Document:

Exhibit 10.59

 

EXECUTION VERSION

 

 

Title Agency Agreement

 

 

Dated15 October 2018

 

 

 

 

Brooge Petroleum and Gas Investment Company
FZC

(the Company)

 

First Abu Dhabi Bank PJSC

(the Investment Agent)

 

 

 

 

	
        Dentons & Co

        Level 4

        Trade Centre - West Tower 

Abu Dhabi Mall

        PO Box 47656

        Abu Dhabi

        United Arab Emirates
	

 

     

     

    

 

Contents

 

	1	Definitions and Interpretation	1
	 	 	 
	2	Declaration regarding registered ownership	2
	 	 	 
	3	Indemnity	3
	 	 	 
	4	Incorporation of terms	3
	 	 	 
	5	Waiver of immunity from suit and enforcement	3
	 	 	 
	6	Governing law and jurisdiction	3
	 	 	 
	7	Shari’ah	4

        

 

 

 

Content (i)

     

     

    

 

Title Agency Agreement

 

Dated 15 October 2018

 

Between

 

		(1)	Brooge Petroleum
                                         and Gas Investment Company FZC, a free zone company incorporated under the laws of
                                         Fujairah Free Zone, Fujairah, UAE with registration number 13-FZC-1117 and whose principal
                                         place of business is at P.O. Box 50170, Fujairah, UAE (the Company); and

 

		(2)	First Abu Dhabi
                                         Bank PJSC, whose principal office is at FAB Building, Khalifa Business Park, Al Qurm
                                         District, P.O. Box 6316, Abu Dhabi, UAE acting in its capacity as Investment Agent for
                                         and on behalf of the Participants (the Investment Agent).

 

Recitals

 

		A.	The Master Istisna’ Agreement and the Master Forward Lease
Agreement are being entered into on or around the date of this Agreement.

 

		B.	The parties wish to acknowledge and confirm that upon payment
of the Final Istisna’ Instalment title to the Istisna’ Asset will be held in the name of the Company at the Registry as agent
for and on behalf of the Investment Agent in accordance with the terms of this Agreement.

 

It is agreed:

 

		1	Definitions and
                                         Interpretation

 

		1.1	Definitions

 

		1.1.1	Unless the context otherwise requires or unless otherwise
defined in this Agreement, words and expressions defined in the Common Terms Agreement (directly or indirectly) shall have the
same meaning when used in this Agreement.

 

		1.1.2	In addition, in this Agreement:

 

Common Terms Agreement
means the common terms agreement dated on or about the date of this Agreement between the Company, each Guarantor, the Investment
Agent, the Arranger, the Security Agent, the Account Bank and the Original Participant.

 

Party means any party to this Agreement.

 

Registry means any governmental authority
or free zone in Fujairah, UAE at which title to the Istisna’ Asset is registered from time to time in the name of the Company,
including Fujairah Municipality and the Fujairah Free Zone Authority.

 

		1.2	Interpretation

 

The provisions of clauses 1.2
(Interpretation) of the Common Terms Agreement shall apply to this Agreement, mutatis mutandis, as if the same had been
set out in full in this Agreement except that references to “this Agreement” in the Common Terms Agreement are to
be construed as references to this Agreement.

 

    Page 1

     

    

 

		1.3	Third
                                         Party Rights

 

		1.3.1	Unless expressly provided to the contrary in this Agreement
a person who is not a Party has no right to enforce or to enjoy the benefit of any term of this Agreement.

 

		1.3.2	Notwithstanding any term of any Finance 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 Agreement without the consent of any person who is not a Party.

 

		2	Declaration regarding
                                         registered ownership

 

		2.1	The Parties acknowledge and declare that with effect from
the date of payment of the Final Istisna’ Instalment, the registered title to the Istisna’ Asset at the Registry is
held irrevocably and unconditionally in the name of the Company in the capacity as agent for and on behalf of the Investment Agent.

