Document:

Exhibit
10.30

 

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. 

 

Offer
Letter

 

	From:	Brooge
    Petroleum and Gas Investment Company FZC of P. O. Box 50170, Fujairah, United Arab Emirates (the Seller)
	 	 
	To:	National Bank of
    Abu Dhabi PJSC - Islamic Banking Division of P. O. Box 40057, Abu Dhabi, United Arab Emirates (the Investment Agent)
	 	 
	Attn:	                      
    - Relationship Manager
	 	 
	Date:	29-06-2015

 

Master
Istisna’ Agreement between dated 29-06-2015 between the Seller and the Investment Agent (the Master Istisna’ Agreement)

 

Terms
defined in the Master Istisna’ Agreement have the same meaning when used in this document.

 

This
is the Offer Letter.

 

		1	We
offer to enter into an Istisna’ Agreement based on the provisions of the Master Istisna’ Agreement and in relation
to the following specific terms:

 

	 	(a)	Details
    of the Istisna’ Development:	** Construction
    of 14 Oil Storage Tanks
	 	 	 	 
	 	(b)	Projected Completion
    Date:	[2 March 2017]
	 	 	 	 
	 	(c)	Purchase Price:	**
    AED 310,718,000/–
	 	 	 	 
	 	(d)	Specifications:	See attached Schedule
    A
	 	 	 	 
	 	(e)	Istisna’ Instalments:	** Quarterly.

 

		2	The
                                         above is subject to the terms of the Master Istisna’ Agreement, including clause
                                         17 (Governing law) and clause 18 (Enforcement) of the Master Istisna’
                                         Agreement which shall (mutatis mutandis) be deemed to be incorporated into the Istisna’
                                         Agreement created by the issue of the Acceptance of this Offer Letter.

 

		3	The
terms and conditions set out in the Master Istisna’ Agreement shall be deemed incorporated in this Offer Letter and shall
be considered an integral part of this Offer Letter and Acceptance.

 

		   
	 	 
	For and on behalf of	 
	Brooge
    Petroleum and Gas Investment Company FZC 
	as Seller	 

 

		**	To
be completed by the Seller,

 

 

    	25 June 2015	Page 1

     

    

 

Acceptance

 

We
confirm acceptance of the terms and conditions and the offer contained in the above Offer Letter and we agree that our signature
of this Acceptance concludes the Istisna’ Agreement between us as of the date of this Acceptance on the terms specified
in the Offer Letter and the Master Istisna’ Agreement.

 

Date:
29-06-2015

 

	          	         
	 	 
	For and on behalf
    of	 
	National
Bank of Abu Dhabi PJSC - Islamic Banking Division
	as Investment Agent	 

 

 

 

	25 June 2015	Page 2Exhibit 10.31

 

 

Master Forward Lease Agreement

 

Dated 29-06-2015

 

National Bank of Abu Dhabi PJSC – Islamic Banking
Division

(The Lessor, acting as Investment Agent for and on behalf of
the Participants)

 

Brooge Petroleum and Gas Investment Company FZC 

(The Lessee)

  

	
        Dentons & Co

        Suite 1204 Al Ghaith Tower

        Hamden Street

        PO Box 47656

        Abu Dhabi

        United Arab Emirates
	 

  

     

     

    

 

Contents

 

	1	Definitions and interpretation	1
	 	 	 
	2	Conditions precedent	6
	 	 	 
	3	Forward Lease limitations	6
	 	 	 
	4	Forward lease	6
	 	 	 
	5	Commencement of leasing and Lease Term 	7
	 	 	 
	6	Advance Rental Payments and Rental Payments	8
	 	 	 
	7	Various matters relating to the payment of Advance Rental Payments and Rental Payments	10
	 	 	 
	8	Warranties and other related matters	12
	 	 	 
	9	Protection of Lessor’s interests	13
	 	 	 
	10	Use of the Leased Asset	15
	 	 	 
	11	Ordinary Maintenance and Repair of the Leased Asset	17
	 	 	 
	12	Major maintenance	16
	 	 	 
	13	Insurance policies	18
	 	 	 
	14	Partial Loss, Total Loss and Expropriation Event	19
	 	 	 
	15	Power to remedy defaults	20
	 	 	 
	16	Changes to the calculation of Advance Variable Rental Payments and Variable Rental Payments	20
	 	 	 
	17	Lessee Events of Default	22
	 	 	 
	18	Voluntary early payment in respect of the Forward Lease	22
	 	 	 
	19	Right of repayment in relation to a single Participant	22
	 	 	 
	20	Purchase Undertaking and Sale Undertaking	23
	 	 	 
	21	Increased Costs	23
	 	 	 
	22	Indemnities	24
	 	 	 
	23	Governing law	26
	 	 	 
	24 	Enforcement	26
	 	 	 
	Schedule 1 – Specific conditions precedent in relation to the Forward Lease	28
	 	 	 
	Schedule 2  – Form of
    Forward Lease	29
	 	 	 
	Schedule 6  – Insurance
    matters	36

 

    Page i

     

    

 

Master Forward Lease Agreement

 

Dated 

 

Between

 

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

 

		(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 Lessee).

 

Recitals

 

The Lessor and the Lessee wish to enter into this
master forward lease agreement (the Agreement) to set out the framework for the leasing (by way of a forward lease) to the
Lessee of the Leased Asset as described in the Forward Lease.

 

		1	Definitions and interpretation

 

		1.1	Definitions

 

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

 

		1.1.2	In addition, in this Agreement:

 

Additional Rental Payment means, in relation
to the Forward Lease, an amount equal to the aggregate of all Advance Rental Payments that the Lessor has received.

 

Advance Fixed Rental Payment means, in relation
to the Forward Lease, the rental as described in Clause 6.1 (Advance Fixed Rental Payments) and as specified in Schedule
1 to the Forward Lease.

 

Advance Fixed Rental Payment Date means, in
relation to the Forward Lease, each date for the payment of an Advance Fixed Rental Payment as specified in Schedule 1 to the Forward
Lease.

 

Advance Rental Payment means, in relation to
the Forward Lease, a rental payment paid or payable before the Commencement Date consisting of, as applicable, an Advance Fixed
Rental Payment, Advance Variable Rental Payment and any Increased Costs Amount.

 

Advance Variable Rental Payment
means, in relation to the Forward Lease, the rental as specified
in Schedule 1 to the Forward Lease and mentioned in an Advance Variable Rental Payment Notice.

 

Advance Variable Rental Payment Date means,
in relation to the Forward Lease, each date for the payment of an Advance Variable Rental Payment as specified in Schedule
1 to the Forward Lease, other than as provided in Clause 6.7 (Increased Costs Amount).

 

    Page 1

     

    

 

Advance Variable Rental Payment Notice means,
in relation to the Forward Lease, the notice substantially in the form contained in Schedule 3 (Advance Variable Rental Payment
Notice).

 

Advance Variable Rental Period means, in relation
to the Forward Lease:

 

		(a)	with the first Advance Variable Rental Period, the period beginning on the date of the Forward Lease and ending on the first
Advance Variable Rental Payment Date; and

 

		(b)	subsequently, each period beginning on the expiry of the previous Advance Variable Rental Period and ending on the next Advance
Variable Rental Payment Date or the Commencement Date.

 

Base Amount means at
any time, in relation to the Forward Lease:

 

		(a)	the aggregate of the Istisna’ Instalments that have been paid under the Istisna’ Agreement; less

 

		(b)	an amount equal to the aggregate of the Advance Fixed Rental Payments that have been paid,

 

subject to adjustment in accordance
with the provisions of the Transaction Documents.

 

Commencement Date means,
in relation to the Forward Lease, the same date of the Development Completion Date (provided that date occurs before the Projected
Completion Date) under the Istisna’ Agreement which corresponds to the Leased Asset specified in the Forward Lease.

 

Common Terms Agreement means
the common terms agreement dated on or about the date of this Agreement between the Investment Agent, the Arranger, the Security
Agent and the Original Participants (each as defined therein).

 

Compensation means, in
respect of the Forward Lease, any sum payable to the Lessee or any other Obligor or any shareholder of the Lessee in respect of
an Expropriation Event.

 

Cut Off Date means 31 March 2028.

