Document:

Exhibit 10.23

 

Certain identified information has been excluded from the exhibit because it is both not material and would likely cause competitive
harm to the registrant if publicly disclosed.

 

 

 

 

PRIVATE
& CONFIDENTIAL

 

	Date:	06/04/2014
	Ref:	CAD/039/14

 

M/s.
Brooge Petroleum and Gas Investment Company FZC

P.O.
Box. No. 50170, Fujairah,

United
Arab Emirates.

 

Dear
Sirs,

 

Sub:
FACILITY OFFER LETTER

 

We,
National Bank of Abu Dhabi, RISC-Islamic Banking Division (“ISD-NBAD”), refer to your request and our recent
discussions and are pleased to offer you the Islamic banking facilities detailed in Schedule (A) attached hereto (the “Facility”)
subject to the terms hereinafter and the terms of the documentation to be concluded between you and ISD-NBAD in relation to the
Facility.

 

Yours
faithfully,

 

	Fahad
    Al Shaer MD – ADNIF	 	 	/s/
    Omar Katri
	National Bank of Abu Dhabi, PJSC-Islamic Banking Division	Head of Business
    Banking

 

	Date:	 	 	Date:	 

 

We
agree and accept the terms of this Facility Offer Letter (the “Offer”) including the attached schedules and
agree to be bound by its terms and conditions.

 

	Signature:		 

 

	M/s. Brooge Petroleum and Gas Investment Company FZC
	 	 
	Date:	15/4/2014	 

 

 

 

Certain identified information has been excluded from the exhibit because it is both not material and would likely cause competitive
harm to the registrant if publicly disclosed. 

 

    Page 1 of 6

     

    

 

 

 

 

	Date:	06/04/2014
	Ref:	CAD/039/14

 

SCHEDULE
“A”

 

	Facility	 	Limit
    

    (AED)	 	Pricing	 	Purpose
    / Tenor / Payment Source
	Contract for Works & Forward Lease	 	310,718,000	 	6M EBOR+3.5% 

    p.a. 

    Minimum 5.5% 

    p.a.	 	Purpose:
        To part finance for construction of properties (14 Oil Tanks) located at plot no. 130, Fujairah, United Arab Emirates
        through forward lease contract.

        Repayment:
        In maximum 48 quarterly installments after 21 months construction period and 6 months grace period, final maturity
        maximum by 31/03/2028. Profit to be serviced on quarterly basis during construction period.

        Payment
        Source: Operating cash flow / business income of the shareholders / other sources.

	 	 	 	 	 	 	 
	Total	 	310,718,000	 	[UAE Dirham Three Hundred Ten Million Seven Eighteen Thousand only]  

 

Securities:

 

		1.	Assignment
                                         of lease contract with off-takers in favor of ISD-NBAD

 

		2.	Step
                                         in right over leased land in favor of NBAD to be provided.

 

		3.	Mortgage
                                         over the financed assets in favor of NBAD to be provided, if the same is not owned by
                                         the lender in the Islamic structure.

 

		4.	Corporate guarantee of                                                                                                                                                                             including
facility amount in addition to 10% of project cost as contingency, to be provided.

 

		5.	Assignment
                                         of Contractor’s “All Risk Insurance policy” to ISD-NBAD as first beneficiary
                                         during construction and maintenance periods.

 

		6.	Assignment
                                         of Fire Insurance Policy of the Property (upon completion of construction) in favor of
                                         ISD-NBAD as first beneficiary.

 

 

 

    Page 2 of 6

     

    

 

 

 

 

	Date:	06/04/2014
	Ref:	CAD/039/14

 

		7.	Performance
                                         guarantee in favor of ISD-NBAD to be issued in a text and by a bank that are acceptable
                                         to ISD-NBAD equivalent to 10% of the Istisna contract amount. The performance guarantee
                                         should be lodged with ISD-NBAD prior to any disbursement.

 

		8.	Advance
                                         payment guarantee (APG) in favor of ISD-NBAD to be issued in text and by a bank that
                                         are acceptable to ISD-NBAD and to be lodged with ISD-NBAD prior to any disbursement.

