Document:

EX-4.32

 Exhibit 4.32 

EXECUTION COPY 
 US$50,000,000 FACILITY
AGREEMENT 
 DATED 8 JANUARY 2013 

VEDANTA ALUMINIUM LIMITED 

as Original Borrower 

STERLITE INDUSTRIES INDIA LTD. 

as Guarantor 
 AXIS BANK
LIMITED, HONG KONG BRANCH 
 as Arranger 

AXIS BANK LIMITED, HONG KONG BRANCH 

as Original Lender 
 AXIS
BANK LIMITED, HONG KONG BRANCH 
 as Agent 

AXIS BANK LIMITED 
 as
Security Trustee 
  
 

 

 CONTENTS 
  

							
	Clause	  	Page	 
			
	 1.
	 	 Definitions and Interpretation
	  	 	1	  
	 2.
	 	 The Facility
	  	 	11	  
	 3.
	 	 Purpose
	  	 	11	  
	 4.
	 	 Conditions of Utilisation
	  	 	12	  
	 5.
	 	 Utilisation
	  	 	12	  
	 6.
	 	 Repayment
	  	 	13	  
	 7.
	 	 Prepayment and Cancellation
	  	 	13	  
	 8.
	 	 Interest
	  	 	15	  
	 9.
	 	 Interest Periods
	  	 	16	  
	 10.
	 	 Changes to the Calculation of Interest
	  	 	17	  
	 11.
	 	 Fees
	  	 	18	  
	 12.
	 	 Tax Gross-Up and Indemnities
	  	 	19	  
	 13.
	 	 Increased Costs
	  	 	21	  
	 14.
	 	 Other Indemnities
	  	 	22	  
	 15.
	 	 Mitigation by the Lenders
	  	 	24	  
	 16.
	 	 Costs and Expenses
	  	 	24	  
	 17.
	 	 Guarantee and Indemnity
	  	 	25	  
	 18.
	 	 Representations
	  	 	28	  
	 19.
	 	 Information Undertakings
	  	 	32	  
	 20.
	 	 Financial Covenants
	  	 	35	  
	 21.
	 	 General Undertakings
	  	 	38	  
	 22.
	 	 Events of Default
	  	 	42	  
	 23.
	 	 Consequences of Events of Default
	  	 	45	  
	 24.
	 	 Changes to the Lenders
	  	 	46	  
	 25.
	 	 Changes to the Obligors
	  	 	49	  
	 26.
	 	 Role of the Arranger, the Agent and the Security Trustee
	  	 	50	  
	 27.
	 	 Security Trust Provisions
	  	 	57	  
	 28.
	 	 Conduct of Business by the Finance Parties
	  	 	67	  
	 29.
	 	 Sharing among the Finance Parties
	  	 	67	  
	 30.
	 	 Payment Mechanics
	  	 	68	  
	 31.
	 	 Set-Off
	  	 	71	  
	 32.
	 	 Notices
	  	 	71	  
	 33.
	 	 Calculations and Certificates
	  	 	72	  
	 34.
	 	 Partial Invalidity
	  	 	73	  
	 35.
	 	 Remedies and Waivers
	  	 	73	  
	 36.
	 	 Amendments and Waivers
	  	 	73	  
	 37.
	 	 Counterparts
	  	 	74	  
	 38.
	 	 Governing Law
	  	 	74	  
	 39.
	 	 Enforcement
	  	 	74	  

							
	Schedule	  	Page	 
			
	 1.
	 	 Original Lenders
	  	 	75	  
	 2.
	 	 Conditions Precedent
	  	 	76	  
	 3.
	 	 Requests
	  	 	80	  
	 4.
	 	 Form of Transfer Certificates
	  	 	82	  
	 5.
	 	 Form of Compliance Certificate
	  	 	84	  
	 6.
	 	 Form of Accession Letter
	  	 	85	  
	 7.
	 	 Form of Resignation Letter
	  	 	86	  
		
	 Signatures
	  	 	87	  

 THIS AGREEMENT is dated 8 January 2013 and made between: 

 

	(1)	VEDANTA ALUMINIUM LIMITED, a company incorporated in India under the Companies Act, 1956 (1 of 1956), with its registered office at SIPCOT Industrial Complex, Madurai Bypass Road, T.V. Puram P.O., Tuticorin 2013
628 002, Tamil Nadu with corporate identification number U31300TN2001PLC069645 (the “Original Borrower”); 

  

	(2)	STERLITE INDUSTRIES INDIA LTD., a company incorporated under the laws of India whose registered office is at SIPCOT Industrial Complex, Madurai Bypass Road, T.V. Puram P.O., Tuticorin – 628002, Tamil Nadu,
India (the “Guarantor”); 

  

	(3)	AXIS BANK LIMITED, HONG KONG BRANCH as mandated lead arranger (the “Arranger”); 

  

	(4)	AXIS BANK LIMITED, HONG KONG BRANCH, as original lender (the “Original Lender”); 

  

	(5)	AXIS BANK LIMITED, HONG KONG BRANCH as agent of the Finance Parties (in such capacity, the “Agent”); and 

 

	(6)	AXIS BANK LIMITED, a company incorporated under the Companies Act, 1956 and a banking company within the meaning of Section 5(c) of the Banking (Regulation) Act, 1949 and having its registered office at
Trishul, Third Floor, Opp. Samartheswar Temple, Law Garden, Ellisbridge, Ahmedabad 380 006, Gujarat, India and having its Central Office at Axis House, Wadia International Centre, P. B. Marg, Worli, Mumbai- 400025, in the State of Maharashtra, India
as security trustee for the Finance Parties (in such capacity, the “Security Trustee”). 

 IT IS AGREED as follows:

  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

“Accession Letter” means a document substantially in the form set out in Schedule 6 (Form of Accession Letter). 

“Additional Borrower” means a company which becomes an Additional Borrower in accordance with Clause 25 (Changes to the
Obligors). 
 “Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that
person or any other Subsidiary of that Holding Company; 
 “Authorisation” means: 

 

	 	(a)	an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, order, lodgement or registration, and, if the same is conditional, the compliance with all the conditions stipulated therein; or

  

	 	(b)	in relation to anything which will be fully or partly prohibited or restricted by law or regulation if a Governmental Agency intervenes or acts in any way within a specified period after lodgement, filing, registration
or notification, the expiry of that period without intervention or action; 

  
 1 

 “Availability Period” means the period from and including the date of this
Agreement to and including the date falling 30 days after the date of this Agreement. 
 “Available Commitment” means a
Lender’s Commitment minus: 
  

	 	(a)	the aggregate amount of its participation in any outstanding Loans; and 

  

	 	(b)	in relation to any proposed Utilisation, the aggregate amount of its participation in any Loans that are due to be made on or before the proposed Utilisation Date; 

“Available Facility” means the aggregate for the time being of each Lender’s Available Commitment; 

“Borrower” means the Original Borrower or an Additional Borrower unless the Original Borrower has ceased to be a Borrower in
accordance with Clause 25 (Changes to the Obligors), and a reference to “the Borrower” shall, unless a contrary indication appears, be construed to be a reference to each Borrower. 

“Break Costs” means the amount (if any) by which: 
  

	 	(a)	the interest which a Lender should have received pursuant to the terms of this Agreement for the period from the date of receipt of all or any part of the principal amount of its participation in a Loan or Unpaid Sum to
the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount of that Loan or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds: 
  

	 	(b)	the amount of interest which that Lender would be able to obtain by placing an amount equal to the principal amount of that Loan or Unpaid Sum received by it on deposit with a leading bank in the London interbank market
for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period; 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in Hong Kong and
Mumbai; 
 “Cairn India” means Cairn India Limited, a company registered under the laws of India with its registered office
at 101 West View, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, India. 
 “Charged Assets” means all and any assets
which are, or are expressed to be, the subject of the Transaction Security from time to time; 
 “Commitment” means: 

 

	 	(a)	in relation to the Original Lender, the amount set opposite its name under the heading “Commitment” in Schedule 1 (Original Lenders) and the amount of any other Commitment transferred to it under this
Agreement; and 

  

	 	(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement, 

to the extent not cancelled, reduced or transferred by it under this Agreement; 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 5 (Form of Compliance
Certificate); 

  
 2 

 “Control” means, in relation to an entity, the power to direct the management
and policy decisions of that entity and/or to appoint the majority of directors on the board of that entity, whether through the ownership of voting share capital, by contract or any other means whatsoever; 

“Corporate Guarantee” means the corporate guarantee and indemnity under Clause 17 (Corporate Guarantee and Indemnity). 

“Deed of Hypothecation” means the Original Borrower Deed of Hypothecation or the New Borrower Deed of Hypothecation. 

“Default” means an Event of Default or any event or circumstance which would (with the expiry of any grace period, the giving
of notice, the passage of time, the making of any determination under the Finance Documents or the satisfaction of any applicable condition (or any combination of any of the foregoing)) be an Event of Default; 

“Disruption Event” means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise
in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems- related nature) to the treasury or payments operations of a Party preventing that or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted; 

“ECB” means the external commercial borrowings made by an eligible borrower resident in India from a non-resident recognised
lender in accordance with the ECB Guidelines; 
 “ECB Guidelines” mean the Master Circular on External Commercial Borrowing
and Trade Credits dated 2 July 2012 issued by RBI read together with Section 6(3)(d) of the Foreign Exchange Management Act, 1999 and regulation 6 of Notification No. FEMA 3/2000-RB dated 3 May 2000, as amended, modified or replaced
from time to time; 
 “Environment” means humans, animals, plants and all other living organisms including the ecological
systems of which they form part and the following media: 
  

	 	(a)	air (including air within buildings and air within other natural or man-made structures above or below ground); 

  

	 	(b)	water (including territorial, coastal and inland waters, water under or within land and water in drains and sewers); and 

  

	 	(c)	land (including surface and sub-surface soil and land under water); 

  
 3 

 “Environmental Claim” means any claim, proceeding or investigation by any person
in respect of any Environmental Law; 
 “Environmental Law” means any applicable law (including common law) or regulation,
statute, rule, ordinance, code, guideline or policy having the force of law in any jurisdiction in which the Borrower conducts business and any applicable judicial or administrative interpretation thereof, including any judicial or administrative
order, decree or judgment which relates to: 
  

	 	(a)	the pollution or protection of the Environment; 

  

	 	(b)	the conditions of the workplace; or 

  

	 	(c)	the generation, handling, storage, use, release or spillage of any substance (including any waste) which (alone or in combination with any other) is capable of causing harm to the Environment; 

“Environmental Permits” means any Authorisation and the filing of any notification, report or assessment required under any
Environmental Law for the operation of the business of the Borrower; 
 “Event of Default” means any event or circumstance
specified as such in Clause 22 (Events of Default); 
 “Existing Borrowing” means the existing external commercial
borrowings of JPY 3,960,000,000 extended to the Original Borrower by Welter Trading Limited for capital expenditure purposes. 

“Existing Credit Rating” means, in relation to the Facility, the credit rating prevailing immediately prior to a
Reconstruction Event. 
 “External Rating Agency” means CRISIL, ICRA Limited, Credit Analysis & Research Ltd
(CARE), Fitch Ratings, or any other rating agency as may be approved by the Agent (in consultation with the Borrower); 

“Facility” means the term loan facility made available under this Agreement as described in Clause 2 (The Facility);

 “Facility Office” means the office or offices notified by a Lender to the Agent in writing on or before the date it
becomes a Lender (or, following that date, by not less than five (5) Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement; 

“Fee Letter” means any letter or letters referred to in Clause 11 (Fees); 

“Final Repayment Date” means 24 July 2015; 

“Finance Document” means this Agreement, any Accession Letter, any Fee Letter, the Offer Letter, any Resignation Letter, any
Utilisation Request, any Transfer Certificate, any Security Document, any Indian security or other document relating to any transfer of security in connection with the Sesa Sterlite Merger, and any other document designated as such by the Agent and
the Borrower; 
 “Finance Party” means the Arranger, the Agent, the Security Trustee or any of the Lenders and
“Finance Parties” means all of them; 
 “Financial Indebtedness” means any indebtedness for or in respect
of: 
  

	 	(a)	monies borrowed; 

  
 4 

	 	(b)	any amount raised under any acceptance credit facility; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market
value shall be taken into account); 

  

	 	(h)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and 

 

	 	(i)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above; 

“GAAP” means, in relation to any corporation, generally accepted accounting principles in the jurisdiction of its
incorporation; 
 “Governmental Agency” means any government or any governmental agency, semi-governmental or judicial
entity or authority (including any stock exchange or any self-regulatory organisation established under any law or regulation); 

“Guarantor Group” means the Guarantor and each of its Subsidiaries; 

“Hindustan Zinc” means Hindustan Zinc Ltd, a company incorporated under the laws of India whose registered office is at Yashad
Bhawan, Udaipur – 313004, Rajasthan, India. 
 “Holding Company” means, in relation to a company or corporation, any
other company or corporation in respect of which it is a Subsidiary; 
 “Indirect Tax” means any goods and services tax,
consumption tax, value added tax or any Tax of a similar nature; 
 “Interest Period” means, in relation to a Loan, each
period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest); 

“JPY” means the lawful currency for the time being of Japan. 

“Legal Reservations” means such reservations, assumptions or qualifications as to matters of law of general application
limiting the obligations of the Obligors as have been made in legal opinions addressed and delivered to the Finance Parties pursuant to any Finance Document; 

“Lender” means: 

  
 5 

	 	(a)	the Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 24 (Changes to the Lenders), 

which in each case has not ceased to be a Party in accordance with the terms of this Agreement; 

“LIBOR” means, in relation to any Loan or Unpaid Sum: 

 

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for US Dollars LIBOR for the Interest Period of that Loan or Unpaid Sum) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request
quoted by the Reference Banks to leading banks in the London interbank market, 

 as of 11:00 a.m. (London time) on the
Quotation Day for the offering of deposits in US Dollars LIBOR for an amount comparable to that Loan or Unpaid Sum and for a period comparable to the relevant Interest Period, and if any such rate is below zero, LIBOR shall be deemed to be zero;

 “Loan” means, as the context requires, a loan made or to be made under the Facility or the principal amount outstanding
for the time being of that loan; 
 “Majority Lenders” means: 

 

	 	(a)	if there is any Loan then outstanding, a Lender or Lenders whose participations in the Loan(s) then outstanding aggregate more than sixty six and two thirds per cent.
(66 2⁄3%) of all such Loans; 

  

	 	(b)	if there is no Loan then outstanding and the Available Facility is then greater than zero, a Lender or Lenders whose Available Commitments aggregate more than sixty six and two thirds per cent. (66 2⁄3%) of the Available Facility; or 

  

	 	(c)	if there is no Loan then outstanding and the Available Facility is then zero; 

  

	 	(i)	if the Available Facility became zero after a Loan ceased to be outstanding, a Lender or Lenders whose Available Commitments aggregated more than sixty six and two thirds per cent.
(66 2⁄3%) of the Available Facility immediately before the Available Facility became zero, or 

 

	 	(ii)	if a Loan ceased to be outstanding after the Available Facility became zero, a Lender or Lenders whose participations in the Loans outstanding immediately before any Loan ceased to be outstanding aggregated more than
sixty six and two thirds per cent. (66 2⁄3%) of all such Loans; 

“Margin” means three point six per cent. (3.6%) per annum; 

“Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	the ability of any Obligor to perform or comply with its respective obligations under any Finance Document to which it is a party; 

  

	 	(b)	the business, operations, property, projects, condition (financial or otherwise) or prospects of any Obligor; 

  
 6 

	 	(c)	the validity, legality or enforceability of any Finance Document or any rights or remedies of any Finance Party thereunder; or 

  

	 	(d)	the priority or ranking of any Transaction Security granted or purported to be granted; 

“Maximum Lending Rate” means the rate which is one per cent. (1%) above the applicable interest rate for the Facility
determined in accordance with Clause 8.1 (Calculation of interest); 
 “Month” means a period starting on one
(1) day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately
preceding Business Day; 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month. 

The above rules will only apply to the last Month of any period; 

“Moveable Assets” means all the moveable assets of each Borrower; 

“New Borrower” means the company presently named as Sesa Goa Limited (which, it is intended, will be renamed Sesa Sterlite
Limited), a company registered under the laws of India with its registered address at PO Box 125, Sesa Ghor, 20 EDC Complex, Patto, Panaji, Goa – 403001, India; 

“New Borrower Deed of Hypothecation” means the deed of hypothecation by the New Borrower in favour of the Security Trustee (in
trust and for the benefit of the Finance Parties), creating a subservient charge over the moveable assets of aluminium assets of the New Borrower; 

“New Lender” has the meaning given to it in Clause 24.1 (Assignments and transfers by the Lenders); 

“Novation Effective Date” means the date on which the Agent is satisfied that all obligations of the Original Borrower under
the Finance Documents have been effectively transferred to the New Borrower; 
 “Obligors” means the Borrowers and the
Guarantor and “Obligor” means each one of them; 
 “Offer Letter” means the letter
exchanged/agreed/acknowledged between the Borrower and the Security Trustee and/or the Agent pertaining to their commercial terms. 

“Original Borrower Deed of Hypothecation” means the deed of hypothecation executed or to be executed by the Original Borrower
in favour of the Security Trustee (in trust and for the benefit of the Finance Parties), creating a subservient charge over the Movable Assets of the Original Borrower; 

“Original Financial Statements” means, in relation to each Borrower, its most recent audited consolidated financial statement;

 “Party” means a party to this Agreement; 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined, two (2) Business Days
before the first day of that period unless market practice differs in the London interbank market in which case the Quotation Day will be determined by the Agent in accordance 

  
 7 

 
with market practice in the London interbank market (and if quotations would normally be given by leading banks in the London interbank market on more than one day, the Quotation Day will be the
last of those days); 
 “RBI” means the Reserve Bank of India established under the Reserve Bank of India Act, 1934 of
India; 
 “Reconstruction Event” has the meaning given to it in Clause 21.4(a) (Merger). 

“Reference Banks” means, in relation to LIBOR, the principal London offices of Barclays Bank plc, Deutsche Bank AG, Standard
Chartered Bank and State Bank of India or such other banks as may be appointed by the Agent, in consultation with the Borrower; 

“Repeating Representations” means each of the representations set out in Clause 17 (Representations) (except for the
representations set out in Clause 18.6 (No filing or stamp taxes), Clause 18.8(a) (No misleading information), Clause 18.18 (RBI and other approvals) and Clause 18.19 (Foreign exchange control)); 

“Resignation Letter” means a letter substantially in the form set out in Schedule 7 (Form of Resignation Letter). 

“Rupees” means the lawful currency for the time being of India; 

“Screen Rate” means the British Bankers’ Association Interest Settlement Rate for US Dollars for the relevant period and
amount displayed on page 3750 of the Dow Jones Telerate screen or alternatively the appropriate page on the Reuters screen. If this service ceases to be available, the Agent may, without reference to any other Finance Party, specify another service
displaying the appropriate rate after consultation with the Borrower and the Lenders; 
 “Security” means a mortgage,
charge, pledge, hypothecation, lien, security assignment or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect; 

“Security Documents” means: 
  

	 	(a)	the Deed of Hypothecation; 

  

	 	(b)	any other document created from time to time which may create or evidence any Security to be provided by any person as security for any Borrower’s obligations under any Finance Document; and 

 

	 	(c)	any document designated as such from time to time by the Agent and the Borrower; 

“Selection Notice” means a notice, substantially in the form set out in Part 2 of Schedule 3 (Form of Selection Notice)
given in accordance with Clause 9 (Interest Periods); 
 “Sesa Sterlite Merger” means the proposed merger of the
Original Borrower’s aluminium business into the New Borrower, as described in the circular dated 30 May 2012 from Vedanta Resources Plc to its shareholders and disclosed to the Agent prior to the date of this Agreement. 

“Sponsor Debt” means any present or future loan extended to the Borrower by any member of the Guarantor Group; 

“Subsidiary” means, in relation to any company or corporation, a company or corporation: 

  
 8 

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

  

	 	(b)	more than fifty per cent. (50%) of the issued equity share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or 

 

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

 and
for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body; 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest
payable in connection with any failure to pay or any delay in paying any of the same); 
 “Third Parties Act” means the
Contracts (Rights of Third Parties) Act 1999; 
 “Total Commitments” means the aggregate of the Commitments being fifty
million US Dollars (US$50,000,000) as at the date of this Agreement; 
 “Transaction Security” means any Security for all or
any part of the obligations of the Borrower under any Finance Documents expressed to be created by or pursuant to, or evidenced in, any Security Documents; 

“Transfer Certificate” means a certificate substantially in the form set out in Schedule 4 (Form of Transfer
Certificates) or any other form as determined by the Agent without reference to any other Finance Party; 
 “Transfer
Date” means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Agent executes the Transfer Certificate; 

 “Unpaid Sum”
means any sum due and payable but unpaid by an Obligor under the Finance Documents; 
 “US Dollars” or
“US$” means the lawful currency for the time being of the United States of America; 
 “Utilisation” means
a utilisation of the Facility; 
 “Utilisation Date” means the date of a Utilisation, being the date on which the relevant
Loan is made or is to be made; 
 “Utilisation Request” means a notice substantially in the form set out in Part 1 of
Schedule 3 (Requests); and 
 “VRPLC” means Vedanta Resources PLC, a company incorporated and registered in England
and Wales with company registration number 04740415 and registered office at 2nd Floor, Vintners Place, 68 Upper Thames Street, London EC4V 3BJ. 
  

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears, any reference in this Agreement to: 

  
 9 

	 	(i)	the “Agent”, the “Arranger”, the “Security Trustee”, any “Lender”, any “Finance Party”, any “Borrower”, the
“Guarantor”, any “Obligor”, any “Party” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees including persons taking by
novation; 

  

	 	(ii)	an “agency” includes any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	 	(iii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iv)	an “authorised signatory” means a person that has been duly authorised by another person (the “other person”) to execute or sign any Finance Document (or other document or notice to be
executed or signed by the other person under or in connection with any Finance Document) on behalf of that other person; 

  

	 	(v)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated or supplemented including any waiver or consent
granted in respect of any term of any Finance Document; 

  

	 	(vi)	a “guarantee” also includes an indemnity and any other obligation (whatever called) of any person to pay, purchase, provide funds (whether by the advance of money, the purchase of or subscription for
shares or other securities, the purchase of assets or services or otherwise) for the payment of, indemnify against the consequences of default in the payment of, or otherwise be responsible for, any indebtedness of any other person (and
“guaranteed” and “guarantor” shall be construed accordingly); 

  

	 	(vii)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(viii)	a “person” includes any person, firm, company, corporation, government, state or agency of a state or any association, trust or partnership (whether or not having separate legal personality) or two or
more of the foregoing; 

  

	 	(ix)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but if not having the force of law, which is generally complied with by
those to whom it is addressed) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	 	(x)	a law or a provision of law is a reference to that law or, as applicable, that provision as amended or re-enacted; and 

  

	 	(xi)	a time of day is a reference to Hong Kong time unless otherwise stated. 

  

	 	(b)	Clause and Schedule headings are for ease of reference only and shall not affect the interpretation of any term of this Agreement. 

  

	 	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this
Agreement. 

  
 10 

	 	(d)	A Default is “continuing” if it has not been remedied or waived. 

  

	 	(e)	Reference to the words “include” or “including” shall be construed without limitation. 

  

	 	(f)	Words importing the singular number shall include the plural and vice-versa. 

  

	1.3	Third Party Rights 

  

	 	(a)	Except as provided in a Finance Document, the terms of a Finance Document may be enforced and enjoyed only by a party to it and the operation of the Third Parties Act is excluded. 

 

	 	(b)	Notwithstanding any provision of any Finance Document, the consent of any person who is not a party to a Finance Document is not required to vary, rescind or terminate that Finance Document. 

 

	2.	THE FACILITY 

  

	2.1	The Facility 

 Subject to the terms of this Agreement, the Lenders make available to the
Borrower a US Dollar term loan facility up to an aggregate amount not exceeding the Total Commitments. 
  

	2.2	Finance Parties’ rights and obligations 

  

	 	(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under
the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

  

	 	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor, whether such
debt was originally contracted as such or was acquired from another Finance Party by a transfer, in whole or in part, from such other Finance Party of the debt due to it by the Obligor, shall be a separate and independent debt. 

 

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 

	3.	PURPOSE 

  

	3.1	Purpose 

 The Borrower shall apply all amounts borrowed by it under the Facility towards
refinancing the Existing Borrowing. 
  

	3.2	Monitoring 

 No Finance Party is bound to monitor or verify the application of any amount
borrowed pursuant to this Agreement. 

  
 11 

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

 The Borrower may not deliver a Utilisation Request unless
the Agent has received all of the documents and other evidence listed in Part 1 of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Borrower and the Lenders promptly upon being so
satisfied. 
  

	4.2	Further conditions precedent 

 The Lenders will be obliged to comply with Clause 5.4
(Lenders’ participations) only if on the date of the Utilisation Request and on the proposed Utilisation Date: 
  

	 	(a)	no Default is continuing or would result from the proposed Loan; 

  

	 	(b)	the Repeating Representations to be made by the Borrower are true in all material respects; and 

  

	 	(c)	there has been no material adverse change (or any event which is likely to result in a material adverse change) in the financial condition of the Borrower, or the Republic of India, whether as a result of domestic or
international changes. 

  

	4.3	Maximum number of Loans 

 The Borrower may not deliver a Utilisation Request if as a
result of the proposed Utilisation more than one Loan would be outstanding. 
  

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

 The Borrower may utilise the Facility by delivery to
the Agent of a duly completed Utilisation Request not later than 11:00 a.m. (Hong Kong time) on the third (3rd) Business Day prior to the proposed Utilisation Date (or at such later time
as the Agent may approve). 
  

	5.2	Completion of a Utilisation Request 

  

	 	(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(ii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and 

  

	 	(iii)	the proposed first Interest Period complies with Clause 9 (Interest Periods). 

  

	 	(b)	Only one Loan may be requested in each Utilisation Request. 

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be US Dollars. 

  
 12 

	 	(b)	The amount of the proposed Loan must be an amount equal to or less than the Available Facility. 

  

	5.4	Lenders’ participations 

  

	 	(a)	If the conditions set out in Clause 4 (Conditions of Utilisation) and 5.1 (Delivery of a Utilisation Request) to 5.3 (Currency and amount) above have been met, each Lender shall make its participation in each Loan
available by the Utilisation Date through its Facility Office. 

  

	 	(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Loan. 

 

	 	(c)	The Agent shall promptly notify each Lender of the amount of each Loan and the amount of its participation in that Loan. 

  

	5.5	Cancellation of Available Facility 

 The Commitments which, at that time, are unutilised
shall be immediately cancelled at 5.00 p.m. on the last day of the Availability Period. 
  

	6.	REPAYMENT 

  

	6.1	Repayment of Loans 

 The Borrower must repay the Loan in full on the Final Repayment
Date. 
  

	6.2	Re-borrowing 

 The Borrower may not re-borrow any part of the Facility which is repaid or
prepaid. 
  

	7.	PREPAYMENT AND CANCELLATION 

  

	7.1	Illegality 

 If after the date of this Agreement, it is or will become unlawful in any
applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Loan: 
  

	 	(a)	that Lender shall promptly notify the Agent upon becoming aware of that event, and the Agent shall in turn notify the Borrower; 

  

	 	(b)	upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled; and 

  

	 	(c)	the Borrower shall repay that Lender’s participation in the Loans made to the Borrower on the last day of the Interest Period for each Loan occurring after the Agent has notified the Borrower or, if earlier, the
date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law or any directive). 

  
 13 

	7.2	Mandatory prepayment of Loans - Change of Control of the Borrower or Guarantor 

 If VRPLC
does not or ceases to own (directly or indirectly) at least fifty per cent. (50%) of the issued share capital (with voting rights) of the Borrower or the Guarantor or otherwise does not or ceases to control the Borrower or the Guarantor, or the
Guarantor or any other person or group of persons acting in concert gains control of the Borrower or the Guarantor, then: 
  

	 	(a)	the Borrower shall promptly notify the Agent upon the occurrence of that event; and 

  

	 	(b)	if the Majority Lenders so require, the Agent shall, by not less than five (5) Business Days’ prior notice to the Borrower, cancel the Facility and declare the outstanding Loans, together with accrued
interest, and all other amounts accrued under the Finance Documents immediately due and payable on the date specified in the notice, whereupon the Facility and the Total Commitments will be cancelled and all such outstanding amounts will become
immediately due and payable. 

 For the purpose of this Clause: 

 

	 	(a)	“control” of a person means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to; 

 

	 	(i)	appoint or remove all, or the majority, of the directors or other equivalent officers of that person; or 

  

	 	(ii)	give directions with respect to the operating and financial policies of that person, which the directors or other equivalent officers of that person are obliged to comply with; and 

 

	 	(b)	“acting in concert” means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate through the acquisition by any of them, either directly or
indirectly, of shares in the relevant company, to obtain or consolidate control of the relevant company. 

  

	7.3	Voluntary prepayment of Loans 

  

	 	(a)	The Borrower may by not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice to the Agent, prepay the whole or any part of any Loan (but, if in
part, being an amount that reduces that Loan by a minimum amount of ten million US Dollars (US$10,000,000) or a higher amount, which is in integral multiples of five million US Dollars (US$5,000,000)). 

 

	 	(b)	A Loan may only be prepaid under this Clause 7.3 (Voluntary prepayment of Loans) on the last day of an Interest Period for that Loan. 

 

	 	(c)	Any prepayment under this Clause 7.3 (Voluntary prepayment of Loans) shall satisfy the obligations of the Borrower under Clause 6.1 (Repayment of Loans) pro rata and be applied rateably among the
participations of all Lenders. 

  

	7.4	Right of prepayment and cancellation in relation to a single Lender 

  

	 	(a)	If: 

  

	 	(i)	any Lender claims indemnification from the Borrower under Clause 13.1 (Increased costs); or 

  
 14 

	 	(ii)	the rate notified by a Lender in relation to a particular Interest Period under sub-clause (a)(ii) of Clause 10.2 (Market disruption) is higher than the lowest rate notified by another Lender under that clause,

 the Borrower may, whilst the circumstance giving rise to the requirement or indemnification continues give the Agent notice
of cancellation of the Commitment of that Lender and its intention to procure the prepayment of that Lender’s participation in the Loans. 
  

	 	(b)	On receipt of a notice referred to in sub-clause (a) above, the Commitment of that Lender shall immediately be reduced to zero. 

 

	 	(c)	On the last day of the Interest Period which ends after the Borrower has given notice under sub-clause (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall prepay that
Lender’s participation in that Loan. 

  

	7.5	Restrictions 

  

	 	(a)	Any prepayment under this Agreement shall only be made subject to the same being permitted under applicable law and regulation including, specifically, the ECB Guidelines. 

 

	 	(b)	Any notice of cancellation or prepayment given by any Party under this Clause 7 (Prepayment and cancellation) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the
date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

	 	(c)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, save for voluntary prepayment under Clause 7.3 (Voluntary Prepayment of Loans) made on the last day of
an Interest Period of the Loan, shall be subject to Break Costs as applicable. No premium or penalty is payable in respect of any prepayment made under this Agreement. 

 

	 	(d)	The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 

 

	 	(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	 	(f)	If the Agent receives a notice under this Clause 7 (Prepayment and Cancellation), it shall promptly forward a copy of that notice to either the Borrower or the affected Lender, as appropriate. 

 

	8.	INTEREST 

  

	8.1	Calculation of interest 

 The rate of interest on each Loan for each Interest Period is
the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	Margin; and 

  

	 	(b)	three (3) or six (6) Months LIBOR as the Borrower may select. 

  
 15 

	8.2	Payment of interest 

 The Borrower shall pay accrued interest on each Loan on the last
day of each Interest Period and calculated on the basis of the actual number of days elapsed in a year of 360 days. 
  

	8.3	Default interest 

  

	 	(a)	Subject to the ECB Guidelines, if the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment
(both before and after judgment) at (subject to sub-clauses (b) and (c) below) the Maximum Lending Rate (on the basis that the Unpaid Sum had, during the period of non-payment, constituted a Loan in the currency of the Unpaid Sum for
successive Interest Periods, each of a duration selected by the Agent). Any interest accruing under this Clause 8.3 (Default interest) shall be immediately payable by the Borrower on demand by the Agent. 

 

	 	(b)	If any Unpaid Sum consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: 

 

	 	(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and 

 

	 	(ii)	the rate of interest applying to the Unpaid Sum during that first Interest Period shall be the Maximum Lending Rate. 

  

	 	(c)	Without prejudice to the rights of the Finance Parties under Clause 23 (Consequences of Events of Default), if any Security expressed to be created by or pursuant to any Security Document is not fully perfected
with the ranking and priority it is expressed to have by the date required pursuant to Clause 21.9(b) (Security), the Borrower shall pay default interest at the Maximum Lending Rate, until the date on which such Security is fully perfected
with the ranking and priority it is expressed to have. 

  

	 	(d)	For the avoidance of doubt, the aggregate default interest rate payable by the Borrower under this Agreement shall not exceed the Maximum Lending Rate. 

 

	 	(e)	Subject to the ECB Guidelines, default interest pursuant to sub-clause (a) above (if unpaid) arising on an Unpaid Sum will be compounded with the overdue amount at the end of each Interest Period applicable to that
Unpaid Sum but will remain immediately due and payable. 

  

	8.4	Notification of rates of interest 

 The Agent shall promptly notify the Lenders and the
Borrower of the determination of a rate of interest that is required to be notified under this Agreement. 
  

	9.	INTEREST PERIODS 

  

	9.1	Duration of Interest Periods 

  

	 	(a)	 The Borrower may select an Interest Period for a Loan in a Utilisation Request or (if the Loan has already been borrowed) in a Selection Notice. Each
Selection Notice for the Loan is irrevocable and must be delivered to the Agent by the Borrower not later than 11:00 a.m. (Hong Kong time) on the third (3rd) Business Day prior to the first
day of that Interest Period (or at such later time as the Agent may approve). If the Borrower fails to deliver a Selection 

  
 16 

	 	
Notice to the Agent in accordance with this paragraph, the relevant Interest Period will, subject to paragraph (c) below be three (3) Months. 

 

	 	(b)	Subject to this Clause 9, the Borrower may select an Interest Period of three (3) or six (6) Months or any other period agreed between the Borrower and the Agent (acting on the instructions of all the
Lenders). 

  

	 	(c)	No Interest Period for a Loan shall extend beyond the Final Repayment Date. 

  

	 	(d)	Each Interest Period for a Loan shall start on its Utilisation Date or (if that Loan has already been made) on the last day of the preceding Interest Period for such Loan. 

 

	9.2	Changes to Interest Periods 

  

	 	(a)	Prior to determining the interest rate for a Loan, the Agent may, after consultation with the Borrower, divide any Loan and/or shorten an Interest Period for any Loan to ensure there are sufficient Loans (with an
aggregate amount equal to or greater than the relevant Repayment Instalment) which have an Interest Period ending on a Repayment Date for the Borrower to make the relevant Repayment Instalment due on that date. 

 

	 	(b)	If the Agent makes any change to an Interest Period referred to in this Clause 9.2 (Changes to Interest Periods), it shall promptly notify the Borrower and the Lenders. 

 

	9.3	Non-Business Days 

 If an Interest Period would otherwise end on a day which is not a
Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	10.	CHANGES TO THE CALCULATION OF INTEREST 

  

	10.1	Absence of quotations 

 Subject to Clause 10.2 (Market disruption), if LIBOR is to
be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11:00 a.m. (London time) on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference
Banks. 
  

	10.2	Market disruption 

  

	 	(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s participation in that Loan for that Interest Period shall subject to any agreement under
Clause 10.3 (Alternative basis of interest or funding), be the rate per annum which is the sum of: 

  

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which is expressed as a percentage rate per annum
the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select. 

  

	 	(b)	 In relation to a Market Disruption Event under paragraph (c)(ii) below, if the percentage rate per annum notified by a Lender pursuant to paragraph
(a)(ii) above shall be less than LIBOR 

  
 17 

	 	
or if a Lender shall fail to notify the Agent of any such percentage rate per annum, the cost to that Lender of funding its participation in the relevant Loan for the relevant Interest Period
shall be deemed, for the purposes of paragraph (a) above, to be LIBOR. 

  

	 	(c)	In this Agreement “Market Disruption Event” means: 

  

	 	(i)	at or about noon in London on the first day after the Quotation Day for the relevant Interest Period the Screen Rate is not available or the Screen Rate is zero or negative and none or only one of the Reference Banks
supplies a rate to the Agent to determine LIBOR for US Dollars for the relevant Interest Period; or 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed thirty three and one third per
cent. (33 1⁄3%) of that Loan) that the cost to it or them of obtaining matching deposits in the London interbank market would be in excess of LIBOR or
would not be linked to LIBOR. 

  

	10.3	Alternative basis of interest or funding 

  

	 	(a)	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than seven (7) days) with a view to agreeing a
substitute basis for determining the rate of interest. 

  

	 	(b)	Any alternative basis agreed pursuant to sub-clause (a) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties. 

 

	 	(c)	For the avoidance of doubt, in the event that no substitute basis is agreed at the end of the seven (7) day period, the rate of interest shall continue to be determined in accordance with the terms of this
Agreement. 

  

	10.4	Break Costs 

  

	 	(a)	The Borrower shall, within three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the Borrower on a day
other than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

	 	(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue. 

 

	11.	FEES 

  

	11.1	Upfront fee 

 The Borrower shall pay to the Arranger (for its own account) an upfront fee
in the amount and at the times agreed in the relevant Fee Letter. 
  

	11.2	Agency fee 

 The Borrower shall pay to the Agent (for its own account) an agency fee in
the amount and at the times agreed in the Offer Letter. 

  
 18 

	11.3	Security Trustee Fee 

 The Borrower shall pay to the Security Trustee (for its own
account) a security trustee fee in the amount and at the times agreed in the Offer Letter. 
  

	12.	TAX GROSS-UP AND INDEMNITIES 

  

	12.1	Definitions 

  

	 	(a)	In this Agreement: 

 “Tax Credit” means a credit against, relief or remission
for, or repayment of any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment
under a Finance Document. 
 “Tax Payment” means either the increase in a payment made by the Borrower to a Finance Party
under Clause 12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity). 
  

	 	(b)	Unless a contrary indication appears, in this Clause 12 a reference to “determines” or “determined” means a determination made in the discretion of the person (acting reasonably) making the
determination. 

  

	12.2	Tax gross-up 

  

	 	(a)	All payments to be made by the Borrower to any Finance Party under or in connection with a Finance Document shall be made free and clear of and without any Tax Deduction, unless a Tax Deduction is required by law in
which case the sum payable by the Borrower shall be increased to the extent necessary to ensure that the Finance Party concerned receives a sum, net of any Tax Deduction, equal to the sum which it would have received had no Tax Deduction been
required, Provided that, notwithstanding any other provision of this Agreement, where any Loan (or part thereof) is transferred or assigned by a Lender that is incorporated or resident in India to any bank or financial institution
incorporated, or resident, outside of India pursuant to Clause 24 (Changes to the Lenders), the Borrower’s obligation to gross up for any payment subject to a Tax Deduction under this Agreement at any time to such bank or financial
institution incorporated, or resident, outside of India shall only be limited to the same extent as it would have been if the transfer or assignment had not occurred. 

 

	 	(b)	The Borrower shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify
the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Borrower. 

 

	 	(c)	If the Borrower is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

  

	 	(d)	Within thirty (30) days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower shall deliver to the Agent for the Finance Party entitled to the payment an
original receipt (or certified copy thereof) evidencing to the reasonable satisfaction of that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment has been paid to the relevant taxing authority.

  
 19 

	12.3	Tax indemnity 

  

	 	(a)	Without prejudice to Clause 12.2 (Tax gross-up), if any Finance Party is required to make any payment of or on account of Tax on or in relation to any sum received or receivable under or in connection with the
Finance Documents (including any sum deemed for purposes of Tax to be received or receivable by such Finance Party, whether or not actually received or receivable) or if any liability in respect of any such payment is asserted, imposed, levied or
assessed against any Finance Party, the Borrower shall (within three (3) Business Days of demand by the Agent) indemnify the Finance Party which determines it has suffered a loss or liability as a result against such payment or liability
together with any interest, penalties, costs and expenses payable or incurred in connection therewith. 

  

	 	(b)	Sub-clause (a) above shall not apply: 

  

	 	(i)	with respect to any Tax imposed: 

  

	 	(A)	by the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction or jurisdictions in which that Finance Party is treated as resident for tax purposes; or 

 

	 	(B)	by the jurisdiction in which its Facility Office is located; or 

  

	 	(C)	which is calculated by reference to the net income actually received or receivable (but, for the avoidance of doubt, not including any sum deemed for purposes of Tax to be received or receivable by that Finance Party
but not actually received or receivable) by that Finance Party; or 

  

	 	(ii)	to the extent a loss, liability or cost is compensated for by an increased payment under Clause 12.2 (Tax gross-up). 

  

	 	(c)	A Finance Party making, or intending to make a claim under sub-clause (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, whereupon the Agent shall notify the
Borrower. 

  

	 	(d)	A Finance Party shall, on receiving a payment from the Borrower under this Clause 12.3 (Tax indemnity), notify the Agent. 

  

	12.4	Tax Credit 

 If the Borrower makes a Tax Payment and the relevant Finance Party
determines that: 
  

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part of that Tax Payment; and 

  

	 	(b)	that Finance Party has obtained, utilised and fully retained that Tax Credit on an affiliated group basis, 

the Finance Party shall, as soon as practicable, pay an amount to the Borrower which that Finance Party determines will leave it (after that
payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Borrower. 

  
 20 

	12.5	Stamp taxes 

 Any stamp duty, registration and other similar Taxes applicable in any
relevant jurisdiction in connection with any Finance Document shall be for the account of the Borrower. Without prejudice to the aforesaid provision, the Borrower shall pay and, within three (3) Business Days of demand, indemnify each Finance
Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 

 

	12.6	Indirect Tax 

  

	 	(a)	All consideration expressed to be payable under a Finance Document by any Party to a Finance Party shall be deemed to be exclusive of any Indirect Tax. If any Indirect Tax is chargeable on any supply made or any
services rendered by any Finance Party to any Party in connection with a Finance Document, that Party shall pay (unless that Party is the Agent, in which case the Borrower shall pay) to the Finance Party (in addition to and at the same time as
paying the consideration) an amount equal to the amount of the Indirect Tax. 

  

	 	(b)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify the Finance Party against all Indirect Tax incurred by the
Finance Party in respect of the costs or expenses. 

  

	13.	INCREASED COSTS 

  

	13.1	Increased costs 

  

	 	(a)	Subject to Clause 13.3 (Exceptions) the Borrower shall, within three (3) Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that
Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the
date of this Agreement. 

  

	 	(b)	The terms “law” and “regulation” in paragraph (a) above shall include the Basel III Framework and any other law or regulation concerning capital adequacy, prudential limits, liquidity reserve
assets or Tax. 

  

	 	(c)	In this Agreement “Increased Costs” means: 

  

	 	(i)	a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital (including as a result of any reduction in the rate of return on capital brought about by more
capital being required to be allocated by that Finance Party or one of its Affiliates); 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or
suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 

  
 21 

	 	(d)	In this Agreement, “Basel III Framework” means: 

  

	 	(i)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems” and “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee in December 2010 (the “Basel
Committee December 2010 Publication”), each as amended, supplemented and restated; 

  

	 	(ii)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the
Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(iii)	any further guidance or standards published by the Basel Committee relating to “Basel III”. 

  

	13.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 

 

	13.3	Exceptions 

  

	 	(a)	Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law to be made by Borrower; 

  

	 	(ii)	compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 (Tax indemnity) but was not so compensated solely because of the application of any of the exclusions in
sub-clause (b) of Clause 12.3 (Tax indemnity)); or 

  

	 	(iii)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. 

  

	 	(b)	In this Clause 13.3, a reference to a “Tax Deduction” has the same meaning given to the term in Clause 12 (Definitions). 

 

	14.	OTHER INDEMNITIES 

  

	14.1	Currency indemnity 

  

	 	(a)	If any sum due from the Borrower under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First
Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against the Borrower; 

  
 22 

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

the Borrower shall as an independent obligation, within three (3) Business Days of demand, indemnify each Finance Party to whom that Sum
is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the
rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	14.2	Other indemnities 

 The Borrower shall, within three (3) Business Days of demand,
indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	any information produced or approved by any Obligor being (or being alleged to be) incorrect, misleading and/or deceptive in any respect; 

 

	 	(c)	any enquiry, investigation, subpoena (or similar order) or litigation with respect to any Obligor or with respect to the transactions contemplated or financed under this Agreement 

 

	 	(d)	a failure by the Borrower to pay any amount due under a Finance Document on its due date and in the relevant currency, including any cost, loss or liability arising as a result of Clause 29 (Sharing among the Finance
Parties); 

  

	 	(e)	funding, or making arrangements to fund, its participation in a Loan but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of wilful default or gross
negligence by that Finance Party alone); or 

  

	 	(f)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower. 

  

	14.3	Indemnity to the Agent and the Security Trustee 

 The Borrower shall promptly indemnify
the Agent and the Security Trustee (acting reasonably) on demand against any actions, proceedings, costs, charges, expenses, claims, demands, liability (including legal fees) and loss which may be brought or made against or may be incurred by the
Security Trustee or the Agent in respect of any matter or thing done or omitted to be done by the Security Trustee or the Agent under any of the Finance Documents as a result of: 

 

	 	(a)	investigating any event which it believes is a Default; 

  

	 	(b)	acting or relying on any notice, request or instruction which it believes to be genuine, correct and appropriately authorised; or 

  

	 	(c)	any other action taken by the Agent or the Security Trustee in accordance with this Agreement. 

  
 23 

	15.	MITIGATION BY THE LENDERS 

  

	15.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs) including(but not limited to): 

 

	 	(i)	providing such information as the Borrower may reasonably request in order to permit the Borrower to determine its entitlement to claim any exemption or other relief (whether pursuant to a double taxation treaty or
otherwise) from any obligation to make a Tax Deduction; and 

  

	 	(ii)	relation to any circumstances which arise following the date of this Agreement, transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office 

 

	 	(b)	Paragraph (a) above does not in any way limit the obligations of the Borrower under the Finance Documents. 

  

	15.2	Limitation of liability 

  

	 	(a)	The Borrower shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation). 

 

	 	(b)	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

 

	16.	COSTS AND EXPENSES 

  

	16.1	Transaction expenses 

 The Borrower shall promptly on demand pay the Agent the amount of
all costs and expenses (including legal and accounting fees) reasonably incurred by it in connection with the negotiation, preparation, printing, execution and syndication of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement; and 

  

	 	(b)	any other documents (including any Finance Documents) prepared and/or executed after the date of this Agreement. 

  

	16.2	Amendment costs 

 If: 

 

	 	(a)	the Borrower requests an amendment, waiver or consent; or 

  

	 	(b)	an amendment is required pursuant to Clause 30.9 (Change of currency), 

 the Borrower
shall, within three (3) Business Days of demand, reimburse the Agent for the amount of all costs and expenses (including legal and accounting fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with
that request or requirement. 

  
 24 

	16.3	Enforcement costs 

 The Borrower shall, within three (3) Business Days of demand,
pay to each Finance Party the amount of all costs and expenses (including legal and accounting fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document. 

 

	16.4	Agent’s and/or Security Trustee’s Expenses 

  

	 	(a)	The Borrower shall promptly on demand pay the Security Trustee the amount of all costs and expenses (including legal fees) reasonably incurred by the Security Trustee in connection with the creation, administration,
assignment or release of any Transaction Security. 

  

	 	(b)	In the event of: 

  

	 	(i)	a Default; or 

  

	 	(ii)	the Agent and/or the Security Trustee considering it necessary or expedient; or 

  

	 	(iii)	the Agent and/or the Security Trustee being requested by the Borrower or the Majority Lenders to undertake duties which the Agent and/or the Security Trustee and the Borrower agree to be of an exceptional nature and/or
outside the scope of the normal duties of the Agent and/or the Security Trustee under the Finance Documents, 

 the Borrower
shall pay to the Agent and/or the Security Trustee (as applicable) any additional remuneration that may be agreed between them. 
  

	 	(c)	If the Agent and/or the Security Trustee and the Borrower fail to agree upon the nature of the duties or upon any additional remuneration, that dispute shall be determined by an investment bank (acting as an expert and
not as an arbitrator) selected by the Agent or Security Trustee (as applicable) (the costs of the investment bank being payable by the Borrower) and the determination of any investment bank shall be final and binding on the Parties.

  

	16.5	Borrower’s costs 

 The Borrower shall itself bear any costs and expenses incurred by
it which are similar to those costs and expenses contemplated in Clauses 16.1 (Transaction expenses) to 16.3 (Enforcement costs) above 
  

	17.	CORPORATE GUARANTEE AND INDEMNITY 

  

	17.1	Corporate Guarantee and indemnity 

 The Guarantor irrevocably and unconditionally: 

 

	 	(a)	guarantees to each Finance Party punctual performance by the Borrower of all the Borrower’s obligations under the Finance Documents; 

 

	 	(b)	undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall within five Business Days of demand pay that amount
as if it was the principal obligor; and 

  
 25 

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party within five
Business Days of demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the
date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 17 if the amount claimed had been recoverable on the basis of a guarantee.

  

	17.2	Continuing guarantee 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by the Borrower under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	17.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	17.4	Waiver of defences 

 The obligations of the Guarantor under this Clause 17 will not be
affected by an act, omission, matter or thing which, but for this Clause 17, would reduce, release or prejudice any of its obligations under this Clause 17 (without limitation and whether or not known to it or any Finance Party) including: 

 

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person; 

  

	 	(b)	the release of the Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, execute, take up or enforce, any rights against, or security over assets of, the Borrower or other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Borrower or any other person; 

 

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including without limitation any
change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

 

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; 

  
 26 

	 	(g)	any insolvency or similar proceedings; or 

  

	 	(h)	this Agreement or any other Finance Document not being executed by or binding upon any other party. 

  

	17.5	Immediate recourse 

 The Guarantor waives any right it may have of first requiring any
Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from the Guarantor under this Clause 17. This waiver applies irrespective of any law or
any provision of a Finance Document to the contrary. 
  

	17.6	Appropriations 

 Until all amounts which may be or become payable by the Borrower under
or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such
manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this Clause 17. 

 

	17.7	Deferral of Guarantor’s rights 

 Until all amounts which may be or become payable by
the Borrower under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, the Guarantor will not exercise or otherwise enjoy the benefit of any right which it may have by reason of
performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17: 
  

	 	(a)	to be indemnified by the Borrower; 

  

	 	(b)	to claim any contribution from any other guarantor of or provider of security for the Borrower’s obligations under the Finance Documents; 

 

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Finance Documents by any Finance Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1
(Corporate Guarantee and indemnity); 

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Finance Party. 

 If the
Guarantor shall receive any benefit, payment or distribution in relation to any such right it shall hold that benefit, payment or distribution (or so much of it as may be necessary to enable all 

  
 27 

 
amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be paid in full) on trust for the Finance Parties, and shall
promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 27 (Payment Mechanics). 
  

	17.8	Additional security 

 This guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Finance Party. 
  

	17.9	Release of Guarantee 

 The Guarantor shall be released from all its obligations under
this Clause 17 with effect from the Novation Effective Date. 
  

	18.	REPRESENTATIONS 

 Each Obligor makes the representations and warranties set out in this
Clause 18 (Representations) to each Finance Party on the date of this Agreement. 
  

	18.1	Status 

  

	 	(a)	It is a corporation, duly incorporated and validly existing under the law of its country of incorporation. 

  

	 	(b)	It has the power to own its assets and carry on its business as it is being conducted. 

  

	18.2	Binding obligations 

  

	 	(a)	Subject to the Legal Reservations, each Finance Document to which it is a party will, when executed, constitute its legal, valid and binding obligations enforceable in accordance with its respective terms and would be
so treated in the courts and/or tribunals of England. 

  

	 	(b)	The choice of English law as the governing law of the Finance Documents (other than Security Documents) will be recognised and enforced in India. 

 

	 	(c)	Any judgment obtained from a superior court in England in relation to a Finance Document governed by English law (other than a Security Document) will be recognised and enforced in India. 

 

	18.3	Non-conflict with other obligations 

 The entry into and performance by it of, and the
transactions contemplated by, the Finance Documents do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it (including, without limitation, the ECB Guidelines); 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its assets; or 

  

	 	(d)	any of its borrowing limit or powers or any other powers exercisable by its directors in connection herewith. 

  
 28 

	18.4	Power and authority 

  

	 	(a)	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions
contemplated by those Finance Documents. 

  

	 	(b)	No limit placed on it or the powers of its directors will be exceeded as a result of the borrowing, granting of Security or giving of guarantees or indemnities contemplated by the Finance Documents to which it is a
party. 

  

	18.5	Validity and admissibility in evidence 

 All Authorisations required or desirable: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; 

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation; and 

  

	 	(c)	to enable it to create any Transaction Security expressed to be granted or created by it by or pursuant to, or (as the case may be) any Transaction Security expressed to have been granted or created by it and to be
evidenced in, any Security Document and to ensure that such Transaction Security has the priority and ranking it is expressed to have, 

have been obtained or effected and are in full force and effect. 
  

	18.6	No filing or stamp taxes 

 Under the law of its jurisdiction of incorporation and/or the
laws of any other relevant jurisdiction it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction (other than any registrations which have been effected on or prior to the
Utilisation Date or any registrations and filings relating to any Security Document which cannot be effected until and will be effected upon, the execution of those Security Documents), or that any stamp, registration or similar tax be paid on or in
relation to the Finance Documents or the transactions contemplated by the Finance Documents (other than the stamp duties or registration duties paid on or prior to the Utilisation Date or which will be payable in connection with the Security
Documents upon their execution), except that in the case of the Borrower: 
  

	 	(a)	stamp duty is payable in India: 

  

	 	(i)	on an executed original or counterpart of a Finance Document, within three (3) Months of the date upon which such original or counterpart is first brought into India (if such original or counterpart was executed
outside India); or 

  

	 	(ii)	at or prior to the time of execution of a Finance Document in India; and 

  

	 	(b)	any filing, registration or enrolling to be made, or any Tax or fee payable in relation to any Finance Document which is referred to in any legal opinion delivered under this Agreement and which will be made or paid (as
the case may be) within the prescribed timeline. 

  
 29 

	18.7	No default 

  

	 	(a)	No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

  

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or to which its assets are subject which might have a Material Adverse Effect.

  

	18.8	No misleading information 

  

	 	(a)	Any factual information provided by the Borrower or any of the other Obligors for the purposes of the Facility was true and accurate and not misleading as at the date it was provided or as at the date (if any) at which
it is stated. 

  

	 	(b)	All other information supplied by or on behalf of the Borrower (including its advisers) is true, complete and accurate in all material respects as at the date it was given and is not misleading in any respect and the
Borrower is not aware of any fact, information or circumstances which have not been disclosed in writing to the Agent which might, if disclosed, have a material effect on any such information (including forecasts or projections) provided to the
Agent or which might affect the willingness of the Lender to lend upon the terms of this Agreement. 

  

	18.9	Financial statements 

  

	 	(a)	The Original Financial Statements were prepared in accordance with GAAP consistently applied. 

  

	 	(b)	The Original Financial Statements fairly represent the Borrower’s financial condition and operations during the relevant financial year. 

 

	 	(c)	There has been no material adverse change in its business or financial condition since 31 March 2012. 

  

	18.10	Ranking of claims 

  

	 	(a)	The Borrower shall ensure that its obligations under each Finance Document do and will rank at least pari passu with the claims of all its unsecured and unsubordinated creditors, present and future.

  

	 	(b)	Each Security Document creates (or once entered into will create) in favour of the Security Trustee for the benefit of the Finance Parties, the Security which it is expressed to create, fully perfected and with the
ranking and priority it is expressed to have. 

  

	18.11	No proceedings pending or threatened 

  

	 	(a)	No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best
of its knowledge and belief) been started or threatened against it. 

  

	 	(b)	 No corporate action has been taken it, nor have any other steps been taken or legal proceedings been started or threatened against it for its
winding-up, dissolution, administration or reorganisation or for the appointment of a receiver, administrator, 

  
 30 

	 	
administrative receiver, trustee or similar officer of it or of any or all of its assets or revenues. 

  

	18.12	Immunity 

  

	 	(a)	The execution or entering into by it of the Finance Documents constitute, and its exercise of its rights and performance of its obligations under the Finance Documents will constitute, private and commercial acts done
and performed for private and commercial purposes. 

  

	 	(b)	It is not, will not be entitled to, and will not claim immunity for itself or any of its assets from suit, execution, attachment or other legal process in any proceedings in relation to the Finance Documents.

  

	18.13	Ownership of assets 

 The Borrower has good, valid and marketable title to the Moveable
Assets, free from any restriction or onerous covenants, and free from any Security save for any Security: 
  

	 	(a)	permitted to be created by the Finance Documents; and 

  

	 	(b)	created for the benefit of the Finance Parties on execution of the Security Documents. 

  

	18.14	Insurances 

 No event or circumstance has occurred, nor has there been any omission to
disclose a fact, which would in either case entitle any insurer to avoid or otherwise reduce its liability under any policy relating to the insurances. 
  

	18.15	Compliance with laws 

 The Borrower is in compliance in all respects with all laws and
Authorisations to which it may be subject and has obtained all necessary Authorisations to undertake its business, where failure to so comply or obtain such Authorisations would impair its ability to perform its obligations under the Finance
Documents to which it is a party or would result in a Material Adverse Effect. 
  

	18.16	Undisclosed liabilities 

 As at the date as of which its most recent audited financial
statements were prepared (which, at the date of this Agreement, are the Original Financial Statements), the Borrower had no material liabilities (contingent or otherwise) which were not disclosed thereby (or by the notes thereto) or reserved against
therein nor any unrealised or anticipated losses arising from commitments entered into by it which were not so disclosed or reserved against. 
  

	18.17	Arm’s length dealings 

 The Borrower does not have any arrangement, agreement or
commitment with any person or has paid or is obliged to pay any fees, commissions or other sums on any account whatsoever to any persons other than on an arm’s length basis and on normal commercial terms. 

 

	18.18	RBI and other approvals 

  

	(a)	Each Loan is being or will be borrowed in accordance with the Authorisations, guidelines (including the ECB Guidelines), regulations and circulars (which are in effect from time to time) of the RBI. 

  
 31 

	(b)	No person who has been identified as a wilful defaulter by the RBI, any credit rating agency, or any other authority, or by any Lender, has been appointed as, or is, a director of the Borrower. If any such person is a
director, such person shall be removed from the board of the Borrower. 

  

	18.19	Foreign exchange control 

 It has obtained all necessary governmental and other consents
required (if applicable) under all applicable laws for the execution of each Finance Document and for the payment in US Dollars of all sums due thereunder. 
  

	18.20	Repetition 

 The Repeating Representations are deemed to be made by each Obligor by
reference to the facts and circumstances then existing on: 
  

	 	(a)	the date of the Utilisation Request and the first day of each Interest Period; and 

  

	 	(b)	in the case of the New Borrower, on the Novation Effective Date and the first date of each Interest Period thereafter. 

  

	19.	INFORMATION UNDERTAKINGS 

 The undertakings in this Clause 19 (Information
undertakings) remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	19.1	Financial statements 

 The Borrower shall supply to the Agent in sufficient copies for
all the Lenders: 
  

	 	(a)	as soon as the same become available, but in any event within one hundred and eighty (180) days after the end of each of its financial years its audited consolidated and unconsolidated financial statements for that
financial year; and 

  

	 	(b)	as soon as the same become available, but in any event within ninety (90) days after the end of each half of each of its financial years its consolidated and unconsolidated financial statements for that financial
half year. 

