Document:

Exhibit 10.38

 

 

 

 

Purchase Undertaking

 

 

 

Dated 29-06-2015

 

 

 

Brooge Petroleum and Gas Investment
Company FZC 

(The Company)

 

in favour of

 

 

National Bank of Abu Dhabi PJSC - Islamic
Banking Division 

(The Investment Agent)

 

 

 

	
        Dentons & Co

        Suite 1204 Al Ghaith Tower

        Hamdan Street

        PO Box 47656

        Abu Dhabi

        United Arab Emirates
	 

 

     

     

    

 

Contents

 

	1	Definitions and interpretations	1
	 	 	 
	2	Effective date	3
	 	 	 
	3	Purchase Notice	3
	 	 	 
	4	Undertaking to buy the Leased Asset	3
	 	 	 
	5	Sale Documentation	4
	 	 	 
	6	Assignment	4
	 	 	 
	7	Governing law	4
	 	 	 
	8	Enforcement	5

 

	 	 

 

    	24 June 2015	Contents (i)

     

    

 

Purchase
Undertaking

 

		Dated	

 

		By	

 

		(1)	Brooge Petroleum and Gas Investment Company FZC incorporated under the laws of Fujairah
Free Zone, Fujairah, United Arab Emirates of P. O. Box 50170, Fujairah, United Arab Emirates (the Company)

 

in favour
of

 

		(2)	National Bank of Abu Dhabi PJSC - Islamic Banking Division, of P. O. Box 40057, Abu Dhabi,
United Arab Emirates acting in its capacity as Investment Agent for an on behalf of the Participants (the Investment Agent);

 

		Recitals	

 

		A.	Pursuant to the terms of the Forward Lease, the Lessor (acting in the capacity as Investment Agent)
has agreed to lease the Leased Asset to the Company (acting in the capacity as the Lessee).

 

		B.	It is a requirement of the leasing arrangements that the Company enters into this Purchase Undertaking.

 

The Company
undertakes:

 

		1	Definitions and interpretations

 

		1.1	Definitions

 

		1.1.1	Unless the context otherwise requires on unless expressly
defined in this Purchase Undertaking, words and expressions defined in clause 1.1 (Definitions) of the Common Terms Agreement
(whether directly or indirectly) have the same meanings in this Purchase Undertaking unless expressly defined in this Purchase
Undertaking.

 

		1.1.2	In addition, this Purchase Undertaking:

 

Common Terms Agreement means
the common terms agreement dated on or around the date of the Master Forward Lease Agreement between, amongst others, the Investment
Agent and the Company.

 

Forward Lease means that
lease dated on or around the date of this Purchase Undertaking in relation to the Leased Asset entered into between the Company
(as Lessee) and the Investment Agent (as Lessor) pursuant to the Master Forward Lease Agreement.

 

Leased Asset has the meaning
given to it in the Forward Lease. 

 

Party means a party to or beneficiary of this Purchase Undertaking.

 

Purchase Notice means
a notice substantially in the form contained in Schedule 1.

 

    	24 June 2015	Page 1

     

    

 

Termination
Amount means:

 

		(a)	If the rights under this Purchase Undertaking are exercised on the grounds mentioned in paragraph
(a) of the definition of “Undertaking Exercise Event”, the Termination Amount shall be the aggregate of:

 

		(i)	the Outstanding Fixed Rental;

 

		(ii)	any accrued and unpaid Variable Rental Payment;

 

		(iii)	any accrued and unpaid Supplementary Rental Payment;

 

		(iv)	any Increased Costs Amount;

 

		(v)	an amount equal to any Service Charge Amount that has accrued and not been set off against a Supplementary
Rental Payment; and

 

		(vi)	the actual costs and expenses of the Lessor paid or incurred as a result of the termination of
the Forward Lease.

 

		(b)	If the rights under this Purchase Undertaking are exercised on the grounds mentioned
in paragraph (b) of the definition of “Undertaking Exercise Event”, the Termination Amount shall be the aggregate of:

 

		(i)	AED 100;

 

		(ii)	any accrued and unpaid Supplementary Rental Payment;

 

		(iii)	any Increased Costs Amount; and

 

		(iv)	an amount equal to any Service Charge Amount that has accrued and not been set off against a Supplementary
Rental Payment.

