Document:

Exhibit 10.12

 

DATED THE 26th DAY OF SEPTEMBER
2006

 

OPENJAW TECHNOLOGIES & YATRA

 

SYSTEM SUPPLY AND IMPLEMENTATION
AGREEMENT

 

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THIS AGREEMENT is made on 26 September, 2006

 

BETWEEN

 

	 	1.	OPENJAW TECHNOLOGIES
    LIMITED a company incorporated under the laws of Ireland (Registered No. 353613) and having its registered office at Station
    Mews, Lindsay Grove, Glasnevin, Dublin 9 (the “Supplier”); and
	 	 	 
	 	2.	YATRA, a
    company incorporated under the laws of India and having its registered office at 93B Mittal Chambers, Nariman Point,
    Mumbai, India 400021 (the “Customer”).

 

RECITALS:-

 

	A	The Customer wishes to implement an online travel website providing information and booking services in respect of airline flights, car hire, hotels and certain additional booking services through a B2C website.
	 	 
	B	The Supplier is a software developer and service provider.
	 	 
	C	The Supplier has
    submitted the Proposal (as hereinafter defined in Schedule 1) which is based upon the Customers outlined requirements
    documentation.
	 	 
	D	Based on the Proposal, the Supplier will provide the Services (as hereinafter defined) and Maintenance Services (as hereinafter defined) to the Customer, and the Customer will purchase such services in accordance with the terms of this Agreement.

 

NOW IT IS AGREED as follows:-

 

		1.	Interpretation

 

		1.1	Definitions

 

In this Agreement, unless the context requires otherwise:-

 

“Acceptance Tests” shall mean the tests
to be agreed between the Supplier and Customer and to be carried out in accordance with Clause 9 of this Agreement.

 

“Affiliate” of any party means any other
person that directly or indirectly

 

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		(i)	is a shareholder or has an ownership interest in that person and controls the composition of its board of directors; or

 

		(ii)	in the case of a body corporate, holds more than half in nominal value of its equity or issued share capital; or

 

		(iii)	holds more than half the voting rights in the person

 

but any shares held or power exercisable by an entity in
a fiduciary capacity shall not be treated as being held or exercisable by it for the purposes of this definition.

 

“Bespoke Software” shall mean the software
components to be developed by the Supplier for the Customer pursuant to the Services.

 

“Business Day” shall mean a day other
than a Saturday or Sunday on which banks are open for business in Dublin, Ireland.

 

“Customer Obligations” shall mean the
obligations of the Customer set out in Schedule 8.

 

“Defect” shall mean a fault, deficiency,
error or omission in the System caused by design defect, bad workmanship or other reason which results in a material failure of
the System to not meet its published specification.

 

“Documentation” shall mean the manual
or manuals or other documents associated with the System to be supplied by the Supplier to the Customer under this Agreement.

 

“Euro”,
“€”, and “EUR” shall mean the lawful currency of Ireland.

 

“Effective Date” shall mean 10 April,
2006.

 

“First Repeat Acceptance Tests” and “Second
Repeat Acceptance Tests” shall mean the repeat Acceptance Tests to be implemented in accordance with Clause 9 of this
Agreement.

 

“Global Third Party” means any entity
or person registered outside India, whose primary target market is not India but who may, as part of their global business strategy
operate in the Indian market.

 

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“Go-Live Date” shall mean the date upon
which Customer makes the first live use of the System.

 

“Intellectual Property Rights” shall
mean all intellectual and/or industrial property rights including copyright, patents, design rights, trade secrets, rights in confidential
information, trade marks, trade names, domain names, service marks, utility models, moral rights, topography rights, rights in
databases and know-how and any goodwill in relation to the foregoing in all cases whether or not registered or registerable and
including registrations and applications for registration of any of these rights to apply for the same, and all rights and forms
of protection of a similar nature or having equivalent or similar effect to any of these anywhere in the world.

 

“Maintenance Services” shall mean the
maintenance services to be provided by the Supplier to the Customer in respect of the System, as more particularly described in
Schedule 2.

 

“Normal Working Hours”
shall mean the hours between 9AM and 6PM on Business Days.

 

“Non Production Licence” shall mean a
software licence, which can be used for software development and testing but which cannot be used by anyone who is not an employee
of the Customer or for providing services to third parties including but not limited to members of the general public.

 

“Online” shall
mean accessible only by means of the World Wide Web;

 

“Online Travel Agency Website” means
a website operated by a Third Party under a high level domain name, accessible only by means of the World Wide Web, which has,
as its primary purpose, the sale of travel products or services by a Third Party as an agent of the primary supplier of the travel
products;

 

“Processor” shall mean the unit of a
computer system that controls the interpretation and execution of instructions.

 

“Project Managers” shall mean the project
managers appointed by each of the parties and such replacement project managers as are appointed by the parties from time to time.

 

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“Proposal” shall mean the documents submitted
by the Supplier dated 11th April 2006 and set out in Schedule 1 of this Agreement.

 

“Services” shall mean the consultancy,
design and supply of the Bespoke Software in accordance with this Agreement and the Proposal.

 

“Software” shall mean the Bespoke Software,
the Supplier Software and all Upgrades and Updates supplied to the Customer by the Supplier, if any.

 

“Supplier Software” shall mean the proprietary
software of the Supplier known as xDistributor, xRez, xHotel and xFares.

 

“System” shall mean the Bespoke Software
and the Supplier Software acting in conjunction with hardware specified by the Supplier.

 

“Training Services” shall mean the services
described in Schedule 4 which specify the training services to be provided by the Supplier to the Customer under this Agreement.

 

“Third Party” shall mean any entity whether
legal or otherwise, not being the Customer, its employees, sub-contractors, agents and technicians and the Supplier and “Third
Parties” shall be construed accordingly.

 

“Update” shall mean any related update
of the Supplier Software and is likely to include corrections or minor functionality extensions or amendments of such software.

 

“Upgrade” shall mean a new issue of the
Supplier Software identified as such by the Supplier. An upgrade is likely to include changes in functionality and may contain
changes in existing program and database structures.

 

“Website(s)” shall mean the online travel
website of the Customer, currently using the domain name 'www.yatra.in' and any other website(s) owned and operated by the
Customer in the future, as notified to the Supplier.

 

“xDistributor” shall mean the proprietary
software of the Supplier known as xDistributor.

 

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“xFares” shall mean the proprietary
software of the Supplier known as xFares.

 

“xHotel” shall mean the proprietary
software of the Supplier known as xHotel.

 

“xRez” shall mean the proprietary software
of the Supplier known as xRez.

 

		1.2	Further Definitions

 

In this Agreement, unless the context
requires otherwise:

 

		a)	words importing the singular number shall include the plural number and vice versa and words importing
a gender shall include each gender;

 

		b)	any reference to a “person” shall be construed as a reference to any individual, firm,
company, corporation, undertaking, government, state or agency of a state, or any association or partnership (whether or not having
separate legal personality);

 

		c)	save as otherwise provided herein any reference to a section, clause, paragraph or sub-paragraph
shall be a reference to a section, clause, paragraph or sub-paragraph (as the case may be) of this Agreement and any reference
in a clause or paragraph shall be a reference to the clause or paragraph in which the reference is contained unless it appears
from the context that a reference to some other provision is intended;

 

		d)	a reference to a person (including a party to this Agreement) includes a reference to that person's
legal personal representatives, successors and permitted assigns;

 

		e)	the provisions of any Schedules to this Agreement shall form an integral part of this Agreement
and shall have as full effect as if they were incorporated in the body; and

 

		f)	Any reference to an English legal term for any action,
remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect
of any jurisdiction other than England, be deemed to include a reference to what most nearly approximates in that jurisdiction
to that English legal term.

 

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		1.3	Headings and Captions

 

The section headings and captions to the clauses in this
Agreement are inserted for convenience of reference only and shall not be considered a part of or affect the construction or interpretation
of this Agreement.

 

		1.4	Conflict

 

In the event of a conflict or inconsistency between any
of this Agreement and the Proposal, such conflict or inconsistency shall be resolved by giving the following precedence:-

 

		a)	Agreement (excluding Schedule 1);

 

		b)	Proposal.

 

		2.	Supply
and Licence of System

 

		2.1	In consideration of the payment by the Customer of the charges to be levied by the Supplier under
this Agreement and compliance with the terms and conditions of this Agreement the Supplier hereby undertakes to supply the System
to the Customer within a period of 112 days following the Effective Date.

 

		2.1.1	The Supplier hereby grants to the Customer a non-exclusive, non-transferable, end user licence
to use the object code version of xDistributor on a maximum of 8 Processors, subject to the terms and conditions of this Agreement.

 

		2.1.2	The Supplier hereby grants to the Customer a non-exclusive, non-transferable, end user licence
to use the object code version of xHotel on a maximum of 4 Processors, subject to the terms and conditions of this Agreement.

 

		2.2	The Supplier hereby grants to the Customer a non-exclusive, unlimited licence to use the object
code version of the Bespoke Software on any number of Processors and for any purpose.

 

		2.3	The Customer may make such copies of the object code version only of the Supplier Software as the
Customer may require for the purposes of supporting the Websites including backup, system testing and disaster recovery and, at
the written request of the Supplier, shall advise the Supplier of the location of all copies of the Supplier Software, the number
of Processors on which each application is located and the use made of each copy.

 

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		3.	Delivery and Installation

 

The Supplier shall deliver the System to the Customer and
shall install the System in accordance with the terms of this Agreement.

 

		4.	Supply of Services,
Training Services and Maintenance Services

 

		4.1	The Supplier shall supply the Services in accordance with this Agreement.

 

		4.2	The Supplier shall provide the Training Services inaccordance
with the terms of Schedule 4.

 

		4.3	The Supplier shall provide the Maintenance Services in accordance with the terms of Schedule 2.

 

		5.	Documentation

 

		5.1	The Supplier shall supply to the Customer 2 copies of the Documentation, at no further cost, specified
in Schedule 9 promptly upon delivery of the System.

 

		5.2	At the request of the Customer, the Supplier shall provide such additional copies of the Documentation
as the Customer may reasonably require for the normal operation of its business, at the Supplier’s then current standard
scale of charges and so far as lies within its power.

 

		6.	Project Management
and Obligations

 

		6.1	The Customer shall at its own cost and expense:-

 

		6.1.1	Perform the Customer Obligations set forth in Schedule 8; and

 

		6.1.2	Discuss and if agreeable signoff with the Supplier the System and any other deliverables, and the
Customer shall not unreasonably withhold or delay sign off of the System and any other deliverables;

 

		6.1.3	Appoint a Project Manager, and notify the details to the Supplier; and

 

		6.1.4	Resolve all issues referred to it by the Supplier Project Manager.

 

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		6.2	The Customer agrees:-

 

		6.2.1	to keep reasonably secure and to protect the proprietary rights (including the Intellectual Property
Rights) in the Software and all copies thereof (in whatever form), and to take appropriate action by instruction to, or agreement
with its employees and any Third Party referred to in Clause 6.2.4 who/which are permitted access to the Software, having due regard
to the terms and conditions of this Agreement;

 

		6.2.2	to ensure that no copies of the Software in any form will be given to any Third Party except as
expressly permitted under the terms of this Agreement;

 

		6.2.3	to instruct its employees having access to the Software not to copy (with the exception of the
copies permitted in Clause 2.3), decompile, disassemble, reverse engineer or duplicate the Software or make disclosure with reference
thereto or any component thereof to any Third Party save to the extent permitted by law;

 

		6.2.4	not to permit access to the Software by any Third Party without the prior written permission of
the Supplier to do so, except that access or use by temporary staff or Customer’s sub-contractors solely for the Customer’s
purposes shall be permitted. Access by Third Parties for any other reason will not be permitted;

 

		6.2.5	to reproduce any copyright notice on all material related to or part of the Software including
the Documentation on which any such copyright notice is displayed, including any copies made pursuant to this Agreement;

 

		6.2.6	not to remove any copyright notices, trade mark credits or notices, confidentiality notice, mark,
legend or other information included in the Software or Documentation;

 

		6.2.7	not to purport to assign, transfer, mortgage, dispose of, encumber or charge any of its rights,
duties, or obligations under this Agreement or in connection with the Software without the previous consent in writing of the Supplier
which shall not unreasonably be withheld or delayed; provided that the Customer may with prior notice to the Supplier assign to
an Affiliate provided that prior written notice is given to the Supplier; and

 

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		6.2.8	except as expressly provided in this Agreement, not to purport to sell, transfer or assign any
Intellectual Property Rights or other rights in or to the Software;

 

		6.3	The Supplier shall:-

 

		6.3.1	appoint a Project Manager and notify the details to the Customer; and

 

		6.3.2	co-ordinate, control and manage the work of any sub contractors appointed by the Supplier
                                                                  under this Agreement; and

 

		6.3.3	be liable, including make payments, to any sub-contractors appointed by the Supplier under this
Agreement.

 

		6.4	Where reasonably requested by either party the Project Managers shall liaise each week or as otherwise
agreed in writing between the parties to discuss the Services and all progress relating thereto.

 

		6.5	Where reasonably requested by either party the parties shall liaise every two weeks or as otherwise
agreed in writing in order to review the Services and all progress relating thereto and for the purpose of providing a project
status report to the Customer.
	 	 	 

		6.6	Further meetings, additional to those set out in this Clause 6, may be arranged with the agreement
of both parties.

 

		7.	Access
                                         to the Location

 

The Customer shall afford to the personnel of the Supplier
and its sub-contractors at all reasonable times, such access to the location for the installation of the System (as agreed in writing
between the Customer and the Supplier) as may be reasonably desirable for the performance of the Services.

 

		8.	Disruption

 

The Supplier shall use all reasonable commercial endeavours
to ensure that, in performing the Services hereunder, it does not unduly or unnecessarily disrupt the operations of the Customer
and Customer shall assist the Supplier in this regard by providing information to the Supplier regarding its business operations
when reasonably requested by the Supplier to do so.

 

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		9.	Testing and Acceptance

 

		9.1	In connection with the preparation for and carrying out of Acceptance Tests:-

 

		a)	the Customer will provide suitable hardware and accommodation for the test environment; and

 

		b)	the Supplier will provide reasonable resources to support the Customers carrying out of the Acceptance Tests.

 

The overall management of the test process will be the
responsibility of the Customer.

 

		9.2	The Supplier shall provide to the Customer not less than 10 Business Days’ written notification
(or such other time frame as may be agreed between the parties) that the System is ready for Acceptance Tests.

 

		9.3	Acceptance Tests shall be carried out in accordance with Schedule 3.

 

		9.4	Subject to Clause 9.9, the Customer shall accept the System on the date that the Customer accepts
that the System has passed the Acceptance Tests and such acceptance not to be unreasonably withheld or delayed by the Customer.

 

		9.5	If the System fails the Acceptance Tests (disregarding any minor and inconsequential failures)
then the Supplier shall forthwith rectify free of charge such Defects in the System as are notified by the Customer to the Supplier
in writing, in accordance with this Clause and in sufficient time to make possible the repetition of the Acceptance Tests within
10 Business Days of the date of notice of failure given by the Customer (or such later date as the Customer may agree) (the “First
Repeat Acceptance Tests”). In supplying notice of the Defects the Customer shall detail the Defects clearly and in sufficient
detail as will allow the Supplier to address the Defect, shall give the Supplier such other information regarding the Defect as
the Supplier may request and shall give such notice to the Supplier promptly upon completion of the Acceptance Tests.

 

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		9.6	If a System fails the First Repeat Acceptance Tests then the Customer shall at its sole option:-

 

		a)	require the Supplier by written notice to forthwith rectify free of charge such Defects in the
System as are notified by the Customer to the Supplier in writing, in accordance with this Clause and as are necessary to enable
the System to pass repeat Acceptance Tests (the “Second Repeat Acceptance Tests”). In supplying notice of the
Defects the Customer shall detail the Defects clearly and in sufficient detail as will allow the Supplier to address the Defect,
shall give the Supplier such other information regarding the Defect as the Supplier may request and shall give such notice to the
Supplier promptly upon completion of the First Repeat Acceptance Tests. The Second Repeat Acceptance Tests shall (if possible)
be carried out within 10 Business Days of the date of failure. If the Supplier shall not have completed such alterations or modifications
by the 10th Business Day after the First Repeat Acceptance Tests or if the System shall fail the Second Repeat Acceptance
Tests then the Customer shall be entitled at its option to proceed under Clause 9.6(b) to (c) below;

 

		b)	agree to a new date for carrying out further Repeat Acceptance Tests on the same terms and conditions
as the Second Repeat Acceptance Tests; or

 

		c)	accept such Second Repeat Acceptance Tests subject to an abatement of the charges set out in this
Agreement, such abatement to be such amount as is agreed between the parties and if the parties hereto fail to agree the amount
of any such abatement, the provisions of Clause 21 below shall apply.

 

		9.7	The parties hereby agree to provide each other all such assistance, information and advice as is
reasonable in connection with the tests to be carried out pursuant to this Clause 9.

 

		9.8	For the avoidance of doubt, references in this Clause 9 to “minor and inconsequential failures”
shall be failures which in the Customer's reasonable view do not unduly inhibit its normal business practices.

 

		9.9	The System shall be deemed
                                         to have been successfully accepted by the Customer pursuant to this Clause 9 either
                                          90 days after the System has passed the Acceptance Tests or 90
                                         days after the Go Live Date whichever is sooner.

 

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		10.	Charges and Terms
of Payment

 

		10.1	The charges payable by the Customer hereunder are set out in Schedule 6 and shall be paid by the
Customer in accordance with Schedule 5. The Customer shall be liable for the expenses of the Supplier incurred in accordance with
this Agreement.

 

		10.2	The charges set out in Schedule 6 are exclusive of Value Added Tax or any other applicable sales
taxes as may be required from time to time.

 

		11.	Warranties And
Representations

 

		11.1	The Supplier warrants that the System will materially implement the functionality specified in
the Proposal for a period of 90 days from the date of acceptance of the System by the Customer in accordance with Clause 9.4 or
9.9 above.

 

		11.2	The Supplier warrants that the Services shall be provided by appropriately experienced and trained
personnel and that such Services shall be rendered with all reasonable skill, care and diligence.

 

		11.3	The Supplier warrants that:-

 

		a)	it is a company duly incorporated and validly existing under the laws of Ireland; and

 

		b)	it has full power and authority to execute and deliver this Agreement and to comply with the provisions
of, and perform all its obligations and exercise all of its rights under this Agreement; and

 

		c)	it has the experience and expertise to develop the System in accordance with this Agreement; and

 

		d)	subject to Clause 11.9, it is entitled to licence the Bespoke Software and Supplier Software in
accordance with this Agreement and neither the use by the Customer of the Software in accordance with the terms of this Agreement
nor the provision of the licence by the Supplier of the Bespoke Software and the Supplier Software shall infringe the Intellectual
Property Rights of any Third Party and, to the best of its knowledge and belief there are no existing or threatened claims, actions
or proceedings against the Supplier in relation to its development, ownership, use or licensing of the Bespoke Software and Supplier
Software.

 

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		11.4	Except as expressly provided in this Agreement no warranty,
condition, undertaking or term, express or implied, statutory or otherwise as to the condition, quality, performance, suitability,
merchantability or fitness for purpose of the Software, the System, the Services, the Documentation, the Maintenance Services
or any other deliverable provided or obligation performed under this Agreement, is given or assured by the Supplier and all such
warranties, conditions, undertakings or terms are hereby excluded to the fullest extent permitted by law.

 

		11.5	In the event that the Customer notifies the Supplier that a breach of this Agreement has occurred,
including failure of the Software, but it transpires that there has been no breach of the Agreement, the Customer will pay to the
Supplier a fee in respect of time expended by the Supplier in respect of the investigation of such breach in accordance with the
Supplier’s then current daily rates and in addition all reasonable expenses.

 

		11.6	The Customer warrants, covenants and represents to the Supplier that:-

 

		a)	it has full power and authority to execute and deliver this Agreement and to comply with the provisions
of, and perform all its obligations and exercise all of its rights under this Agreement; and

 

		b)	the Customer’s Obligations and its obligations set out in this Agreement shall be rendered
with skill, care and diligence; and

 

		c)	is duly incorporated with separate legal personality and has the power to enter into and perform
contracts and, in particular, this Agreement.

 

		11.7	The Supplier does not warrant that the use of the System or the Software will be uninterrupted
or error-free.

 

		11.8	Except as expressly set forth in this Agreement, all warranties, conditions, representations, statement,
terms and provisions express or implied by statute, common law or otherwise are excluded to the greatest extent permitted by law.

 

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		11.9	The Supplier shall not be responsible for, liable for and shall not indemnify the Customer under
this Agreement in relation to:

 

		11.9.1	any damages, costs and expenses, including legal fees (“Losses”) which are caused by
a breach by the Customer of its obligations under this Agreement (including, without limitation, misuse or use outside of its licensed
scope by the Customer of the Services, Software or Documentation) or by a breach by the Customer of the Supplier’s Intellectual
Property Rights in the Services, Software or Documentation;

 

		11.9.2	any Losses arising from the Supplier’s compliance with any specifications, documentation
or instructions of/provided by the Customer;

 

		11.9.3	any Losses arising from the Customer’s use of the Services or Deliverables in combination
with equipment or software not specified by the Supplier;

 

		11.9.4	any Losses which arise as a result of a malfunction or error in equipment or software not supplied
by the Supplier if such Losses would not otherwise have occurred save for the use of such equipment or software; or

 

		11.9.5	any Losses arising from any unauthorised modification of any part of the Software or Documentation
by the Customer or its agents or employees.

 

		11.10	The Customer represents, warrants and undertakes to the Supplier that the Supplier’s use
of any material, information or data provided by the Customer to the Supplier pursuant to this Agreement will not infringe the
Intellectual Property Rights of any Third Party.

