Document:

Exhibit 10.55

 

 

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. 

 

 

DATED
THE 3 September 2018

 

 

 

BETWEEN

 

BROOGE PETROLEUM AND GAS INVESTMENT COMPANY
FZC

 

(the “Employer”)

 

 

AND

 

 

AUDEX FUJAIRAH LL FZE

 

(the “Contractor”)

 

 

 

THE
CONTRACT AGREEMENT

   

 

 

 

 

 

 

 

 

 

    

     

    

 

This
Contract Agreement is made in the Year 2018 on the Date 3 September 2018

 

BETWEEN

 

		(1)	Brooge Petroleum and Gas Investment Company FZC, Registration
No. 13-FZC-1117, a free zone company existing in Fujairah and having its principal place at P.O. Box 50170, Fujairah, U.A.E (the
-Employer”); and

 

		(2)	Audex Fujairah LL FZE, Registration No. 07-FZE-651,
a company established in Fujairah Free Zone, United Arab Emirates (UAE) and having its registered address at P.O. Box 5461, Fujairah
UAE (The “Contractor”) and principal place of business at Block C, Fujairah Free Zone - 1, P.O. Box 5461, Fujairah
UAE.

 

each a
“Party” and collectively the “Parties” 

 

WHEREAS

 

The Employer desires that the works (as defined
at Clause 2 (Contract Documents) of this Contract Agreement as stated below) hereinafter referred to as (the “Works”),
the design and construction execution and completion of the Works and remedying any defects therein in conformity with the provisions
of the Contract of 8 Nos. of new oil storage tanks and related facilities at Fujairah Oil Industry Zone, United Arab Emirates
(the “Project”) shall be undertaken by the Contractor and the Contractor has agreed to undertake the Works
in accordance with the terms of the Contract (as defined in the General and Particular Conditions of Contract).

 

NOW IT IS AGREED as follows:

 

		1..	DEFINITIONS

 

In this Contract Agreement,
words and expressions shall have the same meanings as are assigned to them in the General Conditions of Contract and Particular
Conditions unless the context otherwise requires.

 

		2.	CONTRACT DOCUMENTS

 

The documents forming the
Contract are to be taken as mutually explanatory of one another and deemed to form and be construed as part of the Contract. For
the purposes of interpretation, and unless otherwise agreed by the parties in writing, the priority of the documents shall be in
accordance with the following sequence:

 

		(a)	this Contract Agreement;

 

		(b)	the Particular Conditions of Contract (the” Particular
Conditions”) annexed hereto at Schedule 1. Any Addendum to this Contract to be mutually agreed in writing and signed
by both the Employer and the Contractor;

  

    2

     

    

 

		(c)	Employer’s Requirements covering the Scope of Works,
as annexed hereto at Schedule 2 comprising the following:

 

		(i)	BPGIC Fujairah Terminal — Employer’s Requirement
Document No. MUCOG-152903- ER-001 Rev 2 dated 07 February 2017 prepared by MUC Oil & Gas Engineering Consultancy (“MUCOG”);

 

		(ii)	Approved Vendor List Doc. No. MUCOG-142901-VL-001,
Dated 25-02-2015 and Audex Proposed List in Phase 1 Contract;

 

		(iii)	Soil Investigation
                                         Report (Report No SD16000057 Rev.01, Dated 25th December 2016).

 

		(d)	The FIDIC Conditions of Contract for EPC/Turnkey Projects,
First Edition, 1999 (“General Conditions”);

 

		(e)	the Contractor’s Proposal as per annexed hereto at
Schedule 3.

 

		(f)	Baseline Programme annexed hereto at Schedule 4 (to
be issued by the Contractor in 4 weeks after the Commencement Date)

 

		(g)	Bond Format annexed hereto at Schedule 5, including:

 

		1)	Part 1: Format of Performance Bond
	 	 	 

		2)	Part 2: Format of Advance Payment Bond
	 	 	 

		3)	Part 3: Format of Retention Bond
	 	 	 

		4)	Part 4: Format of Warranty Bond;

 

		(h)	Technical and Commercial Qualification List annexed
hereto at Schedule 6

 

		3.	CONTRACT PRICE

 

		3.1	In consideration of the payments to be made by the
Employer to the Contractor as hereinafter mentioned; the Contractor hereby covenants with the Employer to design execute and complete
the Works and remedy any defects therein in conformity with the provisions of the Contract. The purpose, scope, design and/or
other technical criteria for the Works to be undertaken by the Contractor pursuant to this Contract are set out in the documents
referred to in Clause 2(c) above (the “Scope of Works”), which, for the avoidance of doubt, shall be deemed to
be a document entitled “Employer’s Requirements” defined at the General Conditions.

 

		3.2	The Employer
                                         hereby covenants to pay the Contractor, in consideration of the design execution and
                                         completion of the Works and the remedying of any defects, the Contract Price of                                  .