 

Termination
Amount Payment Date means the date when the Termination Amount is to be paid or is paid.

 

Undertaking
Exercise Event means:

 

		(a)	if the rights described in clause 11 (Acceleration) of the Common Terms Agreement become
exercisable by the Investment Agent; or

 

		(b)	the date when the scheduled Lease Term and the Security Period have ended.

 

		1.2	Construction

 

The principles
of construction used in the Common Terms Agreement shall apply to this Purchase Undertaking to the extent they are relevant to
it and, subject to any necessary changes, as they apply to the Common Terms Agreement.

 

		1.3	Third party rights

 

		1.3.1	Subject to Clause 1.3.2, unless expressly provided to the contrary in this Purchase
                                                             Undertaking a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit of any
                                                             term of this Purchase Undertaking.

 

    	24 June 2015	Page 2

     

    

  

		1.3.2	Each Participant may, except as otherwise stated in the
Transaction Documents, enforce or enjoy the benefit of any term of this Purchase Undertaking which it would be able to enforce
or enjoy if it were a party to this Purchase Undertaking.

 

		1.3.3	Notwithstanding any term of any Transaction Document,
the Parties may rescind, vary, waive, release, assign, novate or otherwise dispose of all or any of their respective rights or
obligations under this Purchase Undertaking without the consent of any person who is not a Party.

 

		1.4	Common Terms Agreement

 

This Purchase
Undertaking and the rights and obligations of the Parties are subject to the provisions of the Common Terms Agreement. The provisions
of the Common Terms Agreement that are expressed to apply to all Transaction Documents apply equally to this Purchase Undertaking.

 

		2	Effective date

 

This Purchase
Undertaking shall become effective on the Commencement Date relating to the Forward Lease.

 

		3	Purchase Notice

 

The Investment
Agent may issue a Purchase Notice to the Company if an Undertaking Exercise Event has occurred.

 

		4	Undertaking to buy the Leased Asset

 

		4.1	Undertaking to pay and buy

 

The Company
irrevocably and unconditionally undertakes in favour of the Investment Agent that, upon receipt of the Purchase Notice, it shall
on the Termination Amount Payment Date:

 

		(a)	pay the Termination Amount to the Investment Agent; and

 

		(b)	buy and take possession of the Leased Asset but subject to any Security existing on that date.

 

		4.2	Conditions of sale

 

The Company
agrees that:

 

		(a)	it shall buy the Leased Asset from the Investment Agent on an “as is, where is” basis
and with such title as the Investment Agent may have;

 

		(b)	neither the Investment Agent nor any other Finance Party Secured Party gives or makes to the Company
any implied, statutory or other warranty or representation about the Leased Asset (including conditions, warranties or representations
as to the description, suitability, merchantability, value or condition of the Leased Asset); and

 

		(c)	without prejudice to paragraphs (a) and (b) above, any such warranty or representation is expressly
excluded to the fullest extent that the law allows.

 

    	24 June 2015	Page 3

     

    

 

		5	Sale Documentation

 

		5.1	Signed Sale Documentation

 

Upon the
Investment Agent receiving the Termination Amount, it shall, at the cost of the Company, provide the Company with the Sale
Documentation signed by the Investment Agent and with such counterparts as may be reasonably required.

 

		5.2	Payment of costs and expenses

 

The Company
shall promptly on demand pay the Investment Agent and the Security Agent, the amount of all costs and expenses (including legal
fees) reasonably incurred by either of them (and, in the case of the Security Agent, by any Receiver) in connection with the negotiation,
preparation, printing, execution or notarisation of the Sale Documentation, including the registration at or with any applicable
register or authority of the Sale Documentation or of the related transfer or interest in the Leased Asset.

 

		5.3	Failure to sign the Sale Documentation

 

If the Company
does not sign the Sale Documentation this will not adversely affect the Investment Agent’s rights and remedies against the Company
including the right to bring legal proceedings for the Termination Amount and to recover any Losses caused by the Company’s failure
to sign the Sale Documentation.