 

		11.11	Subject to Clause 11.12, the Customer agrees to indemnify the Supplier against all reasonable damages,
costs and expenses, including reasonable legal fees (“Losses”) reasonably incurred by, or awarded against it in respect
of claims made against the Supplier that the use of any material, information or data provided by the Customer to the Supplier
infringes any Third Party's Intellectual Property Rights provided that the Supplier:

 

		11.11.1	shall notify the Customer immediately on it becoming aware of any claim or potential claim;

 

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		11.11.2	shall not settle, compromise or negotiate the settlement of any such third party claim without the prior consent of the Customer
(such consent not to be unreasonably withheld); and

 

		11.11.3	if requested by the Customer shall pass the conduct of any such claim to the Customer (at the Customer's cost).

 

		11.12	The Customer shall not be responsible or liable for and shall not indemnify the Supplier under this Agreement in relation to:

 

		11.12.1	any Losses which are caused by a breach by the Supplier of its obligations under this Agreement
or by a breach by the Supplier of the Customer’s Intellectual Property Rights;

 

		11.12.2	any Losses arising from the Customer's compliance with any specifications, documentation or instructions
of/provided by the Supplier either in the Services, Software or Documentation or otherwise;

 

		11.12.3	any Losses arising from the Customer’s use of the Services or Deliverables as well as in
combination with equipment or software specified by the Supplier;

 

		11.12.4	any Losses which arise as a result of a malfunction or error in equipment or software specified
by the Supplier if such Losses would not otherwise have occurred save for the use of such equipment or software; or

 

		11.12.5	any Losses arising from any modification of any part of the Software or Documentation by the Supplier
or its agents or employees.

 

		12.	Support

 

Support will be provided as a service to the Customer by
the Supplier during Normal Working Hours in accordance with Supplier’s Silver Level Technical Support as described in Schedule
2.

 

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		13.	Limitation of
Liability

 

		13.1	Save in respect of death or personal injury caused by negligence
or by virtue of fraud or wilful default on the part of a party, the aggregate liability of either party for any claim for any
loss or damage arising out of or in connection with its breach of this Agreement or otherwise shall in no case exceed one million
euro (€1,000,000) in respect of all such claims.

 

		13.2	Save in respect of wilful misconduct or negligence, neither party shall be liable to the other
party for any loss of profit, production, anticipated savings, data, goodwill or business opportunities or any type of indirect
or consequential loss even if that loss was reasonably foreseeable or that party was aware of the possibility of that loss or damage
arising.

 

		13.3	This Clause 13 shall prevail over all other clauses in this Agreement.

 

		14.	Ownership

 

		14.1	All right, title and interest of any nature whatsoever including, but not limited to, Intellectual
Property Rights in the Supplier Software, Updates, Upgrades, Documentation and other deliverables to be provided pursuant to this
Agreement are and shall remain the sole property of the Supplier or its licensors.

 

		14.2	All right, title and interest of any nature whatsoever including but not limited to Intellectual
Property Rights in the Bespoke Software shall remain the sole property of the Supplier or its licensors.

 

		15.	Assignment

 

		15.1	The Customer shall not assign any of its benefits or obligations under this Agreement without the
prior written consent of the Supplier which consent shall not be unreasonably withheld or delayed; provided that the Customer may,
with prior written notice to the Supplier, assign this Agreement to an Affiliate.

 

		15.2	The Supplier shall not assign any of its obligations or benefits under this Agreement without the
prior written consent of the Customer which consent shall not be unreasonably withheld or delayed.

 

		16.	Sub-Contracting

 

The Supplier shall not be entitled
to sub-contract its rights or obligations under this Agreement without the prior written consent of the Customer, which consent
shall not be unreasonably withheld or delayed. In circumstances where such written consent has been provided, the Supplier shall
remain liable to the Customer in respect of any obligations sub-contracted.

 

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		17.	Indemnity

 

		17.1	Subject to Clauses 11.9 and 17.2 the Supplier shall indemnify and hold the Customer harmless from
and against any and all claims, proceedings, actions, losses costs (including reasonable and vouched attorney fees) arising out
of or relating to a breach by the Supplier of Clause 11 provided that the Customer:

 

		17.1.1	shall notify the Supplier immediately on it becoming aware of any claim or potential claim;

 

		17.1.2	shall not settle, compromise or negotiate the settlement of any such third party claim without
the prior consent of the Supplier; and

 

		17.1.3	if requested by the Supplier, shall pass the conduct of any such claim to the Supplier, at the
Supplier's cost.

 

		17.2	The Supplier may, at any time it is concerned about the possibility of a breach of Clause 11, at
its option and expense,:

 

		17.2.1	replace or modify the Bespoke Software or Supplier Software (or part thereof) so that infringement
or alleged infringement does not exist without in any way prejudicing the use by the Customer of the Bespoke Software or the Supplier
Software, as the case may be for its business purposes; or

 

		17.2.2	remove the Bespoke Software or Supplier Software (or part thereof) involved and refund a portion
of the price of the Bespoke Software or Supplier Software depreciated by an amount of 20% per annum over the term of this Agreement
during which the Customer has used the Software; or

 

		17.2.3	obtain for the Customer the right to continue using the Bespoke Software or Supplier Software.

 

		18.	Term and Termination

 

		18.1	Unless lawfully terminated by either party in accordance with this Agreement, this Agreement shall
commence on the Effective Date and shall continue in full force and effect for an initial period of five (5) years (the “Initial
Term”). At the end of the Initial Term, this Agreement remains in force until terminated by either party giving to the other
party not less than three months written notice of termination, expiring on any anniversary of the Effective Date of this Agreement,
unless lawfully terminated by either party otherwise in accordance with this Agreement.

 

    - 18 - 

     

    

  

		18.2	A party (the “Initiating Party”) may terminate this Agreement with immediate
effect by written notice to the other party (the “Defaulting Party”) on or at any time after the occurrence
of one or more of the events specified in this Clause 18 in relation to the Defaulting Party. The events are:-

 

		18.2.1	the Defaulting Party being in material breach of a material obligation under this Agreement and,
if the breach is capable of remedy, failing to remedy the breach within 30 days starting on the day after receipt of written notice
from the Initiating Party giving details of the breach and requiring the Defaulting Party to remedy the breach; for the purposes
of this Clause 18.2.1 a breach is capable of remedy if time is not of the essence in performance of the obligation and if the Defaulting
Party can comply with the obligation within the 30 day period; or

 

		18.2.2	corporate insolvency:-

 

		(i)	an order is made or a resolution is passed for the winding-up, dissolution or striking off of the
Defaulting Party (unless such order or resolution is part of a voluntary scheme for the reconstruction or amalgamation of the party
as a solvent corporation and the resulting corporation, person, undertakes to be bound by this Agreement); or

 

		(ii)	the Defaulting Party becomes insolvent or is unable to pay its debts as they fall due or the Defaulting
Party stops or threatens to stop making payments generally or declares or threatens to declare a moratorium with respect to all
or any part of its debts or enters into any composition or other arrangement with its creditors generally; or

 

		(iii)	any action is taken by any person to appoint a receiver, administrator, administrative receiver,
examiner, trustee, or similar officer of the Defaulting Party or any property or assets of the Defaulting party or any such receiver,
administrator, administrative receiver, examiner, trustee, or similar officer is appointed; or

 

    - 19 - 

     

    

  

		(iv)	anything analogous to any of the foregoing events occurs in any applicable jurisdiction.

 

		18.3	In the event that Customer lawfully terminates this Agreement pursuant to Clause 18.2 due to Supplier
becoming a Defaulting Party under Clause 18.2.2, Customer shall have the right to continue to use the Bespoke Software and the
Supplier Software upon the same terms and conditions set out in this Agreement. In all other respects, each party’s further
rights and obligations cease immediately on termination of this Agreement, but termination of this Agreement shall not prejudice
any rights of either party which may have arisen on or before the date of termination. For the avoidance of doubt the continuance
of the Customer’s right to continue to use the Bespoke Software and the Supplier Software due to Supplier becoming a Defaulting
Party under Clause 18.2.2 shall not prejudice the ability of the successor in title exercising its rights under this Agreement,
including in respect of this Clause 18.

 

		18.4	For the avoidance of doubt, Clauses 6.2, 11, 13, 14, 15, 17, 18, 19, 21 and 25 to 34 shall survive
any termination or expiration of this Agreement.

 

		18.5	Subject to Clause 18.3 above, on any termination of this Agreement for whatever reason:-

 

		18.5.1	the Customer shall immediately return all copies (in whatever form) of the Software and Documentation
to the Supplier, or at the Supplier's request destroy the all copies (in whatever form) of the Software and Documentation and within
seven days certify to the Supplier in writing that it has returned or destroyed all copies (in whatever form) of the Software,
as applicable; and

 

		18.5.2	for the avoidance of doubt, the licences granted pursuant to Clause 2.1.1, Clause 2.1.2 and Clause
2.1.3 above shall immediately cease.

 

		19.	Confidentiality

 

		19.1	In this Clause 19, “Confidential Information” means all information disclosed (whether in writing, orally
or by another means and whether directly or indirectly and whether specifically designated as ‘confidential’ or which
ought reasonably be regarded as confidential) under or in connection with this Agreement by one party (the “Disclosing
Party”) to the other party (the “Receiving Party”) whether before or after the date of this Agreement
including, without limitation, information relating to the Disclosing Party's products, services, operations, processes, plans
or intentions, product information, know-how, design rights, trade secrets, market opportunities and business affairs and shall
include the object code versions of the Supplier Software.

 

    - 20 - 

     

    

  

		19.2	During the term of this Agreement and after termination or expiration of this Agreement for any
reason the Receiving Party:-

		a)	will not use Confidential Information for a purpose other than the performance of its obligations
under this Agreement;

 

		b)	will not disclose Confidential Information to a person except with the prior written consent of
the Disclosing Party other than in accordance with Clauses 19.3 and 19.4; and

 

		c)	shall make every effort to prevent the use or disclosure of Confidential Information.

 

		19.3	During the term of this
                                         Agreement the Receiving Party may disclose Confidential Information to any of its or
                                         its Affiliates' directors, other officers and employees (a “Recipient”)
                                         to the extent that disclosure is reasonably necessary for the purposes of this Agreement.

 

		19.4	Before disclosure to a Recipient, the Receiving Party shall ensure that a Recipient is made aware
of and complies with the Receiving Party's obligations of confidentiality under this Agreement as if the Recipient was a party
to this Agreement.

 

		19.5	The Receiving Party may disclose Confidential Information of the Disclosing Party, whenever reasonably
possible on obtaining the prior written consent of the Disclosing Party, if and to the extent that:-

 

		a)	this is required by any securities exchange or regulatory or governmental body to which that party
is subject, wherever situated, whether or not the requirement for information has the force of law;

 

		b)	the information is disclosed on a strictly confidential basis to the professional advisers, auditors
and bankers of the Receiving Party;

 

    - 21 - 

     

    

  

		c)	the information has come into the public domain through no fault of the Receiving Party;

 

		d)	the information was in the possession of the Receiving Party before such disclosure by the Disclosing
Party, as aforesaid and which the receiving Party can evidence in writing; or

 

		e)	the information was obtained by the Receiving Party from a third party who was free to divulge
the same;

 

		f)	the Disclosing Party has given prior written approval to the Receiving Party in respect of the
disclosure, such approval not to be unreasonably withheld or delayed; or

 

		g)	this is required to enable that party to enforce its rights under this Agreement;

 

		h)	it is disclosed to bona fide current and/or potential purchaser, investor and/or lender of the
Receiving Party, and any legal and/or professional representatives thereof; provided that such potential purchaser, investor and/or
lender shall be subject to a confidentiality agreement (on terms usual to such transactions) covering such Confidential Information.

 

		19.6	The obligations of both parties as to disclosure and confidentiality shall continue in force notwithstanding the termination
of this Agreement.

 

		20.	Exclusivity

 

		20.1	Subject to Clauses 20.2,
20.3, 20.4, 20.5 and 20.6, for a period until 1st January 2007, Supplier agrees shall not directly or indirectly, participate
in any negotiations or discussions, or enter into any agreement, with respect to any offer or proposal to licence the Supplier
Software or the Bespoke Software to any third party entity/company (i) registered in India; or (ii) which carries out or undertakes/proposes
to undertake business in India in competition with the Customer as an Online Travel Agency Website. This Clause shall cease to
have effect and all restrictions on the Supplier vis-à-vis
any dealings with Third Parties shall terminate automatically on the 1st of January 2007.

 

    - 22 - 

     

    

  

		20.2	The parties agree that the restrictions set out in Clause 20.1, subject to the Clauses listed in
Clause 20.1, are reasonable in the circumstances and are intended to protect the legitimate business interests of the Customer
to the extent provided for in that Clause.

 

		20.3	The parties agree that the restrictions placedon the
Supplier in Clause 20.1 shall not apply to its dealings with any Third Party who/which operatesa Primary Business that is
not that of an Online Travel Agency Website.

 

		20.4	The parties agree that the restrictions placed on the
Supplier in Clause 20.1 shall not apply to its dealings with any Third Partywho/which is principally engaged in one or more
of the following businesses:-

 

	 	·	airline;
	 	 	 
	 	·	tour operator;
	 	 	 
	 	·	offline travel agency;
	 	 	 
	 	·	hotels or hotel chains;
	 	 	 
	 	·	car hire;
	 	 	 
	 	·	car hire consolidator;

 

whether or not that the business is conducted in whole
or in part Online.

 

		20.5	The parties agree that the restrictions placed on Supplier in Clause 20.1 shall not apply to any
agreement between the Supplier and a Third Party in existence on the Effective Date.

 

		20.6	The parties agree that the restrictions placed on the Supplier
in Clause 20.1 shall not apply to its dealings with any Global Third Party between the Effective Date and 1st January
2007 or prior to the Effective Date.

 

    - 23 - 

     

    

  

		21.	Dispute Resolution
Procedure

 

		21.1	Both parties to this Agreement shall seek to resolve any dispute between them arising out of, or
relating to, this Agreement, amicably.

 

		21.2	If the dispute cannot be resolved amicably by the parties, then:-

 

		21.2.1	if the dispute is of a technical, or predominately technical nature, then the parties by mutual
agreement may refer it to an expert appointed pursuant to Clause 21.3 (the "Expert") who shall be deemed to act as an
expert and not as arbitrator provided that the appointment of an Expert is without prejudice to the right of either party to seek
equitable relief pursuant to Clause 34; and

 

		21.2.2	in all other aspects, the dispute shall be determined pursuant to Clause 34.

 

		21.3	The Expert shall be selected by mutual agreement of the parties or, failing agreement, within fourteen
(14) days after a request by one party to the other, shall be chosen at the request of either party by the President for the time
being of the_______________, who shall be requested to choose a suitably qualified and experienced Expert for the dispute in question.

 

		21.4	Fourteen (14) days after the Expert has accepted the appointment the parties shall each submit
a written report on the dispute to the Expert and to each other and seven (7) days thereafter shall submit any written replies
they wish to the Expert and to each other.

 

		21.5	Both parties shall afford the Expert all necessary assistance which the Expert requires to consider
the dispute, including, but not limited to, full access to the Website and any documentation or correspondence relating to the
subject matter of the dispute.

 

		21.6	The Expert shall be instructed to deliver his determination to the parties within fourteen (14)
days after the submission of the last of the written reports/replies pursuant to Clause 21.4 or after the expiration of such longer
period as is required by the Expert in which to consider the parties reports and documentation or correspondence provided, which
date shall not be greater than a period of sixty (60) days after the submission of the written reports pursuant to Clause 21.4.

 

    - 24 - 

     

    

  

		21.7	A decision of the Expert shall be binding. The Parties accept these alternative dispute resolution
procedures specifically in reliance upon the provisions of this Clause 21.

 

		21.8	The fees of the Expert shall be borne by the parties in the proportion as shall be determined by
the Expert, having regard (amongst other things) to the conduct of the Parties.

 

		21.9	Work obligations and activity to be carried out or performed under this Agreement shall not cease
or be delayed by this dispute resolution procedure.

 

		21.10	The parties, and the Expert, shall treat as Confidential Information all information obtained in
relation to the reference to the Expert, the fact that a dispute has been referred to the Expert, its occurrence and the decision
of the Expert arising there from.

 

		21.11	All communications relating to the reference to the Expert shall take place in writing between
the representatives of either party, or other nominated representatives of the parties, and the Expert.

 

		21.12	At any time prior to the decision of the Expert being communicated to the parties they may agree
a settlement of the dispute and, where applicable, a revised timetable or difference referred to the Expert. In such event, the
Expert shall be entitled to recover from the parties’ fees in respect of time already spent on the reference and all reasonable
expenses incurred in relation to it which shall be borne by and between the parties in such proportion as the parties shall agree
as part of their settlement.

 

		22.	Force Majeure

 

		22.1	If a party (the “Affected Party”) is prevented, hindered or delayed from or in performing any of its obligations
under this Agreement by a Force Majeure Event:-

 

    - 25 - 

     

    

 

		a)	subject to (c) below, the Affected Party's obligations
under this Agreement are suspended while the Force Majeure Event continues and to the extent that it is prevented, hindered or
delayed;

 

		b)	as soon as reasonably possible after the start of the
Force Majeure Event, the Affected Party shall, if possible, notify the other party (the “Other
Party”) in writing of the Force Majeure Event, the date on which the Force Majeure Event started and the effects
of the Force Majeure Event on its ability to perform its obligations under this Agreement;

 

		c)	if the Affected Party does not comply with Clause 22.1(b)
it forfeits its rights under Clause 22.1(a);

 

		d)	the Affected Party shall, where reasonably possible,
make all reasonable commercial efforts to mitigate the effects of the Force Majeure Event on the performance of its obligations
under this Agreement; and

 

		e)	as soon as reasonably possible after the end of the Force Majeure Event the Affected Party shall notify the Other Party in
writing that the Force Majeure Event has ended and shall resume performance of its obligations under this Agreement.

 

		22.2	If
the Force Majeure Event continues for more than 180 days starting on the day the Force Majeure Event starts, a party may terminate
this Agreement by giving not less than 14 days’ written notice to the Other Party after the expiry of the said 180 day period,
provided that such notice shall be deemed not to have been given in the event that notice of cessation of the Force Majeure given
pursuant to Clause 22.1(e) is received by the Other Party prior to the expiry of the 14 days’ notice.

 

		22.3	In
                                         this Clause 22, “Force Majeure Event”
                                         means an event beyond the reasonable control of the Affected Party including,
                                         without limitation, an act of God, war, riot, civil commotion, industrial action, acts
                                         of terrorism, military operations, malicious damage, compliance with a law or governmental
                                         order, rule, regulation or direction, restrictions due to the spread or possible spread
                                         of disease among humans or animals, accident, breakdown of plant or machinery, fire,
                                         flood or explosion.

 

    - 26 - 

     

    

 

		23.	Change
Control

 

		23.1	If
the Customer wishes to make a material variation to the Services, then the Customer shall promptly notify the variation to the
Supplier and the parties shall meet to discuss such variation.

 

		23.2	The
Supplier shall then submit to the Customer as soon as reasonably practicable a quotation for such variations, additions or modifications
specifying the changes (if any) which will be required to the charges set out in Clause 10 and the adjustments which will be required
to the Services.

 

		23.3	Within
14 days of such quotation, the Customer may elect by notice to the Supplier either:-

 

		a)	to accept such quotation in which case this Agreement shall be amended accordingly; or

 

		b)	to withdraw the proposed variations in which case this Agreement shall continue in force unchanged.

 

		23.4	Provided
that the Customer acts reasonably (including taking into account cost implications for the Supplier), the Customer shall be entitled
to request that the Supplier change the order of provision of the Services or the basis upon which it provides the Services without
invoking the provisions of this Clause 23 and/or any increases in the charges payable.

 

		23.5	Any
such requests for variations and responses shall be carried out in accordance with Schedule 7 (Change Control Procedures).

 

		24.	Source
Code

 

The Supplier shall, upon the successful completion of the Acceptance
Tests and upon request by the Customer and at the Customer’s expense, arrange for a copy of the source code of the Bespoke
Software and the Supplier Software and any future Updates and Upgrades which the Customer is entitled to receive pursuant to the
Maintenance Services to be placed in escrow with NCC Escrow International Limited (“NCC”). The Customer shall have
the right of access to the source code upon the terms of the standard NCC Escrow Agreement, which shall be signed by_____________________.
This right is dependant upon the Customer taking out a licence/ entering
into an agreement for this service with NCC and paying the appropriate charges.

 

    - 27 - 

     

    

 

		25.	Waiver

 

A
failure to exercise or delay in exercising a right or remedy provided by this Agreement or by law does not constitute a waiver
of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by
this Agreement or by law prevents further exercise of that right or remedy or the exercise of another right or remedy.

 

		26.	Publicity

 

The
parties may with prior written notice to each other have the right but not the obligation to advertise or publicly announce the
provision/procurement of services by the Customer from the Supplier.

 

		27.	Notices

 

		27.1	Notices
or other communications given pursuant to this Agreement shall be in writing and shall be deemed sufficiently given:-

 

		a)	if delivered by hand or sent by post to the address and for the attention
of the person set forth in this Clause 27 of the party to which the notice or communication is being given or to such other address
and for the attention of such other person as such party shall communicate to the party giving the notice or communication; or

 

		b)	if sent by facsimile to the correct facsimile number of the party to
which it is being sent.

 

		27.2	Any
notice, or communication, given or sent by post under this Clause 27, shall be sent by ordinary post and each person giving a
notice or communication by facsimile in accordance with this Clause 27 shall promptly post the original copy to the person to
whom the notice or communication was given but the absence of such posting shall not affect the validity of the notice or communication.

