Document:

mmyt-ex429_359.htm

Exhibit 4.29

lnduslnd Bank Sancti on No: IBUCAD Nott~\~2017-1810989 Date: 16.06.2017 MakeMyTrlp Indi a Pri vate Limi ted UG-7, (Front Side), TDI Mall. Raj oun Garden New Delhi -110027, lnd1a Dear Sir/Madam, Re: Renewal cum Enhancement of Cred it Limits. Wi th reference to your request for the credit facilities, we are pleased to sanction the facilities as under subject to the terms and condi tions as men tioned in the Annexures. The facihbes are in contlnuabon/ mod1fication of our earlier sanction letter No. IBU CBG/ 2016-11/767 dated 18th June 2016 The facilities (unless expressly stated otherwise) are repayable/ determinable on demand. and are presently being made available for a period of one Year from the date of sanction i e 16"' June 2017. , however subJect to a rev1ew by the Bank at any time. The Bank may, at 1ts sole discretion choose to continue/ renew the fac1lities for a period beyond th e period aforesa1d. Facility Limits Sancti oned (Rs. in crores) Existing Revised Overdraft Limits-! 15 15 Bank Guarantees: ( For operational requirements) sub lim i t of OD hmits1 {10) (10) Overdraft against credit card receivables of American express cred it cards -2 20 20 Bank Gua rantees-! (For lATA) 125 165 Bank Guarantees-2 (For other airlines) (proposed ~< <ub-limlt of l ATA BG-1} 15 (15) SBLC limit (sub-limit of Bank guarantee-2 } ( 2.5} ( 2. 5) Forex ( Forwards/ Optoons/ Denvatoves) Notional : Rs62.5crores 5 (5} MTM: Nil (for hedging I BL's own exposure) Total exposure 180 200 Cash backed facilities ( in addition to the above exposure) Overdraft agains t FD 30 30 Bank Guarantees aga1nst FO 0 30 Total cash backed 30 60 ') ;;~~'V.J)~\ ~• ,,., (\•). g-~•.~ (;ul9ari ~•";, li/, ~~~ -0 Pl>a,. II,Gurgoon -122 002,1nd;a. Te l. (0124) 4749SOO Fax: (0124) 4749597 ~ AeglnefHOffke: 2401 Gen.Thlmn'WI)'Y~Road. Punt 411 001,1nd~ <yTel. (020126343201 Fox:I02012634l24 1 vn.tU>•twwwJndvsindcom \ '""=" CIN l65191PNI994PLC076333 ' 

This sanction communication IS being sent to you in duplicate. You are requested to return to us the duplicate copy along With the Annexure/s duly s1gned by the authorized s1gnatory of the Company as a token of your having accepted the terms & conditions within 30 days o f the letter, failing which it will be presumed that you are not interested In availing con tinuation of these facilities and the Bank may, in Its d1scret1on. wi thdraw them wi thout any further notiCe to you The faclillies will be made available on execution of requisite security documents, submission of required undertakings and creation of requ1s1te charges over your assets and guarantors' assets. If appliCable . Please note that the terms and conditions of the sanctiOil are valid for a periOd of 90 days from the date of the sanct1on letter and the Bank reserves the nght to rev1se the rate of 1nterest and any other terms and conditions of the sanction in case documentatiOn and disbursement Is not completed within the validity period, or, at Its discretion, treat the sanction as withdrawn. Assuring you the best of our attentions, Yours fallhfully For lnduslnd Bank Limited ¥ d Bank Limited , . Relationship Manager -Commercial Banking Zonal Head -Commercial Banking Accepted the above terms and conditions. We hereby confllfTl execut1011 of the facility and security documents executed in favour of Bank and confirm that the secuntJes created there under will continue for the above renewed faclht!Os Borrower: Accepted the aforesaid Terms and Conditions Guarantors-For Make My Trip Ltd Authorised Signatory 

Annexure I Terms and Condi t ions Make My Tri o (India ) Pvt. ltd TYPe of Facility Overdraft facility Limit RslScrores Purpose To meet working capilal requirements. Rate of Interest 9.10% p.a., Linked to 1 year MCLR Bank has the right to substitute/change MCLR with any alternate rate or change the spread over MCLR or over such rate as per policy of the bank or as may be requested by RBI/statutory directives. Period of Sanction Repayable on demand, subject to review at annual 1ntervals or as may be dec1ded by the Bank from t1me to t1me. Margi n ,Nil Exclusive charge over all the assets of the company excluding vehicles wh1ch Primary Security are purchased or will be purchased by the Company under hypothecation to the financing Bank(s). Guarantees Corporate Guarantee of MakeMy Trip limited. Documentation As per Bank's Internal policies/ guidelines. Other terms L One way interchangeability to the extent of RslScrores permitted Into lATA BG facility. Bank Guarantee (sub-limit of OD limit of Rs15crores)' Type of Facility Nature (inane~als/ Performance Guarantees Limit RslOcrores Purpose , For genu~ne business requirements. Period of Sanction 12months Cuh Margin Nil 1Commission 0.15% p. a. plus applicable taxes 18 Months Including claim period (in case of guarantees exceeding 18 months, Tenor (including bank has the nght to call for such guarantees to be covered by full cash claim period) margin from lg"' month onwards.) Exclusive charge over all the assets of the company excluding vehicles which Primary Security are purchased or will be purchased by the Company under hypothecation to the financing Bank(s). Guarantees Corporate Guarantee of MakeMy Trip limited. Special Covenants For Bank Guarantee: (The deletions/strikethroughs below are those approved at the time of last renewal}.• A separate Counter Guarantee of the company is to be submitted prior to Issue of each Bank Guarantee, unless an omnibus counter guarantee has been submitted. The Bank w111 not normally issue any guarantee that: 

o Does not contain a clause limiting the liabll1ty and the period for honoring claims, In a form approved by the Bank o Contams any onerous clause or places a undue liability, or Is reQuired In a format not acceptable to the Bank o Requires the Bank to automatically renew 1 extend the guarl!r\tee a Relates to performance of an obltgatton not related to borrower's normal business o Purports to guarantee direct/indirect borrowmgs. This does not apply to 'Advanco Payment Guarantees • in connection with contract execution. o The Bank has not rece1ved, to i ts sattsfactlon, documentary evidence of the underlying obligation and of the Borrowers ability to fulfill the same. Payment will be made on an onvoked Bank Guarantee, immediately on receipt of a valid claim, , under intimation to you, by debit to your operative cash crediV current account, for which you are obliged to make good the funds, forthwith. The company and the guarantor shall undertake to provide full margin If the Bank does not want to renew the guarantee. In case of BGs Issued for more than 18 months validity, the Bank has right to demand 100% cash margin In depostt, after the expiry of 18 months. The Bank, may at 1ts discretton permit issue of guarantees on behalf of your Wholly owned SF'IIs/ JV entitles where you hold substantial mterest : o A Board Resolution stating, •the Borrowers are responsible for any nsk and liab1hty arising out or the BGs Issued on behalf of the SPV/ JVs/ consortia and the securities offered by the company can be appropriated towards such liabilities. o A request letter from the company authorizing the Bank to issue the BG on behalf of consort1um, from out of the ltmit sanct1oned to the borrower. o BGs on behalf of consortium/JVs w1ll be iSSued only after approval of such consort1um arrangements (names, capabilities, liabilities, etc of foreign and Indian partners) o A counter guarantee authonzed by a Board resolut1on from the subsidiary/ JV entity, if required . The borrower should submit a quarterly certificate from a practicing CA I statutory auditor that all payments I settlements to lATA were done prompt.ly, supported by details of Instrument and proof of payment to lATA (Bank statement), listing out delays, beyond 3 days if any. Also no cert•ficate Is reqUired ifpayment has been made through Jnduslnd Bank Account. The company/ Borrower should undertake to Inform the Bank Immediately, by means of a spec1al letter, In case of any adverse event as regards performance of the underlymg obligation such as claims, counterclaims, dispute, cost and time overruns Court 1 Arbitration proceedings llnd lhe like. Type of FKIIity Overdraft against credit c.rd receivables of American Express credi t ard. Limi t Rs20crores. Purpose To meet working capital requirements. Rat e o f Interest Period of Sanction 9.10% p.a., unked to 1 year MCLR Bank has the right to substttute/change MCLR with any alternate rate or change the spread over MCLR or over such rate as per policy of the bank or as may be requested by RBI/statutory directives. Repayable on demand, subject to review at annual intervals or as may be deoded by the Bank. 