 

Expropriation
Event means:

 

		(a)	the nationalisation, confiscation, requisition, expropriation or compulsory purchase of all or a substantial part of the Leased
Asset; or

 

		(b)	the revocation, refusal or suspension of any Authorisation in relation to the Leased Asset.

 

First Lease Period
means, in relation to the Forward Lease, the period commencing
on (and including) the Commencement Date and ending on the first Rental Payment Date.

 

First Rental Payment
Notice means, in relation to the Forward Lease, the notice substantially in the form appearing in Schedule 4 (First Rental
Payment Notice).

 

Fixed Rental Payment means, in relation to
the Forward Lease, the Rental Payments described as such in Schedule 2 to the Forward Lease.

 

    Page 2

     

    

  

Forward Lease means
a lease substantially in the form contained in Schedule 2 (Form of Forward Lease) in relation to the Istisna’ Development.

 

General Rental Payment Notice
means, in relation to the Forward Lease, the notice substantially in the form appearing in Schedule 5 (General Rental Payment
Notice).

 

Increased Costs has the meaning given to it
in Clause 21.1 (Increased Costs).

 

Increased Costs Amount means, in relation to
the Forward Lease, the amount claimed in respect of Increased Costs pursuant to Clause 21.2 (Increased Costs claims) by
a Participant.

 

Insurance Policies means, in relation to the
Forward Lease, the Operating Insurance Policy, the Property Insurance Policy and the Third Party Insurance Policy and Insurance
Policy means any one of them.

 

Investment Agency Agreement means the investment
agency and security agency agreement dated on or around the date of this Agreement between, amongst others, the Lessor (as Investment
Agent) and the Participants in relation to, amongst other matters, the Istisna’ Facility.

 

Lease Period means, in relation to the Forward
Lease:

 

		(a)	the First Lease Period; and

 

		(b)	subsequently, each period beginning on the expiry of the previous Lease Period and ending on the next Rental Payment Date.

 

Lease Term means, in relation to the Forward
Lease, the term of the Forward Lease as specified in the Forward Lease.

 

Leased Asset means, in relation to the Forward
Lease, the Istisna’ Development corresponding to the Leased Asset under that Forward Lease.

 

Lessee Event of Default means any of those
events described in Clause 17.1 (Lessee Events of Default).

 

Major Maintenance means,
in relation to the Forward Lease, all structural repair and major maintenance (excluding Ordinary Maintenance and Repair) without
which the Leased Asset could not be reasonably and properly used by the Lessee.

 

Margin means 3.5 per cent per annum.

 

Operating Insurance Policy means, in relation
to the Forward Lease, the insurance policy referred to in Clause 13.3.1.

 

Ordinary Maintenance
and Repair means, in relation to the Forward Lease, all repairs,
replacements, acts, maintenance and upkeep works (excluding Major Maintenance) required for the general use and operation of the
Leased Asset or to keep, repair, maintain and preserve the Leased Asset in good
order, state and condition.

 

Outstanding Fixed Rental means, in relation
to the Forward Lease, the Base Amount as at the Commencement Date less the aggregate of Fixed Rental Payments paid from time to
time.

 

    Page 3

     

    

 

Outstanding Istisna’
Amount means, in relation to the Istisna’ Agreement, the aggregate of all Istisna’ Payments that have been paid
to and received by the Seller under the Istisna’ Agreement less the aggregate of any Advance Fixed Rental Payments paid
from time to time.

 

Ownership Taxes means, in relation to the Forward
Lease, Tax imposed on the Leased Asset by reason of the ownership of the Leased Asset (whether direct or indirect).

 

Partial Loss means a loss which is not a Total
Loss.

 

Party means a party to this Agreement.

 

Plant Site means plot number 130, Fujairah,
United Arab Emirates.

 

Property Insurance Policy means, in relation
to the Forward Lease, the insurance policy referred to in Clause 13.1.1.

 

Purchase Undertaking means, in relation to
the Forward Lease, the purchase undertaking relating to the Leased Asset provided by the Lessee in favour of the Lessor.

 

Rental Payment means, in relation to the Forward
Lease, a rental payment payable after the Commencement Date consisting of, as applicable, a Fixed Rental Payment, a Variable Rental
Payment, any Supplementary Rental Payment and any Increased Costs Amount.

 

Rental Payment Date means
in relation to the Forward Lease, a rental payment date described in Schedule 2 to the Forward Lease and mentioned in the First
Rental Payment Notice or General Rental Payment Notice, as the case may be, other than as provided in Clause 6.7 (Increased
Costs Amount).

 

Sale Documentation means, in relation to the
Leased Asset specified in the bill of sale and delivery to be executed pursuant to either a Sale Undertaking or a Purchase Undertaking
and in substantially the form appearing in schedule 2 to the Sale Undertaking or Purchase Undertaking.

 

Sale Undertaking means, in relation to the
Forward Lease, the sale undertaking relating to the Forward Lease provided by the Lessor in favour of the Lessee.

 

Service Agency Agreement means, in relation
to the Forward Lease, the service agency agreement relating to the Leased Asset specified in the associated Forward Lease and entered
into by the Lessor as principal and the Service Agent.

 

Service Agent means the Lessee in the context
of a service agent under a Service Agency Agreement.

 

Supplementary
Rental Payment means a Rental Payment as described as such in
Schedule 2 to the Forward Lease.

 

Termination Amount
has the meaning given to it in the Purchase Undertaking or Sale Undertaking, as the case may be.

 

Third Party Insurance
Policy means, in relation to the Forward Lease, the insurance policy referred to in Clause 13.2.1.

 

Total Loss means, in
relation to the Forward Lease, in each case certified by the insurer, the total loss or destruction of, or damage to the whole
(or a substantial part) of the Leased Asset or any event
or occurrence that renders the whole (or a substantial part) of the Leased Asset permanently unfit for any economic use and the
repair or remedial work in respect thereof is wholly uneconomical.

 

    Page 4

     

    

 

Total Loss Proceeds means the insurance proceeds
payable under an Insurance Policy on the occurrence of and relating to a Total Loss.

 

Total Loss/Expropriation
Event Shortfall means, in relation to the Forward Lease, the difference between the Termination Amount that would have been
payable if the Purchase Undertaking had been issued on the date when a Total Loss or an Expropriation Event occurs and:

 

		(a)	any insurance proceeds has been irrevocably and unconditionally paid to and received by the Lessor (and for the sole benefit
of the Lessor and the Secured Parties) under the Property Insurance Policy and/or the Operating Insurance Policy within 30 days
from when the Total Loss occurs; and/or

 

		(b)	any Compensation has been irrevocably and unconditionally paid to and received by the Lessor (and for the sole benefit of the
Lessor and the Secured Parties) within 30 days from when the Expropriation Event occurs.

 

Variable Rental Payment means, in relation
to the Forward Lease, the rental described as such in Schedule 2 to the Forward Lease.

 

		1.2	Construction

 

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

 

		1.2.2	In relation to the Forward Lease, a reference to the Leased Asset means, as the context requires, such right, title
and interest in the Leased Asset as the Lessor may have.

 

		1.3	Third party rights

 

		1.3.1	Subject to Clause 1.3.2, unless expressly provided to the contrary in this Agreement 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 Agreement.

 

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

 

		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 Agreement without the consent of any person who is not a Party.

 

		1.4	Common Terms Agreement

 

This Agreement 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 Transaction Documents apply equally to this Agreement.

 

    Page 5

     

    

 

		2	Conditions precedent

 

		2.1	Initial conditions precedent

 

Without limiting the
provisions of Clause 2.2 (Further conditions precedent) and Clause 3 (Forward Lease limitations), the Lessee
may not enter into the Forward Lease unless the terms of clause 2 (Initial conditions precedent) of the Common
Terms Agreement have been satisfied.

 

		2.2	Further conditions precedent

 

The Lessor shall only be obliged
to enter into the Forward Lease if:

 

		(a)	on
                                         the date of entry into the Forward Lease, no Default is continuing or would result from
                                         the entry into of the proposed Forward Lease and the Repeating Representations to be
                                         made by each Obligor are true in all material respects; and

 

		(b)	the
                                         Lessor has received all of the documents and other evidence listed in Schedule 1 (Specific
                                         conditions precedent in relation to the Forward Lease) to the Master Forward Lease
                                         Agreement in form and substance satisfactory to the Lessor.

