Document:

mmyt-ex419_1549.htm

Exhibit 4.19

THIRD ADDENDUM TO THE LEASE DEED

 

This third addendum dated 20th January 2021 (“this Addendum”) to the Lease Deed dated 18th February, 2020 (“Lease Deed”) is made at Gurgaon.

BETWEEN

 

M/s DLF Cyber City Developers Limited, a company incorporated under the Companies Act, 1956 having its registered office at 10th floor, DLF Gateway Tower,  DLF City Phase – III, Gurgaon, Haryana - 122002, India(hereinafter referred to as ‘THE LESSOR’ which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors, nominees, transferees and assigns) acting through its authorized signatories, Mr. Nishant Banerjee and Mr. Baljeet Singh duly authorized vide board resolution dated 16.07.2020 of the First Part

 

 

AND

 

M/s MakeMyTrip (India) Private Limited, a company incorporated under the Companies Act, 1956 and presently having its registered office in India at 19th Floor, Tower A/B/C Epitome Building No. 5, DLF Cyber City, DLF Phase III, Gurugram- 122002 (hereinafter referred to as ‘THE LESSEE’ which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include its successors) having Permanent Account Number (PAN) AADCM5146R and Tax Deduction and Collection Account Number (TAN) DELM09144C, acting through its authorized signatory, Mr. Ravi Prakash Tyagi duly authorized vide board resolution dated 29.09.2019 of the Second Part.

 

 

(Both THE LESSOR and THE LESSEE are collectively referred to as “the Parties”).

 

Capitalized words and expressions not defined herein shall have the meaning ascribed to them in the Lease Deed.

 

WHEREAS:

 

	
 
	
A.
	
THE LESSOR and THE LESSEE have entered into lease deed dated 18th February, 2020 (“Lease Deed”) and addendum to Lease Deed dated 18th February, 2020 _ (“Addendum to the Lease Deed”) for super area admeasuring 1,04,097 sq.ft. (9670.792 sq.mtrs.) comprising of area admeasuring 22,170 sq. ft. (2,059.640 sq. mtrs.), On part of 19th Floor, Tower-A (“Area-1”), 8,311 sq.ft. (772.133 sq.mtrs.), On part of 19th Floor, Tower-A (“Area-2”), 11,279 sq. ft. (1047.799 sq. mtrs.), On part of 19th Floor, Tower-A (“Area-3”), 50,783 sq. ft. (4,717.870 sq.mtrs.) on part of 19th Floor, Tower-B (“Area-4”) and 11,554 sq. ft. (1,073. 350 sq. mtrs.), On part of 19th Floor, Tower-C (“Area-5”), DLF Building No .5, DLF Cyber City, Gurgaon-122002 (“Demised Premises”)

 

	
 
	
B.
	
Upon request of THE LESSEE, THE LESSOR has agreed to carry out certain amendments/ additions/ modification to the Lease Deed to give effect to the understanding which is recorded in this Addendum. 

 

NOW THIS ADDENDUM WITNESSETH AS UNDER:

 

	
1.
	
This Addendum, upon execution, shall form an integral part of the Lease Deed. The contents hereof shall be effective from the date its signing and shall be co-terminus with the Lease Deed.  

 

	
2.
	
That it has been agreed between the Parties to cause the following amendments to the Lease Deed in the manner as provided hereunder: -

 

1

 

 

 

2.1 That the description at the following serial nos. of Annexure-A of the Addendum to the Lease Deed stands modified/ substituted and accordingly the description at the respective serial nos. reads as under:

 

ANNEXURE-A

COMMERCIAL TERMS & CONDITIONS FORMING INTEGRAL PART OF LEASE

 

 

			
	
S.NO.
	
ITEM
	
DESCRIPTION

 

	
10.
	