 

		2.2	In order to protect the Investment Agent’s interests
under the Master Istisna’ Agreement and/or to ensure that the transactions contemplated hereby and thereby are given full
effect, the Company shall take whatever action is required by the Investment Agent, at the cost and expense of the Company, to
perfect or otherwise document or complete the formal registration of title to the Istisna’ Asset from the Company to the
Investment Agent (including by registering such transfer with any Registry so designated by the Investment Agent for this purpose).

 

		2.3	Where the Investment Agent does not wish to perfect title
and exercise its rights pursuant to Clause 2.2, title to the Istisna’ Asset shall remain in the name of the Company on the
following terms:

 

		(a)	the registration of title shall be held and maintained
by the Company as agent for and on behalf of the Investment Agent and the Company shall not otherwise be regarded as agent of
the Investment Agent in any respect whatsoever;

 

		(b)	the Company acknowledges that its right, title, benefit
and interest in and the Istisna’ Asset has been transferred to the Investment Agent in accordance with the Master Istisna’
Agreement and the Company also acknowledges that it is no longer the owner of the Istisna’ Asset;

 

		(c)	the Investment Agent has an absolute right of disposal
in respect of the Istisna’ Asset in any manner whatsoever; and

 

		(d)	the Company shall not, without the prior written permission
of the Investment Agent, take any action that may result in any change in the registration or ownership of the Istisna’
Asset or any Security over the Istisna’ Asset.

 

		2.4	The duties of the Company in respect of the Istisna’
Asset under this Clause 2 shall commence upon payment of the Final Istisna’ Instalment pursuant to the Master Istisna’
Agreement and shall terminate upon the Investment Agent disposing of its ownership of the Istisna’ Asset in accordance with
the Finance Documents.

 

		2.5	The Company shall not resign, nor assign or transfer all
or any of its duties or obligations under this Agreement to any other person except with the prior written consent of the Investment
Agent.

 

    Page 2

     

    

 

		3	Indemnity

 

The Company shall, within five Business Days of demand, indemnify
the Investment Agent to the fullest extent permitted by law and hold it harmless against any Losses howsoever incurred by the Investment
Agent as a result of any defects, either patent or latent, in any item of the Istisna’ Asset or for the direct or indirect damage
to persons or property resulting from any such defects, unless such Losses are incurred as a result of the Investment Agent’s gross
negligence or wilful misconduct.

 

		4	Incorporation
                                         of terms

 

Clauses 12 (Amendments and
waivers), 23 (Costs and expenses), 26 (Changes), 29 (Notices) and 32 (Partial invalidity) of the
Common Terms Agreement shall apply to this Agreement, mutatis mutandis, as if the same had been set out in full in this Agreement
except that references to “this Agreement” or “the Finance Documents” in the Common Terms Agreement are
to be construed as references to this Agreement.

 

		5	Waiver
                                         of immunity from suit and enforcement

 

The Company irrevocably and unconditionally:

 

		(a)	waives any rights of immunity which it or its assets
now has or may subsequently acquire in connection with any legal proceedings against it or its assets in relation to this Agreement;
and

 

		(b)	consents generally in respect of any such proceedings
to the giving of any relief or the issue of any process in connection with those proceedings, including, without limitation, the
making, enforcement or execution against any assets whatsoever (irrespective of its use or intended use) on any order or judgment
which may be made or given in those proceedings.

 

		6	Governing
                                         law and jurisdiction

 

		6.1	Subject to Clause 6.2, this Agreement and all non-contractual
obligations arising out of or connected with it shall be governed by, and construed in accordance with, English law.

 

		6.2	The Parties agree that the creation and transfer of any
proprietary rights of the Parties in relation to the Istisna’ Asset shall be governed by, and construed in accordance with,
the laws of Fujairah and the federal laws of the UAE as applied by the UAE federal courts.