 

		3	Forward Lease limitations

 

Without limiting the provisions of Clause 2 (Conditions
precedent), the Lessor shall only be obliged to enter into the Forward Lease if:

 

		(a)	all Advance Rental Payments and Rental Payments and other amounts payable under the Forward Lease are denominated in Dirhams;

 

		(b)	the Lease Term ends before the Cut Off Date; and

 

		(c)	it is not illegal or unlawful for the Lessor to enter into the Forward Lease.

 

		4	Forward lease

 

In relation to the Forward Lease and:

 

		(a)	subject to the provisions of this Agreement and the Forward
Lease; and

 

		(b)	in reliance on:

  

		(i)	certain representations and undertakings made by the
Lessee in the Master Forward Lease Agreement and in the Forward Lease; and

 

		(ii)	the Lessee’s undertaking to pay the Advance Rental Payments and the Rental Payments,

 

the Lessor leases (by way of a forward lease) the
Leased Asset to the Lessee as from the Commencement Date for the Lease Term and the Lessee accepts such leasing arrangements.

 

    Page 6

     

    

 

		5	Commencement of leasing and Lease Term

 

In relation to the Forward Lease:

  

		5.1	Commencement of leasing and undertaking to renew

 

		5.1.1	The Lease Term shall begin on the Commencement Date and end on the expiry of the Lease Term (if not terminated earlier as provided
in this Agreement, the Forward Lease or in another Transaction Document).

 

		5.1.2	Upon receipt of an Advance Variable Rental Payment Notice, the First Rental Payment Notice or a General Rental Payment Notice,
as the case may be, the Lessee irrevocably undertakes to renew the leasing arrangements described in the Master Forward Lease Agreement
and the Forward Lease for each Advance Variable Rental Period or Lease Period, as the case may be, and failure to so renew shall
be an event that falls within clause 11.3 (Other obligations) of the Common Terms Agreement.

 

		5.2	Failure of the Leased Asset to be available for leasing on the Commencement Date

 

		5.2.1	If, in relation to the Forward Lease, the Commencement Date has not occurred by the Projected Completion Date:

 

		(a)	the Lessee may terminate the Forward Lease unless the reason for the leasing not beginning on the Projected Completion Date
is because of the breach by the Lessee of the terms of this Agreement, the Forward Lease or any other Transaction Document; and

 

		(b)	the Lessor may terminate the Forward Lease if the reason for the leasing not beginning on the Projected Completion Date is
because of the breach by the Lessee of the terms of this Agreement, the Forward Lease or any other Transaction Document.

 

		5.2.2	On the termination of the Forward Lease pursuant to Clause 5.2.1(a), the Lessor shall return to
the Lessee any Advance Fixed Rental Payments that it has received from the Lessee.

 

		5.2.3	The Lessee declares and agrees the payment described in Clause 5.2.2 shall be the Lessee’s sole financial and legal remedy
for the Commencement Date not having occurred by the Projected Completion Date.

 

		5.2.4	The right of the Lessee to receive the payment described in Clause 5.2.2 is subject to any rights of set-off (whether by statute
or by contact) that the Lessor may have in respect of any indemnity obligations of any Obligor including under clause 16 (Indemnity)
of the Master Istisna’ Agreement and under clause 4 (Set-off by Finance Parties) of the Investment Agency Agreement.

 

		5.3	Quiet enjoyment

 

Subject to:

 

		(a)	the terms of this Agreement and the other Transaction
Documents; and

 

		(b)	the due performance by the Lessee of all its obligations
under this Agreement and the
other Transaction Documents,

 

the Lessee shall be entitled throughout the Lease
Term to hold and use the Leased Asset without interference from the Lessor.

 

    Page 7

     

    

  

		6	Advance Rental Payments and Rental Payments

 

In relation to the Forward Lease:

 

		6.1	Advance Fixed Rental Payments

 

On each Advance Fixed Rental Payment Date, the Lessee
shall pay an Advance Fixed Rental Payment.

 

		6.2	Advance Variable Rental Payments

 

		6.2.1	On each Advance Variable Rental Payment Date, the Lessee shall pay an Advance Variable Rental Payment.

 

		6.2.2	In respect of each Advance Variable Rental Period, the Lessor shall calculate the Advance Variable Rental Payment applicable
to that Advance Variable Rental Period and serve an Advance Variable Rental Payment Notice on the Lessee as described in Clause
6.8 (Effect of an Advance Variable Rental Payment Notice, First Rental Payment Notice and General Rental Payment Notice).

 

		6.2.3	Advance Variable Rental Payments shall be calculated in accordance with the provisions contained in Schedule 1 to the Forward
Lease.

 

		6.3	Additional Rental Payment

 

		6.3.1	The Lessor confirms that each Advance Rental Payment is being paid on account of the Rental Payment obligations of the Lessee
and will be taken into account in the calculation of the Rental Payments for the First Lease Period.

 

		6.3.2	The Lessor shall set off the obligation to account to the Lessee for the Advance Rental Payments (as described in Clause 6.3.1
above) against the Lessee’s obligation to pay the matured Additional Rental Payment to the Lessor.

 

		6.3.3	If the obligations described in Clause 6.3.2 are in different currencies, the Lessor may convert either obligation at a market
rate of exchange in its usual course of business for the purpose of the set-off.

 

		6.4	First Lease Period

 

		6.4.1	On the Rental Payment Date at the end of the First Lease Period, the Lessee shall pay the Rental Payment as described in the
First Rental Payment Notice and calculated on the following basis:

 

(FR +VR + AR + ICA) – ADR 

 

where:

 

		FR	is the Fixed Rental Payment for the First Lease Period;

 

		VR	is the Variable Rental Payment for the First Lease Period;

 

		AR	is the Additional Rental Payment;

 

		ICA	is the Increased Costs Amount (if any); and

 

    Page 8

     

    

 

 

		ADR	is
an amount equal to the aggregate of all Advance Rental Payments.

 

		6.5	Second
and subsequent Lease Periods

 

		6.5.1	On
the Rental Payment Date at the end of the second and subsequent Lease Periods, the Lessee shall pay the Rental Payment as described
in the General Rental Payment Notice and calculated on the following basis:

 

FR
+ VR + SR + ICA 

 

where:

 

		FR	is
the Fixed Rental Payment for that Lease Period;

 

		VR	is
the Variable Rental Payment for that Lease Period;

 

		SR	is
the Supplementary Rental Payment for that Lease Period (if any); and

 

		ICA	is
the Increased Costs Amount (if any)

 

		6.6	Supplementary
Rental Payments

 

		6.6.1	Supplementary
Rental Payments shall be calculated and payable as described in Schedule 2 to the Forward Lease.

 

		6.6.2	The
amount of a Supplementary Rental Payment shall be advised by the Lessor as part of a General Rental Payment Notice.

 

		6.6.3	There
will be no Supplementary Rental Payment for the First Lease Period.

 

		6.7	Increased
Costs Amount

 

Any
Increased Costs Amount that is treated as part of an Advance Rental Payment or Rental Payment as described in Clause 21.2.3, shall
be paid within three Business Days of the start of the applicable Advance Variable Rental Period or the Lease Period, as the case
may be.

 

		6.8	Effect
of an Advance Variable Rental Payment Notice, First Rental Payment Notice and General Rental Payment Notice

 

		6.8.1	Each
Advance Variable Rental Payment Notice, First Rental Payment Notice and General Rental Payment Notice constitutes the notification
by the Lessor of:

 

		(a)	the
renewal of the leasing arrangements in respect of the next Advance Variable Rental Period or Lease Period, as the case may be;
and

 

		(b)	the
Advance Variable Rental Payment or Rental Payment for the Advance Variable Rental Period or Lease Period, as the case may
be,

 

which
is mentioned in that notice.

 

    Page 9

     

    

 

		6.8.2	Subject
to the occurrence of a Market Disruption Event, each such notice will be issued to the Lessee:

 

		(a)	in
the case of the first Advance Variable Rental Payment Notice, on the date of the Forward Lease; and

 

		(b)	in
all other cases, two Business Days prior to the start of the applicable Advance Variable Rental Period or Lease Period, as the
case may be.