Monthly Rent
	
Rs. 1,17,31,731.90/- (Rupees One Crore Seventeen Lakhs Thirty One Thousand Seven Hundred Thirty One and Paise Ninety Only) calculated at the rate of Rs. 112.70/- per square foot per month/ Rs. 1,213.10/-per square meter per month (Rupees One Hundred Twelve and Paisa Seventy Only per square foot per month/Rupees One Thousand Two Hundred Thirteen and Paise Ten Only per square meter per month) of Gross Leasable Area of Demised Premises.

 

Provided, THE LESSOR shall provide THE LESSEE a rent-free period of One (01) month at the end of every year during the Lease Term and Lease Renewal Term(s), if any.

 

However, upon earlier termination of the Lease Deed during the Lease Term or Lease Renewal Term, if any, a rent free period shall be provided proportionate to the number of months, the Demised Premises is occupied by THE LESSEE during that year in which such termination takes place.

 

THE LESSEE will be provided “Additional rent-free periods” as follows for which rent is waived off by the Lessor: 

•Thirty (30) days from 8th February, 2021 to 9th March, 2021 ; and 

•Thirty (30) days from 10th May,2021 to 9th June, 2021 ; and 

•Thirty (30) days from 10th August, 2021 to 9th September, 2021.

	
14.
	
Interest Free Refundable Security Deposit (IFRSD)

 

 
	
Rs. 17,23,39,141.61/- (Rupees Seventeen Crores Twenty Three Lacs Thirty Nine Thousand One Hundred Forty One and Paise Sixty One Only) calculated at the rate of Rs. 112.70/- per square foot per month /Rs. 1213.10/- per square meter  per month (Rupees One Hundred Twelve and Paise Seventy only per square foot per month / Rupees  One Thousand Two Hundred Thirteen and Paise Ten Only per square meter per month) of Gross Leasable Area of Demised Premises in the following manner:

 

IFRSD already with THE LESSOR for 104,097 sq. ft. under this Lease: Rs. 13,71,43,945.91/- (Rupees Thirteen Crore  Seventy One Lakhs Forty Three Thousand Nine Hundred Forty Five and Paisa Ninety One Only).

 

IFRSD already with THE LESSOR for area ad-measuring 34,196 sq. ft. surrendered by THE LESSEE (in Oct, 2020) to be adjusted under IFRSD of this Lease Deed: Rs. 3,34,90,297.15/- (Rupees Three Crore Thirty Four Lakhs Ninety Thousand Two Hundred Ninety Seven and Paise Fifteen Only) –

Subject to reconciliation of F&F, will be used to top up the IFRSD. 

 

Balance IFRSD payable by THE LESSEE on or before 31st March, 2021- Rs. 2,06,75,184/-( Rupee Two Crore Six Lakhs Seventy Five thousand One Hundred Eighty Four Only) .

 

IFRSD shall always be equivalent to 14.69 months’ corresponding Monthly Rent of Demised Premises as prevailing at any point of time during Lease Term.  Further, upon escalation in Monthly Rent as mentioned at serial number 13 hereinabove, the differential amount shall be payable by THE LESSEE on or before such escalation.

 

In case THE LESSEE terminates the Lease Deed or vacates the Demised Premises on or before 9th December 2022 then amount equivalent to the rent for “Additional rent free periods” as provided to THE LESSEE and to the extent actually availed by the LESSEE as rent free period under this addendum will be adjusted by THE LESSOR from the Security Deposits.

2

 

 

 

 

	
3.
	
All costs, charges, expenses including penalties, payable on or in respect of execution and registration of this Addendum, shall be borne and paid by The LESSEE who shall be responsible for compliance of the provisions of the Indian Stamp Act, 1899 as well as applicable local laws of India. 

 

	
4.
	
The Parties hereby confirm and acknowledge that, save and except for the changes referred to hereinabove, all other terms and conditions of the Lease Deed shall continue to be in full force and effect and remain the same and binding on both THE LESSOR and THE LESSEE in all respects.

 

	
5.
	
