agent it is acting under this Agreement as security agent for the Indenture Trustee for the benefit of the Noteholders, the Super Senior Hedging Providers and any
holder of any other Permitted Pari Passu Secured Indebtedness who becomes a party to this Agreement pursuant to Section 8 hereof, in respect of the assets subject to the Shared Security Interest and solely in accordance with the terms and
conditions set forth in this Agreement. 
  

	24.	Exclusive Benefit 

 Except as specifically set forth in this Agreement, this Agreement is
for the exclusive benefit of the parties hereto and their respective successors and permitted assigns hereunder, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or
person whatsoever. 
  

	25.	Language 

 Any notice given under or in connection with this Agreement must be in
English. All other documents provided under or in connection with this Agreement must be: 
 (a) in English; or 

(b) if not in English, and if so required by the Common Collateral Agent, accompanied by a certified English translation at the Chargor’s
cost and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 

  
 21 

 Citicorp International Limited 

as Indenture Trustee 
  

			
	By:	 	  

	Name:	 	[●]
	Title:	 	[●]
		
	Address:	 	[●]
	Fax:	 	[●]
	Attention:	 	[●]
	
	Name and address of Process Agent:
	[●]	 	
	Attention: [●]

 [Signature Page to the Intercreditor Agreement] 

 Citicorp International Limited 

as Common Collateral Agent 
  

			
	By:	 	  

	Name:	 	[●]
	Title:	 	[●]
		
	Address:	 	[●]
	Fax:	 	[●]
	Attention:	 	[●]
	
	Name and address of Process Agent:
	[●]	 	
	Attention: [●]

 [Signature Page to the Intercreditor Agreement] 

 [●] 
 as
Super Senior Hedging Provider 
  

			
	By:	 	  

	Name:	 	[●]
	Title:	 	[●]
		
	Address:	 	[●]
	Fax:	 	[●]
	Attention:	 	[●]
	
	Name and address of Process Agent:
	[●]	 	
	Attention: [●]

 [Signature Page to the Intercreditor Agreement] 

 Azure Power Energy Ltd 

as Issuer 
  

			
	By:	 	  

	Name:	 	[●]
	Title:	 	[●]
		
	Address:	 	[●]
	Fax:	 	[●]
	Attention:	 	[●]
	
	Name and address of Process Agent:
	[●]	 	
	Attention: [●]

 [Signature Page to the Intercreditor Agreement] 

 Azure Power Global Limited 

as Chargor 
  

			
	By:	 	  

	Name:	 	[●]
	Title:	 	[●]
		
	Address:	 	[●]
	Fax:	 	[●]
	Attention:	 	[●]
	
	Name and address of Process Agent:
	[●]	 	
	Attention: [●]

 [Signature Page to the Intercreditor Agreement] 

 Schedule 1 

Holders of Permitted Pari Passu Secured Indebtedness 

Part A: Super Senior Hedging Provider 
  

			
	 Holder
	  	 Description of Permitted Pari
Passu Secured Indebtedness

	[●]	  	[●]
	[●]	  	[●]
	[●]	  	[●]
	[●]	  	[●]
	[●]	  	[●]
	[●]	  	[●]

 Part B: Holders of other Permitted Pari Passu Secured Indebtedness 

 

			
	 Holder
	  	 Description of Permitted Pari
Passu Secured Indebtedness

		  	

  
 23 

 Schedule 2 

Security Enforcement Principles 
  

	1.	The primary and overriding aim of any enforcement of the Shared Security Interest shall be to achieve the Security Enforcement Objective. 

 

	2.	Without prejudice to the Security Enforcement Objective, all or substantially all of the proceeds of any enforcement of the Shared Security Interest received by the Common Collateral Agent shall be in cash or cash
equivalent investments. 

  

	3.	Any enforcement of the Shared Security Interest must be prompt and expeditious, it being acknowledged that, subject to the other provisions of this Agreement, the time frame for the realization of value from any such
enforcement will be determined by the Majority Secured Parties, provided that it is consistent with the Security Enforcement Objective. 

  

	4.	On any proposed enforcement of the Shared Security Interest other than by way of public auction, the Common Collateral Agent shall obtain an opinion from a Financial Adviser: 

 

	 	(i)	on the optimal method of enforcing the Shared Security Interest so as to achieve the Security Enforcement Principles and maximize the recovery of such enforcement; 

 

	 	(ii)	that the proceeds received from such enforcement are fair from a financial point of view after taking into account all relevant circumstances; and 

 

	 	(iii)	that such enforcement is otherwise in accordance with the Security Enforcement Objective. 

 For
these purposes, “Financial Adviser” means an independent, reputable and internationally recognized investment bank, firm of accountants or other professional firm which is regularly engaged in providing valuations of companies
similar or comparable to the Issuer. 
  