  

	19.2	Compliance Certificates 

  

	 	(a)	The Borrower shall supply to the Agent, with each set of financial statements delivered pursuant to sub-clause (a) or (b) of Clause 19.1 (Financial statements), a Compliance Certificate which shall:

  

	 	(i)	confirm that no Default is continuing (or, if a Default is continuing, specify the Default and the steps being taken to remedy the same); 

 

	 	(ii)	set out (in reasonable detail) calculations to demonstrate compliance with Clause 20 (Financial covenants) as at the date as at which those financial statements were drawn up; and 

 

	 	(iii)	confirm (with calculations in reasonable detail) that the Asset Cover Ratio is not less than 1.25: 1 as at the date as at which those financial statements were drawn up. 

 

	 	(b)	Each Compliance Certificate shall be signed by any two directors of the Borrower. 

  
 32 

	 	(c)	In this Agreement: 

  

	 	(i)	“Asset Cover Ratio” means at any time the ratio of Relevant Assets to Relevant Secured Liabilities. 

  

	 	(ii)	“Relevant Assets” means at any time: 

  

	 	(A)	prior to the completion of the Sesa Sterlite Merger, all the assets including capital works in process but excluding land & buildings, of the Original Borrower at such time; and 

 

	 	(B)	following the completion of the Sesa Sterlite Merger, all the assets including capital works in process but excluding land & buildings, of the aluminium business of the New Borrower at such time.

  

	 	(iii)	“Relevant Secured Liabilities” means at any time: 

  

	 	(A)	prior to the completion of the Sesa Sterlite Merger, all outstanding secured liabilities of the Original Borrower at such time; 

  

	 	(B)	following the completion of the Sesa Sterlite Merger, all outstanding secured liabilities of the aluminium business of the New Borrower which are secured by its aluminium assets at such time. 

For the sake of clarification, “Relevant Secured Liabilities” includes liabilities with subservient charge. 

 

	19.3	Requirements as to financial statements 

  

	 	(a)	Each set of financial statements delivered by the Borrower pursuant to Clause 19.1 (Financial statements) shall be certified by a authorised signatory of the Borrower as fairly representing its financial
condition as at the date as at which those financial statements were drawn up. 

  

	 	(b)	The Borrower shall procure that each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) is prepared using GAAP, accounting practices and financial reference periods consistent
with those applied in the preparation of the Original Financial Statements unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its
auditors deliver to the Agent: 

  

	 	(i)	a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which the Original Financial Statements were prepared; and 

 

	 	(ii)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine any other relevant matter and make an accurate comparison between the financial position
indicated in those financial statements and the Original Financial Statements. 

  

	 	(c)	Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

  
 33 

	19.4	Information: miscellaneous 

 The Borrower shall supply to the Agent (in sufficient copies
for all the Lenders, if the Agent so requests): 
  

	 	(a)	all material documents dispatched by the Borrower to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

 

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings or disputes (including any winding up proceedings or notices under any enactment or regulation) which are
current or pending against the Borrower which might, if adversely determined, have a Material Adverse Effect; 

  

	 	(c)	promptly, such further information regarding the financial condition, business and operations of the Borrower as any Finance Party (through the Agent) may reasonably request; and 

 

	 	(d)	all information that has been requested by the Agent for the syndication of the Facility. 

  

	19.5	Notification of default 

  

	 	(a)	The Borrower shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 

 

	 	(b)	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate signed by two of its directors certifying that no Default is continuing (or if a Default is continuing, specifying the Default
and the steps, if any, being taken to remedy it). 

  

	19.6	“Know your customer” checks 

  

	 	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; 

 

	 	(ii)	any change in the status of an Obligor after the date of this Agreement; or 

  

	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, 

obliges the Agent or any Lender (or, in the case of sub-clause (iii) above, any prospective new Lender) to comply with “know your
customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall (and shall ensure that each Obligor will) promptly upon the request of the Agent or any Lender
supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in sub-clause (iii) above,
on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in sub-clause (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary
“know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

  
 34 

	 	(b)	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out
and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

 

	19.7	Additional Information Undertakings 

 The Borrower shall supply to the Agent (in
sufficient copies for all the Lenders, if the Agent so requests): 
  

	 	(a)	the position regarding the outstanding statutory obligations such as income tax, payment of provident fund, additional emoluments (compulsory deposit), gratuity, electricity dues etc. as and when demanded by the Agent
with reasons, if any, for increase from the earlier month and the proposed plan of payments thereof; 

  

	 	(b)	such information relating to the Sesa Sterlite Merger as any Finance Party may require. 

  

	20.	FINANCIAL COVENANTS 

  

	20.1	Financial Covenants 

  

	(a)	The Borrower shall, for so long as any amount is outstanding under the Finance Documents or any Commitment is in force, ensure that the ratio of Net Borrowings at the end of each Relevant Period to EBIDTA for such
Relevant Period shall not exceed 4 to 1. 

  

	(b)	The financial covenant set out in paragraph (a) above shall be tested annually on the consolidated accounts of the Borrower Group for each period of 12 months ending on the last day of each of the Borrower’s
financial years with the first testing to be done for the period ending 31 March 2014. All covenants are to be calculated using GAAP. 

  

	20.2	Financial Covenants Calculations 

  

	(a)	The terms EBITDA, Interest Expense and Net Borrowings shall be calculated: 

  

	 	(i)	and interpreted on a consolidated basis in accordance with the GAAP applicable to the Original Financial Statements and shall be expressed in US Dollars; and 

 

	 	(ii)	for each Relevant Date or Relevant Period which falls or ends (as the case may be) on a date which is, or is included in a period which is, less than twelve (12) Months after any acquisition of shares of a company
which becomes a member of the Borrower Group by reason of that acquisition, to include the consolidated financial results of that company on that Relevant Date or for that Relevant Period as if that company had been a member of the Borrower Group
for the whole of the Relevant Period ending on that Relevant Date. 

  

	(b)	Indebtedness (actual or contingent) owed by one member of the Borrower Group to another member of the Borrower Group shall not be taken into account in calculating compliance with the covenants set out in Clause 20.1
(Financial Covenants). 

  

	20.3	Financial Definitions 

 In this Clause: 

“Borrower Group” means the New Borrower and each of its Subsidiaries. 

  
 35 

 “Cash” means any credit balance on any deposit, savings, current or other
account held with a bank, and any cash in hand, which is: 
  

	 	(a)	freely withdrawable on demand; and 

  

	 	(b)	not subject to any Security (other than pursuant to any netting or set-off arrangement entered into by any member of the Borrower Group in the ordinary course of its banking arrangements for the purpose of netting debit
and credit balances). 

 “Cash Equivalent Investments” means: 

 

	 	(a)	marketable securities with a maturity of less than 12 months from the date of acquisition issued or fully guaranteed or fully insured by the Government of the United States or any member state of the European Union
which is rated at least (in each case) A-1 by Standard & Poor’s Ratings Group, P-1 by Moody’s Investors Service, Inc., P-1 by Credit Rating Information Services Limited (“CRISIL”) or A-1 by Investment Information
and Credit Rating Agency of India Limited (“ICRA”); 

  

	 	(b)	open market commercial paper or other debt securities issued by an issuer rated at least (in each case) A-1 by Standard & Poor’s Ratings Group or P-1 by Moody’s Investors Service, Inc., P-1 by CRISIL
or A-1 by ICRA and with a maturity of less than 12 months; 

  

	 	(c)	certificates of deposit or time deposits of any commercial bank (which has outstanding debt securities rated as referred to in paragraph (b) above) and with a maturity of less than three (3) Months; and

  

	 	(d)	funds invested in any debt mutual fund which is established as a trust and has obtained a certificate of registration as a mutual fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,

 in each case not subject to any Security (other than pursuant to any Security Document) or customary rights of set-off,
netting and liens), denominated and payable in freely transferable and freely convertible currency and the proceeds of which are capable of being remitted to an account of the holder of such investment in its jurisdiction of incorporation. 

“EBITDA” means, in relation to any Relevant Period, the total consolidated operating profit of the Borrower Group for that
Relevant Period: 
  

	 	(a)	before taking into account: 

  

	 	(i)	Interest Expense; 

  

	 	(ii)	Tax; 

  

	 	(iii)	any share of the profit of any associated company or undertaking, except for dividends received in cash by any member of the Borrower Group; 

 

	 	(iv)	depreciation; 

  

	 	(v)	amortisation expenses; 

  

	 	(vi)	realised and unrealised foreign exchange losses; 

  

	 	(vii)	extraordinary and exceptional items; and 

  

	 	(viii)	any profit or loss arising on the sale of fixed assets; and 

  
 36 

	 	(b)	to the extent not already taken into account, excluding the aggregate amount of interest receivable, 

as determined (except as needed to reflect the terms of this Clause 20 (Financial Covenants)) from the consolidated financial statements
of the Borrower and Compliance Certificates delivered under Clause 19.1 (Financial Statements) and Clause 19.2 (Compliance Certificates). 

“Interest Expense” means, in relation to any Relevant Period, the aggregate amount of interest and any other finance charges
(whether or not paid, payable or capitalised) accrued by the Borrower Group in that Relevant Period in respect of Borrowings including: 
  

	 	(a)	the interest element of leasing and hire purchase payments; 

  

	 	(b)	commitment fees, commissions, arrangement fees and guarantee fees; and 

  

	 	(c)	amounts in the nature of interest payable in respect of any shares other than equity share capital, 

adjusted (but without double counting) by adding back the net amount payable (or deducting the net amount receivable) by members of the
Borrower Group in respect of that Relevant Period under any interest or (so far as they relate to interest) currency hedging arrangements; and as determined (except as needed to reflect the terms of this Clause 20 (Financial Covenants)) from
the consolidated financial statements of the Borrower and Compliance Certificates delivered under Clause 19.1 (Financial Statements) and Clause 19.2 (Compliance Certificates). 

“Net Borrowings” means, with respect to the Borrower Group, as at any particular time, without double counting: 

 

	 	(a)	all obligations for borrowed money, including, without limitation, any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

  

	 	(b)	all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; 

 

	 	(c)	all obligations as lessee which are capitalised in accordance with GAAP; 

  

	 	(d)	all non contingent obligations to reimburse any bank or other person in respect of amounts paid under a letter of credit or similar instrument, except in respect of trade accounts payable arising in the ordinary course
of business; 

  

	 	(e)	all obligations in respect of any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(f)	any receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(g)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(h)	all obligations of the Borrower in respect of shares which are expressed to be redeemable or any shares or instruments convertible into shares or any shares or other securities which are otherwise the subject of a put
option or other form of guarantee; 

  
 37 

	 	(i)	any obligation under any put option in respect of any shares or instruments convertible into shares or any form of guarantee or indemnity in respect of any put option where that put option or guarantee is granted or
entered into primarily as a method of raising or assuring the payment or repayment of any Financial Indebtedness; and 

  

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above whether or not the principal debtor or obligor which benefits from such
guarantee or indemnity is a member of the Borrower Group, 

 LESS all Cash and Cash Equivalent Investments of the Borrower
Group and excluding all indebtedness described in paragraphs (a) to (i) above where the person to whom such indebtedness is owed by the Borrower is a member of the Borrower Group. 

For this purpose, any amount outstanding or repayable in a currency other than US Dollars shall on that day be taken into account in its US
Dollars equivalent at the rate of exchange that would have been used had an audited non consolidated balance sheet of the Borrower been prepared as at that day in accordance with the GAAP applicable to the Original Financial Statements. 

“Relevant Date” means the last day of each Relevant Period. 

“Relevant Period” means each financial year end of the Borrower Group. 

 

	21.	GENERAL UNDERTAKINGS 

 The undertakings in this Clause 21 (General undertakings)
shall remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	21.1	Authorisations 

 Each Obligor shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Agent of, 

 any Authorisation required to perform its obligations
under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation and any other relevant jurisdiction of any Finance Document to which it is a party. 

 

	21.2	Compliance with laws 

 Each Obligor shall respectively comply in all respects with all
laws to which it may be subject, if failure so to comply would impair its ability to perform its obligations under the Finance Documents to which it is a party or would result in a Material Adverse Effect. 

 

	21.3	Environmental Compliance 

  

	 	(a)	Each Borrower shall comply in all material respects with all Environmental Laws, obtain and maintain all Environmental Permits and take all reasonable steps to monitor compliance with its obligations under any
Environmental Law or any Environmental Permit. 

  

	 	(b)	Each Borrower shall inform the Agent in writing promptly upon becoming aware of: 

  
 38 

	 	(i)	any Environmental Claim against it which is current or (to the best of its knowledge and belief) pending; or 

  

	 	(ii)	any facts or circumstances which will or might reasonably be expected to result in any Environmental Claim being commenced against it, 

in each case where such Environmental Claim might reasonably be expected if determined against it, to have a Material Adverse Effect. 

 

	21.4	Merger 

  

	 	(a)	No Obligor shall, without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), enter into any arrangement regarding any amalgamation, demerger, merger or corporate reconstruction
(each a “Reconstruction Event”). 

  

	 	(b)	Paragraph (a) does not apply to: 

  

	 	(i)	the Sesa Sterlite Merger; and 

  

	 	(ii)	any Reconstruction Event of an Obligor which does not result in the downgrade of the credit rating of this Facility by an RBI approved External Rating Agency by two (2) notches with a minimum floor rating of A,
provided that such Obligor shall remain the surviving entity following such Reconstruction Event. 

  

	21.5	Change of business 

 The Borrower shall procure that no substantial change is made to the
general nature of its business from that carried on at the date of this Agreement. 
  

	21.6	Conduct of affairs 

 Each Obligor shall at all times carry on and conduct its affairs in
a lawful manner. 
  

	21.7	Security 

  

	 	(a)	The Borrower shall ensure that any Transaction Security expressed to be created by it by or pursuant to, or (as the case may be) expressed to have been created by it and to be evidenced in, any Security Document remains
in full force and effect with the ranking and priority it is expressed to have. 

  

	 	(b)	The Borrower shall not do or omit to do anything or knowingly permit or cause anything to be done or omitted to be done which would or could adversely affect any Transaction Security. 

 

	 	(c)	The Borrower shall: 

  

	 	(i)	take all such action as the Agent or the Security Trustee may reasonably request for the purpose of perfecting any Transaction Security; and 

 

	 	(ii)	if the Security Trustee lawfully exercises any power (whether of sale or other disposal or otherwise) or right with respect to the Charged Assets, do everything within its power to permit the exercise of such power or
right. 

  
 39 

	21.8	Further assurance 

 The Borrower shall from time to time on request by the Agent (or by
any other Finance Party through the Agent) do or procure the doing of all such acts and will execute or procure the execution of all such documents as any Finance Party may reasonably consider necessary for giving full effect to each of the Finance
Documents or securing to the Finance Parties the full benefits of all rights, powers and remedies conferred upon the Finance Parties in any of the Finance Documents to which it is a party. 

 

	21.9	Share capital 

 The Borrower shall not reduce its share capital unless: 

 

	 	(a)	such reduction will not, in the reasonable opinion of the Agent, be expected to have a Material Adverse Effect; 

  

	 	(b)	such reduction is due to a share buy-back undertaken by it; or 

  

	 	(c)	it has obtained the prior written consent of the Agent (acting on the instructions of the Majority Lenders). 

  

	21.10	Pari passu ranking 

 Each Obligor shall procure that its obligations
and the claims of the Finance Parties against it under each Finance Document do and will rank at least pari passu with all its other present or future, actual or contingent, unsecured and unsubordinated obligations, except for those which are
mandatorily preferred by applicable law or in the exercise of powers under any law applicable to it. 
  

	21.11	Books, records and accounting matters 

 Each Obligor shall keep proper books of record
and account and maintain proper accounting, management information and control systems in accordance with GAAP for the time being in force in the relevant jurisdiction applicable to it from time to time. 

 

	21.12	Use of proceeds 

 The Borrower shall ensure that all the proceeds of each Loan advanced
under this Agreement are used strictly in accordance with the purpose set out in Clause 3.1 (Purpose). The Borrower shall provide a certificate (the “End-use Certificate”) from its chartered accountant within a period of
ninety (90) days after the Utilisation Date, which shall certify that the funds provided to the Borrower pursuant to that Utilisation have been used for the purpose set out in Clause 3.1 (Purpose). 

 

	21.13	Compliance with regulations 

 The Borrower shall ensure that each Loan will be borrowed
in accordance with any and all applicable approvals, guidelines, regulations and circulars issued by any relevant Governmental Agency, including the RBI. 
  

	21.14	Subordination of Sponsor Debt 

  

	 	(a)	This Facility shall rank ahead of all Sponsor Debt of the Borrower and all principal and interest repayments in respect of any Sponsor Debt shall be subordinated, in both priority and right of payment, to amounts owing
under this Facility. 

  
 40 

	 	(b)	For the avoidance of doubt, paragraph (a) above shall not prevent the Borrower from making any interest repayments, any scheduled payment or any voluntary or mandatory prepayment of principal, or any other payment
in respect of any Sponsor Debt, for so long as an Event of Default under Clause 22.1 (Non-payment) has not occurred and is continuing. 

  

	21.15	Other undertakings 

  

	 	(a)	The Borrower shall obtain the consent (and deliver evidence of the same to the Agent) of all regulatory Authorisations, including RBI approval, which the Agent considers necessary for creation of any Security provided
or to be provided pursuant to the Security Documents. 

  

	 	(b)	Each Finance Party shall have the right from time to time to inspect any premises of the Borrower, either by itself or via an agent. The costs of any such inspection shall be borne by the Borrower. 

 

	 	(c)	In the event of default the Borrower shall ensure that no one on its board of directors is someone who has been identified as a wilful defaulter by RBI. 

 

	 	(d)	The Borrower shall not amend or modify the authorised business activities as set out in its Memorandum and Articles of Association or other constitutional documents where such amendment or modification will, in the
reasonable opinion of the Agent, be expected to materially and adversely affect the Borrower’s ability to perform or comply with its respective obligations under any Finance Document to which it is a party, unless the Borrower has obtained the
prior written approval of the Agent. 

  

	21.16	Arm’s length dealings 

 The Borrower shall not enter into any arrangement, agreement
or commitment with any person or pay any fees, commissions or other sums on any account whatsoever to any persons other than: 
  

	 	(a)	on an arm’s length basis and on normal commercial terms; 

  

	 	(b)	as required by the Finance Documents; 

  

	 	(c)	pursuant to the Sesa Sterlite Merger; or 

  

	 	(d)	those to which the Agent (acting on the instructions of the Majority Lenders) has given its prior written consent. 

  

	21.17	Rating of the Facility 

 The Borrower shall procure that the Facility is rated by an
External Rating Agency within ninety (90) days after the Utilisation Date and in any case before 31 March 2013. 
  

	21.18	Ownership and control 

 The Guarantor or (after the Novation Effective Date) the Borrower
must own (directly or indirectly) at least fifty per cent. (50%) of the issued share capital (with voting rights) of, or otherwise Control, Hindustan Zinc and Cairn India. 

 

	21.19	Security 

  

	(a)	 Security: The Facility (together with all interest, fees, remuneration payable to the Security Trustee, the Agent and the Arranger, costs,
charges, expenses and other monies and all other amounts 

  
 41 

	 	
whatsoever stipulated in as payable by the Borrower under the terms of the Finance Documents) shall be secured by the Deed of Hypothecation and guaranteed by the Corporate Guarantee.

  

	(b)	Creation of Security and Conditions Subsequent: The Borrower shall create the Security stipulated in paragraph (a) above prior to seeking the first Utilization and perfect the same within a period of 30 days
as prescribed under the applicable law with the concerned Registrar of Companies. In connection with the foregoing, the Borrower shall deliver to the Agent within 30 days from the date of the Original Borrower Deed of Hypothecation such documents as
the Agent considers to be necessary or desirable in connection with the creation, validity, perfection or priority of the Security intended to be created by the Original Borrower Deed of Hypothecation including, without limitation, a certified true
copy of the duly completed e-Form 8 along with challans/receipts evidencing the filing with the relevant Registrar of Companies, accurately recording the particulars of the Security created by the Original Borrower under the Original Borrower
Deed of Hypothecation. 

  

	(c)	Good and Marketable Title: The Borrower shall make out a good and marketable title to the Charged Assets and its other properties, to the satisfaction of the Security Trustee and the Lenders and comply with all
such formalities as may be necessary or required for the said purpose. 

  

	22.	EVENTS OF DEFAULT 

 Each of the events or circumstances set out in this Clause 22
(Events of Default) is an Event of Default. 
  

	22.1	Non-payment 

 An Obligor does not pay on the due date any amount payable pursuant to a
Finance Document at the place and in the currency in which it is expressed to be payable unless: 
  

	 	(a)	its failure to pay is caused by: 

  

	 	(i)	administrative or technical error; or 

  

	 	(ii)	a Disruption Event; and 

  

	 	(b)	full payment is made within seven (7) Business Days of its due date. 

  

	22.2	Financial covenants 

 Any requirement of Clause 20 (Financial Covanents) is not
satisfied. 
  

	22.3	Other obligations 

  

	 	(a)	An Obligor does not comply with any provision or covenant of the Finance Documents (other than those referred to in Clause 22.1 (Non-payment)). 

 

	 	(b)	No Event of Default under sub-clause (a) above will occur if the failure to comply is capable of remedy and is remedied within thirty (30) Business Days of the Agent giving notice to the Borrower, or the
relevant Obligor becoming aware of the failure to comply. 

  

	22.4	Misrepresentation 

 Any representation or statement made or deemed to be made by any of
the Obligors in the Finance Documents or any other document delivered by or on behalf of any of the Obligors under or in connection with any Finance Document is or proves to have been incorrect or misleading when

  
 42 

 
made or deemed to be made or repeated, unless the circumstances giving rise to the misrepresentation or breach of warranty are: 

 

	 	(a)	in the opinion of the Agent, capable of remedy; and 

  

	 	(b)	remedied within thirty (30) Business Days of the Agent giving notice to the Borrower, or the relevant Obligor becoming aware of the misrepresentation or breach of warranty. 

 

	22.5	Cross default 

  

	 	(a)	Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period. 

  

	 	(b)	Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). 

 

	 	(c)	Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of that Obligor as a result of an event of default (however described). 

 

	 	(d)	No Event of Default will occur under this Clause 22.5 (Cross Default) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within Clauses 22.5(a) to (c) above is
less than twenty-five million US Dollars (US$25,000,000) (or its equivalent in any other currency or currencies). 

  

	22.6	Insolvency 

  

	 	(a)	Any of the Obligors is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations
with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  

	 	(b)	A moratorium is declared in respect of any indebtedness of any of the Obligors. 

  

	22.7	Insolvency proceedings 

 Any corporate action, legal proceedings or other procedure or
step is taken in relation to: 
  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any of the Obligors;

  

	 	(b)	a composition, assignment or arrangement with any creditor of any of the Obligors; 

  

	 	(c)	the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any of the Obligors or any of their assets; or 

 

	 	(d)	enforcement of any Security over any assets of any of the Obligors, 

 or any analogous procedure
or step is taken in any jurisdiction with respect to any of the Obligors. 
  

	22.8	Creditors’ process 

 Any expropriation, attachment, sequestration, distress or
execution affects any asset or assets of the Borrower having an aggregate value of fifty million US Dollars (US$50,000,000) and is not discharged within sixty (60) days. 

  
 43 

	22.9	Litigation and final judgments or court orders 

  

	 	(a)	Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to the Finance Documents or the transactions contemplated
therein or against the Borrower or its assets which has or might, in the reasonable opinion of the Agent, be expected to have a Material Adverse Effect. 

  

	 	(b)	The Borrower fails to comply with or pay any sum in an amount equal to or greater than twenty-five million US Dollars (US$25,000,000) (or its equivalent in any other currency or currencies) due from it under any final
judgment or any final order made or given by a court of competent jurisdiction. For the purpose of this sub-clause (b), a judgment subject to appeal and which on appeal, to be made within ninety (90) days or statutorily prescribed time period,
whichever is shorter, has been stayed, shall not be considered a final judgment. 

  

	22.10	Moratorium 

 The Government of India or any relevant Governmental Authority declares a
general moratorium or “standstill” (or makes or passes any order or regulation having a similar effect) in respect of the payment or repayment of any Financial Indebtedness (whether in the nature of principal, interest or otherwise) (or
any indebtedness which includes Financial Indebtedness) of the Borrower. 
  

	22.11	Unlawfulness 

 It is or becomes unlawful for any of the Obligors to perform any of its
obligations under the Finance Documents. 
  

	22.12	Repudiation 

 Any of the Obligors repudiates a Finance Document or evidences an intention
to repudiate a Finance Document. 
  

	22.13	Cessation of business 

 The Borrower suspends, ceases or threatens to cease to carry on
any of its current businesses (other than pursuant to the Sesa Sterlite Merger) or give notice of its intention to do so which, in the opinion of any Finance Party, could have a Material Adverse Effect. 

 

	22.14	Material adverse change 

 One or more events, conditions or circumstances (including any
change in law) shall occur or exist which in the opinion of any Finance Party, could have a Material Adverse Effect. 
  

	22.15	Security 

 Any Security expressed to be created by or pursuant to, or to be evidenced in,
any Security Document is not in full force and effect with the ranking and priority it is expressed to have or any event of default or termination event (howsoever described) (if any) specified in any Security Document occurs. 

 

	22.16	Compulsory Acquisition 

 Any step is taken by any person towards seizing, compulsorily
acquiring, expropriating or nationalising all or any substantial part of the assets of the Borrower. 

  
 44 

	22.17	Expropriation events 

 Any Government Agency takes or threatens any action: 

 

	 	(a)	for the dissolution of the Borrower, or any action which deprives or threatens to deprive the Borrower: 

  

	 	(i)	from conducting any of its businesses or carrying out its operations in the manner it is being conducted or carried out; or 

  

	 	(ii)	of the use of any of its assets; 

  

	 	(b)	to revoke or terminate or to refuse to provide or renew any Authorisation or to impose onerous conditions on the grant or renewal of any Authorisation; or 

 

	 	(c)	with a view to regulate, administer, or limit, or assert any form of administrative control over the rates applied, prices charged or rates of return achievable, by the Borrower in connection with its business,

 which, in each case, in the opinion of any Finance Party, could have a Material Adverse Effect. 

 

	23.	CONSEQUENCES OF EVENTS OF DEFAULT 

  

	 	(a)	On and at any time after the occurrence of an Event of Default the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower: 

 

	 	(i)	cancellation: cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	(ii)	acceleration: declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall
become immediately due and payable; 

  

	 	(iii)	on-demand: declare that all or part of the Loans be payable on demand, whereupon they shall become payable within ten (10) days of demand by the Agent (acting on the instruction of the Majority Lenders);

  

	 	(iv)	enforcement: exercise or direct the Security Trustee to exercise any or all of its rights, remedies, powers or discretion under the Finance Documents; and 

 

	 	(v)	stipulation of additional conditions: stipulate any additional condition as it deems fit. 

  

	 	(b)	If the Security Trustee becomes entitled to exercise any of its rights under the Finance Documents pursuant to paragraph (a)(iv) above, the Parties agree that the Security Trustee shall do so in the following
order: 

  

	 	(i)	firstly, by making a demand under the Corporate Guarantee; and 

  

	 	(ii)	secondly, if the full amount claimed under the Corporate Guarantee is not received within sixty (60) days from the date the Security Trustee makes such demand, the Security Trustee shall be entitled to enforce its
rights under the Security created by the Deed of Hypothecation and in accordance with applicable laws. 

  
 45 

	24.	CHANGES TO THE LENDERS 

  

	24.1	Assignments and transfers by the Lenders 

 Subject to this Clause 24 (Changes to the
Lenders), a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial
institution or to a trust, fund or any other entity as permitted under the ECB Guidelines (the “New Lender”), without notice to, or consent of, the Borrower or any other Obligor. Without prejudice to the aforesaid provision, each
Lender may (at its sole discretion), without notice to the Borrower or any other Obligor, share the credit risk of the whole or a part of the Facility with any other bank by way of participation. Notwithstanding such participation, all rights,
title, interests, special status and other benefits and privileges enjoyed or conferred upon or held by such Lender under this Agreement and all other Finance Documents shall remain valid, effective and enforceable by such Lender on the same terms
and conditions and each Obligor shall continue to discharge in full all its obligations under this Agreement and all other Finance Documents to such Lender. The Borrower and each other Obligor shall not have and shall not claim any privity of
contract with such participating bank on account of any reason whatsoever. 
  

	24.2	Conditions of assignment or transfer 

  

	 	(a)	The consent of the Borrower or any other Obligor is not required for any assignment or transfer by a Lender. 

  

	 	(b)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been
under if it was an Original Lender; and 

  

	 	(ii)	performance by the Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to a New Lender, the completion of which the Agent
shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(c)	A transfer will only be effective if the procedure set out in Clause 24.5 (Procedure for transfer) is complied with. 

  

	 	(d)	Subject always to Clause 12.2 (Tax gross-up)(a), if: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrower would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under
Clause 12 (Tax gross-up and indemnities), 

 then the New Lender or Lender acting through its new Facility Office
is only entitled to receive payment under those clauses to the same extent as the Existing Lender or Lender 

  
 46 

 
acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 
  

	 	(e)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrower would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under
Clause 13 (Increased costs), 

 then the New Lender or Lender acting through its new Facility Office is only
entitled to receive payment under that clause to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred 

 

	24.3	Assignment or transfer fee 

 The New Lender shall, on the date upon which an assignment
or transfer takes effect, pay to the Agent (for its own account) a fee of one thousand US Dollars (US$1,000) or such other lesser amount as agreed by the Agent. 
  

	24.4	Limitation of responsibility of Existing Lenders 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document. 

  

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this
Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 24 (Changes to the Lenders); or 

  
 47 

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. 

 

	24.5	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) a transfer is effected in accordance with sub-clause (b) below when the Agent executes an otherwise duly completed
Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	(c)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from
further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged Rights and Obligations”); 

 

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the
New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Agent, the Arranger, the Security Trustee, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender
been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arranger, the Security Trustee and the Existing Lender shall each be released from further obligations
to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	 	(d)	The Agent shall notify the Borrower of any transfer under this Clause within three (3) Business Days after the Transfer Date. 

  

	24.6	Disclosure of information 

  

	 	(a)	Any Finance Party and any of its officers may disclose to: 

  

	 	(i)	any of its Affiliates; 

  

	 	(ii)	its head office or any of its branches; 

  
 48 

	 	(iii)	any other Finance Party; 

  

	 	(iv)	the RBI or any other banking regulator elsewhere in the world or any agency or credit bureau, whether authorised by such banking regulator or otherwise, to receive such information on its behalf; and/or

  

	 	(v)	any other person: 

  

	 	(A)	(where that Finance Party is a Lender) to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Agreement; 

 

	 	(B)	(where that Finance Party is a Lender) with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by
reference to, this Agreement or any Obligor; 

  

	 	(C)	(where that Finance Party is the Agent) who is succeeding (or may potentially succeed) that Finance Party in such capacity; 

  

	 	(D)	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation; or 

  

	 	(E)	to whom that Finance Party is under a duty to disclose, 

 any customer information or any other
information about the Borrower, any other Obligor, the Facility or the Finance Documents as that Finance Party shall consider appropriate. 
  

	 	(b)	Sub-clause (a) above is not, and shall not be deemed to constitute, an express or implied agreement by any Finance Party with any Obligor for a higher degree of confidentiality than that prescribed by applicable
law. 

  

	 	(c)	Upon the occurrence of an Event of Default under Clause 22.1 (Non-payment), any Finance Party may disclose or publish the details of the Event of Default and the name of the Borrower as defaulter, in such manner
and through such media as such Finance Party in its absolute discretion may think fit, including to RBI. 

  

	25.	CHANGES TO THE OBLIGORS 

  

	25.1	Assignments and transfer by Obligors 

 No Obligor may assign any of its rights or
transfer any of its rights or obligations under the Finance Documents, except with the prior written consent of all the Lenders. 
  

	25.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of Clause 19.6 (Know your customer checks), the Original Borrower must ensure that, immediately upon the completion of the Sesa Sterlite Merger, the New Borrower becomes
an Additional Borrower. The New Borrower shall become an Additional Borrower if: 

  

	 	(i)	the New Borrower delivers to the Agent a duly completed and executed Accession Letter; 

  
 49 

	 	(ii)	the Original Borrower confirms that no Default is continuing or would occur as a result of the New Borrower becoming an Additional Borrower; and 

 

	 	(iii)	the Agent has received all of the documents and other evidence listed in Part 2 of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent, in relation to that Additional Borrower.

  

	 	(b)	The Agent shall notify the Original Borrower and the Lenders promptly upon being so satisfied under paragraph (a)(iii) above. 

  

	25.3	Resignation of the Original Borrower 

  

	 	(a)	The Original Borrower may by delivering to the Agent a Resignation Letter notify the Agent that it wishes to cease to be a Borrower. 

 

	 	(b)	The Agent shall accept a Resignation Letter and notify the Original Borrower and the Lenders of its acceptance if: 

  

	 	(i)	it is satisfied that all the obligations of the Original Borrower under the Finance Documents have been effectively transferred to the New Borrower; 

 

	 	(ii)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Original Borrower has confirmed this is the case); and 

 

	 	(iii)	the Original Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

whereupon the Original Borrower shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 

 

	26.	ROLE OF THE ARRANGER, THE AGENT AND THE SECURITY TRUSTEE 

  

	26.1	Appointment of the Agent and the Security Trustee 

  

	 	(a)	Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance Documents. 

  

	 	(b)	Each other Finance Party appoints the Security Trustee to act as security trustee under and in connection with the Finance Documents. 

 

	 	(c)	Each other Finance Party authorises the Agent and each other Finance Party authorises the Security Trustee to perform the duties and exercise the rights, powers, authorities and discretions specifically given to the
Agent or (as the case may be) the Security Trustee under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

 

	26.2	Duties of the Agent and the Security Trustee 

  

	 	(a)	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	 	(b)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 

  
 50 

	 	(c)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance Parties. 

 

	 	(d)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent) under this Agreement it shall promptly notify the other Finance Parties.

  

	 	(e)	The Security Trustee shall promptly notify the Agent of the contents of any communication sent or received by it, in its capacity as security trustee under the Finance Documents, to or from the Obligors under any of the
Finance Documents. 

  

	 	(f)	Subject to paragraph (e) above, the Security Trustee shall have no duty or responsibility, either initially or on a continuing basis, to provide any of the Parties with any information with respect to the Obligors
whenever coming into its possession or to provide any of the Parties with any communication received by it under or in connection with any of the Finance Documents. 

 

	 	(g)	The duties of the Agent and the Security Trustee under the Finance Documents are solely mechanical and administrative in nature. Neither the Agent nor the Security Trustee shall have any duties other than those
expressly provided for in the Finance Documents. 

  

	26.3	Role of the Arranger 

 Except as specifically provided in the Finance Documents, the
Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	26.4	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Agent, the Arranger or the Security Trustee as a trustee or fiduciary of any other person. 

 

	 	(b)	None of the Agent, the Arranger or the Security Trustee shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

 

	26.5	Business with the Borrower 

 The Agent, the Arranger and the Security Trustee may accept
deposits from, lend money to and generally engage in any kind of banking or other business with the Borrower. 
  

	26.6	Rights and discretions of the Agent 

  

	 	(a)	The Agent and the Security Trustee may each rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised and shall have no duty to verify the signature on any document; and 

 

	 	(ii)	any statement purportedly made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

  

	 	(b)	The Agent and the Security Trustee may each assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  
 51 

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 22.1 (Non-payment)); 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

  

	 	(iii)	any notice or request made by the Borrower (other than a Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	 	(c)	The Agent and the Security Trustee may each engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

 

	 	(d)	The Agent and the Security Trustee may each act in relation to the Finance Documents through its personnel and agents. 

  

	 	(e)	The Agent and the Security Trustee may each disclose to any other Party any information it reasonably believes it has received as agent or (as the case may be) security trustee under this Agreement. 

 

	 	(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent or the Security Trustee is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a
breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	26.7	Majority Lenders’ and Agent’s instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by the
Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts (or refrains from taking any
action) in accordance with an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, the Security Trustee shall (i) exercise any right, power, authority or discretion vested in it as security trustee under the Finance Documents in
accordance with any instructions given to it by the Agent (or, if so instructed by the Agent, refrain from exercising any right, power, authority or discretion vested in it as security trustee under the Finance Documents) and (ii) not be liable
for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Agent. 

  

	 	(c)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders to the Agent or (as the case may be) by the Agent to the Security Trustee will be binding on all the Finance
Parties. 

  

	 	(d)	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) and the Security Trustee may refrain from acting in accordance with the instructions of the
Agent or under paragraph (e) below until it has received such security as it may require for any cost, loss or liability (together with any associated Indirect Tax) which it may incur in complying with the instructions. 

 

	 	(e)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent and, in the absence of instructions from the Agent, the Security Trustee may each act (or refrain from taking action)
as it considers to be in the best interest of the Finance Parties. 

  
 52 

	 	(f)	Nether the Agent nor the Security Trustee is authorised to act on behalf of a Finance Party (without first obtaining in the case of the Agent, that Finance Party’s or, in the case of the Security Trustee, the
Agent’s consent) in any legal or arbitration proceedings relating to any Finance Document unless the legal or arbitration proceedings relate to: 

  

	 	(i)	the perfection, preservation or protection of rights under the Security Documents; or 

  

	 	(ii)	the enforcement of any Security Document. 

 The Agent may not give such consent to the Security
Trustee without first obtaining that Finance Party’s consent. 
  

	26.8	Responsibility for documentation 

 None of the Agent or the Security Trustee is
responsible for: 
  

	 	(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Security Trustee, an Obligor or any other person given in or in connection with any Finance Document;

  

	 	(b)	the accuracy of any representation, warranty or statement (whether written or oral) made in or at any time in connection with any Finance Document or the legality, validity, effectiveness, adequacy or enforceability of
any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance Document; or 

 

	 	(c)	any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to
insider dealing or otherwise. 

  

	26.9	Exclusion of liability 

  

	 	(a)	Without limiting sub-clause (b) below (and without prejudice to the provisions of paragraph (e) of Clause 30.10 (Disruption to Payment Systems etc.) in the case of the Agent), neither the Agent nor the
Security Trustee will be liable for any action taken by it or omitted to be taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

 

	 	(b)	No Party (other than the Agent) may commence any proceedings against any officer, employee or agent of the Agent and no Party (other than the Security Trustee) may take any proceedings against any officer, employee or
agent of the Security Trustee in respect of any claim such Party might have against the Agent or the Security Trustee or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any
officer, employee or agent referred to in this sub-clause (b) may enjoy the benefit of or enforce the terms of this Clause 26 (Role of the Agent) in accordance with the provisions of the Third Parties Act. 

 

	 	(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as
soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

  
 53 

	 	(d)	Nothing in this Agreement shall oblige the Agent or the Security Trustee to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to the
Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent. 

 

	26.10	Lenders’ indemnity to the Agent and the Security Trustee 

 Each Lender shall (in
proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent and the Security Trustee, within three
(3) Business Days of demand, against any cost, loss or liability incurred by the Agent and the Security Trustee in acting as Agent or (as the case may be) Security Trustee under the Finance Documents (unless the Agent or the Security Trustee
(as applicable) has been reimbursed by an Obligor pursuant to a Finance Document). 
  

	26.11	Resignation of the Agent or the Security Trustee 

  

	 	(a)	The Agent or the Security Trustee may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrower. 

 

	 	(b)	Alternatively the Agent or the Security Trustee may resign by giving notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a
successor Agent or (as the case may be) a successor Security Trustee. 

  

	 	(c)	If the Majority Lenders have not appointed a successor Agent or (as the case may be) a successor Security Trustee in accordance with sub-clause (b) above within thirty (30) days after notice of resignation was
given, the Agent or the Security Trustee may appoint a successor Agent or (as the case may be) a successor Security Trustee. 

  

	 	(d)	The retiring Agent or Security Trustee shall, at its own cost, make available to its successor such documents and records and provide such assistance as its successor may reasonably request for the purposes of
performing its functions as Agent or Security Trustee under the Finance Documents. 

  

	 	(e)	The Agent’s resignation notice shall only take effect upon: 

  

	 	(i)	the appointment of a successor; and 

  

	 	(ii)	the receipt by the Agent of written confirmation from the successor (in form and substance satisfactory to the Agent) that the successor agrees to be bound by the provisions of the Finance Documents and all other
related agreements to which the Agent is a party in its capacity as agent under the Finance Documents. 

  

	 	(f)	The Security Trustee’s resignation notice shall only take effect upon: 

  

	 	(i)	the appointment of a successor; and 

  

	 	(ii)	the receipt by the Agent of written confirmation from the successor (in form and substance satisfactory to the Agent), together with such other evidence as the Agent may require, that the successor agrees to be bound by
the provisions of the Finance Documents and all other related agreements to which the Security Trustee is a party in its capacity as security trustee under the Finance Documents; and 

  
 54 

	 	(iii)	the receipt by the Agent of written confirmation from the Security Trustee and the successor (in form and substance satisfactory to the Agent) that all the Security expressed to be created by or pursuant to, or to be
evidenced in, the Security Documents in favour of the Security Trustee and all the Security Trustee’s rights, benefits and obligations as security trustee under the Finance Documents have been transferred to the successor. 

 

	 	(g)	Upon the relevant resignation notice taking effect, the retiring Agent or (as the case may be) Security Trustee shall be discharged from any further obligation in respect of the Finance Documents but shall remain
entitled to the benefit of this Clause 26 (Role of the Agent, the Security Trustee) and Clause 27 (Security Trust Provisions). Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as
they would have had if such successor had been an original Party. 

  

	 	(h)	The Majority Lenders may, by notice to the Agent or (as the case may be) through the Agent to the Security Trustee, require it to resign in accordance with sub-clause (b) above. In this event, the Agent or (as the
case may be) Security Trustee shall resign in accordance with sub-clause (b) above. 

  

	 	(i)	The Parties agree, if requested to do so, to execute whatever documents may be reasonably required to effect such a change of Agent or Security Trustee. Such a request may be made, in the case of an appointment under
paragraph (a), paragraph (c) or paragraph (d) above, by the retiring Agent or Security Trustee or, in the case of an appointment under paragraph (b) above, by the Majority Lenders. 

 

	26.12	Confidentiality 

  

	 	(a)	In acting as agent under the Finance Documents, the Agent and, in acting as security trustee under the Finance Documents, the Security Trustee shall be regarded as acting through its agency or other appropriate division
which shall in each case be treated as a separate legal person from any other of its branches, divisions or departments. 

  

	 	(b)	If information is received by another division or department of the Agent or (as the case may be) Security Trustee, it may be treated as confidential to that division or department and the Agent or (as the case may be)
Security Trustee shall not be deemed to have notice of it. 

  

	 	(c)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Security Trustee shall be obliged to disclose to any other person (i) any confidential information or
(ii) any other information if such disclosure would or might, in its reasonable opinion, constitute a breach of any law or a breach of a fiduciary duty. 

  

	 	(d)	Without limiting the generality of the foregoing, neither the Agent nor the Security Trustee shall be obliged to disclose to any Finance Party any information provided to it by the Borrower or any Affiliate of the
Borrower on a confidential basis and for the purpose of evaluating whether any waiver or amendment is or may be required or desirable in relation to any Finance Document. 

 

	26.13	Relationship with the Lenders 

  

	 	(a)	 Subject to Clause 30.2 (Distributions by the Agent), the Agent and the Security Trustee may each treat each Lender as (i) a Lender,
(ii) entitled to or liable for any payments under this Agreement, (iii) entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document and (iv) acting
through its Facility Office, unless it has received not less than five (5) Business 

  
 55 

	 	
Days prior notice from that Lender (through the Agent, in the case of the Security Trustee) to the contrary in accordance with the terms of this Agreement. 

 

	 	(b)	Neither the Agent nor the Security Trustee shall have any obligation or liability to any Finance Party or any other person as a result of any failure by the Borrower, any Obligor or any other person to perform any of
its obligations under the Finance Documents. 

  

	 	(c)	Where any provision of any Finance Document provides that the Agent or (as the case may be) the Security Trustee may certify or determine an amount or rate payable by the other Finance Parties or any of them, a
certificate by the Agent or (as the case may be) the Security Trustee as to such amount or rate shall be conclusive and binding on each such other Finance Party in the absence of manifest error. 

 

	26.14	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor for
information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Security Trustee that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including: 
  

	 	(a)	the financial condition, status and nature of the Borrower and each other Obligor; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the
Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

 

	 	(d)	the ownership, value or sufficiency of any of the Charged Assets, the adequacy or priority of any Security expressed to be created by or pursuant to, or to be evidenced in, any Security Document, the right or title of
any person in or to any of the Charged Assets or the existence of any Security affecting the same; 

  

	 	(e)	the adequacy, accuracy and/or completeness of any information provided by the Agent, the Security Trustee, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated
by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document, 

and that it has not relied upon any representation or statement made by the Agent or the Security Trustee as being an inducement to enter into
any Finance Document. 
  

	26.15	Reference Banks 

 If a Reference Bank which is a Lender ceases to be a Lender, the Agent
shall (in consultation with the Borrower) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 

  
 56 

	26.16	Deduction from amounts payable by the Agent or Security Trustee 

 If any Party owes an
amount to the Agent or the Security Trustee under the Finance Documents, the Agent or (as the case may be) the Security Trustee may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which
the Agent or (as the case may be) the Security Trustee would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party
shall be regarded as having received any amount so deducted. 
  

	26.17	Change of Office 

 Either the Agent or the Security Trustee may at any time in its sole
discretion by notice to each Finance Party, the Borrower and each other Obligor designate a different office from which its duties as agent or (as the case may be) security trustee under the Finance Documents will be performed from the date of
notification. 
  

	26.18	Notice Periods 

 To the extent this Agreement specifies a minimum period of notice to be
given to the Agent or the Security Trustee, the Agent or the Security Trustee (as the case may be) may, in its discretion, accept a shorter period. 
  

	26.19	Transfer Certificate 

 Each Party (except for the relevant Existing Lender and the
relevant New Lender which is seeking the relevant transfer in accordance with Clause 24 (Changes to the Lenders)) irrevocably authorises the Agent to sign each Transfer Certificate on its behalf. 

 

	27.	SECURITY TRUST PROVISIONS 

  

	27.1	Definitions 

 In this Clause 27: 

“Deductions” means: 
  

	 	(a)	all sums payable to any Receiver and Delegate; 

  

	 	(b)	all sums which the Security Trustee is required to pay to any person in priority to, or before making any distribution to, the Finance Parties; and 

 

	 	(c)	insurance proceeds required to be applied in repairing, replacing, restoring or rebuilding any Charged Assets which have been damaged or destroyed. 

“Proceeds” means all receipts or recoveries by the Security Trustee in relation to the Rights and all other moneys which are
by the terms of any of the Finance Documents to be applied by the Security Trustee in accordance with Clause 27.5 (Application of Proceeds), after deducting (without double counting) the Deductions and including the proceeds (after deducting
commissions and expenses) of any permitted currency conversion, but not including in any such case any amounts paid to the Security Trustee in accordance with Clause 29.4 (Reversal of redistribution). 

“Rights” means: 
  

	 	(a)	the Transaction Security; 

  
 57 

	 	(b)	all contractual rights in favour of the Security Trustee (other than for its sole benefit) under or pursuant to any Finance Document; and 

 

	 	(c)	all rights vested by law in the Security Trustee by virtue of its holding the Transaction Security. 

“Trust Property” means the Rights and the Proceeds. 
  

	27.2	Trust for Finance Parties 

  

	 	(a)	The Security Trustee and each other Finance Party agree that the Security Trustee shall hold the Trust Property on trust for the Finance Parties on the terms and conditions contained in the Finance Documents. Each
Finance Party irrevocably authorises the Security Trustee to enter into each and any Security Document as trustee on behalf of such Finance Party and settle the Trust Property as described in such Security Document on trust on its behalf. The
Borrower hereby declares and confirms, that it has, simultaneously with the execution of this Agreement, settled and kept apart a sum of Rs. 1,000 with the Security Trustee, being the initial corpus of the trust created herein and the Security
Trustee hereby confirms receipt of and accepts the sum of Rs. 1,000 in the trust hereby declared together with all additions or accretions thereto including the investments representing the same, subject to the powers, provisions, agreements and
declarations herein contained. 

  

	 	(b)	It is agreed that, in relation to any jurisdiction the courts of which would not recognise or give effect to the trust expressed to be created by paragraph (a) above, the relationship of the Finance Parties to the
Security Trustee shall be construed as one of principal and agent but, to the extent permissible under the laws of such jurisdiction, all the other provisions of this Agreement shall have full force and effect between the Parties. 

 

	27.3	Directions and Default Procedure 

  

	 	(a)	Each of the Agent and the Security Trustee shall as soon as reasonably practicable after becoming aware of the same notify the other of: 

 

	 	(i)	any Default arising under Clause 22.1 (Non-payment) of which it has actual knowledge; and 

  

	 	(ii)	any other Default of which it has received notice (other than from the other) in its capacity as agent or (as the case may be) as security trustee under the Finance Documents. 

 

	 	(b)	None of the Agent or the Lenders shall have any independent power to enforce the Security Documents or the Transaction Security or to exercise any rights, powers, authorities or discretions or to grant any consents or
releases under or pursuant to the Security Documents or otherwise have direct recourse to the Transaction Security except through the Security Trustee. 

  

	 	(c)	Subject to: 

  

	 	(i)	paragraph (d) of Clause 26.7 (Majority Lenders’ and Agent’s Instructions); and 

  

	 	(ii)	 compliance by the other Parties with paragraphs (f) and (g) of Clause 27.9 (Relationship with the Finance Parties),

  
 58 

	 	
the Security Trustee shall take such action (including the exercise of all rights, powers, authorities and discretions and the granting of consents or releases) or, as the case may be, refrain
from taking such action under or pursuant to the Finance Documents as the Agent shall specifically direct the Security Trustee in writing (and so that only the Agent shall be entitled to give any such directions to the Security Trustee). The
provisions of the preceding sentence of this paragraph (c) shall not apply where the terms of the Finance Documents entitle the Security Trustee to take, or refrain from taking, any action and in any such case the Security Trustee shall be
entitled to take or, as the case may be, refrain from taking such action without reference to (and notwithstanding any contrary direction from) the Agent. 

  

	 	(d)	Subject to paragraph (c) above and Clause 23 (Consequences of Events of Default), at any time after the Security Documents have become enforceable in accordance with their respective terms, the Security
Trustee shall, acting on the written directions of the Agent, exercise all powers of enforcement of the Transaction Security in accordance with such directions but not otherwise. 

 

	 	(e)	The Security Trustee shall not be required to take any action or exercise any of the rights, powers, authorities or discretions under or pursuant to the Finance Documents beyond those which the Agent shall specifically
instruct the Security Trustee in writing to take or exercise and then only to the extent stated in the Agent’s specific instructions in writing. 

  

	 	(f)	The Security Trustee shall at any time after the occurrence of a Default be entitled (but not obliged) to request instructions from the Agent as to whether it should endeavour to enforce any of the rights, powers,
authorities or discretions under or pursuant to the Finance Documents and/or as to the manner in which it should endeavour to do so, and to request the Agent to convene on reasonable notice a meeting of the Finance Parties to discuss such matters.
The Security Trustee shall have no obligation to ensure that the Agent convenes such a meeting or that any Finance Party attends such a meeting. 

  

	27.4	Payments to the Security Trustee 

 Notwithstanding any other provision of any Finance
Document, at any time after any of the Transaction Security becomes enforceable, the Security Trustee may require the Agent to pay all sums received or recovered by it from any Obligor under any Finance Document to the Security Trustee or as it may
direct for application in accordance with the terms of the Finance Documents. 
  

	27.5	Application of Proceeds 

  

	 	(a)	All Proceeds attributable to any Obligor shall, to the extent permitted by all applicable laws, be applied by the Security Trustee in the following order of priority: 

 

	 	(i)	first, in or towards payment of any amount then due and payable by that Obligor to the Security Trustee under the Finance Documents; 

 

	 	(ii)	secondly, if that Obligor is the Borrower, in or towards satisfying its obligations (if any) to the Lenders under or in relation to Clause 26.10 (Lenders’ Indemnity to the Agent and the Security Trustee),
insofar as such obligations arise as a result of a payment made by the Lenders or any of them to the Security Trustee under Clause 26.10 (Lenders’ Indemnity to the Agent and the Security Trustee), pro rata to the amounts owed to each of
them under Clause 26.10 (Lenders’ Indemnity to the Agent and the Security Trustee); 

  

	 	(iii)	 thirdly, in payment to the Agent, on behalf of the Finance Parties, for application in discharging all the amounts then due and payable by that
Obligor under the Finance 

  
 59 

	 	
Documents or, if such payment is insufficient to discharge all such amounts, for application towards the obligations of that Obligor under the Finance Documents in the order set out in Clause
30.5 (Partial Payments); 

  

	 	(iv)	fourthly, if such Obligor is under no further actual or contingent liability under the Finance Documents, in payment to any person whom the Security Trustee is obliged to pay in priority to such Obligor, to the extent
it is so obliged; and 

  

	 	(v)	fifthly, in payment to such Obligor. 

  

	 	(b)	Before making any application under paragraph (a) above the Security Trustee may: 

  

	 	(i)	convert any Proceeds attributable to any Obligor from their existing currency of denomination into the currency or currencies (if different) of sums then outstanding from that Obligor under the Finance Documents (any
such conversion from one currency to another to be made at the spot rate for the purchase of that other currency with the first-mentioned currency reasonably determined by the Security Trustee); 

 

	 	(ii)	place any such Proceeds to the credit of a proceeds or a suspense or any other account or accounts (howsoever named) and hold the same (whether or not set aside by way of reserve in accordance with paragraph (b)(iii)
below) in such account or accounts for any period; 

  

	 	(iii)	set aside in any such account, by way of reserve, amounts required to meet: 

  

	 	(A)	any amount which may become due and payable by that Obligor to the Security Trustee under the Finance Documents; 

  

	 	(B)	all such Deductions insofar as they relate to that Obligor, the Rights relating to that Obligor and the obligations of that Obligor under the Finance Documents which will or may become payable and which will or may not
be discharged out of future receipts or recoveries pursuant to, or upon enforcement of, any of the Rights relating to that Obligor; and 

  

	 	(C)	any other liability which may arise. 

  

	 	(c)	An application of any Proceeds by the Security Trustee in accordance with paragraph (a) above does not prevent any subsequent exercise of its powers under paragraph (b) above. 

 

	 	(d)	The fact that the Security Trustee may apply any Proceeds in accordance with paragraph (a)(ii) or paragraph (a)(iii) above, or determine that any Obligor is under no further actual or contingent liability under the
Finance Documents and apply any Proceeds in accordance with paragraph (a)(iv) or paragraph (a)(v) above, will not prevent the Security Trustee from applying any further Proceeds in the order set out in paragraph (a) above. 

 

	 	(e)	 The Security Trustee shall be entitled to make the deductions or withholdings (on account of Tax or otherwise) from payments under this Agreement
which it is required by any applicable law or regulations to make, and to pay all Taxes which may be assessed against it and/or all expenses which may be incurred by it in respect of any of the Trust Property, in respect of anything done by it in
its capacity as security trustee under the Finance Documents or otherwise by virtue of such capacity. The Borrower agrees that its obligations under the Finance Documents shall only be discharged by virtue of receipt or recovery by the Security
Trustee of Proceeds, or of applications made by the Security Trustee under this 

  
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Agreement, to the extent that the ultimate recipient actually receives moneys (whether directly or through the Agent or otherwise) from the Security Trustee under this Agreement which are to be
applied in or towards the discharge of those obligations. 

  

	 	(f)	If the Borrower receives any sum from any person which, pursuant to the Finance Documents, should have been paid to the Security Trustee, such sum shall be held on trust for the Finance Parties and forthwith be paid
over to the Security Trustee for application in accordance with this Clause 27.5. 

  

	 	(g)	The Security Trustee shall be entitled to pay any Deductions to the person or persons entitled to them. 

  

	 	(h)	The Security Trustee shall have no duty or responsibility, either initially or on a continuing basis, to investigate the application by any other person of any sums distributed pursuant to this Clause 27.5.

  

	 	(i)	Any application or distribution which subsequently proves, or is agreed by the Security Trustee, to have been invalid or which must be repaid or refunded shall be repaid or refunded and will be deemed as never having
been made. 

  

	27.6	Transaction Security 

 The Security Trustee: 

 

	 	(a)	may accept, without enquiry, requisition or objection, such right and title as each of the Obligors may have to any of the Charged Assets; 

 

	 	(b)	shall not be bound or concerned to investigate or make any enquiry into the right or title of such Obligor, shall not be liable for any lack of or defect in such right or title (whether or not apparent and/or capable of
remedy) and, without prejudice to the foregoing, shall not be obliged to require such Obligor to remedy any defect in its right or title as aforesaid; 

  

	 	(c)	shall not be liable for any failure or omission to: 

  

	 	(i)	give notice to any third party, obtain or effect any Authorisation or other authority for the execution, delivery, validity, legality, adequacy, performance, enforceability or admissibility in evidence of any of the
Finance Documents; 

  

	 	(ii)	register, notify or otherwise perfect or protect any Transaction Security (including by registering the same under any applicable laws in any country or territory); 

 

	 	(iii)	to take, or to require any of the Obligors to take, any steps to render the Transaction Security effective or to secure the creation of any ancillary charge under the laws of any jurisdiction; or 

 

	 	(iv)	require any further assurances relating to any Security Document, 

 or for any delay in doing
so; 
  

	 	(d)	shall not be obliged to require the deposit with it, or hold in its own possession, any Finance Documents or any title or other documents relating to any Charged Assets, or to take any steps to protect or preserve such
documents, and the Security Trustee; 

  
 61 

	 	(e)	may permit (i) any bank (including the Security Trustee) providing safe custody services or any professional adviser to the Security Trustee and/or (ii) the relevant Obligor (or its lawyers, auditors or other
representatives) to retain any of those documents in its possession or obtain access thereto when necessary or convenient, in each case without incurring any liability or responsibility for any loss incurred in connection with such placement, access
or possession. 

  

	27.7	No Duty to Collect Payments 

 The Security Trustee shall not have any duty: 

 

	 	(a)	to ensure that any payment or other financial benefit in respect of any of the Charged Assets is duly and punctually paid, received or collected; or 

 

	 	(b)	to ensure the taking up of any (or any offer of any) stocks, shares, rights, moneys or other property accruing or offered at any time by way of interest, dividend, redemption, bonus, rights, preference, option, warrant
or otherwise in respect of any of the Charged Assets. 

  

	27.8	Investments and Insurance 

  

	 	(a)	Unless provided otherwise in any Finance Document, all moneys which are received by the Security Trustee and held by it as trustee in relation to any of the Finance Documents may, in the name of or under the control of
the Security Trustee (or any nominee of it): 

  

	 	(i)	or under the control of the Security Trustee be invested in any investment for the time being authorised by English law for the investment of trust money by trustees or in any other investments which may be selected by
it (with the consent of the Agent); or 

  

	 	(ii)	if not otherwise invested, be placed on deposit at any bank or institution (including the Security Trustee) and upon any terms and in any currency. 

The Security Trustee may at any time change or transfer any such investments to or into other such investments or convert any moneys so
deposited into any other currency and shall not be responsible for any loss or any depreciation in the value of any such investment or deposit unless directly caused by its gross negligence or wilful misconduct. 

