Document:

EX-4.23

 Exhibit 4.23 
 Ref.: YBL/DEL/FL/900/2012-13 
 Date: December 17, 2012 

M/s MakeMyTrip (India) Private Limited, 

Tower A, SP Infocity, Plot No. 243, 
 Udyog
Vihar, Phase I, Gurgaon 122016 
 Dear Sirs, 
 Re: Renewal of Credit Facilities 
 We, YES Bank Limited
(‘YBL’ or ‘the Lender’), are pleased to renew the facilities advised vide Facility Letter Ref. No. YBL/DEL/FL/849/2011-12 dated January 16, 2012 (hereinafter referred to
as the “Facility Letter”) with regard to the credit facilities to M/s MakeMyTrip (India) Private Limited (the “Borrower” or “Company”). The conditions mentioned below
replace and/ or are in addition to the earlier clauses in our Facility Letter. The other terms and conditions in the said Facility Letter stands mutatis mutandis: 
  

	 	1.	Validity and Availability of the facilities sanctioned under the Facility Letters is renewed and extended up to December 02, 2013.

  

	 	2.	Facility Details: All the credit facilities has been reallocated / reassigned / sanctioned / modified as below: 

 

							
	 S No
	  	 Facility
Description
	  	 Interest/
Commission
	  	 Security

	1.	  	 Facility: Overdraft
(“OD”)
  
 Amount: INR 250,000,000/- (Indian Rupees Two
Hundred Fifty Million only)
  
 Tenor: 12 months

 
 Purpose: For cash flow mismatch and working capital requirements.

 
 Availability Period: Till December 02, 2013
	  	 Floating: The applicable
rate of interest is YES Bank Base Rate plus 2.50% per annum.
  
 Currently,
YES Bank Base Rate is 10.50% per annum.
  
 Hence, Effective Rate of Interest
is 13.00% per annum.
	  	 •   First Pari Passu Charge on all Current Assets and Movable Fixed Assets of the Borrower (both present and future).

 
 •   Unconditional &
Irrevocable Corporate Guarantee of M/s MakeMyTrip Limited, Mauritius, to remain valid during the entire tenor of the facilities.

	1a.	  	 Facility: Export Credit
(Pre/Post Shipment) (INR/FCY)
  
 (Sub limit of Facility 1
above)
  
 Amount: INR 250,000,000/- (Indian Rupees Two Hundred
Fifty Million only)
	  	To be decided by the lender at the time of transaction subject to minimum of
YES Bank Base Rate.	  	
•   Same as facility 1 above

							
	 	  	 Purpose: For working
capital requirement
  
 Tenor: Maximum 6 months

 
 Margin: Nil

 
 Availability Period: Till December 02, 2013
	  	 	  	 
	2.	  	 Facility: Financial Bank
Guarantee (“FBG”)
  
 Amount: INR 990,000,000/- (Indian
Rupees Nine Hundred Ninety Million only)
  
 (being amount enhanced from
INR 830 Million to INR 990 Million)
  
 Purpose: For financial bank
guarantee to be extended to ‘IATA’.
  
 Tenor: Maximum 18
months (including claim period, if any)
  
 Margin:

 
 For existing limits: 20% of the transaction amount in the form of Fixed
Deposits duly lien marked in favor of the Lender.
  
 For incremental
limits: 50% of the transaction amount in the form of Fixed Deposits duly lien marked in favor of the Lender.
  
 Availability Period: Till December 02, 2013
	  	Commission: 0.50% per annum plus applicable taxes payable
upfront.	  	 •   First Pari Passu Charge on all Current Assets and Movable Fixed Assets of the Borrower (both present and future).

 
 •   Unconditional &
Irrevocable Corporate Guarantee of M/s MakeMyTrip Limited, Mauritius, to remain valid during the entire tenor of the facilities.
  

The incremental limits shall not be secured by Corporate Guarantee of M/s MakeMyTrip Limited, Mauritius.

	3.	  	 Facility: Overdraft Against
Fixed Deposit Facility (“ODFD”)
  
 Amount: INR 300,000,000/-
(Indian Rupees Three Hundred Million only)
  
 Purpose: For working
capital requirements.
	  	1.0% per annum over and above Fixed Deposit Interest Rate.	  	Fixed Deposit to the extent of 83.33% of the facility amount
duly lien marked in favor of the Lender.

							
	 	  	 Tenor: Maximum 12 Months or
FD expiry whichever is earlier.
  
 Margin: 83.33% of the facility
amount in the form of Fixed Deposits duly lien marked in favor of the Lender.
  
 Availability Period: Till December 02, 2013 or Fixed Deposit expiry date whichever is earlier
	  	 	  	 
	4.	  	 Facility: Export Credit
(Pre Shipment in Foreign / Indian Currency & Post shipment in Foreign / Indian Currency)
  
 Amount: INR 300,000,000/- (Indian Rupees Three Hundred Million only)
  
 Purpose: For Working Capital requirements.
  
 Tenor: Maximum 6 Months
  

Margin: 100% of the transaction amount in the form of Fixed Deposits duly lien marked in favor of the Lender.