	5.	Such opinion will, except in the case of manifest error, be conclusive evidence that the Security Enforcement Objective has been met. 

  
 24 

 Exhibit A 

Form of Supplement to Intercreditor Agreement 

SUPPLEMENT TO INTERCREDITOR AGREEMENT, dated as of [●], made by [●], as [agent/trustee/hedging provider] (the “New Secured
Party”) [for and on behalf of the finance parties under the facility agreement dated [●]]/[for and on behalf of itself and the noteholders under an indenture dated [●]]/[under the hedging agreement dated [●]] (the
“New Finance Document”) pursuant to the Intercreditor Agreement dated as of [●], 2017 (as may be amended, restated or supplemented from time to time, the “Intercreditor Agreement”), among Azure Power Energy
Ltd (the “Issuer”), Azure Power Global Limited (the “Chargor”), Citicorp International Limited, as Indenture Trustee, [●] [and [●]], as Super Senior Hedging Provider[s], and Citicorp International
Limited, as Common Collateral Agent. Unless otherwise defined herein, capitalized terms used and not defined herein shall have the meanings given to them in the Intercreditor Agreement. 

For purposes of this Supplement, “New Secured Obligations” means all present and future obligations, contingent or otherwise, of the Issuer
[and [●]] arising under or pursuant to the New Finance Document, including any interest, fees and expenses accruing after the initiation of any insolvency proceeding (irrespective of whether such interest, fees and expenses are allowed as a
claim in such proceeding). 
 For good and valid consideration, the sufficiency of which hereby is acknowledged, the New Secured Party hereby agrees as
follows: 
  

	 	(a)	It shall be a Secured Party [and a Super Senior Hedging Provider] for all purposes under the Intercreditor Agreement and the documents executed in connection therewith, and, as such, shall be deemed to be a Secured
Party [and a Super Senior Hedging Provider] for such purposes; 

  

	 	(b)	It shall (i) be bound by all covenants, agreements, acknowledgments and other terms and provisions applicable to it as a Secured Party [and a Super Senior Hedging Provider] pursuant to the Intercreditor Agreement
and the documents executed in connection therewith to the same extent, and in the same manner, as if it (in its capacity as a Secured Party [and a Super Senior Hedging Provider]) were a direct party thereto, (ii) perform all obligations
required of it pursuant to the Intercreditor Agreement and such other documents executed in connection therewith and (iii) be entitled to the benefits of a Secured Party [and a Super Senior Hedging Provider] under the Intercreditor Agreement
and the documents executed in connection therewith; 

  

	 	(c)	The New Secured Obligations shall constitute Permitted Pari Passu Secured Indebtedness [and Super Senior Hedging Obligations] for purposes of the Intercreditor Agreement; 

 

	 	(d)	 Notwithstanding (i) the time, order or method of attachment or perfection of any Security Interest, the time
or order of filing of financing statements (or similar filings in any applicable jurisdiction), or the giving of or failure to give notice of the acquisition or expected acquisition of purchase money or other Security Interest, (ii) the manner
in which the Shared Security Interest is acquired, whether by grant, statute or operation of law, subrogation or otherwise, (iii) the fact that the Pari Passu Collateral or Shared Security Interest (or any portion thereof) is otherwise
subordinated, voided, avoided, invalidated or lapsed and (iv) any applicable law or any provision to the contrary in any Secured Party Document and the Shared Security Documents with respect to the Pari Passu Collateral and all proceeds of the
Pari Passu Collateral, the New Secured Party agrees that (x) the Security Interest of the New Secured Party in the Pari Passu Collateral ranks and shall rank equally in priority with the Shared Security Interest of the other Secured Parties in
the Pari Passu Collateral 

  
 25 

	 	
and (y) the Note Obligations, the Hedging Obligations, the New Secured Obligations and any other Permitted Pari Passu Secured Obligations, the holder (or representative or agent thereof) of
which is a party to the Intercreditor Agreement pursuant to Section 8 thereof from time to time, rank and shall pari passu among themselves. 

The New Secured Party hereby represents that it is a holder of Permitted Pari Passu Secured Indebtedness or a trustee or agent for or on behalf
of the holders of any Permitted Pari Passu Secured Indebtedness and has the authority to execute and deliver this Supplement on behalf of itself or the holders of such Permitted Pari Passu Secured Indebtedness. 

The New Secured Party hereby acknowledges that it has received and reviewed an executed copy of the Intercreditor Agreement (including, without
limitation, all amendments, restatement, supplements and other modifications thereto) and each of the documents referred to therein (including, without limitation, all amendments, supplements and other modifications thereto). 