 

		9.	Retention
                                         guarantee (RG) in favor of ISD-NBAD to be issued in text and by a bank that are acceptable
                                         to ISD-NBAD and to be lodged with ISD-NBAD prior to any disbursement.

 

		10.	Assignment
                                         over the shares and accounts held with NBAD, to be provided.

 

		11.	Assignment
                                         over EPC, O&M contracts and port facilities agreement, variations, if any, in specifications
                                         are subject to the Bank’s consents and contractors are to be notified and to adhere to
                                         this.

 

		12.	All
                                         the contractor bonds to be assigned to the bank

 

		Support:	

 

		1.	Direct
                                         Debit Authority.

 

		2.	Undertaking
                                         to cover the default or shortfall, if any, in finance payment arrangement from your other
                                         sources of income.

 

		3.	Project
                                         cash flow statement

 

Conditions:

 

		1.	Amount
                                         of AED 3,107,180.00 as non-refundable study and documentation fee to be paid (AED 1,553,590.00
                                         at the time of signing this Offer and AED 1,553,590.00 on first drawdown).

 

		2.	Approval
                                         of the facility is subject to 50% sell down within 6 months period and positive market
                                         sounding.

 

		3.	Due
                                         diligence must include satisfying evidence of sufficient demand and update regarding
                                         the complete status of the refinery on which the project is highly dependent

 

		4.	Ownership
                                         covenants to be provided

 

		5.	Minimum
                                         DSCR of 150% is required at all the times, if DSCR reaches to 120% or less, it must be
                                         trigger as an event of default.

 

 

 

    Page 3 of 6

     

    

 

 

 

 

	Date:	06/04/2014
	Ref:	CAD/039/14

 

		6.	Amount
                                         equivalent to 1 quarterly instalment including profit to be kept in DSR accounts at all
                                         the times, 50% of the excess fund will be retained to reduce the facility tenor and remaining
                                         will be released to you.

 

		7.	Technical
                                         advisor to be appointed from the beginning of the project and prior to construction.

 

		8.	Technical
                                         advisor to provide the project management services and supervision of the construction,
                                         disbursement of the facility will be based progress report from Technical advisor.

 

		9.	Construction
                                         cost will be turnkey / fixed cost and independent engineering consultant (Technical Advisor)
                                         to review the project design and construction agreement and ensure completion risk is
                                         mitigated with no escalation clause and minimum risk of cost overrun.

 

		10.	Technical
                                         advisor to review the technical capabilities of the project and ensure that the project
                                         will suit a sufficient wide range of requirements from different potential off takers
                                         in terms of ancillary business.

 

		11.	Duty
                                         of care of the technical advisor to be under the lender

 

		12.	MOUs
                                         of 80% capacity to be provided maximum prior to first drawdown and satisfactory firm
                                         off take agreements covering at least 60% of the capacity and acceptable to the lender
                                         to be produced at completion. The MOUs to reflect the specifications / designs of the
                                         required tanks which must be in line with the tanks subject of finance.

 

		13.	Debt
                                         equity ratio is (65:35) with 25% upfront and 10% pro-rata basis.

 

		14.	Early
                                         settlement charge @ 1.0% of the total outstanding to be paid, in case of early settlement
                                         of the facility.

 

		15.	The
                                         release of surplus funds from rental collection account will be subject to servicing
                                         the installment amount and within Bank’s discretion.

 

		16.	To
                                         accept the terms of this Offer, please sign and return a copy hereof within 14 days
                                         from the date first written above otherwise this Offer will lapse.

 

		17.	Without
                                         prejudice to the above paragraph and where the terms of this Offer are accepted by you
                                         in the manner stated above, this Offer shall not be binding on ISD-NBAD unless documentation
                                         and formalities are completed and executed to the entire satisfaction of ISD-NBAD on
                                         / or before 06/07/2014.

 

		18.	This
                                         Offer is part of the documentation to be executed in respect of the Facility.