 
 Availability Period: Till December 02, 2013
	  	To be decided by the lender at the time of transaction subject to minimum of
Base Rate.	  	Fixed Deposit to the extent of 100% of the transaction
amount duly lien marked in favor of the Lender.

 Special Terms and Conditions: 

 

	 	•	 	 Legal fees: INR 25,000/- plus applicable taxes payable upfront at the time of disbursement of credit facilities.

  

	 	•	 	 No Third Party Fixed Deposits allowed under any of Fixed Deposit backed credit facilities. 

 

	 	3.	Other Conditions: 

  

	 	a.	Covenant: You hereby covenant that so long as the Facilities or any sum thereunder are outstanding, you shall:- 

 

	 	(i)	from time to time at our reasonable request forthwith deliver to us such information about your business, assets and financial condition as we may reasonably require
for any purpose in connection with the Facilities; 

	 	(ii)	furnish us on a regular basis the following statements: 

  

	 	•	 	 Insurance Policy duly endorsed in Bank’s favour, covering the value of assets (100%), hypothecated / mortgaged to the Bank, to be submitted;

  

	 	•	 	 Financial Information to be submitted on half yearly basis within 60 days from the end of each half year; 

 

	 	•	 	 CS/CA certification regarding compliance of statutory Prescriptions in terms of RBI circular on lending under consortium/multiple banking arrangements
dated February 10, 2009 on annual basis by September 30; 

  

	 	•	 	 Certificate from a Chartered Accountant certifying end use of funds availed under the ODFD and OD facilities to be submitted on quarterly basis within
30 days from the end of each quarter; 

  

	 	(iii)	furnish us as soon as possible and in any event not later than 180 days after the close of each financial year an originally signed or certified true copy of your
audited balance sheet together with the profit and loss statements; 

  

	 	(iv)	not create or allow to exist any new encumbrance or security over assets specifically charged to us without our prior written consent; 

 

	 	(v)	not undertake or permit any reorganization, amalgamation, reconstruction, takeover or any other schemes of compromise or arrangement, nor amend any provision of your
major constitutive documents in such a manner that will adversely affect our rights to demand repayment or enforce Security under the Facilities. 

  

	 	(vi)	not induct a person who is a Director on the Board of a company which has been identified as a willful defaulter and that in case, if such a person found to be on the
Board of the Borrower, Borrower would take expeditious and effective steps for removal of the person from the Board of Directors. 

  

	 	(vii)	route sales inwards of minimum INR 250 Crores on quarterly basis through the account maintained with the Lender. 

 

	 	(viii)	ensure that any change in the management of the Borrower shall be made after providing prior written intimation to the Lender; 

 

	 	4.	Financial Covenants: You hereby covenant that so long as the Facilities or any sum there under are outstanding, you shall maintain below financial
covenants (to be monitored by October 30, 2013):- 

  

	 	•	 	 the ratio of Total Debt and Average Tangible Net worth should be less than 0.5x. 

 

	 	•	 	 the ratio of Total Outside Liability and Average Tangible Net Worth should be less than 1.5x. 

 

	 	•	 	 the Current Ratio should be greater than 1.3x. 

  

	 	•	 	 the ratio of Total Debt and Earning Before Interest Taxes Depreciation and Amortization should be less than 1.0x. 

Note: Above ratios will be monitored by the Bank with such periodic intervals as the Bank may in its discretion decide 

	 	5.	Conditions Precedent: You may utilize the Facilities only after receipt by us of the following in form and substance reasonably satisfactory to us:

  

	 	a.	Duplicate of this Facility Letter duly and unconditionally accepted by the Borrower’s authorized signatory/ies; 

 

	 	b.	Certified true copy of the Borrower’s Board Resolution accepting the Facilities and authorising particular persons to deal with us in connection with it and
execute required documents; 

  

	 	c.	Supplemental Master Facility Agreement to be executed under the common seal on the requisite stamp paper in our prescribed format to be submitted within 60 days of
disbursement; 

  

	 	d.	Search Report from Lender’s approved Lawyer/Chartered Accountant, confirming details of charge on borrower’s assets/guarantor’s assets as per records of
Registrar of Companies to be submitted within 60 days of disbursement; 

  

	 	e.	Supplemental Deed of Hypothecation for creation of First Pari Passu charge on all the Current Assets and Movable Fixed Assets of the Borrower (both present and future)
to be executed under the common seal, on the requisite stamp as prescribed under the prevailing Stamp Act, to be submitted within 45 days of disbursement; 

  

	 	f.	Registered Form 8 to register our First Pari Passu charge on all the Current Assets and Movable Fixed Assets of the Borrower (both present and future), with ROC to be
submitted within 45 days of disbursement; 

  

	 	g.	IT confirmation/ CA certificate u/s 281 of IT Act stating that there are no proceedings pending under Income Tax and hence consent of Assessing Officer is not required
for creating charge on movable fixed assets in favor of the bank, to be submitted within 60 days of disbursement; 

  

	 	h.	No Objection Certificate (NOC)/Pari Passu letters for ceding charge on current assets and movable fixed assets to be obtained from all existing lenders and to be
submitted within 60 days of disbursement; 

  

	 	i.	Letter of debit authorization of charges to be executed in prescribed format to be submitted within 60 days of disbursement; 

 

	 	j.	Such other documents as we may reasonably consider being relevant. 