Upon the effectiveness of this Supplement, Schedule 1 to the Intercreditor Agreement shall be deemed to be amended to incorporate the
particulars of the New Secured Party set forth in Annex A hereto. 
 This Supplement shall become effective upon the delivery by the New
Secured Party to the Common Collateral Agent, each other Secured Party, the Issuer and the Chargor of a counterpart hereof duly executed by the New Secured Party. This Supplement may be executed in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement. Facsimile, or electronic transmission of, signatures on counterparts of this Supplement shall be deemed original
signatures with all rights accruing thereto. 
 The address for notices to the New Secured Party, and the name and address of its Process
Agent, is set forth on the signature pages hereof. 
 THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK. THE NEW SECURED PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE NON EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN. THE CITY OF NEW YORK
OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENT OR THE INTERCREDITOR AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. THE NEW SECURED PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT
HAS BEEN BROUGHT IN AN CONVENIENT FORUM. 

  
 26 

	
	[Name of New Secured Party] 
	[as [agent/trustee/hedging provider]]
	                                
	  

	Name:
	Title:
	
	Address:
	Fax:
	Attention:
	
	Name and address of Process Agent:

  

	
	Accepted and Agreed:
	
	Citicorp International Limited
	as Common Collateral Agent
	                                    
	  

	Name:
	Title:
	
	Azure Power Energy Ltd
	as Issuer
	                                      
  
	  

	Name:
	Title:
	
	Azure Power Global Limited
	as Chargor
	                                      
  
	  

	Name:
	Title:

  
 27 

 Annex A 

Particulars of New Secured Party 
  

			
	Holder	  	Description of Permitted Pari Passu Secured Indebtedness
	 	  	 

  
 28 

 EXHIBIT K 

FORM OF OFFICER’S CERTIFICATE 

[●], 20[●] 
 [Notes Collateral Agent]

 [●] 
 Fax:
                     [●] 
 Attention:
            [●] 
 Dear Sirs, 

Please pay the following amount from the Escrow Account no. [●] pursuant to Section 4.28(b)(1) of the Indenture dated August 3, 2017 as
amended from time to time between Azure Power Energy Ltd, Azure Power Global Limited and Citicorp International Limited as Trustee, Notes Collateral Agent and Common Collateral Agent, to the account specified below: 

 

			
	 Subscription Amount
	  	INR[●]
	 U.S. Dollar Equivalent
	  	US$[●]
	 Value date
	  	[●]
	 Name of Issuer(s) of Rupee Debt
	  	[●]
	 Correspondent Bank
	  	[●]
	 Correspondent Bank Swift Code
	  	[●]
	 Beneficiary Bank
	  	[●]
	 Swift Code
	  	[●]
	 Beneficiary Account Number
	  	[●]
	 Beneficiary Account Name
	  	[●]
	 Payment Reference
	  	[●]

 Yours faithfully, 
 Authorized
Signatory 
 Azure Power Energy Ltd 

 EXHIBIT L 

FORM OF OFFICER’S CERTIFICATE 

[●], 20[●] 
 [Trustee and Notes
Collateral Agent] 
 [●] 
 Fax:
                     [●] 

Attention:             [●] 

Dear Sirs, 
 Pursuant to Section 4.28(b)(2) of the
Indenture dated August 3, 2017 as amended from time to time between Azure Power Energy Ltd, Azure Power Global Limited and Citicorp International Limited as Trustee, Notes Collateral Agent and Common Collateral Agent, we hereby instruct you to
terminate the Escrow Account, the details of which are provided below, and provide us with a written declaration within five Business Days of receipt of this letter that the Notes Collateral Document is hereby cancelled and terminated. All
capitalized terms used herein shall have the same meanings ascribed to it in the Indenture. 
  

					
	 Beneficiary Bank
	  	 	[	●] 
	 Swift Code
	  	 	[	●] 
	 Beneficiary Account Number
	  	 	[	●] 
	 Beneficiary Account Name
	  	 	[	●] 

 Yours faithfully, 
 Authorized
Signatory 
 Azure Power Energy LtdEX-4.1

 Exhibit 4.1 

WARRANT AGREEMENT 
 between 

FAR POINT ACQUISITION CORPORATION 

and 
 CONTINENTAL STOCK
TRANSFER & TRUST COMPANY 
 THIS WARRANT AGREEMENT (this “Agreement”), dated as of June 11, 2018, is
by and between Far Point Acquisition Corporation, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant
Agent”, also referred to herein as the “Transfer Agent”). 
 WHEREAS, on June 11, 2018, the
Company entered into that certain Second Amended and Restated Private Placement Warrants Purchase Agreement with FPAC Sponsor LLC, a Delaware limited liability company (the “Sponsor”), pursuant to which the Sponsor will
purchase an aggregate of 8,666,667 warrants (or up to 9,766,667 warrants if the Over-allotment Option (as defined below) in connection with the Offering (as defined below) is exercised in full) simultaneously with the closing of the Offering (and
the closing of the Over-allotment Option, if applicable) bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant;
and 
 WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial Business Combination (as
defined herein), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be
convertible into up to an additional 1,000,000 warrants (“Working Capital Warrants” and, together with the Private Placement Warrants, the “Private Warrants”) at a price of $1.50 per warrant; and 

WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity
securities, each such unit comprised of one share of Common Stock (as defined below) and one-third of one Public Warrant (as defined below) (the “Units”) and, in connection
therewith, has determined to issue and deliver up to 21,083,334 warrants (including up to 2,750,000 warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and, together with
the Private Warrants, the “Warrants”). Each whole Warrant entitles the holder thereof to purchase one share of Class A common stock of the Company, par value $0.0001 per share (“Common Stock”),
for $11.50 per share, subject to adjustment as described herein; and 
 WHEREAS, the Company has filed with the Securities and Exchange
Commission (the “Commission”) registration statements on Form S-1, File Nos. 333-225093 and 333-225565 (together, the “Registration Statement”) and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as amended (the
“Securities Act”), of the Units, the Public Warrants and the Common Stock included in the Units; and 
 WHEREAS, the
Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the
Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. Warrants. 

2.1 Form of Warrant. Each Warrant shall be issued in registered form only. 

2.2 Effect of Countersignature. If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant
to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3 Registration. 

2.3.1 Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof
in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected
through, records maintained by institutions that have accounts with the Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”). 

If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the
Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall
provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form
evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 
 Physical certificates, if issued, shall
be signed by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed
upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance. 

2.3.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any
notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. 
 2.4 Detachability of Warrants. The Common Stock and Public Warrants comprising the
Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for normal business (a
“Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Credit Suisse Securities (USA) LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated as representatives of the several underwriters, but in no event shall the Common Stock and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a current
report on Form 8-K with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds received by the
Company from the exercise by the underwriters of their right to purchase additional Units in the Offering (the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (B) the Company issues a press release and files with the Commission a current report on Form 8-K announcing when such
separate trading shall begin. 

 2.5 No Fractional Warrants Other Than as Part of Units. The Company shall not
issue fractional Warrants other than as part of Units, each of which is comprised of one share of Common Stock and one-third of one Public Warrant. If, upon the detachment of Public Warrants from
Units or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder. 

2.6 Private Warrants. 

2.6.1 The Private Warrants shall be identical to the Public Warrants, except that so long as they are held by the Sponsor or any of its
Permitted Transferees (as defined below), the Private Warrants: (i) may be exercised for cash or on a cashless basis, pursuant to subsection 3.3.1(c) hereof, (ii) may not be transferred, assigned or sold until thirty
(30) days after the completion by the Company of an initial Business Combination (as defined below), and (iii) shall not be redeemable by the Company; provided, however, that in the case of (ii), the Private Warrants and any
shares of Common Stock held by the Sponsor or any of its Permitted Transferees and issued upon exercise of the Private Warrants may be transferred by the holders thereof: 

(a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any
member(s) of the Sponsor or any affiliates of the Sponsor; 
 (b) in the case of an individual, by gift to a member of the
individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate family, or an affiliate of such person, or to a charitable organization; 

(c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; 

(d) in the case of an individual, pursuant to a qualified domestic relations order; 

(e) by private sales or transfers made in connection with the consummation of the Company’s initial Business Combination at prices no
greater than the price at which the Warrants were originally purchased; 
 (f) in the event of the Company’s liquidation prior to the
completion of the Company’s initial Business Combination; 
 (g) by virtue of the laws of the state of Delaware or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; 
 (h) to the Forward Purchaser and Forward Transferees (each as
defined in the Registration Statement); or 
 (i) in the event of the Company’s liquidation, merger, capital stock exchange,
reorganization or other similar transaction which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the completion of the Company’s
initial Business Combination; provided, however, that, in the case of clauses (a) through (e) and (h), these transferees (the “Permitted Transferees”) must enter into a written agreement with
the Company agreeing to be bound by the transfer restrictions in this Agreement. 
 3. Terms and Exercise of Warrants. 

3.1 Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject to
the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof
and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share at which shares of Common Stock may be purchased at the time a Warrant is
exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days, provided, that the Company shall provide at least
twenty (20) days prior written notice of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of the Warrants. 