 

		27.3	Every
notice or communication given in accordance with this Clause 27 shall be deemed to have been
received as follows:-

 

    - 28 - 

     

    

 

	Means of Dispatch	Deemed Received
	 	 
	Delivery by hand:	the day of delivery;
	 	 
	Post:	5 Business Days after posting;
	 	 
	Facsimile:	when sender receives a completed transmission sheet or otherwise receives a mechanical confirmation of transmission;
	 	 
	E-mail:	at the time the email enters the information system of the intended recipient.

 

Provided that if, in accordance with the above provisions, any
such notice or other communication would otherwise be deemed to be given or made outside working hours (being 9 a.m. to 5 p.m.
on a Business Day) such notice or other communication shall be deemed to be given or made at the start of working hours on the
next Business Day.

 

		27.4	The
relevant addressee, address and facsimile number of each party for the purposes of this Clause 27, subject to Clause 26.5 are:-

 

	Name of Party:	F.A.O. John Me Quillan 
	 	Open Jaw Technologies Limited
	 	 
	Address:	Station Mews
	 	Lindsay Grove,
	 	Giasnevin
	 	Dublin 9
	 	Rep. of Ireland
	 	 
	Telephone:	+353-1-8825444
	 	 
	Facsimile:	+353-1-8307607
	E-mail:	john.mcquillan@openjawtech.com
	 	 
	Name of Party:	F.A.O. Dhruv Shringi, Yatra Online Pvt Ltd
	 	 
	Address:	Ground Floor, Tower A, Unitech Cyber Park, Sector 
	 	39 Gurgaon, India 122002
	 	 
	Telephone:	 
	 	 
	Facsimile:	 
	E-mail:	 

  

    - 29 - 

     

    

  

		27.5	A
party shall notify the other of a change to its name, relevant addressee, address or facsimile number for the purposes of Clause
27.4. Such notification shall only be effective on:-

 

		a)	the date specified in the notification as the date on
which the change is to take place; or

 

		b)	if no date is specified or the date specified is less
than 5 Business Days after the date on which notice is given, the
date falling 5 Business Days after notice of any such change has
been given.

 

		28.	Counterparts

 

This Agreement may be signed in counterparts, each of which
shall be deemed to be an original, and all of which together shall constitute one and the same Agreement.

 

		29.	General

 

		29.1	This
Agreement and its Schedules and any document referred to in this Agreement constitute the entire Agreement, and supersede any
previous agreements, understandings or arrangements (both oral and written) between the parties relating to the subject matter
of this Agreement. Save in relation to acts of fraud, the parties acknowledge that in entering this Agreement neither party has
relied upon or been induced to enter into this Agreement by any representation, warranty, undertaking, promise or assurance made
or given by any party or person, whether or not in writing, at any time prior to the execution of this Agreement, other than as
expressly set out in this Agreement.

 

		29.2	A
variation of this Agreement is valid only if it is in writing and signed by or on behalf of each party.

 

		29.3	Except
where this Agreement provides otherwise the rights and remedies contained in this Agreement are cumulative and not exclusive of
rights or remedies provided by law.

 

    - 30 - 

     

    

 

		30.	No
Partnership, Agency etc.

 

Nothing
in this Agreement shall create, or be deemed to create, a partnership or the relationship of principal and agent or employer and
employee between the parties hereto.

 

		31.	Severability

 

If
at any time any provision of this Agreement (or any part of a provision of this Agreement) is or becomes illegal, invalid or unenforceable
in any respect under the law of any jurisdiction, that shall not affect or impair: -

 

		a)	the legality, validity or enforceability in that jurisdiction of any
other provision of this Agreement (including the remainder of a provision, where part thereof has become illegal, invalid or unenforceable);
or

 

		b)	the legality, validity or enforceability under the law of any other
jurisdiction of that or any other provision of this Agreement.

 

		32.	Verification

 

Subject
to reasonable notice, the Customer grants to the Supplier the right to periodically inspect the Software, Documentation, Processors
and media related to this Agreement to ensure that the terms of this Agreement and in particular Clause 2 of this Agreement are
being complied with.

 

		33.	Non-Solicitation

 

For
the duration of this Agreement and for a period of one year thereafter either party or any of its employees, agents or any person
acting on behalf of the party shall not solicit any director, officer, servants or agents, employees of the other party.

 

		34.	Governing
Law

 

Subject
to Clause 21, this Agreement shall be governed by and construed in accordance with the laws of England and Wales and the parties
hereto submit to the exclusive jurisdiction and venue of the London courts, for the resolution of disputes hereunder.

 

    - 31 - 

     

    

 

IN
WITNESS WHEREOF this Agreement is executed in two originals on the date first written above.

 

	YATRA
    ONLINE PVT LTD.	OPEN
    JAW TECHNOLOGIES LIMITED
	 	 
	/s/ Dhruv
    Shringi	/s/ John
    Mc Quillan
	Dhruv Shringi	John
    Mc Quillan
	Director	CEO

 

    - 32 - 

     

    

 

SCHEDULE
1

 

PROPOSAL

 

As
agreed with the Customer, the supply and implementation agreement is based upon a system initially comprising of the following
Licenses (“Supplier Software”), Connectivity, Customisation (“Bespoke Software”), Services and support
& maintenance.

 

	Component	 	Licences

    (€)	 	Development/Test/Other

    Cost

    (€)
	Middleware
    Connectivity Platform (xDistributor)
    x 4	 	€62,000
                                   (1st)

        €39,000
        (2st)

        €39,000
        (3rd)

        €39,000
        (4th)
	 	 
	Non
    Production License (xDistributor) x 1	 	€10,000	 	 
	Inventory
    Management & Local Content Database (xHotel) x 2	 	€19,500	 	 
	Development/Staging
    Licenses xDistributor x 2	 	0	 	 
	xFares	 	0	 	 
	Total
    Software Costs	 	€208,500.00	 	€0
	Domestic
    Connectivity Phase 1	 	 	 	 
	Connectivity
    to Amadeus	 	0	 	Included
    in charge for xDistributor License
	Connectivity
    to Abacus	 	€5,000	 	 
	Connectivity
    to SpiceJet	 	€10,000	 	 
	Connectivity
    to Air Deccan	 	€10,000	 	 
	Connectivity
    to Payment Gateway ICICS/Citibank	 	0	 	Included
    in total
	Total	 	€25,000	 	 
	Booking
    Engine Customisation	 	 	 	Customer
    Online Development to deliver front-end
	Business
    Rules Creation for first set of Suppliers	 	 	 	€5,000

        Assume
        10 days 

 

    - 33 - 

     

    

 

 

 

    - 34 - 

     

    

 

SCHEDULE
2

 

Maintenance
Services & Support Level Agreement

 

Maintenance

 

The Maintenance Services shall commence upon delivery of the
System and shall continue for an initial period of one (1) year and shall automatically renew thereafter for successive periods
of one (1) year unless terminated by either party by giving the other party not less than three (3) months prior written notice,
expiring on any anniversary of the Effective Date of this Agreement. Termination of the Maintenance Services shall be without prejudice
to the right of the Customer to use the Supplier Software in accordance with this Agreement.

 

The Maintenance Services shall entitle the Customer to receive
Updates and Upgrades as and when made available by the Supplier.

 

Support Level Agreement

 

The following schedule sets out the Support Level Agreement
between the parties which forms part of this Agreement. Again this Support Level Agreement is based upon a system solution comprising
of the Supplier Software and the Bespoke Software as detailed in Schedule 1.

 

For Supplier products and standard XML connectors, the Supplier
offers two levels of Technical Support to customers with a valid Annual Maintenance Agreement. Silver and Gold Technical Support
are available for a particular customer solution. A “solution” is defined as all Software Products contained in a single
installation instance.

 

Silver
Level technical support is included as part of an Annual Maintenance Contract. The Customer will receive Silver Level Support
but may, during the Term opt for Gold Level Support subject to the payment of the additional charges.

 

The following table summarizes all services available with each
Technical Support Offering subject to the Customer’s compliance with this Agreement:

 

    - 35 - 

     

    

 

	Services	 	DESCRIPTION	 	Gold	 	Silver
	 	 	 	 	 	 	 
	Prioritised Enhancement Requests	 	Enhancement requests from Gold customers receive priority attention from Customer’s development staff.	 	✓	 	 
	 	 	 	 	 	 	 
	Customer Application Maintained In-house	 	Speed of issue resolution is improved significantly through Customer hosting the customer’s environment in-house	 	✓	 	 
	 	 	 	 	 	 	 
	24 x 7 Support	 	Around the clock phone access to Customer’s highly trained Technical Support Engineers for priority 1 issues.	 	✓	 	 
	 	 	 	 	 	 	 
	Prioritised Bug Requests	 	Customer defect requests are prioritised ahead of Silver customers, allowing for more timely resolution and less project impact.	 	✓	 	 
	 	 	 	 	 	 	 
	Support Contact	 	Plus Support Contact acts as an anytime escalation point, responsible for account oversight and regular review of cases	 	✓	 	 
	 	 	 	 	 	 	 
	Authorised Contacts	 	Authorised Contacts are your contacts into Technical Support. All requests must come from these named individuals	 	4	 	1
	 	 	 	 	 	 	 
	Multi-channel contact (phone, email, web)	 	Technical Support can be accessed easily and efficiently	 	✓	 	✓
	 	 	 	 	 	 	 
	Priority 1 Response	 	Number of hours (H) or days (D) to respond	 	1H	 	2H
	 	 	 	 	 	 	 
	Priority 1 Target Resolution	 	Number of hours (H) or days (D) to find resolution or workaround	 	4H	 	8H

 

    - 36 - 

     

    

 

	Services	 	DESCRIPTION	 	Gold	 	Silver
	 	 	 	 	 	 	 
	Priority 2 Response	 	Number of hours (H) or days(D) to respond	 	2H	 	1D
	 	 	 	 	 	 	 
	Priority 2 Target Resolution	 	Number of hours (H) or days(D) to find resolution or workaround	 	1D	 	3D
	 	 	 	 	 	 	 
	Priority 3 Response	 	Number of hours (H) or days(D) to respond	 	1D	 	2D
	 	 	 	 	 	 	 
	Priority 3 Target Resolution	 	Number of hours (H) or days(D) to find resolution or workaround	 	5D	 	5D

 

	Technical
    Levels	Silver	Inc
    in AMA
	Annual
    Costs	Gold	€50,000

 

	·	Silver
    Support is available to customers who purchase an Annual Maintenance Agreement
	·	In
    all of the above, times quoted for Silver support refer to business hours only
	·	Priority
    1 issues are defined as issues that render the system unusable and are the only issues which are covered by 24x7 support
	·	Priority
    2 issues are defined as issues that impair the use of the system but which do not render it unusable or for which there is
    a workaround
	·	Priority
    3 issues are defined as issues that do not impair the use of the system.
	·	For
    those issues for which a workaround is implemented, the target for a solution will be 10 working days after the implementation
    of the workaround.

  

    - 37 - 

     

    

 

SCHEDULE
3

 

Acceptance
Tests

 

    - 38 - 

     

    

 

SCHEDULE
4

 

Training
Services

 

Subject
to the Customer’s payment of the charges set out in Schedule 1, as part of the delivery by the Suppler to the Customer of
the solution previously described, the Supplier will provide training on the Supplier Software and the Bespoke Software. The training
can be provided at the Customer’s location with the Customer providing a suitable training room and facilities. The instructors
will require a PC projector, whiteboard and/or flipchart. Additional requirements for individual training modules are detailed
below. Alternatively, the training can be provided at the Supplier’s facilities.

 

The
Supplier will train nominated Customer’s operations staff in the operation and operational maintenance of all aspects of
the system. In addition, the Supplier will provide detailed technical training on the software and architecture of the booking
engine and the custom developed software to suitably qualified personnel at a single location. The cost is €1,000 per day
plus travel and living expenses.

 

The
Customer may decide to opt for additional or alternative training after staff has spent some time using the software, when optional
courses can be tailored to address specific training needs.

 

    - 39 - 

     

    

 

SCHEDULE
5

 

Invoicing
Procedures and Payment Profile

 

Below is the payment schedule for the development and license
of the Supplier Software the Bespoke Software (Connectivity & Customisation) and services thereon.

 

 

 

    - 40 - 

     

    

 

 

 

The payment
for the development work on the Supplier Software shall be as follows:

 

Table
5.2 - breakdown of Software development & implementation costs

 

 

 

    - 41 - 

     

    

 

SCHEDULE 6

 

Standard
Charges - Consultancy

 

The daily consultancy rates, per consultancy role are as follows

 

	 	€
	Senior
    Architect	€800
	Business
    Analyst	€700
	Software
    Engineer	€500
	Implementation
    Specialist	€500
	Trainer	€1000

 

Standard
Charges - Licenses

 

	Component	 	Licences

(€)	 	Development/Test/Other

Cost

(€)
	 	 	 	 	 
	Middleware Connectivity Platform (xDistributor) x 4	 	€62,000 (1st)	 	 
	 	 	€39,000 (2nd)	 	 
	 	 	€39,000 (3rd)	 	 
	 	 	€39,000 (4th)	 	 
	 	 	 	 	 
	Non Production License (xDistributor) x 1	 	€10,000	 	 
	Inventory Management & Local Content Database (xHotel) x 2	 	€19,500	 	 
	Development/Staging Licenses xRez x 2	 	0	 	 
	Development/Staging Licenses xDistributor x 2	 	0	 	 
	xFares	 	0	 	 
	Total Software Costs	 	€208,500.00	 	€0

  

    - 42 - 

     

    

 

Connectivity

 

	Connectivity Phase 1	 	 	 	 
	Connectivity
    to Amadeus	 	0	 	Included
    in

    xDistributor
    License 
	Connectivity to Abacus	 	€5,000	 	 
	Connectivity to SpiceJet	 	€10,000	 	 
	Connectivity to Air Deccan	 	€10,000	 	 
	Connectivity to Payment Gateway ICICS/Citibank	 	0	 	Included in total
	Total	 	€25,000	 	 
	Connectivity Phase 2	 	 	 	 
	Connectivity to Hotels.com	 	€4,000	 	To be requested by Yatra
	Connectivity to Hertz	 	€4,000	 	To be requested by Yatra
	Connectivity to GTA	 	€4,000	 	To be requested by Yatra
	Total P2 Connectivity Cost	 	€12,000	 	 

 

Maintenance

 

	*Maintenance Total 2006	 	 	 	18% of Total Software license & Connectivity Costs - €44,190

 

Training

 

	Training
    2x2 day Sessions	 	 	 	€4,000

 

Implementation
Support

 

	xRez
    Booking Engine Customisation	 	 	 	Yatra
    Online Development to deliver front-end
	Business
    Rules Creation for first set of Suppliers	 	 	 	€5,000

    Assume 10 days
	Project
    Management	 	 	 	Included
    in total
	Implementation
    Support: 1 month on Site at Clients Location	 	 	 	€12,000
    + Travel and Living Expenses
	Additional
    Implementation Support: 2nd month	 	 	 	€12,000
    + Travel and Living Expenses 

 

    - 43 - 

     

    

 

SCHEDULE
7

 

Change
Control Procedures

 

The
Supplier and the Customer will operate a change control procedure to manage functional changes between the original requirements
and requirement changes that occur during the course of the project. This document describes the procedures for that change control.

 

Not
all changes will necessitate the instigation of the full change control procedures. Certain changes will, by mutual agreement between
the parties, be implemented without instigating these change control procedures.

 

Customer
Change Requests

 

If
the Customer wishes to make a material variation to the functionality of the system being provided by the Supplier, then the Customer
shall notify the Supplier in writing of the intended change(s) and arrange a meeting / conference call to discuss such variation.

 

Supplier
Change Requests

 

If
the Supplier wishes to make a material variation to the functionality of the system being provided to the Customer, then the Supplier
shall notify the Customer in writing and arrange a meeting / conference call to discuss such variation.

 

Change
Confirmation and Charges

 

In
the event that such variation will result in additional work, the Supplier shall submit a quotation for the additional work to
the Customer, specifying the impact on delivery dates and the charge for the additional work.

 

Within
14 days of such quotation, the Customer will notify the Supplier, in writing, of its intention to either:-

 

	 	·	accept such quotation; or
	 	·	withdraw the proposed variations

 

    - 44 - 

     

    

 

SCHEDULE
8

 

CUSTOMER
OBLIGATIONS

 

The
Customer has to deliver certain items to the Supplier in a timely manner to ensure that the project can be delivered on schedule
and to budget. This document outlines those items.

 

In
order to complete the project, the Supplier will require test connectivity to one or more systems that provide the services that
the Customer wishes to make available from the web site. The Customer will manage the third party relationships to ensure that
these systems are made available. The systems to which connectivity is required are:-

 

	Domestic Connectivity Phase 1
	Connectivity
    to Amadeus
	Connectivity
    to Abacus
	Connectivity
    to SpiceJet
	Connectivity
    to Air Deccan
	Connectivity
    to Payment Gateway ICICI
	Total
	International Connectivity Phase 2
	Connectivity
    to Hotels.com
	Connectivity
    to Hertz
	Connectivity
    to GTA

 

Specifications

 

In
order to complete the project the Supplier will require a number of specifications. The Customer will supply or organise the supply
of a number of specifications to the Supplier.

 

	Amadeus
    Specifications
	Abacus
    Specifications
	SpiceJet
    Specifications
	Air
    Deccan Specifications
	Hertz
    Specifications
	ICICI
    Specifications
	Hotels.com
    Specifications
	GTA
    Specifications

  

Please
note that the Supplier may already have copies of some of the specifications but they may not be the correct version.

 

    - 45 - 

     

    

 

SCHEDULE
9

 

DOCUMENTATION

 

The
Supplier will supply to the Customer the following documentation.

 

-xDistributor
User guide

 

-xDistributor
Installation guide

 

-xRez
Installation Guide

 

-xHotel
User Guide

 

-xHotel
Installation Guide

 

    - 46 - 

     

    

 

	SIGNED by	 
	for and on behalf of	 
	OPEN JAW TECHNOLOGIES LIMITED	 
	in the presence of:-	 
	/s/ John Mc Quillan	 
	 	 
	SIGNED by	 
	for and on behalf of	 
	YATRA	 
	in the presence of:-	 
	/s/ Dhruv Shringi	 

 

    - 47 -Exhibit
10.14

 

EXECUTION
COPY

 

 

 

TERM
LOAN AGREEMENT

 

between

 

YATRA
ONLINE, INC.

 

as
Borrower,

 

and

 

MACQUARIE
CORPORATE HOLDINGS PTY LIMITED

 

as
Lender

 

Dated
as of July 24, 2015

 

     

     

    

 

TABLE
OF CONTENTS  

 

	 	 	 	Page
	ARTICLE 1	 	DEFINITIONS	1
	1.1	 	Defined Terms	1
	1.2	 	Other Definitional
    Provisions	12
	1.3	 	Cross References	13
	ARTICLE 2	 	THE LOAN FACILITY	13
	2.1	 	Establishment of the
    Facility	13
	2.2	 	Loans	13
	2.3	 	Notice of Borrowing	13
	2.4	 	Prepayments	13
	2.5	 	Termination or Reduction
    of Commitments	16
	2.6	 	Repayment of Loans	16
	2.7	 	Interest	16
	2.8	 	Payment Procedures;
    Clawback	17
	2.9	 	Taxes	17
	2.10	 	Increased Costs	18
	2.11	 	Mitigation	19
	2.12	 	Survival	19
	ARTICLE 3	 	CONDITIONS PRECEDENT	19
	3.1	 	Conditions to Closing	19
	3.2	 	Advance of Loan	21
	ARTICLE 4	 	REPRESENTATIONS AND
    WARRANTIES	22
	4.1	 	Share Capital	22
	4.2	 	Existence; Subsidiaries	22
	4.3	 	Capacity; Authorization;
    Non-Contravention	22
	4.4	 	Governmental Authorizations;
    Other Consents	22
	4.5	 	Binding Effect	23
	4.6	 	Financial Statements;
    No Material Adverse Effect	23
	4.7	 	Disclosure	23
	4.8	 	Litigation	23
	4.9	 	No Default	24
	4.10	 	Ownership of Properties	24
	4.11	 	Intellectual Property
    Rights	24

 

     -i-

     

    

 

TABLE
OF CONTENTS

(continued) 

 

	 	 	 	Page
	4.12	 	Domain Names	25
	4.13	 	Liens	25
	4.14	 	Compliance with Law	25
	4.15	 	Insurance	25
	4.16	 	Use of Proceeds	25
	4.17	 	Investment Company
    Act	26
	4.18	 	Taxes	26
	4.19	 	Pension Plans	26
	4.20	 	Solvency	26
	4.21	 	Ownership of Assets	26
	ARTICLE 5	 	AFFIRMATIVE COVENANTS	26
	5.1	 	Financial Statements	26
	5.2	 	Other Information	27
	5.3	 	Notices	27
	5.4	 	Payment of Obligations	28
	5.5	 	Preservation of Existence	29
	5.6	 	Compliance with Contractual
    Obligations and Law	29
	5.7	 	Maintenance of Properties	29
	5.8	 	Maintenance of Intellectual
    Property Rights and Domain Names	29
	5.9	 	Maintenance of Insurance	29
	5.10	 	Books and Records	29
	5.11	 	Inspection Rights	29
	5.12	 	Use of Proceeds	29
	5.13	 	SVB Term Loan Agreement	30
	5.14	 	Further Assurances	30
	ARTICLE 6	 	NEGATIVE COVENANTS	30
	6.1	 	Indebtedness	30
	6.2	 	Negative Pledge	31
	6.3	 	Agreements Restricting
    Liens	32
	6.4	 	Merger or Consolidation;
    Fundamental Changes	32
	6.5	 	Disposals	33
	6.6	 	Restricted Payments	33

 

     -ii-

     

    

 

TABLE
OF CONTENTS

(continued) 

 

	 	 	 	Page
	6.7	 	Investments	33
	6.8	 	Transactions with
    Affiliates	34
	6.9	 	Liquidity Event	34
	6.10	 	Change in Control	34
	6.11	 	No Change of Business	34
	6.12	 	Change in Organizational
    Documents	34
	6.13	 	Change in Fiscal Periods
    or Accounting Principles	35
	6.14	 	Modification of Certain
    Agreements	35
	6.15	 	Financial Covenants	35
	ARTICLE 7	 	EVENTS OF DEFAULT	35
	7.1	 	Events of Default	35
	7.2	 	Automatic Acceleration	38
	7.3	 	Optional Acceleration	38
	7.4	 	Application of Funds	39
	ARTICLE 8	 	ADMINISTRATIVE MATTERS	39
	8.1	 	No Conflict	39
	8.2	 	Exculpatory Provisions	39
	8.3	 	Reliance by Lender	40
	8.4	 	Non-Reliance	40
	ARTICLE 9	 	MISCELLANEOUS	40
	9.1	 	Amendments	40
	9.2	 	Notices	40
	9.3	 	No Waiver; Cumulative
    Remedies	41
	9.4	 	Survival of Representations
    and Warranties	41
	9.5	 	Payment of Expenses
    and Taxes	41
	9.6	 	Indemnification	42
	9.7	 	Successors and Assigns	43
	9.8	 	Right of Set-off	43
	9.9	 	Counterparts	43
	9.10	 	Severability	43
	9.11	 	Other Transactions	43
	9.12	 	Integration	43

 

     -iii-

     

    

 

TABLE
OF CONTENTS

(continued) 

 

	 	 	 	Page
	9.13	 	Governing Law	43
	9.14	 	Arbitration	44
	9.15	 	Submission to Jurisdiction;
    Waivers	44
	9.16	 	Acknowledgments	45
	9.17	 	USA PATRIOT Act Notice	45
	9.18	 	Confidential Information	45
	9.19	 	Waiver of Jury Trial	46
	9.20	 	Judgment Currency	46

 

     -iv-

     

    

 

TERM
LOAN AGREEMENT

 

THIS
TERM LOAN AGREEMENT, dated as of July 24, 2015 is made by and among (1) YATRA ONLINE, INC., a Cayman Islands exempted company
with registration number 159709 (the “Borrower”), and (2) MACQUARIE CORPORATE HOLDINGS PTY LIMITED, an Australian
proprietary company with company number 096 705 109 (the “Lender”).