 

		6.3	Subject to Clause
                                         6.4, the Parties submit, and waive any objection, to the exclusive jurisdiction of the
                                         courts of the DIFC to settle any dispute arising out of or in connection with this Agreement
                                         (including a dispute relating to the existence, validity or termination of this Agreement
                                         or any non-contractual obligation arising out of or in connection with this Agreement)
                                         (a Dispute). The Parties agree that the courts of the DIFC are the most appropriate
                                         and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		6.4	The Parties agree that the UAE federal courts shall have
exclusive jurisdiction to settle any dispute arising out of or in connection with the proprietary rights of the Parties in relation
to the Istisna’ Asset.

 

    Page 3

     

    

 

		6.5	Notwithstanding Clauses 6.1 to 6.4, 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.

 

		7	Shari’ah

 

The Parties recognise and agree that the principle of the payment
of interest is prohibited under Shari’ah and accordingly, to the extent that any court or legal system would (but for the provisions
of this Clause 7) 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

 

This Agreement has been entered into on the
date stated at the beginning of this Agreement.

 

 

    Page 4

     

    

 

Execution page of the Title Agency Agreement

 

	The Company	 	 	 
	 	 	 	 
	Signed by	 	)	 
	 	 	)	 
	duly authorised for and on behalf of Brooge Petroleum and
    Gas Investment Company FZC	 	)

)

)	

 

	The Investment
    Agent	 	 	 
	
         

        Signed by

         
	
         

        )

        )
	
          

	
        duly authorised for and on behalf of

        First Abu Dhabi Bank PJSC

        in Its capacity as Investment Agent for and on behalf of the
        Participants
	
         

         

         
	
        )

        )

        )

        )
	
         

        

 

 

 

Execution page of the Title Agency AgreementExhibit 10.60

 

EXECUTION
VERSION

 

 

 

Indemnity
Undertaking

 

 

Dated15
October 2018

  

Brooge
Petroleum and Gas Investment Company FZC

(the
Company)

 

in favour of

 

First
Abu Dhabi Bank PJSC

(as
Investment Agent)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	Dentons
& Co

Level 4

Trade
Centre - West Tower

Abu
Dhabi Mall

PO Box 47656

Abu
Dhabi

United
Arab Emirates

	 	 

 

     

     

    

 

Contents

 

	1	Definitions and interpretations	1
	2	Acknowledgment and indemnity	2
	3	Undertakings	3
	4	Incorporation of terms	3
	5	Waiver of immunity from suit and enforcement	4
	6	Governing law and jurisdiction	4
	7	Shari’ah	4

 

     

     

    

  

Indemnity
Undertaking 

 

Dated 15 October 2018

 

By

 

	(1)	Brooge
                                         Petroleum and Gas Investment Company FZC, a free zone company incorporated under
                                         the laws of Fujairah Free Zone, Fujairah, UAE with registration number 13-FZC-1117 and
                                         whose principal place of business is at P.O. Box 50170, Fujairah, UAE (the Company);

 

in
favour of

 

	(2)	First
                                         Abu Dhabi Bank PJSC, whose principal office is at FAB Building, Khalifa Business
                                         Park, Al Qurm District, P.O. Box 6316, Abu Dhabi, UAE acting in its capacity as Investment
                                         Agent for and on behalf of the Participants (the Investment Agent).

 

Recitals

 

	A.	The
                                         Common Terms Agreement, Master Forward Lease Agreement, Master Istisna’ Agreement and
                                         other Finance Documents are being entered into on or around the date of this Undertaking.

 

	B.	The
                                         Company acknowledges its intention that each Finance Document shall be legal, valid and
                                         binding upon each party to each Finance Document, and hereby indemnifies the Investment
                                         Agent as set out below.

 

The
Company undertakes:

 

	1	Definitions
                                         and interpretations

 

	1.1	Definitions

 

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

 

	1.1.2	In
                                         addition, in this Undertaking:

 

Common
Terms Agreement means the common terms agreement dated on or about the date of this Undertaking between the Company, each
Guarantor, the Investment Agent, the Arranger, the Security Agent, the Account Bank and the Original Participant.