 

	 	(b)	Without prejudice to the provisions of any Finance Document, the Security Trustee shall not be under any obligation to insure any property or to require any other person to maintain any such insurance and shall not be
responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy or insufficiency of any such insurance. Where the Security Trustee is named on any insurance policy as an insured party, it shall not be
responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless any Finance Party
shall have requested it to do so in writing through the Agent and the Security Trustee shall have failed to do so within fourteen (14) days thereafter. 

  

	27.9	Relationship with the Finance Parties 

  

	 	(a)	The Security Trustee shall be entitled to, and shall, carry out all dealings with the other Finance Parties through the Agent. 

  
 62 

	 	(b)	The Security Trustee shall be entitled to rely on the Agent’s certificate as to all amounts which are owing, actually or contingently, at any time by any Obligor to all or any of the Finance Parties (other than the
Security Trustee in its capacity as such) under the Finance Documents, whether or not due. 

  

	 	(c)	The Security Trustee shall be at liberty to accept as sufficient evidence a certificate signed or purported to be signed on behalf of the Agent to the effect that any particular dealing, transaction, step or thing is,
in the opinion of the Agent, suitable or expedient or as to any other fact or matter upon which the Security Trustee may require to be satisfied and the Security Trustee shall in no way be bound to call for further evidence or be responsible for any
loss that may be occasioned by acting on any such certificate. 

  

	 	(d)	The Security Trustee may assume that any instructions, authorities or certificates received by it from the Agent under or pursuant to the Finance Documents are: 

 

	 	(i)	given in accordance with the provisions of the Finance Documents; 

  

	 	(ii)	given, where appropriate, with any prior approval or consent required under the Finance Documents; and 

  

	 	(iii)	given, where appropriate, in accordance with directions of persons or the provisions of agreements by which the Agent is bound, 

and the Security Trustee shall not be liable to any other person for any action taken or omitted under or in connection with the Finance
Documents in accordance with any such instructions, authorities or certificates unless directly caused by its gross negligence or wilful misconduct. Without prejudice to the generality of the foregoing, it is expressly agreed that the Security
Trustee shall be entitled to assume that, and shall have no duty or responsibility to investigate whether, the Agent has obtained any prior approval or consent (whether from any Lender or the Majority Lenders or any other person or group of persons)
which the Agent is required to obtain before giving any such instruction, authority or certificate to the Security Trustee. 
  

	 	(e)	The Security Trustee shall be entitled (and bound) to assume that the identity of the Agent has not changed from the person named as such in this Agreement or, as the case may be, last notified to the Security Trustee
under this paragraph (e) unless and until it is notified otherwise by the retiring Agent and its successor in writing together with the date from which the change becomes effective. The Security Trustee shall be entitled to rely upon and assume
that any such notification is authentic and shall not be liable for any loss occasioned by so assuming or relying. 

  

	 	(f)	The Agent shall promptly notify the Security Trustee of the contents of any communication on any matter concerning the Transaction Security between it and any Obligor or which it receives pursuant to Clause 32.3
(Delivery). 

  

	 	(g)	Each other Finance Party shall furnish to the Security Trustee such information as the Security Trustee may reasonably require to enable it to perform its functions as security trustee under the Finance Documents.

  

	27.10	Compliance with Law 

 Notwithstanding anything else contained in the Finance Documents,
the Security Trustee may refrain from doing anything which would or might in its opinion be contrary to any relevant law of any jurisdiction or any relevant directive or regulation of any agency of any state or which would or

  
 63 

 
might otherwise render it liable to any person, and may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. 

 

	27.11	Indemnity 

  

	 	(a)	The Borrower irrevocably and unconditionally agrees to indemnify the Security Trustee and every Receiver and Delegate appointed under any of the Finance Documents immediately on demand against all claims, demands,
liabilities, proceedings, costs, fees, charges, losses and expenses incurred by the Security Trustee or any such Receiver or Delegate in relation to or arising out of (i) the taking, holding, protection or enforcement of any of the Transaction
Security, (ii) the exercise or purported exercise of any of the rights, powers, authorities, discretions, remedies and trusts vested in the Security Trustee or any such Receiver or Delegate, (iii) any default by the Borrower in the default
of any of the obligations expressed to be assumed by it in the Finance Documents or (iv) any other matter or thing done or omitted to be done in connection with any of the Finance Documents or pursuant to any law or regulation (other than any
of the same incurred or arising as a result of its or any such appointee’s gross negligence or wilful misconduct). 

  

	 	(b)	The Security Trustee may, whether or not it has made a demand under paragraph (a) above, indemnify itself and every such Receiver and Delegate out of the Trust Property against all claims, demands, liabilities,
proceedings, costs, fees, charges, losses and expenses referred to in paragraph (a) above (other than any incurred or arising as a result of its or any such appointee’s gross negligence or wilful misconduct), and may pay and retain all
sums necessary to give effect to the indemnity in this Clause 27.11 and shall have a lien on the relevant Trust Property and the proceeds of the enforcement of the relevant Trust Property for all monies payable to it and such Receiver or Delegate.

  

	27.12	Delegation 

  

	 	(a)	The Security Trustee may, with the prior written consent of the Agent at any time delegate by power of attorney or otherwise to any person or persons, or fluctuating body of persons, all or any of the rights, powers,
authorities and discretions vested in it by any of the Finance Documents. Any such delegation may be made upon such terms (including the power to sub-delegate) and subject to such conditions and regulations as it may think fit and the Agent may
approve. 

  

	 	(b)	The Security Trustee shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of, any such delegate or sub-delegate, unless the Security
Trustee has failed to exercise reasonable care in selecting the delegate concerned. 

  

	27.13	Appointment of Additional Security Trustees 

  

	 	(a)	The Security Trustee may at any time appoint any person (whether or not a trust corporation) to act either as a separate security trustee or as a co-security trustee jointly with it: 

 

	 	(i)	if it considers such appointment to be in the interests of the Finance Parties; 

  

	 	(ii)	for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts is or are to be performed; or 

  
 64 

	 	(iii)	for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction of either a judgment already obtained or any of the provisions of the Finance Documents, 

and the Security Trustee shall give prior notice to the Borrower and the Agent of any such appointment. 

 

	 	(b)	Any such appointment shall only take effect upon the receipt by the Agent of written confirmation from the appointee (in form and substance satisfactory to the Agent) that the appointee agrees to be bound by the
provisions of the Finance Documents and all other related agreements to which the Security Trustee is a party in its capacity as security trustee under the Finance Documents. 

 

	 	(c)	Any person so appointed shall have such rights, powers, authorities and discretions and such duties and obligations as shall be conferred or imposed on such person by the instrument of appointment and shall, subject to
any limitation contained in such instrument of appointment, have the same benefits under this Agreement (other than Clause 11.3 (Security Trustee Fee) and this Clause 27.13) as the Security Trustee. 

 

	 	(d)	The Security Trustee shall have power in like manner to remove any person so appointed. 

  

	 	(e)	Such remuneration as the Security Trustee may pay to any person so appointed, and any costs, charges and expenses incurred by such person in performing its functions pursuant to such appointment, shall be treated as
costs, charges and expenses incurred by the Security Trustee in performing its functions as security trustee under the Finance Documents. 

  

	 	(f)	The Security Trustee shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of, any such security trustee, unless the Security Trustee has
failed to exercise reasonable care in selecting the security trustee concerned. 

  

	27.14	Amendments by Security Trustee 

  

	 	(a)	Unless any Finance Document expressly provides otherwise, the Security Trustee may, if authorised by the Agent, amend or vary the terms of, waive breaches of or defaults under or otherwise excuse performance of any
provision of, or grant consents under, any of the Security Documents, any such amendment, variation, waiver or consent so authorised to be binding on all Parties and the Security Trustee to be under no liability whatsoever in respect thereof.

  

	 	(b)	Subject to paragraph (c) below, the Agent may, with the prior approval of the Majority Lenders, authorise the Security Trustee to take any action contemplated by paragraph (a) above. 

 

	 	(c)	The Agent may not authorise the Security Trustee to effect: 

  

	 	(i)	any amendment of any Security Document which would affect the nature or the scope of any of the Charged Assets or any of the Trust Property or the manner in which any Proceeds are to be distributed by the Security
Trustee; 

  

	 	(ii)	the release of any of the Transaction Security or of any of the Charged Assets from the Transaction Security; or 

  

	 	(iii)	any change in this Clause 27.14, 

  
 65 

 without the prior consent of all the Lenders. 

 

	 	(d)	Paragraphs (a) to (c) above do not apply to any release permitted by Clause 27.15 (Releases) or Clause 27.19 (Winding-up of Trust) or any amendment of any Security Document to the extent
necessary to effect such release. 

  

	27.15	Releases 

  

	(a)	The Security Trustee may: 

  

	 	(i)	release Charged Assets from the Transaction Security where such Charged Assets are disposed of in accordance with the terms of the Finance Documents (including where the disposal is being effected by enforcement of a
Security Document); and 

  

	 	(ii)	execute any documents (including formal releases and certificates of non-crystallisation of floating charges) and do any things necessary in order to effect any release permitted by this Clause 27.15 or Clause 27.19
(Winding-up of Trust). 

  

	(b)	Upon the occurrence of the Sesa Sterlite Merger, and provided that the Security Trustee is satisfied that the New Borrower Deed of Hypothecation has been duly executed and perfected, the Security Trustee shall, at the
request and cost of the Original Borrower, take whatever action is necessary to release the Moveable Assets from the Security under the Original Borrower Deed of Hypothecation. 

 

	27.16	Waiver 

 The Borrower hereby waives, to the extent permitted under applicable law, all
rights it may otherwise have to require that the Transaction Security be enforced in any particular order or manner or that any sum received or recovered from any person, or by virtue of the enforcement of any of the Transaction Security or any
other encumbrance of any nature over any assets, which is capable of being applied in or towards discharge of any of the obligations of the Borrower under the Finance Documents, is so applied, whether on receipt or recovery or at any time
thereafter. 
  

	27.17	Powers Conferred by General Law 

 The rights, powers, authorities, discretions and trusts
conferred upon the Security Trustee by this Agreement and the other Finance Documents shall be in addition to any which may from time to time be vested in the Security Trustee by the general law or otherwise. 

 

	27.18	Perpetuity Period 

 The perpetuity period under the rule against perpetuities, if
applicable to this Agreement, shall be the period of one hundred and twenty-five (125) years less one (1) day from the date of this Agreement. 
  

	27.19	Winding-up of Trust 

 If the Agent, with the approval of the Majority Lenders, shall
determine that all the obligations of the Obligors under the Finance Documents have been fully and finally discharged and that none of the Finance Parties is under any commitment, obligation or liability (whether actual or contingent) to make Loans
or provide other financial accommodation under or pursuant to any Finance Document to the Borrower, the Agent shall notify the Security Trustee of such determination and approval. Upon such notification the trusts set out above shall automatically
be wound up and the Security Trustee shall release, without recourse or warranty, all of the Transaction Security then held by it. 

  
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	28.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No provision of this Agreement will: 

 

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

 

	29.	SHARING AMONG THE FINANCE PARTIES 

  

	29.1	Payments to Finance Parties 

 If a Finance Party (a “Recovering Finance Party”)
receives or recovers any amount from an Obligor other than in accordance with Clause 30 (Payment mechanics) and applies that amount to a payment due under the Finance Documents then: 

 

	 	(a)	the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in
accordance with Clause 30 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the
Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 30.5 (Partial payments). 

 

	29.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been
paid by the Borrower/ other Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 30.5 (Partial payments). 

 

	29.3	Recovering Finance Party’s rights 

  

	 	(a)	On a distribution by the Agent under Clause 29.2 (Redistribution of payments), the Recovering Finance Party will be subrogated to the rights of the Finance Parties which have shared in the redistribution.

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under sub-clause (a) above, the Borrower/ other Obligor shall be liable to the Recovering Finance Party for a debt equal to
the Sharing Payment which is immediately due and payable. 

  

	29.4	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by
a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 

  
 67 

	 	(a)	each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 29.2 (Redistribution of payments) shall, upon request of the Agent, pay to the Agent for account of that Recovering
Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that
Recovering Finance Party is required to pay); and 

  

	 	(b)	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the Borrower/ other Obligor will be liable to the reimbursing Finance Party for the amount so reimbursed.

  

	29.5	Exceptions 

  

	 	(a)	This Clause 29 (Sharing among the Finance Parties) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim
against the Borrower/ other Obligor. 

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified that other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  

	30.	PAYMENT MECHANICS 

  

	30.1	Payments to the Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance
Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 

 

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Agent specifies. 

 

	30.2	Distributions by the Agent 

 Each payment received by the Agent under the Finance
Documents for another Party shall, subject to Clause 30.3 (Distributions to the Obligors) and Clause 30.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in
accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank in the principal financial centre of
the country of that currency. 
  

	30.3	Distributions to the Obligors 

 The Agent and the Security Trustee may each (with the
consent of the Borrower/other Obligor or in accordance with Clause 31 (Set-off)) apply any amount received by it for the Borrower/ other Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount

  
 68 

 
due from the Borrower/ other Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 

 

	30.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Agent or the Security Trustee under the Finance Documents for another Party, the Agent or (as the case may be) the Security Trustee is not obliged to pay that sum to that other Party (or
to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Agent or the Security Trustee pays an amount to another Party and it proves to be the case that the Agent or (as the case may be) the Security Trustee had not actually received that amount, then the Party to whom
that amount (or the proceeds of any related exchange contract) was paid by the Agent or (as the case may be) the Security Trustee shall on demand refund the same to the Agent or (as the case may be) the Security Trustee together with interest on
that amount from the date of payment to the date of receipt by the Agent or (as the case may be) the Security Trustee, calculated by the Agent to reflect its cost of funds. 

 

	30.5	Partial payments 

  

	 	(a)	If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under the Finance Documents, the Agent shall apply that payment towards the obligations of the
Borrower under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent or the Security Trustee under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in sub-clauses (a)(ii) to (iv) above. 

  

	 	(c)	Sub-clauses (a) and (b) above will override any appropriation made by the Borrower. 

  

	30.6	No set-off by Borrower 

 All payments to be made by the Borrower under the Finance
Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	30.7	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  
 69 

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	30.8	Currency of account 

  

	 	(a)	Subject to sub-clauses (b) to (e) below, US Dollars is the currency of account and payment for any sum due from the Borrower under any Finance Document. 

 

	 	(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(c)	Any amount expressed to be payable in a currency other than US Dollars shall be paid in that other currency. 

  

	 	(d)	A repayment of an Unpaid Sum or a part of an Unpaid Sum shall be made in the currency in which that Unpaid Sum is denominated on its due date. 

 

	 	(e)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued. 

 

	30.9	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Agent; and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the London
interbank Market and otherwise to reflect the change in currency. 

  

	30.10	Disruption to Payment Systems etc. 

 If either the Agent determines (in its discretion)
that a Disruption Event has occurred or the Agent is notified by the Borrower that a Disruption Event has occurred: 
  

	 	(a)	the Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Agent may deem
necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event,
shall have no obligation to agree to such changes; 

  
 70 

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

  

	 	(d)	any such changes agreed upon by the Agent and the Borrower shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be,
waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 36 (Amendments and Waivers); 

  

	 	(e)	the Agent shall not be liable for any damages, costs or losses whatsoever (but excluding any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in
connection with this Clause 30.10; and 

  

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

  

	31.	SET-OFF 

 A Finance Party may set off any matured obligation due from the Borrower under
the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the
obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	32.	NOTICES 

  

	32.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax, letter or telex. 
  

	32.2	Addresses 

 The address, fax number and telex number (and the department or officer, if
any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 

 

	 	(a)	in the case of each Obligor, that identified with its respective names below; 

  

	 	(b)	the case of each Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and 

  

	 	(c)	in the case of the Agent and the Security Trustee, that identified with its name below, 

 or any
substitute address, fax number, telex number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five (5) Business Days’ notice.

  

	32.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(i)	if by way of fax, when received in legible form; or 

  
 71 

	 	(ii)	if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address; or 

 

	 	(iii)	if by way of telex, when despatched, but only if, at the time of transmission, the correct answerback appears at the start and at the end of the sender’s copy of the notice, 

and, if a particular department or officer is specified as part of its address details provided under Clause 32.2 (Addresses), if
addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the attention of the department or officer
identified with the Agent’s signature below (or any substitute department or officer as the Agent shall specify for this purpose). 

  

	 	(c)	All notices from or to the Borrower shall be sent through the Agent. 

  

	32.4	Notification of address, fax number and telex number 

 Promptly upon receipt of
notification of an address, fax number and telex number or change of address, fax number or telex number pursuant to Clause 32.2 (Addresses) or changing its own address, fax number or telex number, the Agent shall notify the other Parties.

  

	32.5	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  

	33.	CALCULATIONS AND CERTIFICATES 

  

	33.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	33.2	Certificates and determinations 

 Any certification or determination by a Finance Party
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	33.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days. 

  
 72 

	34.	PARTIAL INVALIDITY 

 If, at any time, any provision of the Finance Documents is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction will in any way be affected or impaired. 
  

	35.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The
rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	36.	AMENDMENTS AND WAIVERS 

  

	36.1	Required consents 

  

	 	(a)	Subject to Clause 27.14 (Amendments by Security Trustee) and Clause 36.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders, the Borrower
and any such amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 36.1 (Required consents). 

 

	36.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(iv)	an increase in or an extension of any Commitment; 

  

	 	(v)	a change to the Borrower; 

  

	 	(vi)	the nature or scope of the Charged Assets or the manner in which the proceeds of enforcement of the Security created under, or (as the case may be) evidenced in, any Security Document are distributed; 

 

	 	(vii)	a release of any Security Document other than in accordance with this Agreement or any other Finance Document (or where a sale or disposal of the relevant Charged Asset(s) is expressly permitted under this Agreement or
any other Finance Document); 

  

	 	(viii)	a change in the currency of the Facility; 

  

	 	(ix)	any provision which expressly requires the consent of all the Lenders; or 

  
 73 

	 	(x)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 24 (Changes to the Lenders), Clause 29 (Sharing among Finance Parties) or this Clause 36 (Amendments and waivers),

 shall not be made without the prior consent of all the Lenders. 

 

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Agent may not be effected without the consent of the Agent. 

 

	37.	COUNTERPARTS 

 Each Finance Document and any Transfer Certificate may be executed in any
number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document or (as the case may be) Transfer Certificate. 

 

	38.	GOVERNING LAW 

 This Agreement and any non-contractual obligations arising out of or in
connection with it are governed by English law. 
  

	39.	ENFORCEMENT 

  

	39.1	Jurisdiction 

  

	 	(a)	The courts of England shall have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including any dispute relating to any non-contractual obligation arising out of or
in connection with this Agreement and any dispute regarding the existence, validity or termination of any Finance Document) (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of England are the appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	 	(c)	This Clause 39.1 (Jurisdiction) is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with
jurisdiction. To the extent allowed by law, any Finance Party may take concurrent proceedings in any number of jurisdictions and the Borrower hereby consents to each such jurisdiction and agrees not to challenge any such proceeding on the ground
of forum non conveniens and/or res judicata. 

  

	39.2	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law, the Borrower: 
  

	 	(a)	irrevocably appoints VRPLC located at 2nd Floor, Vinters Place, 68 Upper Thames Street, London EC4V 3BJ as at the date of this Agreement as its agent for service of process in relation to any proceedings before the
English courts in connection with any Finance Document; and 

  

	 	(b)	agrees that failure by a process agent to notify the Borrower of the process will not invalidate the proceedings concerned. 

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 74 

 SCHEDULE 1 

ORIGINAL LENDERS 
  

					
	 Name of Original Lender
	  	Commitment
(US$)	 
		
	 Axis Bank Limited, Hong Kong Branch
	  	 	50,000,000	  

  
 75 

 SCHEDULE 2 

CONDITIONS PRECEDENT 

PART 1 
 CONDITIONS
PRECEDENT TO INITIAL UTILISATION 
  

	1.	Obligors 

  

	1.1	A copy of the constitutional documents of each Obligor. 

  

	1.2	A copy of a resolution of the board of directors of each Obligor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(b)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request and Selection Notice) to be signed and/or despatched by it
under or in connection with the Finance Documents to which it is a party. 

  

	1.3	A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.2 above. 

  

	1.4	A certificate from each Obligor (signed by an authorised signatory) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding
on it to be exceeded. 

  

	1.5	A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating to it specified in this Part 1 of Schedule 2 is correct, complete and in full force and effect as at a date no
earlier than the date of this Agreement. 

  

	2.	Security Documents 

  

	2.1	The Original Borrower Deed of Hypothecation executed by the Original Borrower in favour of the Security Trustee. 

  

	2.2	Certificate from the authorized signatory of the Original Borrower declaring about income tax dues. 

  

	2.3	Evidence that all stamp, registration or similar taxes as set out in Clause 18.6 (No filing or stamp taxes) has been paid in respect of all Finance Documents on or prior to the date of their execution.

  

	2.4	A copy of any other Authorisation, filing or other document, opinion or assurance which the Security Trustee considers to be necessary in order to confirm that all other acts (if any) required to be done in order to
create and perfect the Security held by the Security Trustee for the benefit of the Finance Parties has been done. 

  
 76 

	3.	Legal opinions 

  

	3.1	A legal opinion in relation to English law from Allen & Overy LLP addressed to the Finance Parties, substantially in the form distributed to the Agent prior to the signing of this Agreement. 

 

	3.2	A legal opinion as to Indian law from Desai & Diwanji addressed to the Finance Parties, substantially in the form distributed to the Agent prior to signing this Agreement. 

 

	4.	Other documents and evidence 

  

	4.1	Evidence that any process agent referred to in Clause 39.2 (Service of Process), has accepted its appointment. 

  

	4.2	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and
performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. 

  

	4.3	The Original Financial Statements of each Obligor. 

  

	4.4	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees) and Clause 16 (Costs and Expenses) have been paid or will be paid by the first Utilisation Date. 

 

	4.5	Confirmation from the Borrower that none of the directors of any Finance Party, or his/her relatives or senior officers of any Finance Party, are interested in the Borrower. 

 

	4.6	Such other documents relating to any of the matters contemplated herein as the Agent may reasonably require. 

  
 77 

 PART 2 

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED BY AN ADDITIONAL 

BORROWER 
  

	1.	Corporate Documents 

  

	1.1	A copy of the constitutional documents of the Additional Borrower. 

  

	1.2	A copy of a resolution of the board of directors of the Additional Borrower: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a
party. 

  

	1.3	A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above. 

  

	1.4	A certificate of the Additional Borrower (signed by an authorised signatory) confirming that borrowing the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded.

  

	1.5	A certificate of an authorised signatory of the Additional Borrower certifying that each copy document listed in this Part 2 of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than
the date of the Accession Letter. 

  

	2.	Finance Documents 

  

	2.1	An Accession Letter, duly executed by the Additional Borrower and the Original Borrower. 

  

	2.2	The New Borrower Deed of Hypothecation, duly executed by the Additional Borrower. 

  

	2.3	Certificate from the authorized signatory of the Additional Borrower declaring about income tax dues. 

  

	2.4	Evidence that all stamp, registration or similar taxes as set out in Clause 18.6 (No filing or stamp taxes) has been paid in respect of all Finance Documents on or prior to the date of their execution.

  

	2.5	A copy of any other Authorisation, filing or other document, opinion or assurance which the Security Trustee considers to be necessary in order to confirm that all other acts (if any) required to be done in order to
create and perfect the Security held by the Security Trustee for the benefit of the Finance Parties has been done. 

  

	3.	Legal Opinions 

  

	3.1	A legal opinion in relation to English law from Allen & Overy LLP addressed to the Agent and the Lenders. 

  
 78 

	3.2	A legal opinion as to Indian law from Desai & Diwanji addressed to the Agent and the Lenders. 

  

	4.	Other documents and evidence 

  

	4.1	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in connection with the entry into and performance of the transactions contemplated by the
any Finance Document or for the validity and enforceability of any Finance Document. 

  

	4.2	If available, the latest audited financial statements of the Additional Borrower. 

  

	4.3	If the proposed Additional Borrower is incorporated in a jurisdiction other than England and Wales, evidence that the process agent specified in Clause 39.2 (Service of process) has accepted its appointment in relation
to the proposed Additional Borrower. 

  

	4.4	Such other documents relating to any of the matters contemplated herein as the Agent may reasonably require. 

  
 79 

 SCHEDULE 3 

REQUESTS 
 PART 1

 UTILISATION REQUEST 
  

			
	From:	  	[Borrower]
		
	To:	  	Axis Bank Limited, Hong Kong Branch as Agent
		
	Dated:	  	

 Dear Sirs 

Vedanta Aluminium Limited – US$50,000,000 Facility Agreement dated
[                    ] (the Facility 

Agreement) 
  

	1.	We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement shall have the same meaning in this Utilisation Request. 

 

	2.	We wish to borrow a Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	[                    ] (or, if that is not a Business Day, the next Business Day)
		
	Amount:	  	[                    ] or, if less, the Available Facility
		
	First Interest Period:	  	[                    ]

  

	3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of the Facility Agreement is satisfied on the date of this Utilisation Request. 

 

	4.	The proceeds of this Loan should be credited to [account]. 

  

	5.	This Utilisation Request is irrevocable. 

 Yours faithfully 

authorised signatory for 
 [name of Borrower] 

  
 80 

 PART 2 

FORM OF SELECTION NOTICE 
  

			
	To:	  	Axis Bank Limited, Hong Kong Branch as Agent
		
	From:	  	[Borrower]
		
	Date:	  	

 Dear Sirs, 
 Vedanta
Aluminium Limited - US$50,000,000 Facility Agreement dated [—] (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is a Selection Notice. Terms defined in the Facility Agreement shall have the same meaning in this Selection Notice. 

 

	2.	We refer to the Loan with an Interest Period ending on [                    ]*: 

[                    ]* 

 

	3.	We request that the next Interest Period for the above Loan is [                    ]. 

This Selection Notice is irrevocable. 
  

	
	Yours faithfully,
	
	  

	authorised signatory for
	[name of Borrower]

  

	*	Insert details of all Loans which have an Interest Period ending on the same date. 

  
 81 

 SCHEDULE 4 

FORM OF TRANSFER CERTIFICATES 
  

			
	To:	  	Axis Bank Limited, Hong Kong Branch as Agent
		
	From:	  	[The Existing Lender] (the Existing Lender) and [The New Lender] (the New Lender)
		
	Dated:	  	

 Vedanta Aluminium Limited - US$50,000,000 Facility Agreement dated
[—] (the “Facility Agreement”) 
  

	1.	We refer to Clause 24.5 (Procedure for transfer) of the Facility Agreement. This is a Transfer Certificate. Terms used in the Facility Agreement shall have the same meaning in this Transfer Certificate.

  

	2.	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation, and in accordance with Clause 24.5 (Procedure for transfer), all of the Existing Lender’s rights and
obligations under the Facility Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitment(s) and participations in Loans under the Facility Agreement as specified in the Schedule.

  

	3.	The proposed Transfer Date is [                    ]. 

 

	4.	The Facility Office and address, fax number and attention particulars for notices of the New Lender for the purposes of Clause 31.2 (Addresses) are set out in the Schedule. 

 

	5.	The New Lender expressly acknowledges: 

  

	 	(a)	the limitations on the Existing Lender’s obligations set out in Clause 24.4 (Limitation of responsibility of Existing Lenders); and 

 

	 	(b)	that it is the responsibility of the New Lender to ascertain whether any document is required or any formality or other condition requires to be satisfied to effect or perfect the transfer contemplated by this Transfer
Certificate or otherwise to enable the New Lender to enjoy the full benefit of each Finance Document. 

  

	6.	The New Lender confirms that it is a “New Lender” within the meaning of Clause 24.1 (Assignments and transfers by the Lenders). 

 

	7.	The Existing Lender and the New Lender confirm that the New Lender is not an Obligor or an Affiliate of an Obligor. 

  

	8.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 

 

	9.	This Transfer Certificate and all non-contractual obligations arising from or in connection with this Transfer Certificate are governed by English law. 

 

	10.	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate. 

  
 82 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred, and other particulars 

 

					
	Commitment/participation(s) transferred	  		  	
			
	Drawn Loan(s) participation(s) amount(s):	  	[                    ]	  	
			
	Available Commitment amount:	  	[                    ]	  	
			
	Administration particulars:	  		  	
			
	New Lender’s receiving account:	  	[                    ]	  	
			
	Address:	  	[                    ]	  	
			
	Telephone:	  	[                    ]	  	
			
	Facsimile:	  	[                    ]	  	
			
	Attn/Ref:	  	[                    ]	  	

  

					
	[the Existing Lender]	 		 	[the New Lender]
			
	By:	 		 	By:
	
	This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as
[                    ].
	
	[the Agent]
	
	By:

 Note: It is the New Lender’s responsibility to ascertain whether any other document is required, or any formality
or other condition is required to be satisfied, to effect or perfect the transfer contemplated in this Transfer Certificate or to give the New Lender full enjoyment of all the Finance Documents. 

  
 83 

 SCHEDULE 5 

FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	  	Axis Bank Limited, Hong Kong Branch as Agent
		
	From:	  	[Borrower]
		
	Dated:	  	[insert date]

 Dear Sirs 
 Vedanta Aluminium
Limited - US$50,000,000 Facility Agreement dated [—] (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

  

	2.	We confirm that: [Insert details of covenants to be certified including calculations] 

  

	3.	We confirm that no Default has occurred and/ or is continuing. 

 for and on behalf of 

[Borrower] 
  

					
	  
	 		 	  

			
	 Director
	 		 	Director

  

	
	[insert applicable certification language]
	
	  

	
	for and on behalf of
	
	[name of auditors of the Borrower]

  
 84 

 SCHEDULE 6 

FORM OF ACCESSION LETTER 
  

			
	To:	  	Axis Bank Limited, Hong Kong Branch as Agent
		
	From:	  	[Additional Borrower] and [Original Borrower]
		
	Dated:	  	

 Dear Sirs 
 Vedanta Aluminium
Limited - US$50,000,000 Facility Agreement dated [—] (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is an Accession Letter. Terms defined in the Facility Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter.

  

	2.	[    ] agrees to become an Additional Borrower and to be bound by the terms of the Facility Agreement as an Additional Borrower pursuant to Clause [25.2 (Additional Borrowers) of the Facility
Agreement. [    ] is a company duly incorporated under the laws of [name of relevant jurisdiction]. 

  

	3.	[The Original Borrower confirms that no Default is continuing or would occur as a result of [    ] becoming an Additional Borrower.] 

 

	4.	The administrative details of [    ] are as follows: 

 Address: 

Fax No: 
 Attention: 

 

	5.	This Accession Letter, and all non-contractual obligations arising from or in connection with this Accession Letter, are governed by English law. 

[This Accession Letter is entered into by deed.] 

[Company]        [Subsidiary] 

  
 85 

 SCHEDULE 7 

FORM OF RESIGNATION LETTER 
  

			
	To:	  	Axis Bank Limited, Hong Kong Branch as Agent
		
	From:	  	[Original Borrower]
		
	Dated:	  	

 Dear Sirs 
 Vedanta Aluminium
Limited - US$50,000,000 Facility Agreement dated [—] (the “Facility Agreement”) 
  

	1.	We refer to the Facility Agreement. This is a Resignation Letter. Terms defined in the Facility Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

  

	2.	Pursuant to Clause 25.3 (Resignation of a Borrower) of the Facility Agreement, we request that [Original Borrower] be released from its obligations as a Borrower under the Facility Agreement. 

 

	3.	We confirm that: 

  

	 	(a)	no Default is continuing or would result from the acceptance of this request; and 

  

	 	(b)	all the obligations of [Original Borrower] under the Finance Documents have been effectively transferred to [New Borrower]. 

  

	4.	This Resignation Letter, and all non-contractual obligations arising from or in connection with this Resignation Letter, are governed by English law. 

[Original Borrower] 
 By: 

  
 86 

 SIGNATURES 

As Borrower 
  

					
	The Common Seal of VEDANTA ALLUMINIUM LIMITED, as the Original Borrower, has been, pursuant to resolution passed by its board of directors at its meeting held on the 2nd day of JANUARY, 2013 hereunto
affixed in the presence of Mr. DEEPAK KUMAR, its AUTHORIZED SIGNATORY and Mr. AJIT KUMAR SAMAL, its AUTHORIZED SIGNATORY, who have signed these presents in token thereof.	  	)	  	/s/ Deepak Kumar
	  	)	  	
	  	)	  	/s/ Ajit Kumar Samal
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	
	  	)	  	

 Address: JHARSUGUDA PROJECT OFFICE, 242 SOLITAIRE COPORATE PARK, ANDHERI-GHATKOPAR LINK ROAD, CHAKALA ANDHERI-EAST, MUMBAI-400
093 
 Attention: PRERNA HALWASIA, Company Secretary 

Telephone: +91 22 4005 8025 
 Fax: +91 22 4005 8011 

  

					
	Vedanta – US$50m Facility Agreement	 	87	 	

 As Guarantor 
  

					
	The Common Seal of STERLITE INDUSTRIES INDIA LIMITED, as the Guarantor, has been, pursuant to resolution passed by its board of directors at its meeting held on the 14th day of Dec. 2012, hereunto affixed in the presence of Mr. Sridhar Narasimhan, its Authorised Signatory and Mr. P. Ramnath, its Authorised Signatory, who have signed these presents in token
thereof.	  	 )
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
 )

)
	  	/s/ Sridhar Narasimhan
	  	  	
	  	  	/s/ P. Ramnath
	  	  	
	  	  	
	  	  	
	  	  	
	  	  	
	  	  	
	  	  	
	  	  	
	  	  	
	  	  	
	  	  	
	  	  	

 Address: SIPCOT Industrial Complex, Madurai Bypass Road T.V. Puram P.O., Tuticorin 2013 628 002, Tamil Nadu 

 

					
	Attention: Rajiv Choubey, Company Secretary	 		 	For STERLITE INDUSTRIES (I) LTD
			
	Telephone: +91 461 424 2982	 		 	/s/ Rajiv Choubey
		 		 	RAJIV CHOUBEY
	Fax: +91 461 234 0203	 		 	COMPANY SECRETARY

  

					
	Vedanta – US$50m Facility Agreement	 	88	 	

 As Arranger 
  

									
	EXECUTED by	 	 )
 )

)
 )

)
 )

)
 )

)
 )
	 		 	
	AXIS BANK LIMITED, HONG KONG BRANCH	 	 		 	
		 		 	 		 	
	acting by:	 	 	(Sign)	 	 /s/ Akshaya Kumar Panda

		 		 	 		 	Akshaya Kumar Panda
	Name:	 	  
	 	 		 	 Chief Executive
 Axis Bank, Hong
Kong Branch.

		 		 	 		 
	Title:	 	  
	 	 		 

  

			
	Address:	 	805, Alexandra House
		 	18 Chater Road
		 	Central, Hong Kong
		
	Attention:	 	Mr. Vaibhav Chadha / Ms. Teena Jaisinghani
		
	Telephone:	 	+852 36564005 / +852-3656 4010

			
		
	Fax:	 	+852-2522 7821
	
	Email: vaibhav.chadha@axisbank.com / teena.jaisinghani@axisbank.com

  

					
	Vedanta – US$50m Facility Agreement	 	89	 	

 As Agent 
  

									
	EXECUTED by	 	 )
 )

)
 )

)
 )

)
 )

)
 )
	 		 	
	AXIS BANK LIMITED, HONG KONG BRANCH	 	 		 	
		 		 	 		 	
	acting by:	 	 	(Sign)	 	 /s/ Akshaya Kumar Panda

		 		 	 		 	 Akshaya Kumar Panda
 Chief
Executive
 Axis Bank, Hong Kong Branch.

	Name:	 	  
	 	 		 
		 		 	 		 
	Title:	 	  
	 	 		 	

  

			
	Address:	 	805, Alexandra House
		 	18 Chater Road
		 	Central, Hong Kong
		
	Attention:	 	Mr. Vaibhav Chadha / Ms. Teena Jaisinghani
		
	Telephone:	 	+852 36564005 / +852-3656 4010

			
		
	Fax:	 	+852-2522 7821
	
	Email: vaibhav.chadha@axisbank.com / teena.jaisinghani@axisbank.com

  

					
	Vedanta – US$50m Facility Agreement	 	90	 	

 As Security Trustee 
  

									
	EXECUTED by	 	 )
 )

)
 )

)
 )

)
 )

)
 )
	 		 	 For AXIS BANK LTD.
  

	AXIS BANK LIMITED	 	 		 
		 		 	 		 
	acting by:	 	 	(Sign)	 	 /s/ Sudhansu Sekhar Das

		 		 	 		 	Authorised Signatory
	Name:	 	 Sudhansu Sekhar Das
	 	 		 	
		 		 	 		 	
	Title:	 	 DY. VICE PRESIDENT
	 	 		 	

  

			
	Address:	 	2nd Floor, Axis House, Bombay Dyeing Mills Compound
		 	Pandurang Bhudhkar Marg
		 	Worli, Mumbai – 400 025, Maharashtra
		
	Attention:	 	Mr. Makarand Kulkarni
		
	Telephone:	 	+91 22 2425 5226

			
		
	Fax:	 	+91 22 24254200
	
	Email: kulkarni.makarand@axisbank.com

  

					
	Vedanta – US$50m Facility Agreement	 	91	 	

 As Original Lender 

 

									
	EXECUTED by	 	 )
 )

)
 )

)
 )

)
 )

)
 )
	 		 	 /s/ Akshaya Kumar Panda

	AXIS BANK LIMITED, HONG KONG BRANCH	 	 		 
		 		 	 		 
	acting by:	 	 	(Sign)	 
		 		 	 		 	 Akshaya Kumar Panda
 Chief
Executive
 Axis Bank, Hong Kong Branch.

	Name:	 	  
	 	 		 
		 		 	 		 
	Title:	 	  
	 	 		 

  

					
	Vedanta – US$50m Facility Agreement	 	92	 	

 [Five Hundred Rupee Stamp] 

counterpart -1 
 This stamp paper forms an
integral part of the Facility Agreement dated 8th January 2013 between Vedanta Aluminium Limited as the Borrower, Sterlite Industries India Ltd. as the Guarantor, Axis Bank Limited, Hong Kong
Branch as the Arranger, Original Lender and Agent, and Axis Bank Limited, Central Office as the Security Trustee.EX-4.33

 Exhibit 4.33 

EXECUTION VERSION 

US$1,200,000,000 
 FACILITY
AGREEMENT 
 Dated 15 May 2013 

for 
 VEDANTA RESOURCES PLC

 with 
 TWIN STAR
MAURITIUS HOLDINGS LIMITED 
 as Borrower 

arranged by 
 BANK OF AMERICA,
N.A. 
 BARCLAYS BANK PLC 

CITIGROUP GLOBAL MARKETS ASIA LIMITED 

JP MORGAN CHASE BANK N.A., SINGAPORE BRANCH 

THE ROYAL BANK OF SCOTLAND PLC 

and 
 STANDARD CHARTERED BANK

 and 
 STANDARD
CHARTERED BANK (MAURITIUS) LIMITED 
 acting as Account Bank 

and 
 STANDARD CHARTERED BANK

 acting as Agent and Security Agent 

Linklaters 
 Ref: PHJB/AMV

 Linklaters Singapore Pte. Ltd. 

 CONTENTS 
  

					
	CLAUSE	 	 	  	PAGE
			
		 	SECTION 1	  	
		 	INTERPRETATION	  	
	1.	 	Definitions and interpretation	  	1
		 	SECTION 2	  	
		 	THE FACILITY	  	
	2.	 	The Facility	  	29
	3.	 	Purpose	  	30
	4.	 	Conditions of Utilisation	  	30
		 	SECTION 3	  	
		 	UTILISATION	  	
	5.	 	Utilisation	  	33
		 	SECTION 4	  	
		 	REPAYMENT, PREPAYMENT AND CANCELLATION	  	
	6.	 	Repayment	  	35
	7.	 	Prepayment and cancellation	  	35
		 	SECTION 5	  	
		 	COSTS OF UTILISATION	  	
	8.	 	Interest	  	42
	9.	 	Interest Periods	  	43
	10.	 	Changes to the calculation of interest	  	43
	11.	 	Fees	  	45
		 	SECTION 6	  	
		 	ADDITIONAL PAYMENT OBLIGATIONS	  	
	12.	 	Tax gross-up and indemnities	  	46
	13.	 	Increased costs	  	49
	14.	 	Other indemnities	  	50
	15.	 	Mitigation by the Lenders	  	52
	16.	 	Costs and expenses	  	52
		 	SECTION 7	  	
		 	GUARANTEE	  	
	17.	 	Guarantee and Indemnity	  	54
		 	SECTION 8	  	
		 	REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT	  	
	18.	 	Representations	  	57
	19.	 	Information undertakings	  	64
	20.	 	Financial covenants	  	69
	21.	 	General undertakings	  	75
	22.	 	Accounts	  	89
	23.	 	Events of Default	  	95
		 	SECTION 9	  	
		 	CHANGES TO PARTIES	  	
	24.	 	Changes to the Lenders	  	100
	25.	 	Changes to the Obligors	  	105

  
 (i) 

					
	26.	 	Accession of and changes to the Hedging Banks	  	106
		 	SECTION 10	  	
		 	THE FINANCE PARTIES	  	
	27.	 	Role of the Agent, the Security Agent, the Account Bank and the Arranger	  	107
	28.	 	Conduct of business by the Secured Parties	  	114
	29.	 	Sharing among the Secured Parties	  	115
		 	SECTION 11	  	
		 	ADMINISTRATION	  	
	30.	 	Payment mechanics	  	117
	31.	 	Set-off	  	121
	32.	 	Notices	  	121
	33.	 	Calculations and certificates	  	123
	34.	 	Partial invalidity	  	123
	35.	 	US Banks	  	123
	36.	 	Remedies and waivers	  	123
	37.	 	Amendments and waivers	  	124
	38.	 	Confidentiality	  	126
	39.	 	Counterparts	  	130
		 	SECTION 12	  	
		 	GOVERNING LAW AND ENFORCEMENT	  	
	40.	 	Governing law	  	131
	41.	 	Enforcement	  	131

  
 (ii) 

 THE SCHEDULES 
  

			
	SCHEDULE	 	PAGE
		
	 SCHEDULE 1 The Original Lenders
	 	133
	 SCHEDULE 2 Conditions Precedent
	 	134
	 SCHEDULE 3 Requests
	 	139
	 SCHEDULE 4 Mandatory Cost Formula
	 	141
	 SCHEDULE 5 Form of Transfer Certificate
	 	143
	 SCHEDULE 6 Security Agency Provisions
	 	145
	 SCHEDULE 7 Form of Assignment Agreement
	 	148
	 SCHEDULE 8 Form of Accession Letter
	 	151
	 SCHEDULE 9 Form of Compliance Certificate
	 	153
	 SCHEDULE 10 Timetables
	 	154
	 SCHEDULE 11 Hedging Bank Provisions
	 	155
	 SCHEDULE 12 Subordination
	 	162
	 SCHEDULE 13 Intercreditor Principles
	 	172
	 SCHEDULE 14 Form of Subordinated Creditor Accession Letter
	 	177
	 SCHEDULE 15 VSAP Audit – Scope of Work
	 	180
	 SCHEDULE 16 Form of withdrawal instruction
	 	181

  
 (iii) 

 THIS AGREEMENT is dated 15 May 2013 and made between: 

 

	(1)	VEDANTA RESOURCES PLC, a company registered under the laws of England and Wales with registration number 04740415 (the “Company”); 

 

	(2)	VEDANTA RESOURCES JERSEY II LIMITED, a company registered under the laws of Jersey with registration number 105124 (the “Original Subordinated Creditor”); 

 

	(3)	BANK OF AMERICA, N.A., BARCLAYS BANK PLC, CITIGROUP GLOBAL MARKETS ASIA LIMITED, JP MORGAN CHASE BANK N.A., SINGAPORE BRANCH, THE ROYAL BANK OF SCOTLAND PLC and STANDARD CHARTERED BANK as mandated lead arrangers
(whether acting individually or together the “Arranger”); 

  

	(4)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as lenders (the “Original Lenders”); 

  

	(5)	STANDARD CHARTERED BANK (MAURITIUS) LIMITED acting as account bank (the “Account Bank”); 

  

	(6)	STANDARD CHARTERED BANK as agent of the other Finance Parties (the “Agent”); 

  

	(7)	STANDARD CHARTERED BANK as security agent for the other Secured Parties (the “Security Agent”). 

IT IS AGREED as follows: 
 SECTION 1 

INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

“Acceleration Date” means the date on which the Loans are or become immediately due and payable: 

 

	 	(a)	by reason of acceleration pursuant to paragraph (b) of clause 22.21 (Acceleration); or 

  

	 	(b)	under Clause 6 (Repayment); or 

  

	 	(c)	under Clause 7 (Prepayment or cancellation) 

 “Acceptable Bank” means a
bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A or higher by S&P or Fitch Ratings Ltd or A2 or higher by Moody’s or a comparable rating from an internationally
recognised credit rating agency. 
 “Accession Letter” means a letter substantially in the form set out in Schedule 8
(Form of Accession Letter). 
 “Account Charge” means the Mauritian law governed charge over the Collection Account
entered into or to be entered into between the Borrower and the Security Agent pursuant to Clause 21.27 (Security Documents). 

  
 1 

 “Account Mandate” means an account mandate relating to the establishment and
maintenance of the Collection Account, the Distribution Account and/or the Expenses Account. 
 “Additional Cost Rate” has
the meaning given to it in Schedule 4 (Mandatory Cost Formula). 
 “Additional Debt” has the meaning given in
paragraph (c) of Clause 21.11 (No other business). 
 “Additional Debt Incurrence Date” means the date on which
any Additional Debt is incurred by the Borrower. 
 “Adjustment Event” means any event or action taken by Cairn India
affecting the quantum of Cairn India Shares in issue (including, without limitation, a private placement) that may have a diluting or concentrative effect on the percentage of Cairn India Shares held by TSMHL. 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other
Subsidiary of that Holding Company (subject always to Clause 1.4 (RBS)). 
 “Agreed Form” means, in relation to a
document, that it is in a form initialled by or on behalf of the Company and the Agent or confirmed by counsel to both the Arranger and the Company to be in the agreed form. 

“Agreed Timeline” means a timeline agreed to between the E&S Consultant or E&S VSAP Consultant (as the case may be)
and the Company (each acting reasonably), or (if no such timeline has been agreed to between the E&S Consultant or E&S VSAP Consultant (as the case may be) and the Company after a reasonable period of discussions) such timeline as determined
by the Majority Lenders. 
 “Anti-Money Laundering Laws” means the Executive Order, the Bank Secrecy Act (31 U.S.C.
§§ 5311 et seq.), the Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956 et seq.), the USA Patriot Act and any similar law enacted in the US after the date of this Agreement. 

“Assignment Agreement” means an agreement substantially in the form set out in Schedule 7 (Form of Assignment
Agreement) or any other form agreed between the relevant assignor and assignee. 
 “Authorisation” means: 

 

	 	(a)	an authorisation, consent, approval, foreign exchange control approval, resolution, licence, exemption, filing, notarisation or registration; or 

 

	 	(b)	in relation to anything which will be fully or partly prohibited or restricted by law or regulation if a Governmental Agency intervenes or acts in any way within a specified period after lodgement, filing, registration
or notification, the expiry of that period without intervention or action. 

 “Availability Period” means the
period from and including the date of this Agreement to and including 7 December 2013 or, if earlier, the date which is 60 days after the date of issue of the Refinancing Notes (as defined in the B2B Facility Agreement). 

“Available Commitment” means a Lender’s Commitment minus: 

 

	 	(a)	the amount of its participation in any Loans outstanding; and 

  
 2 

	 	(b)	in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made on or before the proposed Utilisation Date. 

“Available Facility” means the aggregate for the time being of each Lender’s Available Commitment. 

“BofA Facility” means the loan facility provided pursuant to the BofA Facility Agreement. 

“BofA Facility Agreement” means the US$150,000,000 facility agreement dated 5 April 2013 between, inter alia, the
Company, Valliant (Jersey) Limited as borrower and Bank of America, N.A. as arranger and agent. 
 “B2B Facility” means the
loan facility provided under the B2B Facility Agreement. 
 “B2B Facility Agreement” means the US$1,350,000,000 bridge
facility agreement dated 5 May 2013 between the Company, Sesa Sterlite Mauritius Holdings Limited as borrower and the Arranger. 

“Borrower” means TSMHL upon its accession to this Agreement pursuant to Clause 25.2 (Accession of TSMHL and TSEHL).

 “Borrower Share Pledge” means the pledge agreement entered into or to be entered into by TSEHL in favour of the Security
Agent in respect of 100 per cent. of the issued shares of the Borrower pursuant to Clause 21.27 (Security Documents). 

“Borrowings” has the meaning given to it in Clause 20 (Financial covenants). 

“Break Costs” means the amount (if any) by which: 
  

	 	(a)	the interest (excluding Margin and Mandatory Cost) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or Unpaid Sum to the last day of the
current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds: 
  

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the London interbank market for a period starting on
the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 

 “Bridge
Borrower” means Sesa Sterlite Mauritius Holdings Limited, a company incorporated under the laws of Mauritius with registration number currently being C2/GBL 113114. 

“Business Day” means a day (other than a Saturday or Sunday): 

 

	 	(a)	in relation to the first and last day of any Interest Period and any other day for payment of principal or interest in respect of a Loan or an Unpaid Sum denominated in US Dollars, which is a London Business Day and on
which banks are open for general business in New York City (and, in relation to each Utilisation Date, on which banks are open for general business in Taipei); 

  
 3 

	 	(b)	in relation to any day for payment of any other amount (not being principal or interest in respect of a Loan or an Unpaid Sum denominated in US Dollars), on which banks are open for general business in the principal
financial centre of the jurisdiction(s) whose lawful currency the payment is to be made (provided that if there is more than one such principal financial centre, that principal financial centre shall be as designated by the Agent (acting
reasonably)); and 

  

	 	(c)	for all other purposes, on which banks are open for general business in London, Mumbai and Mauritius. 

“Cairn India” means Cairn India Limited, a company registered under the laws of India with its registered office at 101 West
View, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025, India. 
 “Cairn India Share Value” means, at any time, the
value (in US$) of all Cairn India Shares then held by the Borrower (capped at the Minimum Cairn Shareholding) with such value being determined based on: 
  

	 	(a)	the volume weighted average price of Cairn India Shares traded on the stock exchanges operated by BSE Ltd and National Stock Exchange of India Limited during the five Trading Day period immediately preceding the date of
calculation; and 

  

	 	(b)	the average of the exchange rates for each such Trading Day for the purchase of US$ with INR as determined by reference to the daily reference rate published by the RBI for the purchase of US$ with INR.

 “Cairn India Shares” means ordinary shares in the issued capital of Cairn India. 

“Cash” has the meaning given to it in Clause 20 (Financial covenants). 

“Cash Equivalent Investments” has the meaning given to it in Clause 20 (Financial covenants). 

“Certain Funds Default” means a Default arising under or in connection with: 

 

	 	(a)	Clause 23.1 (Non-payment); 

  

	 	(b)	Clause 23.3 (Other obligations) as it relates to: 

  

	 	(i)	Clause 21.3 (Negative pledge); 

  

	 	(ii)	Clause 21.4 (Disposals); 

  

	 	(iii)	Clause 21.5 (Acquisitions); 

  

	 	(iv)	Clause 21.9 (Merger); 

  

	 	(v)	Clause 21.11 (No other business); 

  

	 	(vi)	Clause 21.13 (Environmental undertakings); 

  

	 	(vii)	Clause 21.14 (Environmental claims); 

  

	 	(viii)	Clause 21.22 (Sanctions); 

  

	 	(ix)	Clause 21.23 (Anti-Terrorism Laws); or 

  

	 	(x)	Clause 21.29 (Application of FATCA). 

  
 4 

	 	(c)	Clause 23.4 (Misrepresentation) as it relates to: 

  

	 	(i)	the representations and warranties set out in Clause 18.18 (Group Structure) with regard to the making of each such representation or warranty on the date of this Agreement; 

 

	 	(ii)	the representations and warranties set out in any of the following Clauses whenever made, repeated or deemed repeated in accordance with the terms of this Agreement: 

 

	 	(A)	Clause 18.1 (Status); 

  

	 	(B)	Clause 18.2 (Binding obligations); 

  

	 	(C)	Clause 18.3 (Non-conflict with other obligations); 

  

	 	(D)	Clause 18.4 (Power and authority); 

  

	 	(E)	Clause 18.5 (Validity and admissibility in evidence); 

  

	 	(F)	Clause 18.16 (Environmental laws and licences); 

  

	 	(G)	Clause 18.17 (Environmental releases); 

  

	 	(H)	Clause 18.19 (TSMHL); 

  

	 	(I)	paragraph (a), (b) or (e) of Clause 18.20 (Shares); 

  

	 	(J)	Clause 18.23 (Sanctions); 

  

	 	(K)	Clause 18.24 (Anti-Terrorism Laws); 

  

	 	(L)	Clause 18.25 (US Governmental Regulation); or 

  

	 	(M)	Clause 18.26 (TSEHL); 

  

	 	(d)	Clause 23.6 (Insolvency) or Clause 23.7 (Insolvency proceedings); 

  

	 	(e)	Clause 23.9 (Unlawfulness and unenforceability) or Clause 23.10 (Repudiation); or 

  

	 	(f)	the representations and warranties set out in paragraph 8 of Schedule 12 (Subordination) whenever made, repeated or deemed repeated in accordance with the terms of this Agreement. 

“Certain Funds Loan” means any Loan to be made for the purposes of refinancing any Financial Indebtedness of, or guaranteed
by, the Company including, without limitation, the Financial Indebtedness arising under the Existing Facilities Agreement, the B2B Facility Agreement and the BofA Facility Agreement as specified in the related Utilisation Request. 

“Certain Funds Period” has the meaning given in Clause 4.4 (Certain Funds). 

“Change of Control” has the meaning given to it in paragraph (a) of Clause 7.2 (Change of Control). 

“Charged Assets” means the assets from time to time subject, or expressed to be subject, to the Security created under any
Security Document or any part of those assets. 
 “Code” means the US Internal Revenue Code of 1986. 

  
 5 

 “Collection Account” means the US Dollar denominated current account with number
01/201/11570/04 in the name of the Borrower held with the Account Bank (or any other account being a renewal, re-designation or replacement of that account as the Account Bank may, from time to time, specify by notice in writing to the Borrower and
the Security Agent and any associated fixed term deposit). 
 “Commitment” means: 

 

	 	(a)	in relation to an Original Lender, the amount in Dollars set opposite its name under the heading “Commitment” in Schedule 1 (The Original Lenders) and the amount of any other Commitment transferred or
assigned to it under this Agreement; and 

  

	 	(b)	in relation to any other Lender, the amount in Dollars of any Commitment transferred or assigned to it under this Agreement, 

to the extent not cancelled, reduced, transferred or assigned by it under this Agreement. 

“Company Net Borrowings” has the meaning given to it in Clause 20 (Financial covenants). 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 9 (Form of Compliance
Certificate). 
 “Confidential Information” means all information relating to any Obligor, the Group, the Finance
Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the
Finance Documents or the Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes information that: 
  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 38 (Confidentiality); or 

 

	 	(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or 

  

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraph (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source
which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

  
 6 

 “Confidentiality Undertaking” means a confidentiality undertaking substantially
in a recommended form of the LMA or in any other form agreed between the Company and the Agent. 
 “Current Assets” has the
meaning given to it in Clause 20 (Financial covenants). 
 “Current Liabilities” has the meaning given to it in
Clause 20 (Financial covenants). 
 “Default” means an Event of Default or any event or circumstance specified in
Clause 23 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. 

“Defaulting Lender” means any Lender: 
  

	 	(a)	which has failed to make its participation in a Loan available or has notified the Agent that it will not make its participation in a Loan available by the Utilisation Date of that Loan in accordance with Clause 5.4
(Lenders’ participation); 

  

	 	(b)	which has otherwise rescinded or repudiated a Finance Document; or 

  

	 	(c)	with respect to which an Insolvency Event has occurred and is continuing, 

 unless, in the case
of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by administrative or technical error and payment is made within five Business Days of its due date; 

  

	 	(ii)	a Disruption Event has occurred; or 

  

	 	(iii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question. 

“Designated Person” means a person or entity: 
  

	 	(a)	listed in the annex to, or otherwise targeted by the provisions of, the Executive Order; 

  

	 	(b)	named as a “Specially Designated National and Blocked Person” on the most current list published by OFAC at its official website or any replacement website or other replacement official publication of such
list; or 

  

	 	(c)	to the best of any Obligor’s knowledge, with which any Finance Party is prohibited from dealing or otherwise engaging in any transaction by any Economic Sanctions Laws. 

“Discharge Date” means the date on which the Security Agent is satisfied that all Liabilities have been fully and irrevocably
paid or discharged and all commitments of the Finance Parties in respect of the Liabilities have expired or been cancelled. 

“Distribution Account” means the US Dollar denominated current account with account number 01/201/11570/03 in the name of
TSMHL held with the Account Bank (or any other account being a renewal, redesignation or replacement of that account as the Account Bank may, from time to time, specify by notice in writing to TSMHL and the Security Agent). 

“Disruption Event” means either or both of: 

  
 7 

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise
in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

“E&S Consultant” means The ERM Group Inc., ENVIRON UK Ltd, URS Corporation (or any of their respective Affiliates) or an
independent internationally recognised firm of environmental and social consultants acceptable to the Majority Lenders. 
 “E&S
Review” means any environmental and social review to be prepared by the E&S Consultant with a scope satisfactory to the Majority Lenders. 

“E&S VSAP Consultant” means Ernst & Young, KPMG, SGS United Kingdom Ltd. (or any of their respective Affiliates)
or an independent internationally recognised firm of consultants acceptable to the Majority Lenders. 
 “EBITDA” has the
meaning given to it in Clause 20 (Financial covenants). 
 “Economic Sanctions Laws” means the Executive Order, the
International Emergency Economic Powers Act (50 U.S.C. §§ 1701 et seq.), the Trading with the Enemy Act (50 U.S.C. App. §§ 1 et seq.), any other law or regulation promulgated thereunder from time to time and administered by OFAC
and any similar law enacted in the US after the date of this Agreement. 
 “Environment” means living organisms including
the ecological systems of which they form part and the following media: 
  

	 	(a)	air (including air within natural or man-made structures, whether above or below ground); 

  

	 	(b)	water (including territorial, coastal and inland waters, water under or within land and water in drains and sewers); and 

  

	 	(c)	land (including land under water). 

 “Environmental Claim” means any claim,
proceeding, formal notice or investigation by any person in respect of any Environmental Law or applicable International Standards. 

“Environmental Law” means any applicable law or regulation which relates to: 

 

	 	(a)	the pollution or protection of the Environment; 

  
 8 

	 	(b)	the conditions of the workplace; or 

  

	 	(c)	the generation, handling, storage, use, release or spillage of any substance which, alone or in combination with any other, is capable of causing harm to the Environment, including, without limitation, any waste.

 “Environmental Licence” means any Authorisation required at any time under Environmental Law. 