Margin Nil Primary Security -Exclusive charge over all the assets of the company excluding vehicles which are purchased or will be purchased by the Company under hypothecation to the financ1ng Bank(s) -Direct payment routing confirmation of entire receivables from American Express Credit card with IBL. Guarantees Corporate Guarantee of MakeMy Trip Limited. Documentation As per Bank's internal policies/ guidelines. Other terms One way interchangeability to the extent of Rs20crores permitted Into lATA BG facility. Bank Guarantee -1 for lATA Nature Type of Facility Financlals/ Performance Guarantees Limit Rs165crores. Purpose To be submitted to lATA for guarantying the payment obligations. Period of Sanction 12 months Cash Margin Nil Commission 0.15% p. a. plus applicable taxes 18 Months including claim period (In case of guarantees exceeding 18 months Tenor (including Bank has the right to call for such guarantees to be covered by full cash claim period) margin from 19'" month onwards) Exclusive charge over all the assets of the company excluding vehicles which Primary Security are purchased or will be purchased by the Company under hypothecation to the financing Bank(s). Guarantees Corporate Guarantee of MakeMy Trip Limited. -IBL charge considering t he enhanced amount to be filed upfront. Other Terms -One way interchangeability from OD facillty-1 and 2 of Rs15crores and Rs20crores is permitted into this facility. Special Covenants For Bank Guarantee: (The deletions/strikethroughs below are those approved at t he time of last renewal) . A separate Counter Guarantee of the company Is to be subm1tted prior to issue of each Bank Guarantee, unless an omnibus counter guarantee has been submitted. The Bank will not normally i ssue any guarantee that: o Does not contain a clause limiting the liab11ity and t he period for honoring claims, in a form approved by the Bank o Contains any onerous clause or places a undue liability, or is required in a format not acceptable t o the Bank. o Requires the Bank to automatically renew I extend the guarantee o Relates to performance of an obli gation not related to borrower's normal business o Purports to guarantee direct/indirect borrowings. This does not apply to 'Advance Payment Guarantees ' in connection with contract execution. o The Bank has not rece•ved, to its satisfaction, documentary evidence of the underlying obligation and of the Borrowers ability to fulfill the same. Payment will be made on an invoked Bank Guarantee, immedi ately on receipt of a valid claim, , under intimation t o you, by debit to your operative cash credit/ current account, for which you are obliged to make good the funds, forthwith. 

The company and the guarantor shall undertake to provide run margin of the Bank does not want to renew the guarantee .In case or BGs Issued for more than 18 months validoty, the Bank has nght to demand 100% cash margin on deposot , after the expory or 18 months. The Bank, may at Its discretion permi t l"ue of guarantees on behalf or your Wholly owned SPVsl JV entitles where you hold substantial Interest : o A Board Resolution stating, "the Borrowers are responsible for any risk and liability arisong out of the 8Gs issued on behalf of the SPV/ JVsl consortoa and the secuntoes offered by the company can be appropnated towards such llaboliues. o A request letter from the company authorizing the Bank to Issue the 8G on behalf of consortoum, from out of the lomot sanctooned to the bonrower. o 8Gs on behalf of consortiumiJVs will be issued only after approval of such consortoum arrangements (names, capabolotles, llabolitles, etc of foreign and Indian partners) o A counter guarantee authorized by a Board resolution from the subsidiary/ JV entity, if required. The borrower should submit a quarterly certificate from a practicing CA I statutory auditor that all payments I settlements to lATA were done promptly, supported by detaols of instrument and proof of payment to lATA (Bank statement), listing out delays, beyond 3 days of any. Also no certificate Is requored of payment has been made through lnduslnd Bank Account. The company/ Bonrower should undertake to onforrn the Bank ommedoately, by means of a special letter, In case of any adverse event as re<Jards performance of the under1yong obligation such as claims, counterclaims, dospute, cost and time overruns Court I Arbotratoon proceedings and the loke. Type of Facility Bank Guarantee-2 (as a sub-limit of lATA BG facility) Nature Flnanclalsl Performance Guarantees. Limi t RslScrores. (As a sub-lomit of the lATA 8G Faciloty) Purpose ,8G to be opened for all regular busoness purpose on INR 1 foreogn currency. Period of Sanction 12months. Cash Margin NoI. Commission 0.15% p . a. plus applicable taxes 18 Months including claim period (In case of guarantees exceeding 18 months Tenor (including Bank has the right to call for such guarantees to be covered by full cash marginclaim period) from 19th month onwards) c:'Exclusove charge over all the assets of the company excludong vehocles which r rimary Security are purchased or will be purchased by the Company under hypothecation to the financing Bank(s) . Gua rantees Corporate Guarantee of MakeMy Trop Um1ted. Special Covenants For Bank Guarantee: {The deletlons/strikethroughs below are those approved at t he time of last renewal). A separate Counter Guarantee of the company Is to be submitted prior to issue of each Bank Guarantee, unless an omnobus counter guarantee has been submotted. The Bank will not normally Issue any guarantee that: o Does not contain a clause ltmotong the liability and the pertod for honoring daorns, on a form approved by the Bank o Contains any onerous clause or places a undue liabohty, or Is required In a format not acceptable to the Bank. o Requires the Bank to automatically renew I extend the guarantee 

o Relates to performance or an obligation not related to borrower's normal bus1ness o Purports to guarantee dlrCct/lncllrect borrowings. Thts docs not 11pply to 'Advance Payment Guarantees' In connect1on w1th contract execution. o The Blink has not rece1ved, to its satisfaction, document~ry evidence of the underlying obligation and of the Borrowers ability to fulfill the same. Payment will be made on an Invoked Bank Guarantee, 1mmed1ately on receipt of a valid claim, , under Intimation to you, by deb1t to your operative cash credit/ current account, for wh1ch you are obliged to make good the funds, forthwith. The company and the guarantor shall undertake to provide full margin if the Bank does not want to renew the guarantee. In case of BGs Issued for more than 18 months validity, the Bank has right to demand 100% cash margin In deposit, after the expiry of 18 months. The Bank, may at 1ts discretion perm1t 1ssue of guarantees on behalf of your Wholly owned SF'Vs/ JV ent1t1es where you hold substantial Interest : o A Board Resolution stating, "the Borrowers are responsible for any risk and liability arising out of the BGs Issued on behalf of the SPV/ JVs/ consortia and the securities offered by the company can be approproated towards such liabilities. o A request letter from the company authorizing the Bank to issue the BG on behalf of consortium, from out of the lim1t sancttoned to the borrower o BGs on behalf of consorttum/JVs w111 be 1ssued only after approval of such consortium arrangements (names, capabilities, liabilities, etc of foreign and indian partners) o A counter guarantee authorozed by a Board resolution from the subsidiary/ JV entity, If required. The borrower should subm1t a quarterly certificate from a practiCing CA I statutory aud1tor that all payments 1 settlements to lATA were done promptly, supported by deta1ls of Instrument and proof of payment to lATA (Bank statement), listing out delays, beyond 3 days 1f any. Also no cert1ficate Is required if payment has been made through lnduslnd Bank Account. The company/ Borrower should undertake to lnforrn the Bank Immediately, by means of a special letter, In case of any adverse event as regards performance of the underlying obligation such as claims, counterclaims, d1spute, cost and t1me overruns Court I Arbitration proceedmgs and the like. Type of Facility Stand by Letter or Credit (58LC) (AS a sub-limi t of 8G-2 of Rs15crores which Is a sub-limit of lATA BG facility of Rs165crores) Amount Rs2.50crores (As a sub-limit of BG-2 of RslScrores wh1ch is a sub•hm1t of lATA BG faCility of Rsl6Scrores). Tenor Upto 12months -To Issue SBLC favoring overseas correspondent bank requesting them to issuePurpose credit facility against IBL's SBLC/regular business purposes of the company. Period of Same as the BG tac11lty.Sanctio n ~hMar g in N1l Security Same as the BG fac1lity. To be communicated on a case by case basis at the time of Issuance of SBLC Commission depending on correspondent bank arrangement. I Rate shall be approved by Head CCB. I 