 

		7	Various
matters relating to the payment of Advance Rental Payments and Rental Payments

 

In
relation to the Forward Lease:

 

		7.1	Obligations
to pay unaffected by various events

 

The
Lessee’s obligations to:

 

		(a)	pay
                                         Advance Rental Payments, Rental Payments, the Termination Amount and any other amounts
                                         due under the Master Forward Lease Agreement, the Forward Lease and under any other Transaction
                                         Document; and

 

		(b)	perform
its obligations under the Master Forward Lease Agreement, the Forward Lease or any other Transaction Document to which it is a
party,

 

shall
not be affected or limited by the following:

 

		(i)	any
                                         set-off, counterclaim, remedy, defence or other right which the Lessee may have against
                                         the Lessor or any other person;

 

		(ii)	the
                                         occurrence of any insolvency event, insolvency proceedings or creditor’s process as described
                                         in clauses 11.6 (Insolvency), 11.7 (Insolvency proceedings) and 11.8 (Creditors’
                                         process) of the Common Terms Agreement;

 

		(iii)	any
                                         condition, design, operation, compliance with specifications or fitness for use of the
                                         Leased Asset or any part thereof on the basis that such matters have previously been
                                         approved and accepted by the Lessee;

 

		(iv)	any
                                         deduction on account of Tax;

 

		(v)	any
                                         Partial Loss of the Leased Asset;

 

		(vi)	any
                                         breach by the Lessee of any warranty, representation, covenant or undertaking contained
                                         in this Agreement, the Forward Lease or any other Transaction Document or given under
                                         or in connection with this Agreement, the Forward Lease or any other Transaction Document;

 

		(vii)	the
                                         occurrence of a Default, an Event of Default or an Event of Mandatory Prepayment;

 

		(viii)	any
                                         interruption or cessation in the use, operation or possession of the Leased Asset or
                                         any part of the Leased Asset unless caused by or attributable to any act, failure to
                                         act, negligence or default of the Lessor;

 

		(ix)	any
                                         necessary Authorisation required for the ownership, leasing, use, operation or location
                                         of the Leased Asset being absent or being withdrawn; or

 

    Page 10

     

    

 

		(x)	any
other circumstance, or event, whether or not similar to any listed in items (i) to (ix) above and including any defect in the
Master Forward Lease Agreement or the Forward Lease or in its due execution by any party, unless it is caused by or is attributable
to any act, failure to act, negligence or default of the Lessor.

 

		7.2	Event
of force majeure

 

		7.2.1	Without
prejudice to the rights described in clause 12 (Acceleration) of the Common Terms Agreement, the Lessee shall have no obligation
to make Advance Rental Payments or Rental Payments as from the date the Lessee notifies the Lessor in writing that an event of
force majeure has occurred and is continuing unless the Lessor in writing disputes that an event of force majeure has occurred
and is continuing.

 

		7.2.2	If
                                         the Lessor disputes that an event of force majeure has occurred and is continuing, the
                                         Lessee must continue to make Advance Rental Payments or Rental Payments, as the case
                                         may be, until the Lessee has obtained a final and binding court order confirming that
                                         an event of force majeure has arisen and is continuing such that the provisions of this
                                         Agreement and the Forward Lease are no longer enforceable against the Lessee and that
                                         it is entitled, amongst other matters, to cease making Advance Rental Payments or Rental
                                         Payments, as the case may be.

 

		7.3	Illegality

 

		7.3.1	If
a Participant issues a notice pursuant to clause 14 (Illegality) of the Common Terms Agreement stating that it can no longer
be a Participant then:

 

		(a)	if
                                         that notice does not require that Participant’s Percentage of the Rental Payments or
                                         Advance Rental Payments (as applicable) to be paid before the scheduled payment date,
                                         on the next Rental Payment Date the Lessee shall pay to the Lessor:

 

		(i)	the
scheduled Rental Payments or Advance Rental Payments (as applicable) from,which the Lessor (as Investment Agent) shall pay the
Participants, including the Participant that issued the notice, their respective Percentages of such amounts; and

 

		(ii)	(without
double counting) an amount equal to that Participant’s Percentage of the Outstanding Fixed Rental or Outstanding Istisna’ Amount
(as applicable); or

 

		(b)	if
an earlier date is specified in such notice, on such earlier date the Lessee shall pay to the Lessor:

 

		(i)	that
Participant’s Percentage of the Variable Rental Payment on the basis of the number of days that have actually elapsed up to the
earlier payment date; and

 

		(ii)	(without
double counting) an amount equal to that Participants Percentage of the Outstanding Fixed Rental or Outstanding Istisna’ Amount
(as applicable).

 

		7.3.2	The
Outstanding Fixed Rental or Outstanding Istisna’ Amount (as applicable) and each Fixed Rental Payment or Advance Fixed Rental
Payment (as applicable) payable to the remaining Participants shall be adjusted to reflect the payment to the Illegality Participant
of its Percentage of the Outstanding Fixed Rental or Outstanding Istisna’ Amount (as applicable) as described in Clause 7.3.1(a)(ii)
or 7.3.1(b)(ii).

 

    Page 11

     

    

 

		7.3.3	In
the circumstances described in Clause 7.3.1(b) no early payment of any part of the Supplementary Rental Payment shall be made
and, in accordance with the terms of Clause 7.3.6, the remaining Participants shall be entitled to such Supplementary Rental Payment.

 

		7.3.4	On
receipt of the amounts to be paid to the Participant under Clause 7.3.1, the Investment Agent shall pay such amounts to that Participant
in accordance with the provisions of the Investment Agency Agreement.

 

		7.3.5	On
the Rental Payment Date or Advance Rental Payment Date, as the case may be, immediately following the date on which the payment
described in Clause 7.3.1(b) occurred, the Lessee or the Seller (as applicable) shall pay to the Investment Agent (for the remaining
Participants):

 

		(a)	any
Fixed Rental Payment or Advance Fixed Rental Payment (as applicable), in each case adjusted as provided in Clause 7.3.2;

 

		(b)	any
                                         Variable Rental Payment or Advance Variable Rental Payment (as applicable), in each case
                                         adjusted to take into account the payment made to the Participant that issued the notice;
                                         and

 

		(c)	any
                                         Supplementary Rental Payment.

 

		7.3.6	Upon
the Participant which issued the notice being paid, the Participant will be deemed to have transferred its ownership rights in
the Leased Asset and its rights, title and interests in the Transaction Documents to the remaining Participants pro rata their
Percentages.

 

		7.4	Adjustments
of Advance Variable Rental Payments or Variable Rental Payments

 

If
the leasing arrangements end in accordance with the provisions of the Transaction Documents prior to the scheduled Advance Variable
Rental Period or Lease Period so that an Advance Variable Rental Payment or a Variable Rental Payment is to be paid before the
Advance Variable Rental Payment Date or the Rental Payment Date (as applicable):

 

		(a)	the
Advance Variable Rental Payment or a Variable Rental Payment shall be reduced and recalculated on the basis of the number of days
that have actually elapsed up to the payment date; and

 

		(b)	the
relevant Advance Variable Rental Payment Date or the Rental Payment Date shall be construed accordingly.

 

		8	Warranties
                                         and other related matters

 

In
relation to the Forward Lease:

 

		8.1	Examination
of the Specifications and the Leased Asset

 

The
Lessee represents and warrants that:

 

		(a)	it has examined the Specifications; and

 

    Page 12

     

    

 

		(b)	by
proceeding with the leasing arrangements on the Commencement Date, it confirms that the Leased Asset is in good condition, in
satisfactory working order and suitable for the Lessee’s purposes.

 

		8.2	Disclaimer

 

		8.2.1	As
at the date of the Master Forward Lease Agreement, the Forward Lease and the Commencement Date, the Lessor expressly makes no
representation or warranty, either expressly or implied, about:

 

		(a)	the
design or condition of the Leased Asset;

 

		(b)	the
                                         durability, suitability or fitness for any particular purpose of the Leased Asset;

 

		(c)	the
                                         quality of the material or workmanship of the Leased Asset;

 

		(d)	the
                                         conformity of the Leased Asset or any part of the Leased Asset to the Specifications;

 

		(e)	any
                                         defects, either patent or latent, in the Leased Asset, any part of the Leased Asset or
                                         any item of the Leased Asset; or

 

		(f)	any
other matter concerning the Leased Asset or any part of the Leased Asset.