“Environmental or Social Incident” means any incident or accident which results in a material adverse impact (as determined by
the Majority Lenders) on the Environment, communities or workers. 
 “Event of Default” means any event or circumstance
specified as such in Clause 21.27 (Events of Default). 
 “Excluded Indebtedness” means any Financial Indebtedness
incurred to finance or refinance the ownership, acquisition (other than by means of the acquisition of or subscription for any share in a Key Subsidiary or an Obligor), development and/or operation of projects, assets or installations (including,
without limitation, (1) the discovery, mining, extraction, transportation or development, construction (in each case whether directly or indirectly) of metals or minerals and oil or gas exploration and/or production, or (2) the development
or operation of processing facilities in respect of energy (in each case whether directly or indirectly) related to natural resources including, without limitation, metals smelting, processing and refining) and (3) the development, construction
or operation of infrastructure (the “Relevant Property”) in respect of which the person or persons (in this definition the “Creditor”) to whom any such Financial Indebtedness is or may be owed by the relevant
borrower (whether or not a member of the Group but which must not be the Company, TSEHL or TSMHL) has or have no recourse whatsoever to any member of the Group for the repayment of all or any portion of such indebtedness other than: 

 

	 	(a)	recourse to such borrower for amounts limited to the present and future cash flow or net cash flow from the Relevant Property; 

  

	 	(b)	recourse to the proceeds of enforcement of any Security given by such borrower over the Relevant Property or the income, cash flow or other proceeds deriving therefrom (or given by any shareholder or the like in the
borrower over its shares or the like in the capital of the borrower) to secure such Financial Indebtedness, provided that (A) the extent of such recourse to such borrower is limited solely to the amount of any recoveries made on any such
enforcement, and (B) such Creditor is not entitled, by virtue of any right or claim arising out of or in connection with such Financial Indebtedness, to commence proceedings for the winding-up or dissolution of such borrower or to appoint or
procure the appointment of any receiver, trustee or similar person or officer in respect of such borrower generally or any of its projects, assets or installations (save for the Relevant Property the subject of such Security); 

 

	 	(c)	 recourse to such borrower generally, or directly or indirectly to a member of the Group, under any form of assurance, undertaking or support, which
recourse is limited to a claim for damages (other than liquidated damages and damages required to be 

  
 9 

	 	
calculated in a specified way) for breach of an obligation (not being a payment obligation or an obligation to procure payment by another person or an indemnity in respect thereof or an
obligation to comply or to procure compliance by another person with any financial ratios or other tests of financial condition) by the person against whom such recourse is available; and 

 

	 	(d)	recourse to any other member of the Group (other than TSMHL or TSEHL) by way of guarantee of such Financial Indebtedness (but not benefitting from any Security or Quasi-Security) from that other member of the Group.

 “Executive Order” means the US Executive Order No. 13224 on Blocking Property and Prohibiting
Transactions with Persons who Commit, Threaten to Commit, or Support Terrorism. 
 “Existing Facilities” means the loan
facilities provided under the Existing Facilities Agreement. 
 “Existing Facilities Agreement” means the US$3,500,000,000
Facility Agreement dated 17 November 2010 in the Original Form or as subsequently amended or varied without breaching Clause 21.24 (Other documents). 

“Expenses Account” means the US Dollar denominated current account with account number 01/201/11570/02 in the name of TSMHL
held with the Account Bank (or any other account being a renewal, redesignation or replacement of that account as the Account Bank may, from time to time, specify by notice in writing to TSMHL and the Security Agent). 

“Facility” means the term loan facility made available under this Agreement as described in Clause 2 (The Facility).

 “Facility Debt” means all present and future moneys, debts and liabilities due, owing or incurred by the Obligors to any
Finance Party (in each case, in its capacity as a Finance Party) under or in connection with any Finance Document (in each case, whether alone or jointly, or jointly and severally, with any other person, whether actually or contingently, and whether
as principal, surety or otherwise). 
 “Facility Discharge Date” means the date on which the Agent notifies the Security
Agent that it is satisfied that all Facility Debts have been fully and irrevocably paid or discharged and all commitments of the Finance Parties in respect of the Liabilities have expired or been cancelled. 

“Facility Office” means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a
Lender (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 

“FATCA” means: 
  

	 	(a)	sections 1471 to 1474 of the Code, any associated regulations and other official guidance; 

  

	 	(b)	any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the
implementation of paragraph (a) above; and 

  
 10 

	 	(c)	any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the government of the US or any governmental or taxation authority in any other jurisdiction.

 “FATCA Application Date” means: 
  

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 January 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA after the date of
this Agreement. 
 “FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by
FATCA. 
 “FATCA Event” has the meaning given in Clause 7.7 (Mandatory repayment and cancellation of FATCA Protected
Lenders). 
 “FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction. 

“FATCA FFI” means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if any Finance Party is
not a FATCA Exempt Party, could be required to make a FATCA Deduction. 
 “FATCA Protected Lender” means any Lender
irrevocably designated as a “FATCA Protected Lender” by the Company by notice to that Lender and the Agent at least six months prior to the earliest FATCA Application Date for a payment by a Party to that Lender (or to the Agent or
Security Agent for the account of that Lender). 
 “Fee Letter” means any letter or letters between, as the case may be, the
Arranger and the Company, the Agent and the Company or the Security Agent and the Company setting out any of the fees referred to in Clause 11 (Fees). 

“Final Discharge Date” means the latest of the Facility Discharge Date and the Hedging Debt Discharge Date. 

“Final Maturity Date” means the date which is five years after the first Utilisation Date (provided that if the date so
determined is not a Business Day, the Final Maturity Date shall be the immediately preceding Business Day). 
 “Finance
Document” means this Agreement any Fee Letter, the Mandate Letter, any Security Document, any Syndication Agreement, any Transfer Certificate, any Assignment Agreement, 

  
 11 

 
the Intercreditor Agreement and any other document designated as such by the Agent and the Company. 

“Finance Party” means the Agent, the Security Agent, the Arranger or a Lender. 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed; 

  

	 	(b)	any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market
value shall be taken into account); 

  

	 	(h)	shares which are expressed to be redeemable or any shares or instruments convertible into shares or any shares or other securities which are otherwise the subject to a put option or other form of guarantee where that
put option or guarantee is granted or entered into primarily as a method of raising or assuring the payment or repayment of any Financial Indebtedness; 

  

	 	(i)	any obligation under any put option in respect of any shares or instruments convertible into shares or any form of guarantee or indemnity in respect of any put option where that put option or guarantee is granted or
entered into primarily as a method of raising or assuring the payment or repayment of any Financial Indebtedness; 

  

	 	(j)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and 

 

	 	(k)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above. 

“GAAP” means: 
  

	 	(a)	in relation to the consolidated financial statements of the Group, generally accepted accounting principles, standards and practices in the United Kingdom, including IFRS; and 

 

	 	(b)	in relation to any member of the Group, generally accepted accounting principles, standards and practices in its jurisdiction of incorporation, including IFRS. 

  
 12 

 “Governmental Agency” means any government or any governmental agency,
semi-governmental or judicial or quasi-judicial or administrative entity or authority (including, without limitation, any stock exchange or any self-regulatory organisation established under any law or regulation). 

“Group” means the Company and its Subsidiaries from time to time. 

“Group Structure Chart” means the group structure chart in the Agreed Form. 

“Guarantor” means the Company or, upon its accession pursuant to Clause 25.2 (Accession of TSMHL and TSEHL), TSEHL.

 “Hazardous Substance” means any waste, pollutant, emission, contaminant or other substance (including any liquid, solid,
gas, ion, living organism or noise) that may be harmful to human health or other life or the Environment or a nuisance to any person or that may make the use or ownership of any affected land or property more costly. 

“Hedging Bank” means any party which has become a Hedging Bank in accordance with paragraph 11 or 12 of Schedule 11
(Hedging Bank Provisions) which has not ceased to be a Hedging Bank in accordance with this Agreement. 
 “Hedging
Debt” means all present and future moneys, debts and liabilities due, owing or incurred from time to time by any Obligor to any Hedging Bank under or in connection with any Hedging Document (in each case, whether alone or jointly, or
jointly and severally, with any other person, whether actually or contingently, and whether as principal, surety or otherwise). 

“Hedging Debt Discharge Date” means the date on which each Hedging Bank has notified the Security Agent that it is satisfied
that all Hedging Debt owed to it has been fully and irrevocably paid or discharged and no further Hedging Debt can arise pursuant to the Hedging Documents to which it is party. 

“Hedging Documents” means the documents entered into or to be entered into between TSMHL (as hedging counterparty) and a
Hedging Bank and, as the case may be, the Company and/or TSEHL as guarantor, for the sole purpose of implementing the hedging of the interest rate exposure of TSMHL under the Finance Documents and/or, to the extent contemplated in Clause 21.11
(No other business), currency exposure of TSMHL (each, a “Hedging Document”). 
 “Hedging
Transaction” means any currency, commodity or interest rate purchase, cap or collar agreement, forward rate agreement, future or option contract, swap or other similar agreement. 

“High Income OECD Countries” means those countries (classified as Category 1 countries by the OECD) whose per capital gross
national income has been for at least two consecutive years above the threshold for high income countries, the membership as published annually by the OECD. 

“Hindustan Zinc” means Hindustan Zinc Ltd, a company incorporated under the laws of India whose registered office is at Yashad
Bhawan, Udaipur – 313004, Rajasthan, India. 
 “Holding Company” means, in relation to a company or corporation, any
other company or corporation in respect of which it is a Subsidiary. 

  
 13 

 “IFRS” means international accounting standards within the meaning of the IAS
Regulation 1606/2002 to the extent applicable to the relevant financial statements. 
 “Impaired Agent” means the Agent at
any time when: 
  

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; 

 

	 	(b)	the Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of “Defaulting Lender”; or 

 

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Agent; 

 unless, in the
case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

 payment is made within ten Business Days of its due date; or 

 

	 	(ii)	the Agent is disputing in good faith whether it is contractually obliged to make the payment in question. 

“India” means the Republic of India and its constituent states from time to time and includes where the context so requires,
the Government of the Republic of India, the Government of any constituent state thereof and any regulatory agency or authority thereof. 

“Indirect Tax” means any goods and services tax, consumption tax, value added tax or any Tax of a similar nature. 

“Information Memorandum” means the document in the form approved by the Company concerning the Group which, at the
Company’s request and on its behalf, will be prepared in relation to this transaction and distributed by the Arranger in relation to Syndication. 

“Insolvency Event” in relation to a Finance Party means the appointment of a liquidator, receiver, administrative receiver,
administrator, compulsory manager or other similar officer in respect of that Finance Party or all or substantially all of that Finance Party’s assets or any analogous procedure or step is taken in any jurisdiction with respect to that Finance
Party. 
 “Intercreditor Agreement” has the meaning given in paragraph (c) of Clause 21.11 (No other business).

 “Intercreditor Principles” means the principles set out in Schedule 13 (Intercreditor Principles). 

“Interest Expense” has the meaning given to it in Clause 20 (Financial covenants). 

“Interest Period” means, in relation to any Loan, each period determined in accordance with Clause 9 (Interest Periods)
and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest). 

  
 14 

 “International Standards” means the international environmental, social and
sustainable development standards for the time being (including, without limitation, including the IFC Performance Standards 2012, the IFC General Environmental Health and Safety guidelines and the relevant IFC Industry Sector guidelines. 

“ISDA Master Agreement” means: (a) the 1992 Master Agreement (Multicurrency – Cross Border); or (b) the 2002
Master Agreement, in each case as published by the International Swaps and Derivatives Association, Inc. 
 “Joint Venture”
means any joint venture entity, whether a company, unincorporated firm, undertaking, joint venture, association, partnership or any other entity. 

“Key Holdco” means, at any time, a member of the Group which is then a Key Subsidiary by operation of paragraph (d) of
the definition of that term below. 
 “Key Subsidiary” means: 

 

	 	(a)	subject to paragraphs (b) and (c) below, at any time, each Material Subsidiary; 

  

	 	(b)	in the event that any entity described in paragraph (a) undergoes any Merger (excluding a demerger) permitted by the terms of this Agreement, the resulting merged entity; 

 

	 	(c)	in the event that any entity described in paragraph (a) or (b) above undergoes a demerger, the resulting entity of the demerger which has the greatest total assets as at the date of completion of that demerger
and each other resulting entity which, based on the total assets or gross revenues (consolidated in respect of any Subsidiaries of that resulting entity) attributable to the assets and business of that resulting entity acquired as part of that
demerger, would have constituted a Material Subsidiary (for the purposes of paragraph (b) of the definition of “Material Subsidiary”) had that resulting entity been a member of the Group with those total assets or gross
revenues as at the date of the then latest audited consolidated financial statements of the Company prior to such demerger or, as applicable, for the financial year ending on that date; and 

 

	 	(d)	each intermediate holding company interposed between any relevant company described in paragraph (a), (b) or (c) above and the Company at that time (and for this purpose “holding company”
means any member of the Group which holds shares either directly or indirectly in a Key Subsidiary) provided that MALCO shall not be a Key Subsidiary pursuant to this paragraph (d) by reason of the holding of shares in Sterlite Industries or
any other entity described in subparagraphs (i) to (vi) of paragraph (a) of the definition of Material Subsidiary. 

“Konkola Copper” means Konkola Copper Mines Plc, a company incorporated under the laws of Zambia whose registered address is:
Private Bag KCM (c) 2000, Stand M/1408, Fern Avenue, Chingola, Zambia. 
 “KS Financial Indebtedness” means Financial
Indebtedness owed or incurred by a Key Holdco which is: 
  

	 	(a)	owed to person(s) who are not members of the Group (whether or not also owed to a member of the Group); or 

  
 15 

	 	(b)	owed solely to person(s) who are members of the Group to the extent that any such member of the Group (a “relevant Group member”) has itself (either directly or through one or more other Group members)
raised or incurred Financial Indebtedness from or in favour of person(s) who are not members of the Group (whether or not also owed to a member of the Group) the proceeds of which (or an amount equivalent to the same) have been used to fund that Key
Holdco with the result that the relevant Group member is a creditor of that Key Holdco in respect of Financial Indebtedness. 

“Legal Reservations” means: 
  

	 	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights
of creditors; 

  

	 	(b)	the time barring of claims under the Limitation Acts; 

  

	 	(c)	similar principles, rights and defences as those set out in paragraphs (a) and (b) above under the laws of its jurisdiction of incorporation; and 

 

	 	(d)	any other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinions delivered to the Agent pursuant to Clause 4.1 (Initial conditions precedent)
or Clause 25.2 (Accession of TSMHL and TSEHL). 

 “Lender” means: 

 

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Lender in accordance with Clause 24 (Changes to the Lenders), 

which in each case has not ceased to be a Lender in accordance with the terms of this Agreement. 

“LIBOR” means, in relation to any Loan: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for Dollars or the Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks
as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable
market size in that currency and for that period, 

 as of the Specified Time on the Quotation Day for the offering of deposits
in Dollars for a period comparable to the Interest Period of that Loan and if any such Screen Rate or, as applicable, that arithmetic mean is below zero, LIBOR will be deemed to be zero. 

“Limitation Acts” means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984. 

“LMA” means the Loan Market Association. 

“Loan” means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan.

  
 16 

 “London Business Day” means a day (other than a Saturday or Sunday) on which
deposits may be dealt in on the London interbank market and banks are open for general business in London. 
 “Majority
Creditors” means the Majority Lenders and for this purpose only: 
  

	 	(a)	any Hedging Bank party to a hedging transaction under any Hedging Document that has, as of the date a determination of the Majority Creditors is made, not been terminated or closed out, shall be deemed to be a Lender
and the participation of each such Hedging Bank in the Loans then outstanding shall be deemed to be the amount equal to the amount, if any, which would be payable to that Hedging Bank pursuant to the terms of the Hedging Documents to which it is
party, if the date on which the determination is made were deemed to be an Early Termination Date (as defined in the relevant ISDA Master Agreement) for which an Obligor is the Defaulting Party (as defined in the relevant ISDA Master Agreement); and

  

	 	(b)	in relation to any Hedging Bank party to a hedging transaction under any Hedging Document that has, as of the date the calculation is made, been terminated or closed out, shall be deemed to be a Lender and the
participation of each such Hedging Bank in the Loans then outstanding shall be deemed to be an amount equal to the amount, if any, remaining payable to that Hedging Bank (excluding any amount of interest incurred on such amount) pursuant to the
terms of the Hedging Documents to which it is party in respect of any termination or close out of that hedging which has occurred on or prior to the date of the relevant determination of the Majority Creditors; and 

the amount of all the Loans then outstanding shall be deemed to be increased by an amount equal to the aggregate amount of all the sums payable
to each Hedging Bank described in paragraph (a) or (b) above. 
 “Majority Lenders” means: 

 

	 	(a)	if there is no Loan then outstanding, a Lender or Lenders whose Commitments aggregate more than 66 2⁄3 per cent. of the Total
Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2⁄3 per cent. of the Total Commitments immediately prior to the
reduction); or 

  

	 	(b)	at any other time, a Lender or Lenders whose participations in the Loans then outstanding aggregate more than 66 2⁄3 per cent. of
all the Loans then outstanding. 

 “MALCO” means The Madras Aluminium Company Limited, a company incorporated
in India with its registered address at Mettur Dam R.S. 636402, Salem District, Tamil Nadu. 
 “Mandate Letter” means the
letter dated 30 April 2013 between the Arranger and the Company in respect of the Facility as amended on 6 May 2013. 

“Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 4 (Mandatory Cost
Formula). 
 “Margin” means 2.75%. 

“Material Adverse Effect” means a material adverse effect on or a material adverse change in: 

  
 17 

	 	(a)	the condition (financial or otherwise), operations, assets or business of the Obligors or the Group, in each case taken as a whole; 

  

	 	(b)	the ability of the Obligors (taken as a whole) to perform their obligations under the Finance Documents (including, without limitation, upon accession pursuant to Clause 25.2 (Accession of TSMHL and TSEHL));

  

	 	(c)	the validity or enforceability of any Secured Debt Document including the effectiveness or ranking of any Security granted or purporting to be granted pursuant to any Secured Debt Document against any Obligor; or

  

	 	(d)	the validity, legality or enforceability of any Security expressed to be created pursuant to any Security Document or on the priority and ranking of any of that Security. 

For the purposes of this definition, TSMHL and TSEHL shall be deemed to be Obligors even if not then party to this Agreement. 

“Material Subsidiary” means each of: 
  

	 	(a)	at all times: 

  

	 	(i)	Cairn India; 

  

	 	(ii)	Vedanta Aluminium; 

  

	 	(iii)	Sterlite Industries; 

  

	 	(iv)	Konkola Copper; 

  

	 	(v)	Sesa Goa; 

  

	 	(vi)	Hindustan Zinc; 

  

	 	(vii)	TSEHL; 

  

	 	(viii)	TSMHL; and 

  

	 	(ix)	VRHL; 

  

	 	(b)	at any particular time, any Subsidiary of the Company whose: 

  

	 	(i)	total assets; or 

  

	 	(ii)	gross revenues, 

 (in each case (A) attributable to the Company; and (B) on an
unconsolidated basis) are equal to or greater than 10 per cent. of the consolidated total assets or consolidated gross revenues, as the case may be, of the Company, in each case as calculated by reference to the then latest audited consolidated
or, as the case may be, unconsolidated financial statements of the relevant Subsidiary or Subsidiaries and the then latest audited consolidated financial statements of the Company; 

 

	 	(c)	 any Subsidiary of the Company to whom is transferred all or substantially all of the business, assets and undertaking of a Subsidiary of the Company
which immediately prior to such transfer is a Material Subsidiary, whereupon the transferor Subsidiary of the 

  
 18 

	 	
Company shall immediately cease to be a Material Subsidiary and the transferee Subsidiary shall immediately become a Material Subsidiary; and 

 

	 	(d)	any Key Holdco which is a debtor in respect of KS Financial Indebtedness incurred or guaranteed by it. 

Without prejudice to the last two paragraphs of this definition, a report signed by: 

 

	 	(i)	one director or the chief financial officer of the Company; and 

  

	 	(ii)	one authorised signatory of the Company (authorised by the resolution provided pursuant to Clause 4.1 (Initial conditions precedent)), 

and certified by an independent chartered accountant that in their opinion a Subsidiary of the Company is or is not, or was or was not, at any
particular time or throughout any specified period a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on the Finance Parties. 

For the purposes of this definition, if a Subsidiary is acquired (directly or indirectly) by the Company after the end of the financial period
to which the latest audited consolidated financial statements of the Company relate, those financial statements shall be adjusted as if that Subsidiary had been shown in them by reference to its then latest audited financial statements until audited
consolidated financial statements of the Company for the financial period in which the acquisition is made have been prepared. 

Notwithstanding the above (and whether or not so certified in the last delivered report contemplated above) any member of the Group which at
any time is both (i) a Key Holdco and (ii) is a debtor in respect of KS Financial Indebtedness incurred or guaranteed by it shall be a Material Subsidiary at that time. 

“Merger” means, in relation to any entity, an amalgamation, demerger, merger or corporate reconstruction involving such
entity. 
 “Minimum Cairn Shareholding” means 31.29% of total Cairn India Shares as that percentage may be adjusted from
time to time in accordance with Clause 19.9 (Adjustment Events). 
 “Month” means a period starting on one day in a
calendar month and ending on the numerically corresponding day in the next calendar month, except that: 
  

	 	(a)	subject to paragraph (c) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or
if there is not, on the immediately preceding Business Day; 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and 

 

	 	(c)	if an Interest Period begins on the last Business Day of a calendar month and, consistent with the terms of this Agreement, that Interest Period is to be of a duration equal to a whole number of Months, that Interest
Period shall end on the last Business Day in the calendar month in which that Interest Period is to end. 

  
 19 

 The above rules will only apply to the last Month of any period. 

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

“Net Current Assets” has the meaning given to it in Clause 20 (Financial covenants). 

“Net Fixed Assets” has the meaning given to it in Clause 20 (Financial covenants). 

“Obligor” means the Company or (upon their accession becoming effective in accordance with Clause 25.2 (Accession of TSMHL
and TSEHL) TSMHL or TSEHL. 
 “OFAC” means the Office of Foreign Assets Control of the US Department of the Treasury (or
any successor thereto). 
 “Original Financial Statements” means: 

 

	 	(a)	the audited consolidated and non-consolidated financial statements of the Company for the financial year ended 31 March 2012; and 

 

	 	(b)	the audited non-consolidated financial statements of each of TSEHL and TSMHL for the financial year ended 31 March 2012. 

“Original Form” means the form of a document at the later of the date of this Agreement and the date it was originally entered
into as the same may have been amended or varied after the date of this Agreement without causing a Default. 
 “Original
Lender” means a Lender listed in Schedule 1 (The Original Lenders) as having a Commitment. 
 “Party” means
a party to this Agreement. 
 “Perfection Requirements” means the making of the appropriate registrations, filings or
notifications of the Security Documents as specifically contemplated by any legal opinion delivered pursuant to Clause 4.1 (Initial conditions precedent). 

“Permitted Cairn Disposal” means a disposal of Cairn India Shares by TSMHL provided that TSMHL continues to hold at least the
Minimum Cairn Shareholding up to and including the initial Utilisation Date. 
 “Permitted Hedging Transaction” means any
Hedging Transaction entered into by a member of the Group in the ordinary course of trading to hedge its actual or projected exposures (including, without limitation, exchange rates, interest rates and commodity prices) arising in the ordinary
course of operations and not for speculative purposes. 
 “Permitted Merger” means any Merger entered into or undertaken
solely between members of the Group which are not Obligors, TSMHL or TSEHL (including, for the avoidance of doubt, the Sesa Sterlite Merger). 

“Priority Subordinated Debt” means all indebtedness of TSMHL owed to the Bridge Borrower. 

“Promoter” means Anil Kumar Agarwal an India national with passport number G3965804 as at the date of this Agreement or any
member of his family and any investment holding company or trust directly or indirectly controlled by any of them. 

  
 20 

 “Quasi Security” means a transaction or arrangement under which any member of
the Group will: 
  

	 	(a)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by any other member of the Group; 

 

	 	(b)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(c)	enter into any title retention agreement; 

  

	 	(d)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; 

 

	 	(e)	enter into any third party escrow or custody arrangements, blocking instructions, powers of attorney for sale or any non-disposal arrangements having a similar effect; or 

 

	 	(f)	enter into any other preferential arrangement having a similar effect or characteristics, 

 in
circumstances where the arrangement or transaction is entered into primarily as a method of raising or assuring the payment or repayment of Financial Indebtedness or of financing the acquisition of an asset. 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined, two London Business Days
before the first day of that period unless market practice differs in the London interbank market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the London interbank market (and if quotations
for that currency and period would normally be given by leading banks in the London interbank market on more than one day, the Quotation Day will be the last of those days). 

“RBI” means the Reserve Bank of India established under the Reserve Bank of India Act, 1934 of India. 

“Reference Banks” means, in relation to LIBOR and Mandatory Cost, the principal London offices of The Royal Bank of Scotland
plc and Standard Chartered Bank or such other banks as may be appointed by the Agent in consultation with the Company. 
 “Related
Fund” in relation to a fund (the “first fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or
investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund. 

“Relevant Date” has the meaning given to it in Clause 20 (Financial covenants). 

“Relevant Debt” means any present or future indebtedness of the Company or any other Material Subsidiary in the form of, or
represented by, bonds, notes, debentures loan stock or other securities which are for the time being, or are capable of being quoted, listed or ordinarily dealt in on any stock exchange, over-the-counter or other securities market having an original
maturity of more than one year from its date of issue and denominated, payable or optionally payable in a currency other than Rupees or which are denominated in Rupees and more than 50 per cent. of the aggregate principal amount of which is
initially distributed outside India by or with the authority of the Company and other than Excluded Indebtedness. 

  
 21 

 “Relevant Period” has the meaning given to it in Clause 20 (Financial
covenants). 
 “Relevant Timeline” in respect of in relation to or pursuant to the URS Scott Wilson Audit or a VSAP
Audit means: 
  

	 	(a)	an Agreed Timeline; or 

  

	 	(b)	(if the Company (acting reasonably) has requested for an extension of the Agreed Timeline referred to in paragraph (a) above on the basis of any good or proper reason) such other extended Agreed Timeline determined
by Majority Lenders. 

 “Repayment Dates” means the dates which are 24, 36 and 48 Months after the first
Utilisation Date (provided that if any such date is not a Business Day, the relevant Repayment Date shall fall on the immediately preceding Business Day) and the Final Maturity Date. 

“Repeating Representations” means each of the representations set out in Clauses 18.1 (Status) to 18.4 (Power and
authority), Clause 18.6 (Governing law and enforcement), paragraph (a) of Clause 18.9 (No default), Clause 18.12 (Pari passu ranking), Clause 18.13 (No proceedings pending or threatened), Clause 18.15
(Title), paragraphs (a), (b) and (once the Borrower Share Pledge has been executed) (d) of Clause 18.20 (Shares), Clause 18.23 (Sanctions) and Clause 18.24 (Anti-Terrorism Laws). 

“Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. 

“Required Proceeds” has the meaning given to it in Clause 7.3 (Mandatory prepayment). 

“Restricted Party” means a person that is: 
  

	 	(a)	listed on, or owned or controlled by a person listed on, or acting on behalf of a person listed on, any Sanctions List; 

  

	 	(b)	located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organized under the laws of a country or territory that is the target of
country-wide or territory-wide Sanctions; or 

  

	 	(c)	otherwise a target of Sanctions (“target of Sanctions” signifying a person with whom a US person or other national of a Sanctions Authority would be prohibited or restricted by law from engaging in trade,
business or other activities). 

 “Rupees” or “INR” means the lawful currency of India. 

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

“Sanctions” means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or
enforced by: 
  

	 	(a)	the US government; 

  

	 	(b)	the United Nations; 

  

	 	(c)	the European Union; 

  

	 	(d)	the United Kingdom; or 

  
 22 

	 	(e)	the respective Governmental Agencies of any of the foregoing, including, without limitation, OFAC, the US Department of State and Her Majesty’s Treasury (“HMT”), 

(together “the Sanctions Authorities”). 

“Sanctions List” means the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC, the
Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by HMT, or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities. 

“Scott Wilson Report” means the report entitled “Vedanta Resources PLC and Lanjigarh Refinery: Independent Review of
Sustainability Policies and Practices” dated November 2010 as subsequently updated from time to time. 
 “Screen Rate”
means the London interbank offered rate administered by the British Bankers Association (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or LIBOR02 of the Reuters
screen (or any replacement Reuters page which displays that rate) or, on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the
Agent may specify another page or service displaying the relevant rate after consultation with the Company. 
 “Secured
Debt” means any Facility Debt and Hedging Debt. 
 “Secured Debt Document” means a Finance Document or a Hedging
Document. 
 “Secured Party” means the Account Bank, a Finance Party or a Hedging Bank. 

“Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any
other agreement or arrangement having a similar effect. 
 “Security Document” means: 

 

	 	(a)	the Account Charge; or 

  

	 	(b)	the Borrower Share Pledge, 

 or any other document pursuant to which any Security or
Quasi-Security for any of the Liabilities is granted or purported to be granted at any time. 
 “Security Provider” means
any member of the Group (not being an Obligor) who grants or purports to grant Security pursuant to a Security Document or any guarantee for the repayment of any Secured Debt. 

“Selection Notice” means a notice substantially in the form set out in Part II of Schedule 3 (Requests) given in
accordance with Clause 9 (Interest Periods). 
 “Sesa Goa” means Sesa Goa Limited, a company registered under the
laws of India with its registered address at PO Box 125, Sesa Ghor, 20 EDC Complex, Patto, Panaji, Goa – 403001, India. 
 “Sesa
Goa Successor Entity” means Sesa Goa or any successor entity as a result of the Sesa Sterlite Merger. 

  
 23 

 “Sesa Sterlite Merger” means the merger of Sesa Goa and Sterlite Industries and
the related Group consolidation as more particularly described in the circular sent to the shareholders of the Company dated 30 May 2012 to be consummated, after receipt of all necessary Authorisations, by court order pursuant to Sections
391-394 of the Indian Companies Act, 1956. 
 “Specified Time” means a time determined in accordance with Schedule 10
(Timetables). 
 “Sterlite Industries” means Sterlite Industries India Ltd, a company incorporated under the laws of
India whose registered office is at SIPCOT Industrial Complex, Madurai Bypass Road, T.V. Puram P.O., Tuticorin – 628002, Tamil Nadu, India. 

“Subordinated Creditor” means the Original Subordinated Creditor and a member of the Group which has acceded to this Agreement
as a Subordinated Creditor pursuant to Clause 25.4 (Accession of Subordinated Creditors). 
 “Subordinated Creditor Accession
Letter” means a letter substantially in the form set out in Schedule 14 (Form of Subordinated Creditor Accession Letter). 

“Subordinated Debt” means all present and future moneys, debts and liabilities due, owing or incurred from time to time by
TSMHL or TSEHL to any Subordinated Creditor (in each case, whether alone or jointly, or jointly and severally, with any other person, whether actually or contingently, and whether as principal, surety or otherwise). 

“Subordinated Debt Document” means any contract evidencing any Subordinated Debt or pursuant to which Subordinated Debt has
been raised or incurred. 
 “Subsidiary” means in relation to any company, corporation or other legal entity, a company,
corporation or other legal entity: 
  

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company, corporation or legal entity (as the case may be); 

  

	 	(b)	more than half the issued share capital or voting rights in respect of more than half the issued share capital of which is or are beneficially owned, directly or indirectly, by the first mentioned company, corporation
or other legal entity (as the case may be); or 

  

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company, corporation or other legal entity (as the case may be), 

and for this purpose, a company, corporation or other legal entity shall be treated as being controlled by another if that other company,
corporation or other legal entity is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“Subsidiary Net Borrowings” has the meaning given to it in Clause 20 (Financial covenants). 

“Successful Syndication” has the meaning given to it in the Mandate Letter. 

“Syndication” means sub-underwriting or general syndication of the Facility. 

“Syndication Agreement” means any agreement between, inter alia, the Obligors, certain of the Finance Parties and
certain new Lenders pursuant to which certain of the Lenders may, inter alia, transfer a portion of their Commitments and/or their participations in the Loans to new Lenders on or prior to the Syndication Date. 

  
 24 

 “Syndication Date” means the earlier of: 

 

	 	(a)	the date (as determined by the Arranger and notified to the Company and the Agent) on which Successful Syndication has been achieved and the additional syndicate members have become bound by this Agreement; and

  

	 	(b)	the later of (i) 14 September 2013 and (ii) the date which is 90 days after the date on which the Information Memorandum is approved by the Company. 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest
payable in connection with any failure to pay or any delay in paying any of the same). 
 “Third Parties Act” means the
Contracts (Rights of Third Parties) Act 1999. 
 “Total Commitments” means being US$1,200,000,000 at the date of this
Agreement. “Total Net Assets” has the meaning given to it in Clause 20 (Financial covenants). 
 “Total Net
Borrowings” has the meaning given to it in Clause 20 (Financial covenants). 
 “Trading Day” means a day on
which the stock exchange operated by BSE Limited and National Stock Exchange of India Limited are both open for business, but does not include a day when, in respect of Cairn India Shares, no last transaction price, closing bid or offer price is/are
reported. 
 “Transfer Certificate” means a certificate substantially in the form set out in Schedule 5 (Form of Transfer
Certificate) or any other form agreed between the Agent and the Company. 
 “Transfer Date” means, in relation to an
assignment or a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate (or, as applicable, the relevant Syndication Agreement); and 

 

	 	(b)	the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate. 

“TSEHL” means Twin Star Energy Holdings Ltd., a company incorporated under the laws of Mauritius with registration number
C078309 C2/GBL. 
 “TSEHL Disposal” means the disposal by VRHL of 100 per cent. of the issued shares in TSEHL to Bloom
Fountain Limited, a member of the Group incorporated in Mauritius, 100 per cent. of the share capital of which is directly owned by Sesa Goa, after receipt of all necessary Authorisations, by court order pursuant to Sections 391-394 of the
Indian Companies Act, 1956. 
 “TSMHL” means Twin Star Mauritius Holdings Ltd., a company incorporated under the laws of
Mauritius with registration number C097881 C1/GBL. 
 “Unpaid Sum” means any sum due and payable but unpaid by an Obligor
under the Finance Documents. 
 “URS Scott Wilson Audit” means a systematic documented and objective evaluation of the
Company’s and the Group’s approach, policies, management systems and processes and management practices in relation to environmental, health and safety and social impacts and 

  
 25 

 
risks and sustainable development by an E&S Consultant, including, without limitation, a review as to whether such approach, management systems and processes and management practices are in
compliance with applicable International Standards. 
 “US” and “USA” means the United States of America.

 “US Dollars”, “Dollars” and “US$” means the lawful currency of the USA. 

“US Tax Obligor” means: 
  

	 	(a)	an Obligor which is resident for tax purposes in the US; or 

  

	 	(b)	an Obligor some or all of whose payments under the Finance Documents are from sources within the US for US federal income tax purposes. 

“Utilisation” means a utilisation of the Facility. 

“Utilisation Date” means the date on which a Utilisation is made. 

“Utilisation Request” means a notice substantially in the form set out in Part I of Schedule 3 (Requests). 

“Vedanta Aluminium” means Vedanta Aluminium Ltd, a company incorporated under the laws of India whose registered office is at
SIPCOT Industrial Complex, Madurai Bypass Road, T.V. Puram P.O., Tuticorin – 628002, Tamil Nadu, India. 
 “VRHL” means
Vedanta Resources Holdings Limited, a company registered under the laws of England and Wales with registered number 04761147. 

“VSAP Audit” means a systematic documented and objective evaluation of the Company’s Sustainability Assurance Programme
conducted by an E&S Consultant. 
  

	1.2	Construction 

  

	(a)	Unless a contrary indication appears, any reference in this Agreement to: 

  

	 	(i)	the “Account Bank”, the “Agent”, the “Arranger”, the “Borrower”, the “Company”, any “Finance Party”, any
“Hedging Bank”, any “Lender”, any “Obligor”, any “Party”, any “Secured Party”, the “Security Agent” or any other person shall be construed so as to
include its successors in title, permitted assigns and permitted transferees; 

  

	 	(ii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iii)	a “contract” includes any agreement, deed or other arrangement of any kind whatsoever (whether or not entered into or evidenced in writing); 

 

	 	(iv)	a “Secured Debt Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended, restated (however
fundamentally and whether or not more onerously) or replaced and includes any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under a Finance Document or other agreement or instrument
and also includes any waiver or consent granted in respect of any term of any Finance Document or other agreement or instrument; 

  
 26 

	 	(v)	a “guarantee” also includes an indemnity and any other obligation (whatever called) of any person to pay, purchase, provide funds (whether by the advance of money, the purchase of or subscription for
shares or other securities, the purchase of assets or services or otherwise) for the payment of, indemnify against the consequences of default in the payment of, or otherwise be responsible for, any indebtedness of any other person (and
“guaranteed” and “guarantor” shall be construed accordingly); 

  

	 	(vi)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(vii)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, Joint Venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(viii)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, only if compliance within the same is
in accordance with the general practice of persons to whom the regulation is intended to apply) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or
organisation; 

  

	 	(ix)	“set-off” includes combining accounts and payment netting; 

  

	 	(x)	“shares” or “share capital” includes equivalent ownership interests and “shareholder” and similar expressions shall be construed accordingly; 

 

	 	(xi)	a provision of law is a reference to that provision as amended or re-enacted; and 

  

	 	(xii)	a time of day is a reference to London time. 

  

	(b)	Section, Clause and Schedule headings are for ease of reference only. 

  

	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this
Agreement. 

  

	(d)	A Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has not been waived. 

 

	1.3	Third Party Rights 

  

	(a)	Except as provided in a Finance Document, the terms of a Finance Document may be enforced and enjoyed only by a Party to it and the operation of the Third Parties Act is excluded. 

 

	(b)	Notwithstanding any provision of any Finance Document, the consent of any person who is not a party to a Finance Document is not required to vary, rescind or terminate that Finance Document. 

 

	1.4	RBS 

 Notwithstanding the definition of Affiliate in Clause 1.1 (Definitions)
above, in relation to The Royal Bank of Scotland Plc, the term “Affiliate” shall not include (i) the UK government or any Governmental Agency thereof (including, without limitation, Her Majesty’s Treasury and UK Financial
Investments Limited (or any director, officer, employee or entity thereof)) or (ii) any 

  
 27 

	 	
person or entity controlled by or under common control with the UK government or any Governmental Agency thereof (including, without limitation, Her Majesty’s Treasury and UK Financial
Investments Limited) and which are not, in any such case, part of The Royal Bank of Scotland Group Plc and its subsidiaries and subsidiary undertakings. 

  

	1.5	Override 

 Prior to the accession of TSMHL as Borrower in accordance with Clause 25.2
(Accession of TSMHL and TSEHL) and the funding of the initial Loan, all payment obligations expressed to be payment obligations of the Borrower in Clauses 11 (Fees) to 16 (Costs and expenses) (inclusive) and Clause 22.15
(Indemnity) shall be payment obligation of the Company. 

  
 28 

 SECTION 2 

THE FACILITY 
  

	2.	THE FACILITY 

  

	2.1	The Facility 

 Subject to the terms of this Agreement the Lenders make available to the
Borrower a term loan facility in US Dollars in an aggregate amount equal to the Total Commitments. 
  

	2.2	Secured Parties’ rights and obligations 

  

	(a)	The obligations of each Secured Party under the Secured Debt Documents are several. Failure by a Secured Party to perform its obligations under the Secured Debt Documents does not affect the obligations of any other
Party under the Secured Documents. No Secured Party is responsible for the obligations of any other Secured Party under the Secured Debt Documents. 

  

	(b)	The rights of each Secured Party under or in connection with the Secured Debt Documents are separate and independent rights and any debt arising under the Secured Debt Documents to a Secured Party from an Obligor shall
be a separate and independent debt. 

  

	(c)	A Secured Party may, except as otherwise stated in the Secured Debt Documents, separately enforce its rights under the Secured Debt Documents. 

 

	2.3	Obligors’ agent 

  

	(a)	Each Obligor (other than the Company) irrevocably appoints the Company from time to time to act on its behalf as its agent in relation to the Secured Debt Documents and irrevocably authorises: 

 

	 	(i)	the Company on its behalf to supply all information concerning itself contemplated by the Secured Debt Documents to the Secured Parties and to give and receive all notices, consents and instructions (including
Utilisation Requests and Selection Notices), to agree, accept and execute on its behalf all documents in connection with the Secured Debt Documents (including amendments and variations of, and consents under, any Secured Debt Document) and to
execute any new Secured Debt Document and to take such other action as may be necessary or desirable under, or in connection with, the Secured Debt Documents; and 

 

	 	(ii)	each Secured Party to give any notice, demand or other communication to that Obligor pursuant to the Secured Debt Documents to the Company. 

 

	(b)	Each Obligor (other than the Company) confirms that: 

  

	 	(i)	it will be bound by any action taken by the Company under, or in connection with, any Secured Debt Document; and 

  

	 	(ii)	each Secured Party may rely on any action purported to be taken by the Company on behalf of any other Obligor. 

  

	2.4	Acts of the Company 

  

	(a)	The respective liabilities of each of the Obligors under the Secured Debt Documents shall not be in any way affected by: 

  
 29 

	 	(i)	any actual or purported irregularity in any act done, or failure to act, by the Company; 

  

	 	(ii)	the Company acting (or purporting to act) in any respect outside any authority conferred upon it by any other Obligor; or 

  

	 	(iii)	any actual or purported failure by, or inability of, the Company to inform any other Obligor of receipt by it of any notification under the Secured Debt Documents. 

 

	(b)	In the event of any conflict between any notices or other communications of the Company and any other Obligor, those of the Company shall prevail. 

 

	3.	PURPOSE 

  

	3.1	Purpose 

  

	(a)	The Borrower shall apply all amounts borrowed by it under the Facility towards: 

  

	 	(i)	refinancing all amounts outstanding in respect of the Existing Facilities and (by way of repayment of the Priority Subordinated Debt) the B2B Facility and the BofA Facility; 

 

	 	(ii)	(provided all amounts outstanding in respect of the Existing Facilities, the B2B Facility and the BofA Facility have been paid and repaid in full and all commitments to lend thereunder have been cancelled in full) for
refinancing other Subordinated Debt of the Borrower (and once refinanced for application by the Company in discharge of other Financial Indebtedness owed or guaranteed by it); and 

 

	 	(iii)	in or towards paying all fees, costs and expenses payable under the Finance Documents or otherwise in connection with that refinancing. 

 

	(b)	No amount borrowed under the Facility shall be applied in any manner that may be illegal or contravene any applicable law or regulation in any relevant jurisdiction. 

 

	3.2	Monitoring 

 No Finance Party is bound to monitor or verify the application of any amount
borrowed pursuant to this Agreement. 
  

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

 No Lender shall be obliged to fund its participation in a
Utilisation unless the Agent has received all of the documents and other evidence listed in and appearing to comply with the requirements of Part I of Schedule 2 (Conditions Precedent). The Agent shall notify the Company and the Lenders
promptly upon receiving such documents and evidence. 
  

	4.2	Further conditions precedent 

 Without prejudice to Clause 4.1 (Initial conditions
precedent) and Clause 4.4 (Certain Funds Loans), the Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on or before the date of the proposed Utilisation Date and, in respect of paragraphs
(a) and (b) only, on the date of the Utilisation Request: 
  

	 	(a)	no Default is continuing or would result from the proposed Loan; 

  

	 	(b)	the Repeating Representations to be made by each Obligor are true in all material respects; 

  
 30 

	 	(c)	on or prior to the date of the Utilisation Request in respect of the first Loan, TSMHL, TSEHL and the Company have delivered an Accession Letter as contemplated by Clause 25.2 (Accession of TSMHL and TSEHL) and
the Agent has given the confirmation contemplated to be given by it pursuant to paragraph (b) of that Clause 25.2; 

  

	 	(d)	(in respect of the first Utilisation only) the Company has provided evidence (comprising, as appropriate, notices of prepayment and evidence of other available cash resources available to TSMHL for the purpose)
satisfactory to the Majority Lenders that with effect on the first Utilisation Date after application of the proceeds of the proposed Loan: 

  

	 	(i)	all indebtedness of the Borrower in respect of the Existing Facilities will have been paid and repaid in full and that all Common Security (as defined in the Intercreditor Agreement (as defined in the Existing
Facilities Agreement)) (will thereby have been (or will be) released; 

  

	 	(ii)	(by way of payment and repayment, to the extent necessary, of the Priority Subordinated Debt and, if required, use of other cash resources available to the Bridge Borrower) all indebtedness of the Bridge Borrower in
respect of the B2B Facility (including, without limitation, in respect of any Rollover Loan (as defined in the B2B Facility Agreement)) will have been paid and repaid in full (and all commitments to lend thereunder will have been cancelled in full);
and 

  

	 	(iii)	(by way of payment and repayment to the extent necessary of Subordinated Debt and, if required use of other cash resources available to the Company and/or Valliant (Jersey) Limited) all indebtedness of Valliant (Jersey)
Limited in respect of the BofA Facility will have been paid and repaid in full (and all commitments to lend thereunder will have been cancelled in full); and 

  

	 	(e)	to the extent the proceeds of the requested Loan are specified in the relevant Utilisation Request as being intended to be applied in repayment or prepayment of any Financial Indebtedness owed or guaranteed by the
Company (other than that referred to in paragraph (d) above) a copy of the related notices of prepayment (or otherwise evidence that such Financial Indebtedness is otherwise due and payable) on or about the proposed Utilisation Date for the
relevant Loan in an aggregate principal amount at least equal to the amount of the proposed Loan so specified in the relevant Utilisation Request to be applied in that manner. 

 

	4.3	Maximum number of Loans 

 Neither the Borrower (nor the Company on its behalf) may
deliver a Utilisation Request if as a result of the proposed Utilisation more than three Loans would have been made under the Facility. 
  

	4.4	Certain Funds Loans 

  

	(a)	 If a Utilisation Request has been validly delivered requesting a Certain Funds Loan consistent with Clause 5.2 (Completion of Utilisation
Request) then, provided that the conditions in Clause 4.2 (Further conditions precedent) were satisfied as at the date of the relevant Utilisation Request, between delivery of the Utilisation Request and the making of that Loan (the
“Certain 

  
 31 

	 	
Funds Period”), unless a Certain Funds Default is continuing or would result from the proposed Certain Funds Loan, neither the Agent nor any of the Lenders shall: 

 

	 	(i)	invoke any condition set out in paragraph (a) or (b) of Clause 4.2 (Further conditions precedent) applicable as at the proposed Utilisation Date as a ground for refusing to make any Certain Funds Loan
to the extent of its Available Commitment in respect of the Facility; 

  

	 	(ii)	exercise any right, power or discretion to terminate or cancel the obligation to make any Certain Funds Loan; 

  

	 	(iii)	have or exercise any right of rescission or similar right or remedy which it or they may have in respect of this Agreement in respect of any Certain Funds Loan; 

 

	 	(iv)	take any step under Clause 23.20 (Acceleration) in respect of any Certain Funds Loan or that part of the Commitments which may be used by way of the Certain Funds Loan; or 

 

	 	(v)	exercise any right of set-off or counterclaim in respect of the Certain Funds Loan. 

 However,
at all other times all those rights, remedies and entitlements shall be available even though they have not been exercised or available during a Certain Funds Period and nothing in this Clause 4.4 shall restrict the exercise of any right, power,
discretion or remedy of the Finance Parties where any of the conditions in Clause 4.2 (Further conditions precedent) were not satisfied as at the date of the Utilisation Request (whether or not any Finance Party was aware of the same on that
date). 
  

	(b)	Without prejudice to the last sentence of paragraph (a) above, paragraph (a) does not apply: 

  

	 	(i)	if a Change of Control exists or has occurred; 

  

	 	(ii)	if it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Utilisation; or 

 

	 	(iii)	if any of the conditions set out in paragraph (c), (d) or (e) of Clause 4.2 (Further conditions precedent), Clause 5.2 (Completion of the Utilisation Request) or Clause 5.3 (Currency and
amount) are not met. 

  
 32 

 SECTION 3 

UTILISATION 
  

	5.	UTILISATION 

  

	5.1	Delivery of the Utilisation Request 

 The Borrower (or the Company on its behalf) may
utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 
  

	5.2	Completion of the Utilisation Request 

  

	(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	the proposed Utilisation Date is a Business Day falling within the Availability Period and is not later than 15 Business Days after the date the Utilisation Request is delivered to the Agent; 

 

	 	(ii)	the currency and amount of the Utilisation complies with Clause 5.3 (Currency and amount); 

  

	 	(iii)	the proposed Interest Period complies with Clause 9 (Interest Periods); 

  

	 	(iv)	it requires that the proceeds of the Loans should be paid to the extent necessary to satisfy the condition in paragraph (d) of Clause 4.2 (Further conditions precedent) to the relevant account of the Agent (as
defined in the Existing Facilities Agreement), the Agent (as defined in the B2B Facility Agreement) and, as applicable, the Agent (as defined in the BofA Facility Agreement); 

 

	 	(v)	whether or not the requested Loan is a Certain Funds Loans and, if specified to be a Certain Funds Loans, the reason why it is a Certain Funds Loan; and 

 

	 	(vi)	(if relevant) whether (and, if so, providing details of the relevant Financial Indebtedness and of the extent to which) the proceeds of the Loan are to be applied in repayment or prepayment of any Financial Indebtedness
owed or guaranteed by the Company as contemplated in paragraph (e) of Clause 4.2 (Further conditions precedent). 

  

	(b)	Only one Loan may be requested in a Utilisation Request. 

  

	5.3	Currency and amount 

  

	(a)	The currency specified in the Utilisation Request must be Dollars. 

  

	(b)	The amount of the proposed Loan must be: 

  

	 	(i)	a minimum of US$25,000,000 or a higher integral multiple of US$5,000,000 or, if less, the Available Facility; and 

  

	 	(ii)	in any event such that it is less than or equal to the Available Facility. 

  

	5.4	Lenders’ participation 

  

	(a)	If the conditions set out in this Agreement have been met, each Lender shall make its participation in the Loans available by the Utilisation Date through its Facility Office. 

  
 33 

	(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Commitment to the Total Commitments immediately prior to making the Loan. 

 

	(c)	The Agent shall notify each Lender of the amount of its participation in each Loan by the Specified Time. 

  

	5.5	Cancellation of Commitment 

 The Total Commitments which, at that time, are unutilised
shall be immediately cancelled at the end of the Availability Period. 

  
 34 

 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	REPAYMENT 

  

	(a)	The Loans outstanding at the end of the Availability Period shall be repaid in four equal annual instalments. One instalment shall fall due on each Repayment Date. 

 

	(b)	If on the Final Maturity Date any Loan remains outstanding, the Borrower shall repay it on that date. 

  

	(c)	The Borrower may not reborrow any part of the Facility which is repaid. 

  

	7.	PREPAYMENT AND CANCELLATION 

  

	7.1	Illegality 

 If it is or becomes unlawful in any applicable jurisdiction for a Lender to
(or it is or becomes unlawful in any applicable jurisdiction for any Affiliate of a Lender for that Lender to) perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in a Loan: 

 

	 	(a)	that Lender shall promptly notify the Agent upon becoming aware of that event; 

  

	 	(b)	upon the Agent notifying the Company, the Commitment of that Lender will be immediately cancelled; and 

  

	 	(c)	the Borrower shall repay that Lender’s participation in that Loan on the last day of the Interest Period occurring after the Agent has notified the Company or, if earlier, the date specified by the Lender in the
notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law or regulation. 

  

	7.2	Change of Control 

  

	(a)	If: 

  

	 	(i)	the Promoter does not or ceases to own (directly or indirectly) at least 35 per cent. of the issued share capital having voting rights of the Company or otherwise does not or ceases to control the Company and/or
any other person or group of persons acting in concert gains control of the Company; 

  

	 	(ii)	the Company does not or ceases to hold (directly or indirectly) 100 per cent. of the issued capital of VRHL or otherwise does not or ceases to control VRHL; 

 

	 	(iii)	(prior to the completion of the TSEHL Disposal) VRHL does not or ceases to hold (directly or indirectly) 100 per cent. of the issued capital of TSEHL or otherwise does not or ceases to control TSEHL;

  

	 	(iv)	on and from completion of the TSEHL Disposal, Sesa Goa (or any Sesa Goa Successor Entity) does not or ceases to hold (directly or indirectly) 100 per cent. of the issued capital of TSEHL or otherwise does not or
ceases to control TSEHL; or 

  

	 	(v)	TSEHL does not or ceases to own directly 100 per cent. of the issued share capital of TSMHL or otherwise does not or ceases to control TSMHL, 

  
 35 

 (each such circumstance being a “Change of Control”) then: 

 

	 	(A)	an Obligor shall promptly notify the Agent upon becoming aware of that event; 

  

	 	(B)	a Lender shall not be obliged to fund a Utilisation; and 

  

	 	(C)	if the Majority Lenders so require within 90 days (or such other period agreed between the Agent and the Company) of the notification pursuant to paragraph (A) above, the Agent shall, by notice to the Company,
cancel the Total Commitments (whereupon they shall be immediately cancelled) and by not less than ten Business Days’ notice to the Company, declare all outstanding Loans, together with accrued interest, and all other amounts accrued under the
Finance Documents immediately due and payable, whereupon all such outstanding amounts will become due and payable on the expiry of such notice. 

  

	(b)	For the purpose of paragraph (a) above: 

  

	 	(i)	“control” of a person means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: 

 

	 	(A)	appoint or remove all, or the majority, of the directors or other equivalent officers of that person; or 

  

	 	(B)	give directions with respect to the operating and financial policies of that person, which the directors or other equivalent officers of that person are obliged to comply with; and 

 

	 	(ii)	“acting in concert” means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate through the acquisition by any of them, either directly or
indirectly, of shares in the relevant company, to obtain or consolidate control of the relevant company. 

  

	7.3	Mandatory prepayment 

  

	(a)	At any time following the first Utilisation Date but without prejudice to paragraph (b) of Clause 30.7 (Partial payments), the Borrower shall ensure that promptly upon receipt, all Required Proceeds (or an
equivalent amount) are credited to the Collection Account for application in accordance with this Clause 7.3. 

  

	(b)	In this Clause 7.3: 

  

	 	(i)	“Application Date” means any date on which, consistent with paragraph (c) below, funds standing to the credit of the Collection Account are to be applied in accordance with that
paragraph; 

  

	 	(ii)	“Redemption” means, in respect of a share, the redemption, buy-back, repurchase, repayment and cancellation of that share; 

 

	 	(iii)	“Required Proceeds” means any and all amounts received by the Borrower in cash on account of: 

  
 36 

	 	(A)	any other sale, transfer or other disposal of any Cairn India Share (other than a Permitted Cairn Disposal where, following that disposal, the Borrower holds at least the Minimum Cairn Shareholding); 

 

	 	(B)	dividends distributed by Cairn India or any other payment or distribution of any kind in respect of Cairn India Shares held by the Borrower (including by way of Redemption of those shares); or 

 

	 	(C)	any loan or other Financial Indebtedness made or made available by Cairn India or any of its Subsidiaries to TSMHL; 

  

	 	(iv)	“Reserve Amount” means, in respect of a given Application Date, an amount (as determined by the Agent acting reasonably) equal to the sum of: 

 

	 	(A)	six Months’ interest on the Loans (calculated on the basis of the interest rate then applicable to the Loans (or, where the relevant Application Date is the last day of an Interest Period for the Loans, on the
basis of the interest rate which will apply to the Loans for the Interest Period commencing on the Application Date)) (or, if a lesser period, interest (calculated on the same basis) until the Final Maturity Date); and 

 

	 	(B)	all principal amounts of the Loans due and payable on a Repayment Date falling in the six Months following that Application Date, 

and assuming, for this purpose: 
  

	 	(1)	that all payments due under Clause 6 (Repayment) will be made when due; and 

  

	 	(2)	that no other prepayment of the Loans will be made (save: (i) as may be required to be made under paragraph (c) below on that Application Date or (ii) as specified in any irrevocable notice previously
delivered by the Company under paragraph (f) below where the specified prepayment is to be applied in prepayment of the Loans during the six Month period for which the interest calculation is being effected); and 

 

	 	(v)	“Vedanta Debt Service Amount” means, in respect of any receipt of Required Proceeds and a given Application Date, an amount equal to those Required Proceeds less all amounts applied or reserved on that
Application Date (but, for the avoidance of doubt, not on any other date) pursuant to sub-paragraphs (c)(i) to (c)(iii) of Clause 7.3 (Mandatory prepayment), but with the resultant sum capped at US$120,000,000 in respect of any single
Application Date and US$240,000,000 in any 12 Month period. 

  

	(c)	Without prejudice to paragraph (b) of Clause 30.7 (Partial payments), on the last day of the first Interest Period to end at least five Business Days after receipt of any amount into the Collection Account,
the Borrower shall ensure that the balance of the Collection Account is applied on that last day in the following order of priority: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, reasonable costs and expenses of the Agent, the Account Bank or the Arranger under the Finance Documents; 

  
 37 

	 	(ii)	second, in or towards payment pro rata of any accrued interest, fee or commission due and payable to a Finance Party but unpaid under this Agreement; 

 

	 	(iii)	third, in creation of a reserve within the Collection Account (or, as applicable, further funding that reserve so as to create a reserve within the Collection Account) in a maximum amount equal to the relevant
Reserve Amount; and 

  

	 	(iv)	fourth, after taking into account the reserve referred to in sub-paragraph (iii) above if and to the extent that any Required Proceeds have been received into the Collection Account since the most recent
Application Date (or, in respect of the first Application Date, since the first Utilisation Date) and where the relevant Application Date occurs before the first Additional Debt Incurrence Date, in payment of an amount not exceeding the relevant
Vedanta Debt Service Amount, by transfer to the Distribution Account, provided that no such amount shall be transferred if a Default is continuing on the relevant Application Date; 

 

	 	(v)	fifth, provided that the amount to be so applied is at least US$10,000,000 (or, if less, the principal amount outstanding of the Loans) in or towards prepayment and permanent reduction of the Loans on a pro rata
basis. 

 The Borrower (or the Company on its behalf) shall give the Agent at least five Business Days prior notice of any
prepayment to be effected in accordance with this paragraph (c) together with supporting calculations (in reasonable detail) evidencing the application of funds as required by this paragraph. 

 

	(d)	Any amount applied in prepayment of the Loans pursuant to this Clause 7.3 shall be applied against the instalments due under Clause 6 in chronological order of maturity. 

 

	(e)	Monies standing to the credit of the Collection Account (whether or not nominally credited to a reserve pursuant to paragraph (c)(iii) above) may, at any time, be applied in or towards payment or repayment of any part
of the Facility Debt in the nature of the amounts referred to in paragraph (c)(i) or (ii) above or otherwise due and payable under any of Clause 6 (Repayment), Clause 7.2 (Change of Control), this Clause 7.3, Clause 7.5
(Voluntary prepayment) or Clause 23.20 (Acceleration) (including, as applicable, any Break Costs attributable thereto). 

  

	7.4	Voluntary cancellation 

 The Company may, if it gives the Agent not less than five
Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of US$10,000,000 and, if higher, in higher integral multiples of US$10,000,000) of the Available
Facility. 
  

	7.5	Voluntary prepayment 

  

	(a)	The Borrower may, if it gives the Agent not less than five Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the Loans (including, where relevant, by application of
funds standing to the credit of the Collection Account consistent with paragraph (e) of Clause 7.3 (Mandatory prepayment)) in whole or part (but, if in part, being an amount that reduces the Loans by a minimum aggregate amount of
US$10,000,000 and, if higher, in higher integral multiples of US$10,000,000). 

  
 38 

	(b)	Any amount applied in prepayment of the Loans pursuant to this Clause 7.3 shall be applied against the instalments due under Clause 6 in chronological order of maturity or in such other order as the Company may specify
in its notice under paragraph (a) above. 

  

	7.6	Right of replacement or repayment and cancellation in relation to a single Lender 

  

	(a)	In this Clause 7.6: 

  

	 	(i)	“Non-Consenting Lender” means any Lender which has refused or declined in writing to agree to a consent, waiver or amendment if: 

 

	 	(A)	the Company, through the Agent, has requested a consent, waiver or amendment in relation to any Finance Document; and 

  

	 	(B)	the Majority Lenders have agreed to that consent, waiver or amendment. 