As per Bank's Documentation Manual/ Instructions and In consultation with LegalDocumentation Department -SBLC will be issued only after submission and examination and appraisal of documentary evidence of the underlying obligation. -A certificate from the company that their overseas subsidiary is not in default to any bank/ Fl. -Shareholding of company directly or through investment companies to remain more than 51% In the overseas subsidiary . -The Bank will not normally issue any SBLC that: o Does not contain a clause limiting the liability and the period for honoring claims, In a form approved by the Bank. o Contains any onerous clause or places an undue liability, or Is required in a format not acceptable to the Bank. o Relates to performance of an obligation not related to borrower's normal business. o Purports to guarantee direct/indtrect borrowings. This does not apply to 'Advance Payment Guarantees' In connection with contract execution. o The Bank has not received, to its satisfaction, documentary evidence of the underlying obligation and of the Borrowers ability to fulfill the same. o Requires the Bank to automatically renew I extend the guarantee. o Payment will be made on an Invoked SBLC, immediately on receipt of a valid claim, without reference to Co, by debit to Company's operative OD/ current account, for which company Is obliged to make good the funds, forthwith. Any other Covenants o If the Bank does not want to renew the SBLC, the Bank will give 30 days notice to Company to close the obligation. o The company/ Borrower should undertake to inform the Bank immediately, by means of a special letter, In case of any adverse event as regards performance of the underlymg obligation such as claims, counterclaims, dispute, Court I Arbitration proceedings. o All RBI/Bank's guidelines to be compiled w1th. Covenants for SBLC to be issued on behalf of subsidiaries: -A request letter to be obtained from the company authorizing the Bank to issue the SBLC on behalf of subsidiary from out of the limit sanctioned to the company. -Counter Indemnity guarantee from the company containing the clause that "Company is responsible for any risk and liability arising out of the BGs/SBLC 1ssued on behalf of the subsidiary•. -General Board Resolution authorizing Company to allocate 1ts SBLC limits for use by its subsidiaries. • This would be subject to FEMA guidelines prevailing at the time of processing the transaction. Type of Facility Limit Short Forward Cover/ Options /Derivatives The Bank will enter into such contract, purely on a discretionary basis, for each deal based on an internal exposure computation. The manner and mode of arriving at this is solely as per the Bank's internal guidelines. Hence, the notional value of the underlying exposures for which the Bank would be willing to book forward/ option contracts has not been specified. For the purpose of a guidance value, this notional principal amount may be 

taken as Rs62crores. However, the bank may not accept bookings, even If the amount of outstanding contracts IS below this value, depending on nature of outstanding & proposed contracts and market condtbons. HTM Threshold/ PFE: 8% of Rs62croressRs5crores. max permitted net payable on mark-to-MTM• Ntl as llmtts proposed to hedge own expo~ure of cash credit faCility. market computation For hedging IBL's own exposure. Purpose Period of Sanction Co-terminus with lATA BG facility. Commission As approved by Head CCBG. Cash/ Deposi t Nil margin Maximum tenor of In lone with that applicable for the lATA BG facility.cover Unless specifically stated, the facility is available only for Standard forward contracts and sale of put/ call currency opt1ons by Bank, with premium payable '•on cash up.front. Cost reductton opt1on structures may be permttted on a' Nature of Cover leverage not exceedtng 1: 1, and the Borrower should submtt evtdence of adeQuate un•hedged underlytng exposures to cover the nght leg In such structures, subject to compliance wtth RBI regulattons. Special Covenants for Forward Contract Limits: ~ A letter of request will be submitted by the borrower for booking forward contract with the authority to debit Its account with the cancellation charges, if any. ~ Forward cover contracts shall be duly stamped, as per State Stamp Acts and signed by authonzed Signatories. ~ The borrower should fumtsh a certificate to the effect that the exposures covered by the contract have not been covered wtth any other bank. ~ The exchange difference payable I recoverable on account of cancellation of the contracts, if any, will be credited I debited to that borrower's account only and the amount credited/debited shall have the same value-date as mentioned In the Bank's Forex Back-Office advice. If any Irregularity arises in the account of the borrower because of this, the borrower shall immediately ad)ust the same. ~ Booking I cancellation of Contracts wtll be permitted strictly as per RBI regulations. Special Covenants For Forwnd Contract Limits -A letter of request will be submitted by the borrower for booking forward con tract with the authority to debit its account with the cancellation charges, if any. -Forward cover contracts shall be duly stamped, as per State Stamp Acts and stgned by authorized signatories. -The borrower should furnish a certificate to the effect that the exposures covered by the contract have not been covered w1th any other bank. -The exchange dtfference payable I recoverable on account of cancellation of the contracts, If any, will be credited I debited to that borrower's account only and the amount credited/debited shall have the same value -date as mentioned In the Bank's Forex Back-Office advice. If any Irregularity arises In the account of the borrower because of this, the borrower shall Immediately adjust the same. -Booking I cancellation of Contracts will be permitted strictly as per RBI regulations. -The Bank may, for all merchant forward contracts I denvatives structures, compute on daily basis as the replacement cost of outstanding forward contracts /denvatwes. In case such recomputed exposure less the cash margm depostted with us, exceeds Rs Nil. t.e., the MTM Threshold specified above, the Bank may In tts sole discretion require you to bring addttlonal 

depos.t marom tmmedtately so liS to metntein the expo~Within the 'l!lnctloned exposure . In ~se thos ts not done, the B<lnk shall have the right to initiate all such ~teps ot considers appropnate, indudmg e<~ncl!'hng one or more or all of the outstanding forward contracts/derivative contracts, wothout further reference to you . You shall be liable to make good the losses suffered by the Bank consequently. In case a margm call is outstanding, Bank, may at its discretion, suspend boOking or further contracts. Type of Facility Overdraft against Fi xed deposits. Lim i t Rs30crores. -Purpose-To meet working capital requirements. -Rate of Interest 9.10% p.a., Linked to 1 year MCLR I Bank has the nght to substitute/change MCLR wtth any alternate rate or change the spreoad over MCLR or over such rate as per pohcy of the bank or as may be requested by RBI/statutory directives. r--:er 0 a n tonp i od f s ct epaya eR bl on demand, b ct to revtew su Je at annua tnterva s or as may be decided by the B<lnk. Margin Nil -Pri mary Security Fixed Deposits to the extent of 100% of the transaction amount duly lien marked in favour of Induslnd Documentation As per Bank's Internal policies/ guidelines. Type of Facility Bank Guarantee ~ Nature Financialsl Performance Guarantees. Limi t Rs30crores BG to be opened for all regular business purpose in INR I foreignPurpose tcurnency. I Peri od of Sanction 12months. Cash Margin 100% Commission 0.15% p. a. plus appltcable taxes Tenor (Includi ng claim 24 months Including claim period period) Fi xed Deposits to the extent of 100% of the transaction amount duly lien Primary Security marked In favour of tndustnd. Guarantees Nil Special Covenants For Ban k Guarantee: A separate Counter Guarantee of the company is to be submttted pnor to 1ssue of each Bank Guarantee, unless an omnibus counter guarantee has been subm1tted. The Bank will not normally Issue any guarantee that: o Does not contatn a clause limiting the liabthty and the penod for hononng clatms, in a form approved by the Bank o Contains any onerous clause or places a undue liabohty, or is reqUired in a format not acceptable to the B<lnk. o Requires the Bank to automatically renew I extend the guarantee o Relates to performance of an obligation not related to borrower's normal busoness 