 

ARTICLE
1

DEFINITIONS

 

1.1         Defined
Terms. As used in this Agreement, the following terms shall have the meanings specified in this Section 1.1.

 

“ACD”
means Asia Consolidated DMC Pte Limited, a company organized and existing under the laws of Singapore (Registered No. 201130572E).

 

“Affiliate”
means, as to a specified Person, another Person that directly or indirectly is in Control of, is Controlled by, or is under common
Control with, such specified Person.

 

“Agreement”
means this term loan agreement, together with all exhibits and schedules hereto, as amended, amended and restated, supplemented
or otherwise modified from time to time.

 

“Applicable
Law” means, as to any Person, property or transaction, all present and future laws, treaties, statutes, regulations,
judgments and decrees (in each case, whether international, foreign, federal, state, provincial, territorial or local) applicable
to or binding upon such Person, property or transaction and all applicable requirements, directives, orders and policies of any
Governmental Authority having or purporting to have authority over such Person, property or transaction.

 

“Authorized
Officer” means, relative to any Person, those of its officers whose signatures and incumbency shall have been certified
to the Lender pursuant to Section 3.1 (g).

 

“Availability
Period” means the period from the Closing Date to the Availability Termination

Date.

“Availability
Termination Date” means, the earliest of:

 

		(a)	the
                                         date falling fourteen (14) days after the Closing Date;

 

		(b)	the
                                         date on which the Commitments are terminated or reduced to zero pursuant to this Agreement;
                                         and

 

		(c)	the
                                         date on which any Event of Default occurs.

 

    	 	- 1 -	 

     

    

 

“Borrowing
Date” means a Business Day during the Availability Period on which the Loan is made pursuant to this Agreement.

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in (a) Mumbai, (b) New York, (c)
Singapore, and (d) Sydney are authorized or required by law to close.

 

“Capital
Raise” means the consummation of any debt, equity or hybrid financing transaction at any time after the date hereof
(including pursuant to a subscription for common shares, issuance of convertible securities, private placement of notes, institutional
term loan financing or other transaction, whether public or private) by the Borrower or any of its Subsidiaries.

 

“Cash
Collateralized Indebtedness” means, with respect to Indebtedness incurred under (a) the overdraft facility and the bank
guarantee facility in the HDFC Loan Agreement or (b) any other overdraft or guarantee facility of a similar nature provided by
any bank or financial institution included in the Second Schedule to the Reserve Bank of India Act, 1934 (Act No. 2 of 1934) (as
amended from time to time), the portion (if any) of such Indebtedness that is cash collateralized on a dollar-for-dollar basis
by a deposit with HDFC Bank Ltd or the relevant bank or financial institution, as applicable, of cash denominated in the same
currency as such Indebtedness.

 

“Cash
Interest Rate” means 5.0% per annum.

 

“Change
in Control” means the occurrence of any of the following (in each case, other than as a result of a Liquidity Event):

 

		(a)	the
                                         Major Investors cease to own in aggregate, directly or indirectly, at least 51% of the
                                         aggregate share capital of the Borrower (including both Preference Shares and Ordinary
                                         Shares, and as adjusted for stock splits, stock dividends, stock consolidation, recapitalizations
                                         and the like) on a Fully Diluted Basis;

 

		(b)	at
                                         any time prior to the Maturity Date, Mr. Dhruv Shringi, being one of the Founders, ceases
                                         to hold the role of Chief Executive Officer of YOPL;

 

		(c)	the
                                         Borrower ceasing to own, directly or indirectly, all of the Equity Interests in YOPL;
                                         or

 

		(d)	the
                                         Borrower ceasing to have the power (whether through the ownership of Equity Interests,
                                         proxy, contract, agency or otherwise) to (i) control the appointment and removal of the
                                         entire board of directors of YOPL, or (ii) give directions with respect to the management
                                         and operations of YOPL, with which their directors or other equivalent officers are obliged
                                         to comply.

 

    	 	- 2 -	 

     

    

 

“Closing
Date” means the date on which all of the conditions precedent specified in Section 3.1 have been satisfied or
waived by the Lender.

 

“Collateral”
means all assets subject to a Lien pursuant to the Security Documents.

 

“Commitment”
means the obligation of the Lender to advance the Loan in an aggregate principal amount of $5,000,000.

 

“Compliance
Certificate” means a certificate duly completed and executed by a Responsible Officer of the Borrower in such form as
the Lender may from time to time approve for the purpose of monitoring the Borrower’s compliance with the financial covenants
contained herein.

 

“Confidential
Information” is defined in Section 9.18.

 

“Consolidated”
refers to the consolidation of financial reporting in accordance with GAAP, and “Consolidating” shall have
a correlative meaning.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Control”
of a Person means the power, directly or indirectly, either to (a) vote 10% or more of the Equity Interests having ordinary voting
power for the election of directors, managing directors, managing general partners or any equivalent body, or (b) veto, direct
or cause the direction of the management and policies of such Person in a material and substantial manner.

 

“Default”
means any Event of Default or any condition, occurrence or event which, after the giving of notice and the lapse of time or any
cure period, would constitute an Event of Default.

 

“Dispose”
means, with respect to any property, any sale, assignment, conveyance, license, transfer or other disposition of all or any part
of such property, and “Disposal” shall have a correlative meaning.

 

“Dollar”
and “$” mean the lawful currency of the United States.

 

“Dollar
Equivalent” means with respect to an amount denominated in a currency other than Dollars at any time, the amount determined
by the Lender at such time for the purchase of an amount in such currency with Dollars for delivery at such time on the basis
of the Spot Rate. For the purposes of this definition, “Spot Rate” means, on any date of determination, the
rate quoted to the Lender by any banking institution reasonably selected by the Lender as its spot rate for the purchase of any
non-Dollar currency with Dollars through its principal foreign exchange trading office at approximately 11.00 a.m. (Sydney time)
on such date of determination.

 

    	 	- 3 -	 

     

    

 

“Equity
Interests” means, as to any Person:

 

		(a)	any
                                         and all shares, interests, participations, rights or other equivalents (however designated,
                                         whether voting or non-voting) of or interests in corporate or capital stock, including
                                         shares of preferred or preference stock of such Person;

 

		(b)	all
                                         partnership interests (whether general or limited) of such Person;

 

		(c)	all
                                         membership interests or limited liability company interests in such Person;

 

		(d)	all
                                         beneficial interests in a trust or similar entity;

 

		(e)	all
                                         other equity or ownership interests in such Person of any other type; and

 

		(f)	all
                                         warrants, rights or options to purchase or otherwise acquire any of the foregoing.

 

“Event
of Default” means any of the events specified in Section 7.1.

 

“Facility”
means the term loan facility in an aggregate principal amount of $5,000,000 established under Section 2.1.

 

“Financial
Quarter” means any period of three (3) consecutive calendar months ending on March 31, June 30, September 30 or December
31.

 

“Financial
Year” means any period of twelve (12) consecutive calendar months ending on March 31.

 

“Founders”
means Mr. Dhruv Shringi and Mr. Manish Amin, the co-founders of YOPL’s online travel agency and tour operator business.

 

“Fully
Diluted Basis” means, with respect to any Person (other than an individual), the assumption that all options, warrants
or other convertible securities or instruments or other rights to acquire Equity Interests in such Person have been exercised
or converted in full, regardless of whether any such options, warrants, convertible securities or instruments or other rights
are then vested or exercisable or convertible in accordance with their terms.

 

“Group”
means, at any time, the Borrower and all of its Subsidiaries at such time.

 

“Group
Company” means, with respect to the Group at any time, any Person forming part of the Group at such time.

 

“Governmental
Authority” means any nation, government, state, province, territory or municipality or any political subdivision, agency,
authority, instrumentality, regulatory body, court, central bank of any of the foregoing or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government.

 

    	 	- 4 -	 

     

    

 

“GAAP”
means generally accepted accounting principles in India in effect from time to time as recognized by the Institute of Chartered
Accountants in India (or any generally recognized successor to each such institution). If any Accounting Change occurs that results
in a change in the method of calculating financial covenants or other standards in this Agreement, the Borrower and the Lender
agree to enter into good faith negotiations to amend the applicable provisions of this Agreement so as to equitably reflect such
Accounting Change with the desired result that the criteria for evaluating the Borrower’s or any of its Subsidiaries’
financial condition shall be the same after giving effect to such Accounting Changes, as if such Accounting Changes had not occurred.
Until such time as such amendments shall have been effected, all financial covenants and standards in this Agreement shall continue
to be calculated as if such Accounting Changes had not occurred. “Accounting Change” means any change in accounting
principles required or promulgated by the Institute of Chartered Accountants in India (or any generally recognized successor to
each such institution).

 

“HDFC
Loan Agreement” means that certain Sanction Letter (Credit Facilities) entered into between HDFC Bank Ltd (as lender)
and YOPL (as borrower) on or about March 27, 2015, granting an overdraft facility, standby letter of credit facility, bank guarantee
facility, invoice discounting facility and purchase corporate card facility in favor of YOPL (as amended, amended and restated,
supplemented or otherwise modified from time to time in accordance with its terms).

 

“Indebtedness”
means, as to any Person on any date of determination, without duplication:

 

		(a)	all
                                         indebtedness of such Person for borrowed money and all obligations of such Person evidenced
                                         by notes, bonds, debentures or other similar instruments;

 

		(b)	all
                                         obligations of such Person, contingent or otherwise, in respect of the face amount of
                                         all (i) letters of credit (whether or not drawn) or (ii) bankers’ acceptances or
                                         similar facilities, in each case issued for the account of such Person;

 

		(c)	all
                                         capital lease obligations of such Person;

 

		(d)	all
                                         synthetic debt obligations of such Person (including obligations under any sale and leaseback
                                         arrangement);

 

		(e)	all
                                         obligations of such Person under hedge agreements, each valued at the hedge agreement
                                         value thereof;

 

		(f)	all
                                         obligations of such Person to pay the deferred purchase price of property or services
                                         (other than current trade payables that are incurred in the ordinary course of such Person’s
                                         business and are not overdue for a period of more than ninety (90) days);

 

		(g)	all
                                         indebtedness created or arising under any conditional sale or other title retention agreement
                                         with respect to property acquired by such Person;

 

    	 	- 5 -	 

     

    

 

		(h)	the
                                         liquidation value of all redeemable preferred Equity Interests or other preferred Equity
                                         Interests of such Person;

 

		(i)	any
                                         obligations of such Person which would be required to be disclosed on such Person’s
                                         balance sheet as a liability in accordance with GAAP and which would be payable more
                                         than twelve (12) months from the date of creation thereof (other than reserves for taxes
                                         and for contingent obligations);

 

		(j)	all
                                         obligations of the kind referred to in clauses (a) through (i) above secured
                                         by (or for which the holder of such obligation has an existing right, contingent or otherwise,
                                         to be secured by) any Lien on property (including accounts and contract rights) owned
                                         by such Person, whether or not such Person has assumed or become liable for the payment
                                         of such obligation; and

 

		(k)	all
                                         guarantee or surety obligations of such Person in respect of obligations of the kind
                                         referred to in clauses (a) through (j) above.

 

“Intellectual
Property” includes algorithms, concepts, creations, data, databases, designs, discoveries, drawings, flowcharts, formulas,
icons, improvements, inventions, know-how, licenses, logos, memoranda, methods, models, procedures, processes, protocol, records,
service marks, sketches, slogans, systems, techniques, trademarks, trade dress, trade names, trade secrets, user guides, works
of authorship and other confidential and proprietary information in either printed or machine-readable form, whether or not copyrightable
or patentable or protectable under any other intellectual property law and including all registrations and applications for registration
as a copyright, patent, registered design, trademark or other protection under intellectual property law, and all goodwill associated
with the foregoing.

 

“Intellectual
Property Rights” include (a) all rights, title, and interest under any statute or under common law including patent
rights; copyrights including moral rights, and any similar rights in respect of Intellectual Property, anywhere in the world,
whether registrable or not; (b) any licenses, permissions and grants in connection therewith; (c) applications for any of the
foregoing and the right to apply for them in any part of the world; (d) right to obtain and hold appropriate registrations in
Intellectual Property anywhere in the world, (e) all extensions and renewals thereof, and (f) all causes of action in the past,
present or future, related thereto including the rights to damages and profits, due or accrued, arising out of past, present or
future infringements or violations thereof and the right to sue for and recover the same.

 

“Interest
Payment Date” means:

 

		(a)	the
                                         last day of each Interest Period; and

 

		(b)	the
                                         date of any repayment or prepayment of the Loan.

 

“Interest
Period” means:

 

    	 	- 6 -	 

     

    

 

		(a)	initially,
                                         the period commencing on the Borrowing Date and ending on the last day of the calendar
                                         month in which such Borrowing Date occurs; and

 

		(b)	thereafter,
                                         each period commencing on the day the preceding Interest Period expires and ending on
                                         the last day of the calendar month in which that Interest Period commences;

 

provided
that, the foregoing provisions shall be subject to the following:

 

		(i)	if
                                         any Interest Period would end on a day that is not a Business Day, such Interest Period
                                         shall be extended to the next succeeding Business Day;

 

		(ii)	no
                                         Interest Period shall extend beyond the Maturity Date; and

 

		(iii)	the
                                         Borrower shall not be charged interest twice in respect of the same Loan on any given
                                         day.

 

“Interest
Rate” means, at any time, the sum of the Cash Interest Rate and the PIK Interest Rate at such time.

 

“Investment”
means, as to any specified Person, (a) any advance, loan or extension of credit (by way of entry into of a guarantee or surety
obligation or otherwise) by such specified Person to another Person (including through the purchase of any bonds, notes, debentures
or other debt securities), (b) any subscription for, or acquisition of, Equity Interests by such specified Person in another Person,
including through capital contributions or the establishment of a Subsidiary, and (c) any entry into a partnership, trust, joint
venture, strategic alliance or similar arrangement by such specified Person with another Person.

 

“Investors’
Rights Agreement” means the Amended and Restated Investors’ Rights Agreement dated April 23, 2015, by and among
the Borrower, the preference shareholders listed on Exhibit A thereto and the Founders (as amended, amended and restated, supplemented
or otherwise modified from time to time in accordance with its terms).

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, encumbrance, lien or right of subrogation or analogous right (statutory
or other), charge, collateral or non-accessory security or other security interest or any security arrangement of any kind or
nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially
the same economic effect as any of the foregoing).

 

“Liquid
Investment” means an Investment in any of the following:

 

		(a)	direct
                                         obligations of, or obligations the principal of and interest on which are unconditionally
                                         guaranteed by, the Federal Government of the United States or the Government of India
                                         maturing within 180 days from the date of any acquisition thereof;

 

    	 	- 7 -	 

     

    

 

		(b)	negotiable
                                         or non-negotiable certificates of deposit, time deposits, or other similar investment
                                         arrangements maturing within 400 days from the date entered into, issued by or held with
                                         any bank or financial institution included in the Second Schedule to the Reserve Bank
                                         of India Act, 1934 (Act No. 2 of 1934) (as amended from time to time) at the time such
                                         investment arrangements were entered into;

 

		(c)	commercial
                                         paper issued by any Person if, at the time of purchase, such commercial paper is rated
                                         not less than “A-1” (or the then equivalent) by the rating service of Standard
                                         & Poor’s Ratings Group or not less than “P-1” (or the then equivalent)
                                         by the rating service of Moody’s Investors Service, Inc. or any similar rating
                                         agency;

 

		(d)	deposits
                                         in money market funds investing exclusively in investments described in clauses (a),
                                         (b) and (c) above; and

 

		(e)	such
                                         other instruments as the Lender may from time to time approve in writing.

 

“Liquidity
Event” means any of the following events:

 

		(a)	a
                                         Capital Raise;

 

		(b)	a
                                         Qualifying IPO; or

 

		(c)	a
                                         Trade Sale.

 

“Listco”
means the Borrower, or any holding company or subsidiary thereof established as a listing vehicle in connection with a Qualifying
IPO.

 

“Loan”
means the term loan to be advanced to the Borrower pursuant to Section 2.3, or the principal amount outstanding for the
time being of that term loan.

 

“Loan
Documents” means this Agreement, the Security Documents, the Warrant Instrument, the Notice of Borrowing, each Compliance
Certificate and each other agreement, certificate, document or instrument delivered in connection with this Agreement, whether
or not specifically mentioned herein or therein.

 

“Major
Investors” means (a) E-18 Limited or any of its Affiliates, (b) IDG Ventures India Fund II LLC or any of its Affiliates,
(c) Intel Capital Corporation or any of its Affiliates, (d) Norwest Venture Partners IX, LP, Norwest Venture Partners X, LP or
any of their respective Affiliates, (e) Reliance Capital Limited or any of its Affiliates, (f) Valiant Capital Partners, L.P.
or any of its Affiliates, and (g) Vertex Venture Management Pte Ltd or any of its Affiliates.

 

    	 	- 8 -	 

     

    

 

“Material
Adverse Effect” means (a) a material adverse effect on, or a material adverse change in, the business, assets, liabilities,
condition (financial or otherwise), results of operations or prospects of the Group, taken as a whole, or (b) a material adverse
effect on the Borrower’s ability to perform its obligations under this Agreement or any other Loan Document.

 

“Mandatory
Prepayment Event” is defined in Section 2.4(b).

 

“Material
Contract” means any contract to which the Borrower or any of its Subsidiaries is a party which (a) involves an aggregate
consideration payable to or by Borrower or any Subsidiary of $10,000,000 (or, if denominated in a non-Dollar currency, the Dollar
Equivalent thereof), or (b) if breached or terminated, could reasonably be expected to have a Material Adverse Effect.

 

“Maturity
Date” means the date falling twelve (12) months after the Borrowing Date; provided that, if no Default has then
occurred and is continuing, the Maturity Date shall automatically be extended to the date falling twenty four (24) months after
the Borrowing Date.

 

“Net
Cash Proceeds” means, in connection with any event giving rise to a Mandatory Prepayment Event, the total cash proceeds
from such Mandatory Prepayment Event less:

 

		(a)	fees,
                                         commissions, costs and expenses (including underwriting fees, broker’s commissions,
                                         financial advisory fees and attorney’s fees) reasonably and actually incurred and
                                         due and payable by a Group Company to Persons who are not members of the Group in connection
                                         with such Mandatory Prepayment Event; and

 

		(b)	any
                                         Taxes incurred and required to be paid by a Group Company in connection with such Mandatory
                                         Prepayment Event.

 

“Notice
of Borrowing” means a borrowing request substantially in the form of Exhibit A signed by a Responsible Officer
of the Borrower.

 

“Obligations”
means:

 

		(a)	the
                                         unpaid principal of and interest on the Loan (including interest accruing after the maturity
                                         of the Loan, after the filing of any petition in bankruptcy, or the commencement of any
                                         insolvency, reorganization or similar proceeding relating to the Borrower); and

 

		(b)	all
                                         other obligations and liabilities of the Borrower, whether absolute or contingent, due
                                         or to become due for payment, or now existing or hereafter incurred, that may arise under,
                                         out of, or in connection with this Agreement and each other Loan Document, whether on
                                         account of principal, interest, fees, reimbursements, indemnities, costs or expenses.

 

“Ordinary
Shares” means Ordinary Shares in the share capital of the Borrower.

 

    	 	- 9 -	 

     

    

 

“Organizational
Document” means, with respect to any Group Company, as applicable, its certificate of incorporation (and any certificate
of incorporation on change of name), by-laws, certificate of partnership, partnership agreement, certificate of formation, deed
of foundation, deed of association, memorandum and articles of association, articles of incorporation, articles of amalgamation,
limited liability company agreement or operating agreement and all shareholder agreements, voting trusts and similar arrangements
applicable to shares, partnership interests, limited liability company interests or other Equity Interests in any such Group Company.