  

	 	6.	Cancellation or Termination: During the Availability period, the Lender may, in its sole discretion, cancel the Facilities, if any Event of Default
or Potential Event of Default has occurred or if it becomes unlawful for the Lender to disburse or continue the Facilities to the Borrower. 

 The Borrower unconditionally agrees, undertakes and acknowledges that the Bank has an unconditional right to cancel the un-utilized portion of the Facility, whether in part or in full, at any time during
the currency of the Facility/Loan without any prior intimation for such cancellation to the Borrower. 
 Provided always, that
overdraft and/or other similar types of facility may be terminated by us and shall be repayable to us within a period of 10 days from the date of the notice. 

	 	7.	Representations: You represent to us that (i) you are duly incorporated under the laws of your country of incorporation with the power to enter into
and exercise your rights and perform your obligations under the Facilities, (ii) all actions internal or external required to authorise your execution of this letter and your performance of your obligations under the Facilities have been duly
taken and the exercise of your rights and performance of your obligations under the Facilities will neither contravene any law or regulations to which you are subject nor cause you to be in breach of or default under any agreement/document /
Memorandum of Association / Articles of Association binding on you or any of your assets, (iii) your obligations under the Facilities are legal, valid, binding and enforceable against you, (iv) all governmental or other licenses, consents
and authorisations requisite for such execution, delivery and performance have been obtained and are in full force and effect, and (v) each of these representations will remain correct and complied with so long as the Facilities and/or any sum
thereunder remain outstanding, (vi) As per RBI Guidelines, all borrowers are required to declare details as per enclosed Annexure while applying for credit facilities with from bank and you have already provided such details during discussion
with us and/or in various documents provided to us. By counter signing your are confirming us that the details declared as per annexure 1 are true and correct, (vii) to create security interest in favour of the Bank/ security trustee/security
agent in a form and manner satisfactory to the Bank. Further, the Bank as a matter of policy does not accept laminated title/security documents. The Borrower is therefore advised to upfront inform the Bank as to whether the title/security documents
are laminated or not. The Bank further reserves its right to accept or reject any title/security documents, with or without assigning any reasons. The decision of the Bank shall be final and binding on the Borrower in this regard.

  

	 	8.	Right of Set off: (1) You hereby agree that in addition to general lien or similar right to which we as Bankers, are entitled to by law, we
may at any time and with prior notice to you in our absolute discretion combine or consolidate all or any of your accounts linked to this facility with any liabilities to us and set off or transfer any sum or sums standing to the credit of any one
or more of such accounts in or towards satisfaction of any of your liabilities, to us in any other respect whether such liabilities be actual or contingent primary or collateral and several or joint and whether arising out of your, liability as
principal debtor and/or guarantor. (2) You hereby further agree that in respect of all such accounts and liabilities aforesaid we shall have a lien on all stocks, shares, securities, property and book debts including other liquid or illiquid
securities belonging to you or now or hereafter held by us for safe custody, collection, or otherwise and all moneys now or hereafter standing to your credit with us on any current or any other account and we will have the right to sell, realise all
such securities and property as aforesaid for the purpose of realizing our dues. (3) The aforesaid rights are available to us notwithstanding the fact that a particular security is given to us earmarked for a particular loan or account and the
same is cleared by you by payment. We shall however intimate all such actions taken by us to you. 

 All charges/fees paid to the
Bank pursuant grant of Facilities hereto are non-refundable. 
 The Facility Letter shall remain valid and, save for the aforesaid amendments,
unchanged. This Amendment Facility Letter shall form an integral part of the addendum to Facility Letter Ref. No. YBL/DEL/FL/849/2011-12 dated January 16, 2012. 

 This offer shall be valid for acceptance until January 16, 2013. Kindly confirm to us, by
signing on the duplicate copy of this letter, your acceptance of the foregoing terms and conditions and return the same to us so as to be received by us prior to the above date. 
 Should you have any query regarding the above terms and conditions, please do not hesitate to contact the right-hand undersigned. 

 

			
	Yours faithfully,	 	
		
	YES BANK LIMITED	 	
		
	/s/ Manoj Ralhan	 	/s/ Neha Shankar
	Manoj Ralhan	 	Neha Shankar
	GEVP and Regional Business Leader	 	Senior Vice President
	Emerging Corporates Banking	 	Emerging Corporates Banking

 We, M/s MakeMyTrip (India) Private Limited, confirm acceptance of the above terms and conditions. 