o Purports to guarantee direct/indirect borrowings. Thi~ does not apply to 'Advance Payment Guarantees ' in connection with contract execution o The Bank has not received, to Its satisfaction, documentary evidence of the underlying obligation and of the Borrowers ability to fulfill the same. Payment will be made on an InvoKed BanK Guarantee, immedtately on recetpt of a valtd clatm, , under lnttmatlon to you, by debtt to your operattve cash credtt/ current account, for which you are obliged to make good the funds, forthwoth. The company and the guarantor shall undertake to provode full margm of the Bank does not want to renew the guarantee-, In case of BGs Issued for more than 18 months validtty, the Bank has right to demand 100o/o cash margin In deposit , after the expiry of 18 months. The borrower should submit a quarterly certificate from a practicing CA I statutory auditor that all payments I settlements to lATA were done promptly, supported by details of instrument and proof of payment to lATA {Bank statement), hsting out delays, beyond 3 days ifany. Also no certoficate is required i f payment has been made through Induslnd Bank Account. The company/ Borrower should undertake to Inform the Bank immediately, by means of a speaal letter, In case of any adverse event as regards performance of the under1yong obllgatoon such as claims, counterclaims, dtspute, cost and ttme overruns Court I Arbitration proceedmgs and the like. General Covenants Applicable To All Facilities unconditional and irrevocable corporate guarantee of MakeMy Tnp Lt d. Others Terms and Conditions Processing Charges Nil Penal interest rate Applicable rate+ 2%: For non•submtssion of onforrnatoon sought by the Bank. Applicable Rate +2%: For other trregulanties rendenng the account overdue, devolvement of LCs, tnvocation of BG's etc. Inspection Quarterly. Cost to be borne by the company. Insurance All assets charged 1 flnanced by the Bank to be fully Insured for 100% of the value in the name of the borrower with the Bank Clause. . IBL's prior approval ShOUIO oe ootatned for any acqUISitiOn or onvestments made by the borrower or the guarantor company In excess of 10% of theor net worth at any one tome or '" a finanetall year. . Deferral of 60 days for charge perfection on corporate guarantee of parent company for the enhanced amount. . BG's can be issued In favor of borrower and or its subsidlanes/ SPVs/associate concerns/ group companies {8G of Rs45crores may be issued on behalf of lbibo Group Private Umlted favoring l ATA and forOther conditions this letter from MMTPL authorizing the bank to Issue t he BG using limits of MMTPL should be obtained). . Company to undertake to route at least Rs1000crores of throughput from IBL counters annually. . Company's performance and cash posotoon as well as cash posltton of the parent company should be momtored on a quarterly baSJs and a brief report compns1ng revenues, cash deposits and tumover routed I through IBL shall be submttted to Bank wothln a fortnoght from thel end of the each quarter. (~), ~ 

Company should get all its sanctioned facilitoes rated by an approved ratong .tgency till 31 03.2018. Other General Covenants: (Strikethroughs are same as those approved at the time of IelSt renewal) The borrowing arrangements would be subject to the following terms and conditions: The Bank will have the nght to examine the books of accounts of the borrower from time to time by officers of the Bank and/or outside consultants and the expenses Incurred by the Bank In this regard will be borne by the borrower. The Bank may at its sole discret1on disclose such information to such lnstltutlon(s) In connection w1th the credit facilities granted to the borrower. During the currency of the Bank's credit facilities, the borrower shall lntomate the Bank on wntlng within 30 days of : o Effect any change on theor capital structure. o Shall not pledge the shares held by the promoters, group beyond 10% of holdongs, for raosing any loan or for secuntozong any loans or advances availed/to be availed by them from any bank/FV lender. o Formulate any scheme of amalgamatoon/reconst1tubon. o Undertake any new project/Scheme unless the expenditure on such expansion etc., 1s covered by the borrower's net cash accruals after provldong for dovldends, Investments, etc., or from long term funds received for flnandng such new projects or expansion. o Normal trade credit or security deposits In the usual course of business or advances to employees, etc., are, however, not covered by this covenant. o Enter into borrowing arrangements either secured or unsecured with any other Bank, financial institution, borrower or otherwise save and except the working capital faclloties, granted/to be granted by other consortium /member banks, under consortium/multiple banking arrangement and the term loans proposed to be obta1ned from financial institutions/banks for completion of the replacement•cum-modemozatton program. o Undertake guarantee obhgat1ons on behalf of other companies/ associates/ affiliates. o Oeclare dividends for any year except out of the profits relat1ng to that year The borrower should intomate the bank In wnting within 30 days of any matenal change on theor management set up. No material change in the shareholding pattern of the company which has an effect of a possible change In the management control of the company shall be made without pnor approval of the Bank. The borrower will keep the Bank lntoo med or the happening of any event, likely to have a substantial effect on their production, sales, profits, etc., such as labor problem, power cut, etc. and the remedial steps proposed to be taken by the borrower. The borrower will Inform the Bank If any winding up petition Is filed against the borrower. The borrower will keep the Bank advised of any circumstances adversely affecting the financial position of their subsidiaries Including any action, taken by any creditor against any of the subsldianes. The borrower shall submit the declarations as regards: • Not to use the funds for capital market actov1ties. • That neither the Company nor t he Directors race any hbgatoon, except on the normal course of busoness. • The Dorectors I senoor executoves of the company, and/or theor relat1ves are not connected w1th the Bank (IBL) and are not dorectors in any other bank. • No commission has been paid to guarantors on extend1ng theor guarantee for the advance The Bank would charge the standard service charges on respect of dofferent otems of service as In force from time to time. 

The borrower to furn1sh to the Bank every year two copies of aud1ted/pnnted balance sheet and profit and loss account statements or the borrower immed1ately on beong publoshed I s•gned by the audrtors, along w•th the usual r enewal particulars To forward half-yearly balance sheet and profit and loss account statements Within two months from the end of the half-year and annual aud1ted accounts within 3 months. Negative lien: The borrower should not create, without prior consent of the Bank, charges on their any or all properties or assets during the currency of the credit faCilit ies granted by the Bank. Insurance: All stocks and collateral securities like immovable properties should be kept fully Insured against all risks including fire, strikes, riot, malicious damages & natural calamities etc., with the incorporation of Bank's Hypothecation clause and the policies retained by the borrower. A copy of this policy should be subm1tted to the Bank for their record. External Loa n Rating : The Borrower is adv•sed to have all the fac•hbes sanct•oned herein rated by an approved external rating agency, and the rabng letter specifying these hm1ts should be w1th us by 31.03.2018. In case of default in this, Bank will have the nght to repnce the fac•hbes, with retrospective effect from 90 days of date of sanct1on. Others o Non-fulfillment of above financial and non-financial covenants will trigger an event of default, unless specifically waived In writing. Consequence of an event of default could be levy of penal Interest and/or withdrawal of the facility. o In the event of withdrawal/cancellation of the facility, the borrower accepts to fully cash collateralize any exposure that the Bank has assumed on the client or on behalf or the client, which could not be Immediately repaid or unwound. o Borrower/facllit•es should conform to guidelines that have been/w•ll be Issued by RBI from t1me to time. o Open salary accounts of all employees with Induslnd Bank Ltd. w•thln 3 months. o All interest and cess are exclusive of any taxes and withholdmgs that may be payable on account of preva•hng statutes. o The Bank has the nght to change or mod1fy the rate of interest, or alters the spread, at such intervals or whenever 1t may deem fit, and a notice or the change to the Borrower will be bmd~ng on them. o In the event of default, The Bank reserves the right at 1ts sole d•scretlon; to mod1fy, vary or add to the terms and conditions, or to termmate the said Banking Fac1hties concerned, at any time, and to recall any or all of the amounts due under the said Banking Facllotles. All amount~ du<' in respect of the said Banking Facilotic>s shall become payable forthwith on such demand. o As regards the un-utllized limits If any under the facility, Bank reserves the right at any point of time, to revoke or cancel and/or vary, alter or modify the said un-utllized limits, at Bank's discretion without prior notice & without assigning any reasons therefore. o The company shall pay on demand to the bank the cost between the solicitors/ advocates/ company secretaries/ Inspectors and clients 1ncurred by them or any of them in connection with the registration of the secunties and clanficatlons/ charges thereof with the Registrar of Compan•es, compilatiOn of search/ status reports and/ or any other matter InCidental to or 1n connection with transact•ons or the Company w1th the Bank and also reimburse the Bank for all out-of-pocket expenses lncludmg legal, stamping, documentat•on, Incurred •n the negotiation, documentation, and d•sbursement of the fac1hty o -{lt has been stipulated that the company should route at-least RslOOOcrores of turnover through IBL counters annually.) o Company should furnish a wntten confirmation that the company/ Its directors In the best of their knowledge and belief are not defaulters with any bank/FI, and there are no legal proceed•ngs lmtlated or pending against them for recovery of any borrowmgs. 