This Addendum along with Annexures thereto shall be a part and parcel of the Lease Deed and shall be binding on the Parties.

 

IN WITNESS WHEREOF the Parties hereto have set their hands to this Addendum at Gurgaon on the 20th day of January 2021. 

 

THE LESSOR:

 

SIGNED AND DELIVERED on behalf of the above named M/s DLF Cyber City Developers Limited acting through Mr. Nishant Banerjee and Mr. Baljeet Singh, its authorized signatories:

 

For and on behalf of

DLF Cyber City Developers Limited

 

/s/ Nishant Banerjee   /s/ Baljeet Singh

(Nishant Banerjee) & (Baljeet Singh)

AUTHORIZED SIGNATORIES

 

THE LESSEE:

 

SIGNED AND DELIVERED on behalf of the above named M/s MakeMyTrip (India) Private Limited acting through Mr. Ravi Prakash Tyagi, its authorized signatory:

 

For and on behalf of

3

 

 

MakeMyTrip (India) Private Limited 

 

 

 

/s/ Ravi Prakash Tyagi

(Ravi Prakash Tyagi)

AUTHORIZED SIGNATORY

 

 

 

 

 

 

4mmyt-ex420_1140.htm

Exhibit 4.20

 

 

 

AXISB/WBG/NORTH/MNC/2020-21/127 December 21,2020 MakemyTrip (india)Private Limited Tower B DLF Building no.5 DLF Cyber city, DLF Phase 2 Sector 24 Gurugram Kind Attn: Mr. Vikas Saini Dear sir, Re: Sanction of Credit Facilities With reference to your request and subsequent discussion, we are pleased to convey the sanction of working capital limit as per the details in the Annexure and below: facility limit (Rs in Crs) overdraft (OD) 81.00 Total Working Capital 81.00 Total 81.00 The detailed terms and condition of the sanction are mentioned in the Annexure attached with this letter. We request you to return the duplicate copy of this sanction letter duly signed by the authorized signatories of the company, in token of your acceptance of the sanction to our Corporate Credit Service Unit (CCSU), Gurgaon. Also acceptance for authorizing Axis Bank to debit the processing fee and other charges/fees as mentioned in this sanction letter from your operative maintained with Axis Bank Ltd. Assuring you of our best services always your faithfully Surbhi Sardana RM - WBCG(MNC) Sameer Gard SVP & Group head north -WBCG(MNC) Copy to: Sumit Sunny, DVP(#7838866535, sumit.sunny@axisbank.Com), Axis Bank Limited Corporate Credit Service Unit (CCSU) DSS No.77,1st Floor HUDA Market Sector 40 Gurugaon-122003 CRG: NEG: WBCG-MNC, Axis house, Tower 4,4th Floor, Sector 128, Noida 201304 Registered Address: “Trishul”-3rd Floor, Opp. Samartheswar Temple, Near law garden Ellisbridge, Ahmedabad-380006. Telephone No.:079-26409322 Fax No.:079-26409322 CIN: L65110GJ1993PLC020769 Website: www.axisbank.com Company seal

 

 

 

 