 

			
	  

	 Signature(s) / Company’s stamp

	 *[Please sign on the preceding pages as well]

		
	 Title:
	 	
		
	 Date:
	 	19/12/2012
		
	Place:	 	Gurgaon

 ANNEXURE I 
 Details of Borrowing Arrangements from Other Banks 
 (INR Million)

  

																			
	 I.
	  	Name and address of bank/ institution	 	HDFC Bank
	II.	  	Facilities availed	 	 
	 	  	A.	  	Fund-based credit facilities (Indicate the nature of facilities
e.g. working capital / demand loan / term loan / short term loan) / foreign currency loan, corporate loan / line of credit / Channel financing, bill discounting etc. amount and the purpose)	 	
HDFC Bank: 500.00
 ICICI:
500.00

	 	  	B.	  	Non-fund-based facilities other than derivatives (Indicate the
nature of facilities e.g. L/C,BG, DPG (I & F) etc. amount and the purpose)	 	HDFC Bank: 20.00
	III.	  	Present outstanding	 	HDFC Bank – FB of 0.00, NFB of
0.00;
	IV.	  	Overdues position, if any	 	NA
	V.	  	Requests for facilities which are under process	 	NA
	  	  	Name of Bank	 	
Fund

based

limit
	 	
Non

fund

limit
	 	Fund based
O/s as on
26.11.12	 	
Non fund
O/s as on
 26.11.12
	 	
Term Loan

outstanding

O/s as on

26.11.12
	 	Overdue	 	 Nature of
 facility

	  	HDFC	 	500  	 	20.0  	 	—    	 	—    	 	—    	 	—    	 	OD
	  	ICICI Bank	 	500  	 	—    	 	—    	 	 	 	—    	 	—    	 	OD
	  	Yes Bank	 	550  	 	830  	 	—    	 	830.2  	 	—    	 	—    	 	OD/BG
	  	TOTAL	 	1550  	 	850  	 	—    	 	830.2  	 	 	 	 	 	 
	VI.	  	Main and allied activities with locations	 	The company provides information, pricing,
availability, and booking facility for domestic and international air travel, railway reservation, hotel bookings, holiday packages, buses, and car rentals.
	VII  	  	Demands by statutory authorities / current status
thereof	 	NAEX-4.24

 Exhibit 4.24 
 SUPPLEMENTAL MASTER FACILITY AGREEMENT 
 THIS SUPPLEMENTAL
MASTER FACILITY AGREEMENT made on the 7th day,
February 2013, at New Delhi between:- 
 M/s MakeMyTrip (India) Private Limited, a Company within the meaning of the Companies Act, 1956
and having its Registered Office at UG-07, (Front Side), TDI Shopping Mall, Rajouri Garden, New Delhi – 110027 (hereinafter called “the Borrower” which expression shall, unless it be repugnant to the subject or context
thereof include its successors and assigns) of ONE PART 
 AND 
 YES BANK LIMITED, a company incorporated under the Companies Act, 1956 and a banking company within the meaning of the Banking Regulation Act, 1949 and having its registered office at 9th Floor, Nehru Centre, Discovery of India, Worli, Mumbai – 400
018 and amongst others, a branch at the place specified in Schedule I hereof (“Bank”, which expression shall, unless it be repugnant to the subject or context thereof, include its successors and assigns) of the OTHER
PART. 
 WHEREAS 
  

	1.	At the request of the Borrower, the Bank has sanctioned/agreed to sanction, from time to time, the various fund based and non-fund based working capital facilities in
terms of the Bank’s Facility Letter Ref. No. YBL/DEL/FL/879/2010-11 dated December 20, 2010 and YBL/DEL/FL/849/2011-12 dated January 16, 2012 (hereinafter collectively referred to as the “Facility
Letters”) and Master Facility Agreement dated December 21, 2010 and Supplemental Master Facility Agreement dated February 08, 2012 executed by the Borrower and the Bank (hereinafter collectively referred to as the
“Agreements”). 

  

	2.	At the request of the Borrower, the Bank has agreed to modify / revise working capital facilities. 

 

	3.	In pursuance thereof, the Borrower and the Bank have agreed to enter into this Supplemental Master Facility Agreement (hereinafter referred to as Supplemental Master
Facility Agreement) as a supplemental to the Agreements. 

  

	4.	All the terms used herein but not defined herein shall have the meaning as assigned to them in the Agreements. 

NOW THEREFORE THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED AND DECLARED AS FOLLOWS: 

 

	1.	The Borrower and the Bank hereby agree to replace the Schedule I of the Agreement with Schedule I attached hereto. 

 

	2.	The Parties further hereby execute Schedule II for availing of working capital facilities. 

 

	3.	The Borrower hereby agrees with YBL that it will abide by the terms and conditions contained in the Facility Letters and Agreements and as mentioned herein and further
agrees to pay to YBL their respective dues including interest, costs and expenses as mentioned therein and herein. 

  
 Page 1 of 11

	4.	The Borrower hereby declares, covenants, engages and agrees with YBL, that all terms and conditions covenants and obligations of the Agreements, shall be continuing and
binding and further the same shall be read and construed together with Facility Letters and this Agreement in all respects, save and except as specified herein. 

 This Supplemental Master Facility Agreement and the other Transaction Documents (unless otherwise specified in any Transaction Document) shall be governed by and construed in accordance with the laws of
India. 
 IN WITNESS WHEREOF the Parties hereto have caused these Presents to be executed on the day, month and year first hereinabove written.