In case In the opinion of the Blink's there has been a material adverse change tn the Borrower's bustness and financial condttton, such as: Sale or curtailment or closure of any or the Borrowers matn businesses. Cash losses in any one quarter or continuing accounting losses in three quarters. Adverse action by any Regulatory Authonty. Default to the Bank under any other facthty or to any other lender. Action by any class of stakeholders which ts likely to signtflcantly Impair Borrower's business. Filing of winding up petitton by any creditor/shareholder against the Borrower. The Bank is entttled to withhold further disbursements and/or recall the loan In part or full.mmyt-ex430_1158.htm

Exhibit 4.30

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

SUBSCRIBER AGREEMENT

 

This Subscriber Agreement (hereinafter “Agreement”) is entered into at Gurgaon on 3rd August, 2017 and shall be deemed effective from 1st August, 2017 (“Effective Date”) by and between 

 

InterGlobe Technology Quotient Private Limited, a company incorporated under the under the Companies Act 1956, having its corporate office at Echelon Building, 4th Floor, Plot Number – 49, Sector 32, Gurgaon - 122001 (hereinafter referred to as “ITQ”) of the One Part; 

 

And

 

MakeMyTrip (India) Private Limited, a company incorporated under the Companies Act 1956, having its registered office at UG-7, (Front Side) TDI Mall, Rajouri Garden, New Delhi - 110027 (hereinafter referred to as “MakeMyTrip”) of the Second Part.

 

MakeMyTrip shall hereinafter be referred to as “Subscriber”. ITQ and the Subscriber shall individually be referred to as “Party” and collectively as “Parties”.

 

WHEREAS:

 

	
1.
	
MakeMyTrip, inter-alia, owns and operates an online travel portal in India having URL ‘www.MakeMyTrip.com’, and provides various web-based travel solutions to its customers through the same; 

 

	
2.
	
Travelport International Operations Limited (“Travelport”) owns and operates a global distribution system (GDS) called Galileo System and has authorised ITQ to provide access of the Galileo System to travel agents in India;

 

	
3.
	
The Subscriber aims to provide efficient and value added services to its customers and therefore is interested in using the Galileo System in order to have access to reservation functionality for its respective present and future online travel portals and ITQ has agreed to provide the access of the Galileo System to the Subscriber, subject to the terms and conditions set out herein.

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

1

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

NOW THIS AGREEMENT WITNESSETH AS UNDER:

 

	
1.
	
scope OF THIS AGREEMENT

 

With effect from the Effective Date, the Subscriber hereby agrees to use the Galileo System as one of its GDS during the Term for making reservations from its operations in India and future global operations, if any. 

 

The Parties agree that Subscriber shall not be required to meet any minimum and/ or maximum commitment of transacting Segments on the Galileo System.

 

	
2.
	
OBLIGATIONS OF PARTIES

 

	
2.1
	
OBLIGATIONS OF ITQ:

 

In accordance with and subject to the terms and conditions of this Agreement:

 

	
a.
	
Galileo System: ITQ shall provide access to the Subscriber of the Galileo System along with the software products listed in Schedule A (collectively “Galileo System”) solely for the purpose of using the Galileo System for obtaining information about schedules, fares, seat availability, etc. and other services of vendors and for making bookings that are not abusive, speculative, fictitious or duplicative. The Subscriber hereby acknowledges that Galileo System is owned and operated by Travelport and ITQ is only an authorised provider of Galileo System and not an agent of Travelport and the Subscriber shall have no recourse whatsoever under this Agreement against Travelport or its affiliates. ITQ warrants and represents a maximum uptime of 99.9 percent of the Galileo System to Subscriber. In the event of any scheduled maintenance of Galileo System, ITQ shall give prior notification of atleast three (3) days to Subscriber. 

 

	
b.
	
Software Updation: ITQ may, from time to time provide new releases, enhancements or modifications of the Galileo System and the Subscriber shall install such new releases, enhancements or modifications of the Galileo System and implement the same within 30 (thirty) business days of delivery of the same by ITQ. In the event that such software updation leads to any material malfunction or damages to Subscriber’s system and adversely effecting booking conversion rates, the same shall be considered material breach of this Agreement. Subscriber shall have the right to terminate the Agreement with immediate effect if such material breach is not cured within forty eight (48) hours of the breach being intimated to ITQ. Subscriber shall have the right to switch to other global distribution system provider from the time of notification of such malfunction to ITQ. Notwithstanding anything contained herein, Subscriber shall be eligible for incentive for the bookings made during the aforesaid notice period. 

 

	
c.
	
Training: ITQ may monitor or test the proficiency levels of the Subscriber’s employees or other personnel permitted to use the Galileo System and if required, ITQ and the 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

2

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

		
Subscriber may mutually agree on a suitable training schedule for the employees and personnel of the Subscriber. ITQ shall bear the cost of any such training provided to the Subscriber. 

 

	
d.
	
Installation and Maintenance of the Galileo System: At Subscriber’s request, ITQ (or its appointed sub-contractors) may, in its sole discretion, install the Galileo System at location(s) specified by the Subscriber (“Location(s)”) to enable the Subscriber to do bookings using the Galileo System. Upon completion of such installation the Subscriber shall be deemed to have accepted the Galileo System. ITQ shall have the right to remove the Galileo System from the Location(s), in case there is any material breach of any provision of this Agreement by the Subscriber and if such material breach has not been rectified by Subscriber within thirty (30) days from the date of being notified by ITQ. 

 

	
e.
	
ITQ shall have the obligation of keeping the Subscribers' customer data confidential and shall use the same for the purpose of this Agreement only. Breach of this clause by the ITQ leading to unauthorised disclosure of Subscribers' consumer or/and booking data shall be considered material breach of this Agreement. In such an event Subscriber shall have the right to terminate the Agreement immediately. The Subscriber represents and warrants to ITQ that it is authorised to collect and disclose such consumer or/and booking data to ITQ.

 

	
2.2
	
OBLIGATIONS OF THE SUBSCRIBER 

 

	
a.
	
The Subscriber shall use the Galileo System as one of its GDS for making bookings from its operations in India during the Term.

 

	
b.
	
The training program and schedule for such training programs shall be mutually decided by ITQ and the Subscriber. The Subscriber shall make its staff available for training as may be agreed from time to time. 

 

	
c.
	
The Subscriber shall not without the prior written consent of ITQ, (i) modify, enhance or make copies of the whole or any part of the Galileo System; or (ii) permit the whole or any part of the Galileo System to be combined with or incorporated in any other computer program or software; or (iii) reverse compile or adapt the whole or any part of the Galileo System. 

 

	
d.
	
The Subscriber shall take all precautions to prevent any unauthorised use of the Galileo System, and any user sign-on identity assigned to the Subscriber. 

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

3

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

	
e.
	
The Subscriber shall maintain and use appropriate and up-to-date virus protection procedures and software and shall establish and maintain reasonable safeguards against the destruction, loss or unauthorized alteration of the Galileo System. 

 

	
f.
	
The Subscriber agrees to access the principal display i.e. a comprehensive neutral display of data concerning air services (and rail carriers where applicable) between city-pairs within a specified time period, for each individual transaction involving air carriers or rail carriers, as applicable, and agrees not to manipulate data supplied by the Galileo System in a manner that would result in the inaccurate, misleading or discriminating presentation of information to its respective customers. 

 

	
g.
	
The Subscriber shall not intentionally make any flight, hotel, rail, cruise, rental car or other reservation on the Galileo System without a specific customer request made in good faith and shall not make any reservations which are abusive, speculative, fictitious or duplicative. 

 

	
h.
	