3.2 Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination,

 
involving the Company and one or more businesses (a “Business Combination”), or (ii) the date that is twelve (12) months from the date of the closing of the
Offering, and terminating at 5:00 p.m., New York City time on the earlier to occur of: (x) the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the
Company in accordance with the Company’s amended and restated certificate of incorporation, as amended from time to time, if the Company fails to complete a Business Combination, or (z) other than with respect to the Private Warrants then
held by the Sponsor or its permitted transferees, the Redemption Date (as defined below) as provided in Section 6.2 hereof (the “Expiration Date”); provided, however, that the
exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective registration statement. Except with respect to the right to receive the
Redemption Price (as defined below) (other than with respect to a Private Warrant then held by the Sponsor or its Permitted Transferees) in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant
(other than a Private Warrant then held by the Sponsor or its permitted transferees in the event of a redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, that the Company shall provide
at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants. 

3.3 Exercise of Warrants. 

3.3.1 Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent,
may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set
forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange
of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock, as follows: 
 (a) in lawful money of the
United States, in good certified check or good bank draft payable to the Warrant Agent; 
 (b) in the event of a redemption pursuant
to Section 6 hereof in which the Company’s board of directors (the “Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless basis,” by
surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the “Fair Market
Value”, as defined in this subsection 3.3.1(b), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(b) and Section 6.3, the “Fair Market
Value” shall mean the average reported last sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of the Warrants, pursuant
to Section 6 hereof; 
 (c) with respect to any Private Warrant, so long as such Private Warrant is held by the
Sponsor or its Permitted Transferees, by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied
by the excess of the “Fair Market Value”, as defined in this subsection 3.3.1(c), over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 3.3.1(c), the “Fair Market
Value” shall mean the average reported last sale price of the Common Stock for the ten (10) trading days ending on the third trading day prior to the date on which notice of exercise of the Private Warrant is sent to the Warrant Agent; or

 (d) as provided in Section 7.4 hereof. 

3.3.2 Issuance of Shares of Common Stock on Exercise. As soon as practicable after the exercise of any Warrant and the clearance
of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of full
shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as
applicable, for the number of shares of Common Stock as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver 

 
any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect
to the shares of Common Stock underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable
and the Company shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt from registration or qualification
under the securities laws of the state of residence of the Registered Holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall
not be entitled to exercise such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of
Common Stock underlying such Unit. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section 7.4. If, by reason of any exercise of warrants on a “cashless
basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share of Common Stock, the Company shall round down to the nearest whole number, the number of shares of Common Stock
to be issued to such holder. 
 3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in
conformity with this Agreement shall be validly issued, fully paid and non-assessable. 

3.3.4 Date of Issuance. Each person in whose name any book-entry position or certificate, as applicable, for shares of Common
Stock is issued shall for all purposes be deemed to have become the holder of record of such shares of Common Stock on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price
was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date of such surrender and payment is a date when the share transfer books of the Company or book-entry system of the
Warrant Agent are closed, such person shall be deemed to have become the holder of such shares of Common Stock at the close of business on the next succeeding date on which the share transfer books or book-entry system are open. 

3.3.5 Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the
provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the
Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such person’s
affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For
purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which
the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and
(y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred
stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of the Warrant, in determining the number of outstanding shares of Common Stock, the holder may rely on the
number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent annual report on Form 10-K, quarterly report
on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public
announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the
Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving
effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the holder of a
Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the
sixty-first (61st) day after such notice is delivered to the Company. 

 4. Adjustments. 

4.1 Stock Dividends. 

4.1.1 Split-Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of
outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock or other similar event, then, on the effective date
of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding
shares of Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase shares of Common Stock at a price less than the “Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of
shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for the Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1.1,
(i) if the rights offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received for such rights, as well as any
additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to
the first date on which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

4.1.2 Extraordinary Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend
or make a distribution in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than
(a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Common Stock in connection with a proposed initial Business
Combination, (d) to satisfy the redemption rights of the holders of Common Stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation to modify the substance or timing of the
Company’s obligation to redeem 100% of the shares of Common Stock included in the Units sold in the Offering if the Company does not complete the Business Combination within the time period set forth in the Company’s amended and restated
certificate if incorporation, or, (e) in connection with the redemption of the shares of Common Stock included in the Units sold in the Offering upon the failure of the Company to complete its initial Business Combination and any subsequent
distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be
decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in good faith) of any securities or other assets paid on each share of Common
Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the
per share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted
to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of
Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering). 