 

Exercise
Price means an amount equal to the amount calculated under paragraph (a) of the definition “Exercise Price” in the
Purchase Undertaking.

 

	1.2	Interpretation

 

The
provisions of clauses 1.2 (Interpretation) of the Common Terms Agreement shall apply to this Undertaking, mutatis mutandis,
as if the same had been set out in full in this Undertaking except that references to “this Agreement” in the Common
Terms Agreement are to be construed as references to this Undertaking.

 

    Page 1

     

    

 

	1.3	Third
                                         Party Rights

 

	1.3.1	Unless
                                         expressly provided to the contrary in this Undertaking a person who is not a Party has
                                         no right to enforce or to enjoy the benefit of any term of this Undertaking.

 

	1.3.2	Notwithstanding
                                         any term of any Finance 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 Undertaking without the consent of any person who is not a Party.

 

	1.4	Common
                                         Terms Agreement

 

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

 

	1.4.2	In
                                         the event of a conflict between the terms of this Undertaking and the terms of the Common
                                         Terms Agreement, the terms of the Common Terms Agreement shall prevail.

 

	2	Acknowledgment
                                         and indemnity

 

	2.1	The
                                         Company acknowledges and confirms that:

 

		(a)	it
has entered into the relevant Finance Documents with the intention of at all times being bound by their terms; and

 

		(b)	notwithstanding
                                         any failure to register title to the Leased Assets in the name of the Investment Agent
                                         or otherwise perfect any of the Finance Documents, the Finance Documents shall be legal,
                                         valid and binding on the Company and enforceable against the Company in accordance with
                                         their terms.

 

	2.2	To
                                         the extent that:

 

		(a)	the
sale and purchase, lease or transfer of the Company’s right, title, benefit and interest
in any of the Leased Asset pursuant to the Finance Documents; or

  

		(b)	any
                                         other term of any Finance Document,

 

in
each case, is not effective in any jurisdiction for any reason (an Affected Obligation), the Company hereby agrees:

 

		(i)	it
will continue to act in accordance with the terms of the Finance Documents, and in particular shall continue to make any payments
to the Investment Agent required by them, as if the Finance Documents were fully binding upon it; and

 

		(ii)	as
an independent obligation, to indemnify the Investment Agent against any actual cost, loss or liability incurred by it or any
other Secured Party as a result of such ineffectiveness of such Affected Obligation including, but not limited to, the payment
of any Exercise Price.

 

    Page 2

     

    

 

	2.3	Notwithstanding
                                         the terms of the Purchase Undertaking, the Company expressly undertakes and declares
                                         that if it breaches any declaration or undertaking in the Finance Documents or if it
                                         or any other person disputes or challenges the rights, interests, benefits and entitlements
                                         of the Investment Agent under the Finance Documents, the Company shall fully indemnify
                                         the Investment Agent within five Business Days of demand, it being agreed that the amount
                                         payable under any such indemnity will equal the Exercise Price, to the extent that that
                                         Exercise Price has not been unconditionally and irrevocably paid by the Company and received
                                         by the Investment Agent under the Purchase Undertaking. If any amount of the Exercise
                                         Price (or a part thereof) (a Relevant Amount) is or may in any way be subject
                                         to any steps, action or proceedings by any person to recover or turnover such Relevant
                                         Amount, then the relevant amount payable under this Clause as mentioned above shall be
                                         increased by the Relevant Amount.

 

The
Investment Agent may select if it wishes to pursue a claim against any Company under this Clause 2.3 or clause 5.3 of the Purchase
Undertaking and the Company shall not make any objection to such selection and hereby waives any right to do so.