  

	(b)	If: 

  

	 	(i)	any sum payable to any Lender by the Borrower is required to be increased under paragraph (a) of Clause 12.2 (Tax gross-up); 

 

	 	(ii)	any Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs); 

 

	 	(iii)	any Lender becomes a Non-Consenting Lender; or 

  

	 	(iv)	any FATCA Protected Lender notifies the Agent of a FATCA Event pursuant to Clause 7.7 (Mandatory repayment and cancellation of FATCA Protected Lenders), 

the Company may, if the circumstance relates to a Lender and subject to paragraph (d), (e) and (f) below, whilst (in the case of
paragraphs (b)(i) and (b)(ii)) the circumstance giving rise to the requirement, indemnification or FATCA Event continues: 
  

	 	(A)	in the case of paragraphs (i), (ii) and (iv), give the Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans; or

  

	 	(B)	in the case of paragraphs (i), (ii), (iii) and (iv), give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below. 

 

	(c)	On receipt of a notice referred to in paragraph (b)(i) or (ii) above, the Commitment of that Lender shall immediately be reduced to zero. 

 

	(d)	Without prejudice to Clause 7.7 (Mandatory repayment and cancellation of FATCA Protected Lenders) on the last day of each Interest Period which ends after the Company has given notice under paragraph (b)(A) above
of an intention to repay a Lender (or, if earlier, the date specified by the Company in that notice), the Borrower shall repay that Lender’s participation in the Loans. 

 

	(e)	 The Company may, in the circumstances set out in paragraph (b)(B) above, on ten Business Days’ prior notice to the Agent and that Lender, replace
that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or
other bank or financial institution selected by the Company which confirms its willingness to assume and does assume all the obligations of the transferring Lender in 

  
 39 

	 	
accordance with Clause 24 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such
Lender’s participation in the outstanding Loans and all accrued interest, fees and other amounts payable in relation thereto under the Finance Documents. 

  

	(f)	The replacement of a Lender pursuant to paragraph (e) above shall be subject to the following conditions: 

  

	 	(i)	the Company shall have no right to replace the Agent; 

  

	 	(ii)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender; 

  

	 	(iii)	any replacement of a Non-Consenting Lender must take place no later than 90 days after the earlier of (A) the date the Non-Consenting Lender notified the Agent of its refusal to agree to the relevant consent,
waiver or amendment and (B) the deadline for responses to the relevant consent, waiver or amendment (being not less than 20 Business Days after the Agent sent the related request to the Lenders); 

 

	 	(iv)	any replacement of a FATCA Protected Lender must take place no later than the date one month before the relevant FATCA Application Date; and 

 

	 	(v)	in no event shall the Lender replaced under paragraph (e) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents. 

 

	7.7	Mandatory repayment and cancellation of FATCA Protected Lenders 

  

	(a)	If on the date falling six months before the earliest FATCA Application Date for any payment by a Party to a FATCA Protected Lender (or to the Agent or Security Agent for the account of that Lender), that Lender is not
a FATCA Exempt Party and, in the opinion of that Lender (acting reasonably), that Party will, as a consequence, be required to make a FATCA Deduction from a payment to that Lender (or to the Agent or Security Agent for the account of that Lender) on
or after that FATCA Application Date (a “FATCA Event”); 

  

	 	(i)	that Lender shall, reasonably promptly after that date, notify the Agent of that FATCA Event and the relevant FATCA Application Date; 

 

	 	(ii)	if, on the date falling one month before such FATCA Application Date, that FATCA Event is continuing and that Lender has not been repaid or replaced pursuant to Clause 7.6 (Right of replacement or repayment and
cancellation in relation to a single Lender) (other than by reason of that Lender’s failure to comply with its obligations pursuant to paragraph (e) of Clause 7.6 (Right of replacement or repayment and cancellation in relation to a
single Lender)): 

  

	 	(A)	that Lender may, at any time between one month and two weeks before such FATCA Application Date, notify the Agent; 

  

	 	(B)	upon the Agent notifying the Company, the Commitment of that Lender will be immediately cancelled; and 

  

	 	(C)	 the Borrower shall repay that Lender’s participation in the Loans on the last day of the Interest Period for the Loans occurring after the Agent
has notified the 

  
 40 

	 	
Company or, if earlier, the last Business Day before the relevant FATCA Application Date. 

  

	7.8	Right of cancellation in relation to a Defaulting Lender 

  

	(a)	If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 20 Business Days’ notice of cancellation of each Available Commitment of
that Lender. 

  

	(b)	On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero. 

 

	(c)	The Agent shall, as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders. 

  

	7.9	Restrictions 

  

	(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant
cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

	(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. 

 

	(c)	The Borrower may not reborrow any part of the Facility which is prepaid. 

  

	(d)	The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 

 

	(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	(f)	If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to either the Company or the affected Lender, as appropriate. 

  
 41 

 SECTION 5 

COSTS OF UTILISATION 
  

	8.	INTEREST 

  

	8.1	Calculation of interest 

 The rate of interest on each Loan for each Interest Period (or
any part thereof) is the percentage rate per annum which is the aggregate of the: 
  

	 	(a)	Margin; 

  

	 	(b)	LIBOR; and 

  

	 	(c)	Mandatory Cost, if any. 

  

	8.2	Payment of interest 

 The Borrower shall pay accrued interest on the Loans on the last
day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six monthly intervals after the first day of the Interest Period). 
  

	8.3	Default interest 

  

	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment)
at a rate which, subject to paragraph (b) below, is the sum of 1.0 per cent. and the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted a Loan in the currency of the Unpaid Sum for
successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by the Obligor on demand by the Agent. 

 

	(b)	If any Unpaid Sum consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period: 

  

	 	(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and 

 

	 	(ii)	the rate of interest applying to the Unpaid Sum during that first Interest Period shall be the sum of 1.0 per cent and the rate which would have applied if the Unpaid Sum had not become due. 

 

	(c)	Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

  

	8.4	Notification of rates of interest 

 The Agent shall promptly notify the Lenders and the
Company of the determination of a rate of interest under this Agreement. 
  

	8.5	Hedging Bank Provisions 

 The provisions of Schedule 11 (Hedging Bank Provisions)
shall bind each Party. 

  
 42 

	9.	INTEREST PERIODS 

  

	9.1	Selection of Interest Periods 

  

	(a)	The Borrower (or the Company on its behalf) may select an Interest Period for a Loan in a Utilisation Request or (if the Loan has already been borrowed) in a Selection Notice. 

 

	(b)	Each Selection Notice for a Loan is irrevocable and must be delivered to the Agent not later than the Specified Time. 

  

	(c)	If the Borrower (or the Company on its behalf) fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant Interest Period will be one Month. 

 

	(d)	Subject to this Clause 9, the Borrower (or the Company on its behalf) may select an Interest Period of one, three or six Months or any other period agreed between the Company and the Agent (acting on the instructions of
all the Lenders in relation to the relevant Loan). 

  

	(e)	Prior to the Syndication Date, each Interest Period shall be one Month (or such shorter duration as may be desirable to ensure that the Interest Period ends on a date on which rights and obligations under this Agreement
are to be novated to persons becoming Parties as a result of Syndication). 

  

	(f)	An Interest Period for a Loan shall not extend beyond the next occurring Repayment Date. 

  

	(g)	Each Interest Period for a Loan shall start on its Utilisation Date or (if already made) on the last day of its preceding Interest Period. 

 

	(h)	The first Interest Period for the second or any subsequent Loan made under the Facility (each a “Subsequent Loan”) shall end on the last day of the Interest Period then current (or commencing) for each
other Loan which is outstanding under the Facility when that Subsequent Loan is made. 

  

	9.2	Non-Business Days 

 If an Interest Period would otherwise end on a day which is not a
Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	9.3	Consolidation of Loans 

 If two or more Interest Periods: 

 

	 	(a)	relate to Loans; and 

  

	 	(b)	end on the same date, 

 those Loans will be consolidated into, and treated as, a single Loan on
the last day of the Interest Period. 
  

	10.	CHANGES TO THE CALCULATION OF INTEREST 

  

	10.1	Absence of quotations 

 Subject to Clause 10.2 (Market disruption), if LIBOR is to
be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.

  
 43 

	10.2	Market disruption 

  

	(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan for the Interest Period shall be the percentage rate per annum which
is the sum of: 

  

	 	(i)	the Margin; 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the
cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select; and 

  

	 	(iii)	the Mandatory Cost, if any, applicable to that Lender’s participation in that Loan. 

  

	(b)	In this Agreement “Market Disruption Event” means: 

  

	 	(i)	at or about noon (London time) on the Quotation Day for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Agent to determine LIBOR for
Dollars for the relevant Interest Period; 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan)
that the cost to it of obtaining matching deposits in the London interbank market would be in excess of LIBOR; or 

  

	 	(iii)	the Utilisation Request for a Loan being provided after 9:00 a.m. (London time) on the date that would otherwise have been the Quotation Day for the first Interest Period for that Loan. 

 

	10.3	Alternative basis of interest or funding 

  

	(a)	If a Market Disruption Event occurs and the Agent or the Company so requires, the Agent and the Company shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute
basis for determining the rate of interest. 

  

	(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Company, be binding on all Parties. 

 

	(c)	For the avoidance of doubt, in the event that no substitute basis is agreed at the end of the 30 day period, the rate of interest shall continue to be determined in accordance with the terms of this Agreement.

  

	10.4	Break Costs 

  

	(a)	The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by the Borrower on a day other
than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

	(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue. 

  
 44 

	11.	FEES 

  

	11.1	Arrangement fee 

 The Borrower shall pay to the Agent (for the account of each Arranger)
an arrangement fee in the amount and at the times agreed in a Fee Letter. 
  

	11.2	Agency/Security Agency fee 

 The Borrower shall pay to the Agent and the Security Agent
(for their own account) a fee in the amount and at the times agreed in a Fee Letter. 

  
 45 

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	12.	TAX GROSS-UP AND INDEMNITIES 

  

	12.1	Definitions 

  

	(a)	In this Agreement: 

 “Protected Party” means a Finance Party which is or will
be subject to any liability or required to make any payment for or on account of Tax in relation to a sum received or receivable (or any sum deemed, for the purposes of Tax to be received or receivable) under a Finance Document. 

“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document other than a
FATCA Deduction. 
 “Tax Payment” means either the increase in a payment made by any Obligor to a Finance Party under Clause
12.2 (Tax gross-up) or a payment under Clause 12.3 (Tax indemnity). 
  

	(b)	Unless a contrary indication appears, in this Clause 12 a reference to “determines” or “determined” means a determination made in the absolute discretion of the person making the determination.

  

	12.2	Tax gross-up 

  

	(a)	Each Obligor shall make all payments to be made by it under or in connection with a Finance Document free and clear of and without any Tax Deduction, unless that Obligor is required by law or regulation to make a Tax
Deduction, in which case the sum payable by that Obligor shall be increased to the extent necessary to ensure that the Finance Party concerned receives a sum, net of any Tax Deduction, equal to the sum which it would have received if no Tax
Deduction had been required. 

  

	(b)	Each Obligor shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall
notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Company. 

 

	(c)	If an Obligor is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed (including extensions) and in the minimum amount
required by law or regulation. 

  

	(d)	Within thirty days of an Obligor making either a Tax Deduction or any payment required in connection with that Tax Deduction, that Obligor shall deliver to the Agent for the Finance Party entitled to the payment an
original receipt (or certified copy thereof) evidencing to the reasonable satisfaction of that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment has been paid to the relevant taxing authority.

  
 46 

	12.3	Tax indemnity 

  

	(a)	Without prejudice to Clause 12.2 (Tax gross-up), the Borrower shall (within three Business Days of demand by the Agent, which demand shall not be made earlier than five Business Days prior to the date such loss,
liability or cost will be suffered by such Protected Party) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been suffered for or on account of Tax by that Protected Party
in relation to a sum received or receivable under a Finance Document (whether or not actually received or receivable). 

  

	(b)	Paragraph (a) above shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income actually received or receivable (but, for the avoidance of doubt, not
including any sum deemed for purposes of Tax to be received or receivable by that Finance Party but not actually received or receivable) by that Finance Party; 
  

	 	(ii)	to the extent a loss, liability or cost is compensated for by an increased payment under Clause 12.2 (Tax gross-up). 

  

	 	(iii)	to the extent the loss, liability or cost relates to a FATCA Deduction required to be made by a Party. 

  

	(c)	A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, whereupon the Agent shall notify the
Company. 

  

	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent. 

  

	12.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

  

	 	(b)	that Finance Party has obtained, utilised and fully retained that Tax Credit (including, to the extent relevant to that Finance Party, on an affiliated group basis), 

the Finance Party shall pay an amount to that Obligor which that Finance Party determines will leave it (after that payment) in the same
after-Tax position as it would have been in had the Tax Payment not been required to be made by that Obligor. 

  
 47 

	12.5	Stamp taxes 

 The Borrower shall pay and, within three Business Days of demand, indemnify
each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document (but, for the avoidance of doubt, not including any cost,
loss or liability in relation to any such Taxes payable in connection with any assignment, novation or other transfer by any Finance Party of its rights and/or obligations under any Finance Document unless an Event of Default is continuing at the
time of such assignment, novation or other transfer). 
  

	12.6	Indirect Tax 

  

	(a)	All amounts set out or expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for Indirect Tax purposes shall be deemed to be exclusive
of any Indirect Tax which is chargeable on such supply, and accordingly, subject to paragraph (b) below, if Indirect Tax is chargeable on any supply made by any Finance Party to any Party under a Finance Document and the Finance Party is
required to account for the Indirect Tax, that Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the Indirect Tax (and such Finance Party shall promptly provide an
appropriate Indirect Tax invoice to such Party). 

  

	(b)	If Indirect Tax is chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a Finance Document, and any Party other than
the Recipient (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in respect of
that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such Indirect Tax. The Recipient will promptly pay to the Relevant Party an amount equal to
any credit or repayment from the relevant tax authority which the Recipient reasonably determines relates to the Indirect Tax chargeable on that supply. 

  

	(c)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify the Finance Party against all Indirect Tax incurred by the
Finance Party in respect of the costs or expenses but only to the extent that the Finance Party reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of the Indirect Tax. 

 

	(d)	Any reference in this Clause 12.6 to any Party will, at any time when that Party is treated as a member of a group for Indirect Tax purposes, include (where appropriate and unless the context otherwise requires) a
reference to the person who is treated as making the supply, or (as appropriate) receiving the supply, under any applicable grouping rules. 

  

	(e)	In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party shall promptly provide such Finance Party with details of that
Party’s Indirect Tax registration and such other information as is reasonably requested in connection with such Finance Party’s Indirect Tax reporting requirements in relation to such supply. 

  
 48 

	12.7	FATCA Deduction 

  

	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in
addition, shall notify the Company, the Agent and the other Finance Parties. 

  

	13.	INCREASED COSTS 

  

	13.1	Increased costs 

  

	(a)	Subject to Clause 13.3 (Exceptions) the Borrower shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party
or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; (ii) compliance with any law or regulation made after the date of this
Agreement; or (iii) the implementation or application of or compliance with Basel III. 

  

	(b)	In this Agreement 

 “Basel III” means: 

 

	 	(i)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December
2010, each as amended, supplemented or restated; 

  

	 	(ii)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the
Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(iii)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

“Increased Costs” means: 
  

	 	(i)	a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital (including as a result of any reduction in the rate of return on capital brought about by more
capital being required to be allocated by that Finance Party or one of its Affiliates); 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	 a reduction of any amount due and payable under any Finance Document, 

  
 49 

 which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it
is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 
  

	13.2	Increased cost claims 

  

	(a)	A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Company.

  

	(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 

 

	13.3	Exceptions 

  

	(a)	Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(ii)	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	(iii)	compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of
Clause 12.3 (Tax indemnity) applied) or compensated for by Clause 12.5 (Stamp taxes) or Clause 12.6 (Indirect Tax); or 

  

	 	(iv)	compensated for by the payment of the Mandatory Cost; or 

  

	 	(v)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or 

  

	 	(vi)	attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on
Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III) (“Basel II”) or any other law or regulation which implements Basel II (whether such
implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

  

	(b)	In this Clause 13.3, a reference to a “Tax Deduction” has the same meaning given to the term in Clause 12.1 (Definitions). 

 

	14.	OTHER INDEMNITIES 

  

	14.1	Currency indemnity 

  

	(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First
Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against that Obligor; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

  
 50 

 the Borrower shall as an independent obligation, within three Business Days of demand, indemnify
each Finance Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the
Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	14.2	Other indemnities 

 The Borrower shall, within three Business Days of demand, indemnify
each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	any information produced or approved by or on behalf of an Obligor in connection with the Facility being or being alleged to be misleading and/or deceptive in any respect; 

 

	 	(c)	any enquiry, investigation, subpoena (or similar order) or litigation with respect to an Obligor or with respect to the transactions contemplated or financed under the Finance Documents; 

 

	 	(d)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 29 (Sharing among the Secured
Parties); 

  

	 	(e)	the incurrence of any cost, loss or liability incurred by it on the transfer of its participation in any Loan pursuant to the terms of paragraph (e) of Clause 7.6 (Right of replacement or repayment and
cancellation in relation to a single Lender), provided that the amount recovered under each claim pursuant to this paragraph (e) shall not exceed the amount of Break Costs that would have been incurred by that Finance Party had the relevant
Loans been prepaid rather than transferred; 

  

	 	(f)	funding, or making arrangements to fund, its participation in a Loan requested in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by
reason of default or negligence by that Finance Party alone); 

  

	 	(g)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower or the Company; or 

  

	 	(h)	any costs of the Agent incurred in commissioning an E&S review in accordance with the terms of Clause 21.15 (Environmental and social). 

 

	14.3	Indemnity to the Agent and the Security Agent 

 The Borrower shall promptly indemnify the
Agent and the Security Agent against any cost, loss or liability incurred by the Agent or the Security Agent (acting reasonably) as a result of: 
  

	 	(a)	investigating any event which it reasonably believes is a Default; 

  
 51 

	 	(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; 

 

	 	(c)	taking, holding, protecting or enforcing any Security created pursuant to any Finance Document; or 

  

	 	(d)	exercising any of the rights, powers, discretions or remedies vested in it under any Finance Document or by law. 

  

	15.	MITIGATION BY THE LENDERS 

  

	15.1	Mitigation 

  

	(a)	Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another
Affiliate or Facility Office. 

  

	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	15.2	Limitation of liability 

  

	(a)	The Borrower shall indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation). 

 

	(b)	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

 

	16.	COSTS AND EXPENSES 

  

	16.1	Transaction expenses 

 The Borrower shall promptly on demand pay the Agent, the Security
Agent, the Account Bank and the Arranger: 
  

	 	(a)	the amount of all costs and expenses (excluding legal fees) up to a maximum amount as separately agreed; and 

  

	 	(b)	the amount of legal fees up to a maximum amount as separately agreed, 

 reasonably incurred (and
documented) by any of them in connection with the negotiation, preparation, printing, execution and syndication of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement; and 

  

	 	(b)	any other Finance Documents executed after the date of this Agreement. 

  

	16.2	Amendment costs 

 If an Obligor requests an amendment, waiver or consent, the Borrower
shall, within three Business Days of demand, reimburse the Agent, the Account Bank or the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent, the Account Bank or the Security Agent in
responding to, evaluating, negotiating or complying with that request or requirement. 

  
 52 

	16.3	Enforcement costs 

 The Borrower shall, within three Business Days of demand, pay to each
Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured Party in connection with the enforcement of, or the preservation of any rights under, any Secured Document. 

 

	16.4	Security Agent expenses 

 The Borrower shall promptly on demand pay the Security Agent
the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with the administration or release of any Security created pursuant to any Security Document. 

  
 53 

 SECTION 7 

GUARANTEE 
  

	17.	GUARANTEE AND INDEMNITY 

  

	17.1	Guarantee and indemnity 

 Each Guarantor irrevocably and unconditionally jointly and
severally: 
  

	 	(a)	guarantees to each Secured Party punctual performance by each other Obligor of all that Obligor’s obligations under the Finance Documents; 

 

	 	(b)	undertakes with each Secured Party that whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it was
the principal obligor; and 

  

	 	(c)	agrees with each Secured Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Secured Party immediately on
demand against any cost, loss or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would
have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 17 if the amount claimed had been recoverable on the basis of a guarantee. 

 

	17.2	Continuing guarantee 

 This guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	17.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Obligor or any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation
or otherwise, without limitation, then the liability of each Guarantor under this Clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	17.4	Waiver of defences 

 The obligations of each Guarantor under this Clause 17 will not be
affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 17 (without limitation and whether or not known to it or any Secured Party) including: 

 

	 	(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person; 

  

	 	(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group or any other person; 

  
 54 

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or other person or any
non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person; 

 

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including without limitation any
change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

 

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; 

 

	 	(g)	any insolvency or similar proceedings; or 

  

	 	(h)	this Agreement or any other Finance Document not being executed by or binding upon any other person. 

  

	17.5	Guarantor intent 

 Without prejudice to the generality of Clause 17.4 (Waiver of
defences), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or
amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings;
refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and
any fees, costs and/or expenses associated with any of the foregoing. 
  

	17.6	Immediate recourse 

 Each Guarantor waives any right it may have of first requiring any
Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 17. This waiver applies irrespective of any law
or any provision of a Finance Document to the contrary. 
  

	17.7	Appropriations 

 Until all amounts which may be or become payable by the Obligors under
or in connection with the Finance Documents have been irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf)
in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against 

  
 55 

	 	
those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of its liability under this Clause 17. 

 

	17.8	Deferral of Guarantors’ rights 

 Until all amounts which may be or become payable by
the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor shall exercise any rights which it may have by reason of performance by it of its obligations
under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17: 
  

	 	(a)	to be indemnified by an Obligor; 

  

	 	(b)	to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance Documents; 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Finance Documents by any Secured Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1
(Guarantee and indemnity); 

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor in competition with any Secured Party. 

 If a
Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the
Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 30
(Payment mechanics). 
  

	17.9	Additional security 

 This guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Secured Party. 

  
 56 

 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	18.	REPRESENTATIONS 

 Each Obligor makes the representations and warranties set out in this
Clause 18 to each Finance Party on the date of this Agreement. 
  

	18.1	Status 

  

	(a)	It and each of the Key Subsidiaries is duly incorporated (if a corporate person) or duly established (in any other case) and validly existing under the law of its jurisdiction of incorporation or formation and each
Obligor is a limited liability company. 

  

	(b)	It and each of the Key Subsidiaries has the power to own its assets and carry on its business in all material respects as it is being conducted. 

 

	(c)	Neither TSMHL or TSEHL is a FATCA FFI or a US Tax Obligor. 

  

	18.2	Binding obligations 

 The obligations expressed to be assumed by it in each Finance
Document to which it is a party are legal, valid, binding and enforceable, subject to: 
  

	 	(a)	the Legal Reservations; 

  

	 	(b)	any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation); and 

 

	 	(c)	in the case of any Security Document, the requirements specified at the end of Clause 18.5 (Validity and admissibility in evidence). 

 

	18.3	Non-conflict with other obligations 

 The entry into and performance by it of, and the
transactions contemplated by, the Finance Documents to which it is a party do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it in any material respect; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon: 

  

	 	(i)	it or any of its Subsidiaries; or 

  

	 	(ii)	any of its or any of its Subsidiaries’ assets, 

 to an extent which has or could
reasonably be expected to have a Material Adverse Effect, 
 nor (except as provided in any Security Document) result in the existence of, or
oblige it or any of its Subsidiaries to create, any Security over any of its or any of its Subsidiaries’ assets. 
  

	18.4	Power and authority 

 It has the power to enter into, perform and deliver, and has taken
all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 

  
 57 

	18.5	Validity and admissibility in evidence 

 All Authorisations required: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party and the transactions contemplated by the Finance Documents; 

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation; and 

  

	 	(c)	to enable it to create the Security to be created by it pursuant to any Security Document and to ensure that such Security has the priority and ranking it is expressed to have, 

have been obtained or effected and are in full force and effect save for the making of the appropriate registrations of the Security Documents
with the Companies Registration Office or equivalent authority in the jurisdiction of incorporation of the relevant Obligor and other applicable registration requirements and other applicable Perfection Requirements. 

 

	18.6	Governing law and enforcement 

  

	(a)	Subject to the matters described in the Legal Reservations, the choice of law specified in each Finance Document as the governing law of that Finance Document will be recognised and enforced in its jurisdiction of
incorporation. 

  

	(b)	Subject to the matters described in the Legal Reservations, any judgment obtained in England in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation and in relation to a
Finance Document governed by a law other than English law, in the jurisdiction of the governing law of that Finance Document. 

  

	18.7	No filing or stamp taxes 

 Under the law of its jurisdiction of incorporation it is not
necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in those jurisdictions or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions
contemplated by the Finance Documents save in each case for the making of the appropriate registrations of the Security Documents with the Companies Registration Office or equivalent authority in the jurisdiction of incorporation of the relevant
Obligor. 
  

	18.8	Deduction of Tax 

 It is not required to make any deduction for or on account of Tax from
any payment it may make under any Finance Document to any Lender (save that guarantee payments made by the Company may be subject to deduction for or on account of UK Tax). 
  

	18.9	No default 

  

	(a)	No Event of Default is continuing or has or could reasonably be expected to result from the making of any Utilisation or the entry into, performance of, or any transaction contemplated by, any Finance Document.

  

	(b)	 No other event or circumstance is outstanding which constitutes (or which would, with the lapse of time, the giving of notice, the making of any
determination under the relevant document or any combination of the foregoing, constitute) a default or termination event (however described) under any other agreement or instrument which is binding on it or any of its Subsidiaries or to

  
 58 

	 	
which its (or any of its Subsidiaries’) assets are subject which has or could reasonably be expected to have a Material Adverse Effect. 

 

	18.10	No misleading information 

  

	(a)	Any written material factual information provided by or on behalf of any Obligor for the purposes of the Information Memorandum or otherwise provided in connection with the Facility was true and accurate in all material
respects as at the date it was provided or as at the date (if any) at which it is stated. 

  

	(b)	The financial projections contained in the Information Memorandum or otherwise provided in connection with the Facility have been prepared on the basis of recent historical information and on the basis of reasonable
assumptions at the time of such preparation. 

  

	(c)	Any written expressions of opinion or intention provided by or on behalf of any Obligor in connection with any Finance Document, including any expressions of opinion or intention in the Information Memorandum, were made
after due and careful consideration and (at the time given) based on reasonable grounds. 

  

	(d)	Save for matters disclosed in writing to the Agent, nothing has occurred or been omitted from the Information Memorandum and no information has been given or withheld that results in: 

 

	 	(i)	the factual information relating to the Group contained in the Information Memorandum being untrue or misleading in any material respect; 

 

	 	(ii)	any financial projection or expression of opinion or intention in the Information Memorandum being untrue or misleading in any material respect; or 

 

	 	(iii)	any assumption or ground on which any financial projection or expression of opinion or intention in the Information Memorandum is based being unreasonable. 

 

	18.11	Financial statements 

  

	(a)	Its Original Financial Statements (if any) were prepared in accordance with GAAP consistently applied. 

  

	(b)	Its Original Financial Statements (if any) give a true and fair view of its consolidated financial condition and operations as at the end of and for the relevant financial year and of the profit of the Group for that
year. 

  

	(c)	There has been no material adverse change in its business or financial condition (or the business or consolidated financial condition of the Group) since 31 March 2012. 

 

	18.12	Pari passu ranking 

  

	(a)	Subject to the requirements specified at the end of Clause 18.5 (Validity and admissibility in evidence) each Security Document creates (or, once entered into, will create) in favour of the Security Agent for the
benefit of the Secured Parties the Security which it is expressed to create with the ranking and priority it is expressed to have. 

  

	(b)	Without limiting paragraph (a) above, its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for
obligations mandatorily preferred by law applying to companies generally. 

  
 59 

	18.13	No proceedings pending or threatened 

 No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency which has had or could reasonably be expected to have a Material Adverse Effect (having regard to the likelihood of adverse determination) have (to the best of its knowledge and belief)
been started or threatened against it or any of its Subsidiaries. 
  

	18.14	Compliance with applicable laws 

 Each member of the Group is in compliance in all
respects with all laws, statutes, rules, regulations and orders binding on or applicable to it where failure to do so has had or could reasonably be expected to have a Material Adverse Effect. 

 

	18.15	Title 

  

	(a)	It and each of its Subsidiaries has good and marketable title to all material assets necessary for the conduct of its business as it is being conducted and is proposed to be conducted save where failure to do so could
not reasonably be expected to have a Material Adverse Effect. 

  

	(b)	It has good and marketable title to the assets over which it purports to create Security pursuant to any Security Document, free from all Security except the Security created pursuant to, or permitted by, the Finance
Documents. 

  

	18.16	Environmental laws and licences 

  

	(a)	Each member of the Group is in compliance with Clause 21.13 (Environmental undertakings) and to the best of its knowledge and belief (having made due and careful enquiry) no circumstances have occurred which
would prevent such compliance in a manner or to an extent which has or could reasonably be expected to have a Material Adverse Effect. 

  

	(b)	No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and careful enquiry)) is threatened against any member of the Group where that claim has or could reasonably be
expected, if determined against that member of the Group, to have a Material Adverse Effect. 

  

	18.17	Environmental releases 

 No: 

 

	 	(a)	property currently occupied or owned by it or any of its Subsidiaries (including any offsite waste management or disposal location operated or owned by it or any of its Subsidiaries) is contaminated with any Hazardous
Substance; and 

  

	 	(b)	discharge, release, leaching, migration or escape of any Hazardous Substance into the Environment in violation of any Environmental Law or Environmental Licence is occurring on, onto, under or from that property,

 in each case in circumstances where this has had or could reasonably be expected to have a Material Adverse Effect. 

 

	18.18	Group Structure 

 The Group Structure Chart shows each member of the Group and the
percentage of the issued share capital held, whether legally or beneficially, by each member of the Group in each other member of the Group, in each case as at the date of this Agreement. 

  
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	18.19	TSMHL 

  

	(a)	Other than as expressly permitted in the Existing Facilities Agreement, TSMHL: 

  

	 	(i)	has not traded or carried on any business; and 

  

	 	(ii)	does not have any material liability (actual or contingent, present or future), 

 other than:

  

	 	(A)	as contemplated by or in connection with the Finance Documents and liabilities under any agreement for disposal of any Cairn India Shares permitted by the terms of this Agreement; 

 

	 	(B)	liabilities for Subordinated Debt; 

  

	 	(C)	holding cash in bank accounts and liabilities under the associated account terms; and 

  

	 	(D)	professional fees, administrative costs and Tax liabilities in the ordinary course of business as a holding company. 

  

	(b)	Other than as expressly permitted in the Existing Facilities Agreement, TSMHL owns no assets other than: 

  

	 	(i)	rights under the Finance Documents, each Subordinated Debt Document or any rights under any agreement for disposal of any Cairn India Shares permitted by the terms of this Agreement; 

 

	 	(ii)	rights in relation to bank accounts (including rights in cash held in any bank account and the associated account terms) permitted to be held by the Borrower under this Agreement and the Intercreditor Agreement; and

  

	 	(iii)	Cairn India Shares. 

  

	(c)	TSMHL is the legal and beneficial owner of 38.69% of all Cairn India Shares as at the date of this Agreement and at all times on or prior to the first Utilisation Date shall be the legal and beneficial owner of not less
than the Minimum Cairn Shareholding. 

  

	18.20	Shares 

  

	(a)	Both: 

  

	 	(i)	the shares in TSMHL owned by TSEHL; and 

  

	 	(ii)	any shares in the issued capital of Cairn India owned by TSMHL, 

 are issued, fully paid and
freely transferable and constitute shares in the capital of limited companies, and there are no moneys or liabilities outstanding or payable in respect of any such share. 
  

	(b)	No person has or is entitled to any conditional or unconditional option, warrant or other right to call for the issue or allotment of, subscribe for, purchase or otherwise acquire: 

 

	 	(i)	any share capital of TSMHL (other than TSEHL); or 

  
 61 

	 	(ii)	any shares in the issued capital of Cairn India owned by TSMHL other than pursuant to the terms of any Permitted Cairn Disposal. 

  

	(c)	There are no agreements in force or corporate resolutions passed which require or might require the present or future issue or allotment of any share capital of TSMHL (other than to TSEHL), TSEHL (other than to VRHL),
VRHL (other than to the Company) (other than in a manner which would not cause a Change of Control). 

  

	(d)	The shares of TSMHL subject to the Borrower Share Pledge constitute all the share capital of TSMHL. 

  

	(e)	The constitutional documents of TSMHL do not contain any provision which could restrict or inhibit any transfer of any shares of TSMHL on creation or enforcement of the Borrower Share Pledge, or such provisions have
been irrevocably and validly consented to or waived in respect of any transfer made as part of the enforcement of the rights of the Secured Parties pursuant to the Security Documents. 

 

	18.21	Taxation 

  

	(a)	It and each of its Subsidiaries has duly and punctually paid and discharged all Taxes imposed upon it or its assets within the time period allowed without incurring penalties except to the extent that:

  

	 	(i)	payment is being contested in good faith; 

  

	 	(ii)	it has maintained adequate reserves in accordance with GAAP for those Taxes; 

  

	 	(iii)	payment can be lawfully withheld; and 

  

	 	(iv)	non-payment has not and could not reasonably be expected to have a Material Adverse Effect. 

  

	(b)	It is not materially overdue in the filing of any Tax returns. 

  

	(c)	No claims or investigations are being, or are reasonably likely to be, asserted against it with respect to Taxes, which might reasonably be expected to have a Material Adverse Effect 

 

	18.22	Labour disputes 

 No labour disputes which could reasonably be expected to have a
Material Adverse Effect have been started or threatened against it, or any member of the Group. 
  

	18.23	Sanctions 

 Neither it, nor any of its Subsidiaries or Joint Ventures, nor any of their
respective directors, officers nor to the knowledge of the Obligor, any employees, or any persons acting on any of their behalf (with any of their express authority) is a Restricted Party. 

 

	18.24	Anti-Terrorism Laws 

  

	(a)	It has taken reasonable measures to ensure compliance with applicable Economic Sanctions Laws and Anti-Money Laundering Laws. 

  

	(b)	It is not a Designated Person. 

  
 62 

	(c)	It will not use any part of the proceeds from any Loan on behalf of any Designated Person or otherwise use such proceeds in connection with any investment in, or any transactions or dealings with, any Designated Person.

  

	18.25	US Governmental Regulation 

 It will not use any part of the proceeds from any Loan,
directly or indirectly, for payments to any government official or employee, political party, official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the US Foreign Corrupt Practices Act of 1977 (15 USC. §§ 78dd-1 et seq.), assuming in all cases that such Act applies to it. 

 

	18.26	TSEHL 

  

	(a)	Other than as expressly permitted in the Existing Facilities Agreement, TSEHL: 

  

	 	(i)	has not traded or carried on any business; and 

  

	 	(ii)	does not have any material liability (actual or contingent, present or future), 

 other than:

  

	 	(A)	as contemplated by or in connection with the Finance Documents; 

  

	 	(B)	liabilities for Subordinated Debt; 

  

	 	(C)	the making of loans to other members of the Group; 

  

	 	(D)	holding cash, bank accounts and liquid investments; and 

  

	 	(E)	professional fees, administrative costs and tax liabilities in the ordinary course of business as a holding company. 

  

	(b)	Other than as expressly permitted in the Existing Facilities Agreement, TSEHL owns no assets other than: 

  

	 	(i)	rights under the Finance Documents, each Subordinated Debt Document to which it is a party and any loan described in sub-paragraph (a)(C) above; 

 

	 	(ii)	rights in bank accounts (including rights in any cash held in those accounts and in any other liquid investments made with balances standing to the credit of such accounts) and under the related account mandates; and

  

	 	(iii)	shares in TSMHL. 

  

	18.27	Times when representations made 

  

	(a)	The representations and warranties set out in this Clause 18 are made by the Obligors on the date of this Agreement. 

  

	(b)	 The representations and warranties set out in Clauses 18.1 (Status) to 18.6 (Governing law and enforcement) (insofar as they relate to
the person purporting to grant Security under a Security Document and that Security Document) and Clause 18.15 (Title) (insofar as it relates to the assets the subject of that Security) are deemed made by each person granting Security
pursuant to a Security Document on the date of that Security Document and by each Obligor on the date 

  
 63 

	 	
of execution of the Accession Letter pursuant to Clause 25.2 (Accession of TSMHL and TSEHL), in each case by reference to the facts and circumstances then existing. 

 

	(c)	The representations and warranties set out in paragraphs (d) and (e) of Clause 18.20 (Shares) are deemed made by TSEHL and TSMHL on the date of the Borrower Share Pledge. 

 

	(d)	The representations and warranties set out in Clause 18.10 (No misleading information) are deemed to be made by each Obligor with respect to the Information Memorandum on the date that the Information Memorandum
is approved by the Company, on each Transfer Date occurring on or prior to the Syndication Date and the date of each Syndication Agreement, in each case, by reference to the facts and circumstances then existing. 

 

	(e)	The Repeating Representations are deemed to be made by each Obligor on the date of each Utilisation Request, the first day of each Interest Period by reference to the facts and circumstances then existing and, on each
such date falling on or prior to the first Utilisation Date, the representations and warranties in Clauses 18.19 (TSMHL) and 18.23 (TSEHL) shall also be deemed to be so made by the Obligors. 

 

	19.	INFORMATION UNDERTAKINGS 

 The undertakings in this Clause 19 remain in force from the
date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	19.1	Financial statements 

 The Company shall supply to the Agent (in electronic form or, if
not in electronic form, then in sufficient copies for all the Lenders): 
  

	 	(a)	as soon as the same become available, but in any event within 120 days after the end of each of its financial years, its audited consolidated financial statements, its unaudited unconsolidated financial statements and
the audited non-consolidated and (if prepared) consolidated financial statements of TSMHL, TSEHL and each Material Subsidiary which is a trading company for that financial year; and 

 

	 	(b)	as soon as the same become available, but in any event within 75 days after the end of the first half of each of its financial years: 

 

	 	(i)	its semi-annual unaudited consolidated financial statements and its semi-annual unconsolidated financial statements; 

  

	 	(ii)	the semi-annual unconsolidated and (if prepared) consolidated financial statements of each of TSMHL and TSEHL; and 

  

	 	(iii)	the semi-annual unaudited non-consolidated and (if prepared) consolidated financial statements of each Material Subsidiary which is a trading company, 

for that financial half year. 
  

	19.2	Compliance Certificates 

  

	(a)	The Company shall supply to the Agent, with each set of financial statements delivered pursuant to Clause 19.1 (Financial statements): 

  
 64 

	 	(i)	a copy of the annual audited or, as applicable, semi-annual interim report provided by the Company to the London Stock Exchange; and 

 

	 	(ii)	a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 (Financial covenants) as at the date as at which those financial statements were drawn up and setting out
the Material Subsidiaries and (in reasonable detail) computations for the determination of which members of the Group are Material Subsidiaries. 

  

	(b)	The list of Material Subsidiaries in the Compliance Certificate supplied with the financial statements delivered pursuant to paragraph (a) of Clause 19.1 (Financial statements) shall be certified by an
independent chartered accountant and such certification shall, in the absence of manifest error, be conclusive and binding on the Finance Parties. 

  

	(c)	Each Compliance Certificate shall be signed by the Company’s chief financial officer and a director/authorised signatory of the Company. 

 

	19.3	Requirements as to financial statements 

  

	(a)	Each set of financial statements delivered by the Company pursuant to Clause 19.1 (Financial statements) shall be certified by a director of the relevant company as fairly representing its (or, as the case may
be, its consolidated) financial condition and operations as at the end of and for the period in relation to which those financial statements were drawn up. 

  

	(b)	The Company shall procure that each set of financial statements delivered pursuant to 19.1 (Financial statements) is prepared using relevant GAAP, accounting practices and financial reference periods consistent
with those applied in the preparation of the Original Financial Statements unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its
auditors deliver to the Agent: 

  

	 	(i)	a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which the Original Financial Statements were prepared; and 

 

	 	(ii)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 20 (Financial covenants) has been complied with and make an accurate
comparison between the financial position indicated in those financial statements and the Original Financial Statements. 

 Any
reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 

 

	(c)	 If the Company notifies the Agent of a change in accordance with paragraph (b) above, the Company and the Agent shall enter into negotiations in
good faith with a view to agreeing any amendments to this Agreement which are necessary as a result of the change. To the extent practicable these amendments will be such as to ensure that the change does not result in any material alteration in the
commercial effect of the obligations in this Agreement. If any 

  
 65 

	 	
amendments are agreed they shall take effect and be binding on each of the Parties in accordance with their terms. 

 

	19.4	Information: miscellaneous 

 The Company shall (subject to any confidentiality
obligations existing as at the date of this Agreement or arising under applicable law or regulation) supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): 

 

	 	(a)	all documents dispatched by it to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

 

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any member of the Group which: 

 

	 	(i)	has or (having regard to the likelihood of adverse determination), could reasonably be expected to have a Material Adverse Effect; or 

 

	 	(ii)	relates to compliance with Sanctions; 

  

	 	(c)	promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Agent) may reasonably request; 

 

	 	(d)	promptly following execution, a copy of any Subordinated Debt Document; and 

  

	 	(e)	as soon as reasonably practicable following the date of this Agreement, and in any event within 30 Business Days, details of each encumbrance or restriction existing on the ability of any Obligor or Material Subsidiary
to make payment of dividends or any other distribution with respect to share capital to, or on the repayment of loans to, the Company or any other Material Subsidiary. 

 

	19.5	Notification of default 

  

	(a)	The Company shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence. 

 

	(b)	Promptly upon a request by the Agent, the Company shall supply to the Agent a certificate signed by its chief financial officer and an authorised signatory on its behalf certifying that no Default is continuing (or if a
Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 

  

	19.6	Inspection of books and records 

 Each Obligor shall (and the Company shall ensure that
each member of the Group will): 
  

	 	(a)	keep books and records which accurately reflect in all material respects all of its business, affairs and transactions; and 

  

	 	(b)	 permit any Finance Party or any of its representatives, at reasonable times and intervals in each calendar year and in circumstances when any Finance
Party acting reasonably believes that a Default has occurred or might reasonably be expected to occur, and upon reasonable notice, to visit any of its offices, to inspect any of its books and records and

  
 66 

	 	
to discuss its financial matters with its officers and auditors. The reasonable costs and expenses of each such visit shall be borne by the Company. 

 

	19.7	“Know your customer” checks 

  

	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement; 

 

	 	(ii)	any change in the status of an Obligor after the date of this Agreement; or 

  

	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer, 

obliges the Agent, the Security Agent or any Lender (or, in the case of paragraph (iii) above, any prospective New Lender) to comply with
“know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent, the Security Agent or any Lender supply,
or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender), the Security Agent or any Lender (for itself or, in the case of the event described in paragraph
(iii) above, on behalf of any prospective New Lender) in order for the Agent, the Security Agent such Lender or, in the case of the event described in paragraph (iii) above, any prospective New Lender to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

 

	(b)	Each Lender shall promptly upon the request of the Agent or the Security Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by either of them (for itself) in order
for it to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

  

	19.8	FATCA Information 

  

	(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: 

  

	 	(i)	confirm to that other Party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; and 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA (including its applicable “passthru payment percentage” or other information required under the US
Treasury Regulations or other official guidance including intergovernmental agreements) as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA. 

  
 67 

	(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) of this Clause 19.8 that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that
Party shall notify that other Party reasonably promptly. 

  

	(c)	Paragraph (a) above shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality. 

  

	(d)	If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above
applies), then: 

  

	 	(i)	if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and 

 

	 	(ii)	if that Party failed to confirm its applicable “passthru payment percentage” then such Party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable
“passthru payment percentage” is 100% (or such other percentage prescribed under FATCA from time to time), 

 until
(in each case) such time as the Party in question provides the requested confirmation, forms, documentation or other information. 
  

	19.9	Adjustment Events 

  

	(a)	Promptly following the occurrence of an Adjustment Event, the Company shall so notify the Agent, providing reasonable detail both of the relevant Adjustment Event and its proposed adjustment (if any) to the percentage
of Cairn India Shares which is the then Minimum Cairn Shareholding. 

  

	(b)	If within 15 Business Days of receipt of the Company’s notice under paragraph (a), the Majority Lenders have either consented to the adjustment (if any) proposed by the Company or have not objected to the same,
then the adjustment (if any) proposed by the Company shall (if the Majority Lenders have consented to the same) take effect on receipt of that consent or, in the absence of the Majority Lenders objecting to that proposal within that 15 Business Day
period, at the end of that 15 Business Day period. 

  

	(c)	If the Majority Lenders object to the Company’s proposal within that 15 Business Day period then the Company shall appoint an independent investment bank of international repute selected by the Company (at the
expense of the Company) to determine the appropriate adjustment to the percentage of Cairn India Shares which is the then Minimum Cairn Shareholding to take into account the relevant Adjustment Event and the decision of the investment bank so
appointed (made in the context of the purpose for which that percentage is used in this Agreement and after taking into account the written submissions (if any) of both the Company and the Lenders) shall be binding on the Parties. 

  
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	20.	FINANCIAL COVENANTS 

  

	20.1	Financial condition 

 The Company shall ensure that on and from the Relevant Period
ending 30 September 2013: 
  

	 	(a)	the ratio of Total Net Borrowings as at a Relevant Date to EBITDA for the Relevant Period ending on that date does not exceed 2.75 to 1.00 provided that upon the purchase by the Company or any of its Subsidiaries of
equity interests constituting not less than 20% of the issued share capital in Hindustan Zinc. from the Government of India and solely for the purposes of each Relevant Period ending during the 18 month period commencing from the date of such
purchase, the ratio of Total Net Borrowings as at a Relevant Date to EBITDA for the Relevant Period ending on that date does not exceed 3.25 to 1.00; 

  

	 	(b)	the ratio of Subsidiary Net Borrowings as at a Relevant Date to EBITDA for the Relevant Period ending on that date does not exceed 2.25 to 1.00; 

 

	 	(c)	the ratio of EBITDA to Net Interest Expense for any Relevant Period will not be less than 4.00 to 1.00; 

  

	 	(d)	the ratio of Total Net Assets as at a Relevant Date to Borrowings as at that Relevant Date will not be less than 1.75 to 1.00; and 

  

	20.2	Financial covenant calculations 

  

	(a)	Borrowings, Company Net Borrowings, Current Assets, Current Liabilities, EBITDA, Net Current Assets, Net Fixed Assets, Net Interest Expense, Subsidiary Net Borrowings, Total Net Assets and Total Net Borrowings shall be
calculated: 

  

	 	(i)	and interpreted on a consolidated basis or a non consolidated basis, as the case may be, in accordance with the GAAP applicable to the Original Financial Statements and shall be expressed in US Dollars. For the
avoidance of doubt, Subsidiary Net Borrowings shall be calculated and interpreted on a consolidated basis as if the Company were not a member of the Group; 

  

	 	(ii)	for each Relevant Date or Relevant Period which falls or ends (as the case may be) on a date which is, or is included in a period which is, less than 12 Months after any acquisition of shares of a company which becomes
a member of the Group by reason of that acquisition, to include the consolidated financial results that company on that Relevant Date or for that Relevant Period as if that company had been a member of the Group for the whole of the Relevant Period
ending on that Relevant Date; and 

  

	 	(iii)	for each Relevant Date or Relevant Period which falls or ends (as the case may be) on a date which is, or is included in a period which is, less than 12 twelve Months after any company has ceased (whether by disposal or
otherwise) to be a member of the Group, to exclude the consolidated financial results that company on that Relevant Date or for that Relevant Period as if that company had not been a member of the Group for any part of the Relevant Period ending on
that Relevant Date. 

  
 69 

	(b)	Indebtedness (actual or contingent) owed by one member of the Group to another member of the Group shall not be taken into account in calculating compliance with the covenants set out in Clause 20.1 (Financial
condition). 

  

	20.3	Definitions 

 In this Clause 20.3: 

“Borrowings” means, with respect to the Group at any date, without double counting: 

 

	 	(a)	all obligations for borrowed money, including, without limitation, any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

  

	 	(b)	all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; 

 

	 	(c)	all obligations as lessee which are capitalised in accordance with GAAP; 

  

	 	(d)	all non contingent obligations to reimburse any bank or other person in respect of amounts paid under a letter of credit or similar instrument, except in respect of trade accounts payable arising in the ordinary course
of business; 

  

	 	(e)	all obligations in respect of any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(f)	any receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(g)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(h)	all obligations of a member of the Group in respect of shares which are expressed to be redeemable or any shares or instruments convertible into shares or any shares or other securities which are otherwise the subject
of a put option or other form of guarantee where that put option or guarantee is granted or entered into primarily as a method of raising or assuring the payment or repayment of any Financial Indebtedness; 

 

	 	(i)	any obligation under any put option in respect of any shares or instruments convertible into shares or any form of guarantee or indemnity in respect of any put option where that put option or guarantee is granted or
entered into primarily as a method of raising or assuring the payment or repayment of any Financial Indebtedness; and 

  

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above whether or not the principal debtor or obligor which benefits from such
guarantee or indemnity is a member of the Group. 

 For this purpose, any amount outstanding or repayable in a currency other
than US Dollars shall on that day be taken into account in its US Dollars equivalent at the rate of exchange that would have been used had an audited consolidated balance sheet of the Group been prepared as at that day in accordance with the GAAP
applicable to the Original Financial Statements. 

  
 70 

 “Cash” means any credit balance on any deposit, savings, current or other
account held with a bank, and any cash in hand, which is: 
  

	 	(a)	freely withdrawable on demand; and 

  

	 	(b)	not subject to any Security or Quasi Security (other than pursuant to any Security Document or any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking
arrangements for the purpose of netting debit and credit balances). 

 “Cash Equivalent Investments” means:

  

	 	(a)	marketable securities with a maturity of less than 12 months from the date of acquisition issued or fully guaranteed or fully insured by the Government of the US or any member state of the European Union which is rated
at least (in each case) A-1 by Standard & Poor’s Ratings Group, P-1 by Moody’s Investors Service, Inc., P-1 by Credit Rating Information Services Limited (“CRISIL”) or A-1 by Investment Information and Credit
Rating Agency of India Limited (“ICRA”); 

  

	 	(b)	open market commercial paper or other debt securities issued by an issuer rated at least (in each case) A-1 by Standard & Poor’s Ratings Group or P-1 by Moody’s Investors Service, Inc., P-1 by CRISIL
or A-1 by ICRA and with a maturity of less than 12 months; 

  

	 	(c)	certificates of deposit or time deposits of any commercial bank (which has outstanding debt securities rated as referred to in paragraph (b) above) and with a maturity of less than three months; and

  

	 	(d)	funds invested in any debt mutual fund which is established as a trust and has obtained a certificate of registration as a mutual fund under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,

 in each case not subject to any Security or Quasi Security (other than pursuant to any Security Document) or customary
rights of set-off, netting and liens), denominated and payable in freely transferable and freely convertible currency and the proceeds of which are capable of being remitted to an account of the holder of such investment in its jurisdiction of
incorporation. 
 “Company Net Borrowings” means, with respect to the Company, as at any particular time, without double
counting: 
  

	 	(a)	all obligations for borrowed money, including, without limitation, any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

  

	 	(b)	all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; 

 

	 	(c)	all obligations as lessee which are capitalised in accordance with GAAP; 

  

	 	(d)	all non contingent obligations to reimburse any bank or other person in respect of amounts paid under a letter of credit or similar instrument, except in respect of trade accounts payable arising in the ordinary course
of business; 

  
 71 

	 	(e)	all obligations in respect of any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(f)	any receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(g)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(h)	all obligations of the Company in respect of shares which are expressed to be redeemable or any shares or instruments convertible into shares or any shares or other securities which are otherwise the subject of a put
option or other form of guarantee; 

  

	 	(i)	any obligation under any put option in respect of any shares or instruments convertible into shares or any form of guarantee or indemnity in respect of any put option where that put option or guarantee is granted or
entered into primarily as a method of raising or assuring the payment or repayment of any Financial Indebtedness; and 

  

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above whether or not the principal debtor or obligor which benefits from such
guarantee or indemnity is a member of the Group, 

 LESS all Cash and Cash Equivalent Investments of the Company and excluding
all indebtedness described in paragraphs (a) to (i) above where the person to whom such indebtedness is owed by the Company is a member of the Group. 

For this purpose, any amount outstanding or repayable in a currency other than US Dollars shall on that day be taken into account in its US
Dollars equivalent at the rate of exchange that would have been used had an audited non consolidated balance sheet of the Company been prepared as at that day in accordance with the GAAP applicable to the Original Financial Statements. 

“Current Assets” means, with respect to the Group as at any Relevant Date, without double counting: 

 

	 	(a)	the aggregate of Cash and Cash Equivalent Investments of the Group; 

  

	 	(b)	inventory, trade and other receivables of the Group including sundry debtors maturing within 12 months from the Relevant Date but excluding: 

 

	 	(i)	receivables in relation to Tax; 

  

	 	(ii)	extraordinary and exceptional items and other non-operating items; and 

  

	 	(iii)	any accrued interest owing to any member of the Group, 

 as determined (except as needed to
reflect the terms of this Clause 19.9) from the consolidated financial statements of the Company and Compliance Certificates delivered under Clause 19.1 (Financial statements) and Clause 19.2 (Compliance Certificates). 

“Current Liabilities” means, with respect to the Group as at any Relevant Date, without double counting, all liabilities
(including trade creditors, accruals, provisions and prepayments) of the Group falling due within 12 months from the Relevant Date but excluding: 
  

	 	(a)	liabilities for Borrowings and Net Interest Expense of the Group; 

  
 72 

	 	(b)	liabilities for Tax; 

  

	 	(c)	extraordinary and exceptional items and other non-operating items; and 

  

	 	(d)	liabilities in relation to dividend declared but not paid by the Company, 

 as determined
(except as needed to reflect the terms of this Clause 19.9) from the consolidated financial statements of the Company and Compliance Certificates delivered under Clause 19.1 (Financial statements) and Clause 19.2 (Compliance
Certificates). 
 “EBITDA” means, in relation to any Relevant Period, the total consolidated operating profit of the
Group for that Relevant Period: 
  

	 	(a)	before taking into account: 

  

	 	(i)	Interest Expense; 

  

	 	(ii)	Tax; 

  

	 	(iii)	any share of the profit of any associated company or undertaking, except for dividends received in cash by any member of the Group; 

  

	 	(iv)	depreciation; 

  

	 	(v)	amortisation expenses; 

  

	 	(vi)	realised and unrealised foreign exchange losses; 

  

	 	(vii)	extraordinary and exceptional items; and 

  

	 	(viii)	any profit or loss arising on the sale of fixed assets; and 

  

	 	(b)	to the extent not already taken into account, excluding the aggregate amount of interest receivable, 

as determined (except as needed to reflect the terms of this Clause 19.9) from the consolidated financial statements of the Company and
Compliance Certificates delivered under Clause 19.1 (Financial statements) and Clause 19.2 (Compliance Certificates). 

“Interest Expense” means, in relation to any Relevant Period, the aggregate amount of interest and any other finance charges
(whether or not paid, payable or capitalised) accrued by the Group in that Relevant Period in respect of Borrowings including: 
  

	 	(a)	the interest element of leasing and hire purchase payments; 

  

	 	(b)	commitment fees, commissions, arrangement fees and guarantee fees; and 

  

	 	(c)	amounts in the nature of interest payable in respect of any shares other than equity share capital, 

adjusted (but without double counting) by adding back the net amount payable (or deducting the net amount receivable) by members of the Group
in respect of that Relevant Period under any interest or (so far as they relate to interest) currency hedging arrangements; and 
 as
determined (except as needed to reflect the terms of this Clause 19.9) from the consolidated financial statements of the Company and Compliance Certificates delivered under Clause 19.1 (Financial statements) and Clause 19.2 (Compliance
Certificates). 

  
 73 

 “Interest Income” means, for any Relevant Period, the amount of interest income
receivable in that Relevant Period to any member of the Group as determined from the Company’s consolidated financial statements excluding any net amount added back in respect of interest or currency hedging arrangements in the definition of
“Interest Expense”. 
 “Net Current Assets” means, as at any Relevant Date, Current Assets as at that Relevant
Date less Current Liabilities as at that Relevant Date. 
 “Net Fixed Assets” means, with respect to the Group as at any
Relevant Date, the aggregate non-current assets of the Group adjusted by deducting any amount attributable to an upward revaluation of assets and excluding the intangible assets of the Group as determined (except as needed to reflect the terms of
this Clause 19.9) from the consolidated financial statements of the Company and Compliance Certificates delivered under Clause 19.1 (Financial statements) and Clause 19.2 (Compliance Certificates). 

“Net Interest Expense” in respect of a Relevant Period means Interest Expense in respect of that Relevant Period less any
Interest Income in respect of that Relevant Period. 
 “Relevant Date” means the last day of each Relevant Period. 

“Relevant Period” means: 
  

	 	(a)	each financial year of the Company; and 

  

	 	(b)	each period beginning on the first day of the second half of a financial year of the Company and ending on the last day of the first half of its next financial year. 

“Subsidiary Net Borrowings” means, with respect to the companies in the Group (other than the Company) at any date, without
double counting: 
  

	 	(a)	all obligations for borrowed money, including, without limitation, any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

  

	 	(b)	all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; 

 

	 	(c)	all obligations as lessee which are capitalised in accordance with GAAP; 

  

	 	(d)	all non contingent obligations to reimburse any bank or other person in respect of amounts paid under a letter of credit or similar instrument, except in respect of trade accounts payable arising in the ordinary course
of business; 

  

	 	(e)	all obligations in respect of any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent; 

  

	 	(f)	any receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(g)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

  
 74 

	 	(h)	all obligations of a member of the Group in respect of shares which are expressed to be redeemable or any shares or instruments convertible into shares or any shares or other securities which are otherwise the subject
of a put option or any form of guarantee; 

  

	 	(i)	any obligation under any put option in respect of any shares or instruments convertible into shares or any form of guarantee or indemnity in respect of any put option where that put option or guarantee is granted or
entered into primarily as a method of raising or assuring the payment or repayment of any Financial Indebtedness; and 

  

	 	(j)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above whether or not the principal debtor or obligor which benefits from such
guarantee or indemnity is a member of the Group, 

 LESS all Cash and Cash Equivalent Investments of the Group (other than the
Company) and excluding all indebtedness described in paragraphs (a) to (i) above where the person to whom such indebtedness is owed by any member of the Group is the Company. 

For this purpose, any amount outstanding or repayable in a currency other than US Dollars shall on that day be taken into account in its US
Dollars equivalent at the rate of exchange that would have been used had an audited consolidated balance sheet of the Group been prepared as at that day in accordance with the GAAP applicable to the Original Financial Statements. 

“Total Net Assets” means, as at any Relevant Date, the aggregate of Net Current Assets and Net Fixed Assets as at that
Relevant Date. 
 “Total Net Borrowings” means, as at any Relevant Date, and without double counting, the aggregate of
Company Net Borrowings and Subsidiary Net Borrowings at that Relevant Date. 
  

	21.	GENERAL UNDERTAKINGS 

 The undertakings in this Clause 21 remain in force from the date
of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	21.1	Authorisations 

  

	(a)	Each Obligor shall promptly: 

  

	 	(i)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(ii)	supply certified copies to the Agent of, 

 any Authorisation required under any law or
regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents to which it is party and to ensure the legality, validity, enforceability or admissibility in evidence in each such jurisdiction of
any such Finance Document. 
  

	(b)	Each Obligor shall promptly make the registrations specified in Clause 18.5 (Validity and admissibility in evidence) required to be made by it. 

 

	21.2	Compliance with laws 

 Each Obligor shall (and the Company shall ensure that each other
member of the Group will) comply in all respects with all laws to which it may be subject, if failure so to comply could reasonably be expected to have a Material Adverse Effect. 