 

“Person”
means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
association, joint venture, Governmental Authority or other entity of whatever nature.

 

“PIK
Interest Rate” means 3.5% per annum, payable in kind through accretion to the aggregate outstanding principal amount
of the Loan; provided that, if the Maturity Date is extended beyond the first anniversary of the Borrowing Date, the PIK
Interest Rate for each Interest Period starting after the first anniversary of the Borrowing Date shall be increased to 5.0% per
annum, payable in kind through accretion to the aggregate outstanding principal amount of the Loan.

 

“Preference
Shares” means any of the Series A Preference Shares, Series B Preference Shares, Series C Preference Shares, Series
D Preference Shares, Series E Preference Shares or Series F Preference Shares in the share capital of the Borrower.

 

“Qualifying
IPO” means, at any time after the date hereof, the listing of any equity interests, share capital or securities of Listco,
the Borrower or any other Group Company on any stock exchange (or any other trading system).

 

“Responsible
Officer” means, as to any Person that is a corporate entity, such Person’s chief executive officer, president,
chief financial officer or such other equivalent office holder as the Lender may reasonably approve; provided that, with
respect to financial matters, the chief executive officer or chief financial officer of such Person shall be the Responsible Officer.

 

“Restricted
Payment” means, with respect to any Person, (a) any direct or indirect dividend or distribution (whether in cash, securities
or other property), or any direct or indirect payment of any kind (whether in cash, securities or other property) in consideration
for, or otherwise in connection with, any purchase, redemption, defeasance, retirement or other acquisition or ownership of any
Equity Interest of such Person, or any options, warrants or rights to acquire or purchase any Equity Interest of such Person,
and (b) any principal or interest payments on, or redemptions of, subordinated debt of such Person; provided that the term
“Restricted Payment” shall not include any dividend or distribution payable solely in Equity Interests of such
Person or warrants, options or other rights to purchase such Equity Interests.

 

“Security
Documents” means the following documents, each in form and substance satisfactory to the Lender (as the same may be
amended, amended and restated, supplemented or otherwise from time to time):

 

    	 	- 10 -	 

     

    

 

		(a)	a
                                         share charge governed by the laws of Cyprus granting a Security Interest in all of the
                                         Borrower’s direct and indirect Equity Interests in THCL;

 

		(b)	a
                                         share charge governed by the laws of Singapore granting a Security Interest in all of
                                         the Borrower’s Equity Interests in ACD; and

 

		(c)	any
                                         other document reasonably required by the Lender to be executed in connection with the
                                         creation, attachment and/or perfection of the security interests to be granted pursuant
                                         to the foregoing.

 

“Security
Interest” in any property means a Lien which (a) exists in favor of the Lender, (b) is superior to all Liens or rights
of any other Person in the property encumbered thereby (subject only to Liens permitted under Section 6.2). (c) secures
the payment in full of the Obligations, and (d) is legal, valid, enforceable and perfected.

 

“Solvent”
means, as to any Person on any date of determination, that on such date (a) the fair value of the total assets of such Person
(both at fair valuation and at present fair saleable value) is greater than the total liabilities of such Person, (b) the present
fair saleable value of the total assets of such Person is not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured, (c) such Person is able to realize upon its assets and pay its
debts and other liabilities, and other commitments as they mature in the normal course of business, (d) such Person does not intend
to, and does not believe that it will, incur debts and other liabilities beyond such Person’s ability to pay such debts
and other liabilities as they mature, and (e) such Person is not engaged in business or a transaction, and is not about to engage
in business or a transaction, for which such Person’s assets would constitute unreasonably small capital after giving due
consideration to current and anticipated future capital requirements and current and anticipated future business conduct and prevailing
practice in the industry in which such Person is engaged.

 

“Subsidiary”
of a Person means any corporate entity of which more than 50% of the outstanding Equity Interests having ordinary voting power
to elect or appoint a majority of the board of directors or similar governing body of such corporate entity is at the time directly
or indirectly owned or Controlled by such Person, by such Person and one or more other Subsidiaries of such Person, or by one
or more other Subsidiaries of such Person.

 

“SVB
Term Loan Agreement” means that certain term loan agreement dated November 27, 2013 entered into between Innoven Capital
India Private Limited (formerly known as SVB India Finance Private Limited) (as lender) and YOPL (as borrower), and all security
documents, guarantees and other documents entered into in connection therewith.

 

“Tax”
means any tax, levy, impost, duty, charge or withholding of any nature (including ad valorem taxes, business license taxes,
excise taxes, franchise taxes, income taxes, stamp duty and withholding taxes) and all liabilities with respect thereto including
any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same.

 

    	 	- 11 -	 

     

    

 

“THCL”
means THCL Travel Holding Cyprus Limited, a company organized and existing under the laws of Cyprus (Registered No. HE163569).

 

“Trade
Sale” means the Disposal of all, or substantially all, of the assets of the Borrower or any of its Subsidiaries, whether
direct or indirect, and whether effected as a single transaction or a series of related transactions , and shall include any Disposal
pursuant to a share sale, asset sale, exchange offer, merger, reverse merger, consolidation, business combination, recapitalization,
spin-off, liquidation or scheme of arrangement.

 

“Warrant
Instrument” means the warrant instrument dated on or about the date hereof constituting warrants in respect of the Borrower
to be issued in favor of the Lender (or such of its Affiliates as the Lender may designate) as warrant holder (as amended, amended
and restated, supplemented or otherwise modified from time to time in accordance with its terms).

 

“YOPL”
means Yatra Online Private Limited, a company organized and existing under the laws of India (Registered No. U63040MH2005PTC158404).

 

1.2          Other
Definitional Provisions.

 

(a)           Unless
otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents
or any certificate or other document made or delivered pursuant hereto or thereto.

 

(b)           As
used herein and in the other Loan Documents and any certificate or other document made or delivered pursuant hereto or thereto:

 

(i)           accounting
terms relating to the Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section
1.1. to the extent not defined, shall have the respective meanings given to them under GAAP;

 

(ii)          the
words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”;

 

(iii)         the
word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer
to exist (and the words “incurred” and “incurrence” shall have correlative meanings), and

 

(iv)        the
words “asset” and “property” shall be construed to have the same meaning and effect and
to refer to any and all tangible and intangible assets and properties (whether real or personal), including cash, Equity Interests,
securities, revenues, accounts, leasehold interests and contract rights.

 

    	 	- 12 -	 

     

    

 

 

(c)           The
words “hereof’, “herein” and “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and
Section, Article, Schedule, Exhibit and analogous references are to this Agreement unless otherwise specified.

 

(d)           The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

1.3          Cross
References. Unless otherwise specified, references in a Loan Document to any Article, Section, Schedule, Exhibit or Annex
are references to such Article or Section of, or Schedule, Exhibit or Annex to, such Loan Document, and references in any Article,
Section or definition to any clause are references to such clause of such Article, Section or definition.

 

ARTICLE
2

THE
LOAN FACILITY

 

2.1          Establishment
of the Facility. On the Closing Date, and subject to and upon the terms and conditions of this Agreement, the Lender agrees
to establish the Facility for the benefit of the Borrower.

 

2.2          Loans.
Pursuant to the Facility, the Lender agrees to advance to the Borrower a single term Loan in an aggregate principal amount of
$5,000,000 during the Availability Period, subject to and upon the terms and conditions of this Agreement The Loan shall be denominated
in Dollars, and no amounts repaid or prepaid with respect to the Loan may be reborrowed.

 

2.3          Notice
of Borrowing. Pursuant to a duly completed and executed irrevocable Notice of Borrowing delivered to the Lender not later
than 11:00 a.m. (Sydney time), three (3) Business Days prior to the requested Borrowing Date (or such shorter period as the Lender
may in its sole discretion agree to), the Borrower shall request a drawdown of the full amount of the Facility. Subject to fulfillment
of the applicable conditions precedent in ARTICLE 3. the Lender shall, make available to the Borrower not later than 4:00
p.m. (Sydney time) on the requested Borrowing Date in same day funds a Loan in an aggregate principal amount equal to $5,000,000.

 

2.4           Prepayments.

 

(a)        Optional.
The Borrower may not make any voluntary prepayment in respect of the Loan prior to the first anniversary of the Borrowing Date;
provided that, if at any time prior to the first anniversary of the Borrowing Date:

 

	(x)		the Borrower is required
to make any payment pursuant to Section 2.9(a). Section 2.9(c) or Section 2.10 and the Lender has failed
to mitigate in accordance with Section 2.11: or

 

    	 	- 13 -	 

     

    

 

	(y)		the Lender assigns ail or
any part of its rights and obligations under this Agreement or the other Loan Documents to any Person (other than its Affiliates),

 

then
the Borrower may, in each case, make a voluntary prepayment of the whole (and not just part) of the then outstanding principal
amount of the Loan. At any time after the first anniversary of the Borrowing Date, the Borrower may make a voluntary prepayment
in respect of the whole or any part of the Loan. If the Borrower wishes to make a voluntary prepayment pursuant to this Section
2.4(a). it shall deliver to the Lender an irrevocable written notice specifying the proposed prepayment date and the
aggregate principal amount of such prepayment no later than 11:00 a.m. (Sydney time) at least three (3) Business Days prior to
the proposed prepayment date. Each such voluntary prepayment shall be in a principal amount equal to $100,000 or a whole multiple
of $100,000 in excess thereof (or, if less, the aggregate outstanding principal amount of the Loan, as the case may be). If any
such notice is given, the amount specified in such notice shall be due and payable on the date specified therein

 

(b)          Mandatory.
The Borrower shall make a mandatory prepayment in respect of the Loan in each of the following circumstances (each, a “Mandatory
Prepayment Event”):

 

(i)        Liquidity
Event. The Borrower shall, within five (5) Business Days of the occurrence of a Liquidity Event, apply the Net Cash Proceeds
from such Liquidity Event to prepay the then outstanding principal amount of the Loan; provided that if the Liquidity Event
is a Capital Raise that yields Net Cash Proceeds of less than $12,500,000, the Borrower shall only be required to apply one-third
of such Net Cash Proceeds to prepay the then outstanding principal amount of the Loan, and provided further that this Section
2.4(b)(i) shall not apply to a Capital Raise made pursuant to the Series F Preference Share Purchase Agreement executed amongst
the Borrower, YOPL, the Founders, IDG Ventures India Fund II LLC, Intel Capital Corporation, Norwest Venture Partners IX, LP,
Norwest Venture Partners X, LP, Valiant Capital Partners, L.P. and Vertex Venture Management Pte Ltd., and accordingly any amounts
raised by the Borrower or YOPL pursuant to such Series F Preference Share Purchase Agreement, as amended from time to time, shall
not qualify for any mandatory prepayment under this Agreement.

 

(ii)        Other
Disposal. If the Borrower or any of its Subsidiaries Disposes of any property (other than in connection with a Liquidity Event),
which results in the realization by such Person of Net Cash Proceeds in excess of $1,000,000 (or, if denominated in a non-Dollar
currency, the Dollar Equivalent thereof) whether as a single Disposal or a series of related Disposals, the Borrower shall (and
shall ensure that such Subsidiary will), within five (5) Business Days of the date on which such Net Cash Proceeds are received,
apply such Net Cash Proceeds to prepay the then outstanding principal amount of the Loan.

 

    	 	- 14 -	 

     

    

 

(iii)        Restricted
Payment. The Borrower shall, within five (5) Business Days of its receipt of the cash proceeds of any Restricted Payment (other
than a Restricted Payment solely intended to enable the Borrower to meet its cash interest payment obligations under this Agreement
or to make a mandatory prepayment under the other clauses of this Section 2.4(by)). apply such Restricted Payment to prepay
the then outstanding principal amount of the Loan.

 

(iv)        Illegality.
If the Lender notifies the Borrower that the introduction of or any change in or in the interpretation of any Applicable Law makes
it unlawful, or any Governmental Authority asserts that it is unlawful, for the Lender to maintain the Loan outstanding hereunder,
the Borrower shall (if not prohibited by Applicable Law) prepay the then outstanding principal amount of the Loan in full no later
than 4:00 p.m. (Sydney time) on the last day of the then existing Interest Period (or within such earlier time as may be required
by ApplicableLaw).

 

(v)        Acceleration.
Immediatelyupon any acceleration of the maturity of the Loans pursuant to Section 7.2 or Section 7.3. the Borrower
shall prepay the then outstanding principal amount of the Loan in full.

 

Notwithstanding
anything to the contrary in this Agreement:

 

		(A)	the
                                         aggregate amount of:

 

		(x)	all
                                         mandatory prepayments made by the Borrower pursuant to Section 2.4(b)(i) in connection
                                         with a Capital Raise;

 

		(y)	all
                                         mandatory prepayments made by the Borrower pursuant to Section 2.4(b)(ii) in connection
                                         with a Disposal; and

 

		(z)	all
                                         mandatory prepayments made by the Borrower pursuant to Section 2.4(b)(iii) in
                                         connection with a Restricted Payment,

 

shall,
in each case, not exceed $2,500,000 at any time; and

 

		(B)	for
                                         so long as the loans under the SVB Term Loan Agreement remain outstanding, all payments
                                         to the Lender (other than payments pursuant to Section 2.7 and Section 2.4(b)(i))
                                         shall be made by the Borrower subject to the prior written approval of Innoven Capital
                                         India Private Limited (formerly known as SVB India Finance Private Limited) (in its capacity
                                         as lender).

 

    	 	- 15 -	 

     

    

 

(c)           No
Additional Right: Interest. The Borrower shall have no right to prepay the Loan except as provided in this Section 2.4.
All notices given pursuant to this Section 2.4 shall be irrevocable and binding upon the Borrower. Each prepayment of the
Loan shall be accompanied by accrued interest on the principal amount prepaid to the date of such prepayment.

 

2.5           Termination
or Reduction of Commitments. The Borrower may, upon at least three (3) Business Days’ irrevocable notice to the Lender,
voluntarily terminate the Commitment in whole or reduce any portion of the Commitment. Notwithstanding anything herein to the
contrary, at 4:00 p.m. (Sydney time) on the Availability Termination Date, the then unused and uncancelled portion of the Commitment
shall be terminated and permanently reduced to zero, without any further action on the part of the Borrower, the Lender or any
other Person.

 

2.6           Repayment
of Loans. On the Maturity Date, the Borrower shall repay the outstanding principal amount of the Loan in full. Each repayment
of the Loan shall be accompanied by accrued interest on the principal amount prepaid to the date of such repayment.

 

2.7           Interest.

 

(a)       Loans.
On each Interest Payment Date, the Borrower shall pay, in respect of the outstanding principal amount of each Loan:

 

		(i)	cash
                                         interest at a rate per annum equal to the Cash Interest Rate; and

 

		(ii)	‘pay-in-kind’
                                         interest at a rate per annum equal to the PIK Interest Rate through accretion to the
                                         aggregate outstanding principal amount of the Loan.

 

All
computations of interest and fees shall be made by the Lender, on the basis of a year of 360 days, in each case for the actual
number of days (including the first day, but excluding the last day) occurring in the period for which such interest or fees are
payable. Each determination by the Lender of an interest rate or fee shall be conclusive and binding for all purposes, absent
manifest error.

 

(b)     Default
Interest. If a Default under Section 7.1(a) or 7.1(f) or an Event of Default shall have occurred and be continuing,
then the outstanding principal amount of the Loan (whether or not overdue) shall, for so long as such Default or Event of Default
is continuing, bear interest at a rate per annum equal to the rate that would otherwise be applicable thereto pursuant to this
Section 2.7 plus an additional 2.0% per annum. In addition, each other amount not paid when due hereunder (including, to
the extent permitted by Applicable Law, all overdue interest and fees) shall bear interest at a rate per annum equal to the rate
that would have been payable if such overdue amount had been deemed to constitute a Loan hereunder initially borrowed on the date
such amount became overdue, plus an additional 2.0% per annum, until the overdue amount has been repaid after which the interest
rate will revert to the original interest rate that applied before such increase.

 

    	 	- 16 -	 

     

    

 

2.8           Payment
Procedures; Clawback.

 

(a)        Payments
bv Borrower; Presumption by Lender. The Borrower shall make each payment under this Agreement and under the Loan Documents
not later than 4:00 p.m. (Sydney time) on the date due in Dollars to the Lender at such location as the Lender may designate in
writing to the Borrower in same day funds without deduction, set off, or counterclaim of any kind.

 

(b)        Non-Business
Day Payments. If any amount under this Agreement or any other Loan Document is due and payable on a day other than a Business
Day, such amount shall be payable on the next succeeding Business Day. In the case of any extension of any date with respect to
the payment of principal on a Loan pursuant to the preceding sentence, interest thereon shall be payable at the Interest Rate
during such extension as determined by the Lender in its discretion.

 

 2.9            Taxes.

 

(a)        No
Deduction for Certain Taxes. Any and all payments by the Borrower shall be made free and clear of and without deduction for
any and all present or future Taxes, excluding, in the case of the Lender, taxes imposed on its income by the jurisdiction under
the laws of which the Lender is organized or any political subdivision of the jurisdiction (all such non-excluded taxes, levies,
imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Indemnified Taxes”).
If the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable to the Lender, (i) the sum
payable shall be increased as may be necessary so that, after making all required deductions (including deductions applicable
to additional sums payable under this Section 2.9). the Lender, receives an amount equal to the sum it would have received
had no such deductions been made; (ii) the Borrower shall make such deductions; and (iii) the Borrower shall pay the full amount
deducted to the relevant taxation authority or other authority in accordance with Applicable Law.

 

(b)        Other
Taxes. In addition, the Borrower agrees to pay any present or future stamp or documentary taxes, intangible or mortgage recording
taxes, charges or similar levies which arise from any payment made or from the execution, delivery, enforcement or registration
of, or otherwise with respect to, this Agreement, the Notes, or the other Loan Documents (hereinafter referred to as “Other
Taxes”).

 

(c)        INDEMNIFICATION
FOR TAXES. THE BORROWER SHALL INDEMNIFY THE LENDER FOR THE FULL AMOUNT OF ALL TAXES OR OTHER TAXES (INCLUDING TAXES OR OTHER
TAXES IMPOSED BY ANY JURISDICTION ON AMOUNTS PAYABLE UNDER THIS SECTION 2.9) PAID BY THE LENDER AND ANY LIABILITY (INCLUDING
INTEREST AND EXPENSES) ARISING THEREFROM OR WITH RESPECT THERETO, WHETHER OR NOT SUCH TAXES OR OTHER TAXES WERE CORRECTLY OR LEGALLY
ASSERTED. EACH PAYMENT REQUIRED TO BE MADE BY BORROWER IN RESPECT OF THIS INDEMNIFICATION SHALL BE MADE TO THE LENDER WITHIN THIRTY
(30) DAYS FROM THE DATE BORROWER RECEIVES WRITTEN DEMAND THEREFOR FROM THE LENDER.

 

    	 	- 17 -	 

     

    

 

(d)        Tax
Credits. If the Lender reasonably determines that it has received a refund of any Indemnified Taxes or Other Taxes as to which
the Borrower has made a payment or provided an indemnity under this Section 2.9, it shall, within twenty (20) Business
Days from the receipt of such refund, pay over such refund to the Borrower (but only to the extent of the payments made or indemnity
provided by the Borrower under this Section 2,9 with respect to the Indemnified Taxes or the Other Taxes giving rise to
such refund), net of all out-of-pocket expenses and without interest (other than any interest paid by the relevant Governmental
Authority with respect to such refund); provided however, that if the Lender is subsequently required to repay all or a
portion of such refund to the relevant Governmental Authority, the Borrower, upon the request of the Administrative Agent or such
Lender (or assignee), shall repay to the Lender the refund it previously received within five (5) Business Days after receipt
of written notice that the Lender is required to repay all or a portion of such refund to such Governmental Authority. Nothing
herein shall require the Lender to make available its Tax returns or any other information which it deems confidential or privileged
to the Borrower or any other person.

 

2.10         Increased
Costs.

 

(a)        Change
in Law. If, due to either (i) the introduction of or any change in or in the interpretation of any Applicable Law or (ii)
the compliance with any guideline or request from any Governmental Authority (whether or not having the force of law), there shall
be any increase in the cost to the Lender of agreeing to advance or advancing, funding, or maintaining the Loan (whether as a
result of any consequent change in its basis of taxation, any consequent introduction of additional regulatory fees or deposits
or otherwise), then the Borrower shall from time to time, upon demand by the Lender, immediately pay to the Lender such additional
amounts as shall be sufficient to compensate the Lender for such increased cost. A certificate as to the amount of such increased
cost and detailing the calculation of such cost submitted to the Borrower by the Lender shall be conclusive and binding for all
purposes, absent manifest error.

 

(b)        Capital
Adequacy. If the Lender determines in good faith that compliance with any Applicable Law or any guideline or request from
any Governmental Authority (whether or not having the force of law) affects or would affect the amount of capital required or
expected to be maintained by the Lender or any corporation controlling the Lender and that the amount of such capital is increased
by or based upon the existence of the Facility or the advance of the Loan, then, upon ten (10) Business Days’ prior written
notice by the Lender, the Borrower shall promptly pay to the Lender, such additional amounts as shall be sufficient to compensate
the Lender in light of such circumstances, to the extent that the Lender reasonably determines such increase in capital to be
allocable to the existence of the Facility or the advance of the Loan. A certificate as to such amounts and detailing the calculation
of such amounts submitted to the Borrower by the Lender shall be conclusive and binding for all purposes, absent manifest error.

 

    	 	- 18 -	 

     

    

 

(c)          Clawback
Limitation. Failure or delay on the part of the Lender to demand compensation pursuant to this Section 2.10 shall not
constitute a waiver of the Lender’s right to demand such compensation.