The Subscriber shall comply with all regulations of the International Air Transport Association including the Billing and Settlement Plan, and other travel industry, governmental and regulatory laws, regulations and rules relevant to this Agreement. 

 

	
i.
	
The Subscriber may make live test bookings by using the Galileo System, provided that such bookings are cancelled promptly thereafter. 

 

	
j.
	
The Subscriber hereby grants to ITQ the non-exclusive right to use its respective names, logos, and marks in promotional and marketing materials (e.g. sales presentation, customer newsletters) of ITQ and/or its affiliates. ITQ hereby grants to Subscriber a non-exclusive right to use its name, logos, and marks in promotional and marketing materials (e.g. sales presentation, customer newsletters) of Subscriber solely for the purposes of this Agreement. 

 

	
3.
	
CONSIDERATION & TAXES: 

 

	
a.
	
Segments: A Segment means booking for the travel of one passenger over one leg of a journey on a direct flight operated by a single aircraft under a single flight number (“Segment”).

 

For all calculations of Segments under this Agreement, only active and confirmed segments will be counted. Notwithstanding anything contained in this Agreement, in the event that ITQ is not paid for any Segments due to reasons that are outside the control of ITQ, then ITQ shall not pay any Productivity Incentives to the Subscriber for such Segments. 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

4

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

 

	
b.
	
Calculation of productivity incentives: The amount of productivity incentives for a Contract Year during the Term of this Agreement shall be calculated by multiplying the actual number of Segments booked by the Subscriber in that Contract Year by the following applicable rate (“Productivity Incentives”):

Table A

 

	
Sr. No.
	
Segment Production
	
Incentives rate per Segment (USD) on the basis of Share of Wallet in a Contract Year

	
XXXX
	
XXXX
	
XXXX

	
i. 
	
International
	
XXXX
	
XXXX
	
XXXX

	
ii.
	
XXXX
	
XXXX
	
XXXX
	
XXXX

	
iii.
	
XXXX
	
XXXX
	
XXXX
	
XXXX

 

For the purpose of this Agreement, (i) “Share of Wallet” shall mean percentage of the number of Segments generated by the Subscriber on the Galileo System in a Contract Year out of the total Segments transacted by the Subscriber from all its operations in India in that Contract Year during the Term of this Agreement; and (ii) “Contract Year” shall mean a period of twelve months starting from the date of sign-off of the Integration Phase and so on. 

 

After the sign-off of the Integration Phase the Parties may mutually agree to move to a common slab structure where the Share of Wallet would be the combined Share of Wallet of the Subscriber and “Ibibo Group Private Limited”. 

 

For the avoidance of doubt, it is clarified that:

 

	
 
	
(i)
	
Subscriber shall be paid the Productivity Incentives at rates determined as per the abovementioned mechanism only for the actual Segments generated by them on the Galileo System; and

	
 
	
(ii)
	
XXXX

	
 
	
(iii)
	
Sign-off of the Integration Phase is the successful completion and migration of the Subscriber on the Galileo System. 

	
 
	
(iv)
	
The exchange rate for payment of Incentives in INR shall be carried out as per the conversion calculations detailed in Schedule C.

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

5

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

Marketing Information Data Tapes (MIDT) provided by Travelport to ITQ will be used to calculate the Share of Wallet achieved by the Subscriber on the Galileo System and the Subscriber agrees that such MIDT data shall be final and binding for the purposes of calculation of such Share of Wallet. 

 

	
c.
	
Payment of incentives: 

 

	
 
	
(i)
	
During Integration Phase: ITQ shall pay the Productivity Incentive to the Subscriber at the highest financial incentives slab provided in the Table A in clause 3(b) above, on a monthly basis on receipt of invoice(s) in conformity with the requirements of GST Act at ITQ’s corporate office bearing ITQ’s GSTN 06AABCI3241H2ZX.. 

 

	
 
	
(ii)
	
After sign-off of Integration Phase: ITQ shall pay the Productivity Incentive to the Subscriber at the applicable highest financial incentives slab provided in the Table A in clause 3(b) above, on a monthly basis on receipt of invoice(s) in conformity with the requirements of GST Act at ITQ’s corporate office bearing ITQ’s GSTN 06AABCI3241H2ZX. 

 

At the end of each Contract Year  or upon termination of the Agreement, whichever is earlier, Parties will determine the Share of Wallet and conduct a reconciliation of the Productivity Incentives paid to the Subscriber against the Productivity Incentives due to the Subscriber on the basis of actual achievement of Share of Wallet and if, upon such reconciliation the amount of Productivity Incentives already paid to the Subscriber is more than the amount of Productivity Incentives payable to the Subscriber upon determination of the Share of Wallet, the excess amount paid to the Subscriber will be adjusted in the following Contract Year against the Productivity Incentives payable to such Subscriber, as determined by ITQ. 

 

In the event ITQ intends to set-off against and deduct from any Productivity Incentives, any amounts due by the Subscriber to ITQ towards the Productivity Incentives paid for abusive, speculative, fictitious or duplicative bookings, such deductions shall be mutually agreed between ITQ and the Subscriber.

 

	
d.
	
Loyalty bonus: ITQ agrees to pay an annual loyalty bonus of XXXX to the Subscriber for the initial term of one year commencing from the Effective Date. In every subsequent year that the Subscriber generates more than XXXX during the Term of this Agreement, ITQ agrees to pay an annual loyalty bonus of XXXX to the Subscriber for each such year (“Loyalty Bonus”). 

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

6

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

	
e.
	
Addition of an Airline: Parties agree that in the event that an airline including low cost carrier or budget airline begins its participation or begins to pay out any incentive in the Galileo System after the Effective Date, the Parties shall negotiate, in good faith, the productivity incentive rate for Segments generated with respect to such airline. Productivity Incentives shall be paid for Segments generated by the Subscriber on the new airline since the time of participation of such airline on the Galileo System in-line with the agreed incentives between the Parties upon conclusion of the negotiations between the parties.

 

	
f.
	
Suspension of Productivity Incentives: Without prejudice to any other rights ITQ may have under this Agreement, ITQ shall have the right to suspend payment under the Productivity Incentives on giving 10 days prior written notice to the Subscriber, if the Subscriber is in breach of this Agreement including if the Subscriber makes any reservations which are abusive, speculative, fictitious or duplicative provided such breach remains uncured during the aforesaid suspension notice period. If the Subscriber has not ceased the actions referred to hereinabove within the suspension notice period of 10 days or have failed to reimburse ITQ for any reasonable loss(es) incurred as a result of such actions within 30 days of ITQ first providing written notice of its intention to suspend the Productivity Incentives, ITQ shall have the right to terminate this Agreement and claims such remedies as may be available to it under this Agreement and/or under applicable laws. 

 

	
g.
	
Taxes: All payments by ITQ to the Subscriber under this Agreement will be subject to deduction of applicable withholding taxes which will be fully borne by the Subscriber. ITQ will issue the prescribed withholding tax certificate on timely basis. It is hereby agreed that all payments by ITQ to Subscriber under this Agreement or otherwise will be exclusive of  applicable indirect taxes, if any, including but not limited to value add, transaction, usage, custom and goods and services tax. All applicable indirect taxes would be charged over and above all payments by ITQ to the Subscriber under this Agreement or otherwise.    

 

	
h.
	
Payment Terms: 

 

	
 
	
(i)
	
During Integration Phase

Monthly invoices shall be raised by the Subscriber on ITQ at the highest slab of Incentive Rate per Segment and in conformity with the requirements of GST Act at ITQ’s corporate office bearing ITQ’s GSTN 06AABCI3241H2ZX. The payment to Subscriber will be made in INR within 30 days of the receipt of the invoice by ITQ. 

 

	
 
	
(ii)
	
After sign-off of Integration Phase  

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

7

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

ITQ shall pay three (3) months upfront advance ("Advance Amount") to Subscriber. The Advance Amount payable will be adjusted on the basis of the  previous Contract Year. The Advance Amount shall be set-off monthly against the bookings materialised on the Galileo GDS till such time the entire upfront Advance Amount is adjusted. The Advance Amount maybe replenished if it falls below 20% and if Subscriber has made prior requisition of the same. The payment to Subscriber will be made in INR. The Subscriber agrees to issue applicable receipt voucher in conformity with the requirements of GST Act at ITQ’s corporate office bearing ITQ’s GSTN 06AABCI3241H2ZX.