  
 75 

	21.3	Negative pledge 

  

	(a)	No Obligor shall (and the Company shall ensure that no Material Subsidiary will) create or permit to subsist any Security over any of its assets. 

 

	(b)	No Obligor shall (and the Company shall ensure that no Material Subsidiary will) enter into or permit to subsist any Quasi-Security over any of its assets. 

 

	(c)	Without prejudice to paragraph (c) of Clause 21.11 (No other business) and subject to paragraph (d) below, paragraphs (a) and (b) above do not apply to: 

 

	 	(i)	any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances; 

 

	 	(ii)	any payment or close out netting or set-off arrangement pursuant to any treasury transaction or foreign exchange transaction entered into by a member of the Group; 

 

	 	(iii)	the Security or Quasi-Security created pursuant to any Security Document; 

  

	 	(iv)	any Security or Quasi-Security granted in connection with the Existing Facilities Agreement and in effect as at the date of this Agreement; 

 

	 	(v)	any Security or Quasi-Security granted in connection with the B2B Facility by the B2B Facility Borrower; 

  

	 	(vi)	any lien arising by operation of law and in the ordinary course of trading; 

  

	 	(vii)	any retention of title arrangements and rights of set-off arising in the ordinary course of trading with suppliers of goods to any member of the Group and not as a result of any default or omission by any member of the
Group; 

  

	 	(viii)	any Quasi-Security (including but not limited to cashflow and escrow arrangements) arising in connection with payment and/or settlement mechanics employed in connection with a disposal which is permitted consistent with
the terms of Clause 21.4 (Disposals) or an acquisition made consistent with the terms of Clause 21.5 (Acquisitions); 

  

	 	(ix)	any Security or Quasi-Security created by any Material Subsidiary (other than TSMHL or TSEHL) securing indebtedness that is Excluded Indebtedness; 

 

	 	(x)	any Security or Quasi-Security created by any Material Subsidiary (other than TSMHL or TSEHL) securing any indebtedness which is not Relevant Debt; 

 

	 	(xi)	any Security or Quasi-Security created by any Material Subsidiary securing any indebtedness which is Relevant Debt, provided that at the same time or prior thereto, the Liabilities (A) are secured equally and
rateably therewith to the satisfaction of the Majority Lenders or (B) have the benefit of such other Security or other arrangement as the Majority Lenders deem (in their reasonable discretion) to be no less beneficial to the Finance Parties
than the relevant arrangements described in paragraph (A) above and the Security Agent has received such documents and evidence (including, but not limited to, legal opinions) as it reasonably requires in respect of such arrangements; or

  
 76 

	 	(xii)	any Security or Quasi-Security created by any Material Subsidiary or created over the shares in a Material Subsidiary, to the extent that Material Subsidiary is not a Material Subsidiary as at the date of this Agreement
but subsequently becomes a Material Subsidiary thereafter and such Security or Quasi-Security is not created in contemplation of (or in connection with any transaction or series of transactions that will result in) the relevant member of the Group
becoming a Material Subsidiary. 

 However, the exceptions in sub-paragraphs (vi), (vii), (xi) and (xii) do not apply
to any asset of TSEHL or TSMHL except to the extent that all Lenders agree otherwise. 
  

	(d)	Without prejudice to the terms of paragraph (c) of Clause 21.11 (No other business) and notwithstanding paragraph (c) above but subject to paragraphs (e) and (f) below, the Company shall not
(and it shall ensure that no other member of the Group will) create or permit to subsist any Security or Quasi-Security over: 

  

	 	(i)	the shares owned by the Company or any other member of the Group in any Key Subsidiary other than any Security or Quasi-Security: 

  

	 	(A)	over shares in TSMHL granted pursuant to a Security Document or otherwise permitted under paragraph (c)(iv) above; or 

  

	 	(B)	over shares in a Material Subsidiary over which Security or Quasi-Security has been granted (consistent with the terms of this Agreement) as Security or Quasi-Security solely for the payment and repayment of Excluded
Indebtedness borrowed by that Material Subsidiary; 

  

	 	(ii)	any asset of TSMHL or any Charged Asset other than under the Security Documents or to the extent permitted under paragraph (c)(iv) above. 

 

	(e)	Without prejudice to paragraph (c) of Clause 21.11 (No other business), the obligation of the Company not to (and to ensure that no other member of the Group will) create or permit to subsist any Security or
Quasi-Security on the shares owned by any member of the Group in any Key Subsidiary under paragraph (d) above does not apply to Security or Quasi-Security created over shares (the “Acquired Shares”) in a Subsidiary or any of
that Subsidiary’s (direct or indirect) Subsidiaries (in each case) acquired after the date of this Agreement by any member of the Group or any Subsidiary whose primary purpose is (and remains) to acquire any such Acquired Shares where such
Security or Quasi-Security is given in relation to Financial Indebtedness, the primary purpose of which is to fund the acquisition (or to refinance such Financial Indebtedness) provided that this Financial Indebtedness so secured is not owed to
another member of the Group and the Acquired Shares were not acquired from another member of the Group. 

  

	(f)	The obligation on the Company not to (and to ensure that no other member of the Group will) create or permit to subsist any Security or Quasi-Security on the shares in Hindustan Zinc under paragraph (d) above does
not apply to any shares in Hindustan Zinc which are not held by a member of the Group at the date of this Agreement but are subsequently acquired by a member of the Group. 

  
 77 

	(g)	The Parties understand and acknowledge that it is their unequivocal intention to co-operate and comply with every applicable law and regulation in respect of the transactions contemplated by the Finance Documents,
including, without limitation, the Foreign Exchange Management Act 1999 of India. Accordingly, in order to be consistent with the aforesaid, it is hereby agreed (and the Company undertakes) that no Security, Quasi-Security, security interest,
encumbrance or similar interest will be created or permitted to subsist over the assets of any member of the Group without prior Authorisation from any Governmental Agency of the Republic of India (including without limitation, the RBI) where such
Authorisation may be required. For the avoidance of doubt, nothing in this Clause 21.3 shall be construed (and is not intended to be construed) as creating any Security, Quasi-Security, security interest, encumbrance or similar interest in the
assets of any member of the Group or directing the disposal of any assets of any member of the Group. 

  

	21.4	Disposals 

  

	(a)	No Obligor shall (and the Company shall ensure that no Material Subsidiary will) enter into a single transaction or a series of transactions (whether related or not and whether voluntary or involuntary) to sell, lease,
transfer or otherwise dispose of any asset. 

  

	(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal (other than a Charged Asset): 

  

	 	(i)	of an asset made in the ordinary course of trading of the disposing entity; 

  

	 	(ii)	of obsolete or redundant vehicles, plant and equipment for cash and which, in the reasonable opinion of the member of the Group making the sale, lease, transfer or disposal, are not required for the efficient operation
of its business; 

  

	 	(iii)	of Cash or of Cash Equivalent Investments for cash or in exchange for other Cash Equivalent Investments; 

  

	 	(iv)	of Cash or Cash Equivalent Investments to the extent the use of such cash is not prohibited by this Agreement; 

  

	 	(v)	(without prejudice to sub-paragraph (viii) below) of assets by a member of the Group to another member of the Group other than: 

 

	 	(A)	any share in TSMHL or TSEHL; or 

  

	 	(B)	any asset of TSMHL (other than any Permitted Cairn Disposal or the application of cash permitted by the terms of this Agreement); 

  

	 	(vi)	of intellectual property by licence in the ordinary course of business; 

  

	 	(vii)	of assets in exchange for other assets comparable or superior as to type, value and quality; 

  

	 	(viii)	of Cairn India Shares by TSMHL on arm’s length terms (taken as a whole) as part of a Permitted Cairn Disposal; 

  

	 	(ix)	of an asset pursuant to a transaction permitted by Clause 21.9 (Merger); 

  
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	 	(x)	arising by reason only of the grant of any Security or Quasi-Security permitted under paragraph (c) of Clause 21.3 (Negative pledge); 

 

	 	(xi)	effected pursuant to a solvent liquidation or reorganisation, of any member of the Group which is not prohibited by this Agreement provided no Event of Default is continuing or could reasonably be expected to arise as a
result thereof; 

  

	 	(xii)	of any asset that is the subject of Security or Quasi-Security permitted to be granted or subsist by paragraph (d), (e) or (f) of Clause 21.3 (Negative pledge), the proceeds of which are, to the extent
required, applied in repayment or prepayment of Financial Indebtedness raised to acquire that asset; 

  

	 	(xiii)	of any shares in the Company acquired or held by the Company (whether directly or indirectly) but not cancelled; 

  

	 	(xiv)	of shares which have been disposed of as a result of the exchange of Financial Indebtedness into equity in accordance with the original terms of such Financial Indebtedness; 

 

	 	(xv)	of any shares in any Material Subsidiary or Key Subsidiary or any other disposal of shares, provided that the same does not result in an Event of Default or Change of Control; 

 

	 	(xvi)	of any shares of a company (the “Acquired Company”) or assets which are acquired after the date of this Agreement, where such acquisition is funded in whole or part by Financial Indebtedness incurred
for the purposes of such acquisition and Security has been granted over such acquired assets to secure such Financial Indebtedness in accordance with the terms of this Agreement; 

 

	 	(xvii)	made by any Acquired Company or any of its subsidiaries pursuant to binding obligations or arrangements existing at the time such Acquired Company became a member of the Group; 

 

	 	(xviii)	of shares in a special purpose company, where such company has been set up for the sole purpose of incurring Excluded Indebtedness (provided that such disposal does not breach the terms of paragraph (a) of Clause
21.20 (Material Subsidiaries) or cause a Change of Control); 

  

	 	(xix)	of any interest in any Financial Indebtedness owed to any member of the Group by Konkola Copper or Vedanta Aluminium; 

  

	 	(xx)	of any other assets to a person other than a member of the Group provided all or part of the proceeds are applied in the repayment or prepayment of Financial Indebtedness of a member of the Group owed to another person
that is not a member of the Group; 

  

	 	(xxi)	of an asset (other than a share) where that asset is required to be physically delivered under any Permitted Hedging Transaction; 

  

	 	(xxii)	 of an asset (other than a share) required in order to comply with, or obtain any clearance or consent under, any law or regulation binding on any
member of the Group provided 

  
 79 

	 	
that such disposal could not reasonably be expected to have a Material Adverse Effect; or 

  

	 	(xxiii)	of an asset (other than any asset the disposal of which is otherwise permitted under this Clause 21.4) where the higher of the market value or consideration receivable (when aggregated with the higher of the market
value or consideration receivable for any other sale, lease, transfer or other disposal by a member of the Group, does not exceed US$75,000,000 (or its equivalent in another currency or currencies) in any financial year. 

 

	(c)	Nothing in this Clause 21.4 shall permit: 

  

	 	(i)	any member of the Group to dispose of shares in TSEHL, TSMHL or VRHL (or, following the TSEHL Disposal, Bloom Fountain Limited), where such disposal would result in a Change of Control; or 

 

	 	(ii)	any disposal of any direct or indirect shareholding in any Key Subsidiary with the result that a Material Subsidiary would cease to be a Subsidiary of the Company. 

 

	(d)	For the avoidance of doubt, the issue of any new shares in any member of the Group whether by way of initial public offering or otherwise will not be prohibited by this Clause 21.4. 

 

	21.5	Acquisitions 

  

	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will): 

  

	 	(i)	invest in or acquire any share in, or any security issued by, any person, or any interest therein or in the capital of any person, or make any capital contribution to any person (or agree to do any of the foregoing); or

  

	 	(ii)	invest in or acquire any business or going concern, or the whole or substantially the whole of the assets or business of any person, or any assets that constitute a division or operating unit of the business of any
person (or agree to do any of the foregoing), 

 which following consolidation of such shares or assets with the assets of the
relevant member of the Group would constitute a material part of the consolidated assets of the Group, unless substantially all of the business and/or undertaking relating to such shares or substantially all of the assets being acquired are
associated with mining, metals, coal, oil and gas exploration and/or production, infrastructure, power or energy industries. 
  

	(b)	Paragraph (a) does not apply to: 

  

	 	(i)	any acquisition resulting from any Merger to the extent not prohibited by the terms of this Agreement; 

  

	 	(ii)	the acquisition of new shares issued by a member of the Group; or 

  

	 	(iii)	the acquisition of any shares in a Material Subsidiary in order to ensure that any such entity is and continues to remain a Subsidiary (directly or indirectly) of the Company. 

 

	21.6	Preservation of assets 

 The Company shall (and the Company shall ensure that each
Material Subsidiary will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary in the conduct of its business. 

  
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	21.7	Hedging 

 No Obligor shall (and the Company shall ensure that no other member of the
Group will) enter (or agree to enter) into any Hedging Transaction other than a Permitted Hedging Transaction. 
  

	21.8	Pari passu 

 Without prejudice to the Security created pursuant to any Security Document,
each Obligor shall ensure that its obligations under the Finance Documents rank at all times at least pari passu in right of priority and payment with the claims of all its other unsecured and unsubordinated creditors, except for obligations
mandatorily preferred by law applying to companies generally. 
  

	21.9	Merger 

  

	(a)	The Company shall not (and it shall ensure that no other member of the Group will) enter into any Merger. 

  

	(b)	Paragraph (a) above shall not apply to: 

  

	 	(i)	any Permitted Merger; or 

  

	 	(ii)	a Merger of any member of the Group (other than TSMHL or TSEHL) with another person, provided that if, following the consolidation of the assets as a result of the Merger, the assets of the merged entity constitute a
material part of the consolidated assets of the Group, all or substantially all of the business and/or undertaking of the merged entity shall be associated with mining, metals, coal, oil and gas exploration and/or production, infrastructure, power
or energy industries provided always that if such Merger involves the Company, then the Company shall be the surviving entity of the Merger and provided always that if such Merger involves any Subordinated Creditor and such entity will not be the
surviving entity of the Merger, the Security Agent has received confirmations from (and legal opinions in respect of) each such Obligor or Subordinated Creditor satisfactory to the Majority Lenders (acting reasonably). 

 

	21.10	Change of business 

 The Company shall procure that no substantial change is made to the
general nature of the business of the Company or the Group from that carried on at the date of this Agreement. 
  

	21.11	No other business 

  

	(a)	On and from the first Utilisation Date, neither TSMHL nor TSEHL shall: 

  

	 	(i)	trade or carry on any business; or 

  

	 	(ii)	have any material liability (actual or contingent, present or future), 

 other than: 

 

	 	(A)	as contemplated by or in connection with the Finance Documents, any Permitted Hedging Transaction in respect of its interest rate exposure in respect of the Facility or any currency hedging transaction with a tenor or
maturity not exceeding six months entered into by TSMHL in order to hedge US$ amounts receivable by TSMHL in respect of any amounts actually payable to it denominated in INR in respect of Cairn India Shares held by it (whether in the nature of
dividends, sales proceeds or otherwise); 

  
 81 

	 	(B)	liabilities for Additional Debt complying with the requirements of paragraph (c) below or for Subordinated Debt; 

  

	 	(C)	holding cash in bank accounts and liabilities under the associated account terms; and 

  

	 	(D)	professional fees, administrative costs and tax liabilities in the ordinary course of operations as a holding company; and 

  

	 	(E)	liabilities of TSMHL on usual commercial terms arising in respect of any Permitted Cairn Disposal. 

  

	(b)	On and from the first Utilisation Date, neither TSMHL nor TSEHL shall own any asset other than: 

  

	 	(i)	rights under the Finance Documents or any documents entered into in connection with any Additional Debt, any Permitted Hedging Transaction referred to in paragraph (a)(A)above, each Subordinated Debt Document or any
rights under any agreement for disposal of any Cairn India Share as part of a Permitted Cairn Disposal; 

  

	 	(ii)	rights in relation to bank accounts and associated account terms; 

  

	 	(iii)	(in the case of TSMHL) Cairn India Shares; and 

  

	 	(iv)	(in the case of TSEHL) shares in TSMHL. 

  

	(c)	After the first Utilisation Date (and not prior thereto) and following the discharge of the Obligors’ obligations under Clause 21.27 (Security Documents), TSMHL may borrow or incur (and TSEHL may
guarantee) additional Financial Indebtedness (not arising in respect of the Existing Facilities, the B2B Facility, the BofA Facility or under the Secured Debt Documents and not being Subordinated Debt) and refinance such additional Financial
Indebtedness (“Additional Debt”) for the purpose of refinancing Subordinated Debt provided that: 

  

	 	(i)	the aggregate principal amount of all such Additional Debt incurred does not exceed the lesser of: 

  

	 	(A)	an amount equal to US$2,200,000,000 less the sum of the outstanding principal amount of the Loans and the Available Facility; and 

  

	 	(B)	such amount which, at the time of incurrence of that Additional Debt (or, if earlier, at the time that the creditor in respect of the same accede to the Intercreditor Agreement) would not cause the product of
(I) 1.2 and (II) the aggregate principal amount of the Facility and all such Additional Debt (including the Additional Debt being so incurred or so acceding and assuming for this purpose that all the Facility and all facilities for Additional
Debt had been fully drawn (but, for this purpose, any Additional Debt which (but only to the extent that), by its terms, will on drawing or funding be required to be applied immediately in repayment or prepayment of the principal amount of the
Facility or any other outstanding Additional Debt shall be given zero weighting in this calculation)) to exceed the Cairn India Share Value at that time; 

  
 82 

	 	(ii)	the weighted average tenor of any individual financing arrangement comprised in that Additional Debt at all times expires on or after the date 6 Months after the Final Maturity Date; 

 

	 	(iii)	the creditors in respect of that Additional Debt have acceded to an intercreditor agreement (the “Intercreditor Agreement”) entered into between the Obligors and the Secured Parties on terms to be
mutually agreed reflecting the Intercreditor Principles in respect of which the Secured Parties have received such corporate authorisations, other documents and evidence and associated legal opinions as the Majority Lenders may reasonably require in
connection therewith; 

  

	 	(iv)	the terms of such Additional Debt (whether originally or as subsequently amended or varied) do not afford the creditors thereof any guarantee or Security or Quasi-Security in addition to the Security and Quasi-Security
the subject of the Intercreditor Agreement or guarantees from TSEHL and/or the Company provided that if such Additional Debt is incurred by a member of the Group which is a special purpose vehicle and on-loaned to TSMHL, the creditors in respect of
that Additional Debt may (without being obliged to share any of the same with the Secured Parties) benefit from recourse to that special purpose vehicle and its assets and, if required, Security over its issued capital (but not broader recourse to
(or to the other assets of) any shareholder of that special purpose vehicle providing such Security) provided that the assets and liabilities of that special purpose vehicle (excluding the Additional Debt raised by it, the on-loan to TSMHL and the
proceeds realised therefrom) do not exceed US$5,000,000 (or its equivalent in any other currency or currencies); and 

  

	 	(v)	the terms of such Additional Debt (whether originally or as subsequently amended or varied) do not provide for any mandatory prepayment or equivalent obligation other than on terms equivalent to those in Clauses 7.1
(Illegality) to 7.3 (Mandatory prepayment). 

  

	(d)	The Secured Parties shall negotiate in good faith, and dedicate sufficient resources to agree, the Intercreditor Agreement, with a view to executing the same as soon as reasonably practicable after first receiving
notification from the Borrower of its intention to incur Additional Debt. 

  

	21.12	Insurance 

 Each Obligor shall (and the Company shall ensure that each other member of
the Group will) maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks, and to the extent, usually insured against by prudent companies located in the same or a
similar location and carrying on a similar business and/or required by applicable law or by contract and to the extent that such insurance is available on commercially reasonable terms. 

 

	21.13	Environmental undertakings 

 Each Obligor shall (and the Company shall ensure that each
other member of the Group will): 
  

	 	(a)	comply with all Environmental Laws to which it may be subject; 

  

	 	(b)	obtain all Environmental Licences required in connection with its business; 

  
 83 

	 	(c)	comply at all times with all applicable conditions to maintain all Environmental Licences required in connection with its business; and 

 

	 	(d)	comply with the requirements of the Company’s sustainability framework policies, including the Group policy and technical and management standards, and all applicable standards advocated by the International
Finance Corporation (including, but not limited to, the environmental, health, and safety guidelines) on all current and future operations, projects and developments in countries which are not High Income OECD Countries, 

in each case where failure to do so has or could reasonably be expected to have a Material Adverse Effect. 

 

	21.14	Environmental claims 

 Subject to any confidentiality restrictions or non-disclosure
obligations in each case imposed by law, each Obligor shall (and the Company shall ensure that each other member of the Group will) promptly notify the Agent in writing upon becoming aware of: 

 

	 	(a)	any Environmental Claim pending or threatened against any member of the Group; 

  

	 	(b)	any communication received by it in respect of any actual or alleged breach of or liability under Environmental Law or applicable International Standards; or 

 

	 	(c)	any facts or circumstances which shall or are reasonably likely to result in any Environmental Claim against any member of the Group, 

where the claim, if determined against that member of the Group, has or could reasonably be expected to have a Material Adverse Effect. 

 

	21.15	Environmental and social 

  

	(a)	Each Obligor shall (and the Company shall ensure that each member of the Group will) comply in all material respects with the recommendations of the Scott Wilson Report. 

 

	(b)	The Company shall promptly notify the Agent of the occurrence of any Environmental Claim or event or circumstance which may (if the Majority Lenders so determine) result in an Environmental or Social Incident.

  

	(c)	The Company shall deliver to the Agent (in sufficient copies for each Lender) the URS Scott Wilson Audit report by not later than 18 October 2013 and shall ensure that any remedial action plan contained in the URS
Scott Wilson Audit report will be implemented or addressed by it in a manner acceptable to the Majority Lenders, in each case, acting reasonably and in consultation with the E&S Consultant and within the Relevant Timeline. 

 

	(d)	 The Company will commission an E&S VSAP Consultant, to conduct a VSAP Audit for each 12 month period until the Discharge Date. The first audit
shall be completed no later than 31 August 2014 (and each subsequent audit shall be completed no later than 31 August in any year). The scope of work for each VSAP Audit shall be as set out in Schedule 15 (VSAP Audit - Scope of
Work). The Company shall deliver to the Agent (in sufficient copies for all the Lenders) a copy of the VSAP Audit report within 30 days of the report being completed. The Company will implement remedial action plans in order to comply in all
material respects with the outcomes of 

  
 84 

	 	
the VSAP Audit within the Relevant Timeline. At the Majority Lender’s discretion, the report or a summary of the report may be disclosed to the public. 

 

	(e)	In the event of an Environmental Claim (a “Claim”) or an Environmental or Social Incident (an “Incident”), the Majority Lenders may instruct the Agent to require the Company to provide
a detailed report of such Claim or Incident (which report shall be delivered by the Company within 45 days of such request) and monthly updates with respect to the same until such time as the Claim or Incident is resolved to the satisfaction of the
Majority Lenders. In the event that the Majority Lenders believe an independent review of the Claim or Incident is also required, the Agent shall, at the cost and expense of the Company, appoint an E&S Consultant to undertake an E&S Review
of the Claim or Incident . Each Obligor shall (and the Company will ensure that each other member of the Group will) give the E&S Consultant all assistance and access requested pursuant to and in connection with the preparation of each E&S
Review. Each E&S Review shall be completed within 60 days of its commission by the Agent. The E&S Review shall contain, if required by the Majority Lenders, a remedial action plan, to be mutually agreed by the E&S Consultant, the Company
and the Majority Lenders. At the Majority Lender’s discretion, the report or a summary of the report, may be disclosed to the public. The Company may request the Majority Lenders to remove any information from such report or summary that may
reasonably be viewed as commercially or technically sensitive. 

  

	21.16	Arm’s length terms 

  

	(a)	No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into any material contract or arrangement with or for the benefit of any other person (including any disposal to that person)
other than in the ordinary course of business and on arm’s length terms (taken as a whole). 

  

	(b)	Paragraph (a) above does not apply to any contract or arrangement that is solely between members of the Group (including, without limitation, a Permitted Merger) 

 

	21.17	Dividends and intra-group debt 

  

	(a)	No Obligor shall (and the Company shall ensure that no other Key Subsidiary will) create or otherwise cause or permit to exist or become effective any consensual encumbrance or restriction on the payment of dividends
to, or the making of any other distribution with respect to its share capital or on the making of any loans to the Company or any direct or indirect shareholders of that Key Subsidiary. 

 

	(b)	Paragraph (a) does not apply: 

  

	 	(i)	to any encumbrance or restriction arising by operation of law; 

  

	 	(ii)	to any encumbrance or exclusion in relation to any Excluded Indebtedness in respect of any person liable (actually or contingently) for the repayment of that debt; 

 

	 	(iii)	to any encumbrance or restriction granted pursuant to the terms of any Financial Indebtedness incurred after the date of this Agreement used for the purposes of an acquisition referred to in paragraph (e) of Clause
21.3 (Negative Pledge) by any person actually or contingently liable for its repayment; 

  
 85 

	 	(iv)	in respect of any person that becomes a Material Subsidiary after the date of this Agreement, any encumbrance or restriction on such person as at the date on which that person becomes (or became) a Material Subsidiary,
provided that the encumbrance or restriction was not imposed in contemplation of that person becoming a Material Subsidiary; 

  

	 	(v)	to any encumbrance or restriction by which a member of the Group is contractually bound following the occurrence of an event of default (howsoever described) (in the case of Cairn India only, not being an event of
default arising by reason of any facts or circumstances affecting any person other than Cairn India and/or any of its Subsidiaries) pursuant to the terms of any Financial Indebtedness which that member of the Group is actually or contingently liable
to repay; or 

  

	 	(vi)	to any contractual restrictions binding any Material Subsidiary or Key Subsidiary as in force as at the date of this Agreement which would restrict or prohibit the making of any loans by that member of the Group to any
of its direct or indirect shareholders. 

  

	21.18	Distributions 

  

	(a)	The Company shall not declare, pay or make any dividend or other payment or distribution of any kind on or in respect of its shares or reduce, return, purchase, repay, cancel or redeem any of its shares in any manner
(each a “Distribution”) unless no Event of Default is continuing or would reasonably be expected to result from such an act. 

  

	(b)	Notwithstanding paragraph (a) above, the Company shall not declare, pay or make any Distribution in respect of its shares attributable to proceeds generated from the sale or other disposal of assets (other than in
the ordinary course of trading) by the Group in excess of US$250,000,000 in any 12 month period. 

  

	21.19	Amendments of Constitutional Documents 

  

	(a)	No Obligor shall (and the Company shall ensure that no member of the Group will) amend or vary in any way the constitutional documents of TSMHL, except: 

 

	 	(i)	as expressly provided under this Agreement; or 

  

	 	(ii)	if such amendment or variation is not and could not be adverse to the interests of the Lenders or otherwise have a Material Adverse Effect. 

 

	(b)	The Company shall promptly provide the Agent with a copy of any resolution passed amending or varying the constitutional documents of TSMHL or TSMHL. 

 

	21.20	Material Subsidiaries 

  

	(a)	Other than as permitted under Clause 21.9 (Merger), the Company shall not (and it shall ensure that no other member of the Group will) sell or otherwise dispose of all or any part of the shares of any company
which is a Key Subsidiary held by any member of the Group if, as a result, a Material Subsidiary would cease to be a Subsidiary of the Company. 

  

	(b)	The Company shall (and it shall ensure that each other member of the Group will) subscribe for any class of shares that are to be issued by any company which is a Material Subsidiary or Key Subsidiary rateably with all
other shareholders of such Subsidiary to the extent necessary to ensure that each Material Subsidiary remains a Subsidiary of the Company. 

  
 86 

	21.21	Auditors 

  

	(a)	Each Obligor shall ensure that it and each other member of the Group has at all times as its auditors any of the internationally recognised “big four” firms of accountants. 

 

	(b)	No Obligor shall change its financial year end from 31 March or change any of its Quarter Dates, without the consent of the Majority Lenders, provided that a change may be made to the financial year end date if the
Company gives the Agent no less than two weeks’ prior written notice of an impending change and delivers to the Agent prior to effecting the change a set of financial statements complying with the terms of Clause 19.3 (Requirements as to
financial statements) covering the twelve month period ending immediately prior to the start of the twelve month period which will end on the new financial year end date, together with a signed Compliance Certificate for such period
demonstrating compliance with the terms of Clause 20 (Financial covenants) for that period as if it was a Relevant Period. 

  

	21.22	Sanctions 

  

	(a)	No Obligor shall (and no Obligor shall permit or authorize any other person to) directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of any Loan or
other transaction(s) contemplated by this Agreement to fund any trade, business or other activities: (i) involving or for the benefit of any Restricted Party, or (ii) in any other manner that would otherwise cause any Obligor or any
Finance Party to be in breach of any Sanctions (if and to the extent applicable to either of them) or to become a Restricted Party and shall otherwise comply with all Sanctions applicable to it. 

 

	(b)	No Obligor shall use any revenue or benefit derived from any activity or dealing with a Restricted Party to be used in discharging any obligation due or owing to any Finance Party. 

 

	21.23	Anti-Terrorism Laws 

  

	(a)	The Company shall ensure that no member of the Group shall engage in any transaction that violates any of the applicable prohibitions set forth in any Economic Sanctions Law or Anti-Money Laundering Law applicable to
it. 

  

	(b)	The Company shall ensure that none of the funds or assets that are used to repay the Facility shall constitute property of, or shall be beneficially owned by, any Designated Person or be the direct proceeds derived from
any transactions that violate the prohibitions set forth in any applicable Economic Sanctions Law, and no Designated Person shall have any direct or, to the knowledge of any Obligor, any indirect interest in any member of the Group (other than in
respect of any member of the Group which is a listed company, any interest in such listed company not held by a member of the Group) insofar as such interest would violate any Economic Sanctions Laws applicable to any member of the Group.

  

	21.24	Other Documents 

 No Obligor shall (and the Company shall ensure that no other member of
the Group will) amend or otherwise vary or give or obtain any waiver or consent under any provision of the Existing Facilities Agreement where the effect of the same would be to increase the principal amount of Financial Indebtedness outstanding
thereunder. 

  
 87 

	21.25	Cairn India Security 

  

	(a)	The Company shall (and will procure that the Borrower will) promptly and in any event with 30 days after the consummation of Sesa Sterlite Merger apply to the RBI for Authorisation to grant the Secured Parties fixed
Security over the Cairn India Shares owned by it and, following the making of that application, use commercially reasonable efforts to procure as soon as reasonably possible thereafter the grant of that Authorisation. 

 

	(b)	As soon as reasonably practicable and in any event within 20 Business Days following receipt of the Authorisation described in paragraph (a) above, the Borrower shall execute such documents and provide or enable
the provision of such other evidence and legal opinions as the Security Agent may reasonably require in respect of the grant and perfection of first ranking security over the Cairn India Shares owned by the Borrower as security for the Secured Debt.

  

	21.26	Publicity 

 The Company shall not without the consent of the Agent issue or make, or
allow to be issued or made by or on behalf of any member of the Group, any press release or other publicity which refers to the Facility, any Finance Document or any Finance Party unless the publicity is required by any law or regulation or any
stock exchange (in which case the Company shall notify the Agent as soon as practicable upon becoming aware of the requirement, shall consult with the Agent on the terms of the reference and shall have regard to any timely comments of the Agent).

  

	21.27	Security Documents 

 TSMHL and TSEHL shall ensure that as soon as practicable (and in any
event within 10 Business Days) after the first Utilisation Date the Agent and the Security Trustee receive (in form and substance satisfactory to each of them) each of the documents and other evidence referred to in Part III (Conditions relating
to Security Documents) of Schedule 2 (Conditions precedent). 
  

	21.28	Subordination 

 Each Obligor agrees to be bound by and to comply with the provision of
Schedule 12 (Subordination) as if the same were included in the body of this Agreement. 
  

	21.29	Application of FATCA 

 Each Obligor shall ensure that neither: 

 

	 	(a)	TSMHL nor TSEHL shall become a FATCA FFI; and 

  

	 	(b)	TSMHL nor TSEHL shall become a US Tax Obligor. 

  

	21.30	Taxation 

  

	(a)	Each Obligor shall (and the Company shall ensure that each member of the Group will) duly and punctually pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring
penalties unless and only to the extent that: 

  

	 	(i)	payment is being contested in good faith; 

  

	 	(ii)	it has maintained adequate reserves in accordance with GAAP for those Taxes; 

  

	 	(iii)	payment can be lawfully withheld; and 

  

	 	(iv)	non-payment has not and could not reasonably be expected to have a Material Adverse Effect. 

  
 88 

	(b)	No Obligor may change its residence for Tax purposes. 

  

	21.31	The Company 

 The Company shall (and will procure that each member of the Group will) use
best efforts (subject to the terms of the Finance Documents) to procure that members of the Group (including, without limitation, the members of the Group forming part of the businesses known as at the date of this Agreement as Zinc International
and Copper Mines of Tasmania obtain approvals for and effect the payment of dividends and effecting of capital reductions and/or provision of intra-group loans, and in each case to enable the proceeds of such transactions to be applied in reduction
and cancellation of the Loans and with a view to effecting repayment of the Facility as soon as reasonably practicable. 
  

	22.	ACCOUNTS 

  

	22.1	Maintenance of the Accounts 

  

	(a)	The Borrower shall maintain the Collection Account, the Distribution Account and the Expenses Account (each an “Account”) with the Account Bank. 

 

	(b)	The Collection Account shall be secured in favour of the Security Agent pursuant to the Account Charge. 

  

	(c)	The terms and conditions relating to the establishment and maintenance of the Accounts and the Borrower’s ability to deal with the Accounts shall be as set out in this Clause 22 and as supplemented to the extent
the same are not inconsistent with this Clause 22, by the relevant Account Mandate. 

  

	(d)	The credit balance of the Accounts shall only include immediately available cleared funds. 

  

	(e)	The Borrower shall not open or maintain any bank or deposit account with any bank or other financial institution other than the Accounts or any other bank account expressly permitted pursuant to the Intercreditior
Agreement. 

  

	(f)	Without prejudice to paragraph (f) of Clause 27.8 (Rights and discretions of the Agent, the Security Agent and the Account Bank), nothing in this Clause 22 shall be operative to override any mandatory
provision of Mauritius law applicable to the opening, maintenance or operation of an Account. 

  

	22.2	Interest 

 Each amount from time to time standing to the credit of an Account shall bear
interest at such rate (if any) as may from time to time be determined by the Account Bank consistent with the applicable Account Mandate and shall be credited to that Account in accordance with the applicable Account Mandate. 

 

	(a)	Interest shall accrue in accordance with the applicable Account Mandate. Any interest which has accrued on an Account shall be compounded with the balance of that Account and shall be available for withdrawal by the
Borrower only as permitted by this Agreement. 

  
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	22.3	Withdrawals 

  

	(a)	The Account Bank shall not effect any withdrawal or transfer from an Account to the Borrower unless such withdrawal is in accordance with this Clause 22 (and shall not be liable to the Borrower for failing to effect the
same). 

  

	(b)	No withdrawal or transfer from an Account may be made if to do so would cause that Account to be overdrawn. The Account Bank shall not have any obligation to monitor the Accounts for this purpose or incur any liability
whatsoever from any non-distribution in such circumstances. 

  

	(c)	None of the restrictions contained in this Clause 22 on the withdrawal of sums standing to the credit of the Accounts shall affect the obligations of the Obligors to make any payment or repayment required to be made
under the Secured Documents on the date the same is so required to be made. 

  

	(d)	Unless instructed to do so by the Agent, the Account Bank shall not effect any withdrawal or transfer from an Account (and shall not be liable to the Borrower for failing to effect the same) if it has been notified by
the Agent that a Default has occurred and is continuing at the time that the relevant withdrawal or transfer would otherwise be made. 

  

	(e)	On the date of each withdrawal made from an Account where the proceeds of such withdrawal are to be applied in payment to or for the account of the Borrower, the Borrower will be deemed to represent and warrant that no
Default is continuing and no Default will occur as a result of such withdrawal. 

  

	(f)	The Account Bank shall comply with any instruction to debit an Account in accordance with this Clause 22 but only if the relevant instruction (i) is in respect of a specified sum of money (ii) is in writing in
the format set out in Schedule 16 (Form of withdrawal instruction) or, in the case of a transfer of funds by electronic transmission, is evidenced in accordance with the Account Bank’s normal banking practice for such transfers and
(iii) complies with the relevant Account Mandate. 

  

	(g)	Nothing in this Agreement shall oblige the Account Bank to effect any payment or transfer from an Account on a day which is not a normal banking day in Mauritius. 

 

	22.4	Collection Account balance 

  

	(a)	The Borrower shall ensure that any Required Proceeds are paid directly into the Collection Account and applied in prepayment in accordance with Clauses 7.3 (Mandatory prepayment). 

 

	(b)	Upon request by the Agent or the Security Agent, the Account Bank shall promptly notify the Agent or the Security Agent of the balance of the Collection Account. 

 

	(c)	The Account Bank acknowledges the instructions set out in paragraph (b) above and agrees to comply with those instructions. 

  

	22.5	Access to the Accounts 

  

	(a)	 The Borrower irrevocably consents to the Agent and the Security Agent or any of their respective appointed representatives having access to review the
books and records of the Account Bank relating to the Accounts and consents to the Agent and the Security Agent or any of their respective appointed representatives passing on any information so obtained to any Secured Party in accordance with the
provisions of the Secured Documents and, for these purposes only, irrevocably waives any right of confidentiality that Borrower, the Agent and the Security Agent 

  
 90 

	 	
unrestricted access on reasonable prior notice to review such books and records of the Accounts held by the Account Bank. 

 

	(b)	Nothing in this Clause 22.5 will require the Account Bank to disclose to any person any books, records or other information which the Account Bank would not be required to disclose to the Borrower. 

 

	22.6	Expenses Account 

  

	(a)	TSMHL shall only transfer into the Expenses Account such amounts as are required for the purposes of settling administrative costs, taxes, professional fees, remuneration of TSMHL’s directors, regulatory costs and
similar costs and expenses (whether or not such costs and expenses are due and payable). 

  

	(b)	The Expenses Account shall only be funded with equity proceeds, any amounts received by TSMHL by way of Subordinated Debt or by transfer from the Distribution Account. 

 

	(c)	TSMHL may only withdraw amounts from the Expenses Account for the purposes of paying such administrative costs, Taxes, professional fees, remuneration of TSMHL’s directors, regulatory costs and similar costs and
expenses when due. 

  

	22.7	Distribution Account 

  

	(a)	TSMHL shall ensure that all amounts received by it from any source whatsoever (to the extent not required to be paid into another account pursuant to this Agreement) are paid into the Distribution Account or the
Expenses Account. 

  

	(b)	Subject to Clause 22.3 (Withdrawals), TSMHL may withdraw amounts from the Distribution Account at any time. 

  

	22.8	Administration 

  

	(a)	Without prejudice to the Account Bank’s obligations under this Clause 22, the Account Bank will not be obliged to make available to or for the account of the Borrower any sum which it is expecting to receive for
the account of the Borrower: 

  

	 	(i)	until it has been able to establish that that sum has been credited to the relevant Account held with the Account Bank; or 

  

	 	(ii)	if it is unable to verify any signature pursuant to any request or instruction against the specimen signature provided in accordance with paragraph (b) below, or is otherwise unable to verify the authenticity of
the request or instruction by way of telephonic verification at the contact numbers specified in accordance with paragraph (b) below. 

  

	(b)	The signatories in respect of the Accounts shall at all times be duly and properly authorised by TSMHL and shall be such persons notified by TSMHL to the Account Bank in accordance with paragraph 4(i) of Part I (The
Company) of Schedule 2 (Conditions Precedent) or any substitute signatory (including specimen signatures and contact details) as TSMHL may notify the Account Bank by giving at least five Business Days prior notice. 

 

	(c)	The Account Bank will provide account statements for the Accounts to the Agent, the Security Agent and the Borrower within five days of the last day of each calendar month. 

  
 91 

	22.9	No assignment 

 Neither the Accounts nor the Borrower’s right, title and interest to
or in the Accounts, shall be capable of being assigned, transferred or otherwise disposed of or encumbered (whether in whole or in part) other than pursuant to the Security Documents. 

 

	22.10	Notice of Security 

 With effect on the date of accession by TSMHL to this Agreement
pursuant to Clause 25.2 (Accession of TSMHL and TSEHL), TSMHL and the Security Agent hereby give notice to the Account Bank (and the Account Bank hereby acknowledges and accepts this Agreement as notice) of the security created over the
Accounts pursuant to the Security Documents and the Account Bank agrees: 
  

	 	(a)	not to claim or exercise any security in, set-off, counterclaim or other rights in respect of any of the Accounts it save as expressly contemplated in this Clause 22; and 

 

	 	(b)	that it will pay all moneys standing to the credit of the Accounts as directed by the Security Agent upon being notified by the Security Agent that the Security has become enforceable. 

 

	22.11	Reliance and Assumptions by the Account Bank 

  

	(a)	The Account Bank may rely on: 

  

	 	(i)	any communication or document reasonably believed by it to be genuine (even if such communication or document is later reversed, modified, set aside or vacated); and/or 

 

	 	(ii)	any document of any kind prima facie properly executed and submitted by any person whom the Account Bank has reasonable grounds to believe is entitled to execute and submit such document in relation to any matter
arising under or in connection with this Agreement (even if such document is later reversed, modified, set aside or vacated). 

  

	(b)	The Account Bank may consult counsel or professional advisers over any question as to the provisions of this Agreement, its rights, obligations and/or its duties. The Account Bank may rely on and act pursuant to the
advice of its counsel or other professional advisers with respect to any matter (whether or not contentious) relating to this Agreement and shall not be liable for any action taken or omitted by it in good faith in accordance with such advice.

  

	(c)	The Account Bank can assume that no other party to this Agreement is in breach of its obligations hereunder unless the Account Bank has actual notice to the contrary in its capacity as account bank. 

 

	(d)	The Account Bank may assume that all conditions for the making of any payment out of the amounts standing to the credit of an Account which are specified in any instruction from the Company have been satisfied, unless
the Account Bank has actual notice to the contrary in its capacity as account bank. 

  

	22.12	Fees of the Account Bank 

  

	(a)	The Account Bank is entitled to charge for and be paid all transaction and other fees provided for in the Account Mandates or other standard published charges applicable to transactions effected on or in relation to the
Accounts. 

  
 92 

	(b)	The Borrower is liable for payment of any fees, expenses and other sums payable to the Account Bank pursuant to this Agreement. The Account Bank may debit any amounts due to it in respect of the operation of an Account
and shall be entitled to retain that proportion of the amounts standing to the credit of the Accounts equal to any unpaid fees and other charges due to the Account Bank under this Agreement until all such fees and charges have been paid in full
(provided that the Account Bank shall debit the Distribution Account and/or the Expenses Account in priority to the Collection Account in order to recover such amounts as may be so due to it and shall only debit the Collection Account for this
purposes having exhausted the balance of the other Accounts). 

  

	22.13	No Duty or Obligation 

  

	(a)	The Account Bank shall be obliged to perform only such duties as are set out in this Agreement and the Account Mandates and no implied duties or obligations shall be read into this Agreement against the Account Bank.

  

	(b)	The Account Bank shall not be under any duty or obligation to give the amounts held by it hereunder any greater degree of care than it gives to amounts held for its general banking customers. 

 

	(c)	The Account Bank shall not be obliged to make any payment or otherwise to act on any request or instruction notified to it under this Agreement if in the Account Bank’s reasonable opinion, it conflicts with any
provision of this Agreement or otherwise does not comply with the requirements of this Agreement provided that the Account Bank shall promptly so notify the Borrower and the Agent of any such perceived conflict promptly after becoming aware of the
same. 

  

	(d)	The Account Bank is under no duty or obligation to ensure that any certificate, consent, notice, instruction or other communication which is or appears to be given by the Security Agent and/or the Agent in accordance
with this Agreement is accurate, correct or duly authorised and shall be entitled to act in reliance without further enquiry upon any such certificate, consent, notice, instruction or other communication and shall not be under any duty or obligation
to verify the accuracy or correctness of any statements made therein (even if such certificate, consent, notice, instruction or other communication is later reversed, modified, set aside or vacated). 

 

	(e)	In the event that the terms of a settlement of any dispute involving an Obligor results in an increase, extension, modification or other variation of the duties, obligations or liabilities of the Account Bank
contemplated by this Agreement, then such variation shall only be effective where, and to the extent, the Account Bank has given its written consent to be bound thereby. 

 

	(f)	The Account Bank is under no duty or obligation to ensure that any funds withdrawn from an Account are actually applied for the purpose for which they are withdrawn. 

 

	(g)	The Account Bank shall not be required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or the exercise of any right, power or authority hereunder.

  
 93 

	22.14	Limitation of liability of the Account Bank 

  

	(a)	The Account Bank shall not be liable to any person or entity for any loss, liability, claim, action, damages or expenses arising out of or in connection with anything done or omitted to be done by it pursuant to and in
accordance with the provisions of this Agreement save as are caused by its own gross negligence or wilful misconduct. 

  

	(b)	The Account Bank is not responsible or liable to the Borrower for any withdrawal wrongly made, if the Account Bank acted in good faith in relation to that withdrawal. 

 

	(c)	Notwithstanding the foregoing, under no circumstances will the Account Bank be liable to any party whether in contract, tort or otherwise, for any consequential loss (including, but not limited to, loss of business,
goodwill, opportunity or profit) even if advised of the possibility of such loss or damage. 

  

	(d)	In no event shall the Account Bank be liable for any Losses suffered due to a Force Majeure event. 

  

	(e)	In this Clause 22.12: 

  

	 	(i)	“Losses” means any losses, damages, demands, claims, liabilities, costs (including legal costs) and expenses of any kind (including any direct, indirect or consequential losses, loss of profit, loss of
goodwill and loss of reputation) whether or not they were foreseeable or likely to occur. 

  

	 	(ii)	“Force Majeure” means any: 

  

	 	(A)	flood, storm, earthquake or other natural event; 

  

	 	(B)	war, hostilities, terrorism, revolution, riot or civil disorder; 

  

	 	(C)	strike, lockout or other industrial action; 

  

	 	(D)	change in any law or any change in the interpretation or enforcement of any law; 

  

	 	(E)	act or order of any Governmental Agency; 

  

	 	(F)	order of any court or other judicial body; 

  

	 	(G)	restriction or impending restriction on the availability, convertibility, credit or transferability of any currency; 

  

	 	(H)	computer system malfunction or failure (regardless of cause) or any third party interference with a computer system; 

  

	 	(I)	error, failure, interruption, delay or non-availability of any goods or services supplied the Borrower or the Account Bank by a third party; or 

 

	 	(J)	other circumstance beyond the reasonable control of the Account Bank. 

  

	22.15	Indemnity 

 The Borrower shall indemnify and keep indemnified the Account Bank and its
directors, officers, agents and employees (each an “Indemnified Party”) and hold each of them harmless from and against any and all losses, liabilities, claims, charges, actions, demands, damages, fees, costs and expenses
(including, without limitation, fees and disbursements of the Indemnified Party’s 

  
 94 

 
counsel) arising out of or in connection with (a) its appointment as Account Bank under, and its performance of, this Agreement including, but not limited to, the reliance by the Account
Bank on any instruction from the Security Agent and/or the Agent, and (b) the exercise of its rights and powers as Account Bank under, or the enforcement of any provision of, this Agreement, save as are caused by its (or their) own gross
negligence or wilful misconduct. The indemnity in this Clause 22.15 shall survive the termination of this Agreement, or the resignation or removal of the Account Bank. 
  

	22.16	Disclosure 

 No material in any language which mentions the Account Bank’s name or
the rights, powers or duties of the Account Bank may be issued by either of the other Parties or on their behalf without the prior written consent of the Account Bank. 
  

	22.17	Termination 

 On the Final Discharge Date and unless otherwise agreed by the Account Bank
and the Borrower, the Accounts will automatically be closed, provided that the Account Bank shall first transfer any balance standing to the credit of the Accounts to an account of the Borrower nominated by the Borrower to the Security Agent to the
order of the Security Agent (in consultation with the Borrower). 
  

	23.	EVENTS OF DEFAULT 

 Each of the events or circumstances set out in this Clause 23 is an
Event of Default (save for Clause 23.20 (Acceleration)). For the purposes of this Clause 23, references in Clause 23.5 (Cross default) to 23.8 (Creditors’ process), Clause 23.13 (Cessation of business) and Clause
23.14 (Nationalisation) to an Obligor shall include TSMHL and TSEHL prior to their accession to this Agreement pursuant to Clause 25.2 (Accession of TSMHL and TSEHL). 

 

	23.1	Non-payment 

 An Obligor does not pay on the due date any amount payable pursuant to a
Finance Document at the place and in the currency in which it is expressed to be payable unless: 
  

	 	(a)	its failure to pay is caused by administrative or technical error; and 

  

	 	(b)	payment is made within five Business Days of its due date. 

  

	23.2	Financial covenants, FATCA and Security 

 Any requirement of Clause 20 (Financial
covenants), Clause 21.27 (Security Documents) or Clause 21.29 (Application of FATCA) is not satisfied. 
  

	23.3	Other obligations 

  

	(a)	An Obligor or a Subordinated Creditor does not comply with any provision of the Finance Documents (other than those referred to in Clause 23.1 (Non-payment) or Clause 23.2 (Financial covenants, FATCA and
Security). 

  

	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 30 Business Days of the earlier of (A) the Agent giving notice to the Company and
(B) an Obligor becoming aware of the failure to comply. 

  
 95 

	23.4	Misrepresentation 

 Any representation or statement made or deemed to be made by an
Obligor or a Subordinated Creditor in the Finance Documents or any other document delivered by or on behalf of an Obligor or a Subordinated Creditor under or in connection with any Finance Document is or proves to have been incorrect or misleading
in any material respect when made or deemed to be made provided that where the events and/or circumstances giving rise to such incorrectness or misleading representation or statement are capable of being remedied, such events and/or circumstances
are not remedied in full within 30 Business Days of the Agent giving notice to the Company or an Obligor or a Subordinated Creditor becoming aware of the misrepresentation. 
  

	23.5	Cross default 

  

	(a)	Any Financial Indebtedness of an Obligor or any Material Subsidiary is not paid when due nor within any originally applicable grace period. 

 

	(b)	Any Financial Indebtedness of an Obligor or any Material Subsidiary is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

  

	(c)	Any commitment for any Financial Indebtedness of an Obligor or any Material Subsidiary is cancelled or suspended by a creditor of an Obligor or any Material Subsidiary as a result of an event of default (however
described). 

  

	(d)	Any creditor of an Obligor or any Material Subsidiary becomes entitled to declare any Financial Indebtedness of an Obligor or any Material Subsidiary due and payable prior to its specified maturity as a result of an
event of default (however described). 

  

	(e)	No Event of Default will occur under this Clause 23.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than
US$75,000,000 (or its equivalent in any other currency or currencies). 

  

	23.6	Insolvency 

  

	(a)	An Obligor, a Material Subsidiary or a Key Holdco is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial
difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  

	(b)	The Company is deemed to be insolvent within the meaning of section 123 (2) of the Insolvency Act 1986. 

  

	(c)	A moratorium is declared in respect of any indebtedness of an Obligor, any Material Subsidiary or any Key Holdco. 

  

	23.7	Insolvency proceedings 

  

	(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor, any Material
Subsidiary or any Key Holdco other than a solvent liquidation or reorganisation only to the extent the same is for the purpose of a Permitted Merger; 

  
 96 

	 	(ii)	a composition, compromise, assignment or arrangement with any creditor of any Obligor, any Material Subsidiary or any Key Holdco; 

  

	 	(iii)	the appointment of a liquidator (other than in respect of a solvent liquidation of a Material Subsidiary or a Key Holdco permitted by Clause 21.9 (Merger)), receiver, administrative receiver, administrator,
compulsory manager or other similar officer in respect of any Obligor, any Material Subsidiary or any Key Holdco or any of their respective assets; or 

  

	 	(iv)	enforcement of any Security or Quasi-Security over: 

  

	 	(A)	any assets having an aggregate value in excess of US$50,000,000 (or its equivalent in any other currency or currencies) of the Company or any Material Subsidiary not being TSMHL; or 

 

	 	(B)	any shares in TSMHL, 

 or any analogous procedure or step is taken in any jurisdiction. 

 

	(b)	Paragraph (a) above shall not apply to: 

  

	 	(i)	any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 60 days of commencement and prior to its advertisement; or 

 

	 	(ii)	the solvent liquidation or reorganisation of any member of the Group not being an Obligor so long as any payments made or assets distributed as a result of such liquidation or reorganisation are made or distributed to
members of the Group. 

  

	23.8	Creditors’ process 

 Any expropriation, attachment, sequestration, distress or
execution affects any asset or assets of any Obligor or any Material Subsidiary or (without limiting the foregoing) any shares held by a Key Holdco in another Key Holdco or a Material Subsidiary, in each case having an aggregate value in excess of
US$50,000,000 (or its equivalent in any other currency or currencies) and is not discharged within ten Business Days. 
  

	23.9	Unlawfulness and unenforceability 

  

	(a)	It is or becomes unlawful for an Obligor or a Subordinated Creditor to perform any of its obligations under the Finance Documents or any subordination effected or purported to be effected pursuant to Clause 21.28
(Subordination) or otherwise under any Subordination Deed is or becomes unlawful in each case, if the Majority Lenders determine that such matters are materially adverse to their interests under the Finance Documents. 

 

	(b)	Save to the extent contemplated by the Legal Reservations, any obligation of an Obligor or a Subordinated Creditor under any Finance Document is not or ceases to be legal, valid, binding or enforceable.

  

	(c)	Any Finance Document is not or ceases to be in full force and effect. 

  

	23.10	Repudiation 

  

	(a)	An Obligor or a Subordinated Creditor repudiates a Finance Document or evidences an intention to repudiate a Finance Document. 

  
 97 

	23.11	Security 

 Any Security Document is not in full force and effect or does not create in
favour of the Security Agent for the benefit of the Secured Parties the Security which it is expressed to create with the ranking and priority it is expressed to have. 
  

	23.12	Subordination 

 Any subordination effected or purported to be effected pursuant Clause
21.28 (Subordination) is not in full force and effect. 
  

	23.13	Cessation of business 

 Any Obligor or any Material Subsidiary suspends or ceases (or
threatens to suspend or cease) to carry on all or a material part of its business (other than as a result of a Permitted Merger). 
  

	23.14	Nationalisation 

 Any step is taken by any person with a view to the seizure, compulsory
acquisition, expropriation or nationalisation of all or any of the shares or all or any part of the assets of any member or members of the Group having an aggregate value in excess of US$50,000,000. 

 

	23.15	Audit qualification 

 The auditors qualify their report on any audited consolidated
financial statement of the Group in a manner which the Majority Lenders deem to be materially adverse to their interests under the Finance Documents. 
  

	23.16	Litigation 

 Any litigation, arbitration, proceeding or dispute is started or threatened
or there are any circumstances likely to give rise to any litigation, arbitration, proceeding or dispute, in each case which in the opinion of the Majority Lenders (acting reasonably and having regard to the likelihood of adverse determination of
such process) has had or could reasonably be expected to have a Material Adverse Effect. 
  

	23.17	Final judgment 

 A member of the Group fails to comply with or pay (or to procure payment
of) any sum in an amount equal to or greater than US$50,000,000 (or its equivalent in any other currency or currencies) due from it under any final (non-appealable) judgment or any final (non-appealable) order made or given by a court of competent
jurisdiction. 
  

	23.18	Suspension of trading 

  

	(a)	Cairn India ceases to be listed on the National Stock Exchange of India and the Bombay Stock Exchange. 

  

	(b)	The trading of the Cairn India Shares on the National Stock Exchange of India and the Bombay Stock Exchange is suspended or halted for ten consecutive Trading Days (other than a suspension or halt arising from a
disruption of a technical or systems-related nature to the trading of shares on either such exchange). 

  

	(c)	For the purpose of paragraph (b) above, “Trading Day” means any day on which the relevant exchange is open for trading for its respective trading sessions. 

 

	23.19	Material adverse change 

 A Material Adverse Effect is continuing or could reasonably be
expected to occur. 

  
 98 

	23.20	Acceleration 

 Subject to Clause 4.4 (Certain Funds Loans), on and at any time
after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Company: 
  

	 	(a)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due
and payable; 

  

	 	(c)	declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or 

 

	 	(d)	instruct the Security Agent to enforce any Security under the Security Documents. 

  
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 SECTION 9 

CHANGES TO PARTIES 
  

	24.	CHANGES TO THE LENDERS 

  

	24.1	Assignments and transfers by the Lenders 

  

	(a)	Subject to this Clause 24, a Lender (the “Existing Lender”) may: 

  

	 	(i)	assign any of its rights; or 

  

	 	(ii)	transfer by novation any of its rights and obligations, 

 to another bank or financial
institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”). 

 

	(b)	The Agent shall provide a copy of the relevant Transfer Certificate or Assignment Agreement to the Company as soon as practicable after executing the same in accordance with this Clause 24. 

 

	24.2	Conditions of assignment or transfer 

  

	(a)	An assignment or transfer by a Lender does not require the consent of, or consultation with, any Obligor. 

  

	(b)	Subject to paragraph (d) below, an assignment will only be effective on: 

  

	 	(i)	receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations
to the other Finance Parties as it would have been under if it was an Original Lender; and 

  

	 	(ii)	performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the
Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	(c)	Subject to paragraph (d) below, a transfer will only be effective if the procedure set out in Clause 24.5 (Procedure for transfer) is complied with or if otherwise effected pursuant to a Syndication
Agreement as contemplated in paragraph (d) of Clause 24.5 (Procedure for transfer). 

  

	(d)	An assignment of transfer will only be effective if the amount of the Commitment or Loan participation to which it relates is at least US$2,000,000 (or, if less the entire amount of the Existing Lender’s remaining
Commitment and/or Loan participation at that time). 

  

	(e)	If following Successful Syndication: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	 as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New
Lender or Lender 

  
 100 

	 	
acting through its new Facility Office under Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased Costs), 

the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as
the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 
  

	(f)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been
approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to
the same extent as the Existing Lender would have been had it remained a Lender. 

  

	24.3	Assignment or transfer fee 

 The New Lender shall, on the date upon which an assignment
or transfer takes effect (other than pursuant to the Syndication), pay to the Agent (for its own account) a fee of US$3,500. 
  

	24.4	Limitation of responsibility of Existing Lenders 

  

	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor or any other person; 

  

	 	(iii)	the performance and observance by any Obligor or any other person of their respective obligations under the Finance Documents or any other documents; or 

 

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 
  

	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of any Obligor and its related entities in connection with its participation in this
Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 24; or 

  
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	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. 

 

	24.5	Procedure for transfer 

  

	(a)	Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed
Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its
face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	(c)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the Existing Lender shall be released from
further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged Rights and Obligations”); 

 

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the
New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Agent, the Arranger, the Security Agent, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender
been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Arranger, the Security Agent and the Existing Lender shall each be released from further obligations
to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	(d)	Notwithstanding anything to the contrary, a transfer may also be effected pursuant to a Syndication Agreement executed on terms which, inter alia, substantially reflect paragraph (c) above. Any transfer made
pursuant to a Syndication Agreement shall take effect in accordance with the terms thereof. 

  
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	24.6	Procedure for assignment 

  

	(a)	Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph (c) below when the Agent executes an otherwise duly
completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing
on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. 

  

	(b)	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 

  

	(c)	On the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed to be the subject of the assignment in the Assignment Agreement; 

 

	 	(ii)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the “Relevant Obligations”) and expressed to be the subject of the release in the
Assignment Agreement; and 

  

	 	(iii)	the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations. 

 

	(d)	Lenders may utilise procedures other than those set out in this Clause 24.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause
24.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in
Clause 24.2 (Conditions of assignment or transfer). 