 

		8.2.2	The
Lessee waives any claim, remedy, defence, right or recourse against the Lessor arising from:

 

		(a)	the
Lessee’s possession and use of the Leased Asset or arising from the Lessee’s loss of possession or use of the Leased Asset for
any reason whatsoever; or

 

		(b)	any
direct or indirect personal injury or damage to persons or to the Leased Asset resulting from any defects.

 

		8.2.3	The
exculpatory provisions contained in Clause 8.2.1 and Clause 8.2.2 shall not apply if any of the matters described above has been
caused by the gross negligence of the Lessor.

 

		8.2.4	The
Lessee acknowledges and agrees that the provisions of this Clause 8.2 are fair and reasonable in all the circumstances.

 

		9	Protection
of Lessor’s interests

 

In
relation to the Forward Lease:

 

		9.1	No
prejudicial actions

 

The
Lessee shall not do or permit to be done anything which would prejudice or jeopardise the Lessor’s title, rights and interest
in respect of the Leased Asset.

 

		9.2	Free
                                         of claims

 

		9.2.1	The
Lessee shall keep the Leased Asset free of all claims by other persons (including by way  of confiscation, seizure,
distress, execution, diligence, impounding or other legal process).

  

		9.2.2	If
there are any such claims, the lessee shall arrange for their immediate release.

 

    Page 13

     

    

 

		9.2.3	The
Lessee shall keep the Lessor immediately informed of any event which might affect the rights of the Lessor or involve it in any
legal proceedings or Losses in relation to the Leased Asset.

 

		9.3	Plates
and markings

 

The
Lessee shall affix or cause to be affixed to the Leased Asset such plates or other markings indicating the Lessor’s interest as
the Lessor may require.

 

		9.4	Notifications

 

		9.4.1	During
the Lease Term the Lessee shall promptly notify:

 

		(a)	the
                                         holders of any Security over any of the Lessee’s assets; and
	 	 	 
		(b)	any
landlord of the premises where the Leased Asset is at any time located,

 

that
the Leased Asset is the property of the Lessor.

 

		9.4.2	The
Lessee shall provide satisfactory evidence of such notification and, when requested by the Lessor, a written acknowledgement from
the holders of any such Security that the Leased Asset is not within the scope of any such Security or from any landlord that
the Leased Asset has not and will not become a landlord’s fixture.

 

		9.5	Negative
undertakings

 

The
Lessee shall not:

 

		(a)	hold
itself out as owner of the Leased Asset;

 

		(b)	pledge
                                         the credit of the Lessor for the repair of the Leased Asset or for any other reason;

 

		(c)	sell,
                                         create or allow the creation of any Security over or otherwise dispose of the Leased
                                         Asset;

 

		(d)	abandon
                                         the Leased Asset; or

 

		(e)	sell,
                                         sub-let, sub-hire, assign, transfer, loan, part with possession or dispose of all or
                                         part of its interests in the Leased Asset (or attempt to do any of the foregoing) without
                                         the prior written approval of the Lessor which the Lessor in its absolute discretion
                                         can refuse to give or may give on such terms and subject to such conditions as it may
                                         decide in its absolute discretion.

 

		9.6	Inspection
                                         rights

 

The
Lessor, its agents and representatives shall be entitled (but not obliged) at all reasonable times to inspect the Leased Asset
(and for this purpose shall be entitled to enter on any premises on or in which the Leased Asset is reasonably believed to be
situated) in order, without limitation, to:

 

		(a)	undertake
any repairs necessary to comply with the Lessor’s obligations under this Agreement and the Forward Lease; and

 

    Page 14

     

    

 

		(b)	inspect
the Leased Asset to ensure that the Lessee has undertaken its maintenance and repair obligations under this Agreement and the
Forward Lease (and to the extent applicable, the other Transaction Documents) and, if the Lessee has not met such obligations,
to undertake such repairs and maintenance at the Lessee’s cost

 

		9.7	Ownership
of alterations

 

		9.7.1	All
                                         alterations, substitutions, improvements, replacements or additions to the Leased Asset
                                         shall become the property of the Lessor free of all claims and Security.

 

		9.7.2	After
                                         the termination of the Forward Lease, the Lessor may keep the alterations, substitutions,
                                         improvements, replacements or additions made by the Lessee or the Lessor may require
                                         the Lessee to reinstate the Leased Asset to its original condition at the Lessee’s own
                                         cost and expense and/or to pay compensation if the Leased Asset is unable to be reinstated
                                         to its original condition.

 

		9.8	General
safeguard actions

 

The
Lessee shall, to the satisfaction of the Lessor (acting reasonably), do all things necessary under the laws of any relevant jurisdiction
to protect and safeguard the Lessor’s right, title and interest in the Leased Asset, including the obtaining of all necessary
Authorisations and, if required by the Lessor, the filing of this Agreement, the Forward Lease or any other applicable documents
with any competent authority.

 

		10	Use
of the Leased Asset

 

In
relation to the Forward Lease:

 

		10.1	Negative
undertakings about the use of the Leased Asset

 

		10.1.1	The
Lessee shall not use or permit any of the Leased Asset to be used:

 

		(a)	for
any purpose for which it is not expressly designed or reasonably suited;

 

		(b)	for
any unlawful purpose;

 

		(c)	in
a manner that may render void or voidable any of the Insurance Policies; or

 

		(d)	in
such a manner that it is taken outside the Plant Site.

 

		10.1.2	The
Lessee shall not make any changes to or use the Leased Asset in any manner which would invalidate any warranty provided by the
Main Contractor or any other person.

 

		10.1.3	The
Lessee shall not fix or permit the affixing of the Leased Asset to any land or building without first obtaining such waivers and
consents as the Lessor may require from any person having an interest in such land or building.

 

		10.2	Positive
undertakings about the use of the Leased Asset

 

		10.2.1	The
Lessee shall use or procure the use of the Leased Asset in a skilful and proper manner and in accordance with any operating instructions
issued by the Main Contractor and by properly qualified and licensed personnel.

 

    Page 15

     

    

 

		11.2	Performance
of Ordinary Maintenance and Repair

 

As
from the Commencement Date, the Lessee shall, at its own cost and expense, perform all Ordinary Maintenance and Repair including
carrying out all modifications, repairs to, or replacement of, any damaged, worn or lost parts or equipment in such manner (both
as regards workmanship and quality of materials) as not to diminish the value of the Leased Asset. Without prejudice to the generality
of the foregoing, the Lessee shall ensure that in performing Ordinary Maintenance and Repair, the Lessee shall:

 

		(a)	conduct
regular and comprehensive inspections of the Leased Asset;

 

		(b)	keep
                                         the Leased Asset in good and serviceable repair and condition (fair wear and tear excepted);

 

		(c)	always
                                         ensure that any repair or servicing of any Leased Asset is undertaken by properly skilled
                                         and qualified persons and in accordance with the instructions or recommendations of the
                                         constructor of the Leased Asset and any legal requirements;

 

		(d)	ensure
                                         that accurate, complete and current records are kept of all maintenance activities on
                                         the Leased Asset and shall provide copies of such records to the Lessor upon reasonable
                                         request;

 

		(e)	not
                                         allow any Security to be created over any of the Leased Asset in the performance of Ordinary
                                         Maintenance and Repair save for Permitted Security;

 

		(f)	comply
with its obligations described in Clauses 9 (Protection of Lessor’s interests) and 10 (Use of the Leased Asset); 

 

		(g)	only
                                         install parts on the Leased Asset which have been manufactured or approved by the Main
                                         Contractor for use on the Leased Asset; and

 

		(h)	at
                                         its own expense, enter into a maintenance contract with the Main Contractor its accredited
                                         agent (or such other party as the Lessor may authorise) and keep it in force throughout
                                         the Lease Term.

 

		11.3	Payment
of Taxes

 

The
Lessee shall pay all Taxes relating to the use and ownership of the Leased Asset other than Ownership Taxes.

 

		12	Major
maintenance

 

In
relation to the Forward Lease:

 

		12.1	Lessor’s
Responsibility

 

		12.1.1	The
Lessor shall be responsible for all Major Maintenance.

 

		12.2	Lessee
to notify

 

		12.2.1	The
Lessee shall notify the Lessor promptly of the need to carry out any Major Maintenance to the Leased Asset and until such time
the Lessor shall not be under any responsibility or obligation to perform Major Maintenance.