 

		5.4	Failure to pay the Termination Amount on the Termination Amount Payment Date

 

Without
prejudice to any other rights and remedies that the Investment Agent and the Secured Parties may have against the Company and any
other Obligor, if the Company does not pay the Termination Amount on the Termination Amount Payment Date, it shall be an Unpaid
Sum on which the Investment Agent may demand Late Payment Amounts to be paid.

 

		6	Assignment

 

		6.1	No assignment or transfer by the Company

 

The Company
may not assign any of its rights or transfer any of its rights or obligations under this Purchase Undertaking.

 

		6.2	Assignment and/or transfer by Investment Agent

 

The Investment
Agent may assign and/or transfer any of its rights and obligations under this Purchase Undertaking as part of the arrangements
contemplated by clause 6.13 (Resignation of the Investment Agent) of the Investment Agency Agreement.

 

		7	Governing law

 

		7.1	English law

 

		7.1.1	Subject to Clause 7.1.2, this Purchase Undertaking and all non-contractual obligations arising
out of or connected with it shall be governed by, and construed in accordance with, English law.

 

		7.1.2	The
parties agree that the creation and transfer of any proprierty rights of the parties in relation to the Leased Asset shall be
governed by, and construed in accordance with, the laws of Fujairah and the federal laws of the United Arab Emirates as applied
by the civil courts of Fujairah, in each case, to the extent those laws do not conflict with Shari’a. In the event of any contradiction
between the laws of Fujairah and the federal laws of the United Arab Emirates and the principles of Shari’a, the principles of
Shari’a shall prevail.

 

    	24 June 2015	Page 4

     

    

 

		7.2	Interest

 

The Parties
recognise and agree that the principle of the payment of interest is repugnant to the Shari’ah and accordingly, to the extent that
any legal system would (but for the provisions of this Clause) impose (whether by contract or by statute) any obligation to pay
interest, the Parties hereby irrevocably and unconditionally expressly waive and reject any entitlement to recover interest from
each other.

 

		8	Enforcement

 

		8.1	Jurisdiction

 

		8.1.1	Subject to Clause 8.1.2, the Parties submit, and waive any objection, to the exclusive jurisdiction
of the courts of the Dubai International Financial Centre, Emirate of Dubai, United Arab Emirates to settle any dispute arising
out of or in connection with this Purchase Undertaking (including a dispute relating to the existence, validity or termination
of this Purchase Undertaking or any non-contractual obligation arising out of or in connection with this Purchase Undertaking)
(a Dispute). The Parties agree that the courts of the Dubai International Financial Centre, Emirate of Dubai, United Arab
Emirates are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		8.1.2	The Parties agree that the civil courts of Fujairah shall
have the exclusive jurisdiction to settle any dispute arising out of ,or in connection with the creation and transfer of any proprietary
rights of the Parties in relation to the Leased Asset.

 

		8.1.3	Notwithstanding Clauses 8.1.1 and 8.1.2, the Parties agree
that the Investment Agent may take proceedings relating to a Dispute in any other court with jurisdiction. To the extent allowed
by law, the Investment Agent may take concurrent proceedings in any number of jurisdictions. This Clause 8.1.3 is for the benefit
of the Investment Agent only.

 

		8.2	State immunity

 

		8.2.1	The Company acknowledges and agrees, to the extent relevant,
that its execution, performance and delivery of this Purchase Undertaking and the Sale Documentation shall constitute a private
commercial transaction entered into entirely in its commercial capacity.

 

		8.2.2	To the extent that the Company may in any jurisdiction
claim for itself or its assets immunity from legal proceedings, and to the extent that in any jurisdiction there may be attributed
to the Company or its assets such immunity (whether claimed or not), the Company irrevocably and unconditionally and to the full
extent permitted by the laws of the Relevant Jurisdiction:

 

		(a)	agrees not to claim such immunity;

 

		(b)	waives any such immunity as it or its assets now has or may in future acquire; and

 

    	24 June 2015	Page 5

     

    

  

		(c)	consents, in any legal proceedings arrising out of or in connection with this Purchase Undertaking,
to the giving of relief by enforcement, execution (including the arrest, detention
or sale of any state property) or attachment (whether before judgment, in aid of execution, or otherwise) against any of its assets.

 

		8.2.3	In relation to any legal proceedings that may be taken
in England, the foregoing waiver of immunity shall have effect under, and be construed in accordance with, the State Immunity
Act 1978.