 

2.11           Mitigation.
If the Borrower is required to pay any amount to any Governmental Authority pursuant to Section 2.9(a) or to the Lender
pursuant to Section 2.9(c), then the Lender shall consult with the Borrower and use commercially reasonable efforts to
mitigate the liabilities of the Borrower pursuant to Section 2.9(a), Section 2.9(c) or Section 2.10. as the
case may be; provided that such efforts shall not subject the Lender to any economic, legal, regulatory or reputational
disadvantage, nor require the Lender to take any action inconsistent with its internal policies or practices or legal or regulatory
restrictions. The Borrower shall reimburse the Lender for all costs and expenses incurred by the Lender in connection with such
mitigation efforts, and a certificate setting forth in reasonable detail such costs and expenses submitted by the Lender to the
Administrative Agent shall be conclusive absent manifest error.

 

2.12          Survival.
All of the Borrower’s obligations under this ARTICLE 2 shall survive the termination of the Commitments and the payment
in full of the Obligations.

 

ARTICLE
3

CONDITIONS
PRECEDENT

 

3.1            Conditions
to Closing. The agreement of the Lender to establish the Facility and advance the Loan is subject to the satisfaction of the
following conditions precedent:

 

(a)        Term
Loan Agreement. The Lender shall have received this Agreement, duly executed and delivered by the parties thereto.

 

(b)        Security
Documents. The Lender shall have received each Security Document, duly executed and delivered by the parties thereto, together
with (to the extent applicable) share certificates, direction letters, acknowledgement notices, and any other documents in connection
with the attachment, perfection or priority of the Liens created thereby as the Lender may reasonably require.

 

(c)           Warrant
Instrument; Other Loan Documents. The Lender shall have received the Warrant Instrument and each other Loan Document to be
delivered on the Closing Date, duly executed and delivered by the parties thereto, and in form and substance satisfactory to the
Lender.

 

    	 	- 19 -	 

     

    

 

(d)           Governmental
Authorizations. The Lender shall have received evidence to its reasonable satisfaction that all governmental authorizations
and third-party consents necessary in connection with the transactions contemplated by the Loan Documents have been obtained and
are in full force and effect.

 

(e)          
Process Agent. The Lender shall have received evidence to its reasonable satisfaction that CT Corporation System shall
have agreed to act as agent for service of process on behalf of the Borrower.

 

(f)          
Event of Default. The Lender shall have received from a Responsible Officer of the Borrower a certificate stating that
no Default or Event of Default has occurred and is continuing as of the Closing Date or could reasonably be expected to occur
as a result of the transactions contemplated on the Closing Date.

 

(g)           Officer’s
Certificates; Resolutions, etc. The Lender shall have received from each of the Borrower and THCL, (i) a copy of a certificate
of good standing (or, if such concept does not exist under the laws of its jurisdiction of organization, a reasonable equivalent
to the extent available or practicable), and (ii) a certificate, dated the Closing Date, duly executed and delivered by its Authorized
Officer as to the following matters:

 

(1)          resolutions
of the Borrower’s or THCL’s (as applicable) board of directors or managing director(s) (or other managing body) in
full force and effect and authorizing the execution, delivery and performance of each Loan Document to be executed by the Borrower
or THCL (as applicable) and the transactions contemplated thereby, and attaching copies of such resolutions;

 

(2)          the
incumbency and signatures of the officers of the Borrower or THCL (as applicable) authorized to act with respect to each Loan
Document to be executed by the Borrower or THCL (as applicable), and attaching specimens of the signatures of such officers; and

 

(3)          the
full force and validity of the Organizational Documents and the register of members, register of directors and register of mortgages
and charges of the Borrower or THCL (as applicable), and attaching copies thereof,

 

(h)          Internal
Approvals. The Lender shall have completed all of its internal credit processes and received all approvals necessary for it
to enter into and perform its obligations under this Agreement and the other Loan Documents.

 

(i)            Expenses,
etc. The Lender shall have received, or will concurrently with Closing, receive reimbursement for all costs and expenses due
and payable pursuant to Section 9.5 for which invoices have been presented.

 

    	 	- 20 -	 

     

    

 

(j)            Legal
Opinions. The Lender shall have received a favorable legal opinion, each to be dated on or about the Closing Date and in form
and substance satisfactory to the Lender, from (i) Maples & Calder, Cayman Islands counsel to the Borrower, (ii) Harneys,
Cyprus counsel to the Lender, and (iii) Jones Day, special New York counsel to the Lender.

 

(k)            Financial
Statements. To the extent not already received prior to the date hereof, the Lender shall have received a copy of (i) the
Consolidated and Consolidating balance sheet and statement of income and of cash flows of the Group for the Financial Year ending
March 31, 2014 (which shall include audited financial statements of its Subsidiaries), (ii) the unaudited Consolidated and Consolidating
balance sheet and statement of income and of cash flows of the Group for the first three Financial Quarters of the Financial Year
ending March 31, 2015, and (iii) the unaudited Consolidated and Consolidating management accounts of the Group for the last Financial
Quarter of the Financial Year ending March 31, 2015.

 

(1)            Know
your Customer Documentation. The Lender shall have received, and be satisfied in form and substance with, all documentation
and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act.

 

(m)           Miscellaneous.
The Lender shall have received such other documents and information reasonably requested by it in connection with the transactions
contemplated by the Loan Documents.

 

3.2          
Advance of Loan. The obligation of the Lender to advance the Loan, shall be subject to the satisfaction of each of the
following additional conditions precedent:

 

(a)           Compliance
with Warranties. No Default, etc. Both before and after giving effect to the Loan, the following shall be true and correct:

 

		(i)	the
                                         representations and warranties of the Borrower in this Agreement and each other Loan
                                         Document shall, in each case, be true and correct in all material respects with the same
                                         effect as if then made (unless stated to relate solely to an earlier date, in which case
                                         such representations and warranties shall be true and correct in all material respects
                                         as of such earlier date); and

 

		(ii)	no
                                         Default or Event of Default shall have then occurred and be continuing, or could reasonably
                                         be expected to occur.

 

(b)           Notice
of Borrowing; Satisfactory Delivery. All documents required to be delivered pursuant to Section 2.3 shall have been
duly executed and delivered to the Lender in accordance therewith by or on behalf of the Borrower and shall be satisfactory in
form and substance to the Lender, and the Lender shall have received all other information, approvals, opinions, documents or
instruments as it may have reasonably requested.

 

    	 	- 21 -	 

     

    

 

ARTICLE
4

REPRESENTATIONS
AND WARRANTIES

 

To
induce the Lender to enter into this Agreement, the Borrower hereby makes the following representations and warranties in this
ARTICLE 4:

 

4.1           Share
Capital. The share capital of the Borrower is the aggregate of (i) US$6,000.00, divided into 60,000,000 Ordinary Shares of
a par value of US$0.0001 each, (ii) US$1,252.50 divided into 12,525,000 Series A Preference Shares of a par value of US$0.0001
each, (iii) US$800.00 divided into 8,000,000 Series B Preference Shares of a par value of US$0.0001 each, (iv) US$609.50 divided
into 6,095,000 Series C Preference Shares of a par value of US$0.0001, (v) US$900.00 divided into 9,000,000 Series D Preference
Shares of a par value of US$0.0001, (vi) US$500.00 divided into 5,000,000 Series E Preference Shares of par value of US $0.0001,
and (vii) US$610.00 divided into 6,100,000 Series F Preference Shares of par value of US$0.0001. All of the issued and outstanding
Preference Shares and Ordinary Shares have been duly authorized, are fully paid and non-assessable, and were issued in compliance
with Applicable Laws.

 

4.2           Existence;
Subsidiaries. The Borrower and each other Group Company is duly organized or incorporated (as applicable), validly existing
and in good standing (if such concept applies) under the laws of its jurisdiction of formation or incorporation (as applicable),
and qualified to do business in each jurisdiction where its ownership or lease of property or conduct of its business requires
such qualification. The Borrower was duly incorporated in the Cayman Islands and has remained registered as an exempted company
with limited liability in the Cayman Islands since its incorporation. Other than as set forth in the organization structure chart
attached as Item 4.2 of the Disclosure Schedule, as at the Closing Date, the Borrower has no other Subsidiaries and does
not Control, directly or indirectly, any other Person.

 

4.3           Capacity;
Authorization; Non-Contravention. The execution, delivery, and performance by the Borrower of each Loan Document to which
it is a party and the consummation of the transactions contemplated thereby (a) are within its powers, (b) have been duly authorized
by all necessary action, (c) do not contravene its Organizational Documents, its Contractual Obligations or any Applicable Law,
and (d) will not result in the creation or imposition of any Lien prohibited by this Agreement or any other Loan Document.

 

4.4           Governmental
Authorizations; Other Consents. Other than any filing required to be made in connection with the perfection of the Liens under
the Security Documents, no consent, order, authorization, or approval or other action by, and no notice to or filing with, any
Governmental Authority or any other Person is required for the due execution and delivery by the Borrower of this Agreement and
each other Loan Document to which it is a party, the performance of its obligations thereunder or the consummation of the transactions
contemplated thereby.

 

    	 	- 22 -	 

     

    

 

 

4.5           Binding
Effect. Each Loan Document to which the Borrower is a party has been duly executed and delivered by it, and constitutes its
legal, valid, and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be
limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar law affecting creditors’ rights
generally and by general principles of equity.

 

4.6           Financial
Statements; No Material Adverse Effect. The Borrower has delivered to the Lender a copy of all financial statements referred
to in Section 3.1(k), and such financial statements are accurate and complete in all material respects and present fairly
the financial condition of the Group in accordance with GAAP. As of the date of the financial statements most recently delivered
by the Borrower pursuant to Section 5.1, there were no material contingent obligations, liabilities for taxes, unusual
forward or long term commitments, or unrealized or anticipated losses of the Borrower (except as disclosed therein) for which
adequate reserves have not been set aside in accordance with GAAP. Since the date of the audited financial statements most recently
delivered by the Borrower pursuant to Section 5.1, no event or circumstance has occurred that could reasonably be expected
to have a Material Adverse Effect.

 

4.7           Disclosure.
All factual information (excluding projections, estimatesand pro forma financial information) furnished or to be furnished
by or on behalf of the Borrower to the Lender in connection with this Agreement or any other Loan Document is and will be accurate
and complete in all material respects on the date as of which such information is or will be furnished, and does not and will
not contain any untrue statement of material fact or omit to state any material fact necessary to make the statements contained
therein not misleading at such time. All projections, estimates and pro forma financial information furnished or to be
furnished by or on behalf of the Borrower to the Lender is and will be prepared on the basis of assumptions, data, information,
tests, or conditions believed in good faith to be reasonable at the time such projections, estimates, and pro forma financial
information is or will be furnished.

 

		4.8	Litigation.

 

(a)           There
is no actual or, to the best of the Borrower’s knowledge after dueinquiry, pending or threatened action or proceeding
affecting any Group Company before any court, Governmental Authority or arbitrator which could reasonably be expected to have
a Material Adverse Effect or which affects or purports to affect the legality, validity, binding effect or enforceability of this
Agreement or any other Loan Document.

 

(b)           The
actions or proceedings specified in Item 4.8(b) of the Disclosure Schedule do not expose one or more Group Companies to
aggregate liability in excess of Indian Rupees 1,300,000,000, in respect of service tax claims/matters and in excess of Indian
Rupees 650,000,000 in respect of other matters/claims in litigation (excluding any interest on the claimed amount during the pendency
of such actions or proceedings). Other than as set forth in Item 4.8(b) of the Disclosure Schedule, there is no actual
or, to the best of the Borrower’s knowledge after due inquiry, pending or threatened action or proceeding affecting any
Group Company before any court, Governmental Authority or arbitrator on the date of this Agreement and the Closing Date.

 

    	 	- 23 -	 

     

    

 

(c)           To
the best of the Borrower’s knowledge after due inquiry, there is no pending or threatened action or proceeding instituted
against any Group Company which seeks to adjudicate such Group Company as bankrupt or insolvent, or which seeks its liquidation,
winding up, reorganization, or which seeks a composition of its debts under any Applicable Law relating to bankruptcy, insolvency
or reorganization, or relief of debtors, or which seeks the entry of an order for the appointment of a receiver, trustee or other
similar official for such Group Company or for any substantial part of its property.

 

4.9           No
Default. No Group Company is in default under or with respect to, or a party to, any Contractual Obligation that could, either
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing
or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

4.10         Ownership
of Properties. Each Group Company has good and marketable title to, or valid license, leasehold or other rights in, all of
its properties necessary for the conduct of its business, except for such defects in title as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. Each Group Company’s assets necessary for the conduct
of its business are in good repair, working order and condition (ordinary wear and tear excepted) and have not been materially
and adversely affected as a result of any fire, explosion, earthquake, flood, drought, windstorm, hurricane, accident, strike
or other labor disturbance, embargo, requisition, expropriation, cancellation of contracts, permits, or concessions by a Governmental
Authority, riot, activities of armed forces, acts of god or any public enemy.

 

4.11         Intellectual
Property Rights. Each Group Company owns or possesses sufficient legal rights (free and clear of all Liens other than as permitted
under Section 6.2) to all Intellectual Property Rights as used by it in connection with its business which represent all
Intellectual Property Rights necessary to the conduct of such Group Company’s business as now conducted and as presently
contemplated to be conducted, without any conflict with, or infringement of, the rights of others. The Intellectual Property Rights
owned by any Group Company have not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to
any Group Company’s knowledge, threatened claim alleging the foregoing or challenging any Group Company’s rights to
such Intellectual Property Rights. Other than with respect to commercially available software products under standard end-user
object code license agreements, there are no outstanding options, licenses, or agreements of any kind relating to any Group Company’s
Intellectual Property Rights, nor is any Group Company bound by or a party to any options, licenses or agreements of any kind
with respect to the Intellectual Property Rights of any other person or entity. No Group Company has received any communications
alleging that any Group Company has infringed, misappropriated or otherwise violated or, by conducting its business, would infringe,
misappropriate or otherwise violate any of the Intellectual Property Rights of any other person or entity nor is any Group Company
aware of any basis thereof.

 

    	 	- 24 -	 

     

    

 

4.12         Domain
Names. YOPL (or one or more other Group Companies) is the registered owner of all rights to the domain names www.desiya.com,
www.travelguru.com and www.yatra.com together with the equivalents and derivatives thereof set forth on Item 4.12 of the Disclosure
Schedule (such disclosed items being the only equivalents and derivatives thereof owned by the Group Companies) and all stylizations
and logos used or held for use in connection therewith. Each Group Company owns or possesses sufficient legal rights (free and
clear of all Liens other than as permitted under Section 6.2) to all domain names as used by it in connection with its business
which represent all domain names necessary to the conduct of such Group Company’s business as now conducted and as presently
contemplated to be conducted, without any conflict with, or infringement of, the rights of others. The domain names owned by any
Group Company have not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to any Group Company’s
knowledge, threatened claim alleging the foregoing or challenging any Group Company’s rights to such domain names. No Group
Company has received any communications alleging that any Group Company has infringed, misappropriated or otherwise violated or,
by conducting its business, would infringe, misappropriate or otherwise violate any of the domain names of any other person or
entity nor is any Group Company aware of any basis thereof.

 

4.13         Liens.
Other than as permitted pursuant to Section 6.2, none of the properties of any Group Company is subject to any Lien. All
filings, recordings, registrations, third party consents and other actions to be taken by any Group Company that are necessary
to create and perfect the Liens provided for in the Security Documents have been or will be made, obtained and taken in all relevant
jurisdictions in a timely manner, and the provisions of the Security Documents are effective to create in favor of the Lender
a Security Interest (subject to the Liens permitted by Section 6.2) on all right, title and interest of the Borrower in
the Collateral described therein.

 

4.14         Compliance
with Law. Each Group Company is in compliance with Applicable Law and has obtained all permits under Applicable Law necessary
for the exercise of its rights, the lease or ownership of its properties and the conduct of its business, except for any non-compliance
which could not reasonably be expected to have a Material Adverse Effect.

 

4.15         Insurance.
The assets of each Group Company are insured with financially sound and reputable insurance companies (not being Affiliates thereof),
in such amounts, with such deductibles and covering such risks as are customarily maintained by Persons engaged in the online
travel agency and tour operator business, and owning or operating in similar localities where such Group Company is based.

 

4.16         Use
of Proceeds. The Loan will be used by the Borrower for the purposes described in Section 5.12. The Borrower is not
engaged in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation
U of the Board of Governors of the Federal Reserve System), and no proceeds from the Loan will be used, whether directly or indirectly,
to purchase or carry any margin stock in violation of Regulation T, U or X of the Board of Governors of the Federal Reserve System.

 

    	 	- 25 -	 

     

    

 

4.17         Investment
Company Act.  The Borrower is not an “investment company” nor a company “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended from time to time.

 

4.18        Taxes.
All tax returns required to be filed by or on behalf of each Group Company have been duly filed on a timely basis or appropriate
extensions have been obtained and such tax returns are and will be true, complete and correct, except where the failure to so
file could not reasonably be expected to have a Material Adverse Effect. All taxes shown to be payable on such tax returns or
on subsequent assessments with respect thereto will have been paid in full on a timely basis, and no other taxes will be payable
by each Group Company with respect to items or periods covered by such tax returns, except in each case to the extent of any taxes
that are being contested in good faith.

 

4.19        Pension
Plans.  Each Group Company is in compliance in all material respects with all Applicable Law relating to any pension
plans or employee benefit plans. Without prejudice to the foregoing, no “reportable event,” as defined in Section
4043 of the Employee Retirement Income Security Act of 1974 (“ERISA”), has occurred or is reasonably expected
to occur and no Group Company maintains any employee pension benefit plan which is subject to the provisions of Title IV of ERISA.

 

4.20         Solvency.
Both before and after giving effect to the execution of this Agreement and the other Loan Documents and the incurrence of the
Loan, each Group Company is and will be, individually and together with its Subsidiaries on a Consolidated basis, Solvent.

 

4.21         Ownership
of Assets. Other than (a) intellectual property rights associated with the domain name “Buzzintown”, (b) inter-company
receivables due to the Borrower from other Group Companies, (c) the Borrower’s cash and bank balances as specified in Item
4.21 of the Disclosure Schedule, and (d) Equity Interests in THCL and ACD, the Borrower does not own any other assets or property
with a value in excess of US$50,000 (or, if denominated in a non-Dollar currency, the Dollar Equivalent thereof).

 

ARTICLE 5

AFFIRMATIVE COVENANTS

 

The Borrower covenants
with the Lender that, until all Commitments have been terminated and all Obligations (other than contingent Obligations not then
due and payable) have been paid in full, it shall, and shall cause each of its Subsidiaries to, perform the obligations in this
ARTICLE 5.

 

    	 	- 26 -	 

     

    

 

		5.1	Financial
                                         Statements.

 

(a)       Annual
Financial Statements.  As soon as available, but in any event within one hundred and eighty (180) days after the end
of each Financial Year, commencing with the Financial Year ending March 31, 2015, the Borrower shall deliver to the Lender (with
sufficient copies for the Lender) a copy of the Consolidated and Consolidating balance sheet of the Borrower (which shall include
audited financial statements of its Subsidiaries) as at the end of such Financial Year and the related audited Consolidated statements
of income and of cash flows for such Financial Year, setting forth in comparative form the figures for the previous Financial
Year, reported on without a going concern or like qualification or exception, or qualification arising out of the scope of the
audit, by a firm of independent chartered accountants of national standing reasonably acceptable to the Lender.

 

(b)      Quarterly
Financial Statements.  As soon as available, but in any event within forty-five (45) days after the end of each of the
first three (3) Financial Quarters of each Financial Year, commencing with the Financial Quarter ending June 30, 2015, the Borrower
shall deliver to the Lender (with sufficient copies for the Lender) the unaudited Consolidated and Consolidating balance sheet
of the Borrower (which shall include its Subsidiaries) as at the end of such Financial Quarter and the related unaudited Consolidated
statements of income and of cash flows for such Financial Quarter and the portion of the Financial Year through the end of such
Financial Quarter, setting forth in each case in comparative form, if available, the figures for the previous Financial Quarter,
certified by a Responsible Officer of the Borrower as being fairly stated in all material respects (subject to normal year-end
audit adjustments and the absence of footnotes).

 

(c)       GAAP
Reporting.  All financial statements required to be delivered pursuant to Section 5.1(a) and Section 5.1(b)
shall be complete and correct in all material respects and shall be prepared in reasonable detail and in accordance with GAAP
applied consistently throughout the periods reflected therein.

 

(d)       Compliance
Certificate. Concurrently with the delivery of the financial statements pursuant to Section 5.1(a) and Section 5.1(b),
the Borrower shall deliver to the Lender a Compliance Certificate containing the information and calculations necessary for determining
compliance by the Borrower and its Subsidiaries with the provisions of Section 6.15 and certifying as to the representations
and warranties in each Loan Document and that no Default or Event of Default shall have then occurred and be continuing or shall
be reasonably expected to occur.

 

5.2           Other
Information.  The Borrower shall, and shall cause each of its Subsidiaries to, promptly provide such other information
regarding the business, assets, liabilities, condition (financial or otherwise), results of operations or prospects of the Borrower
and any of its Subsidiaries, as the Lender may reasonably request from time to time.