 

    Page 16

     

    

 

		10.2.2	The
Lessee (whether in its own capacity or as the Service Agent) shall only use and maintain the Leased Asset so that the Leased Asset
is safe and without risk to the health or safety of employees or other persons using the Leased Asset in accordance with the recommendations
of the Main Contractor.

 

		10.2.3	The
Lessee shall ensure that all necessary Authorisations remain valid at all times during the Lease Term and the Lessee shall comply
with any applicable legal obligations in relation to the use and operation of the Leased Asset and comply with all other requirements
as to inspection and testing as for the time being required by law.

 

		10.2.4	The
Lessee shall make available to the Lessor the records, certificates and other documents relating to the Leased Asset when the
Leased Asset is returned to the Lessor or allow the Lessor (or any person nominated by the Lessor) to inspect them at reasonable
times and following reasonable prior written notice.

 

		10.2.5	The
                                         Lessee shall immediately pay any charges (including congestion charges), fines or other
                                         fixed penalties relating to the use and operation of Leased Asset. If the Lessee fails
                                         to do so the Lessor may pay the amount of the charge, fine or penalty for the Lessee.
                                         The Lessee will then repay that amount to the Lessor on demand plus such sum as the Lessor
                                         notifies the Lessee is required to cover the Lessor’s actual administration costs connected
                                         with the charge, fine or penalty.

 

		10.2.6	The
Lessee shall, if so requested by the Lessor, promptly deliver a written report in such detail as the Lessor shall reasonably require
on the condition of the Leased Asset and with sufficient copies for all of the Participants.

 

		10.3	General
prohibition on alterations

 

		10.3.1	The
                                         Lessee shall not, without the prior written approval of the Lessor, make any alterations,
                                         substitutions, improvements, replacements or additions to the Leased Asset except:

 

		(a)	to
the extent required in the performance of its obligation to perform Ordinary Maintenance and Repairs; or

 

		(b)	where
any such alterations, substitutions, improvements, replacements or additions to the Leased Asset are necessary in the case of
an emergency (when such emergency works shall be at the cost, expense and risk of the Lessee (unless they relate to Major Maintenance)).

 

		10.3.2	Any
such alterations, substitutions, improvements, replacements or additions undertaken by the Lessee in breach of Clause 10.3.1 shall
be at the Lessee’s own risk and cost.

 

		11	Ordinary
                                         Maintenance and Repair of the Leased Asset

 

In
relation to the Forward Lease:

 

		11.1	Damage
and deterioration

 

As
from the Commencement Date, the Lessee shall be liable to the Lessor for any damage or deterioration to the Leased Asset (apart
from any Major Maintenance) which is not the result of normal wear and tear.

 

    Page 17

     

    

 

		12.3	Service
Agent

 

		12.3.1	The
Lessee agrees that the Lessor may discharge its obligations in relation to Major Maintenance by appointing the Lessee (in its
capacity as the Service Agent) to perform these obligations.

 

		13	Insurance
policies

 

In
relation to the Forward Lease:

 

		13.1	Property
Insurance Policy

 

		13.1.1	The
                                         Lessor shall take out insurance on a fully comprehensive all risk basis for the Leased
                                         Asset during the Lease Term in accordance with the terms of Part 2 to Schedule 6 (insurance
                                         matters) (Property Insurance Policy).

 

		13.1.2	The
Property Insurance Policy shall be Shari’ah compliant to the extent that it is available on economically acceptable terms in the
market.

 

		13.2	Third
Party Insurance Policy

 

		13.2.1	During
                                         the Lease Term, the Lessee shall take out and maintain insurance in respect of any third
                                         party liability arising out or in connection with the use of the Leased Asset pursuant
                                         to and in accordance with the terms of Schedule 6 (Insurance Matters) (Third
                                         Party Insurance Policy).

 

		13.2.2	The
Lessee shall be solely liable for the premium in respect of the Third Party Insurance Policy.

 

		13.2.3	The
Third Party Insurance Policy shall be Shari’ah compliant to the extent that it is available on economically acceptable terms in
the market.

 

		13.3	Operating
Insurance Policy

 

		13.3.1	During
the Lease Term, the Lessee shall take out and maintain an operating insurance policy (including cover for loss or rent and/or
profits) in connection with the use of the Leased Asset pursuant to and in accordance with the terms of Schedule 6 (Insurance
Matters) (Operating Insurance Policy).

 

		13.3.2	The
Lessee shall be solely liable for the premium in respect of the Operating Insurance Policy.

 

		13.3.3	The
Operating Insurance Policy shall be Shari’ah compliant to the extent that it is available on economically acceptable terms in
the market.

 

		13.3.4	All
insurance proceeds payable and paid under the Insurance Policies shall be handled in accordance with paragraph 1.8 of Part 1 of
Schedule 6 (Insurance mailers).

 

    Page 18

     

    

 

		14	Partial
Loss, Total Loss and Expropriation Event

 

In
relation to the Forward Lease:

 

		14.1	Partial
Loss

 

		14.1.1	If the Partial Loss is caused by any act, failure to act, gross negligence or wilful misconduct of the Lessee, the Lessee shall:

 

		(a)	immediately
reinstate the Leased Asset to its original condition (fair wear and tear excepted) and continue to pay the Rental Payments in
accordance with the terms of this Agreement and the Forward Lease; and

 

	 	(b)	provide indemnification for any shortfall in the insurance proceeds as provided in Clause 22.1 (General indemnity).

 

		14.1.2	If
the Partial Loss is caused by any act, failure to act, gross negligence or wilful misconduct of the Lessor, the Lessor (acting
through the Service Agent) shall re-instate the Leased Asset to its original condition (fair wear and tear excepted).

 

		14.2	Total
Loss and Expropriation Event

 

		14.2.1	If
a Total Loss or an Expropriation Event occurs:

 

		(a)	the
                                         leasing arrangements under the Forward Lease will terminate but without prejudice to
                                         any accrued rights and obligations or to terms that are stated to continue after termination;
                                         and

 

		(b)	the
                                         Lessor will be entitled to all insurance proceeds payable as a result of the Total Loss
                                         and/or any Compensation in the case of an Expropriation Event.

 

		14.2.2	If
the Total Loss or Expropriation Event was caused by any act, failure to act, gross negligence or wilful misconduct of the Lessee,
the Lessee shall indemnify the Lessor for any Total Loss/Expropriation Event Shortfall in accordance with Clause 22.3 (Total
Loss/Expropriation Event Shortfall indemnity).

 

		14.2.3	If:

 

		(a)	the
leasing arrangements under the Forward Lease terminate on a Total Loss or an Expropriation Event; and

 

		(b)	either:

 

		(i)	the
Security Period has ended; or

 

		(ii)	at
such earlier date as the Lessor acting on the instructions of the Majority Participants may decide,

 

the
Lessor may, acting on the instructions of the Majority Participants, require the Lessee to purchase the Leased Asset from the
Lessor for the amount of AED 10 and the Lessee shall, at its own cost and expense, within ten days of that request (or such longer
period as determined by the Lessor in its absolute discretion):

 

		(iii)	enter
into a sale and purchase agreement in such form as the Lessor requests for such rights that the Lessor has to the Leased Asset
after the Total Loss or Expropriation Event; and

 

		(iv)	undertake any other action required to give effect to
this Clause 14.2.3.

 

    Page 19

     

    

 

		15	Power
to remedy defaults

 

		15.1	Failure
to comply with Clause 11 (Ordinary Maintenance and Repair of the Leased Asset)

 

If
the Lessee fails to comply with any of the provisions of Clause 11, (Ordinary Maintenance and Repair of the Leased Asset) (and
without prejudice to the right of the Lessor to treat that non-compliance as an Event of Default), the Lessor may, at the Lessee’s
expense, arrange for the repairs to be carried out, but without any obligation on the Lessor to do so.

 

		15.2	Failure
to comply with Clause 13 (Insurance Policies)

 

If
the Lessee fails to comply with any of the provisions of Clause 13 (Insurance Policies) (and without prejudice to the right
of the Lessor to treat that non-compliance as an Event of Default), the Lessor may, at the Lessee’s expense, take out and then
maintain the Operating Insurance Policy and the Third Party Insurance Policy, but without any obligation on the Lessor to do so.