4.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.6 hereof, the
number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination,
reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 

4.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is
adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a

 
fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the
denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 
 4.4 Replacement of
Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change under subsections
4.1.1 or 4.1.2 or Section 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another entity or
conversion of the Company into another type of entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common
Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the
Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”
); provided, however, that (i) if the holders of the Common Stock were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger,
then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of
the Common Stock in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Common Stock (other than a tender, exchange or
redemption offer made by the Company in connection with redemption rights held by stockholders of the Company as provided for in the Company’s amended and restated certificate of incorporation or as a result of the repurchase of shares of
Common Stock by the Company if a proposed initial Business Combination is presented to the stockholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with
members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any successor rule)) of which such maker is a part, and together with any affiliate or associate of
such maker (within the meaning of Rule 12b-2 under the Exchange Act (or any successor rule)) and any members of any such group of which any such affiliate or associate is a part, own
beneficially (within the meaning of Rule 13d-3 under the Exchange Act (or any successor rule)) more than 50% of the outstanding shares of Common Stock, the holder of a Warrant shall be entitled
to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a stockholder if such Warrant holder had exercised the Warrant prior to the expiration of such
tender or exchange offer, accepted such offer and all of the Common Stock held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as
nearly equivalent as possible to the adjustments provided for in this Section 4; provided, further, that if less than 70% of the consideration receivable by the holders of the Common Stock in the applicable
event is payable in the form of common stock in the successor entity that is listed for trading on a national securities exchange or is quoted in an
established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly
exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with
the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference, if positive, of (i) the Warrant Price in effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below)
minus (B) the Black-Scholes Warrant Value (as defined below) (which amount determined under this clause (ii) shall not be less than zero). The “Black-Scholes Warrant Value” means the value of a Warrant immediately
prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (“Bloomberg”). For purposes of calculating such amount,
(1) Section 6 of this Agreement shall be taken into account, (2) the price of each share of Common Stock shall be the volume weighted average price of the Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the effective date of the applicable event, (3) the assumed volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior
to the day of the announcement of the applicable event, and (4) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per 

 
Share Consideration” means (i) if the consideration paid to holders of the Common Stock consists exclusively of cash, the amount of such cash per share of Common Stock,
and (ii) in all other cases, the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or
reorganization also results in a change in shares of Common Stock covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and
this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will the Warrant
Price be reduced to less than the par value per share issuable upon exercise of the Warrant. 
 4.5 Notices of Changes in
Warrant. Upon every adjustment of the Warrant Price or the number of shares of Common Stock issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price
resulting from such adjustment and the increase or decrease, if any, in the number of shares of Common Stock purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based; provided, however, that no adjustment to the number of shares of Common Stock issuable upon exercise of a Warrant shall be required until cumulative adjustments amount to 1% or more of the
number of shares of Common Stock issuable upon exercise of a Warrant as last adjusted; provided, further, that any such adjustments that are not made are carried forward and taken into account in any subsequent adjustment.
Notwithstanding the foregoing, all such carried forward adjustments shall be made (i) in connection with any subsequent adjustment that (taken together with such carried forward adjustments) would result in a change of at least 1% in the number
of shares of Common Stock issuable upon exercise of a Warrant and (ii) on the exercise date of any Warrant. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4 in
connection with which an adjustment is made to the Warrant Price or the number of shares of Common Stock issuable upon exercise of a Warrant, the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the
last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. 

4.6 No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue
fractional shares of Common Stock upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a
fractional interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of shares of Common Stock to be issued to such holder. 

4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to
this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares of Common Stock as is stated in the Warrants initially issued pursuant to this
Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any
Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed. 

4.8 Other Events. In case any event shall occur affecting the Company as to which none of the provisions of the preceding
subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and
purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to
whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment;
provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.8 (i) as a result of any issuance of securities in connection with a Business Combination or (ii) solely as a result of an adjustment
to the conversion ratio of the Company’s Class B common stock, $0.0001 par value per share, into Common Stock. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such
opinion. 
 5. Transfer and Exchange of Warrants. 

5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, in the case of 

 
certificated warrants, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal
aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon
request. 
 5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written
request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of
Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Warrants), the Warrant Agent shall not cancel such Warrant and issue new
Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 

5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall
result in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. 

5.4 Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 

5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed
on behalf of the Company for such purpose. 
 5.6 Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be
transferred or exchanged only together with the Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating
to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment
Date. 
 6. Redemption. 

6.1 Redemption. Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed,
at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.2 below,
at the price of $0.01 per Warrant (the “Redemption Price”), provided that the last sales price of the Common Stock reported has been at least $18.00 per share (subject to adjustment in compliance
with Section 4 hereof), on each of twenty (20) trading days within the thirty (30) trading-day period ending on the third Business Day prior to the date on which
notice of the redemption is given and provided that there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.2 below) or the Company has elected to require the exercise of the Warrants on a “cashless basis” pursuant
to subsection 3.3.1; provided, however, that if and when the Public Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of shares of Common Stock upon
exercise of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. 