Annexure - Terms and Conditions Borrower MakeMyTrip (India) Private Limited (MMT India) Sponsor MakeMyTrip Limited, Mauritius (MMYT) Limit Rs 81.00 Crores Facility Overdraft 1. Purpose For routine WC purpose 2. Margin Nil 3. Interest 1M MCLR + 1.50% (presently 8.75% p.a.), payable at monthly intervals. The benchmark 1M MCLR would be as prevalent on the date of the1st disbursement and would be reset every 1 month. The spread of 1.50% would remain unchanged during the tenor of the facility. 4. Repayment On Demand with 1 day notice 5. Security 70% Cash Margin in the form of fixed Deposit of the Bank, with Bank's lien noted thereon. Lien shall be marked on the FD till such time as the obligation under overdraft facility is fully satisfied. FD tenor (including renewal instructions) to be equal to or greater than facility tenor.6. Tenor 12 months from the date of sanction 7. Penal Interest a) In the event of non-payment of overdraft / interest, penal interest at 2% p.a. on overdue amount will be charged. b) In the event of expiry of working capital limits, penal interest of 1% p.a. on the outstanding amount of credit facilities will be applicable. c) In the event of non creation of security within stipulated timelines, penal interest of 1% p.a. on the outstanding amount of Fund-Based credit facilities will be applicable for the period of default. The Bank reserves the right to stop operations in the account on expiry of the sanctioned limits. 8. Special condition Limit utilisation will be restricted to 70% of the sanction limit till the following conditions on half yearly basis are met: (1) Profitable at PAT level (2) TOL/ TNW < 1.0 Prior approval of Axis Bank will be required for release of the balance limit This will be checked by a certificate submitted by the company certified by CA or on basis of audited financial statement. 9. Other covenants The borrower will place its proportionate banking business with the Bank. Other Terms and Conditions: 1. Processing Fee NIL 2. Commitment Fee NIL 3. Validity of Sanction The sanction shall be valid for acceptance upto 15 days from the date of sanction. 4. Interest Reset / Spread Reset The Bank reserves the right to alter the Interest rate or the spread or the interest reset date upon occurrence of any of the following: i. RBI enhancing the standard provisioning requirements/risk weightage for banking assets; or ii. downward revision in the credit rating of borrower/guarantor/security provider by a Credit Rating Agency and/or internal ratings; or iii. occurrence of an Event of Default as defined in the facility document; or Company Seal

 

 

 

 

iv. changes in externally prevailing directives of regulatory authority/RBI. In the event the interest reset is not acceptable, the borrower shall have the option to prepay the entire amount outstanding under the facility within 15 days from the reset date without prepayment premium. 5. Interest calculation The interest per annum shall accrue and be calculated for 365 days, irrespective of leap year. 6. Security creation timeline security creation and perfection shall be completed prior to first disbursement filing of charge with ROC 7. The borrower shall utilise the facility for the purpose for which it is sanctioned. Borrower shall net utilise the facility for extending loans to subsidiary companies/associates or making inter-corporate deposit. 8. Borrower/Obligor shall: i. maintain operative account with our bank; ii. maintain proper books of accounts; iii. Keep the bank informed of the happening of any event which is likely to have an material impact on their business and the remedial steps proposed to be taken; iv. pay the charges as per the banks standard schedule of charges for various services rendered by the bank and as communicated to the borrower. 9. Restricted payment: The borrower shall not declare dividend for any year expect out of profits of the current year and subject o no default in payment/repayment obligation to the bank and prior written approval of the bank being obtained. 10. Borrower/obligor shall not, without the prior written approval of the band; i. wind up/liquidate its affair or agree/authorize to settle any litigation/arbitration having a material adverse effect; i. encumber it’s assets except where the new charge if created will be on pari passu basis, ii. dispose its charged assets other than as permitted by the bank in written. Borrower/obligor shall inform the bank: i. enter into any merge/amalgamation etc or do a buyback; ii. change the general nature of it’s business or undertake any expansion (over and above as declared in the projection during current sanction) or invest in any other entity; iii. any changes in its ownership/control/management (including by pledge of promoter/sponsor shareholding in the borrower to any third party)/beneficial owner or enter into arrangement whereby its business/ operations are managed or controlled, directly or indirectly, by any other person. Unlisted borrower shall submit yearly certificate to confirm compliance of the same. iv. make any amendment to it’s constitutional documents; v. avail any loans; and/or stand as surety or guarantor for any third party liability or obligation; and/or provide and loan or advance to any third party, save and except as required in normal business operations vi. pay any commission, brokerage or fees to its promoters/directors/guarantor/security providers; 11. Assignment: the bank shall have a right to sell or transfer whole or part of the facility to any person/entity under such terms and conditions as the bank may decide in its sole discretion without consent of, or prior intimation to, the borrower/obligors. 12. set-off: The bank shall have the right to settle any indebtedness owed by the borrower to the bank under any document/agreement, by adjusting, setting-off any deposit(s) and/or transferring monies lying to the balance of any account(s) held by the borrower with the bank without giving prior notice to the borrower. The bank’s right hereunder shall not be affected by the borrower’s bankruptcy, death or winding-up. Company Seal