  

	24.7	Copy of Transfer Certificate or Assignment Agreement to Company 

  

	(a)	The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Company a copy of that Transfer Certificate or Assignment Agreement.

  

	(b)	Promptly on request from the Company, the Agent shall provide the Company a list of the Lenders and their Commitments. 

  

	24.8	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders
under this Clause 24, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any
Finance Document to secure obligations of that Lender including without limitation: 

  
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	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

  

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as Security
for those obligations or securities, 

 except that no such charge, assignment or Security shall: 

 

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or

  

	 	(ii)	require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

 

	24.9	Sub-participations 

 Any Lender may, without the consent of any Obligor, at any time
sub-participate or sub-contract any of its rights or obligations under the Finance Documents. 
  

	24.10	Account Bank 

  

	(a)	The Account Bank shall not assign any of its rights or transfer any of its rights or obligations under the Secured Documents save as contemplated in this Clause 24.10. 

 

	(b)	If the Account Bank is not the Security Agent, the Agent nor a Lender nor an Affiliate of the Security Agent, the Agent or a Lender, the Agent (acting on the instructions of the Majority Lenders) may after consultation
with the Company require the Account Bank to transfer its rights and obligations under the Secured Documents to, or to an Affiliate of, the Security Agent, the Agent or a Lender. 

 

	(c)	If so required, the outgoing Account Bank shall make available to its successor such documents and records and provide such assistance as the incoming Account Bank may reasonably request in order to effect the transfer
of the Collection Account to that incoming Account Bank and/or for the purpose of enabling that incoming Account Bank to perform its functions (and comply with its obligations) under the Secured Documents. 

 

	(d)	If the Security Agent so requires, on the change of identity of the Account Bank, the Borrower shall promptly enter into such Security over the Collection Account with that new Account Bank as the Security Agent (acting
reasonably) may require in order to ensure that the Security afforded to the Secured Parties over the Collection Account is of equivalent value and effectiveness as the Security purported to be granted over the Collection Account held with the
outgoing Account Bank. 

  

	(e)	The replacement of the Account Bank shall only take effect upon the appointment of a successor. 

  

	(f)	The incoming Account Bank and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that incoming Account Bank had been an original Party 

  
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	25.	CHANGES TO THE OBLIGORS 

  

	25.1	Assignment and transfer by Obligors 

 No Obligor may assign any of its rights or transfer
any of its rights or obligations under the Finance Documents without the approval of all of the Lenders. 
  

	25.2	Accession of TSMHL and TSEHL 

  

	(a)	The Company shall ensure that, with effect immediately prior to the application by the Agent of the proceeds of the first Loan pursuant to the relevant Utilisation Request the provisions of this Agreement, TSMHL shall
accede to this Agreement as the sole Borrower and TSEHL shall accede to this Agreement as an additional Guarantor. That accession shall become effective at that time if, prior to the Utilisation Date for that Loan: 

 

	 	(i)	the Company delivers to the Agent a duly completed and executed Accession Letter; and 

  

	 	(ii)	the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent) in relation to both TSMHL and, as applicable, TSEHL, each in form and substance satisfactory
to the Agent. 

  

	(b)	The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2
(Conditions precedent). 

  

	25.3	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation
by TSMHL and TSEHL that the Repeating Representations and each of the representations set out in Clauses 18.5 (Validity and admissibility in evidence), 18.7 (No filing or stamp taxes), 18.8 (Deduction of Tax), 18.19
(TSMHL) and 18.26 (TSEHL) are true and correct in relation to it as at the date of delivery and, if different, on the first Utilisation Date, as if made by reference to the facts and circumstances then existing. 

 

	25.4	Accession of Subordinated Creditors 

  

	(a)	Subject to paragraph (b) below no person shall become a Subordinated Creditor unless and until: 

  

	 	(i)	the Company and that person deliver to the Agent a duly completed and signed Accession Letter; 

  

	 	(ii)	the Agent executes a Subordinated Creditor Accession Letter duly completed and signed by the Company and that person; and 

  

	(b)	No person shall become a Subordinated Creditor if it being a Subordinated Creditor in respect of the Subordinated Debt of TSMHL or TSEHL would breach any law or regulation applicable to it or otherwise conflict in any
material respect with any agreement or instrument binding on it or any other member of the Group. 

  

	(c)	Each Party (other than the relevant person under paragraph (a) above) irrevocably authorises the Agent to execute on its behalf a Subordinated Creditor Accession Letter which has been duly completed and signed on
behalf of that person. 

  
 105 

	26.	ACCESSION OF AND CHANGES TO THE HEDGING BANKS 

 A Lender or one of its Affiliates may
become party to this Agreement as a Hedging Bank and a Hedging Bank may assign any of its rights or transfer any of its rights or obligations under this Agreement, all in accordance with paragraphs 11 and 12 of Schedule 11 (Hedging Bank
Provisions). 

  
 106 

 SECTION 10 

THE FINANCE PARTIES 
  

	27.	ROLE OF THE AGENT, THE SECURITY AGENT, THE ACCOUNT BANK AND THE ARRANGER 

  

	27.1	Appointment of the Agent and the Security Agent 

  

	(a)	Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance Documents. 

  

	(b)	Each other Secured Party appoints the Security Agent to act as security trustee under and in connection with the Finance Documents in relation to any security interest which is expressed to be or is construed to be
governed by English, Indian or Mauritian law, or any other law from time to time designated by the Security Agent and an Obligor. 

  

	(c)	Each other Secured Party authorises each of the Agent and the Security Agent to exercise the rights, powers, authorities and discretions specifically given to it under or in connection with the Finance Documents
together with any other incidental rights, powers, authorities and discretions. 

  

	(d)	Each other Finance Party authorises each of the Agent (acting on the instructions of the Majority Lenders) and the Arranger to agree, accept and sign on its behalf the terms of any reliance or engagement letter in
relation to any report or letter provided by any person in connection with the Finance Documents or the transactions contemplated in them. 

  

	(e)	Each other Secured Party authorises the Security Agent to exercise the rights, powers, authorities and discretions specifically given to it under or in connection with the Finance Documents together with any other
incidental rights, powers, authorities and discretions. 

  

	27.2	Duties of the Agent and the Security Agent 

  

	(a)	Subject to paragraph (b) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. The Agent is not obliged to
forward to any Party any Fee Letter or the Mandate Letter. 

  

	(b)	Without prejudice to Clause 24.7 (Copy of Transfer Certificate or Assignment Agreement to Company), paragraph (a) above shall not apply to any Transfer Certificate or to any Assignment Agreement.

  

	(c)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 

 

	(d)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Secured Parties. 

 

	(e)	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Secured Party (other than the Agent or the Arranger) under this Agreement it shall promptly notify the other
Secured Parties. 

  
 107 

	(f)	The Agent shall promptly send to the Security Agent such certification as the Security Agent may require pursuant to paragraph 7 (Basis of distribution) of Schedule 6 (Security agency provisions).

  

	(g)	The duties of the Agent and the Security Agent under the Finance Documents are solely mechanical and administrative in nature. 

  

	27.3	Role of the Arranger 

 Except as specifically provided in the Finance Documents, the
Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	27.4	Role of the Security Agent 

 The Security Agent shall not be an agent of (except as
expressly provided in any Finance Document) any Secured Party under or in connection with any Finance Document. 
  

	27.5	Other roles 

  

	(a)	The Obligors acknowledge that the Agent and the Arranger or their Affiliates may provide debt financing, equity capital or other services (including financial advisory services) to other companies in respect of which
the Obligors or their respective Affiliates may have conflicting interests regarding the transactions contemplated by the Finance Documents and otherwise. 

  

	(b)	The Agent and the Arranger must not use confidential information obtained from an Obligor or any of their Affiliates by virtue of the transactions contemplated by the Finance Documents in connection with their
performance of services for other persons nor furnish any such information to any such other persons. 

  

	(c)	The Obligors acknowledge that the Agent and the Arranger are not obliged to use in connection with the transactions contemplated by the Finance Documents, or to furnish to any Obligor or its Affiliates, confidential
information obtained from any other source. 

  

	27.6	No fiduciary duties 

  

	(a)	Nothing in this Agreement constitutes the Agent, the Security Agent (except as expressly provided in any Finance Document) or the Arranger as a trustee or fiduciary of any other person. 

 

	(b)	All monies held by the Account Bank under this Agreement are held by it as banker. Nothing in this Agreement constitutes the Account Bank as trustee or fiduciary of any other person. 

 

	(c)	None of the Agent, the Security Agent (except as expressly provided in any Finance Document), the Account Bank or the Arranger shall be bound to account to any Finance Party or the Hedging Bank for any sum or the profit
element of any sum received by it for its own account. 

  

	27.7	Business with the Group 

 The Agent, the Security Agent, the Account Bank and the
Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group or any other person. 
  

	27.8	Rights and discretions of the Agent, the Account Bank and the Security Agent 

  

	(a)	The Agent, the Account Bank and the Security Agent may rely on: 

  
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	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised and shall have no duty to verify any signature on any document; and 

 

	 	(ii)	any statement purportedly made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.

  

	(b)	The Agent, the Account Bank and the Security Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Secured Parties or, as the case may be, as security trustee for the Secured
Parties) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 23.1 (Non-payment)); and 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised. 

  

	(c)	Each of the Agent and the Security Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

 

	(d)	Each of the Agent and the Security Agent may act in relation to the Finance Documents through its personnel and agents. 

  

	(e)	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

  

	(f)	Without prejudice to the generality of paragraph (e) above, the Agent may disclose the identity of a Defaulting Lender to the other Finance Parties and the Obligors and shall disclose the same upon the written
request of the Company or the Majority Lenders. 

  

	(g)	Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent, the Security Agent, the Account Bank or the Arranger is obliged to do or omit to do anything if it would or might in its
reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	27.9	Majority Lenders’ instructions 

  

	(a)	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by the
Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts (or refrains from taking any
action) in accordance with an instruction of the Majority Lenders. 

  

	(b)	 The Security Agent shall (i) exercise any right, power, authority or discretion vested in it as Security Agent under the Finance Documents, in
relation to the provisions of Schedule 11 (Hedging Bank Provisions) or any matter affecting the rights of the Hedging Banks (including, for the avoidance of doubt, any decision relating to the preservation of rights in respect of any Security
or the enforcement of (or the conduct of such enforcement) any Security), in accordance with any instructions given to it by the Majority Creditors (or, if so instructed by the 

  
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Majority Creditors, refrain from exercising such right, power, authority or discretion vested in it) and (ii) not be liable for any act (or omission) if it acts (or refrains from taking any
action) in accordance with an instruction of the Majority Creditors in accordance with this paragraph (b). 

  

	(c)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders or, as applicable, the Majority Creditors will be binding on all the Secured Parties. 

 

	(d)	Each of the Agent and the Security Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Majority Creditors or the Lenders) until it has received such
security as it may require for any cost, loss or liability (together with any associated Indirect Tax) which it may incur in complying with the instructions. 

  

	(e)	In the absence of instructions from the Lenders (or an appropriate majority of the Lenders or the Majority Creditors), each of the Agent and the Security Agent may act (or refrain from taking action) as it considers to
be in the best interest of the Lenders under the Finance Documents. 

  

	(f)	Neither the Agent nor the Security Agent is authorised to act on behalf of a Finance Party (without first obtaining that Finance Party’s consent) in any legal or arbitration proceedings relating to any Finance
Document. 

  

	27.10	Responsibility for documentation 

 None of the Agent, the Security Agent or the Arranger:

  

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Hedging Bank, the Security Agent, the Arranger, the Company or any other person given
in or in connection with any Secured Document or the Information Memorandum; or 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Secured Document or any other agreement, arrangement or document entered into, made or executed in anticipation of or in
connection with any Secured Document. 

  

	27.11	Exclusion of liability 

  

	(a)	Without limiting paragraph (b) below (and without prejudice to the provisions of paragraph (e) of Clause 30.11 (Disruption to Payment Systems etc.)), the Agent will not be liable including without
limitation for negligence or any other category of liability whatsoever for any action taken by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

 

	(b)	No Party (other than the Agent or the Security Agent) may take any proceedings against any officer, employee or agent of the Agent or the Security Agent in respect of any claim it might have against the Agent or the
Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent or the Security Agent may rely on, enjoy the benefit of and/or
enforce the terms of this paragraph in accordance with provisions of the Third Parties Act. 

  

	(c)	 Neither the Agent nor the Security Agent will be liable for any delay (or any related consequences) in crediting an account with an amount required
under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply 

  
 110 

	 	
with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose. 

 

	(d)	Nothing in this Agreement shall oblige the Agent, the Arranger or the Security Agent to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender
confirms to the Agent, the Arranger and the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent, the Arranger or the
Security Agent. 

  

	27.12	Lenders’ indemnity to the Agent and the Security Agent 

 Each Lender shall (in
proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent and the Security Agent, within three Business Days
of demand, against any cost, loss or liability (including, without limitation, for negligence in relation to any FATCA related liability or any other category of liability whatsoever) incurred by the Agent or the Security Agent (otherwise than by
reason of the Agent’s or the Security Agent’s gross negligence or wilful misconduct) (or in the case of any cost, loss or liability pursuant to Clause 30.11 (Disruption to Payment Systems etc.) notwithstanding the Agent’s or
the Security Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent or the Security Agent) in acting as Agent or, as the case may be, Security Agent under
the Finance Documents (unless the Agent or the Security Agent has been reimbursed by an Obligor pursuant to a Finance Document). 
  

	27.13	Resignation of the Agent, the Security Agent or the Account Bank 

  

	(a)	The Agent, the Security Agent or the Account Bank may resign and appoint one of its Affiliates as successor, in each case, by giving notice to the other Secured Parties and the Company. 

 

	(b)	Alternatively the Agent may resign by giving 30 days’ notice to the other Secured Parties and the Company may appoint a successor Agent. Alternatively the Security Agent or the Account bank may resign by giving 30
days’ notice to the other Secured Parties and the Company, in which case the Majority Lenders (after consultation with the Company) may appoint a successor Security Agent. 

 

	(c)	If the Majority Lenders or the Agent have not appointed a successor Agent or, as the case may be, Security Agent or Account Bank in accordance with paragraph (b) above within 30 days after notice of resignation was
given, the retiring Agent or, as the case may be, Security Agent or Account Bank (after consultation with the Company) may appoint a successor Agent, Security Agent or Account Bank. 

 

	(d)	The retiring Agent, Security Agent or Account Bank shall, at its own cost, make available to its successor such documents and records and provide such assistance as its successor may reasonably request for the purposes
of performing its functions as Agent, Security Agent or Account Bank under the Finance Documents. 

  

	(e)	The resignation notice of the Agent, Security Agent or Account Bank shall only take effect upon the appointment of a successor and, in the case of the Security Agent, upon the transfer of all of the Security Property to
that successor. 

  
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	(f)	Upon the appointment of a successor, the retiring Agent, Security Agent or Account Bank shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph
(d) above) but shall remain entitled to the benefit of this Clause 27. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original
Party. 

  

	(g)	After consultation with the Company, the Majority Lenders may, by notice to the Agent or, as the case may be, the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the
Agent or, as the case may be, the Security Agent, shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Company. 

 

	(h)	The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the
date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  

	 	(i)	the Agent fails to respond to a request under Clause 19.8 (FATCA Information) and the Company or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or
after that FATCA Application Date; 

  

	 	(ii)	the information supplied by the Agent pursuant to Clause 19.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

  

	 	(iii)	the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

and (in each case) the Company or a Lender reasonably believes, after consultation with the Agent, that a Party will be required to make a
FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires it to resign. 
  

	27.14	Replacement of the Agent 

  

	(a)	If the Agent is an Impaired Agent, after consultation with the Company, the Majority Lenders may, by giving 30 days’ notice to the Agent (or any shorter notice determined by the Majority Lenders) replace the Agent
by appointing a successor Agent (acting through an office in the United Kingdom). 

  

	(b)	The Impaired Agent shall (at its own cost) make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its
functions as Agent under the Finance Documents. 

  

	(c)	The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the Impaired Agent. As from this date, the Impaired Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 27.14 (and any agency fees for the account of the Impaired Agent shall cease to accrue from (and shall be payable on) that date).

  
 112 

	(d)	Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	27.15	Confidentiality 

  

	(a)	The Agent (in acting as agent for the Finance Parties) and the Security Agent (in acting as security agent or trustee for the Secured Parties) shall be regarded as acting through its respective agency or security agency
or trustee division which, in each case, shall be treated as a separate entity from any other of its divisions or departments. 

  

	(b)	If information is received by another division or department of the Agent or, as the case may be, the Security Agent, it may be treated as confidential to that division or department and the Agent or, as the case may
be, the Security Agent shall not be deemed to have notice of it. 

  

	(c)	Notwithstanding any other provision of any Finance Document to the contrary, the Agent is not obliged to disclose to any person (i) any confidential information or (ii) any other information if the disclosure
would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of any contractual or fiduciary duty. 

  

	27.16	Relationship with the Lenders 

  

	(a)	The Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than five Business Days prior notice from that Lender to the
contrary in accordance with the terms of this Agreement. 

  

	(b)	Each Lender shall supply the Agent with any information required by the Agent in order to calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory Cost Formula). 

 

	(c)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice
shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 32.5 (Electronic communication)) electronic mail address and/or any other information required to enable the
sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address,
department and officer by that Lender for the purposes of Clause 32.2 (Addresses) and paragraph (a)(iii) of Clause 32.5 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive
all such notices, communications, information and documents as though that person were that Lender. 

  

	27.17	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor or
any other person for information supplied by it or on its behalf in connection with any Secured Debt Document, each Lender and Hedging Bank confirms to the Agent, the Security Agent and the Arranger that it has been, and will continue to be, solely
responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Secured Debt Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group and the Target Group; 

  
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	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Secured Debt Document and any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Secured Debt Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Secured Debt Document, the transactions contemplated by the
Secured Debt Documents or any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Secured Debt Document; and 

 

	 	(d)	the adequacy, accuracy and/or completeness of the Information Memorandum and any other information provided by the Agent, the Security Agent, any Party or by any other person under or in connection with any Secured Debt
Document, the transactions contemplated by the Secured Debt Documents or any other agreement, Security, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Secured Debt Document.

  

	27.18	Reference Banks 

 If a Reference Bank (or, if a Reference Bank is not a Lender, the
Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 

 

	27.19	Security Agent Provisions 

 The provisions of Schedule 6 (Security agency
provisions) shall bind each Party. 
  

	27.20	Deduction from amounts payable by the Agent 

 If any Party owes an amount to the Agent or
the Security Agent under the Finance Documents the Agent or the Security Agent (as the case may be) may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent or the Security
Agent (as the case may be) would otherwise be obliged to make under the Finance Documents, and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having
received any amount so deducted. 
  

	28.	CONDUCT OF BUSINESS BY THE SECURED PARTIES 

 No provision of this Agreement will: 

 

	 	(a)	interfere with the right of any Secured Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Secured Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Secured Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

  
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	29.	SHARING AMONG THE SECURED PARTIES 

  

	29.1	Payments to Secured Parties 

 If a Finance Party (a “Recovering
Creditor”) receives or recovers any amount from an Obligor other than (x) in accordance with Clause 30 (Payment mechanics) or (y), in respect of a Hedging Bank only, a Permitted Hedging Payment, (a “Recovered
Amount”) and applies that amount to a payment due under the Finance Documents then: 
  

	 	(a)	the Recovering Creditor shall, within three Business Days, notify details of the receipt or recovery to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Creditor would have been paid had the receipt or recovery been received or made by the Agent and distributed in
accordance with Clause 30 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Creditor shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Agent
determines may be retained by the Recovering Creditor as its share of any payment to be made, in accordance with Clause 30.7 (Partial payments). 

  

	29.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been
paid by the relevant Obligor and distribute it between the Secured Parties (other than the Recovering Creditor) (the “Sharing Creditors”) in accordance with Clause 30 (Payment Mechanics). 

 

	29.3	Recovering Secured Party’s rights 

 On a distribution by the Agent under Clause 29.2
(Redistribution of payments) of a payment received by a Recovering Creditor from an Obligor, as between the relevant Obligor and the Recovering Creditor, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not
having been paid by that Obligor. 
  

	29.4	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by
a Recovering Creditor becomes repayable and is repaid by that Recovering Creditor, then: 
  

	 	(a)	each Sharing Creditor shall, upon request of the Agent, pay to the Agent for the account of that Recovering Creditor an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount
as is necessary to reimburse that Recovering Creditor for its proportion of any interest on the Sharing Payment which that Recovering Creditor is required to pay) (the “Redistributed Amount”); and 

 

	 	(b)	as between the relevant Obligor and each relevant Sharing Creditor, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. 

  
 115 

	29.5	Exceptions 

  

	(a)	This Clause 29 shall not apply to the extent that the Recovering Creditor would not, after making any payment pursuant to this Clause 29, have a valid and enforceable claim against the relevant Obligor.

  

	(b)	A Recovering Creditor is not obliged to share with any other Secured Party any amount which the Recovering Creditor has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified that other Secured Party of the legal or arbitration proceedings; and 

  

	 	(ii)	that other Secured Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  
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 SECTION 11 

ADMINISTRATION 
  

	30.	PAYMENT MECHANICS 

  

	30.1	Payments to the Agent 

  

	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor (subject to Clause 30.12 (Payments to the Security Agent) or Lender shall make the same available
to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the
place of payment. 

  

	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Agent specifies. 

 

	30.2	Distributions by the Agent 

  

	(a)	Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 30.4 (Distributions to an Obligor) and Clause 30.5 (Clawback) and Clause 30.12 (Payments to the
Security Agent), be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as
that Party may notify to the Agent by not less than five Business Days’ notice with a bank in the principal financial centre of the country of that currency. 

 

	30.3	Payments to the Hedging Banks 

 Any payments to a Hedging Bank in accordance with this
Agreement following enforcement of any of the Security Documents or by reason of receipt by TSMHL of Required Proceeds after the Acceleration Date shall be made to such account in the principal financial centre of the country of that currency with
such bank as the relevant Hedging Bank specifies by not less than five Business Days’ notice to the Agent and the Security Agent. 
  

	30.4	Distributions to an Obligor 

 The Agent and the Security Agent may (with the consent of
an Obligor or in accordance with Clause 31 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance
Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	30.5	Clawback 

  

	(a)	Where a sum is to be paid to the Agent or the Security Agent under the Finance Documents for another Party, the Agent or, as the case may be, the Security Agent, is not obliged to pay that sum to that other Party (or to
enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	(b)	 If the Agent or the Security Agent pays an amount to another Party and it proves to be the case that it had not actually received that amount, then
the Party to whom that amount (or the proceeds of any related exchange contract) was paid shall on demand refund the same to the Agent or, as the case may be, the Security Agent, together with interest on that amount from the

  
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date of payment to the date of receipt by the Agent, or, as the case may be, the Security Agent, calculated by it to reflect its cost of funds. 

 

	30.6	Impaired Agent 

  

	(a)	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 30.1 (Payments to the Agent) may
instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or
the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents. In each case such payments must be made on the due date for payment under the
Finance Documents. 

  

	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. 

 

	(c)	A Party which has made a payment in accordance with this Clause 30.6 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  

	(d)	Promptly upon the appointment of a successor Agent in accordance with Clause 27.14 (Replacement of the Agent), each Party which has made a payment to a trust account in accordance with this Clause 30.6 shall give
all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance with Clause 30.2 (Distributions by the Agent).

  

	30.7	Partial payments 

  

	(a)	If the Agent receives a payment (other than by way of enforcement of any of the Security Documents or by reason of receipt by TSMHL of Required Proceeds after the Acceleration Date) that is insufficient to discharge all
the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

 

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent, the Security Agent or the Arranger under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	(b)	 If the Agent or the Security Agent receives a payment by way of enforcement of any of the Security Documents or by reason of receipt by TSMHL of
Required Proceeds after the Acceleration Date that is insufficient to discharge all the amounts then due and payable by an Obligor under the Secured Documents, the Security Agent or, as applicable, the Agent shall

  
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apply that payment towards the obligations of that Obligor under the Secured Documents in the following order: 

 

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent, the Security Agent or the Arranger under the Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of: 

  

	 	(A)	any periodical payments (not being payments as a result of termination or closing out) due but unpaid to a Hedging Bank under a Hedging Document; and 

 

	 	(B)	any accrued interest, fee or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of: 

  

	 	(A)	any payments as a result of termination or closing out due but unpaid to a Hedging Bank under a Hedging Document; and 

  

	 	(B)	any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Secured Documents. 

  

	(c)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above. 

  

	(d)	The Agent shall, if directed by all the Lenders and each Hedging Bank, vary the order set in paragraphs (b)(ii) to (iv) above. 

  

	(e)	Paragraphs (a), (b) and (c) above will override any appropriation made by an Obligor. 

  

	30.8	No set-off by Obligors 

 All payments to be made by an Obligor under the Finance
Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	30.9	Business Days 

  

	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	30.10	Currency of account 

  

	(a)	Subject to paragraphs (b) to (e) below, Dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	(b)	A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which the Loan or Unpaid Sum is denominated on its due date. 

 

	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued. 

  
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	(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	(e)	Any amount expressed to be payable in a currency other than Dollars shall be paid in that other currency. 

  

	(f)	A payment of any sum due from an Obligor under any Hedging Document shall be made in the currency in which that sum is denominated on its due date. 

 

	30.11	Disruption to Payment Systems etc. 

 If either the Agent determines (in its discretion)
that a Disruption Event has occurred or the Agent is notified by the Company that a Disruption Event has occurred: 
  

	 	(a)	the Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing with the Company such changes to the operation or administration of the Facility as the Agent may deem
necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Company in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event,
shall have no obligation to agree to such changes; 

  

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

  

	 	(d)	any such changes agreed upon by the Agent and the Company shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be,
waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 37 (Amendments and Waivers); 

  

	 	(e)	the Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based
on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 30.11; and 

  

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

  

	30.12	Payments to the Security Agent 

 Notwithstanding any other provision of any Finance
Document, at any time after any Security created by or pursuant to any Security Document becomes enforceable, the Security Agent may require: 
  

	 	(a)	any Obligor to pay all sums due under any Finance Document; or 

  

	 	(b)	the Agent to pay all sums received or recovered from an Obligor under any Finance Document, 

 in
each case as the Security Agent may direct for application in accordance with the terms of the Security Documents. 

  
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	31.	SET-OFF 

 A Finance Party may set off any matured obligation due from an Obligor which
has not been paid when due under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency
of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	32.	NOTICES 

  

	32.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	32.2	Addresses 

 The address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Company, that identified with its name below (and, in the case of TSMHL and TSEHL, identified in the Accession Letter defined under Clause 25.2 (Accession of TSMHL and TSEHL);

  

	 	(b)	in the case of a Subordinated Creditor, that identified in the Accession Letter signed by it; 

  

	 	(c)	in the case of each Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; 

  

	 	(d)	in the case of the Agent, the Account Bank and the Security Agent, that identified with its name below; and 

  

	 	(e)	in the case of each Hedging Bank, that notified in the relevant Letter, 

 or any substitute
address, fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 

 

	32.3	Delivery 

  

	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(i)	if sent by fax before 5 p.m. (local time in the place to which it is sent) on a working day in that place, when sent or, if sent by fax at any other time, at 9 a.m. (local time in the place to which it is sent) on the
next working day in that place, provided, in each case, that the person sending the fax shall have received a transmission receipt; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

  
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 and, if a particular department or officer is specified as part of its address details provided
under Clause 32.2 (Addresses), if addressed to that department or officer. For this purpose, working days are days other than Saturdays, Sundays and bank holidays. 
  

	(b)	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by it and then only if expressly marked for the attention of the department or
officer identified with its signature below (or any substitute department or officer as it shall specify for this purpose). 

  

	(c)	All notices to or from an Obligor shall be sent through the Agent. 

  

	32.4	Notification of address and fax number 

 Promptly upon receipt of notification of an
address and fax number or change of address or fax number pursuant to Clause 32.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other Parties. 

 

	32.5	Communication when Agent is Impaired Agent 

 If the Agent is an Impaired Agent the
Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices
to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed. 

 

	32.6	Electronic communication 

  

	(a)	Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents may be made by electronic mail or other electronic means, if the Agent and the relevant Lender:

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

  

	(b)	Any electronic communication made between the Agent and a Lender will be effective only when actually received in readable form and in the case of any electronic communication made by a Lender to the Agent only if it is
addressed in such a manner as the Agent shall specify for this purpose. 

  

	32.7	English language 

  

	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  
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	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  

	33.	CALCULATIONS AND CERTIFICATES 

  

	33.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Secured Party are prima facie evidence of the matters to which they relate. 
  

	33.2	Certificates and Determinations 

 Any certification or determination by a Secured Party
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	33.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the London interbank market differs, in accordance with that market practice. 

 

	34.	PARTIAL INVALIDITY 

 If, at any time, any provision of the Finance Documents is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction will in any way be affected or impaired. 
  

	35.	US BANKS 

  

	(a)	Notwithstanding any other provision in the Finance Documents, each Obligor hereby agrees that a Lender (and each employee, representative, or other agent of that Lender) may disclose to any and all persons, without
limitation of any kind, the US tax treatment and US tax structure of the transactions contemplated by the Finance Documents and all materials of any kind (including opinions or other tax analyses) that are provided to that Lender relating to such US
tax treatment and US tax structure. 

  

	(b)	Each Obligor acknowledges that to the extent the Finance Documents or any transaction contemplated under the Finance Documents would constitute a “confidential transaction” that each Lender intends to submit
details of the transactions contemplated by the Finance Documents to the IRS or to maintain a list regarding details of such transactions for review by the IRS upon its request. 

 

	36.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of any Secured Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other

  
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right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 

 

	37.	AMENDMENTS AND WAIVERS 

  

	37.1	Required consents 

  

	(a)	Subject to Clause 37.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Company and any such amendment or waiver will be binding on all
Parties. 

  

	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 37. 

  

	(c)	No amendment or waiver may be made before the date falling ten Business Days after the terms of that amendment or waiver have been notified by the Agent to the Lenders, unless each Lender is a “FATCA Protected
Lender”. The Agent shall notify the Lenders reasonably promptly of any amendments or waivers proposed by the Company. 

  

	37.2	Exceptions 

  

	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable (it being agreed that a waiver (other than a waiver which stops default interest from accruing
under Clause 8.3 (Default interest)) of a Default would not constitute such a reduction); 

  

	 	(iv)	the currency of payment of any amount under the Finance Documents; 

  

	 	(v)	an increase in or an extension of any Commitment or the Total Commitments or the Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the
Facility; 

  

	 	(vi)	a change to an Obligor (other than as contemplated in Clause 25.2 (Accession of TSMHL and TSEHL); 

  

	 	(vii)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(viii)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 24 (Changes to the Lenders), Clause 29 (Sharing among the Secured Parties) or this Clause 37; 

 

	 	(ix)	Clause 7.2 (Change of Control) or Clause 7.3 (Mandatory prepayment) (other than an amendment or waiver which has the effect of changing any notice period for prepayment); 

 

	 	(x)	the manner in which the proceeds of the enforcement of any Security created pursuant to any Security Document are distributed; 

  

	 	(xi)	the order of priority or subordination under any of Clause 21.28 (Subordination), Schedule 12 (Subordination) or the Intercreditor Deed; 

  
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	 	(xii)	the nature or scope of the guarantee or indemnity granted under Clause 17.1 (Guarantee and indemnity); 

  

	 	(xiii)	the nature or scope of the Charged Assets except to the extent that it relates to the sale or disposal of a Charged Asset where that sale or disposal is expressly permitted under this Agreement or any other Finance
Document; 

  

	 	(xiv)	the release of any Security created pursuant to any Security Document or of any Charged Asset, 

shall not be made without the prior consent of all the Lenders. 
  

	(b)	An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent, the Account Bank, the Hedging Bank or the Arranger may not be effected without the consent of the Agent, the Security
Agent, the Account Bank, the Hedging Bank or as the case may be, the Arranger. 

  

	(c)	

  

	 	(i)	If a Finance Party reasonably believes that an amendment or waiver may constitute a “material modification” for the purposes of FATCA that may result (directly or indirectly) in a Party being required to make
a FATCA Deduction and that Finance Party (as the case may be) notifies the Company and the Agent accordingly, that amendment or waiver may, subject to paragraph (ii) below, not be effected without the consent of that Finance Party (as the case
may be). 

  

	 	(ii)	The consent of a Lender shall not be required pursuant to paragraph (c)(i) of this Clause 37.2 if that Lender is a FATCA Protected Lender, provided that such Lender’s Commitments shall nevertheless be included for
the purpose of ascertaining whether the agreement of any given percentage (including for the avoidance of doubt, unanimity) of the Total Commitments, has been obtained in respect of any requirement under this Clause 37 for the Lenders to consent to
the relevant amendment or waiver. 

  

	37.3	Disenfranchisement of Defaulting Lenders 

  

	(a)	For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been
obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitments will be reduced by the amount of its Available Commitments. 

 

	(b)	For the purposes of this Clause 37.3, the Agent may assume that the following Lenders are Defaulting Lenders: 

  

	 	(i)	any Lender which has notified the Agent that it has become a Defaulting Lender; 

  

	 	(ii)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of “Defaulting Lender” has occurred, 

  
 125 

 unless it has received notice to the contrary from the Lender concerned (together with any
supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 
  

	37.4	Replacement of a Defaulting Lender 

  

	(a)	The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 20 Business Days’ prior written notice to the Agent and such Lender replace such Lender by requiring such Lender
to (and such Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a
“Replacement Lender”) selected by the Company, and which is acceptable to the Agent (acting reasonably), which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the
transferring Lender (including the assumption of the transferring Lender’s participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer
equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisations and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. 

 

	(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause shall be subject to the following conditions: 

  

	 	(i)	the Company shall have no right to replace the Agent; 

  

	 	(ii)	neither the Agent nor the Defaulting Lender shall have any obligation to the Company to find a Replacement Lender; 

  

	 	(iii)	the transfer must take place no later than 30 days after the notice referred to in paragraph (a) above; and 

  

	 	(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents. 

 

	38.	CONFIDENTIALITY 

  

	38.1	Confidential Information 

 Each Secured Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by Clause 38.2 (Disclosure of Confidential Information) and Clause 38.3 (Disclosure to numbering service providers), and to ensure that all Confidential
Information is protected with security measures and a degree of care that would apply to its own confidential information. 

  
 126 

	38.2	Disclosure of Confidential Information 

 Without prejudice to any Secured Party’s
right to disclose Confidential Information relating to any Obligor whether under the common law or the Banking Act, Chapter 19 of the laws of Singapore (as amended or re-enacted from time to time, the “Banking Act”) or otherwise,
any Secured Party, its officers (as defined in the Banking Act) and agents and all persons to whom Section 47 of the Banking Act applies may disclose: 
  

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, service providers, auditors, partners and Representatives such Confidential Information as that
Secured Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of
confidentiality in relation to the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, Related
Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by
reference to, one or more Finance Documents and/or an Obligor and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers and service providers; 

 

	 	(iii)	appointed by any Secured Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed under paragraph (c) of Clause 27.16 (Relationship with the Lenders)); 

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 

 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 24.8 (Security over Lenders’ rights); 

  
 127 

	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Company; 

 in each case, such Confidential Information as that Secured
Party shall consider appropriate if: 
  

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of
confidentiality in relation to the Confidential Information they receive except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain
the confidentiality of the Confidential Information; 

  

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Secured Party, it is not practicable so to do in the circumstances; 

 

	 	(c)	to any person appointed by that Secured Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide: 

  

	 	(i)	administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents; 

 

	 	(ii)	operational functions for a Secured Party; or 

  

	 	(iii)	administrative or technological services to a Secured Party in order to support the regular function of banking services, 

such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in
this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With
Administration/Settlement Service Providers or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive; and 

  
 128 

	 	(d)	to any rating agency, insurer or insurance broker of, or direct or indirect provider of credit protection to, that Secured Party or any affiliate of that Secured Party. 

 

	38.3	Disclosure to numbering service providers 

  

	(a)	Any Secured Party may disclose to any national or international numbering service provider appointed by that Secured Party to provide identification numbering services in respect of this Agreement, the Facility and/or
one or more Obligors the following information: 

  

	 	(i)	names of the Obligors; 

  

	 	(ii)	country of domicile of the Obligors; 

  

	 	(iii)	place of incorporation of the Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the names of the Agent and the Arranger; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of Total Commitments; 

  

	 	(viii)	currencies of the Facility; 

  

	 	(ix)	type of Facility; 

  

	 	(x)	Final Maturity Date for the Facility; 

  

	 	(xi)	changes to any of the information previously supplied pursuant to paragraphs (i) to (x) above; and 

  

	 	(xii)	such other information agreed between such Secured Party and the Company, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number
may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	(c)	Each Obligor represents that none of the information set out in paragraphs (a)(i) to (xii) above is, nor will at any time be, unpublished price-sensitive information. 

 

	(d)	The Agent shall notify the Company and the other Secured Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or one or more Obligors; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider. 

 

	38.4	Entire agreement 

 This Clause 38 constitutes the entire agreement between the Parties in
relation to the obligations of the Secured Parties under the Finance Documents regarding Confidential 

  
 129 

 
Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	38.5	Inside information 

 Each of the Secured Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Secured Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	38.6	Notification of disclosure 

 Each of the Secured Parties agrees (to the extent permitted
by law and regulation) to inform the Company: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 38.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the
persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 38. 

  

	38.7	Continuing obligations 

 The obligations in this Clause 38 are continuing and, in
particular, shall survive and remain binding on each Secured Party for a period of 12 months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 

 

	 	(b)	the date on which such Secured Party otherwise ceases to be a Secured Party. 

  

	39.	COUNTERPARTS 

 Each Finance Document may be executed in any number of counterparts, and
this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

  
 130 

 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	40.	GOVERNING LAW 

 This Agreement and any non-contractual obligations arising out of or in
connection with it are governed by English law. 
  

	41.	ENFORCEMENT 

  

	41.1	Jurisdiction 

  

	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or
any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”). 

  

	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	(c)	This Clause 41.1 is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions. 

  

	41.2	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law, TSMHL and TSEHL: 
  

	 	(a)	with effect from the date on which their accession to this Agreement becomes effective in accordance with Clause 25.2 (Accession of TSMHL and TSEHL) irrevocably appoint the Company (and the Company hereby accepts
its appointment) as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and 

  

	 	(b)	agrees that failure by a process agent to notify TSMHL or TSEHL of the process will not invalidate the proceedings concerned. 

  

	41.3	Consent to Enforcement etc. 

 Each Obligor irrevocably and generally consents in respect
of any proceedings anywhere in connection with any Finance Document to the giving of any relief or the issue of any process in connection with those proceedings including, without limitation, the making, enforcement or execution against any assets
whatsoever (irrespective of their use or intended use) of any order or judgment which may be made or given in those proceedings. 
  

	41.4	Waiver of consequential damages etc. 

  

	(a)	 Each Obligor irrevocably agrees that, in connection with the Finance Documents and the transactions contemplated thereby, no Finance Party nor any of
their respective Affiliates, officers, employees or agents shall be liable to that Obligor (except to the extent of its own gross negligence or wilful misconduct) nor liable, on any theory of liability, for any special, indirect

  
 131 

	 	
consequential or punitive damages and each Obligor agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favour.

  

	(b)	Any third party referred to in paragraph (a) above may enjoy the benefit of or enforce the terms of that paragraph in accordance with the provisions of the Third Parties Act. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 132 

 SCHEDULE 1 

THE ORIGINAL LENDERS 

 

					
	Name of Original Lender	  	Commitment (US$)	 
		
	 BANK OF AMERICA, N.A.
	  	 	200,000,000	  
		
	 BARCLAYS BANK PLC
	  	 	200,000,000	  
		
	 CITIBANK, N.A.
	  	 	200,000,000	  
		
	 JP MORGAN CHASE BANK N.A., SINGAPORE BRANCH
	  	 	200,000,000	  
		
	 THE ROYAL BANK OF SCOTLAND PLC
	  	 	200,000,000	  
		
	 STANDARD CHARTERED BANK
	  	 	200,000,000	  
		  	  
	  
	 
	 Total
	  	 	1,200,000,000	  
		  	  
	  
	 

  
 133 

 SCHEDULE 2 

CONDITIONS PRECEDENT 

PART I 

THE COMPANY 
  

	1.	Company and Original Subordinated Creditor 

  

	(a)	A copy of the constitutional documents of the Company and the Original Subordinated Creditor. 

  

	(b)	A copy of resolutions of the board of directors or equivalent body of the Company and the Original Subordinated Creditor: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request and Selection Notice) to be signed and/or despatched by it
under or in connection with the Finance Documents to which it is a party. 

  

	(c)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above. 

  

	(d)	A certificate of the Company (signed by a director) confirming that guaranteeing the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded. 

 

	(e)	A certificate of an authorised signatory of the Company and the Original Subordinated Creditor certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full
force and effect as at a date no earlier than the date of this Agreement. 

  

	2.	Legal opinions 

 A legal opinion of each of: 

 

	 	(a)	Linklaters Singapore Pte. Ltd., legal advisers to the Arranger, the Security Agent and the Agent in England; 

  

	 	(b)	Walkers, legal advisers to the Arranger, the Security Agent and the Agent in Jersey; and 

  

	 	(c)	Amarchand & Mangaldas & Suresh A. Shroff & Co., in respect of the ability to Sesa Goa to acquire Cairn India Shares from TSMHL, 

each in a form and substance satisfactory to the Finance Parties. 

  
 134 

	3.	Financial information 

 Certified copies of the Original Financial Statements. 

 

	4.	Other documents and evidence 

  

	(a)	Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 11 (Fees) and Clause 16 (Costs and expenses) have been paid or will be paid by the first Utilisation Date.

  

	(b)	Evidence that each Fee Letter has been duly executed by the parties to it. 

  

	(c)	Evidence satisfactory to the Agent that each Lender has carried out and is satisfied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations
pursuant to the transactions contemplated in the Finance Documents. 

  

	(d)	The Group Structure Chart. 

  

	(e)	A copy of the notice of prepayment delivered under Clause 7.7 (Voluntary prepayment) of the Existing Facilities Agreement giving irrevocable notice that all the outstanding loans under that agreement are to be
prepaid in full on the initial Utilisation Date. 

  

	(f)	A copy of a duly executed deed of release of all Security granted under or in connection with the Existing Facilities Agreement. 

  

	(g)	A copy of the notice of cancellation or, as applicable, prepayment delivered under Clause 7.4 (Mandatory cancellation – Term Facility/Refinancing Notes) of the B2B Facility Agreement giving irrevocable
notice that the outstanding loan under the B2B Facility is to be prepaid in full on the initial Utilisation Date or otherwise cancelling the commitments in respect of the B2B Facility in full. 

 

	(h)	Agreed Forms of all Security Documents to be entered into pursuant to Clause 21.27 (Security Documents). 

  

	(i)	A list of specimen signatures and contact details for each person who has signing rights in respect of the Accounts. 

  
 135 

 PART II 

CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED
BY TSMHL/TSEHL 
  

	1.	An Accession Letter, duly executed by the Company, TSMHL and TSEHL. 

  

	2.	A copy of the constitutional documents of each of TSMHL and TSEHL. 

  

	3.	A copy of a resolution of the board of directors of each of TSMHL and TSEHL: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; 

 

	 	(b)	authorising a specified person or persons to execute the Accession Letter on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to TSMHL, any Utilisation Request or Selection Notice) to be signed and/or
despatched by it under or in connection with the Finance Documents. 

  

	4.	A copy of special resolutions of each of the shareholders of TSMHL and TSEHL approving the terms of, and the transactions contemplated by, the Finance Documents to which TSMHL or TSEHL (as applicable) is a party and
resolving that TSMHL or TSEHL (as applicable) executes the Finance Documents to which it is a party. 

  

	5.	A specimen of the signature of each person authorised by the resolution referred to in paragraph 3 above. 

  

	6.	A certificate of each of TSMHL and TSEHL (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it
to be exceeded. 

  

	7.	A certificate of an authorised signatory of each of TSMHL and TSEHL certifying that each copy document listed in this Part II of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than
the date of the Accession Letter. 

  

	8.	A legal opinion of Linklaters Singapore Pte Ltd, legal advisers to the Arranger and the Agent in England. 

  

	9.	A legal opinion of Appleby the legal advisers to the Arranger and the Agent in Mauritius. 

  
 136 

 PART III 

CONDITIONS RELATING TO SECURITY DOCUMENTS 

 

	1.	TSMHL/TSEHL 

  

	(a)	A copy of the constitutional documents of TSEHL and TSMHL (or a certificate of an authorised signatory of TSMHL or, as applicable, TSEHL confirming that the constitutional documents most recently provided under this
Agreement have not been amended or varied in any respect). 

  

	(b)	A copy of a resolution of the board of directors or equivalent body of TSEHL and TSMHL: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Security Documents to which it is a party and resolving that it execute the Security Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Security Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Security Documents to which it is a party.

  

	(c)	A copy of a special resolution of each of the shareholders of TSMHL and TSEHL approving the terms of, and the transactions contemplated by, the Security Documents to which TSMHL or, as applicable, TSEHL is a party and
resolving that TSMHL or, as applicable, TSEHL executes the Security Documents to which it is a party. 

  

	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above. 

  

	(e)	A certificate of an authorised signatory of TSMHL and TSEHL certifying that each copy document relating to it specified in this Part III of Schedule 2 is correct, complete and in full force and effect as at a date no
earlier than the date of each Security Document. 

  

	2.	Security 

 Confirmation from the Security Agent that it has received each of the
following documents in form and substance satisfactory to it: 
  

	 	(a)	A copy of each Security Document, duly executed by the parties to it; 

  

	 	(b)	The share certificates (and undated transfer of share forms signed by TSEHL in the form set out in Appendix I to the Borrower Share Pledge) in relation to the entire issued share capital of TSMHL; 

 

	 	(c)	The duly executed power of attorney in the form set out in Appendix I to the Borrower Share Pledge; 

  

	 	(d)	Undated letters of resignation from each director of TSMHL in the form set out in Appendix 3 to the Borrower Share Pledge; 

  
 137 

	 	(e)	Evidence that the entry in the register of pledges of TSMHL in the form set out in Appendix 4 to the Borrower Share Pledge has been made; and 

 

	 	(f)	Notice of assignment in respect of the Account Charge duly countersigned by the Account Bank. 

  

	3.	Legal opinions 

 A legal opinion of each of: 

 

	 	(a)	Linklaters Singapore Pte Ltd, legal advisers to the Arranger, the Security Agent and the Agent in England; and 

  

	 	(b)	Appleby, legal advisers to the Arranger, the Security Agent and the Agent in Mauritius, 

 in
form and substance satisfactory to the Finance Parties. 

  
 138 

 SCHEDULE 3 

REQUESTS 

PART I 

UTILISATION REQUEST 
  

			
	From:	  	Vedanta Resources PLC as agent of the Borrower
		
	To:	  	Standard Chartered Bank as Agent
		
	Dated:	  	

 Dear Sirs 

Vedanta Resources PLC – US$1,200,000,000 Facility Agreement 

dated 15 May 2013 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is the Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

  

	2.	We wish to borrow a Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	[                    ] or, if that is not a Business Day, the next Business Day)
		
	Loan amount	  	US$ [            ] or, if less, the Available Facility
		
	Interest Period in respect of the Loan	  	[                    ]

  

	3.	The proposed Loan [is not a Certain Fund Loans/is a Certain Funds Loan and the proceeds of the Loan are to be applied [ — ]].* 

 

	4.	We confirm that: 

  

	(a)	no Default is continuing or would result from the proposed Loan; 

  

	(b)	the Repeating Representations to be made by the Obligors are true in all material respects. 

  

	4.	The proceeds of the Loan should be credited as follows: [                    ] 

[specify relevant Account consistent with Clause 5.2(a)(iv)] 
  

	5.	This Utilisation Request is irrevocable. 

 Yours faithfully 

 
  

authorised signatory for Vedanta Resources PLC 

 

	*	To specify purpose for which proceeds are to be applied consistent with paragraph (d) or (e) (to the extent applicable) of Clause 4.2 (Further conditions precedent) 

  
 139 

 PART II 

SELECTION NOTICE 
  

			
	From:	  	Vedanta Resources PLC as agent of the Borrower
		
	To:	  	Standard Chartered Bank as Agent
		
	Dated:	  	

 Dear Sirs 

Vedanta Resources PLC – US$1,200,000,000 Facility Agreement 

dated 15 May 2013 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice. 

 

	2.	We refer to the Loan[s] with an Interest Period ending on [                    ]. 

 

	3.	We request that the next Interest Period for the above Loan[s] is [                    ]. 

 

	4.	This Selection Notice is irrevocable. 

 Yours faithfully 

 
  

authorised signatory for 
 Vedanta
Resources PLC 

  
 140 

 SCHEDULE 4 

MANDATORY COST FORMULA 

 

	1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England, the Financial Conduct Authority and/or the Prudential
Regulation Authority (or, in each case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

 

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the
paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the relevant Loan) and will be
expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its
notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from that Facility Office) of complying with the minimum reserve requirements of the European Central
Bank in respect of loans made from that Facility Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Agent as follows: 

 

			
	Ex 0.01	 	per cent. per annum.
	300	 

 Where: 
  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Agent pursuant to
paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	(a)	“Fees Rules” means the rules on periodic fees contained in the Financial Conduct Authority Fees Manual and/or the Prudential Regulation Authority Fees Manual or such other law or regulation as may be in
force from time to time in respect of the payment of fees for the acceptance of deposits; 

  

	(b)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking
into account any applicable discount rate); and 

  

	(c)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

	6.	The resulting figure shall be rounded to four decimal places. 

  
 141 

	7.	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Conduct Authority or the Prudential Regulation Authority, supply to the Agent, the rate of charge payable
by that Reference Bank to the Financial Conduct Authority or Prudential Regulation Authority (as applicable) pursuant to the Fees Rules in respect of the relevant financial year of the Financial Conduct Authority or Prudential Regulation Authority
(as applicable) (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference
Bank. 

  

	8.	Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the following information on or
prior to the date on which it becomes a Lender: 

  

	 	(a)	the jurisdiction of its Facility Office; and 

  

	 	(b)	any other information that the Agent may reasonably require for such purpose. 

 Each Lender
shall promptly notify the Agent of any change to the information provided by it pursuant to this paragraph. 
  

	9.	The rates of charge of each Reference Bank for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to paragraphs 7 and 8 above. 

 

	10.	The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any
Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

  

	11.	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and
each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and
binding on all Parties. 

  

	13.	The Agent may from time to time, after consultation with the Company and the Lenders, determine and notify to all Parties any amendments which are required to be made to this Schedule in order to comply with any change
in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority or the European Central Bank (or, in any case, any other authority which replaces all or
any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties. 

  
 142 

 SCHEDULE 5 

FORM OF TRANSFER CERTIFICATE 

 

			
	To:	  	Standard Chartered Bank (the “Agent”)
		
	From:	  	[                    ] (the “Existing Lender”) and
[                    ] (the “New Lender”)

 Dated: 

Vedanta Resources PLC – US$1,200,000,000 Facility Agreement 

dated 15 May 2013 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

  

	2.	We refer to Clause 24.5 (Procedure for transfer): 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and obligations referred to in the Schedule in
accordance with Clause 24.5 (Procedure for transfer). 

  

	 	(b)	The proposed Transfer Date is [                    ]. 

 

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 32.2 (Addresses) are set out in the Schedule. 

 

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 24.4 (Limitation of responsibility of Existing Lenders). 

 

	4.	The New Lender confirms it is a “New Lender” within the meaning of Clause 24.1 (Assignments and transfers by the Lenders). 

 

	5.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 

 

	6.	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law. 

  

	7.	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate. 

  
 143 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 
 [Facility Office
address, fax number and attention details for notices and account details for payments.] 
  

					
	[Existing Lender]	 		 	[New Lender]
			
	By:	 		 	By:

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as
[                    ]. 
  

			
	[                    ]
		
	By:	 	

  
 144 

 SCHEDULE 6 

SECURITY AGENCY PROVISIONS 

 

	1.	Definitions 

 In this Schedule: 

“Security Property” means all right, title and interest in, to and under any Security Document, including: 

 

	 	(a)	the Charged Assets; 

  

	 	(b)	the benefit of the undertakings in any Security Document; and 

  

	 	(c)	all sums received or recovered by the Security Agent pursuant to any Security Document and any assets representing the same. 

  

	2.	Declaration of trust 

 The Security Agent and each other Secured Party agree that the
Security Agent shall hold the Security Property in trust for the benefit of the Secured Parties on the terms of the Secured Documents. 
  

	3.	Defects in Security 

 The Security Agent shall not be liable for any failure or omission
to perfect, or defect in perfecting, the Security created pursuant to any Security Document, including: 
  

	 	(a)	failure to obtain any Authorisation for the execution, validity, enforceability or admissibility in evidence of any Security Document; or 

 

	 	(b)	failure to effect or procure registration of or otherwise protect or perfect any of the Security created by the Security Documents under any laws in any territory. 

 

	4.	No enquiry 

 The Security Agent may accept without enquiry, requisition, objection or
investigation such title as any Obligor may have to any Charged Assets. 
  

	5.	Retention of documents 

 The Security Agent may hold title deeds and other documents
relating to any of the Charged Assets in such manner as it sees fit (including allowing any Obligor to retain them). 
  

	6.	Indemnity out of Security Property 

 The Security Agent and every receiver, delegate,
attorney, agent or other similar person appointed under any Security Document may indemnify itself out of the Security Property against any cost, loss or liability incurred by it in that capacity (otherwise than by reason of its own gross negligence
or wilful misconduct). 
  

	7.	Basis of distribution 

 To enable it to make any distribution, the Security Agent may fix
a date as at which the amount of the Liabilities is to be calculated and may require, and rely on, a certificate from any Secured Party giving details of: 

  
 145 

	 	(a)	any sums due or owing to any Secured Party as at that date; and 

  

	 	(b)	such other matters as it thinks fit. 

  

	8.	Rights of Security Agent 

 The Security Agent shall have all the rights, privileges and
immunities which gratuitous trustees have or may have in England, even though it is entitled to remuneration. 
  

	9.	No duty to collect payments 

 The Security Agent shall not have any duty: 

 

	 	(a)	to ensure that any payment or other financial benefit in respect of any of the Charged Assets is duly and punctually paid, received or collected; or 

 

	 	(b)	to ensure the taking up of any (or any offer of any) stocks, shares, rights, moneys or other property accruing or offered at any time by way of interest, dividend, redemption, bonus, rights, preference, option, warrant
or otherwise in respect of any of the Charged Assets. 

  

	10.	Appropriation 

  

	 	(a)	Each Party irrevocably waives any right to appropriate any payment to, or other sum received, recovered or held by, the Security Agent in or towards payment of any particular part of the Liabilities and agrees that the
Security Agent shall have the exclusive right to do so. 

  

	 	(b)	Paragraph (a) above will override any application made or purported to be made by any other person. 

  

	11.	Investments 

 All money received or held by the Security Agent under the Secured
Documents may, in the name of, or under the control of, the Security Agent: 
  

	 	(a)	be invested in any investment it may select; or 

  

	 	(b)	be deposited at such bank or institution (including itself any other Secured Party or any Affiliate of any Secured Party) as it thinks fit. 

 

	12.	Suspense Account 

 Subject to paragraph 13 below the Security Agent may: 

 

	 	(a)	hold in an interest bearing suspense account any money received by it from any Obligor; and 

  

	 	(b)	invest an amount equal to the balance from time to time standing to the credit of that suspense account in any of the investments authorised by paragraph 11 above. 

 

	13.	Timing of Distributions 

 Distributions by the Security Agent shall be made as and when
determined by it. 
  

	14.	Delegation 

  
 146 

	 	(a)	The Security Agent may: 

  

	 	(i)	employ and pay an agent selected by it to transact or conduct any business and to do all acts required to be done by it (including the receipt and payment of money); 

 

	 	(ii)	delegate to any person on any terms (including power to sub-delegate) all or any of its functions; and 

  

	 	(iii)	with the prior consent of the Majority Lenders, appoint, on such terms as it may determine, or remove, any person to act either as separate or joint security trustee or agent with those rights and obligations vested in
the Security Agent by this Agreement or any Security Document. 

  

	 	(b)	The Security Agent will not be: 

  

	 	(i)	responsible to anyone for any misconduct or omission by any agent, delegate or security trustee or agent appointed by it pursuant to paragraph (a) above; or 

 

	 	(ii)	bound to supervise the proceedings or acts of any such agent, delegate or security trustee or agent, 

provided that it exercises reasonable care in selecting that agent, delegate or security trustee or agent. 

 

	15.	Unwinding 

 Any appropriation or distribution which later transpires to have been or is
agreed by the Security Agent to have been invalid or which has to be refunded shall be refunded and shall be deemed never to have been made. 
  

	16.	Lenders 

 The Security Agent shall be entitled to assume that each Lender is a Lender
unless notified by the Agent to the contrary. 
  

	17.	Disapplication 

 Section 1 of the Trustee Act 2000 shall not apply to the duties and
powers of the Security Agent in relation to the trusts constituted by any Finance Document save to the extent required by law. Where there are inconsistencies between the Trustee Act 1925 and the Trustee Act 2000 and the express provisions of any
such Finance Document, the provisions of such Finance Document shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of such Finance Document shall constitute a restriction
or exclusion for the purposes of that Act. 

  
 147 

 SCHEDULE 7 

FORM OF ASSIGNMENT AGREEMENT 

 

			
	To:	  	Standard Chartered Bank as Agent and Vedanta Resources PLC
		
	From:	  	[the Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New Lender”)
		
	Dated:	  	

 Vedanta Resources PLC – US$1,200,000,000 Facility Agreement 

dated 15 May 2013 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.

  

	2.	We refer to Clause 24.6 (Procedure for assignment): 

  

	 	(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitments
and participations in Loans under the Agreement as specified in the Schedule. 

  

	 	(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender’s Commitments and participations in Loans under the Agreement specified in the
Schedule. 

  

	 	(c)	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above. 

 

	3.	The proposed Transfer Date is [                    ]. 

 

	4.	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 32.2 (Addresses) are set out in the Schedule. 

 

	5.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 24.4 (Limitation of responsibility of Existing Lenders). 

 

	6.	This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 24.7 (Copy of Transfer Certificate or Assignment Agreement to Company), to the
Company (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement. 

  

	7.	This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement. 

 

	8.	This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 

  
 148 

	9.	This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement. 

  
 149 

 THE SCHEDULE 

Rights to be assigned and obligations to be released and undertaken 

[insert relevant details] 

[Facility office address, fax number and attention details for notices and account details for payments] 

 

					
	[Existing Lender]	 		 	[New Lender]
			
	By:	 		 	By:

 This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as
[                    ]. 
 Signature of this Assignment
Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party. 

 

			
	Standard Chartered Bank
		
	By:	 	

  
 150 

 SCHEDULE 8 

FORM OF ACCESSION LETTER 

 

			
	To:	  	Standard Chartered Bank as Agent
		
	From:	  	[Twin Star Mauritius Holdings Limited, Twin Star Energy Holdings Limited and Vedanta Resources PLC]/[Proposed Hedging Bank]
		
	Dated:	  	[—] 2013
		
	Dear Sirs	  	

 Vedanta Resources PLC – US$1,200,000,000 Facility Agreement 

dated 15 May 2013 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter. 

 

	2.	[Twin Star Mauritius Holdings Limited]/[Proposed Hedging Bank] agrees to become [the Borrower]/[a Hedging Bank] and to be bound by the terms of the Agreement [as the Borrower pursuant to Clause 25.2 (Accession
of TSMHL and TSEHL) of the Agreement]/[as a Hedging Bank]. 