 

		8.2.4	For the purposes of this Clause 7 (State immunity):

 

legal proceedings includes
any service of process, suit, judgment, execution, attachment (whether before judgment, in aid of execution, or otherwise), arbitral
proceedings or other dispute resolution mechanisms; and

 

asset
includes any asset not used solely for commercial purposes.

 

This
Purchase Undertaking is executed by the Company as a deed on the date stated at the beginning of this Purchase Undertaking.

  

    	24 June 2015	Page 6

     

    

 

Execution
Page of the Purchase Undertaking

 

	The Company	 	 
	 	 	 
	Signed by	)	 
	 	)
	duly authorised in accordance with the	)
	laws of Fujairah Free Zone, United Arab	)
	Emirates for and on behalf of Brooge	)
	Petroleum and Gas Investment Company	)
	FZC in the presence of:	)
	 	 
	Signature of witness	)

 

	Name of witness:	 	 
	 	 
	Address of witness: 	 
	 	 
	 	 
	 	 
	 	 

  

 

	24 June 2015	 
	Execution Page of the Purchase UndertakingExhibit 10.39

 

EXECUTION VERSION

 

 

 

 

Sale Undertaking

 

 

 

Dated 29-06-2015

 

 

 

National Bank of Abu Dhabi PJSC - Islamic Banking Division

(The Investment Agent)

 

in favour of

 

 

Brooge Petroleum and Gas Investment Company FZC

(The Company)

 

 

 

	
        Dentons & Co

        

        Suite 1204 Al Ghaith Tower

        

        Hamdan Street

        

        PO Box 47656

        

        Abu Dhabi

        

        United Arab Emirates
	

 

     

     

    

 

Contents

 

	1	Definitions and interpretation	2
	 	 	 
	2	Effective date	4
	 	 	 
	3	Sale Notice	4
	 	 	 
	4	Undertaking to sell	5
	 	 	 
	5	Conditions of sale	5
	 	 	 
	6	Sale Documentation	5
	 	 	 
	7	Assignment	6
	 	 	 
	8	Obligations of the Company	6
	 	 	 
	9	Governing law	6
	 	 	 
	10	Enforcement	7

 

    Contents (i)

     

    

 

Sale
Undertaking

 

Dated

 

By

 

	(1)	National Bank of
    Abu Dhabi PJSC - Islamic Banking Division, of P. O. Box 40057, Abu Dhabi, United Arab Emirates acting in its capacity
    as Investment Agent for an on behalf of the Participants (the Investment Agent);

 

in
favour of

 

	(2)	Brooge Petroleum
    and Gas Investment Company FZC incorporated under the laws of Fujairah Free Zone, Fujairah, United Arab Emirates of P.
    O. Box 50170, Fujairah, United Arab Emirates (the Company)

 

Recitals

 

	A.	Pursuant
    to the terms of the Forward Lease, the Lessor (acting in the capacity as Investment Agent) has agreed to lease the Leased
    Asset to the Company (acting in the capacity as the Lessee).

 

	B.	It is a requirement
    of the leasing arrangements that the Investment Agent enters into this Sale Undertaking.

 

The
Investment Agent undertakes:

 

		1	Definitions
and interpretation

 

		1.1	Definitions

 

		1.1.1	Words
and expressions defined (whether directly or indirectly) in clause 1.1 of the Common Terms Agreement have the same meanings in
this Sale Undertaking unless expressly defined in this Sale Undertaking.

 

		1.1.2	In
this Sale Undertaking:

 

Common
Terms Agreement means the common terms agreement dated on or around the date of the Master Forward Lease Agreement between,
amongst others, the Investment Agent and the Company.

 

Early
Termination Event means if the Company elects to prepay all Outstanding Fixed Rental and other outstanding amounts under the
Forward Lease in accordance with the terms of clause 15.1.1 of the Common Terms Agreement.

 

End
of Lease Term Event means the date when the scheduled Lease Term and the Security Period have ended.

 

Exercise
Event means:

 

		(a)	an
Early Termination Event; or

 

		(b)	an
End of Lease Term Event.