 

		15.3	Failure
to comply with other obligations

 

If
the Lessee fails to comply with any other obligations under this Agreement or the Forward Lease (and without prejudice to the
right of the Lessor to treat that non-compliance as an Event of Default), the Lessor may, at the Lessee’s expense, take such action
as the Lessor deems expedient or necessary in order to arrange for compliance with such provisions, but without any obligation
on the Lessor to do so.

 

		15.4	Obligation
to pay Advance Rental Payments and Rental Payments

 

Notwithstanding
any exercise by the Lessor of any of the powers contained in this Clause 15, Advance Rental Payments (to the extent applicable)
and Rental Payments shall continue to accrue and be payable during such time.

 

		16	Changes
to the calculation of Advance Variable Rental Payments and Variable Rental Payments

 

In
relation to the Forward Lease:

 

		16.1	Alternative
basis of calculation

 

		16.1.1	If,
when an Advance Variable Rental Payment or a Variable Rental Payment is to be calculated, a Market Disruption Event exists, then
each Participant’s share of that Advance Variable Rental Payment or Variable Rental Payment shall be:

 

 

 

where:

 

		Y	is:

 

		(i)	in
relation to an Advance Variable Rental Payment, the sum equal to that Participant’s Percentage of the amount expressed in A contained
in the methodology for calculating Advance Variable Rental Payment in Schedule 1 to the Forward Lease; or

 

    Page 20

     

    

 

		(ii)	in
                                         relation to a Variable Rental Payment, the sum equal to that Participant’s Percentage
                                         of the amount expressed in (AFRP-F) contained in the methodology for calculating
                                         Variable Rental Payment in Schedule 2 to the Forward Lease;

 

		B	is
                                         the rate notified to the Investment Agent by that Participant, prior to the commencement
                                         of the applicable Advance Variable Rental Period or the Lease Period (as the case may
                                         be), to be that which expresses as a percentage rate per annum the cost to that Participant
                                         of funding its participation in the amount expressed by Y above from whatever source
                                         it may reasonably select;

 

		C	is
the Margin (expressed as a percentage); and

 

		T	is
the number of days in the Advance Variable Rental Period or the Lease Period as applicable,

 

and
the Advance Variable Rental Payment or Variable Rental Payment, as the case may be, shall be the aggregate of each Participant’s
share of it.

 

		16.1.2	If,
                                         in the case of a Market Disruption Event under limb (a) of the definition of that term
                                         in clause 13 (Market disruption) of the Common Terms Agreement, a Participant
                                         has not notified the Investment Agent of a percentage rate per annum pursuant to Clause
                                         16.1.1, the cost to that Participant of funding its participation in that Advance Variable
                                         Rental Period or Lease Period, as the case may be, shall be deemed, for the purposes
                                         of Clause 16.1.1, to be:

 

		(a)	where
                                         any other Participant has notified to the Investment Agent its cost of funding its participation
                                         in that Advance Variable Rental. Period or Lease Period, as the case may be, the lowest
                                         such cost notified by a Participant to the Investment Agent; or

 

		(b)	where
                                         no other Participant has notified to the Investment Agent the cost to that Participant
                                         of funding its participation in that Advance Variable Rental Period or Lease Period,
                                         as the case may be, the most recent Screen Rate available prior to noon on the applicable
                                         quotation day for the relevant currency and period.

 

		16.1.3	If,
in the case of a Market Disruption Event under limb (b) of the definition of that term in clause 13 (Market disruption) of
the Common Terms Agreement:

 

		(a)	the
                                         percentage rate per annum notified by a Participant pursuant to Clause 16.1.1 is less
                                         than EIBOR; or

 

		(b)	a
                                         Participant has not notified the Investment Agent of a percentage rate per annum pursuant
                                         to Clause 16.1.1,

 

the
cost to that Participant of funding its participation in that Advance Variable Rental Period or Lease Period, as the case may
be, shall be deemed, for the purposes of Clause 16.1.1, to be EIBOR.

 

    Page 21

     

    

 

		17	Lessee
Events of Default

 

In
relation to the Forward Lease:

 

		17.1	Lessee
Events of Default

 

Each
of the events or circumstances set out in this Clause 17.1 is a Lessee Event of Default:

 

		17.1.1	Total
Loss or Expropriation Event

 

A
Total Loss or an Expropriation Event occurs in respect of the Leased Asset which is due to any act, failure to act, gross negligence
or wilful misconduct of the Lessee (acting in any capacity).

 

		17.1.2	Non-renewal

 

If
the Lessee refuses to or is unable to renew the Forward Lease in accordance with the Lessee’s undertaking contained in Clause
5.1.2.

 

		17.2	Termination
on an Event of Default or Event of Mandatory Prepayment

 

Without
limiting the rights of the Investment Agent under clause 12 (Acceleration) of the Common Terms Agreement, if an Event of
Default or Event of Mandatory Prepayment occurs, the Lessor (in its capacity as the Investment Agent) may exercise, amongst other
matters, its right to terminate the leasing of each Leased Asset.

 

		18	Voluntary
early payment in respect of the Forward Lease

 

		18.1.1	If
the Commencement Date under the Forward Lease has occurred, the Lessee may:

 

		(a)	if
it gives the Investment Agent not less than 7 Business Days’ prior notice (or such shorter period as the Majority Participants
may agree), pay early any part of the Outstanding Fixed Rental under the Forward Lease on the next Rental Payment Date (but being
an amount that reduces the Outstanding Fixed Rental in a minimum amount of AED4,500,000 and integral multiples of AED500,000);
or

 

		(b)	if
                                         it wishes to prepay all of the Outstanding Fixed Rental, exercise its rights under the
                                         Sale Undertaking.

 

		18.1.2	In
relation to the Forward Lease, any early payment under Clause 18.1.1(a) that relates to part only of the Outstanding Fixed Rental
shall satisfy the obligation to pay the Fixed Rental Payments in inverse order of maturity.

 

		19	Right
of repayment in relation to a single Participant

 

In
relation to the Forward Lease, if a notice is issued by the Lessee in accordance with clause 15.1 (Right of repayment and cancellation
in relation to a single Participant) of the Common Terms Agreement:

 

		(a)	if
                                         the Commencement Date under the Forward Lease has not occurred, the provisions of clause
                                         15.1.4(a) of the Common Terms Agreement shall apply; or

 

		(b)	if
                                         the Commencement Date under the Forward Lease has occurred, the Lessee shall pay (through
                                         the Investment Agent) to the Participant mentioned in that notice:

 

		(i)	that
                                         Participant’s Percentage of the Outstanding Fixed Rental;

 

    Page 22

     

    

 

		(ii)	that
Participant’s Percentage of any accrued Variable Rental Payment;

 

		(iii)	any
Increased Costs Amount which relates to that Participant; and

 

		(iv)	any
other amounts due to that Participant under the Transaction Documents.

 

		20	Purchase
                                         Undertaking and Sale Undertaking 

 

In
relation to the Forward Lease:

 

		20.1	Purchase
Undertaking

 

		20.1.1	Without
                                         prejudice to any other rights or remedies that the Lessor (acting in any capacity) or
                                         any of the other Finance Parties may have under the Transaction Documents, the Lessor
                                         is entitled to require the Lessee to purchase the Leased Asset from the Lessor in accordance
                                         with the terms of the Purchase Undertaking.

 

		20.1.2	If
                                         the Lessee does not comply with its obligations under the Purchase Undertaking the Lessor
                                         may, without limiting any of its other rights and remedies, dispose of the Leased Asset
                                         and apply it towards satisfaction of the Termination Amount.

 

		20.2	Sale
Undertaking

 

The
Lessee is entitled to require the Lessor to sell the Leased Asset to the Lessee in accordance with the terms of the Sale Undertaking.

 

		21	Increased
Costs

 

In
relation to the Forward Lease:

 

		21.1	Increased
Costs

 

In
this Agreement Increased Costs means:

 

		(a)	a
                                         reduction in the rate of return from the leasing arrangements contained in the Forward
                                         Lease or on a Finance Party’s (or its Affiliate’s) overall capital;

 

		(b)	an
                                         additional or increased cost; or

 

		(c)	a
                                         reduction of any amount due and payable under any Transaction Document,

 

which
is incurred or suffered by that Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party
having entered into its Commitment or funding or performing its obligations under any Transaction Document.