 

5.3          Notices.
 The Borrower shall furnish to the Lender the following notices within the time periods specified below:

 

(a)      notice
of any Default, Event of Default, or material default under or termination of any Material Contract, as soon as possible after
the occurrence thereof and in any event within five (5) Business Days after the Borrower or any other Group Company knows or ought
reasonably to have known of such occurrence;

 

    	 	- 27 -	 

     

    

  

(b)
     notice of the receipt of any document from any Governmental Authority concerning any Group
Company’s non-payment or underpayment of Taxes (including any non-payment by YOPL of service taxes prior to the date hereof)
along with a copy of such document and all attachments and annexes thereto, as soon as possible after receipt thereof and in any
event by the earlier of (i) fifteen (15) Business Days after the Borrower or any other Group Company receives such document, or
(ii) any deadline for response set forth in such document; provided that the Borrower shall not be required to furnish
to the Lender any such notice if it relates to non-payment or underpayment of tax claims in an aggregate amount of less than US$500,000
(or, if denominated in a non-Dollar currency, the Dollar Equivalent thereof);

 

(c)       notice
of the commencement of, or any material adverse development with respect to, any litigation, investigation or proceeding involving
a Group Company, that if adversely determined, could reasonably be expected to have a Material Adverse Effect, as soon as possible
after the occurrence thereof and in any event within five (5) Business Days after the Borrower or any other Group Company knows
or ought reasonably to have known of such occurrence;

 

(d)
      notice of the receipt of any citation, order, summons or other document concerning
any violation or alleged violation of Applicable Law involving a Group Company that could reasonably be expected to have a Material
Adverse Effect, or which seeks to impose any liability on a Group Company that could reasonably be expected to have a Material
Adverse Effect, as soon as possible after receipt thereof and in any event within five (5) Business Days after the Borrower or
any other Group Company receives such citation, order or summons; and

 

(e)
      notice concerning any otherdevelopment or event that has had or could reasonably
be expected to have a Material Adverse Effect along with reasonably available supporting information, as soon as possible after
the occurrence thereof and in any event within five (5) Business Days after the Borrower or any other Group Company obtains knowledge
thereof or receives a notice from the Lender requesting information concerning such development or event, whichever is the earlier.

 

Each notice pursuant
to this Section 5.3 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details
of the occurrence referred to therein and stating what action the Borrower or the relevant Group Company proposes to take with
respect thereto. In addition, each notice delivered pursuant to this Section 5.3 shall also include, to the extent requested
by the Lender, copies of all material documentation relating to the applicable occurrence or event.

 

5.4           Payment
of Obligations.  Each Group Company shall pay, discharge or otherwise satisfy at or before maturity or before they become
delinquent, as the case may be, all its material obligations of whatever nature, except to the extent any amount or validity thereof
is being contested in good faith.

 

    	 	- 28 -	 

     

    

  

5.5           Preservation
of Existence.  Each Group Company shall preserve, renew and keep in full force and effect its existence and take all
reasonable action to maintain all rights necessary in the ordinary conduct of its business. The Borrower shall ensure that it
remains registered as an exempted company with limited liability in the Cayman Islands at all times.

 

5.6           Compliance
with Contractual Obligations and Law.  Each Group Company shall comply with its Contractual Obligations (including its
obligations under each Material Contract) and all Applicable Law, except to the extent that failure to comply therewith could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.7           Maintenance
of Properties. Each Group Company shall maintain, preserve, protect and keep all of its properties (other than properties
that such Group Company determines in its commercially reasonable, good faith judgment to be obsolete, worn out, depleted or economically
inefficient) in good repair, working order and condition (ordinary wear and tear excepted), and make necessary repairs, renewals
and replacements so that the business carried on by such Group Company may be properly conducted at all times.

 

5.8           Maintenance
of Intellectual Property Rights and Domain Names.  Each Group Company shall protect, defend and maintain the validity
and enforceability of its Intellectual Property Rights and domain names, and shall not permit any Intellectual Property Rights
or domain name material to any Group Company’s business to be abandoned, forfeited or dedicated to the public without the
Lender’s prior written consent.

 

5.9           Maintenance
of Insurance.  Each Group Company shall maintain insurance in respect of its business with financially sound and reputable
insurance companies (not being Affiliates of any Group Company), in such amounts, with such deductibles and covering such risks
as are customarily maintained by Persons in the online travel agency and tour operator business, operating in similar localities
to such Group Company.

 

5.10         Books
and Records.  Each Group Company shall maintain proper books of record and account, in which full, true and correct entries
in conformity with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and
business of such Group Company.

 

5.11         Inspection
Rights.  Each Group Company shall permit the Lender’s representatives to visit and inspect any place where it conducts
business and to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to
discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense
of the Borrower and at such reasonable times during normal business hours and as often as may be reasonably desired upon reasonable
advance notice to the Borrower.

 

    	 	- 29 -	 

     

    

 

5.12         Use
of Proceeds. The Borrower shall apply the proceeds of the Loan solely to fund the working capital requirements of the Group,
to pay for operational and capital expenditure items, equity investments in its Subsidiaries and for general corporate and administrative
purposes of the Borrower and its Subsidiaries (including the payment of any closing costs and fees owed by the Borrower to the
Lender in connection with the transactions contemplated by this Agreement and the Loan Documents).

 

5.13         SVB
Term Loan Agreement. For so long as the loans under the SVB Term Loan Agreement remain outstanding, the Borrower shall, and
shall cause each of its Subsidiaries to, use commercially reasonable efforts to promptly obtain the prior written approval of
Innoven Capital India Private Limited (formerly known as SVB India Finance Private Limited) (in its capacity as lender) in order
that payments due to the Lender under this Agreement (other than payments pursuant to Section 2.7 and Section 2.4(b)(i))
can be made on a timely basis.

 

5.14         Further
Assurances. If the Borrower acquires any new asset or property (which, for the avoidance of doubt, shall not include any of
the assets or property referred to in clauses (a) through (d) of Section 4.21) with a value in excess of
US$50,000 (or, if denominated in a non-Dollar currency, the Dollar Equivalent thereof) after the Closing Date as to which the
Lender does not have a Security Interest, the Borrower shall promptly take such further actions, and execute and deliver to the
Lender such additional agreements, supplements, powers and instruments, as the Lender may in its reasonable judgment deem necessary,
in order to obtain, perfect, preserve and protect a Security Interest therein. The Borrower further agrees to promptly take such
further actions as shall be reasonably requested by the Lender in order to give effect to the transactions contemplated by this
Agreement and the other Loan Documents.

 

ARTICLE 6

NEGATIVE COVENANTS

 

The Borrower covenants
with the Lender that, until all Commitments have been terminated and all Obligations (other than contingent Obligations not then
due and payable) have been paid in full, it shall, and shall cause each of its Subsidiaries to, perform the obligations in this
ARTICLE 6.

 

6.1           Indebtedness.
   The Obligations shall constitute direct, secured, unsubordinated and unconditional obligations of the Borrower.
Subject always to Section 6.15, the Borrower shall not, and shall not permit any other Group Company to, create, issue,
incur, assume, become liable in respect of or permit to exist any Indebtedness, except:

 

(a)
      Indebtedness in respect of
the Obligations;

 

(b)
      Indebtedness of YOPL pursuant
to the SVB Term Loan Agreement;

 

(c)
     Indebtedness of YOPL pursuant to the HDFC Loan Agreement, provided that the aggregate outstanding
principal amount of such Indebtedness shall not exceed $9,000,000 at any time (or, if denominated in a non-Dollar currency, the
Dollar Equivalent thereof) without the Lender’s prior written consent, and provided further that the aggregate principal
amount of Cash Collateralized Indebtedness at such time shall not be taken into account in calculating such limit;

 

    	 	- 30 -	 

     

    

 

(d)
     Indebtedness of any Group Company constituting Cash Collateralized Indebtedness;

 

(e)       Indebtedness
permitted under, and undertaken in accordance with, the terms of the Investors’ Rights Agreement;

 

(f)
      Indebtedness of (i) any Group Company to the Borrower, or (ii) of any Subsidiary of
the Borrower to another Subsidiary of the Borrower;

 

(g)
     Indebtedness specified in Item 6.1(g) of the Disclosure Schedule, to the extent incurred
in the ordinary course of business and entered into on arm’s length terms; and

 

(h)
     any other Indebtedness of any Group Company expressly permitted under this Agreement or any
other Loan Document, or as may be specifically approved in writing by the Lender.

 

6.2           Negative
Pledge. The Borrower shall not, and shall not permit any other Group Company to, create, assume, incur, or permit to exist
any Lien upon any of its property, whether now owned or hereafter acquired, except:

 

(a)    
   Liens securing payment of the Obligations;

 

(b)  
    Liens securing payment of the Indebtedness due under the SVB Term Loan Agreement;

 

(c)
      Liens securing payment of the Indebtedness due under the HDFC Loan Agreement;

 

(d)
      Liens granted under, and in accordance with, the terms of the Investors’ Rights
Agreement;

 

(e)  
    Liens for taxes, assessments or other governmental charges or levies not at the time delinquent (provided
that no foreclosure, sale or other enforcement proceedings in respect thereof have been initiated) or that are being diligently
contested in good faith by appropriate proceedings;

 

(f)        carrier’s,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlords’ or other similar Liens arising
by operation of law in the ordinary course of business in respect of obligations that are not yet due or that are being diligently
contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set
aside;

 

    	 	- 31 -	 

     

    

 

(g)
      Liens created by, or arising under any Applicable Law (in contrast with Liens voluntarily
granted) in the ordinary course of business of the Borrower or any of its Subsidiaries in connection with workers’ compensation,
unemployment insurance, employers’ health tax or other social security or statutory obligations to employees that secure
amounts that are not yet due or that are being diligently contested in good faith by appropriate proceedings and for which adequate
reserves in accordance with GAAP shall have been set aside;

 

(h)
      Liens arising pursuant to deposits to secure the performance of bids, trade contracts,
or performance bonds and other obligations of a like nature incurred in the ordinary course of business of any Group Company;

 

(i)
      bankers’ Liens, rights of setoff and other similar Liens existing solely with
respect to cash and temporary investments on deposit in one or more accounts maintained by any Group Company , in each case granted
in the ordinary course of business in favor of the bank or financial institution with which such accounts are maintained, securing
amounts owing to such bank or financial institution with respect to cash management and operating account arrangements; provided
that in no case shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness of the Borrower;

 

(j)         judgment
Liens that do not otherwise result in an Event of Default under Section 7.1(g);

 

(k)       Liens
specified in Item 6.2(k) of the Disclosure Schedule; and

 

(l)        any
other Liens created by any Group Company expressly permitted under this Agreement or any other Loan Document, or as may be specifically
approved in writing by the Lender.

 

6.3           Agreements
Restricting Liens. Except as permitted by this Agreement, the Borrower shall not, and shall not permit any other Group Company
to, enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of the Borrower or to
create, incur, assume or suffer to exist any Lien upon the Collateral, whether now owned or hereafter acquired, other than this
Agreement and the Loan Documents, or which requires the consent of or notice to other Persons in connection therewith.

 

6.4           Merger
or Consolidation; Fundamental Changes. The Borrower shall not, and shall not permit any Group Company to, enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution) or otherwise
change its corporate form, except that (a) any direct or indirect Subsidiary of the Borrower may be merged or consolidated with
or into the Borrower (provided that the Borrower shall be the continuing or surviving Person), (b) any direct or indirect
Subsidiary of the Borrower may be merged or consolidated with or into another direct or indirect Subsidiary of the Borrower and
(c) any merger, consolidation, amalgamation, liquidation, winding-up or dissolution of any direct or indirect Subsidiary of the
Borrower shall be permitted to the extent necessary in connection with, and undertaken simultaneously with, the consummation of
a Liquidity Event.

 

    	 	- 32 -	 

     

    

 

6.5           Disposals.
The Borrower shall not, and shall not permit any other Group Company to Dispose of any of its property nor allot or issue any
Equity Interests, except for:

 

(a)
      any Disposal of equipment that is (i) obsolete, worn out, depleted or economically
inefficient, (ii) no longer necessary for the business of such Person or (iii) contemporaneously replaced by equipment of at least
comparable value and use;

 

(b)
     Disposals of property having a fair market value not to exceed $2,000,000 (or, if denominated
in a non-Dollar currency, the Dollar Equivalent thereof) in any single transaction or series of related transactions in any Financial
Year, provided that such property does not constitute Collateral;

 

(c)
      any Disposal required under, and undertaken in accordance with, the terms of the Investors’
Rights Agreement (including for this purpose, any issuance, exchange or transfer of Equity Interests);

 

(d)
      any Disposal necessary in connection with, and undertaken simultaneously with, the
consummation of a Liquidity Event; and

 

(e)
      any other Disposal by any Group Company expressly permitted under this Agreement or
any other Loan Document, or as may be specifically approved in writing by the Lender.

 

6.6           Restricted
Payments.  The Borrower shall not, and shall not permit any other Group Company to, make any Restricted Payments; provided
that each Subsidiary of the Borrower may make Restricted Payments to the Borrower to enable the Borrower to comply with its
payment obligations under this Agreement, to comply with its obligations under the Investors’ Rights Agreement, or to satisfy
its payment obligations to another Group Company in respect of Indebtedness incurred pursuant to Section 6.1(f).

 

6.7           Investments.
 The Borrower shall not, and shall not permit any of its Subsidiaries to, purchase, make, incur, assume or permit to exist
any Investment, except:

 

(a)
      Liquid Investments;

 

(b)
      Investments in direct or indirect Subsidiaries within the Group or joint ventures;

 

    	 	- 33 -	 

     

    

 

(c)
      trade and customer accounts receivable which are for goods furnished or services rendered
in the ordinary course of business and are payable in accordance with customary trade terms; and

 

(d)
      Investments existing on the Closing Date and specified in Item 6.7(d) of the
Disclosure Schedule.

 

6.8           Transactions
with Affiliates. The Borrower shall not, and shall not permit any other Group Company to, be party with or enter into any
transaction with any of its Affiliates unless such transaction is otherwise permitted under this Agreement, and is entered into
on fair and reasonable terms comparable to the terms that would be available in an arm’s length transaction with a non-Affiliate.

 

6.9           Liquidity
Event. The Borrower shall, and shall ensure that each other Group Company will, comply with its obligations under the Investors’
Rights Agreement and use commercially reasonable efforts and work in good faith to consummate a Qualifying IPO within twelve (12)
months of the Borrowing Date; provided that, if it is reasonably unlikely that a Qualifying IPO will be consummated within
twelve (12) months of the Borrowing Date, the Borrower shall, and shall ensure that each other Group Company will, use commercially
reasonable efforts and work in good faith to consummate a Capital Raise or (if found feasible) a Trade Sale within twenty four
(24) months of the Borrowing Date.

 

6.10         Change
in Control. The Borrower shall not, and shall not permit any Group Company to, directly or indirectly, enter into or participate
in any arrangement which could reasonably be expected to result in a Change in Control.

 

6.11         No
Change of Business.

 

(a)
      The Borrower shall not engage in any business activities, own any assets or assume
any liabilities, except for (i) its ownership of the Equity Interests of THCL and ACD, (ii) obligations under the Loan Documents,
and (iii) special purpose holding company activities and properties reasonably incidental to the foregoing clauses (i) and (ii).

 

(b)
     The Borrower shall ensure that each other Group Company does not engage in any business or
business activity, own any assets or assume any liabilities or obligations except as necessary in connection with, or reasonably
related to, the business of an online travel agency and tour operator.

 

6.12         Change
in Organizational Documents. The Borrower shall not, and shall not permit any other Group Company to, amend, supplement, modify
or restate its Organizational Documents, or to amend its name or change its jurisdiction of organization, in each case, without
the prior written consent of the Lender, unless any such change could not reasonably be expected to have a Material Adverse Effect.

 

    	 	- 34 -	 

     

    

  

6.13         Change
in Fiscal Periods or Accounting Principles. The Borrower shall not, and shall not permit any other Group Company to (a) permit
its Financial Year to end on a day other than March 31 (or December 31, in the case of THCL) or change its method of determining
Financial Quarters, or (ii) alter the accounting principles used by it on the Closing Date in calculating financial covenants
or other standards in this Agreement

 

6.14         Modification
of Certain Agreements.

 

Without the prior
written consent of the Lender (not to be unreasonably withheld), the Borrower shall not, and shall not permit any other Group
Company to, directly or indirectly, amend, restate, supplement, waive or otherwise modify, or consent or agree to any amendment,
restatement, supplement, waiver or other modification to the terms contained in:

 

(a)
      each Material Contract (other than the SVB Term Loan Agreement or the HDFC Loan Agreement),
unless any such amendment, restatement, supplement, waiver or other modification could not reasonably be expected to have a Material
Adverse Effect and the Lender is promptly notified of such amendment, restatement, supplement, waiver or other modification and,
if requested by the Lender, is promptly provided with a copy of the same; and

 

(b)
     the SVB Term Loan Agreement or the HDFC Loan Agreement, unless any such amendment, restatement,
supplement, waiver or other modification is of a purely administrative nature or made to correct any ambiguity or clerical error
therein and does not materially change the interpretation or legal effect of such documents.

 

6.15         Financial
Covenants.

 

(a)
     Maximum Indebtedness. The Borrower shall ensure that the aggregate principal amount
of Indebtedness incurred by the Borrower and its Subsidiaries (whether pursuant to this Agreement or otherwise) shall at no time
exceed $18,000,000 (or, if denominated in a non-Dollar currency, the Dollar Equivalent thereof); provided that the following
items shall not be included in the calculation of such limit: (x) the aggregate principal amount of Cash Collateralized Indebtedness
at such time, (y) all accretion to principal of interest payable in kind under this Agreement, and (z) the principal amount of
all shareholder loans made to the Borrower to the extent such loans are subordinated in right of repayment and priority to the
Loan.

 

ARTICLE 7

EVENTS OF DEFAULT

 

7.1           Events
of Default. Each of the following events or occurrences shall constitute an “Event of Default”:

 

    	 	- 35 -	 

     

    

 

 

(a)
      Non-Payment of Obligations. The Borrower shall fail to pay (i) the principal
amount of the Loan, (ii) any interest on the Loan, or (iii) any other amount payable to the Lender hereunder or under any other
Loan Document, in each case when the same is due and payable; provided that, if any such failure to pay is due to an administrative
or technical error on the part of the remitting bank (but not the Borrower or any other Group Member) and documentary evidence
concerning such error has been provided to the Lender’s reasonable satisfaction, such failure to pay shall not constitute
an Event of Default if it is rectified within two (2) Business Days of its occurrence;

 

(b)
      Breach of Representation or Warranty. Any representation or warranty made by
the Borrower herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement
furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been
inaccurate in any material respect on or as of the date made;

 

(c)       Non-Performance
of Certain Covenants and Obligations. The Borrower shall default in the observance or performance of any covenant or obligation
contained in Sections 5.3 through 5.6, Section 5.12 or ARTICLE 6 and if capable of remedy, such default
shall remain unremedied for five (5) Business Days after they occurrence thereof;

 

(d)
      Non-Performance of Other Covenants and Agreements. The Borrower shall default
in the observance or performance of any other covenant or obligation contained in this Agreement or any other Loan Document (other
than as provided in clauses (a) through (c) of this Section 7.1) and if capable of remedy, such default shall
remain unremedied for ten (10) Business Days after the occurrence thereof;

 

(e)
       Cross-Default. Any of the following occurs:

 

(i)
         the Borrower or any of its Subsidiaries fails to pay any principal of, or
premium or interest on its Indebtedness (including any Indebtedness under the SVB Term Loan Agreement or the HDFC Loan Agreement)
which is outstanding in a principal amount of at least $1,000,000 (or, if denominated in a non-Dollar currency, the Dollar Equivalent
thereof), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise),
and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to
such Indebtedness; or

 

(ii)
         any other event shall occur or condition shall exist under any agreement
or instrument to which the Borrower or any of its Subsidiaries is a party relating to Indebtedness (including the SVB Term Loan
Agreement or the HDFC Loan Agreement) of which a principal amount of at least $1,000,000 (or, if denominated in a non-Dollar currency,
the Dollar Equivalent thereof) is outstanding, if the effect of such event or condition is to accelerate, or to permit the acceleration
of, the maturity of such Indebtedness or to require such Indebtedness to be repaid prior to the stated maturity thereof.

 

    	 	- 36 -	 

     

    

 

(f)   
    Bankruptcy, Insolvency, etc.

 

(i)
         Any Group Company shall (A) commence any case, proceeding or other action
under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization
or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief
with respect to it or its debts, or (B) apply for, consent to or acquiesce in the appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part of its assets, or (C) make a general assignment
for the benefit of its creditors; or

 

(ii)
         there shall be commenced against any Group Company any case, proceeding
or other action of a nature referred to in clause (i) (A) above or any Group Company shall permit or suffer to exist the
appointment of a receiver, trustee, custodian, conservator or other official described in clause (i)(B) above that, in
either case, (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed
or undischarged or unstayed for a period of thirty (30) days or (C) is consented to or acquiesced in by such Group Company; or

 

(iii)
         there shall be commenced against any Group Company, whether before a court
or other Governmental Authority, any case, proceeding or other action seeking issuance of a warrant of attachment, execution,
distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such
relief that shall not have been vacated, discharged, stayed, abandoned or bonded pending appeal within sixty (60) days from the
entry thereof;

 

(iv)
         any Group Company shall become insolvent under Applicable Law, or shall
admit in writing or otherwise its inability generally to pay, its debts as they become due; or

 

(v)
         any Group Company shall take any action authorizing or in furtherance of,
any of the acts described in clause (i), (ii), (iii) or (iv)
above;

 

(g)       Judgments.
Any judgment or order for the payment of money in excess of $1,000,000 (or, if denominated in a non-Dollar currency, the Dollar
Equivalent thereof) shall be rendered against any Group Company or any of its Subsidiaries and there shall be any period of thirty
(30) consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise,
shall not be in effect;

 

(h)
      Change in Control. Any Change in Control shall occur;

 

    	 	- 37 -	 

     

    

 

(i)
        Unenforceability of Loan Documents. Any provision of this Agreement
or any other Loan Document shall for any reason cease to be valid and binding on the Borrower, or the Borrower shall so assert
in writing;

 

(j)        Impairment
of Security, etc. Any Security Document shall at any time and for any reason cease to create a Security Interest on the Collateral
in accordance with the terms thereof, or cease to be in full force and effect, or shall be contested by any Person, or the Borrower
shall create or purport to create any Lien (other than a Lien permitted under Section 6.2(d)) in any portion of the Collateral
in favor of any third party or effects or purports to effect any Disposal other than as expressly permitted by this Agreement;
and

 

(k)        Material
Adverse Effect. The occurrence of any event or circumstance having a Material Adverse Effect.