 

    Page 2

     

    

 

Forward
Lease means that lease dated on or around the date of this Sale Undertaking in relation to the Leased Asset entered into between
the Company (as Lessee) and the Investment Agent (as Lessor) pursuant to the Master Forward Lease Agreement.

 

Leased
Asset has the meaning given to it in the Forward Lease. 

 

Party means a party to or beneficiary of this Sale Undertaking.

 

Sale
Notice means a notice substantially in the form contained in Schedule 1.

 

Termination
Amount means:

 

		(a)	if
the rights under this Sale Undertaking are exercised on the grounds of an Early Termination
Event, the Termination Amount shall be the aggregate of:

 

	 	(i)	the Outstanding Fixed
    Rental;

 

	 	(ii)	an
    amount equal to one     per cent of the Outstanding Fixed Rental;

 

	 	(iii)	any accrued and unpaid
    Variable Rental Payment;

 

	 	(iv)	any accrued and unpaid
    Supplementary Rental Payment;

 

	 	(v)	any Increased Costs
    Amount;

 

	 	(vi)	an
    amount equal to any Service Charge Amount that has accrued and not been set off against a Supplementary Rental Payment; and

 

	 	(vii)	the
    actual costs and expenses of the Lessor paid or incurred as a result of the termination of the Forward Lease.

 

		(b)	if
the rights under this Sale Undertaking are exercised on the grounds of an End of Lease Term Event, the Termination Amount shall
be the aggregate of:

 

	 	(i)	AED 100;

 

	 	(ii)	any accrued and unpaid
    Supplementary Rental Payment;

 

	 	(iii)	any Increased Costs
    Amount; and

 

	 	(iv)	an
    amount equal to any Service Charge Amount that has accrued and not been set off against a Supplementary Rental Payment.

 

and,
in relation to both paragraph (a) and (b), with the Termination Amount being agreed with the Investment Agent before the Sale
Notice is issued.

 

Termination
Amount Payment Date means the date when the Termination Amount is to be paid or is paid.

 

		1.2	Construction

 

The
principles of construction used in the Common Terms Agreement shall apply to this Sale Undertaking to the extent they are relevant
to it and, subject to any necessary changes, as they apply to the Common Terms Agreement.

 

    Page 3

     

    

 

		1.3	Third
party rights

 

		1.3.1	Subject
to Clause 1.3.2, unless expressly provided to the contrary in this Sale Undertaking a person who is not a Party has no right under
the Third Parties Act to enforce or to enjoy the benefit of any term of this Sale Undertaking.

 

		1.3.2	Each
Participant may, except as otherwise stated in the Transaction Documents, enforce or enjoy the benefit of any term of this Sale
Undertaking which it would be able to enforce or enjoy if it were a party to this Sale Undertaking.

 

		1.3.3	Notwithstanding
any term of any Transaction Document, the Parties may rescind, vary, waive, release, assign, novate or otherwise dispose of all
or any of their respective rights or obligations under this Sale Undertaking without the consent of any person who is not a Party.

 

		1.4	Common
Terms Agreement

 

This
Sale Undertaking and the rights and obligations of the Parties are subject to the provisions of the Common Terms Agreement. The
provisions of the Common Terms Agreement that are expressed to apply to all Transaction Documents apply equally to this Sale Undertaking.

 

		2	Effective
                                         date

 

This
Sale Undertaking shall become effective on the Commencement Date relating to the Forward Lease.

 

		3	Sale
                                         Notice

 

		3.1	Occurrence
of an Exercise Event

 

Provided
that no Event of Default or Event of Mandatory Prepayment has occurred and is continuing and subject to the provisions of Clauses
3.2 (Sale Notice based on an Early Termination Event) and 3.3 (Sale Notice based on an End of Lease Term Event), the
Company may issue a Sale Notice to the Investment Agent if an Exercise Event has occurred.

 

		3.2	Sale
Notice based on an Early Termination Event

 

A
Sale Notice can only be issued based on an Early Termination Event if:

 

		(a)	the
Termination Amount Payment Date falls within three Business Days of the Sale Notice;

 

		(b)	the
Investment Agent has, prior to the issue of the Sale Notice, confirmed that the Termination Amount is correct; and

 

		(c)	the
Termination Amount Payment Date occurs on the Rental Payment Date next occurring after the date of the Sale Notice.