 

		21.2	Increased
Costs claims

 

		21.2.1	Subject
                                         to Clause 21.3 (Exceptions), if a Finance Party or any of its Affiliates incurs
                                         any Increased Costs as a result of:

 

		(a)	the
introduction of or any change in (or in the interpretation, administration or application of) any law or regulation;

 

		(b)	compliance
                                         with any law or regulation made after the date of this Agreement; or

 

    Page 23

     

    

 

		(c)	compliance
                                         with any law or regulation relating to capital adequacy, whether made before or after
                                         the date of this Agreement,

 

and
wishes to recover this amount, it shall notify the Lessor (acting as the Investment Agent) of the event giving rise to the claim,
following which the Lessor shall promptly notify the Lessee.

 

		21.2.2	Each
                                         Finance Party shall, as soon as practicable after a demand by the Lessor (acting as the
                                         Investment Agent), provide a certificate confirming the amount of its Increased Costs.

 

		21.2.3	An
                                         Increased Costs Amount shall be treated as a part of the next Advance Rental Payment,
                                         Rental Payment or Termination Amount, as applicable, after the date of the claim. Upon
                                         receipt of such amount by the Lessor (acting as the Investment Agent), the Investment
                                         Agent shall pay the Increased Costs Amount to the Finance Party that made the claim.

 

		21.3	Exceptions

 

Clause
21.1 (Increased Costs) does not apply to the extent any Increased Cost is:

 

		(a)	attributable
                                         to a Tax Deduction required by law to be made by an Obligor;

 

		(b)	compensated
                                         for by clause 11.3 (Tax indemnity) of the Investment Agency Agreement (or would
                                         have been compensated for under clause 11.3 (Tax indemnity) of the Investment
                                         Agency Agreement but was not so compensated solely because any of the exclusions in clause
                                         11.3.2 of the Investment Agency Agreement applied); or

 

		(c)	attributable
                                         to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

 

		22	Indemnities

 

In
relation to the Forward Lease:

 

		22.1	General
indemnity

 

		22.1.1	The
Lessee shall, within three Business Days of demand, indemnify each Secured Party and each Secured Party’s officers, employees
and agents against any Losses incurred by that Secured Party or any of its officers, employees and agents as a result of:

 

		(a)	the
possession, management or operation of the Leased Asset or the leasing, sub-leasing, removal, transportation, repossession, sale
or disposal of the Leased Asset by the Lessor (or any person acting as the Lessor’s agent), whether attributable to any defect
in the Leased Asset or the design, manufacture, testing or use of the Leased Asset, or in relation to any product or strict liability
relating to the Leased Asset;

 

		(b)	preserving
                                         or enforcing (or attempting to preserve or enforce) the Lessor’s rights under this Agreement
                                         and the Forward Lease (including if the Lessee impugns the title to the Leased Asset)
                                         or this Agreement or in recovering or attempting to recover possession of the Leased
                                         Asset;

 

    Page 24

     

    

 

		(c)	the
preservation or defence of the Lessor’s title and interest in and to the Leased Asset caused by an act or failure to act by the
Lessee, including keeping the Leased Asset free and clear from any and all Security;

 

		(d)	whether
direct or indirect:

 

		(i)	the
breach by the Lessee of any of its obligations under this Agreement, the Forward Lease or any other Transaction Document; or

 

		(ii)	any
                                         of the warranties and representations made in this Agreement, the Forward Lease or any
                                         other Transaction Document being untrue or inaccurate in any respect whatsoever when
                                         made;

 

		(e)	any
breach by the Lessee of any representation, warranty or covenant contained in this Agreement or the Forward Lease;

 

		(f)	the
performance or non-performance of Ordinary Maintenance and Repair of the Leased Asset;

 

		(g)	the
infringement or alleged infringement of intellectual property or other rights;

 

		(h)	any
                                         Environmental Claim arising from the use, operation or management of the Leased Asset;

 

		(i)	preventing
                                         or attempting to prevent the confiscation, seizure, taking in execution, requisition,
                                         impounding or forfeiture of the Leased Asset, or in securing the release of the Leased
                                         Asset;

 

		(j)	suing
                                         for or recovering any sum due under the Forward Lease, the Master Forward Lease Agreement
                                         or any other Transaction Document; or

 

		(k)	the
                                         insurance proceeds payable under the Insurance Policies being insufficient to cover the
                                         re-instatement of the Leased Asset if a Partial Loss occurs in circumstances described
                                         in Clause 14.1.1.

 

		22.1.2	The
indemnities contained in Clause 22.1.1 shall not extend to any liability, loss or damage caused by the gross negligence or willful
misconduct of any Secured Party.

 

		22.2	Special
indemnity relating to exercise of rights on an Event of Default

 

In
the circumstances described in Clause 20.1.2, the Lessee shall indemnify and hold harmless the Lessor in respect of any shortfall
between:

 

		(a)	the
Termination Amount; and

 

		(b)	the
proceeds obtained from selling or disposing of the Leased Asset.

 

		22.3	Total
Loss/Expropriation Event Shortfall indemnity

 

If
a Total Loss or an Expropriation Event is caused by any act, failure to act, gross negligence or wilful misconduct of the Lessee,
within three Business Days of demand, the Lessee shall indemnify the Lessor (in its capacity as the Investment Agent) for any
Total Loss/Expropriation Event Shortfall.

 

    Page 25

     

    

 

		22.4	Indemnity
in relation to Increased Costs

 

To
the extent that an Increased Costs Amount is not treated as part of an Advance Rental Payment or a Rental Payment as described
in Clause 21.2.3, the Lessee shall, within three Business Days of demand by the Lessor (acting as the Investment Agent), pay to
the Investment Agent, for the account of the relevant Finance Party, the Increased Costs Amount incurred and claimed by that Finance
Party or any of its Affiliates, and shall indemnify the relevant Finance Party against any Losses which it may incur in relation
to those amounts.

 

		23	Governing
law

 

		23.1	English
law

 

		23.1.1	Subject
to Clause 23.1.2, this Master Istisna’ Agreement and the Istisna’ Agreement and all non-contractual obligations arising out of
or connected with it shall be governed by, and construed in accordance with, English law.

 

		23.1.2	The
                                         Parties agree that the creation and transfer of any proprietary rights of the Parties
                                         in relation to the Istisna’ Development 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.

 

		23.2	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.

 

		24	Enforcement

 

		24.1	Jurisdiction

 

		24.1.1	Subject
to Clause 24.1.2, 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 Agreement
and the Forward Lease (including a dispute relating to the existence, validity or termination of this this Agreement and the Forward
Lease or any non-contractual obligation arising out of or in connection with this Agreement and the Forward Lease) (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.

 

		24.1,2	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.

 

		24.1.3	Notwithstanding
                                         Clauses 24.1.1 and 24.1.2, the Parties agree that the Lessor may take proceedings relating
                                         to a Dispute in any other court with jurisdiction. To the extent allowed by law, the
                                         Lessor may take concurrent proceedings in any number of jurisdictions. This Clause 24.1.3
                                         is for the benefit of the Lessor only.

 

    Page 26

     

    

 

		24.2	State
Immunity

 

		24.2.1	Each
Party acknowledges and agrees, to the extent relevant, that its execution, performance and delivery of this Agreement and the
Forward Lease shall constitute a private commercial transaction entered into entirely in its commercial capacity.

 

		24.2.2	To
the extent that any Party 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 any Party or its assets such immunity (whether claimed or not), that Party
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 which 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 Agreement and the
                                         Forward Lease 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.

 

		24.2.3	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.

 

		24.2.4	For
the purposes of this Clause 24.2:

 

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

 

    Page 27

     

    

Execution Page of the Master
Forward Lease Agreement

 

	
        The Lessor

         

        Signed by

         

        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

        its capacity as Investment
        Agent for and on

        behalf of the Participants
        in the presence of:

         

        Signature of witness
	
         

         

        )

        )

        ) 

        ) 

        )

        )

        )

        )

         

        )
	 

                                                                                 

                                                                                        /s/
                                         Aqeel Bughio                                 /s/ Omar Katri

 

	Name of witness:	 	 	 
	 	 	 
	Address of witness:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

The Lessee

 

	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:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

Page 28

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"}]]