 

	
i.
	
In case Subscriber demonstrates, by way of verifiable evidence, that a malfunction of Galileo System is the sole and direct cause of Subscriber's failure to achieve more than XXXX during a Contract Year, then ITQ shall pay the Productivity Incentives at the slabs applicable to XXXX column of Table A of Clause 3(b) abovefor such Contract Year. 

 

	
4.
	
LIMITED LIABILITY:

 

ITQ makes no representation or warranty regarding the Galileo System or its performance or the accuracy or reliability and/or information provided to the Subscriber and the same are made available to the Subscriber on an ‘as is’ basis, and the Subscriber hereby releases and waives any claims against ITQ concerning the Galileo System and/or information and/ or connectivity or the accuracy or reliability thereof. 

 

In no event will ITQ be liable for any indirect, incidental, special, punitive, exemplary or consequential damages resulting from, (i) loss of data or use, loss of revenue, loss of profits, loss of contracts, loss of anticipated savings, loss of goodwill or third party claims; or (ii) any losses or damages that are indirect or secondary consequences of any act or omission of ITQ, or its employees, representatives or sub-contractors, whether such losses or damages were reasonably foreseeable or actually foreseen. ITQ hereby excludes any liability of any kind relating to any problems of whatever nature, which have been caused by the Subscriber’s failure to comply with its respective obligations under this Agreement.

 

The Subscriber shall indemnify and hold ITQ harmless from and against any direct loss or damage (including reasonable legal fees) which ITQ incurs as directly as a result of a failure by the Subscriber to comply with any provisions of this Agreement. 

 

ITQ shall indemnify, defend and hold the Subscriber harmless from and against all direct losses, costs, claims, charges, expenses, damages or liabilities (including reasonable legal fees) that Subscriber may suffer or incur as a result of claim by any 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

8

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

third party due to any unauthorised disclosure of Subscribers' customers’ data for reasons attributable solely and directly to ITQ, as may be judicially determined by a court of competent jurisdiction or claims arising due to infringement of intellectual property by ITQ or its employees, representatives, sub-contractors or service provider. 

 

	
5.
	
PROPRIETARY RIGHTS AND DATA PROTECTION:

 

The Subscriber agrees and acknowledges that it does not, by virtue of this Agreement, acquire any Intellectual Property Rights, proprietary rights or other rights in or to: (i) the Galileo System and the data stored in or accessed via the Galileo System; or (ii) any software, documentation, trademarks or service marks of ITQ or provided by ITQ; or (iii) any related materials used in connection with the Galileo System. ‘Intellectual Property Rights’ means copyright and all other intellectual property rights, including, without limitation, patents, trademarks, service marks, designs, domain names, database rights (whether registered or unregistered) and any other similar protected rights in any country.

 

ITQ shall comply with the Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011, as modified from time to time, applicable in India in relation to the services provided hereunder.  ITQ shall maintain standard environmental, safety and facility procedures and back-up procedures and other safeguards, in accordance with generally accepted industry standards

 

	
6.
	
TERM AND TERMINATION:

 

	
a.
	
This Agreement shall come into effect from the Effective Date and remain in full force and effect for an initial period of 5 years (“Initial Term”). After expiry of the Initial Term, this Agreement shall automatically renew for further successive terms of 1 (one) year each on the same terms, unless terminated in the manner contained in this Agreement (“Subsequent Term”) (Initial Term and Subsequent Term are collectively referred to as the “Term”). 

 

	
b.
	
Either Party shall have the right to forthwith terminate this Agreement by giving written notice to the other Party of at least 48 hours, if the other Party ceases or threatens to cease to carry on business or if the other Party goes into liquidation (except for the purposes of amalgamation or reconstruction and so that the resulting company effectively agrees to be bound by or assume the obligations imposed under this Agreement). The Parties shall conduct reconciliation for the bookings done before the termination date of this Agreement and any undisputed and unutilized advance amount (if required) shall be returned to ITQ within 30 days of termination of the Agreement. 

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

9

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

	
c.
	
Either Party can terminate this Agreement if the other party does not comply with the material terms and conditions of this Agreement and such non-compliance constitutes a material breach of Agreement and the other party does not rectify the breach within 30 days from the non-breaching party’s written notice specifying the breach. Any such notice shall describe in detail the facts and circumstances supporting the allegation of breach. 

 

	
d.
	
Consequences of Termination: Upon the termination of this Agreement for any reason:

	
 
	
i.
	
the Subscriber shall immediately stop accessing the Galileo System and representing itself as being connected with the Galileo System in any way; and

	
 
	
ii.
	
any sum owing by either Party to the other pursuant to this Agreement shall be immediately payable.

 

	
e.
	
If in the event there is persistent degradation in response times on Galileo System as compared to other GDS’s or in its own past performance and is having a material impact on Subscribers' business, then, Subscriber shall notify ITQ in writing of such instances with documentary evidence. Persistent degradation includes but shall not be limited to any technical issue or malfunction with the Galileo System adversely effecting Subscribers' conversion rates on account of response time, non-availability of inventory and pricing information, or customer issues pre or post transaction due to wrong representation of flight information like fare rules, policies etc,. ITQ shall within ten (10) days from such intimation and upon substantiation of such degradation, arrange for remedial action, failing which Subscriber may terminate the Agreement immediately. During the period from the date of intimation till expiry of the above mentioned ten (10) working days, Subscriber shall have the option to use other GDS providers to materialise the bookings. Bookings through such other GDS providers shall not be within the ambit of this Agreement. 

 

	
(i)
	
Any provision of this Agreement which by its nature survives termination shall continue in full force and effect after termination of this Agreement.

 

	
7.
	
MATERIAL REVENUE CHANGE: 

 

	
a.
	
In the event of any change to the participation fee, which would result in an annualized average booking fee revenue decrease XXXX (“Fee Change”) the Parties will use best efforts to negotiate appropriate modifications to the Productivity Incentives payable under this Agreement. ITQ will notify the Subscriber of the Fee Change, the effective date of the Fee Change (“Fee Change Effective Date”), and ITQ's proposed change to the Productivity Incentives, and will provide documentation supporting the Fee Change 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

10

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

		
if requested by the Subscriber. The Parties shall, within 90 days of the date of ITQ’s notice, execute an amendment to this Agreement evidencing the modifications to the Productivity Incentives. The Parties acknowledge that the modifications to the Productivity Incentives shall become effective as of the Fee Change Effective Date, unless otherwise agreed. 

 

In the event of a Fee Change, ITQ may suspend all Productivity Incentives from the Fee Change Effective Date until the effective date of the aforementioned amendment or expiration of the 90 day negotiation period, whichever occurs earlier. If the Parties are unable to reach an agreement on changes to the Productivity Incentives within such 90 days period, then (a) commencing on the Fee Change Effective Date and continuing thereafter for the Term of this Agreement, ITQ may reduce the Productivity Incentives under this Agreement by the amount of ITQ's proposed change to the Productivity Incentives; and (b) either Party may terminate this Agreement for convenience and neither Party will be further obligated hereunder, except that ITQ will pay the Subscriber any Productivity Incentives that were suspected or are otherwise due through the termination date or through the Fee Change Effective Date, whichever is earlier.

 

	
8.
	
REPRESENTATION AND WARRANTIES

 

Each Party represents, warrants and undertakes to the other Party as follows:

 

	
a.
	
the Party has the capacity and authority to enter into this Agreement;

	
b.
	
the persons executing this Agreement on behalf of the Party have been duly authorized to do so;

	
c.
	
this Agreement and the obligations created hereunder are binding upon the Party and enforceable against the Party in accordance with their terms and do not and will not violate the terms of any other agreement, or any judgment or court order, by which the Party is bound; 

	
d.
	
there is no proceeding pending which to the Party’s knowledge, challenges or may have a material adverse impact on this Agreement or the ability of the Party to perform its obligations pursuant to this Agreement; and

	
e.
	
it has not withheld any information which is required for effective performance of the contractual obligations under this Agreement and that information’s provided to the other Party are complete, true and accurate to the best of its knowledge and belief.