 IN WITNESS WHEREOF the common seal of the Company has been hereunto affixed the day and year first hereinabove mentioned at New Delhi

  

			
	 THE COMMON SEAL OF M/s MakeMyTrip (India) Private Limited, the Constituent herein has been affixed to these presents pursuant to
the resolution of its Board of Directors passed at their meeting held on 11th Dec. 2012 in the presence of Mr. Mohit Kabra, SVP-Fin (name & description) and Mr. Deep Kalra, Director (name & description) who have signed these presents in token thereof

  
 Signed and Delivered by the within named YES Bank Ltd. by the hand
of its Authorised Signatory/ Constituted Attorney Mr. Manoj Ralhan
	 	 )
 )

)
 )

)
 )

)
 )

  
 Page 2 of 11

 SCHEDULE I 

 

	 	1.	 Date and Place of Execution of the Agreement: 7th February 2013, New Delhi 

 

	 	2.	Borrower(s) Details: 

  

	 	a.	Name: MakeMyTrip (India) Pvt Ltd 

  

	 	b.	Address: Tower A, SP Infocity, Plot No: 243, Udyog Vihar 

  

	 	c.	Facsimile No.: 0124-4395100 

  

	 	3.	Bank’s Details: 

  

	 	a.	Name of the concerned Branch: Kapashera 

  

	 	b.	Address: Old Delhi – Gurgaon Highway, Kapashera 

  

	 	c.	Facsimile No.: 011-46119040 

  

	 	4.	Details of Facility Letter: Facility Letter Ref. No. YBL/DEL/FL/900/2012-13 dated December 17, 2012 including any addendums issued thereto and as may
be modified from time to time. 

  

	 	5.	Overall Limits Sanctioned: INR 1840 MM 

  

	 	6.	Details of Facilities:- 

  

							
	 S No
	  	 Facility
Description
	  	 Interest/
Commission
	  	 Security

	1.	  	 Facility: Overdraft
(“OD”)
  
 Amount: INR 250,000,000/- (Indian Rupees Two
Hundred Fifty Million only)
  
 Tenor: 12 months

 
 Purpose: For cash flow mismatch and working capital requirements.

 
 Additional Interest: 2.00% per annum

 
 Availability Period: Till December 02, 2013
	  	 Floating: The applicable
rate of interest is YES Bank Base Rate plus 2.50% per annum.
  
 Currently,
YES Bank Base Rate is 10.50% per annum.
  
 Hence, Effective Rate of Interest
is 13.00% per annum.
	  	 •    First Pari Passu Charge on all Current Assets and Movable Fixed Assets of the Borrower (both present and future).

 
 •    Unconditional
& Irrevocable Corporate Guarantee of M/s MakeMyTrip Limited, Mauritius, to remain valid during the entire tenor of the facilities.

	1a.	  	 Facility: Export Credit
(Pre/Post Shipment) (INR/FCY)
  
 (Sub limit of Facility 1
above)
	  	To be decided by the lender at the time of transaction subject to minimum of
YES Bank Base Rate.	  	
•    Same as facility 1 above

  
 Page 3 of 11

							
	 	  	 Amount: INR 250,000,000/-
(Indian Rupees Two Hundred Fifty Million only)
  
 Purpose: For working
capital requirement
  
 Tenor: Maximum 6 months

 
 Margin: Nil

 
 Additional Interest: 2.00% per annum

 
 Availability Period: Till December 02, 2013
	  	 	  	 
	2.	  	 Facility: Financial Bank
Guarantee (“FBG”)
  
 Amount: INR 990,000,000/- (Indian
Rupees Nine Hundred Ninety Million only)
  
 (being amount enhanced from
INR 830 Million to INR 990 Million)
  
 Purpose: For financial bank
guarantee to be extended to ‘IATA’.
  
 Tenor: Maximum 18
months (including claim period, if any)
  
 Margin:

 
 For existing limits: 20% of the transaction amount in the form of Fixed
Deposits duly lien marked in favor of the Lender.
  
 For incremental
limits: 50% of the transaction amount in the form of Fixed Deposits duly lien marked in favor of the Lender.
  
 Additional Interest: 2.00% per annum
  
 Availability Period: Till December 02, 2013
	  	Commission: 0.50% per annum plus applicable taxes payable
upfront.	  	 •    First Pari Passu Charge on all Current Assets and Movable Fixed Assets of the Borrower (both present and future).

 
 •    Unconditional
& Irrevocable Corporate Guarantee of M/s MakeMyTrip Limited, Mauritius, to remain valid during the entire tenor of the facilities.
  

The incremental limits shall not be secured by Corporate Guarantee of M/s MakeMyTrip Limited, Mauritius.

	3.	  	Facility: Overdraft Against Fixed Deposit Facility
(“ODFD”)	  	1.0% per annum over and above Fixed Deposit Interest Rate.	  	Fixed Deposit to the extent of 83.33% of the facility amount
duly lien marked in favor of the Lender.

  
 Page 4 of 11

							
	 	  	 Amount: INR 300,000,000/-
(Indian Rupees Three Hundred Million only)
  
 Purpose: For working
capital requirements.
  
 Tenor: Maximum 12 Months or FD expiry
whichever is earlier.
  