 

 

 

 

13 Financial Information: The Borrower shall provide the Bank provisional financial statements within 45 days of year-end and audited financial statement within 7 months of financial year end. 14 Limits cancellation clouse: The Bank shall have an unconditional right to cancel the undrawn/unavailed/unused portion of the Facility at any time during the subsistence of the Facility, without any prior notice to the Borrower, for any reason whatsoever. In the event of any such cancellation, all the provisions of this sanction shat continue to be effective and valid and the Borrower shall repay the Facility in accordance with the terms of this sanction. 15 Documentation: Bank's standard documents. 16 Regulator Conditions: a. Under no circumstances shall the Facility be utilised for Subscription to or purchase of shores/debentures/any speculative purposes/activities not eligible for bank credit as per RBI guidelines. b. The lender does not have an obligation to meet further requirements of the borrowers on account of growth in business etc without proper review of credit limits. c. The Borrower shall submit information as required vide RBI circular DBOD.No.BP. BC. 94/08.12.001/2008-09 dated December 8, 2008 in Annexure I and Annexure III. d. UECE: The Borrower shall provide the Unhedged Foreign Currency Exposure (UFCE) Certificate on a quarterly basis. e. Beneficial Ownership Declaration: The borrower shall provide an undertaking w.r.t. to. declaration of beneficial owner in line with the RBI guidelines. [Note: Refer RBI circular CRB/2012-13/385 DBODAMLBC No. 71/1421.001/2012-13 doted 18th Jan 2013] f. Willful Defaulter: The Borrower shall not induct a person identified as willful defaulter by RBI or CIBIL or any other authorised agency as it's director/senior officer/partner /member/trustee and shall take expeditious and effective steps for removal of such person if so inducted. g. Disclosure: The Bank shall be entitled to disclose all information relating to the Borrower to Credit Information Companies ["CIC") authorised by RBI and/or any other person. Any CIC and any other agency so authorised may use, process the said information and dole disclosed by the Bank in the manner as deemed fit by them to other barks/ financial institutions / credit providers and the Borrower shall not hold the Bank liable in any manner for use of such information. h. Connected lending Undertaking: The borrower shall undertake that i) None of the directors of Axis Bank or relatives of directors (as defined in the RBI Master Circular-Loans and Advances-Statutory and Other Restrictions) is a director/partner manager, managing agent, employee or guarantor of the borrower or of a subsidiary of the borrower or of the holding company of the borrower and that none of them hold substantial interest in the borrower or its subsidiary or its holding company. ii) to the best of the borrower's knowledge none of the directors of any other bank or the subsidiaries of the banks or trustees of mutual funds / venture capital funds set up by the banks or their relatives as defined in the RBI Master Circular Loans and Advances Statutory and Other Restrictions is a director / partner, manager, managing agent, employee or guarantor of the borrower and that none of them holds substantial interest in the borrower. iii) to the best of the borower's knowledge none of senior officials of the bank or the participating banks under consortium or their relatives as defined in the RBI Master Circular -Loans Advances Statutory and Other Restrictions is a director / partner, or guarantor or members of HUF of the borrower and that none of them hold substantial interest in the borrower. in case if any of the above stated declarations is breached, the borrower shall inform the bank immediately. In case of non-compliance with the undertaking or giving wrong undertaking in relation to Connected Lending, at any time during the currency of loan, the bank reserves the right to recall the loon immediately. Company Seal

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