 

		3.3	Sale
Notice based on an End of Lease Term Event

 

A
Sale Notice can only be issued based on an End of Lease Term Event, if:

 

		(a)	the
scheduled Lease Term has ended;

 

    Page 4

     

    

 

		(b)	the
Investment Agent has, prior to the issue of the Sale Notice, confirmed that:

 

		(i)	the scheduled Lease Term and the Security Period have
ended; and

 

		(ii)	the
Termination Amount is correct.

 

	 	(c)	the
    Termination Amount Payment Date falls within three Business Days of the Sale Notice.

 

		4	Undertaking
                                         to sell

 

Upon
the Investment Agent receiving the Sale Notice, the Investment Agent shall, subject to receiving the Termination Amount on the
Termination Amount Payment Date, sell the Leased Asset to the Company in accordance with the terms described in this Sale Undertaking.

 

		5	Conditions
                                         of sale

 

The
sale by the Investment Agent to the Company shall be on the following terms:

 

		(a)	the
sale from the Investment Agent shall be on an “as is, where is” basis and with such title as the Investment Agent may
have;

 

		(b)	neither
the Investment Agent nor any Finance Party Secured Party gives or makes to the Company any implied, statutory or other warranty
or representation about the Leased Asset (including conditions, warranties or representations as to the description, suitability,
merchantability, value or condition of the Leased Asset); and

 

		(c)	without
prejudice to paragraphs (a) and (b) above, any such warranty or representation is expressly excluded to the fullest extent that
the law allows.

 

		6	Sale
                                         Documentation

 

		6.1	Signed
Sale Documentation

 

Upon
the Investment Agent receiving the Termination Amount, it shall, at the cost of the Company, provide the Company with the Sale
Documentation signed by the Investment Agent and with such counterparts as may be reasonably required.

 

		6.2	Payment
of costs and expenses

 

The
Company shall promptly on demand pay the Investment Agent and the Security Agent, the amount of all costs and expenses (including
legal fees) reasonably incurred by either of them (and, in the case of the Security Agent, by any Receiver) in connection with
the negotiation, preparation, printing, execution or notarisation of the Sale Documentation, including the registration at or
with any applicable register or authority of the Sale Documentation or of the related transfer or interest in the Leased Asset.

 

		6.3	Failure
to sign the Sale Documentation

 

If
the Company does not sign the Sale Documentation this will not adversely affect the Investment Agent’s rights and remedies against
the Company including the right to bring legal proceedings for the Termination Amount and to recover any Losses caused by the
Company’s failure to sign the Sale Documentation.

 

    Page 5

     

    

 

		6.4	Failure to pay the Termination Amount on the Termination Amount Payment Date

 

Without
prejudice to any other rights and remedies that the Investment Agent and the Secured Parties may have against the Company and
any other Obligor, if the Company does not pay the Termination Amount on the Termination Amount Payment Date, it shall be an Unpaid
Sum on which the Investment Agent may demand Late Payment Amounts to be paid.

 

		7	Assignment

 

		7.1	No
assignment or transfer by the Company

 

The
Company may not assign any of its rights or transfer any of its rights or obligations under this Sale Undertaking.

 

		7.2	Assignment
and/or transfer by Investment Agent

 

The
Investment Agent may assign and/or transfer any of its rights and obligations under this Sale Undertaking as part of the arrangements
contemplated by clause 6.13 (Resignation of the Investment Agent) of the Investment Agency Agreement.

 

		8	Obligations
                                         of the Company

 

Upon
the issue of the Sale Notice the Company shall be deemed to have agreed to any terms in this Sale Undertaking that create obligations
on it or create rights in favour of the Investment Agent.

 

		9	Governing
law

 

		9.1	English
law

 

		9.1.1	Subject
to Clause 9.1.2, this Sale Undertaking and all non-contractual obligations arising out of or connected with it shall be governed
by, and construed in accordance with, English law.

 

		9.1.2	The
Parties agree that the creation and transfer of any proprietary rights of the Parties in relation to the Leased Asset shall be
governed by, and construed in accordance with, the laws of Fujairah and the federal laws of the United Arab Emirates as applied
by the civil courts of Fujairah, in each case, to the extent those laws do not conflict with Shari’a. In the event of any contradiction
between the laws of Fujairah and the federal laws of the United Arab Emirates and the principles of Shari’a, the principles of
Shari’a shall prevail.

