INDIAN RAILWAY FINANCE CORPORATION LIMITED

name of the deceased Bondholder after obtaining satisfactory evidence of his death, provided that a thirdperson may call on our Company to register his name as successor of the deceased Bondholder afterobtaining evidence such as probate of a will for the purpose of proving his title to the Bonds. In the event ofdemise of the sole or first holder of the Bonds, our Company will recognize the executors or administrator ofthe deceased Bondholders, or the holder of the succession certificate or other legal representative as havingtitle to the Bonds only if such executor or administrator obtains and produces probate of will or letter ofadministration or is the holder of the succession certificate or other legal representation, as the case may be,from an appropriate court in India. The Board of Directors of our Company in their absolute discretion may,in any case, dispense with production of probate of will or letter of administration or succession certificate orother legal representation.16.3 Nomination Facility to Bondholder16.3.1. The sole Bondholder or first Bondholder, along with other joint Bondholders (being individual(s))may nominate any one person (being an individual) who, in the event of death of the sole holder orall the joint-holders, as the case may be, shall become entitled to the Bond. A person, being anominee, becoming entitled to the Bond by reason of the death of the Bondholders, shall be entitledto the same rights to which he will be entitled if he were the registered holder of the Bond. Wherethe nominee is a minor, the Bondholders may make a nomination to appoint any person to becomeentitled to the Bond(s), in the event of his death, during the minority. A nomination shall standrescinded on sale of a Bond by the person nominating. A buyer will be entitled to make a freshnomination in the manner prescribed. When the Bond is held by two or more persons, the nomineeshall become entitled to receive the amount only on the demise of all the Bondholders. Freshnominations can be made only in the prescribed form available on request at our Company’sadministrative office or at such other addresses as may be notified by our Company.16.3.2. The Bondholders are advised to provide the specimen signature of the nominee to our Company toexpedite the transmission of the Bond(s) to the nominee in the event of demise of the Bondholders.The signature can be provided in the Application Form or subsequently at the time of making freshnominations. This facility of providing the specimen signature of the nominee is purely optional.16.3.3. Any person who becomes a nominee under any applicable laws shall on the production of suchevidence as may be required by our Company’s Board or the Bond Committee, as the case may be,elect either:(a) to register himself or herself as the holder of the Bonds; or(b) to make such transfer of the Bonds, as the deceased holder could have made.16.3.4. Notwithstanding anything stated above, Applicants who are allotted bonds in dematerialised formneed not make a separate nomination with our Company. Nominations registered with therespective Depository Participant of the Bondholder will prevail. If the Bondholders requirechanging their nomination, they are requested to inform their respective Depository Participant. ForApplicants who opt to hold the Bonds in physical form, the Applicants are require to fill in thedetails for ‘nominees’ as provided in the Application Form.16.3.5. Further, our Company’s Board or the Bond Committee as the case may be, may at any time givenotice requiring any nominee of the deceased holder to choose either to be registered himself orherself or to transfer the Bonds, and if the notice is not complied with, within a period of 90 days,our Company’s Board or the Bond Committee, as the case may be, may thereafter withholdpayment of all interests or other monies payable in respect of the Bonds, until the requirements ofthe notice have been complied with.17. Debenture Trustee17.1 Our Company has appointed SBICAP Trustee Company Limited to act as the Trustee for the Bondholders.Our Company intends to enter into a Debenture Trust Deed with the Debenture Trustee, the terms of whichwill govern the appointment and functioning of the Debenture Trustee and shall specify the powers,authorities and obligations of the Debenture Trustee. Under the terms of the Debenture Trust Deed, ourCompany will covenant with the Debenture Trustee that it will pay the Bondholders the principal amount56