  

	3.	[Twin Star Energy Holdings Limited agrees to become a Guarantor and to be bound by the terms of the Agreement as a Guarantor pursuant to Clause 25.2 (Accession of TSMHL and TSEHL) of the Agreement.]1 

  

	4.	[The Company confirms that no Default is continuing or would occur as a result of TSMHL becoming the Borrower or TSEHL becoming a Guarantor (including, without limitation, by reason of the operation of Clause 25.3
(Repetition of Representations))].1 

  

	5.	TSMHL and TSEHL each irrevocably confirm and acknowledge that it has been provided with a copy of the Utilisation Request issued by the Company dated [—] 2013
requesting a Loan of US$[—] and that the Loan will be borrowed and applied by TSMHL consistent with Clauses 3 (Purpose) to 5
(Utilisation).1 

  

	6.	[Twin Star Mauritius Holdings Limited’s administrative details are as follows: 

 Address:

 Fax No: 
 Attention: 

 

	7.	[Twin Star Energy Holdings Limited’s administrative details are as follows: 

 Address: 

Fax No: 
 Attention:]1 
  

	1 	[To be included in event of TSMHL/TSEHL Accession.] 

  
 151 

	8.	[Details of the Hedging Document are as follows: 

 Date: 

Parties: [Proposed Hedging Bank] and Twin Star Mauritius Holdings Limited [Others?] 

Terms: [Insert brief summary of type of contract].]2 

 

	9.	This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by English law. 

This Accession Letter has been delivered as a deed on the date stated at the beginning of this Accession Letter. 

[Appropriate deed execution blocks to be included] 

 

					
		 	Vedanta Resources PLC
		
		 	  

		 	By:	 	
		
		 	[Twin Star Mauritius Holdings Limited
		
		 	  

		 	By:	 	
		
		 	[Twin Star Energy Holdings Limited]/[Proposed Hedging Bank]
		
		 	  

		 	By:	 	

  

	2 	[To be included in event of Hedging Bank Accession.] 

  
 152 

 SCHEDULE 9 

FORM OF COMPLIANCE CERTIFICATE 

 

			
	To:	  	Standard Chartered Bank as Agent
		
	From:	  	Vedanta Resources PLC
		
	Dated:	  	
		
	Dear Sirs	  	

 Vedanta Resources PLC – US$1,200,000,000 Facility Agreement 

dated 15 May 2013 (the “Agreement”) 

We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning in this Compliance Certificate unless given
a different meaning in this Compliance Certificate. 
 We confirm that: 
  

	(a)	the ratio of Total Net Borrowings as at the Test Date to EBITDA for the Relevant Period ending on the Test Date was
[                    ] to 1; 

  

	(b)	the ratio of Subsidiary Net Borrowings as at the Test Date to EBITDA for the Relevant Period ending on the Test Date was
[                    ] to 1; 

  

	(c)	the ratio of EBITDA for the Relevant Period ending on the Test Date to Net Interest Expense Period for the Relevant Period ending on the Test Date was
[                    ] to 1; 

  

	(d)	the ratio of Total Net Assets on the Test Date to Borrowings on the Test Date was [                    ] to 1;

  

	(e)	[the Material Subsidiaries are: 

  

	 	(i)	[                    ]; 

  

	 	(ii)	[                    ]; and 

  

	 	(iii)	[                    ].] 

  

	(f)	[We confirm that no Default is continuing.]* 

  

									
	Signed:	 	  
	 		 	Signed:	 	  

	Chief Financial Officer	 		 	Director/Authorised signatory of
	Vedanta Resources PLC	 		 	Vedanta Resources PLC

  

	*	If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it. 

  
 153 

 SCHEDULE 10 

TIMETABLES 
 “D –
” refers to the number of Business Days before the Utilisation Date/the first day of the relevant Interest Period. 
  

					
	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of the Utilisation Request)) or a Selection Notice (Clause 9.1 (Selection of Interest Periods))	  	 D – 3*

10:00 a.m.
	  	
			
	Agent notifies the Lenders of the Loans in accordance with Clause 5.4 (Lenders’ participation)	  	 D – 3*

5:00 p.m.
	  	
			
	LIBOR is fixed	  	Quotation Day as of 11:00 a.m. (all times are London time)	  	

  

	*	If Business Day specified will fall on or after the relevant Quotation Day, then the Specified Time shall be 10.00 a.m. or 1.00 p.m. (as applicable) on the Business Day immediately preceding the Quotation Day.

  
 154 

 SCHEDULE 11 

HEDGING BANK PROVISIONS 

 

	1.	Definitions 

 In this Schedule: 

“1992 ISDA Master Agreement” means the 1992 Multicurrency Cross-Border Master Agreement as published by the International
Swaps and Derivatives Association Inc.. 
 “2002 ISDA Master Agreement” means the 2002 Master Agreement published by the
International Swaps and Derivatives Association Inc.. 
 “Close Out Netting” means: 

 

	 	(a)	in respect of a Hedging Document based on a 1992 ISDA Master Agreement, any step involved in determining the amount payable in respect of an Early Termination Date (as defined in the 1992 ISDA Master Agreement) under
section 6(e) of the 1992 ISDA Master Agreement before the application of any subsequent Set off (as defined in the 1992 ISDA Master Agreement); and 

  

	 	(b)	in respect of a Hedging Document based on a 2002 ISDA Master Agreement, any step involved in determining an Early Termination Amount (as defined in the 2002 ISDA Master Agreement) under section 6(e) of the 2002 ISDA
Master Agreement. 

 “Early Termination Date” means an Early Termination Date (as defined in the relevant
Hedging Document). 
 “Enforcement Action” means any action of any kind to: 

 

	 	(a)	demand payment, declare prematurely due and payable or otherwise seek to accelerate payment of or place on demand all or any part of any Hedging Debt; 

 

	 	(b)	recover all or any part of any Hedging Debt from TSMHL or TSEHL (including by exercising any set-off, other than: 

  

	 	(i)	as required by law; 

  

	 	(ii)	Close Out Netting by a Hedging Bank; 

  

	 	(iii)	Payment Netting by a Hedging Bank; 

  

	 	(iv)	Inter-Hedging Document Netting by a Hedging Bank; and 

  

	 	(v)	as expressly permitted under the Finance Documents to the extent that the exercise of that right gives effect to a Permitted Payment in respect of Hedging Debt; 

 

	 	(c)	exercise or enforce any right under any guarantee or any right in respect of any Security, in each case, granted in relation to (or given in support of) all or any part of any Secured Debt against TSMHL or TSEHL;

  

	 	(d)	petition for (or take or support any other step which may lead to) an Insolvency Event in relation to TSMHL or TSEHL in respect of any Secured Debt only; or 

  
 155 

	 	(e)	sue, claim or bring proceedings against TSMHL or TSEHL in respect of any Secured Debt. 

“Hedging Recoveries” means the aggregate of all moneys and other assets received or recovered (whether by way of payment, in
cash or in kind, or the exercise of any set-off) from time to time by any Hedging Bank under or in connection with any Hedging Debt. 

“Inter-Hedging Document Netting” means the exercise of any right of set-off, account combination, close out netting or payment
netting (whether arising out of a cross agreement netting agreement or otherwise) by a Hedging Bank against liabilities owed to TSMHL by that Hedging Bank under a Hedging Document in respect of Hedging Debt owed to that Hedging Bank by TSMHL under
another Hedging Document. 
 “ISDA Master Agreement” means the 1992 ISDA Master Agreement or the 2002 ISDA Master Agreement.

 “Payment Netting” means netting under section 2(c) of the relevant ISDA Master Agreement forming part of a Hedging
Document. 
 “Permitted Enforcement Action” means any action of any kind: 

 

	 	(a)	to demand payment, declare prematurely due and payable or otherwise seek to accelerate, or place on demand, all or any part of any Hedging Debt (including designating an Early Termination Date, or terminating, or
closing out any transaction under, any Hedging Document prior to its stated maturity, or demanding payment of any amount which would become payable on or following an Early Termination Date or any such termination or close out) but in each case only
to the extent required and for the purposes of taking any other Permitted Enforcement Action against the Company; 

  

	 	(b)	to terminate or close out in whole or in part any hedging transaction under any Hedging Document prior to its stated maturity if: 

  

	 	(i)	in relation to a Hedging Document which is based on the 1992 ISDA Master Agreement: 

  

	 	(A)	an Illegality or Tax Event or Tax Event Upon Merger (each as defined in the 1992 ISDA Master Agreement); or 

  

	 	(B)	an event similar in meaning and effect to a “Force Majeure Event” (as defined in paragraph (ii) below); or 

  

	 	(ii)	in relation to a Hedging Document which is based on the 2002 ISDA Master Agreement, an Illegality or Tax Event, Tax Event Upon Merger or a Force Majeure Event (each as defined in the 2002 ISDA Master Agreement),

 has occurred in respect of that Hedging Document; 
  

	 	(c)	to demand payment from and recover from the Company all or any part of any Hedging Debt (including by exercising any set-off, save as required by law) under and in accordance with any guarantee contained in a Hedging
Document; 

  
 156 

	 	(d)	to exercise or enforce any right against the Company under or in connection with any guarantee contained in a Hedging Document; 

  

	 	(e)	to petition for (or take or support any other step which may lead to) an Insolvency Event in relation to the Company in respect of any claim under any guarantee contained in a Hedging Document; 

 

	 	(f)	to sue, claim or bring proceedings against the Company in respect of any claim under any guarantee contained in a Hedging Document; or 

 

	 	(g)	taken with the consent of the Security Agent. 

 “Permitted Payments” means the
payments, receipts and set-offs permitted by paragraph 5 (Permitted hedging payments) of this Schedule 11 (Hedging Bank Provisions) as long as they are so permitted. 

 

	2.	Undertakings 

  

	(a)	From the first Utilisation Date until the Final Discharge Date: 

  

	 	(i)	TSMHL shall not enter or permit to subsist any Permitted Hedging Transaction other than for the purpose of hedging its exposure to interest rate movements in respect of the Loans and only if the counterparty thereto is
a party to this Agreement as a Hedging Bank; 

  

	 	(ii)	no Hedging Bank shall demand or receive, and no Obligor shall (and the Company shall ensure that no other member of the Group will) make, any payment of any principal, interest or other amount on or in respect of, or
any distribution in respect of, any Hedging Debt in cash or in kind, except as permitted by paragraph 5 (Permitted hedging payments) of this Schedule 11 (Hedging Bank Provisions); 

 

	 	(iii)	no Hedging Bank shall apply any money or property in or towards discharge of any Hedging Debt, except as permitted by paragraph 5 (Permitted hedging payments) of this Schedule 11 (Hedging Bank Provisions);

  

	 	(iv)	no Hedging Bank or Obligor shall exercise any set-off against any Hedging Debt, except as permitted by paragraph 5 (Permitted hedging payments) of this Schedule 11 (Hedging Bank Provisions);

  

	 	(v)	no Hedging Bank shall permit to subsist or receive, and no Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist, any Security or Quasi-Security, or any
guarantee, for, or in respect of, any Hedging Debt, other than under any Security Document or any guarantee given by the Company or TSEHL pursuant to the terms of a Hedging Document; 

 

	 	(vi)	no Hedging Bank or Obligor shall permit any Hedging Debt to be evidenced by a negotiable instrument; and 

  

	 	(vii)	no Hedging Bank shall convert any Hedging Debt into shares of an Obligor. 

  

	(b)	Paragraph (a) above does not apply to any action arising as a result of: 

  

	 	(i)	any prior consent of the Security Agent; or 

  
 157 

	 	(ii)	any action permitted by paragraph 7 (Enforcement by Hedging Banks) of this Schedule 11 (Hedging Bank Provisions). 

  

	3.	Hedging Documents 

  

	(a)	Each Hedging Bank shall promptly provide to the Security Agent copies of all Hedging Documents to which that Hedging Bank is a party. 

 

	(b)	Each Hedging Document shall: 

  

	 	(i)	be satisfactory in form and substance to the Security Agent acting reasonably; 

  

	 	(ii)	be based on an ISDA Master Agreement; 

  

	 	(iii)	in respect of the 2002 ISDA Master Agreement, provide for two way payments or, in respect of the 1992 ISDA Master Agreement, select the “Second Method” and “Market Quotation” (each as defined in the
relevant Hedging Document), in the event of termination of a transaction, whether upon a Termination Event or an Event of Default (each as defined in the relevant Hedging Document); 

 

	 	(iv)	provide that the relevant Hedging Bank will, if so requested by the Security Agent under paragraph (b) of paragraph 5 (Permitted hedging enforcement), following the occurrence of the Acceleration Date, be
entitled to designate an Early Termination Date under or otherwise terminate each Hedging Document to which it is a party and each transaction under the relevant Hedging Document; and 

 

	 	(v)	only relate to a Permitted Hedging Transaction entered into by TSMHL in order to hedge its interest rate exposure in respect of the Facility. 

 

	4.	Amendments to Hedging Documents 

 No Hedging Bank or Obligor (and the Company shall
ensure that no other member of the Group will) shall amend or give any waiver or consent under any provision of any Hedging Document which would result in any Hedging Document ceasing to comply with the requirements of this Schedule. 

 

	5.	Restrictions on enforcement by the Hedging Banks 

  

	(a)	Subject to paragraph 5 (Permitted Hedging Payments) below, no Hedging Bank shall, except with the prior consent of the Security Agent, take any Enforcement Action in relation to any Hedging Debt other than any
Permitted Enforcement Action. 

  

	(b)	Notwithstanding the terms of any Hedging Document, unless required by any relevant ISDA netting opinion, “Automatic Early Termination” shall not apply where the Obligor is the “Defaulting Party”
(each as defined in the ISDA Master Agreement). 

  

	6.	Permitted hedging payments 

 Unless the Acceleration Date has occurred: 

 

	 	(a)	TSMHL may pay, and the Hedging Banks may receive and retain, including by way of set-off: 

  

	 	(i)	scheduled payments in respect of Hedging Debt arising under; and 

  
 158 

	 	(ii)	payments due from TSMHL arising as a result of the operation of: 

  

	 	(A)	any of sections 2(d) (Deduction or Withholding for Tax), 2(e) (Default Interest; Other Amounts), 8(a) (Payment in the Contractual Currency), 8(b) (Judgments) and 11 (Expenses) of the
1992 ISDA Master Agreement (if the Hedging Document is based on a 1992 ISDA Master Agreement) of; or 

  

	 	(B)	any of sections 2(d) (Deduction or Withholding for Tax), 8(a) (Payment in the Contractual Currency), 8(b) (Judgments), 9(h)(i) (Prior to Early Termination) and 11 (Expenses) of the
2002 ISDA Master Agreement of that Hedging Document (if the Hedging Document is based on a 2002 ISDA Master Agreement) of; and 

  

	 	(b)	the Company may pay, and the Hedging Banks may receive and retain, including by way of set-off any payment due and payable under the terms of the guarantee provided pursuant to, 

the form of the Hedging Documents in place as at the date of accession of such Hedging Bank to this Agreement (subject to any amendments
permitted by this Agreement). 
  

	7.	Enforcement by Hedging Banks 

  

	(a)	On and from the occurrence of the Acceleration Date, each Hedging Bank will, promptly after a request by the Security Agent, designate an Early Termination Date under or terminate, and close out each transaction under,
each Hedging Document to which it is a party, provided that, subject to paragraph 5 (Permitted hedging payments) of this Schedule 11 (Hedging Bank Provisions), each Hedging Bank shall take no other Enforcement Action in relation to any
Hedging Debt other than any Permitted Enforcement Action. 

  

	(b)	On or following: 

  

	 	(i)	the designation of an Early Termination Date or other termination as provided in paragraph (a) above or occurring as a result of any Permitted Enforcement Action; or 

 

	 	(ii)	the occurrence of the Acceleration Date, 

 any amount which falls due from a Hedging Bank to
TSMHL pursuant to a Hedging Document shall be paid by that Hedging Bank to the Security Agent promptly for application in accordance with Clause 30.7 (Partial payments). 

 

	8.	Turnover recoveries 

  

	(a)	Until the Final Discharge Date, if any Intercompany Lender or Hedging Bank receives or recovers any Intercompany Loan Recoveries or, as applicable, Hedging Recoveries except for any Permitted Payment, that Party shall:

  

	 	(i)	within three Business Days of the receipt or recovery, notify details of that receipt or recovery to the Common Security Agent; 

  

	 	(ii)	 hold any such Intercompany Loan Recoveries or, as the case may be, any such Hedging Recoveries received by it, up to the aggregate of all amounts
which may be or become 

  
 159 

	 	
payable as Secured Debt, on trust for the Secured Parties for application towards the Secured Debt in accordance with Clause 16 (Application of recoveries); and 

 

	 	(iii)	pay an amount equal to any such Intercompany Loan Recoveries, or as the case may be, any such Hedging Recoveries (or, where the receipt or recovery is by way of discharge by set-off, an equivalent amount), up to the
aggregate of all amounts which may be or become payable as Secured Debt, to the Common Security Agent for application towards the Secured Debt in accordance with Clause 16 (Application of recoveries). 

 

	(b)	Nothing in this paragraph 8 or any other provision of this Schedule is intended to or shall create a charge or security interest. 

  

	9.	Defaults and acceleration 

 Each of the Hedging Banks will promptly notify the Agent, the
other Hedging Banks and the Security Agent of the occurrence of: 
  

	 	(h)	an Event of Default or potential event of default (however described, including any termination event) under or in breach of any Finance Document; or 

 

	 	(i)	any Acceleration Date, 

 in each case, of which it has actual knowledge. 

 

	10.	Amounts of Debt 

  

	(a)	Each Hedging Bank shall, on request by the Security Agent from time to time, notify the Agent and the Security Agent of the Notional Amount (as defined in the relevant Hedging Document) of each Hedging Document to which
it is a party and the residual maturity of each such Hedging Document. 

  

	(b)	If any Hedging Bank does not, promptly on request, notify the Security Agent of any matter pursuant to paragraph (a) above, the Security Agent may assume that the Notional Amount (as defined in the relevant Hedging
Document) of each relevant Hedging Document is that set out in that Hedging Document and may calculate the residual maturity of each relevant Hedging Document by reference to that Hedging Document. 

 

	11.	Accession of Hedging Banks 

  

	 	(a)	No person entering into any transaction with TSMHL in connection with protection against or benefit from fluctuation in any rate or price will be entitled to share in any Security created by any Security Document in
respect of any of the moneys, debts or liabilities arising under or in connection with that transaction or benefit from any provision of this Agreement unless and until: 

 

	 	(i)	the proposed hedging transaction is a Permitted Hedging Transaction; 

  

	 	(ii)	that person has become a Hedging Bank in accordance with paragraph (b) below; and 

  

	 	(iii)	the Hedging Documents relating to that transaction comply with paragraph 3 (Hedging Documents) of this Schedule 11 (Hedging Bank Provisions). 

  
 160 

	 	(b)	In the case of paragraph (a) above, that person shall become a Hedging Bank if: 

  

	 	(i)	that person delivers to the Security Agent a duly completed and signed Accession Deed; and 

  

	 	(ii)	the Security Agent executes an Accession Deed duly completed and signed on behalf of that person. 

  

	 	(c)	Each Party (other than the relevant proposed Hedging Bank under paragraph (a) above) irrevocably authorises the Security Agent to execute on its behalf any Accession Deed which has been duly completed and signed on
behalf of that proposed Hedging Bank. 

  

	 	(d)	Delivery of an Accession Deed by the Hedging Bank constitutes confirmation by the Hedging Bank that each of the representations set out in Clause 18 (Representations) is true and correct in relation to it as at
the date of delivery as if made by reference to the facts and circumstances then existing. 

  

	12.	Assignments and transfers by Hedging Banks 

  

	 	(e)	No Hedging Bank may assign any of its rights or transfer any of its rights or obligations under, or declare or create any trust of any of its rights, title, interest or benefits under, this Agreement or any Hedging
Document (including any Hedging Recoveries owing to it): 

  

	 	(i)	except as permitted under the relevant Hedging Document; and 

  

	 	(ii)	unless and until the proposed Hedging Bank accedes to this Deed in accordance with paragraph 11 (Accession of Hedging Banks) of this Schedule 11 (Hedging Bank Provisions). 

 

	 	(f)	Each Party (other than the relevant transferee under paragraph (a) above) irrevocably authorises the Security Agent to execute on its behalf any Accession Deed which has been duly completed and signed on behalf of
that transferee. 

  
 161 

 SCHEDULE 12 

SUBORDINATION 
  

	1.	Subordinated Debt 

  

	1.1	Subordinated Creditors 

  

	(a)	Until the Final Discharge Date: 

  

	 	(i)	no Subordinated Creditor shall demand or receive, and no Intercompany Borrower shall (and the Company shall ensure that no other member of the Group will) make, any payment, repayment or prepayment of any principal,
interest or other amount on or in respect of, or any distribution in respect of, or any redemption, purchase or defeasance of, any Subordinated Debt in cash or in kind, except as permitted by paragraph 1.2 (Permitted intercompany payments) or
paragraph 3.2 (Filing of claims); 

  

	 	(ii)	no Subordinated Creditor shall apply any money or property in or towards discharge of, and no Intercompany Borrower shall (and the Company shall ensure that no other member of the Group will) discharge, any Subordinated
Debt, except as permitted by paragraph 1.2 (Permitted intercompany payments) or paragraph 3.2 (Filing of claims); 

  

	 	(iii)	no Intercompany Borrower or Subordinated Creditor shall exercise any set-off against any Subordinated Debt, except as permitted by paragraph 1.2 (Permitted intercompany payments) or paragraph 3.2 (Filing of
claims); 

  

	 	(iv)	no Subordinated Creditor shall permit to subsist or receive, and no Intercompany Borrower shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist, any Security or
Quasi-Security for, in respect of, or over (nor any guarantee for or in respect of) any Subordinated Debt; 

  

	 	(v)	no Subordinated Creditor shall claim or rank as a creditor in the insolvency, Winding-up, bankruptcy or liquidation of any Intercompany Borrower other than in accordance with paragraph 3.2 (Filing of claims);

  

	 	(vi)	no Intercompany Borrower or Subordinated Creditor shall take or omit to take any action whereby the ranking and/or subordination contemplated by this Schedule may be impaired; 

 

	 	(vii)	no Intercompany Borrower or Subordinated Creditor shall permit any Subordinated Debt to be evidenced by a negotiable instrument; 

  

	 	(viii)	no Intercompany Borrower or Subordinated Creditor shall convert any Subordinated Debt into shares; and 

  

	 	(ix)	the Company shall ensure that none of its Subsidiaries purchases or acquires any Subordinated Debt unless the relevant Subsidiary is otherwise a Subordinated Creditor. 

 

	(b)	Paragraph (a) above does not apply to an action arising with the prior written consent of the Agent. 

  
 162 

	1.2	Permitted intercompany payments 

 Until the Final Discharge Date and subject to paragraph
1.3 (Suspension of Permitted Payments), paragraph 2 (Turnover recoveries) and paragraph 3 (Subordination on insolvency), each Intercompany Borrower may pay, and the Subordinated Creditors may receive and retain, including
by way of set-off, payments in respect of, any Subordinated Debt: 
  

	 	(a)	any amounts permitted to be applied towards payment or repayment of Subordinated Debt by application of funds standing to the credit of the Collection Account consistent with paragraph (c)(iv) of Clause 7.3
(Mandatory prepayment); 

  

	 	(b)	any part of the proceeds of the Loans not required to be applied in payment and repayment of the Existing Facilities; 

  

	 	(c)	any part of the proceeds of any Additional Debt not required to be applied in payment or repayment of any other indebtedness of TSMHL; 

 

	 	(d)	payments made by TSEHL out of monies received by it from TSMHL as a Permitted Payment; or 

  

	 	(e)	if the relevant payment is made with the prior written consent of the Agent. 

  

	1.3	Suspension of Permitted Payments 

 Until the Final Discharge Date and subject to
paragraph 3 (Subordination on insolvency), no Intercompany Borrower may make, and no Subordinated Creditor may receive, any Permitted Payment without the prior consent of the Agent if an Event of Default is continuing (provided that payment
of a kind referred to in paragraph 1.2(b) above may be made during a Suspension Period if no Certain Funds Default is continuing). 
  

	1.4	Restrictions on enforcement by the Subordinated Creditors 

  

	(a)	Until the Final Discharge Date, no Subordinated Creditor shall, except with the prior consent of or as required by the Security Agent, take any Enforcement Action in relation to any Subordinated Debt. 

 

	(b)	If required by the Security Agent to take Enforcement Action, the Subordinated Creditors will promptly take the relevant Enforcement Action in relation to any Subordinated Debt and apply any proceeds from that
Enforcement Action in accordance with paragraph 2 (Turnover recoveries). 

  

	1.5	Amendments to Subordinated Debt Documents 

 Until the Final Discharge Date, the Obligors
may only amend or give any waiver or consent under any provision of any Subordinated Debt Document where such amendment, waiver or consent is not prejudicial to the subordination contemplated by this Schedule. 

 

	2.	Turnover recoveries 

  

	2.1	Turnover 

 Until the Final Discharge Date, if any Subordinated Creditor receives or
recovers any Subordinated Loan Recoveries except for any Permitted Payment, that Party shall: 

  
 163 

	 	(i)	within three Business Days of the receipt or recovery, notify details of that receipt or recovery to the Security Agent; 

  

	 	(ii)	hold any such Subordinated Loan Recoveries received by it, up to the aggregate of all amounts which may be or become payable as Secured Debt, on trust for the Secured Parties for application towards the Secured Debt in
the order of priority contemplated in Clause 30.7 (Partial payments); and 

  

	 	(iii)	pay an amount equal to any such Subordinated Loan Recoveries (or, where the receipt or recovery is by way of discharge by set-off, an equivalent amount), up to the aggregate of all amounts which may be or become payable
as Secured Debt, to the Security Agent for application towards the Secured Debt in the order of priority contemplated in Clause 30.7 (Partial payments). 

with any surplus amount after such application being paid to the Borrower. 

 

	2.2	Non-creation of charge 

 Nothing in this paragraph 2 or any other provision of this Deed
is intended to or shall create a charge or security interest. 
  

	3.	Subordination on insolvency 

  

	3.1	Subordination events 

 If: 

 

	 	(a)	any order is made or resolution passed for the suspension of payments, a moratorium of any indebtedness, Winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement
or otherwise) of any Obligor; or 

  

	 	(b)	any Obligor enters into any composition, assignment or arrangement with its creditors generally; or 

  

	 	(c)	any liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer is appointed in respect of any Obligor or any of their respective assets; or 

 

	 	(d)	any Security or Quasi-Security over any assets of any Obligor is enforced; or 

  

	 	(e)	any analogous event occurs in any jurisdiction, 

 this paragraph 3 shall apply. 

 

	3.2	Filing of claims 

  

	(a)	In any of the circumstances mentioned in paragraph 3.1 (Subordination events), until the Final Discharge Date, the Security Agent may, and is hereby irrevocably authorised on behalf of each Subordinated Creditor
and Secured Party to: 

  

	 	(i)	demand, claim, enforce and prove for the Subordinated Debt; 

  

	 	(ii)	file claims and proofs, give receipts and take any proceedings in respect of filing such claims or proofs and do anything which the Security Agent considers necessary or desirable to recover the Subordinated Debt; and

  
 164 

	 	(iii)	receive all distributions of the Subordinated Debt for application towards the Secured Debt in the order of priority contemplated in Clause 30.7 (Partial payments) with any surplus amount after such application
being paid to the Borrower. 

  

	(b)	If and to the extent that the Security Agent is not entitled, or elects not, to take any of the action mentioned in paragraph (a) above, each Subordinated Creditor will do so promptly on request by the Security
Agent. 

  

	3.3	Distributions 

 In any of the circumstances mentioned in paragraph 3.1 (Subordination
events), until the Final Discharge Date, each Subordinated Creditor will: 
  

	 	(a)	hold all Subordinated Loan Recoveries, up to the aggregate of all amounts which may be or become payable as Secured Debt, received by it in respect of the Subordinated Debt on trust for the Secured Parties for
application in accordance with Clause 30.7 (Partial payments); 

  

	 	(b)	pay an amount equal to any Subordinated Loan Recoveries received by it (or, where the receipt or recovery is by way of discharge by set-off, an equivalent amount), up to the aggregate of all amounts which may be or
become payable as Secured Debt, to the Security Agent for application towards the Secured Debt in the order of priority contemplated in Clause 30.7 (Partial payments) with any surplus amount after such application being paid to the Borrower;

  

	 	(c)	promptly direct the trustee in bankruptcy, liquidator, assignee or other person distributing the assets of TSMHL or TSEHL or their proceeds to pay distributions in respect of the Subordinated Debt directly to the
Security Agent; and 

  

	 	(d)	promptly take any action requested by the Security Agent to give effect to this paragraph 3.3. 

  

	3.4	Voting 

  

	(a)	In any of the circumstances mentioned in paragraph 3.1 (Subordination events), until the Final Discharge Date: 

  

	 	(i)	the Security Agent may, and is hereby irrevocably authorised on behalf of each Secured Party and Subordinated Creditor to, exercise all powers of convening meetings, voting and representation in respect of the
Subordinated Debt; and 

  

	 	(ii)	each Subordinated Creditor shall promptly execute and/or deliver to the Security Agent such forms of proxy and representation as it may require to facilitate any such action. 

 

	(b)	If and to the extent that the Security Agent is not entitled, or elects not, to exercise a power under paragraph (a) above, each Subordinated Creditor will: 

 

	 	(i)	exercise that power as the Security Agent directs; and 

  

	 	(ii)	(unless directed otherwise by the Security Agent in writing) not exercise that power so as to impair the ranking and/or subordination contemplated by this Schedule. 

 

	4.	Failure of trusts 

  
 165 

	(a)	If any trust intended to arise pursuant to paragraph 2.1 (Turnover) or paragraph 3.3 (Distributions) fails or for any reason (including the laws of any jurisdiction in which any assets, moneys, payments or
distributions may be situated) cannot be given effect to, the relevant Party will pay to the Security Agent for application in the order of priority contemplated in Clause 30.7 (Partial payments) with any surplus amount after such application
being paid to the Borrower, an amount equal to the amount (or the value of the relevant assets) intended to be so held on trust for the Security Agent. 

  

	(b)	If a Party is obliged to pay any amount to the Security Agent in accordance with paragraph 2 (Turnover recoveries) or paragraph 3 (Subordination on insolvency): 

 

	 	(i)	the relevant Obligor shall indemnify that Party (to the extent of its liability for the relevant amount so paid) for any costs, liabilities and expenses incurred by it as a result of it having to make that payment;

  

	 	(ii)	the relevant Debt in respect of which a Party made that payment to the Security Agent will be deemed not to have been reduced or discharged in any way or to any extent by the relevant payment, distribution, proceeds or
other discharge; and 

  

	 	(iii)	if and to the extent that paragraph (b)(ii) above is held not to be effective to re-instate the amount of the relevant payment, distribution, proceeds or other discharge of the relevant Debt, the relevant Obligor shall
fully indemnify that Party (to the extent of its liability for the relevant amount so paid) for the relevant amount upon demand. 

  

	5.	Protection of subordination 

  

	5.1	Continuing subordination 

 The subordination provisions in this Schedule shall remain in
full force and effect by way of continuing subordination and extend to the ultimate balance of the Secured Debt, regardless of any intermediate payment or discharge of the Secured Debt in whole or in part. 

 

	5.2	Waiver of defences 

 Neither the subordination in this Schedule nor the obligations of
any Secured Party, any Obligor or any Subordinated Creditor shall be affected in any way by an act, omission, matter or thing which, but for this paragraph 5, would reduce, release or prejudice the subordination or any of those obligations in whole
or in part (without limitation and whether or not known to any Secured Party, any Obligor or any Subordinated Creditor or any other person) including: 
  

	 	(a)	any time, waiver or consent granted to, or composition with, any person; 

  

	 	(b)	the release of any person under the terms of any composition or arrangement with any creditor of any person; 

  

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any person or any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any person; 

  
 166 

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Document or any other document or security, including, without limitation, any
change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Document or other document or security; 

  

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Document or any other document or security; or 

 

	 	(g)	any insolvency or similar proceedings. 

  

	5.3	Immediate recourse 

 Each Subordinated Creditor and Obligor waives any right it may have
of first requiring the Security Agent or any other Secured Party (or any trustee or agent on behalf of any of them) to proceed against or enforce any other rights or Security or claim payment from any person before claiming the benefit of the
provision of this Schedule. This waiver applies irrespective of any law or any provision of a Subordinated Debt Document to the contrary. 
  

	5.4	Appropriations 

 Until the Final Discharge Date, each Secured Party (or any trustee or
agent on behalf of any of them) may: 
  

	 	(a)	refrain from applying or enforcing any Subordinated Loan Recoveries or other moneys, security or rights held or received by the Security Agent or any other Secured Party (or any trustee or agent on behalf of any of
them) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise), and no Subordinated Creditor shall be entitled to the benefit of the same; and 

 

	 	(b)	hold in an interest-bearing suspense account any Subordinated Loan Recoveries or other moneys received from any Subordinated Creditor or on account of any Subordinated Creditor’s liability under the provision of
this Schedule, 

 provided that as and when such amounts are applied in reduction of the Secured Debt (if at all) they will be
applied in the order of priority contemplated in Clause 30.7 (Partial payments) with any surplus amount after such application being paid to the Borrower. 
  

	5.5	Deferral of Subordinated Creditors’ rights 

 Until the Final Discharge Date and
unless the Security Agent otherwise directs, no Subordinated Creditor will exercise any rights which it may have by reason of performance by it of its obligations under this Schedule or the Documents or by reason of any amount being payable, or
liability arising under this paragraph 5: 
  

	 	(a)	to be indemnified by an Obligor or Subordinated Creditor; 

  

	 	(b)	to claim any contribution from any guarantor of any Obligor’s or Subordinated Creditor’s obligations under the Documents; 

  
 167 

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Common Finance Documents or of any other guarantee or security taken pursuant to,
or in connection with, the Common Finance Documents by any Secured Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor or Subordinated Creditor to make any payment, or perform any obligation, in respect of which any guarantor has given a guarantee, undertaking or
indemnity under the Subordinated Debt Documents; 

  

	 	(e)	to exercise any right of set-off against any Obligor or Subordinated Creditor; and/or 

  

	 	(f)	to claim or prove as a creditor of any Obligor or Subordinated Creditor in competition with any Secured Party. 

  

	5.6	Discharge 

 Each Obligor and Subordinated Creditor hereby irrevocably waives any right to
appropriate any payments to, or other sum received, recovered or held by, any Agent or any other Secured Party in or towards discharge of a particular part of the Secured Debt and agrees that the Agent and the Security Agent shall have the exclusive
right to appropriate any such payment or other sum in accordance with the provision of this Schedule. 
  

	5.7	Waiver of Jersey Customary Law Rights 

 The Original Subordinated Creditor irrevocably
abandons and waives any right which it may have at any time under the existing or future laws of Jersey: 
  

	 	(a)	whether by virtue of the droit de discussion or otherwise to require that recourse be had by any Secured Party to the assets of any other person before any claim is enforced against the Original Subordinated Creditor in
respect of the obligations assumed by it under any documents, including without limited under the Documents; and 

  

	 	(b)	whether by virtue of the droit de division or otherwise to require that any liability under any documents, including without limitation any Document, be divided or apportioned with any other person or reduced in any
manner whatsoever. 

  

	6.	Preservation of Debt 

  

	6.1	Preservation of Subordinated Debt 

 Notwithstanding any of the provision of this Schedule
postponing, subordinating or preventing the payment of all or any part of the Subordinated Debt, the relevant Subordinated Debt shall, as between the Obligors, the Intercompany Borrowers and the Subordinated Creditors, be deemed to remain owing or
due and payable (and interest, default interest or indemnity payments shall continue to accrue) in accordance with the Subordinated Debt Documents. 
  

	6.2	No liability 

 No Secured Party will be liable to any Subordinated Creditor for: 

 

	 	(a)	the manner of exercise or any non-exercise of its rights, remedies, powers, authorities or discretions under the provision of this Schedule; or 

  
 168 

	 	(b)	any failure to collect or preserve any Subordinated Debt or delay in doing so. 

  

	7.	Consents 

  

	7.1	No objection by the Subordinated Creditors 

 No Subordinated Creditor shall have any
claim or remedy against any member of the Group or any Secured Party by reason of: 
  

	 	(a)	the entry by any of them into any Secured Document or any other agreement between any Secured Party and any member of the Group; 

  

	 	(b)	any waiver or consent; or 

  

	 	(c)	any requirement or condition imposed by or on behalf of any Secured Party under any Secured Document or such other agreement, 

which breaches or causes an event of default or potential event of default (however described) under any Intercompany Loan Finance Document. No
Subordinated Creditor may object to any such matter by reason of any provision of any Intercompany Loan Finance Document. 
  

	8.	Representations 

  

	8.1	The Original Subordinated Creditor makes the representations and warranties set out below to each Secured Party on the date of this Agreement: 

 

	 	(a)	it is duly incorporated (if a corporate person) or duly established (in any other case) and validly existing under the law of its jurisdiction of incorporation or formation; 

 

	 	(b)	it has the power to own its assets and carry on its business as it is being conducted in all material respects; 

  

	 	(c)	the obligations expressed to be assumed by it in this Agreement and the Subordinated Debt Documents to which it is a party are, subject to any general principles of law limiting its obligations, legal, valid, binding
and enforceable; 

  

	 	(d)	the entry into and performance by it of, and the transactions contemplated by this Agreement and the Subordinated Debt Documents to which it is a party do not and will not conflict with any law or regulation applicable
to it or its constitutional documents or any agreement or instrument binding on it or any of its assets; 

  

	 	(e)	it has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of this Agreement and the Subordinated Debt Documents to which it is a party
and the transactions contemplated by this Agreement and the Subordinated Debt Documents to which it is a party; 

  

	 	(f)	all Authorisations required or desirable for the performance by it of this Agreement and the Subordinated Debt Documents to which it is a party and the transactions contemplated by this Agreement and the Subordinated
Debt Documents to which it is a party and to make this Agreement and the Subordinated Debt Documents to which it is a party admissible in evidence in its jurisdiction of incorporation and any jurisdiction where it conducts its business have been
obtained or effected and are in full force and effect; 

  
 169 

	 	(g)	the Subordinated Debt Documents to which it is a party contain all the terms and conditions of the Subordinated Debt owed to it; and 

 

	 	(h)	it is the sole beneficial owner of the Subordinated Debt owed to it. 

 The representations and
warranties above are deemed to be made on each date on which the Repeating Representations are deemed to be repeated in accordance with Clause 18.27 (Times when representations made), in each case by reference to the facts and circumstances
then existing. 
  

	8.2	The Company represents and warrants to the Secured Parties that neither the Original Subordinated Creditor being a party to this Agreement as a Subordinated Creditor nor the Original Subordinated Creditor being a
Subordinated Creditor in respect of the Subordinated Debt of the Borrower will breach any law or regulation applicable to the Original Subordinated Creditor nor otherwise conflict in any material respect with any agreement or instrument binding on
any member of the Group. 

  

	9.	Definitions 

  

	9.1	In this Schedule 

 “Debt” means the Secured Debt and the Subordinated Debt.

 “Document” means a Finance Document, a Hedging Document or a Subordinated Debt Document. 

“Enforcement Action” means any action of any kind to: 

 

	 	(a)	demand payment, declare prematurely due and payable or otherwise seek to accelerate payment of or place on demand all or any part of any Debt; 

 

	 	(b)	recover all or any part of any Debt from TSMHL or TSEHL (including by exercising any set-off, other than as required by law; 

  

	 	(c)	exercise or enforce any right under any guarantee or any right in respect of any Security, in each case, granted in relation to (or given in support of) all or any part of any Debt against TSEHL or TSMHL;

  

	 	(d)	petition for (or take or support any other step which may lead to) an Insolvency Event in relation to TSEHL or TSMHL in respect of any Debt only; or 

 

	 	(e)	sue, claim or bring proceedings against TSEHL or TSMHL in respect of any Debt. 

“Insolvency Event” means in relation to any party, the appointment of a liquidator, receiver, administrative receiver,
administrator, compulsory manager or other similar officer in respect of that party or all or substantially all of that party’s assets or any analogous procedure or step is taken in any jurisdiction with respect to that party. 

“Intercompany Borrower” means TSMHL or TSEHL upon them becoming party to this Agreement pursuant to Clause 25.2 (Accession
of TSMHL and TSEHL). 
 “Permitted Payments” means the payments, receipts and set-offs permitted by paragraph 1.2
(Permitted intercompany payments) as long as they are so permitted. 

  
 170 

 “Subordinated Loan Recoveries” means the aggregate of all moneys and other
assets received or recovered (whether by way of payment, repayment, prepayment, distribution, redemption, purchase or defeasance, in cash or in kind, or the exercise of any set-off or otherwise) from time to time by any Subordinated Creditor under
or in connection with any Subordinated Debt. 
 “Winding-up” means winding-up, amalgamation, reconstruction, administration,
dissolution, liquidation, merger or consolidation or any analogous procedure or step under the laws of any jurisdiction. 
  

	9.2	Interpretation 

 In this Schedule, references to paragraph are, unless the context
otherwise requires, references to paragraphs of this Schedule. 

  
 171 

 SCHEDULE 13 

INTERCREDITOR PRINCIPLES 
  

	1.	General 

  

	1.1	The intent of this Schedule is to lay out the broad commercial agreement between the parties on the key principles to be reflected in an Intercreditor Agreement to be entered into between the Obligors, the Secured
Parties and the banks and financial institutions (“Additional Debt Creditor”) party to the arrangements pursuant to which any Additional Debt is provided. 

 

	1.2	The Intercreditor Agreement will be entered into on the basis of a LMA leveraged intercreditor agreement with such changes as may be necessary to reflect the principles set out in this Schedule. 

 

	1.3	The arrangements contemplated in this Schedule, once implemented, will displace any Security already granted for the Facility which shall be released at the cost of the Borrower against the grant of fresh Security over
the same assets to the Common Security Agent. 

  

	2.	Parties: 

  

	2.1	the Obligors; 

  

	2.2	the Secured Parties; 

  

	2.3	each Additional Debt Creditor (and any agent etc. acting on their behalf); 

  

	2.4	any bank or financial institution providing interest rate hedging to TSMHL in respect of the Facility or any Additional Debt; 

  

	2.5	each Subordinated Creditor; 

  

	2.6	the Account Bank; and 

  

	2.7	a bank or financial institution acting as common security agent (the “Common Security Agent”). 

  

	3.	Amount and Tenor of Additional Debt 

  

	3.1	Only Additional Debt meeting the requirements specified in paragraph (c) of Clause 21.11 (No other business) may accede to the Intercreditor Agreement and benefit from the Security to be held by the Common
Security Agent. 

  

	3.2	The Intercreditor Agreement shall include provisions reflecting and supporting the tenor requirements applicable to the Additional Debt in paragraph (c) of Clause 21.11 (No other business) and, shall in
addition provide that: 

  

	 	(i)	no amendment/variation/waiver may be made to the tenor/maturity profile of any Additional Debt which, if implemented, would result in the tenor requirements in that paragraph (c) not being complied with; and

  

	 	(ii)	no mandatory prepayment may be applied in a manner which would result in the remaining tenor/maturity profile of any Additional Debt not complying with the requirements of that paragraph (c), 

  
 172 

 provided that nothing in this paragraph 3.2 or the Intercreditor Agreement shall prohibit any
voluntary prepayment of the Facility or any Additional Debt. 
  

	4.	Debt Terms 

 The Finance Parties and each Additional Debt Creditor shall mutually
covenant and agree that: 
  

	 	(i)	neither the Facility nor any Additional Debt shall benefit from any Security or Quasi- Security over any asset of any member of the Group other than as contemplated in paragraph 4 below (Security), and no member
of the Group (other than an Obligor) will provide any guarantee of any such indebtedness; 

  

	 	(ii)	neither the Facility nor any Additional Debt will benefit from any mandatory prepayment requirement other than by reason of change of control or illegality (on terms broadly no less favourable to the Obligors than those
in Clause 7.1 (Illegality) and Clause 7.2 (Change of Control) or otherwise by reason of application of Required Proceeds as contemplated In paragraph 5.2 below and, to the extent that any such debt is to be mandatorily prepaid by
reason of the receipt of Required Proceeds, such prepayment shall only be applied in chronological order against the remaining repayment instalments of that debt. 

 

	5.	Security 

  

	5.1	The Facility and all Additional Debt which has acceded to the intercreditor agreement shall benefit from Security (“Common Security”) (held by the Common Security Agent for the benefit of all
such creditors (together, the “Secured Creditors”)) over: 

  

	 	(i)	the shares in TSMHL; 

  

	 	(ii)	a common collection account for receipt of Required Proceeds (the “Common Collection Account”); and 

  

	 	(iii)	for each facility, an individual proceeds account (each a “Facility Specific Proceeds Account”) into which its share of monies allocated from the common collection account shall be deposited and
thereafter applied on a basis consistent with Clause 7.3 (Mandatory prepayment); 

  

	 	(iv)	a security assignment of the benefit to TSMHL any interest rate hedging arrangement entered into by it. 

  

	5.2	Monies standing to the credit of the Common Collection Account shall be applied promptly on receipt by payment into each Facility Specific Proceeds Account to the extent such proceeds are to be applied under the related
Facility and thereafter applied on a basis consistent with paragraph (c) of Clause 7.3 (Mandatory prepayment) but as if the payments required to be made and reserve created there were payments made and reserves created under the relevant
facility (and any associated hedging). 

  

	5.3	The security over TSMHL’s shares and the common collection account shall be held for the benefit of the Secured Creditors pari passu. 

  
 173 

	5.4	The benefit of the security over the individual proceeds account and interest rate hedging relating to a facility shall be held first in priority for the creditors providing that facility and secondly for all other
Secured Creditors. 

  

	6.	Security Enforcement 

  

	6.1	No Secured Creditor shall be permitted to exercise any action to enforce the Security except in accordance with the intercreditor agreement. 

 

	6.2	The Common Security Agent shall be entitled to enforce the Common Security upon the instructions of the “Majority Lenders”, being those lenders and hedge banks whose Exposures (being a lender’s
total outstandings and/or commitments and close out amounts under the hedging transactions) equal at least 50.01% (the exact percentage to be agreed in documentation) of the “Total Exposures” under all the facilities and
hedging transactions for the facilities. 

  

	6.3	No single class of Secured Creditors will have the right to instruct the Common Security Agent to enforce the Common Security unless the Exposures of that class of Secured Creditors is, of itself, sufficient to meet the
requisite voting thresholds for enforcement. 

  

	6.4	Consideration will be given in the Intercreditor Agreement to allowing the Common Security Agent to act on the instructions of a smaller percentage of Secured Creditors votes as regards enforcement of the Common
Security if, after the passing of an agreed time frame, no overall majority is formed to instruct the Common Security Agent. 

  

	6.5	The Common Security Agent shall be entitled to enforce the Security over any Facility Specific Proceeds Account and any hedging arrangements upon the instructions of the applicable majority of the relevant class of
Secured Creditors who have the first priority claim to the proceeds of enforcement of the same (as determined under paragraph 5.4 above). 

  

	6.6	The proceeds of enforcement of the Common Security are to be shared amongst all Secured Creditors on a pro-rata and pari-passu basis except that the proceeds of enforcement of any Facility Proceeds Account Security or
Hedge Security shall be distributed: 

  

	 	(i)	first, to satisfy the debts owed to the lenders of the related Facility; and 

  

	 	(ii)	second, pro-rata and pari-passu amongst all other Secured Creditors. 

  

	7.	Accounts 

  

	7.1	TSMHL will maintain the following accounts in Mauritius with the Account Bank: 

  

	 	(i)	common collection account; and 

  

	 	(ii)	Facility Specific Proceeds Account. 

  

	7.2	TSMHL will not open or maintain any other accounts except that TSMHL may maintain the Expenses Account and the Distribution Account. 

 

	7.3	All amounts received by TSMHL in the nature of Required Proceeds must be paid into the Common Collection Account. 

  

	7.4	Any interest on an Account shall be credited to that Account. 

  
 174 

	7.5	TSMHL may elect, through the Account Bank, to place balances standing to the credit of the Common Collection Account (subject to a minimum threshold) on fixed term deposit in a sub- account or invested in cash
equivalent investments, provided no event of default is continuing and (for fixed term deposits) the tenor is no more than 6 months and no less than a period to be agreed. 

 

	8.	Other Key Principles 

  

	8.1	All amounts (whether, principal, interest, costs, fees or otherwise) payable under the Facility or any Additional Debt shall be permitted to be paid when due and there will be no restrictions upon such payments (save
out of the proceeds of any asset the subject of Security). 

  

	8.2	There shall be no restrictions upon the ability of any Secured Creditors to amend or grant waivers in relation to any of the Facilities save as contemplated above. 

 

	8.3	In addition to controlling the enforcement and sharing of Common Security, the Intercreditor Agreement shall also include provisions aimed at ensuring equalisation of recoveries from unsecured assets of TSMHL (in
particular Cairn India Shares following the enforcement of any of the Common Security or the Acceleration Date (or equivalent concepts in respect of other Additional Debt). 

 

	9.	Miscellaneous 

  

	9.1	There shall be standard security agent and account bank provisions and standard order of application turnover, loss sharing and release provisions modified to the extent required to be consist with the principles in
this Schedule. 

  

	9.2	There shall be provisions for the subordination of intercompany loans made to in respect of TSEHL and TSMHL reflecting the provision of Schedule 13 and providing both for transfer amongst Subordinated Creditors and the
accession of other members of the Group as Subordinated Creditor. 

  

	9.3	There shall be controls on the term of Hedging Debt and actions by Hedging Banks against TSMHL/TSEHL. 

  

	9.4	Provisions will be included for the accession of the creditors in respect of the Additional Debt and the Hedging Counterparties provided that the conditions applicable to that class of Secured Debt referred to above or
otherwise included in the Intercreditor Agreement have been satisfied and no Default is continuing or would occur either by reason of that accession or the incurrence of the relevant Secured Debt. The Intercreditor Agreement will allow the
Additional Debt to be refinanced/replaced with the proceeds of further Additional Debt, which shall rank and share in the Common Security in the same manner as the Additional Debt being refinanced/replaced. 

 

	9.5	Nothing in this Agreement shall oblige the Account Bank to enter into the Intercreditor Agreement other than on terms acceptable to it. 

 

	9.6	 The Intercreditor Agreement shall contain mandatory prepayment provisions 9.6 substantially similar to the provisions contained in Clause 7.3 (unless
otherwise agreed by the Secured Parties, the Additional Debt Creditors and the Company), which will provide for the Additional Debt Creditors (including agents, security agents, account banks or any other representatives

  
 175 

	 	
similar to those contemplated in the Finance Documents) to benefit from the Required Proceeds pro rata with the Secured Parties and otherwise in the same manner. 

 

	10.	Governing law: 

 English law. 

  
 176 

 SCHEDULE 14 

FORM OF SUBORDINATED CREDITOR ACCESSION LETTER

  

			
	To:	  	[                    ] as Agent
		
	From:	  	[Proposed Subordinated Creditor] and Vedanta Resources PLC
		
	Dated:	  	

 Dear Sirs 

Vedanta Resources PLC – US$1,200,000,000 Facility Agreement 

dated 15 May 2013 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a Subordinated Creditor Accession Letter. Terms defined in the Agreement have the same meaning in this Subordinated Creditor Accession Letter unless given a different meaning in this
Subordinated Creditor Accession Letter. 

  

	2.	[Proposed Subordinated Creditor] agrees to be bound by the terms of the Agreement. 

  

	3.	[Proposed Subordinated Creditor] is a company duly incorporated under the law of [name of relevant jurisdiction]. 

  

	4.	[Proposed Subordinated Creditor’s] administrative details are as follows: 

 Address:

 Fax No: 
 Attention: 

 

	5.	[Proposed Subordinated Creditor] makes the representations and warranties set out below to the Secured Parties on the date of this Subordinated Creditor Accession Letter: 

 

	 	(a)	it is duly incorporated (if a corporate person) or duly established (in any other case) and validly existing under the law of its jurisdiction of incorporation or formation; 

 

	 	(b)	it has the power to own its assets and carry on its business as it is being conducted in all material respects; 

  

	 	(c)	the obligations expressed to be assumed by it in this Subordinated Creditor Accession Letter, the Agreement and the Subordinated Debt Documents to which it is a party are, subject to any general principles of law
limiting its obligations, legal, valid, binding and enforceable; 

  

	 	(d)	the entry into and performance by it of, and the transactions contemplated by this Subordinated Creditor Accession Letter, the Agreement and the Subordinated Debt Documents to which it is a party do not and will not
conflict with any law or regulation applicable to it or its constitutional documents or any agreement or instrument binding on it or any of its assets; 

  
 177 

	 	(e)	it has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of this Subordinated Creditor Accession Letter, the Agreement and the
Subordinated Debt Documents to which it is a party and the transactions contemplated by this Subordinated Creditor Accession Letter, the Agreement and the Subordinated Debt Documents to which it is a party; 

 

	 	(f)	all Authorisations required or desirable for the performance by it of this Subordinated Creditor Accession Letter, the Agreement and the Subordinated Debt Documents to which it is a party and the transactions
contemplated by this Subordinated Creditor Accession Letter, the Agreement and the Subordinated Debt Documents to which it is a party and to make this Subordinated Creditor Accession Letter, the Agreement and the Subordinated Debt Documents to which
it is a party admissible in evidence in its jurisdiction of incorporation and any jurisdiction where it conducts its business have been obtained or effected and are in full force and effect; 

 

	 	(g)	the Subordinated Debt Documents to which it is a party contain all the terms and conditions of the Subordinated Debt owed to it; and 

 

	 	(h)	it is the sole beneficial owner of the Subordinated Debt owed to it. 

 The representations and
warranties above are deemed to be made on each date on which the Repeating Representations are deemed to be repeated, in each case by reference to the facts and circumstances then existing. 

 

	6.	The Company represents and warrants to the Secured Parties that neither the accession of the [Proposed Subordinated Creditor] to the Agreement as a Subordinated Creditor nor [Proposed Subordinated
Creditor] being a Subordinated Creditor in respect of the Subordinated Debt of the Borrower will breach any law or regulation applicable to the [Proposed Subordinated Creditor] nor otherwise conflict in any material respect with any
agreement or instrument binding on any member of the Group. 

  

	7.	This Subordinated Creditor Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by English law. 

This Subordinated Creditor Accession Letter has been delivered as a deed on the date stated at the beginning of this Subordinated Creditor Accession Letter.

 [Insert appropriate execution provision so this Subordinated Creditor Accession Letter can be executed as a deed.] 

[Proposed Subordinated Creditor] 
 By: 

Vedanta Resources PLC 
 By: 

  
 178 

 This Accession Letter is accepted by the Agent. 

[Agent] 
  

			
	By:	  	Date:

  
 179 

 SCHEDULE 15 

VSAP AUDIT – SCOPE OF WORK 

 

	1.	The audit should pick up on, and follow through on, both specific areas of concern identified in past and forthcoming Scott Wilson Reports as well as the spirit of these issues, such as management needs necessary to
proactively address root causes of identified issues. 

  

	2.	The audit will assess the approach, standards and procedures of the Group’s Sustainability Assurance Programme and review its general performance since inception. 

 

	3.	The audit will interview the sustainability team, internal stakeholders and may interview relevant key external stakeholders in order to verify the performance, robustness, fitness for purpose and integrity of the
Group’s Sustainability Assurance Programme. 

  

	4.	It will identify system failures, errors, shortcomings for corrective action by the Group in the form of an agreed corrective action plan. 

  
 180 

 SCHEDULE 16 

FORM OF WITHDRAWAL INSTRUCTION 

 

			
	From:	  	Twin Star Mauritius Holdings Limited as Borrower
		
	To:	  	Standard Chartered Bank (Mauritius) Limited as Account Bank
		
	Attention:	  	Khalid Mahamodally/ Shridhar Paidichetty
		
	Fax No.:	  	+230 466 5161
		
	Dated:	  	
		
	Dear Sirs	  	

 Vedanta Resources PLC – US$1,200,000,000 Facility Agreement 

dated 15 May 2013 (the “Agreement”) 
  

	1.	We refer to the Agreement. This is a withdrawal Instruction. 

  

	2.	We confirm that the withdrawals are in accordance with terms of the Finance Documents]. 

  

	3.	In accordance with Clause 22.3 (Withdrawals) of the Agreement, we instruct you to withdraw monies from the [specify relevant Bank Account (account no.
[—])] and apply such monies as set out below: 

Currency: [—] 

Amount: [—] 

Payee: [—] 

Correspondent Bank details: 

[Payee account details: Accountholder’s Name: [—] 

Account No: [—] 

Bank Name: [—] 

Bank Address: [—] 

SWIFT Code: [—] 

Reference: [—] 

Value Date: 
  

	4.	This instruction is irrevocable. 

 Yours faithfully 

For and on behalf of 
 Twin Star Mauritius Holdings Limited 

Title: 

  
 181 

			
	The Company
	
	VEDANTA RESOURCES PLC
		
	Address:	 	5th Floor Hill House
		
		 	16 Berkeley Street
		
		 	London
		
		 	W1J 8DZ
		
	Fax:	 	+44 207 491 8440
		
	Attention:	 	Deepak Kumar
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	The Original Subordinated Creditor
	
	VEDANTA RESOURCES JERSEY II LIMITED
		
	Address:	 	47, Esplanade, St Heller, Jersey JE1 0BD
		
	Fax:	 	+442074918440
		
	Attention:	 	Deepak Kumar
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	The Arranger
	
	BANK OF AMERICA, N.A.
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	BARCLAYS BANK PLC
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	CITIGROUP GLOBAL MARKETS ASIA LIMITED
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	JP MORGAN CHASE BANK N.A., SINGAPORE BRANCH
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	THE ROYAL BANK OF SCOTLAND PLC
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	STANDARD CHARTERED BANK
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	The Original Lenders
	
	BANK OF AMERICA, N.A.
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	BARCLAYS BANK PLC
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	CITIBANK, N.A.
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	JP MORGAN CHASE BANK N.A., SINGAPORE BRANCH
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	THE ROYAL BANK OF SCOTLAND PLC
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	STANDARD CHARTERED BANK
		
	By:	 	
		
	Name:	 	
		
	Title:	 	
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	The Agent
	
	STANDARD CHARTERED BANK
		
	Address:	 	5th Floor, 1 Basinghall Avenue
		
		 	London EC2V 5DD
		
	Fax:	 	+44 2078 853 632
		
	Email:	 	Matthew.Breadon@sc.com
		
	Attention:	 	Matthew Breadon
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	The Security Agent
	
	STANDARD CHARTERED BANK
		
	Address:	 	5th Floor, 1 Basinghall Avenue
		
		 	London EC2V 5DD
		
	Fax:	 	+4420 7885 9620 / +44 0207 885 0651
		
	Email:	 	Charles.Mildred@sc.com / Paul.Thompson@sc.com
		
	Attention:	 	Charles Mildred / Paul Thompson
		
	By:	 	
		
	Name:	 	
		
	Title:	 	

			
	The Account Bank
	
	STANDARD CHARTERED BANK (MAURITIUS) LIMITED
		
	Address:	 	Units 6A & 6B, 6th Floor, Raffles Tower, Cybercity, Ebène, Republic of Mauritius
		
	Fax:	 	+230 466 5161
		
	Email:	 	Khalid.Mahamodally@sc.com / Shridhar.Paidichetty@sc.com
		
	Attention:	 	Khalid Mahamodally / Shridhar Paidichetty
		
	By:	 	
		
	Name:	 	
		
	Title:	 	
		
	By:	 	
		
	Name:	 	
		
	Title:

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