 

		9.2	Interest

 

The
Parties recognise and agree that the principle of the payment of interest is repugnant to the Shari’ah and accordingly, to the
extent that any legal system would (but for the provisions of this Clause) impose (whether by contract or by statute) any obligation
to pay interest, the Parties hereby irrevocably and unconditionally expressly waive and reject any entitlement to recover interest
from each other.

 

    Page 6

     

    

 

		10	Enforcement

 

		10.1	Jurisdiction

 

		10.1.1	Subject
                                         to Clause 10.1.2, the Parties submit, and waive any objection, to the exclusive jurisdiction
                                         of the courts of the Dubai International Financial Centre, Emirate of Dubai, United Arab
                                         Emirates to settle any dispute arising out of or in connection with this Sale Undertaking
                                         (including a dispute relating to the existence, validity or termination of this Sale
                                         Undertaking or any non-contractual obligation arising out of or in connection with this
                                         Sale Undertaking) (a Dispute). The Parties agree that the courts of the Dubai
                                         International Financial Centre, Emirate of Dubai, United Arab Emirates are the most appropriate
                                         and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		10.1.2	The
Parties agree that the civil courts of Fujairah shall have the exclusive jurisdiction to settle any dispute arising out of or
in connection with the creation and transfer of any proprietary rights of the Parties in relation to the Leased Asset.

 

		10.1.3	Notwithstanding
Clauses 10.1.1 and 10.1.2, the Parties agree that the Investment Agent may take proceedings relating to a Dispute in any other
court with jurisdiction. To the extent allowed by law, the Investment Agent may take concurrent proceedings in any number of jurisdictions.
This Clause 10.1.3 is for the benefit of the Investment Agent only.

 

		10.2	State
Immunity

 

		10.2.1	The
Company acknowledges and agrees, to the extent relevant, that its execution, performance and delivery of this Sale Undertaking
and the Sale Documentation shall constitute a private commercial transaction entered into entirely in its commercial capacity.

 

		10.2.2	To
the extent that the Company may in any jurisdiction claim for itself or its assets immunity from legal proceedings, and to the
extent that in any jurisdiction there may be attributed to the Company or its assets such immunity (whether claimed or not), the
Company irrevocably and unconditionally and to the full extent permitted by the laws of the Relevant Jurisdiction:

 

	 	(a)	agrees not to claim
    such immunity;

 

	 	(b)	waives any such immunity
    as it or its assets now has or may in future acquire; and

 

	 	(c)	consents,
    in any legal proceedings arising out of or in connection with this Sale Undertaking, to the giving of relief by enforcement,
    execution (including the arrest, detention or sale of any state property) or attachment (whether before judgment, in aid of
    execution, or otherwise) against any of its assets.

 

		10.2.3	In
relation to any legal proceedings that may be taken in England, the foregoing waiver of immunity shall have effect under, and
be construed in accordance with, the State Immunity Act 1978.

 

		10.2.4	For
                                         the purposes of this Clause 9.1 (State Immunity):

 

legal
proceedings includes any service of process, suit, judgment, execution, attachment (whether before judgment, in aid of execution,
or otherwise), arbitral proceedings or other dispute resolution mechanisms; and

 

asset
includes any asset not used solely for commercial purposes.

 

This
Sale Undertaking is executed by the Investment Agent as a deed on the date stated at the beginning of this Sale Undertaking.

 

    Page 7

     

    

 

Execution
Page of the Sale Undertaking

 

	The Investment Agent	 	 
	 	 	 
	Signed by	)	/s/ Aqeel Bughio
	 	)	 
	duly authorised in accordance with the laws of	)	 
	Abu Dhabi, united Arab Emirates for and on	)	 
	behalf of National Bank
    of Abu Dhabi PJSC	)	 
	- Islamic Banking Division in the presence	)	 
	of:	)	/s/ Omar Katri
	 	 	 
	Signature of witness	)	 

 

	Name of witness:	 	 	
	 	 	 
	Address of witness:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00300-of-00352.parquet"}]]