 

	3	Undertakings

 

	3.1	Authorisations

 

The
Company shall promptly:

 

		(a)	obtain,
                                         comply with and do all that is necessary to maintain in full force and effect; and

 

		(b)	(upon
                                         the reasonable request of the Investment Agent) supply certified copies to the Investment
                                         Agent of,

 

any
Authorisation required under any law or regulation of England, Dubai, the DIFC, Fujairah or the UAE to enable it to perform its
obligations under this Undertaking, to ensure the legality, validity, enforceability or admissibility in evidence in England,
Dubai, the DIFC, Fujairah and the UAE of this Undertaking.

 

	3.2	Pari
                                         passu ranking

 

The
Company shall ensure that at all times any unsecured and unsubordinated claims of the Investment Agent against the Company under
this Undertaking rank in right of priority and payment with the claims of all the Company’s other unsecured and unsubordinated
creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

 

	4	Incorporation
                                         of terms

 

Clauses
12 (Amendments and waivers), 23 (Costs and expenses), 26 (Changes), 29 (Notices) and 32 (Partial
invalidity) of the Common Terms Agreement shall apply to this Undertaking, mutatis mutandis, as if the same had been set out
in full in this Undertaking except that references to “this Agreement” or “the Finance Documents” in the Common
Terms Agreement are to be construed as references to this Undertaking.

 

    Page 3

     

    

 

	5	Waiver
                                         of immunity from suit and enforcement

 

	5.1	The
                                         Company irrevocably and unconditionally:

 

		(a)	waives
                                         any rights of immunity which it or its assets now has or may subsequently acquire in
                                         connection with any legal proceedings against it or its assets in relation to this Undertaking;
                                         and

 

		(b)	consents
                                         generally in respect of any such proceedings to the giving of any relief or the issue
                                         of any process in connection with those proceedings, including, without limitation, the
                                         making, enforcement or execution against any assets whatsoever (irrespective of its use
                                         or intended use) on any order or judgment which may be made or given in those proceedings.

 

	6	Governing
                                         law and jurisdiction

 

	6.1	Subject
                                         to Clause 6.2, this Undertaking and all non-contractual obligations arising out of or
                                         connected with it shall be governed by, and construed in accordance with, English law.

 

	6.2	The
                                         Parties agree that the creation and transfer of any proprietary rights of the Parties
                                         in relation to the Istisna’ Asset shall be governed by, and construed in accordance with,
                                         the laws of Fujairah and the federal laws of the UAE as applied by the UAE federal courts.

 

	6.3	Subject
                                         to Clause 6.4, the Parties submit, and waive any objection, to the exclusive jurisdiction
                                         of the courts of the DIFC to settle any dispute arising out of or in connection with
                                         this Undertaking (including a dispute relating to the existence, validity or termination
                                         of this Undertaking or any non-contractual obligation arising out of or in connection
                                         with this Undertaking) (a Dispute). The Parties agree that the courts of the DIFC
                                         are the most appropriate and convenient courts to settle Disputes and accordingly no
                                         Party will argue to the contrary.

 

	6.4	The
                                         Parties agree that the UAE federal courts shall have exclusive jurisdiction to settle
                                         any dispute arising out of or in connection with the proprietary rights of the Parties
                                         in relation to the Istisna’ Asset.

 

	6.5	Notwithstanding
                                         Clauses 6.1 to 6.4, 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.

 

	7	Shari’ah

 

The
Parties recognise and agree that the principle of the payment of interest is prohibited under Shari’ah and accordingly, to the
extent that any court or legal system would (but for the provisions of this Clause 7) 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

 

This
Undertaking is executed by the Company as a deed and delivered on the date specified at the beginning of this Undertaking.

 

    Page 4

     

    

 

	Execution
page of the Indemnity Undertaking	 	 
	 	 	 
	The
    Company 	 	 
	 	 	 
	Executed
    as a Deed by	)	 
	 	)	 
	duly
    authorised for and	)	 
	on
    behalf of	)	 
	Brooge
    Petroleum and Gas Investment 	)	
	Company
    FZC	)	 

 

 

Execution
page of the Indemnity Undertaking

 

 

Page 5

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