 

 

 

    Page 4 of 6

     

    

 

 

 

 

	Date:	06/04/2014
	Ref:	CAD/039/14

 

		19.	ISD-NBAD
                                         may revoke this offer letter at its sole discretion if, an event occurs or series of
                                         events occur which might have in the opinion of ISD-NBAD adverse effect on your financial
                                         condition or where market conditions change, thus creating in Our sole opinion an adverse
                                         effect on our ability to offer the Facility to you on the terms of this Offer.

 

		20.	You
                                         hereby commit yourself and undertake, in the event of any delay by way of procrastination
                                         in the payment of any Rental Payment (advance or normal) or any other amount due to ISD-NBAD
                                         on its due date, to donate to charity an amount to be added by ISD-NBAD to any next Rental
                                         Payment and calculated for the delay period on the basis of 2.0% p.a. of the overdue
                                         amount. Any delay in payment from your side shall be deemed as procrastination unless
                                         proven otherwise. The said amount shall be dispensed of for charitable purposes under
                                         the supervision of the Fatwa and Sharia’ Supervisory Board of National Bank of Abu Dhabi-Islamic
                                         Banking Division. ISD-NBAD shall not retain such amount nor account for it in its profits.

 

		21.	Without
                                         prejudice to and in addition to any term or condition in any finance document which you
                                         may sign with the ISD-NBAD in respect of the Facility, ISD-NBAD shall have the right
                                         to cancel the Facility at any time without liability on its part if:

 

		a.	You
                                         fail to provide any document or information required by ISD-NBAD in form and substance
                                         to the satisfaction of ISD-NBAD and within the period of time specified by it.

 

		b.	You
                                         fail to comply with any term or condition, condition precedent, security or any other
                                         matter required from your pursuant to this Offer or pursuant to any document, contract
                                         or correspondence between you and ISD-NBAD.

 

		c.	You
                                         do not utilize the Facility within a period of 90 days from the date of this Offer regardless
                                         of any other document or contract signed between you and ISD-NBAD in relation to the
                                         Facility, OR if the first draw down / utilization under the Facility did not occur for
                                         any reason attributed to you within the dates / timelines as specified or required in
                                         the Facility approval or as notified to you by ISD-NBAD from time to time.

 

		d.	Any
                                         other event occurs which, in the reasonable opinion of ISD-NBAD would jeopardize the
                                         interests of ISD-NBAD or which may possibly result in a default by you under the Facility.

 

 

 

    Page 5 of 6

     

    

 

 

 

 

	Date:	06/04/2014
	Ref:	CAD/039/14

 

National
Bank of Abu Dhabi, PJSC-Islamic Banking Division

 

		 	/s/
    Omar Katri
	/s/ Fahad
    Al Shaer MD – ADNIF	 	Head of Business
    Banking
	Signature:	 	Signature:
	 	 	 
	Date:	 	Date:

 

M/s.
Brooge Petroleum and Gas Investment Company FZC

 

	Signature:	 	 	Date:	15/4/2014

 

 

 

 

Page 6 of 6Exhibit 10.24

 

 

  

M/s. Brooge Petroleum and Gas Investment
Company FZC

P.O. Box. No. 50170, Fujairah,

United Arab Emirates,

 

		Date	: 24/07/2014

 

	Subject	: 	Facility Offer Letter (Addendum)
	Reference	: 	CAD/100/14

 

Dear Sirs,

 

Reference to our Facility Offer Letter (Ref.
No CAD/039/14 dated 06/04/2014) which has been already signed and accepted by you.

 

Please be informed that your request for extension
of documentation and security perfection date from 06/07/2014 to 31/10/2014 has been approved.

 

This letter is an addendum to the above mentioned
FOL. All other terms and conditions in the Facility Offer Letter remain unchanged.

 

National Bank of Abu Dhabi, PJSC-Islamic Banking Division

 

	Signature:		 	Signature:	 
	 	 	 	 	 
	Date:	24/07/2014	 	Date:	24/07/2014

 

M/s. Brooge Petroleum and Gas Investment Company FZC

 

	Signature:		 
	 	 	 
	Date:	24-07-2014	 

 

 

	
	National Bank of Abu Dhabi PJSC | P.O. Box 40057 | Abu Dhabi | United Arab Emirates | Toll Free 800 23643

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