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

11

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

	
f.
	
each party acknowledges that the other party has entered into this Agreement in reliance on the representations, warranties and undertakings set out under this Agreement.

	
g.
	
ITQ represents and warrants that it is authorized and possesses all the requisite approvals and authorisations from Travelport to provide access to Galileo System to select travel agents within the territory of Republic of India. 

 

	
9.
	
MISCELLANEOUS:

 

	
a.
	
Assignment: Neither Party shall assign its rights or obligations to a third party without the prior written consent of other Party. However, either Party may assign their respective obligations under this Agreement to any of it’s affiliate companies, without the prior written consent of the other Party.

 

	
b.
	
Relationship: This Agreement is entered into on principal-to-principal basis and nothing in this Agreement shall create or be deemed to create, a joint venture, partnership, or the relationship of principal and agent, between the Parties.

 

	
c.
	
Modification and Entire Agreement: This Agreement may not be modified except by an instrument in writing duly executed by or on behalf of the Parties. This Agreement supersedes any and all previous agreement or arrangement, letter of offer/intent etc. between the Parties or any of them relating to the subject matter of this Agreement. 

 

	
d.
	
Confidentiality: Parties hereby agree not to disclose any terms of this Agreement and document or information exchanged between the Parties whether written or oral during the Term or any time thereafter, without the prior written consent of other Party unless such disclosure is required by law or any regulatory authority (in which case the disclosing Party shall immediately notify the other Party of such a requirement prior to such disclosure (and if that is not reasonably practicable, then a prompt notice after such disclosure). 

 

	
e.
	
Force Majeure: If the performance by either Party of any of its obligations under this Agreement is prevented or delayed by force majeure for a continuous period in excess of 30 days, the other Party shall be entitled to terminate this Agreement with immediate effect by giving written notice to the Party so affected. There shall be no adverse financial implications on either Party if they terminate this Agreement on grounds of force majeure. The Parties further agree that neither Party shall be discharged of its financial obligations towards the other Party which pertain to the period, or were incurred before, the occurrence of a force majeure event.

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

12

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

	
f.
	
Severability: If any provision of this Agreement is held by any court or other competent authority to be invalid or unenforceable in whole or in part or is so rendered by any applicable code, regulation or law, such provision or the relevant part of the affected provision, as the case may be, shall be deemed deleted without prejudice to the remainder of the affected provision and the remaining provisions of this Agreement. 

 

	
g.
	
Non Solicitation: Neither Party (or any affiliate of that Party) may directly or indirectly solicit or entice away from the other Party (or any affiliate of that party) any person who, at the relevant time, is employed by the other Party or its affiliates, whether or not that person would commit a breach of contract by reason of leaving. This prohibition on solicitation shall also apply to past-employees of a party or an affiliate of a Party, who left the employment of a Party or affiliate less than 12 months prior to the date of solicitation. 

 

	
h.
	
Notices: Any notice required or authorised by this Agreement to be given by either Party to the other must be in writing and may be delivered by hand or sent by pre-paid registered post; or sent by fax transmission to the other Party at the address or fax number appearing below, or to such other address or fax number as may be notified in writing by that other Party from time to time in accordance with this provision.

 

		
	
For InterGlobe Technology Quotient Private Limited

 

Echelon Building, 4th Floor, Plot Number – 49, Sector 32, Gurgaon - 122001 

 

 
	
For MakeMyTrip (India) Private Limited

 

19th Floor, Tower B, Epitome Building No. 5, DLF Cyber City, Phase – III, Gurgaon 122 002

 

	
i.
	
Jurisdiction: This Agreement shall be governed by Indian law and the Parties irrevocably submit to the sole and exclusive jurisdiction of the courts of Delhi.

 

	
j.
	
Dispute Resolution:

 

	
 
	
i.
	
In case of any dispute, the Parties shall refer by notice in writing such dispute between the Parties arising out of or relating to this Agreement to their respective authorised persons. The below mentioned authorized persons shall amicably attempt to the resolve the dispute within 45 days of receipt of such notice. Failing which, such dispute shall be referred to arbitration in accordance with the provisions set out herein.

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

13

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

	
 
	
•
	
For the Subscriber: Chief Executive Officer of the Subscribers’ business division or any other authorized person.

	
 
	
•
	
For ITQ: Director or any other authorized person.

(jointly referred to as “Contract Managers”) for resolution. Contract Managers shall negotiate in good faith to attempt to resolve such disputes within 21 days (or such other time as agreed in writing between the Parties) after it has been referred to them. 

 

	
 
	
ii.
	
Should the respective Contract Manager be unable to resolve any dispute in accordance with Clause j (i) above, then the Parties shall refer the dispute for arbitration in accordance with the Arbitration and Conciliation Act, 1996 to be held at Delhi in English language. The arbitration will be conducted by a panel of three arbitrators, where each party shall appoint one arbitrator, thereafter the two arbitrators shall appoint the presiding arbitrator. Subject to this, Parties can approach the courts in accordance with Clause i above, provided that each Party is free to approach such courts at any time for injunctive or equitable relief.

 

	
 
	
iii.
	
For the avoidance of doubt, use of this dispute resolution procedure will not constitute a waiver of any right of either Party under this Agreement including obtaining injunction.

 

In witness whereof both the Parties have executed this agreement on the date mentioned hereinbelow at Gurgaon.

 

	
InterGlobe Technology Quotient Private Limited 
	
 
	
For MakeMyTrip (India)Private Limited

	

	
 
	

	
Authorized Signatory
	
 
	
Authorized Signatory

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

14

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

SCHEDULE A: LIST OF PRODUCTS

 

	
software provided
	
 

	
Total Number of licenses given for the software
	
 

	
PCC
	
 

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

15

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

SCHEDULE B

FARE GUARANTEE POLICY

 

ITQ would consider all debits issued to the Subscriber by the airlines up to a period of twelve (12) months with the fare guarantee status. ITQ would also endeavor to first take up the debit memo with airline and internally check its own system for error. The focus of the investigation will involve investigation into the booking process by the Subscriber with Subscriber’s earnest co-operation. The final onus of handling the debit memo will be based on the outcome of the investigation. If the investigation reveals that the error is attributable to airlines, then ITQ shall render all possible assistance in respect of coordinating with the airlines for obtaining the Agency Credit Memo. In case the error is attributable to ITQ or their system the disputed amount of the Agency Debit Memo will be immediately settled by ITQ.  

 

However such consideration would include the following due diligence steps:

 

1.       Investigation to establish role played by airline in filing of the aforesaid fare on ATPCO and any other fare filing system. ITQ to provide an explanation of the rejection reason to the airline and appropriate steps will be taken to get an Agency Credit Memo from the airline to prevent any losses to Subscriber. 

 

2.       Investigation to establish that booking was made following the best practices prescribed by ITQ. Taxes/Baggage/plating airlines have not been forcibly priced since these do not change the guarantee status.

 

ITQ shall as a measure of transparency will keep the Subscriber informed of the progress. The objective and endeavor is to prevent any losses to the Subscriber.

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

16

 

	
	
Confidential Treatment Requested

 

The portions of this document marked by XXXX have been omitted pursuant to a request for confidential treatment under Rule 24b-2 under the Securities and Exchange Act of 1934, as amended, and have been filed separately with the Securities and Exchange Commission.

 

SCHEDULE C

USD TO INR EXCHANGE RATE

 

The quarterly average exchange rate will be used as per the below calculation:

 

The average of daily mid-point exchange rate for every month will be taken as available on the website https://www.oanda.com/fx-for-business/historical-rates. The monthly average exchange rate will be calculated by using the average rate of the daily mid-point rate for all the days of the month. Finally, the quarterly average exchange rate which will be the effective basis for payments will be calculated by using the average rate of the monthly mid-point rate for entire quarter.

 

 

	
ITQ Signature
	
 
	
Subscriber Signature

	

	
 
	
 
	

	
 

17

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