6.2 Date Fixed for, and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants, the Company
shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the
“30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration
books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. 

6.3 Exercise after Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with subsection 3.3.1(b) of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date. In the event that the

 
Company determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1, the notice of redemption shall contain
the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term is defined in subsection 3.3.1(b) hereof) in such
case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

6.4 Exclusion of Private Warrants. The Company agrees that the redemption rights provided in
this Section 6 shall not apply to the Private Warrants if at the time of the redemption such Private Warrants continue to be held by the Sponsor or its Permitted Transferees. However, once such Private Warrants are
transferred (other than to Permitted Transferees under Section 2.6), the Company may redeem the Private Warrants, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Warrants to
exercise the Private Warrants prior to redemption pursuant to Section 6.3. Private Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Warrants, as applicable, and
shall become Public Warrants under this Agreement. 
 7. Other Provisions Relating to Rights of Holders of Warrants. 

7.1 No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as a stockholder in respect of the meetings of stockholders or the election of
directors of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost,
stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new
Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or
destroyed Warrant shall be at any time enforceable by anyone. 
 7.3 Reservation of Common Stock. The Company shall at all times
reserve and keep available a number of its authorized but unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

7.4 Registration of Common Stock; Cashless Exercise at Company’s Option. 

7.4.1 Registration of the Common Stock. The Company agrees that as soon as practicable, but in no event later than fifteen
(15) Business Days after the closing of its initial Business Combination, it shall use its best efforts to file with the Commission a registration statement for the registration, under the Securities Act, of the shares of Common Stock issuable
upon exercise of the Warrants. The Company shall use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the
Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Warrants shall have the
right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail
to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with
Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this subsection 7.4.1, “Fair Market
Value” shall mean the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder
of such Warrants or its securities broker or intermediary. The date that notice of cashless exercise is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a
Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a
cashless basis in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the shares of Common Stock issued upon such exercise shall be freely tradable under United States
federal 

 
securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company and, accordingly, shall not be
required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised, the Company shall continue to be obligated to comply with its
registration obligations under the first three sentences of this subsection 7.4.1. 
 7.4.2 Cashless Exercise at
Company’s Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the
Securities Act (or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in accordance with
Section 3(a)(9) of the Securities Act (or any successor rule) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall (x) not be required to file or maintain in effect a
registration statement for the registration, under the Securities Act, of the Common Stock issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary, and (y) use its best efforts to register or qualify
the Common Stock issuable upon exercise of the Public Warrant under the blue sky laws of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available. 

8. Concerning the Warrant Agent and Other Matters. 

8.1 Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company
or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock. 

8.2 Resignation, Consolidation, or Merger of Warrant Agent. 

8.2.1 Resignation of Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be
discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of ninety (90) days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New
York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York,
in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without
any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in
and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 

8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any such appointment. 

8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be
consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act. 

8.3 Fees and Expenses of Warrant Agent. 

8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

 8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and
deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this
Agreement. 
 8.4 Liability of Warrant Agent. 

8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively proved and established by a statement signed by the President, Chief Executive Officer, Chief Financial Officer, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may
rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 

8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its own, or its representatives’, gross negligence,
willful misconduct, bad faith or material breach of this Agreement. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or
omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s, or its representatives’, gross negligence, willful misconduct, bad faith or material breach of this Agreement. 

8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to
the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent
shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to
whether any shares of Common Stock shall, when issued, be valid and fully paid and non-assessable. 

8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same
upon the terms and conditions herein set forth and among other things, shall account as promptly as practicable to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the
Warrant Agent for the purchase of shares of Common Stock through the exercise of the Warrants. 
 8.6 Waiver. The Warrant Agent
has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain
Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the
Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the Trust Account and any and all rights to seek access to the Trust Account. 

9. Miscellaneous Provisions. 

9.1 Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall
bind and inure to the benefit of their respective successors and assigns. 
 9.2 Notices. Any notice, statement or demand
authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

 Far Point Acquisition Corporation 

175 Varick Street 
 New York, NY
10014 
 Attention: 
 Any notice, statement or
demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private
courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 

Continental Stock Transfer & Trust Company 

1 State Street, 30th Floor 
 New
York, NY 10004 
 Attention: Compliance Department 

9.3 Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all
respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the City of New York, County of New York, State of New York or the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

9.4 Compliance and Confidentiality. The Warrant Agent shall perform its duties under this Agreement in compliance with all
applicable laws and keep confidential all information relating to this Agreement and, except as required by applicable law, shall not use such information for any purpose other than the performance of the Warrant Agent’s obligations under this
Agreement. 
 9.5 Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or
give to, any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.
All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants. 