 Margin: 83.33% of the facility amount in the
form of Fixed Deposits duly lien marked in favor of the Lender.
  

Additional Interest: 2.00% per annum
  

Availability Period: Till December 02, 2013 or Fixed Deposit expiry date whichever is earlier
	  	 	  	 
	4.	  	 Facility: Export Credit
(Pre Shipment in Foreign / Indian Currency & Post shipment in Foreign / Indian Currency)
  
 Amount: INR 300,000,000/- (Indian Rupees Three Hundred Million only)
  
 Purpose: For Working Capital requirements.
  
 Tenor: Maximum 6 Months
  

Margin: 100% of the transaction amount in the form of Fixed Deposits duly lien marked in favor of the Lender.

 
 Additional Interest: 2.00% per annum

 
 Availability Period: Till December 02, 2013
	  	To be decided by the lender at the time of transaction subject to minimum of
Base Rate.	  	Fixed Deposit to the extent of 100% of the transaction
amount duly lien marked in favor of the Lender.

 Special Terms and Conditions: 

 

	 	•	 	 No Third Party Fixed Deposits allowed under any of Fixed Deposit backed credit facilities. 

  
 Page 5 of 11

	 	7.	Repayment: 

 Period of Drawal:
Maximum 12 months 
 Tenor of facilities: 
  

					
	OD	 	:	    	Maximum 12 months
			
	EC	 	:	    	Maximum 6 months
			
	FBG	 	:	    	Maximum 18 months (including claim period, if any)
			
	ODFD	 	:	    	Maximum 12 Months or FD expiry whichever is earlier.
			
	PCFC/ PSFC	 	:	    	Maximum 6 Months

 Unless demanded earlier by the Bank, each drawal under the Facilities shall be repaid on or before the
last day of the Tenor; 
 OR 
 Unless demanded earlier by the Bank, each drawal under the Facilities shall be repaid on or before the last day of the Period of Drawal following expiry of Availability Period. 

 

	 	8.	Special Conditions non compliance of which shall attract Additional Rate of Interest: 

 

	 	•	 	 Default in creation and perfection of Securities as mentioned above within 60 days from the date of disbursement 

 

	 	•	 	 Breach of any covenant or provision of this Agreement and/or Schedule or any representation or warranty being false, incorrect, omitted or misleading

  

	 	•	 	 Amounts drawn in excess of Drawing Power 

  

	 	9.	Amendment(s) to Master Facility Agreement and other Schedules: Nil 

 The Borrower(s) declares that the Agreement / Schedule was duly read and understood by him/ her/ it prior to Affixing signatures(s) hereunder. 
 IN WITNESS WHEREOF the common seal of the Company has been hereunto affixed the day and year first hereinabove mentioned at New Delhi 

 

			
	THE COMMON SEAL OF M/s MakeMyTrip (India) Private Limited, the Constituent herein has been affixed to these presents pursuant to the resolution of its Board of Directors
passed at their meeting held on 11th Dec. 2012 in the
presence of Mr. Mohit Kabra, SVP-Fin (name & description) and Mr. Deep Kalra, Director (name & description) who have signed these presents in token thereof 	 	 )

)
 )
 )

)
 )
 )

)

	  
 Signed and Delivered by the within named YES Bank Ltd.
by the hand of its Authorised Signatory/ Constituted Attorney Mr. Manoj Ralhan

  
 Page 6 of 11

 SCHEDULE II 

ADDITIONAL TERMS AND CONDITIONS FOR BANK GUARANTEE FACILITY 
 The Borrower hereby agrees that any Bank Guarantee facility being issued/granted by the Bank to the Borrower, shall be governed by the terms of this Agreement and the additional terms and conditions
contained herein: 
  

	1.	BG FACILITIES 

  

	1.1	The Bank has, at the request of the Borrower, agreed to grant to the Borrower, bank guarantees facility, more specifically mentioned in Schedule I hereof
(the “BGs”, which expression shall, as the context may permit or require, mean any or each of such BGs and all renewals made thereto from time to time) in favour of entities / persons acceptable to the Bank guaranteeing /
undertaking payment obligations / obligations to make payment upto the guaranteed amount in case of shortfall in performance/non-performance in terms of various contracts / agreements entered into between the Borrower and the respective
beneficiaries, upto the maximum extent of the amounts of respective Limits specified in Schedule I hereof (the “BG Facilities”). Provided, however, the total amount(s) outstanding under the BG Facilities shall not at
any point of time exceed the amount of the respective Limits. 

  

	1.2	All amount(s) paid by the Bank under the BG Facilities may be treated as demand loan made to the Borrower by the Bank or the Bank may, at its sole discretion but
without any further consent from the Borrower, to debit any of the account of the Borrower, with the amount of any payments the Bank is required to make / makes under or in respect of the BGs, as also all interest, commission, charges and other
monies payable by the Borrower in respect of the BGs. 

  

	2.	DEFINITIONS 

  

	2.1	All capitalised terms used but not specifically defined herein shall have the respective meanings ascribed to them under the main body of this Agreement or Schedule
I hereof, as the case may be. 