 

At any time
after the occurrence of an Event of Default, the Lender may in its sole discretion deliver to the Borrower a notice specifying
that an Event of Default has occurred and is continuing, and for purposes of the Security Documents, such notice shall be conclusive
and binding evidence of the occurrence and continuation of an Event of Default.

 

7.2 
         Automatic Acceleration. If an Event of Default specified in Section
7.1(f) occurs, then:

 

(a)
       (i) if the Loan has not yet been advanced, the Facility and the obligation of
the Lender to advance the Loan pursuant to its Commitment shall terminate, and (ii) if the Loan has been advanced, all principal,
interest, fees and other amounts payable under this Agreement and the other Loan Documents shall be and become forthwith due and
payable in full, without notice of intent to demand, demand, presentment for payment, notice of nonpayment, protest, notice of
protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration, and all other notices, all of which
are hereby expressly waived by the Borrower; and

 

(b)
    the Lender may proceed to enforce its rights and remedies under the Security Documents and any
other Loan Document.

 

7.3          Optional
Acceleration. If an Event of Default (other than an Event of Default specified in Section 7.1(f)) occurs, then the
Lender may:

 

(a)
       by notice to the Borrower, (i) if the Loan has not yet been advanced, terminate
the obligation of the Lender to advance the Loan pursuant to its Commitment, whereupon the same shall forthwith terminate with
effect from the date of such notice, and (ii) if the Loan has been advanced, declare all principal, interest, fees and other amounts
payable under this Agreement and the other Loan Documents to be and become forthwith due and payable in full (which declaration
shall be conclusive evidence that the amounts determined therein as due and payable have become due and payable), whereupon all
such amounts shall be and become forthwith due and payable in full with effect from the date of such notice, without notice of
intent to demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor,
notice of intent to accelerate, notice of acceleration, and all other notices, all of which are hereby expressly waived by the
Borrower; and

 

    	 	- 38 -	 

     

    

 

(b)    
 proceed to enforce its rights and remedies under the Security Documents and any other Loan Document

 

7.4           Application
of Funds. After the exercise of remedies pursuant to Section 7.3 (or after the Loan has automatically become immediately
due and payable pursuant to Section 7.2) any amounts received on account of the Obligations shall be applied by the Lender
in the following order:

 

(a)    
  first, to satisfy that portion of the Obligations constituting fees, indemnities, expenses and other
amounts (including fees, charges and disbursements of counsel to the Lender) payable to the Lender in its capacity as such;

 

(b)
      second, to satisfy of that portion of the Obligations constituting accrued and
unpaid cash interest on the Loan;

 

(c)
       third, to satisfy that portion of the Obligations constituting unpaid
principal of the Loan (including all interest paid in kind through accretion to the aggregate outstanding principal amount of
the Loan); and

 

(d)  
    fourth, the balance, if any, after all of the Obligations have been indefeasibly paid in full,
to the Borrower or as otherwise required by Applicable Law.

 

ARTICLE 8

ADMINISTRATIVE MATTERS

 

8.1           No
Conflict. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, the Lender and its Affiliates
may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for, and generally engage
in any kind of business with the Borrower and any other Group Company or any Affiliate thereof as if it were not the Lender hereunder
and without any duty to account therefor to any Person.

 

8.2           Exculpatory
Provisions. The Lender shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents. Without limiting the generality of the foregoing, the Lender:

 

(a)
      shall not be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing;

 

(b)
      shall not have any duty to take any discretionary action or exercise any discretionary
powers; and

 

    	 	- 39 -	 

     

    

 

(c)       shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by the Lender or any of its Affiliates in any capacity.

 

8.3           Reliance
by Lender. The Lender shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by
the proper Person.

 

8.4           Non-Reliance.
The Borrower acknowledges that it has, independently and without reliance upon the Lender or any of its Affiliates and based on
such documents and information as it has deemed appropriate, made its own decision to enter into this Agreement and the other
Loan Documents. The Borrower also acknowledges that it will, independently and without reliance upon the Lender or any of its
Affiliates and based on such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

 

ARTICLE 9

MISCELLANEOUS

 

9.1           Amendments.
No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower
therefrom, shall be effective unless made in writing signed by the Lender and the Borrower, and each such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which given.

 

9.2           Notices.
Unless a Security Document provides otherwise, all notices, requests and other communications provided for herein and under the
other Loan Documents (including any modifications of, or waivers or consents under, this Agreement) shall be given or made by
fax or other writing and faxed, mailed or delivered to the intended recipient:

 

(a)
       in the case of the Borrower, at the “Address for Notices”
specified below the name of the Borrower on the signature pages hereof; and

 

(b)
      in the case of the Lender, at the “Address for Notices" specified
below its name on the signature pages hereof;

 

    	 	- 40 -	 

     

    

 

or at such other address
as shall be designated by such party in a notice given in accordance with this Section 9.2. Except as otherwise provided
in this Agreement, all such communications shall be deemed to have been duly given when transmitted by fax (and receipt is electronically
confirmed), personally delivered or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid.
Notwithstanding the foregoing, any notice or other communication provided for herein and under the Loan Documents may be given
or made by electronic mail, if the Lender agrees that this is to be an accepted form of communication and if the Lender and the
Borrower have notified each other in writing of its electronic mail address and/or any other information required to enable the
sending and receipt of information by that means and promptly following any changes thereto. Unless the Lender otherwise prescribes,
notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgment), provided that (i) if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
business day for the recipient, and (ii) such notice or other communication is actually received in a readable form by the intended
recipient.

 

9.3           No
Waiver: Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Lender, any right, remedy,
power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law or contract.

 

9.4           Survival
of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents and in any
document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery
of this Agreement and the advance of the Loan hereunder.

 

9.5           Payment
of Expenses and Taxes. The Borrower shall (a) pay or reimburse the Lender for all out-of-pocket costs and expenses reasonably
incurred by the Lender in connection with the execution, amendment, restatement or modification of this Agreement and the other
Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of
the transactions contemplated hereby and thereby, including the fees and disbursements of counsel and notarization, filing and
recording fees and expenses; provided that (x) in connection with the execution of this Agreement, the Borrower shall not
be required to reimburse the Lender for any fees and disbursements of counsel incurred in connection therewith in excess of $50,000,
and (y) in connection with any amendment, restatement or modification of this Agreement, the Borrower shall not be required to
reimburse the Lender for any fees and disbursements of counsel incurred in connection therewith, (b) pay or reimburse the Lender
for all out-of-pocket costs and expenses reasonably incurred by the Lender in connection with (i) the enforcement or preservation
of any rights under this Agreement or any other Loan Document and (ii) the negotiation of any restructuring or “work-out”,
whether or not consummated, of any Obligations and (c) pay, indemnify, and hold the Lender harmless from, any and all Taxes, recording
and filing fees and any and all liabilities with respect to, or resulting from any delay in paying Taxes, recording and filing
fees, if any, that may be payable or determined to be payable in connection with the execution and delivery of, or consummation
or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or
consent under or in respect of, this Agreement and any other Loan Document. All amounts due under this Section 9.5 shall
be payable not later than fifteen (15) Business Days after written demand therefor along with the supporting documents in connection
with such demand. Statements of amounts payable by the Borrower pursuant to this Section 9.5 shall be submitted to the
Borrower at the “Address for Notices” specified below the name of the Borrower on the signature pages hereof, and
to the attention of the contact person specified therein, or to such other contact person or address as may be hereafter designated
by the Borrower in a written notice to the Lender. The agreements in this Section 9.5 shall survive the advance of the
Loan hereunder, the payment in full of the Obligations and the termination of the Commitment.

 

    	 	- 41 -	 

     

    

 

9.6           Indemnification.
In consideration of the execution and delivery of this Agreement by the Lender, the Borrower hereby indemnifies, exonerates and
holds the Lender and each of the Lender’s officers, directors, employees and agents in their capacities as such (each, an
“Indemnitee”) free and harmless from and against any and all direct actions, causes of action, suits, claims,
losses, costs, liabilities and damages, and all expenses incurred in connection with any of the foregoing (only if such Indemnitee
is a party to the action for which indemnification hereunder is sought), including reasonable attorneys' fees and disbursements,
whether incurred in connection with actions between or among the parties hereto or the parties hereto and third parties, and agrees
to reimburse each Indemnitee upon demand for all legal and other expenses reasonably incurred by it in connection with investigating,
preparing to defend or defending, or providing evidence in or preparing to serve or serving as a witness with respect to, any
claim, litigation, investigation or proceeding relating to any of the foregoing (collectively, the “Indemnified Liabilities”),
incurred by the Indemnitees or any of them as a result of, or arising out of, or relating to

 

(i)
       any breach of any representation, warranty, covenant or agreement made or given
by the Borrower under or pursuant to this Agreement or the other Loan Documents;

 

(ii)
      any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of the Loan;

 

(iii)
      the execution, delivery, enforcement, performance and administration of this Agreement,
the other Loan Documents and any agreement executed and delivered in connection therewith; and

 

(iv)
     any investigation, litigation or proceeding related to any audit, noncompliance with or liability
under any Applicable Law,

 

except to
the extent that Indemnified Liabilities arising for the account of a particular Indemnitee are found by a final, non-appealable
judgment of a court of competent jurisdiction to have resulted by reason of such Indemnitee’s gross negligence or willful
misconduct.

 

    	 	- 42 -	 

     

    

 

 

9.7           Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and
their respective successors and permitted assigns, provided that (i) no Borrower may assign or transfer any of its rights
or obligations under this Agreement without the prior written consent of the Lender, and (ii) the Lender may at any time grant
participations or assign all or any part of its rights and obligations under this Agreement or the other Loan Documents to any
Person (other than a competitor of any Group Company).

 

9.8           Right
of Set-off. In addition to any rights now or hereafter granted under Applicable Law or otherwise, and not by way of limitation
of any such rights, upon the occurrence and during the continuance of an Event of Default, the Lender is hereby authorized at
any time and from time to time, without presentment, demand, protest or other notice of any kind to the Borrower or to any other
Person, any such notice being hereby expressly waived, to set-off and to appropriate and apply any and all deposits (general or
special) and any other Indebtedness at any time held or owing by the Lender (including by branches, agencies and Affiliates of
the Lender wherever located) to or for the credit or the account of the Borrower against and on account of the Obligations, regardless
of whether or not the Lender shall have made any demand hereunder and regardless of whether or not such Obligations shall be contingent
or unmatured. The Lender agrees to promptly notify the Borrower after any such set off and application, but failure to give such
notice shall not affect the validity of such set off and application.

 

9.9           Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all
of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature
page of this Agreement by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart
hereof.

 

9.10         Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

9.11         Other
Transactions. Nothing contained herein shall preclude the Lender or any of its Affiliates from engaging in any transaction,
in addition to those contemplated by the Loan Documents, with the Borrower or any of its Affiliates in which the Borrower or such
Affiliate is not restricted hereby from engaging with any other Person.

 

9.12         Integration.
This Agreement and the other Loan Documents constitute the entire understanding among the parties hereto with respect to the subject
matter hereof and thereof and supersede any prior agreements, written or oral, with respect thereto.

 

9.13         Governing
Law. This Agreement and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted
in accordance with, the laws of the State of New York.

 

    	 	- 43 -	 

     

    

 

9.14         Arbitration.
Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination,
shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore
International Arbitration Centre for the time being in force, which rules are deemed to be incorporated by reference in this clause.
The arbitration tribunal shall consist of three (3) arbitrators, of whom one (1) arbitrator shall be selected by the party initiating
the demand for arbitration and one (1) arbitrator shall be selected by the party responding to the demand within twenty (20) days
of the receipt by the respondent of a copy of the demand for arbitration. The two (2) party-nominated arbitrators shall nominate
the third arbitrator, who shall chair the arbitral tribunal, within twenty (20) days of the appointment of the second arbitrator.
The language of the arbitration shall be English. For the avoidance of doubt, by agreeing to arbitration, the parties do not intend
to deprive any court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of
arbitration proceedings and the enforcement of any award, and the Borrower acknowledges and agrees that its submission to the
jurisdiction of the courts under Section 9.15 shall not constitute, nor be construed as, an agreement to decline to arbitrate
any dispute arising out of or in connection with this Agreement. Without prejudice to such provisional remedies as may be available
under the jurisdiction of a court, the arbitrator(s) shall have full authority to grant provisional remedies and to direct the
parties to request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages
for the failure of any party to respect the orders of the arbitrator(s) to that effect.

 

9.15        SUBMISSION
TO JURISDICTION: WAIVERS. (a) SUBJECT TO SECTION 9.14, THE BORROWER HEREBY IRREVOCABLY CONSENTS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY, AND APPELLATE COURTS FROM ANY THEREOF,
IN ANY LITIGATION OR OTHER PROCEEDING BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, ANY LOAN DOCUMENT, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE LENDER OR ANY GROUP COMPANY IN CONNECTION
HEREWITH OR THEREWITH; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT,
AT THE LENDER’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND; PROVIDED
FURTHER THAT NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE LENDER TO BRING PROCEEDINGS AGAINST ANY GROUP COMPANY IN THE COURTS
OF ANY OTHER JURISDICTION.

 

    	 	- 44 -	 

     

    

 

(b)          THE
BORROWER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR
WITHOUT THE STATE OF NEW YORK AT THE ADDRESS FOR NOTICES SPECIFIED IN SECTION 9.2. THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF
ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO IN CLAUSE (a) ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT THE BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION
OF ANY COURT OR FROM ANY LEGAL PROCESS WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION
OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE BORROWER HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY
LAW SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS. EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE MAXIMUM
EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THAT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN
THIS SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

 

9.16         Acknowledgments.
The Borrower hereby acknowledges that:

 

(a)
       it has been advised by counsel in the negotiation, execution and delivery of
this Agreement and the other Loan Documents;

 

(b)
      the Lender has no fiduciary relationship with or duty to it arising out of or in connection
with this Agreement or any of the other Loan Documents, and the relationship between the Lender, on the one hand, and the Borrower,
on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)
      no joint venture is created hereby or by the other Loan Documents or otherwise exists
by virtue of the transactions contemplated hereby among the Borrower or any Group Company and the Lender.

 

9.17         USA
PATRIOT Act Notice. The Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), the United Kingdom Proceeds
of Crime Act 2002 and the United Kingdom Money Laundering Regulations 2003 (as amended) or similar legislation under Applicable
Law, it is required to obtain, verify and record information (and, if applicable, to provide such information particularly to
an assignee) that identifies each Group Company and each of its shareholders, directors and/or officers, which information includes
or may include the name and address of each such Person, the Organizational Documents of each Group Company and such other information
that will allow the Lender to comply with its obligations under the Patriot Act, the United Kingdom Proceeds of Crime Act 2002
and the United Kingdom Money Laundering Regulations 2003(as amended) or other Applicable Law.

 

    	 	- 45 -	 

     

    

 

9.18         Confidential
Information. The Lender agrees to hold all Confidential Information provided to it by any Group Company pursuant to this Agreement
in accordance with its customary procedures for handling confidential information of this nature; provided, that nothing
herein shall prevent the Lender from disclosing any such information (a) to any participant or assignee (or any prospective participant
or assignee) that agrees to be bound by this Section 9.18. (b) on a confidential basis to its employees, directors, agents,
attorneys, accountants and other professional advisers or those of any of its Affiliates, (c) upon the request or demand of any
Governmental Authority, (d) in response to any order of any court or other Governmental Authority or as may otherwise be required
pursuant to any Applicable Law, (e) if requested or required to do so in connection with any litigation or similar proceeding,
(f) that has been publicly disclosed without violation of this Section 9.18, (g) to the National Association of Insurance
Commissioners or any similar organization or other regulatory body or any nationally recognized rating agency, in each case, in
any country or other jurisdiction, that requires access to information about the Lender’s investment portfolio in connection
with ratings issued with respect to the Lender, or (h) in connection with the exercise of any if its rights, powers or remedies
hereunder or under any other Loan Document. Except as may be required by an order of a court of competent jurisdiction and to
the extent specified therein, the Lender shall not be obligated or required to return any materials furnished to it pursuant to
the Loan Document by any Group Company. For purposes of this Section, “Confidential Information” means all
information received from any Group Company or any Affiliate thereof relating to any Group Company or any Affiliate thereof or
their respective businesses, other than any such information that is available to the Lender on a nonconfidential basis prior
to disclosure by any Group Company or any Affiliate thereof. Any Person required to maintain the confidentiality of Confidential
Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Confidential Information as such Person would accord to its own
confidential information.

 

9.19         WAIVER
OF JURY TRIAL.    THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST
EXTENT PERMITTED BY LAW ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT
OF, UNDER, OR IN CONNECTION WITH, EACH LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR
WRITTEN) OR ACTIONS OF THE PARTIES IN CONNECTION THEREWITH. THE BORROWER ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND
SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH IT IS A PARTY) AND
THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER TO ENTER INTO THE LOAN DOCUMENTS.

 

    	 	- 46 -	 

     

    

 

9.20         Judgment
Currency. If, under any Applicable Law and whether pursuant to a judgment being made or registered against a Group Company
or the bankruptcy of a Group Company or for any other reason, any payment under or in connection with this Agreement or the Loan
Document is made or falls to be satisfied in a currency (the “Payment Currency”) other than Dollars, then to
the extent that the amount of such payment actually received by the Lender when converted into Dollars at the applicable rate
of exchange at such time, falls short of the amount due under or in connection with this Agreement or such Loan Document, the
Borrower, as a separate and independent obligation, shall indemnify and hold harmless the Lender against the amount of such shortfall.
For the purposes of this Section, “rate of exchange” means the rate at which the Lender is able on or about the date
of such payment to purchase Dollars with the Payment Currency and shall take into account any premium and other costs of exchange
actually incurred with respect thereto.

 

[Remainder of page left blank
intentionally.]

 

    	 	- 47 -	 

     

    

 

	 	MACQUARIE CORPORATE HOLDINGS
    PTY LIMITED, as Lender
	 	 	 
	 	By:	/s/ Anupam
    Garg
	 	 	Name: Anupam Garg
	 	 	Title: SMD
	 	 	 
	 	By:	/s/ Colin
    Wu
	 	 	Name: Colin Wu
	 	 	Title: AD

 

	 	Address for Notices:
	 	 
	 	Macquarie Corporate Holdings Pty. Limited
	 	c/o Macquarie Capital (Singapore) Pte. Limited
	 	10 Marina Boulevard
	 	#17-01, Marina Bay Financial Centre Tower 2
	 	Singapore 018983
	 	 
	 	Attention: Macquarie Capital - Legal Department
	 	Tel: +65 6601 0888
	 	Fax: +65 6601 0658
	 	Email: maccapadvlglasia@macquarie.com
	 	 
	 	With a copy to:
	 	 
	 	Jones Day
	 	222 East 41st Street
	 	New York, NY 10017
	 	United States of America
	 	 
	 	Attention: Graham Lim
	 	Tel: +1 (212) 326 3994
	 	Fax: +1 (212) 755 7306
	 	Email: glim@jonesday.com

 

     

     

    

 

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

 

	 	YATRA
    ONLINE, INC.,
	 	as Borrower
	 	 	 
	 	By:	/s/
    Dhruv Shringi
	 	 	Name: Dhruv Shringi
	 	 	Title: CEO

 

	 	Address
    for Notices:
	 	 
	 	Yatra Online Private
    Limited
	 	1101-03, Tower B,
    11th Floor,
	 	Unitech Cyber Park,
    Sector-39,
	 	Guragon-122002,
    India
	 	 
	 	Attention: Mr. Dhruv Shringi
	 	Tel:+91 124 339 5510
	 	Fax: +91 124 339 5500
	 	Email: dhruv.shringi@yatra.com
	 	 
	 	With a copy to:
	 	 
	 	Yatra Online Private
    Limited 
	 	1101-03, Tower B,
    11th Floor, 
	 	Unitech Cyber Park,
    Sector-39, 
	 	Guragon-122002,
    India
	 	 
	 	Attention: Mr. Alok Vaish 
	 	Tel:+91 124 339 5575
	 	Fax: +91 124339 5510
	 	Email: alok.vaish@yatra.com

 

     

     

    

 

EXHIBIT A

 

FORM OF NOTICE OF BORROWING

 

                              ,
2015

 

Macquarie Corporate Holdings Pty Limited

1 Martin Place

Sydney, NSW 2000

Australia

 

Re:      
Notice of Borrowing

 

Dear Sirs:

 

The undersigned hereby
refers to the Term Loan Agreement, dated as of July [        ], 2015 (the “Loan
Agreement,” the terms defined therein being used herein as therein defined), between YATRA ONLINE, INC. as Borrower
and MACQUARIE CORPORATE HOLDINGS PTY LIMITED, as Lender and hereby gives irrevocable notice, pursuant to Section 2.3 of
the Loan Agreement, that it requests a drawdown of the full amount of the Facility as follows:

 

		1.	The
                                         Borrowing Date is [                              ].

 

		2.	The
                                         aggregate amount of the Borrowing is $5,000,000, which shall be made available to the
                                         Borrower in the following bank account: [                             ].

 

The undersigned hereby
certifies that both before and after giving effect to the Loan requested hereunder:

 

(a)      the
representations and warranties of the Borrower in this Agreement and each other Loan Document shall, in each case, be true and
correct in material respects with the same effect as if then made (unless stated to relate solely to an earlier date, in which
case such representations and warranties shall be true and correct in all material respects as of such earlier date); and

 

(b)
      no Default or Event of Default shall have occurred and be continuing, or could reasonably
be expected to occur.

 

Very truly yours,

 

	YATRA
    ONLINE, INC.	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:

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