9.6 Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 9.7 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

9.8 Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not
affect the interpretation thereof. 
 9.9 Amendments. This Agreement may be amended by the parties hereto without the consent of
any Registered Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this
Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment to increase the Warrant Price or
shorten the Exercise Period and any amendment to the terms of only the Private Warrants, shall require the vote or written consent of the Registered Holders of 50% of the then-outstanding Public Warrants. Notwithstanding the foregoing, the Company
may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the Registered Holders. 

 9.10 Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

Exhibit A Form of Warrant Certificate 
 Exhibit B
Legend — Private Warrants 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	FAR POINT ACQUISITION CORPORATION

 
			
		
	By:	 	 /s/ David W. Bonanno

			
	Name:	 	David W. Bonanno
	Title:	 	Chief Financial Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

 
			
		
	By:	 	 /s/ Isaac Kagan

 
			
	Name:	 	Isaac Kagan
	Title:	 	Vice President

 [Signature Page to Warrant Agreement] 

 EXHIBIT A 

[Form of Warrant Certificate] 

[FACE] 
 Number 

Warrants 
  

 
 THIS WARRANT SHALL BE VOID IF NOT
EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR 

IN THE WARRANT AGREEMENT DESCRIBED BELOW 

FAR POINT ACQUISITION CORPORATION 

Incorporated Under the Laws of the State of Delaware 

CUSIP 30734W117 
 Warrant
Certificate 
 This Warrant Certificate certifies
that                 , or registered assigns, is the registered holder
of                 warrant(s) evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase shares of
Class A common stock, $0.0001 par value per share (“Common Stock”), of Far Point Acquisition Corporation, a Delaware corporation (the “Company”). Each Warrant entitles the holder, upon
exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable shares of Common Stock as set forth below, at
the exercise price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the
United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant
Agreement. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Each Warrant is initially exercisable for one fully paid and non-assessable share of Common
Stock. The number of shares of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

The initial Exercise Price per share of Common Stock for any Warrant is equal to $11.50 per share. The Exercise Price is subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement. 
 Subject to the conditions set forth in the Warrant Agreement,
the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of such Exercise Period, such Warrants shall become void. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions
shall for all purposes have the same effect as though fully set forth at this place. 
 This Warrant Certificate shall not be valid unless
countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 
 This Warrant Certificate shall be governed by and
construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof. 
  

	
	

  

			
	FAR POINT ACQUISITION CORPORATION

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as
of                 , 2018 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust
Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the
rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the Registered Holders or
Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings
given to them in the Warrant Agreement. 
 Warrants may be exercised at any time during the Exercise Period set forth in the Warrant
Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of
the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of
Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of
Warrants not exercised. 
 Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised
unless at the time of exercise (i) a registration statement covering the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating to the shares of Common Stock is
current, except through “cashless exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides that upon
the occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would
be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant
Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to
receive                 shares of Common Stock and herewith tenders payment for such shares of Common Stock to the order of Far Point Acquisition Corporation
(the “Company”) in the amount of $                 in accordance with the terms hereof. The undersigned requests that a certificate for such
shares of Common Stock be registered in the name of                 , whose address
is                 and that such shares of Common Stock be delivered to                
whose address is                 . If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned
requests that a new Warrant Certificate representing the remaining balance of such shares of Common Stock be registered in the name of                 , whose address is
                      and that such Warrant Certificate be delivered
to                 , whose address is                 . 

In the event that the Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant
Agreement and the Company has required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance
with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement. 
 In the event that the Warrant
is a Private Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c) of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in
accordance with subsection 3.3.1(c) of the Warrant Agreement. 
 In the event that the Warrant is to be exercised on a
“cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of shares of Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of
the Warrant Agreement. 
 In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless
exercise (i) the number of shares of Common Stock that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof
shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock. If
said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of
Common Stock be registered in the name of                 , whose address is
                      and that such Warrant Certificate be delivered
to                 , whose address is                 . 

[Signature Page Follows] 
  

							
	Date:                     , 20	 		 		 	  

		 		 		 	(Signature)
				
		 		 		 	  

		 		 		 	(Address)
				
		 		 		 	  

		 		 		 	(Tax Identification Number)

 Signature Guaranteed: 
  

 
 THE SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C.
RULE 17Ad-15 (OR ANY SUCCESSOR RULE)). 

 EXHIBIT B 

PRIVATE WARRANTS LEGEND 
 “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG FAR POINT
ACQUISITION CORPORATION (THE “COMPANY”), FPAC SPONSOR LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON
WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING
WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF CLASS A COMMON STOCK OF THE
COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 

No.                
                Warrants

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