  

	3.	PAYMENT AND INTEREST 

  

	3.1	(i) Notwithstanding anything to the contrary, in case the Bank may have to pay / be called upon to pay under the BGs and / or the amount of all claim which may be made
or preferred against the Bank under or in relation to the BGs including all interest, costs, charges and expenses which may be incurred by the Bank or become payable by the Bank in fulfillment of the terms of the BGs, and / or pays, all or any of
the monies in pursuance of the BGs, the Borrower shall, without questioning the reasonableness or validity or otherwise of any payment made or required to be made by the Bank under the BGs, forthwith pay to the Bank, all amounts payable or as the
case may be, paid by the Bank, including without limitation, all costs, charges and expenses whatsoever payable or paid, suffered or incurred by the Bank in respect of or in relation to or arising out of the obligations undertaken under the BGs
(collectively, the “Defaulted Amounts – BGs”) and until such payment by the Borrower, the same shall unless otherwise agreed to by the Bank, be deemed to be on demand loans to the Borrower carrying interest at the Additional
Rate of Interest prevailing on and from the date of payment by the Bank. 

  
 Page 7 of 11

	(ii)	The Borrower hereby agrees that all payments made by the Bank in foreign currencies may be, at the option of the Bank, converted into rupees with reference to the
actual cost to the Bank (including all commission or other bank charges and out-of-pocket expenses) in remitting the foreign currencies. 

  

	4.	ADDITIONAL PROVISIONS 

  

	4.1	The Borrower hereby further agrees, confirms and undertakes as follows: 

  

	 	4.1.1	the Borrower shall indemnify the Bank and keep the Bank indemnified against all actions, proceedings, claims, demands, duties, penalties, taxes, losses, damages,
actions, costs, charges and expenses (including costs between attorney and client) and other liabilities whatsoever which may be brought or made against or sustained or incurred by the Bank (and whether paid by the Bank or not) or which the Bank may
become liable under or in respect of the BGs; 

  

	 	4.1.2	the Bank may in its sole and absolute discretion and without reference to the Borrower and without the Bank being required to ascertain whether or not there was any
breach on the part of the Borrower of the agreements / contracts underlying the BGs and without the Bank being required to go into the validity thereof or otherwise and notwithstanding any directions to the contrary given by the Borrower or any
other person on the ground of a dispute as to the liability of the Borrower / the Bank or otherwise, admit or compromise and pay or submit to arbitration or dispute or resist any claim or demand made against the Bank under or in respect of such BGs,
and the obligations of the Borrower contained in this Agreement shall continue to be available to the Bank in respect of any action or payment which the Bank may take or make; 

 

	 	4.1.3	The Borrower further agrees and undertakes that whenever called upon by the Bank to do so, the Borrower shall deposit and keep deposited with the Bank such sum or sums
of money as may be required to be held by the Bank as margin against all claims arising under the said deeds, until all the said deeds are discharged and returned to the Bank. The Borrower shall also on demand from the Bank do, perform and execute
and cause to be done performed and executed any act, deed, matter or thing which the Bank may require as further security and for indemnifying it against the consequences in connection with the BGs. 

 

	 	4.1.4	the Borrower shall (unless otherwise agreed to by the Bank): (a) duly and punctually observe, perform and comply with all the covenants, obligations and conditions of
all the agreements / contracts underlying the BGs including due payment and discharge of all its payment obligations under such contracts / agreements on the due dates; (b) not create or permit to subsist, any encumbrance of any nature whatsoever
over all or any part of the underlying agreements / contracts or its rights thereunder; (c) not amend or agree to amend or grant waiver of any of the provisions of the underlying agreements / contracts; 

  
 Page 8 of 11

	 	4.1.5	the BGs will be issued by the Bank only as per the provisions of applicable Law; 

 

	 	4.1.6	the Bank shall issue BGs only in a format acceptable to the Bank; 

  

	 	4.1.7	in case of bid bond / earnest money deposits / advance payment / retention money BGs, stipulated under project exports or if the BGs are issued under any Export
Promotion Capital Goods Scheme (EPCGS), the Bank shall be entitled to obtain counter guarantees from Export Credit Guarantee Corporation (“ECGC”) or similar authority, at the costs and expenses of the Borrower; 

 

	 	4.1.8	if for any reason, whatsoever the liability of the Bank extends beyond the Availability Period specified in the BGs or if the Bank is prevented by any action initiated
by the Borrower or otherwise from making payment of part or whole of the guaranteed amounts to the beneficiary of the BGs, the Borrower shall also be liable to pay the commission for the period for which the Bank remains liable under the BGs and/or
the period for which the payment of the guaranteed amount / discharge from the guaranteed obligations has been delayed; 

  

	 	4.1.9	the Borrower shall provide / deposit immediately on demand and without demur, additional acceptable security to the Bank and/or sufficient amounts by way of 100% cash
margin on the outstanding amounts of the BGs, which in the Bank’s opinion are likely to be invoked due to non / inadequate fulfillment of obligation, in particular of performance undertaken under the BGs. The Borrower shall accept the
Bank’s judgement on the likelihood of guarantee obligation being unfulfilled, as final and binding; and 

  

	 	4.1.10	in the event of the interest rate on the principal amount of the financial assistances guaranteed by the Bank increasing for any reason whatsoever beyond the percentage
specified in the underlying agreements / contracts and consequentially the liability and obligation of the Bank under the BGs increasing, the Borrower shall indemnify and keep indemnified the Bank to the extent of additional interest liability paid
in such form as may be determined by the Bank. 

  

	4.2	The Borrower further agrees that if any extension or renewal of any of the BGs is required, the same shall be renewed or extended by the Bank in its own discretion and
in the event the Bank desires not to renew or extend any of the BGs, the Borrower agrees and undertakes to obtain, within 30 days from the expiry of original term of the BGs, return of the BGs in original, from the beneficiaries or obtain written
confirmation from the beneficiaries that the BGs stand discharged, failing which the Borrower shall deposit with the Bank cash equivalent to the amount of BG and pay interest, commission, charges as applicable till the Bank is discharged from its
obligation under the BG issued to the satisfaction of the Bank. The Bank shall be entitled to renew any BGs and extend the period of the Bank’s liability without reference to the Borrower if under the BGs the Bank has undertaken to extend such
period to the beneficiary/ies. 

  
 Page 9 of 11

	4.3	The Borrower further agrees that the obligations herein provided shall be irrevocable and shall remain in full force until the Bank is fully discharged by the
beneficiaries of all the liabilities under the BGs and until the Bank has got the discharge confirmed in writing from all the beneficiaries and got the BGs redeemed from them and all the dues and claims of Bank relating to the BGs have been paid or
satisfied in full. 

  

	4.4	This Agreement shall extend to and cover any sum or sums of money payable by the Bank under the BGs and shall be binding on the Borrower until the Bank is fully
discharged from all liabilities under the BGs and this Agreement shall not be considered as wholly or partly satisfied or exhausted by any payment from time to time made by Bank to the beneficiaries, as also by the Borrower to the Bank.

  

	4.5	The Borrower further agrees that the giving or granting of time or any extension thereof to the Borrower or neglect, omission or forbearance on the part of the Bank in
requiring or enforcing payment of any moneys due hereunder, or any other variations, modifications or amendments to any agreement between the Bank and the Borrower shall not in any way prejudice, limit, restrict or affect this Agreement.

  

	4.6	The Borrower further agrees that the Bank shall at all times be entitled without reference and/or the consent of the Borrower, to vary and modify the terms of the said
Limits which may include full margins as well as increase in pricing and the execution of the BGs by the Bank on behalf of the Borrower and this Agreement shall extend to and cover the expenses reflected by any additional liability arising on the
Borrower in consequences of any such variation or modification. Further, the Bank shall be at liberty without in any way effecting the liability of the Borrower hereunder and for which the Borrower gives its consent to the Bank to vary the term or
terms recorded in any of the BGs/guarantees or to release or discharge or to do any act or omission the legal consequences of which may be a discharge to the Borrower. This obligation of the Borrower shall be a continuing one and shall not be
determinable or assignable by the Borrower at any time. 

  

	4.7	The Borrower further agrees and undertakes that until all the liabilities hereunder have been discharged in full, it shall not set off or claim or prove in competition
with the Bank in respect of any payment hereunder or have the benefit of or share in any payment or composition in any guarantee or security now or hereinafter held by the Bank. 

 

	4.8	Notwithstanding anything to the contrary contained in the Uniform Rules for Demand Guarantees of the International Chambers of Commerce (Publication No. 458), the
Borrower agrees and undertakes, save and except specifically waived by the Bank in any one or more of the said deeds, the Bank shall stand discharged of all its obligations under the said deeds, if the underlying contract/ agreement is amended,
modified or varied and the Bank is not notified in writing by the Borrower within 20 days of the said amendment/modification/variation or time being given to the Borrower for performance of the contract/ agreement or for any forbearance of failure
of the beneficiary to enforce any covenant of the contract/ agreement or composition or any arrangement between the creditor and debtor or any other act or omission on the part of the Borrower or by any such matter or thing, whatsoever, which under
the Indian Contract Act, 1872 would have the provision of relieving the Bank from the obligations under the said deeds. 

  
 Page 10 of 11

 The Borrower(s) declares that the Agreement / Schedule was duly read and understood by him/ her/ it prior to
Affixing signatures(s) hereunder. 
 IN WITNESS WHEREOF the common seal of the Company has been hereunto affixed the day and year first
hereinabove mentioned at New Delhi 
  

			
	THE COMMON SEAL OF M/s MakeMyTrip (India) Private Limited, the Constituent herein has been affixed to these presents pursuant to the resolution of its Board of Directors
passed at their meeting held on 11th December 2012 in
the presence of Mr. Mohit Kabra, SVP-Fin (name & description) and Mr. Deep Kalra, Director (name & description) who have signed these presents in token thereof	 	 )
 )

)
 )

)
 )

)
 )

	  
 Signed and Delivered by the within named YES Bank Ltd. by the hand
of its Authorised Signatory/ Constituted Attorney Mr. Manoj Ralhan
	 	

  
 Page 11 of 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]