 

                                                                            ,
hereinafter referred to as (the “Contract Price”).

 

		3.3	With reference to sub clause 14.1 of the General Conditions;
the Contract Price shall be on a lump sum basis subject to such adjustments as
allowed under the Contract.

  

    3

     

    

 

		3.4	The Contract Price shall be paid in United States
Dollars (“USD”).

 

		3.5	Notwithstanding any clause to the contrary in the
Contract, all amounts required to be paid by the Employer to the Contractor under the Contract shall be paid to such account or
accounts opened under the Contractor’s name at such bank or banks as the Contractor may, in its sole discretion designate from time to
time.

 

		4.	COMMENCEMENT DATE

 

The commencement date is 10th
September 2018.

 

		5.	PARTIES’ REPRESENTATIVES

 

		5.1	The Employer’s
                                         Representative shall be                                                    
                                         or such other person as may be appointed in accordance with the provisions of
                                         the Sub-Clause 3.1 of the General Conditions.

 

		5.2	The Contractor’s
                                         Representative shall be                                                ,
                                         or such other person as may be appointed in accordance with the provisions of the Sub-Clause
                                         4.3 of the General Conditions.

 

		6.	ASSIGNMENT, NOVATION OR TRANSFER

 

Save that the Employer may
assign, novate or transfer the Contract or any rights or benefits arising under the Contract to First Abu Dhabi Bank for the financing
of the Project without the prior written approval of the Contractor provided prior written notice is given to the Contractor,
the Parties are not entitled to assign, novate or transfer this Contract or any rights or benefits arising under this Contract
without the prior written approval of the other party, whose approval shall not be unreasonable withheld.

 

		7.	CONFIDENTIALITY

 

		7.1	Each of the Employer and the Contractor undertakes
hereto to keep the contents of this Contract and any information obtained relating to this Contract confidential. Such information
includes but not limited to each party’s business, documents, data, clients, Project details, affairs or any information obtained
directly or indirectly (“Confidential Information”) whether prior to, during or after the termination and/or
the expiration of this Contract.

 

		7.2	This Confidentiality clause and disclosure restrictions
shall not apply to the following instances:

 

		a)	If the information is already public through no fault
of such party to this Contract;

  

    4

     

    

 

		b)	Disclosure by a party to its affiliates, staff, subcontractors, agents,
representatives, advisors and/or any person engaged by that party for the purposes of the execution of this Contract, provided
that all such persons are legally bound by this confidentiality clause;

 

		c)	Disclosure required by applicable law, court order, or relevant governmental
or regulatory authority (including but not limited to the Singapore Stock Exchange, London Stock Exchange) in UAE, UK or Singapore,
or for the purposes of Arbitration;

 

		d)	Disclosure by the Employer to a lender or other assignee or transferee of
any rights and obligations of a lender or for the purposes of any Lender’s requirements or security, and/ or any potential equity
investors provided that all such receiving parties are legally bound by this confidentiality clause.

 

		8.	GOVERNING LAW

 

The validity and construction
of the Contract shall be governed by and be construed in accordance with the laws of the DIFC (Dubai International Financial
Centre) of the United Arab Emirates.

 

		9.	RIGHTS OF THIRD PARTIES

 

Nothing in this Contract
shall confer or purport to confer on any third party any benefit or the right to enforce any term of this Contract.

 

		10.	INSURANCE

 

The Contractor shall effect
and maintain insurance in accordance with Clause 18 of the General Conditions, and as amended and supplemented by the Particular
Conditions of this Contract.

 

		11.	PROFESSIONAL INDEMNITY

 

The Contractor shall provide the Employer with
a Professional Indemnity for the design covering 60 months commencing at the date of the Taking-Over Certificate.

 

		12.	CONTRACTOR’S PROJECT MANAGEMENT

 

Contractor shall
seek the Employer’s approval for its nominated Project Manager, and the Employer shall have the right to request the Contractor
to change the Project Manager to a more qualified individual in case of any underperformance noted during his management period. 

  

    5

     

    

 

In witness whereof the parties hereto have
caused this Contract Agreement to be executed the day and year first before written in accordance with their respective laws of
their respective countries and delivered this Contract Agreement on the date above written.

 

For and on behalf of Brooge Petroleum and Gas

Investment Company FZC

 

	 	 	 
	(Company Stamp)	N. L. Paardenkooper	 	/s/ N.
    L. Paardenkooper
	Signed By:	Name (In Block)	 
	 	 	 
	 	CEO	 	Signature
	 	Designation	 	 

 

 

	 	 	 
	 	 	 
	In
    the presence of Witness	ANITa
    CoUtinho	 	 
		Name (In Block)	 	 
	 	 	 	 
	 	                  	 	/s/ Anita Coutinho
	 	Passport No:	 	Signature
	Address		 	
	 		 	 

 

For and on behalf of Audex Fujairah LL FZE

 

	 	 	 
	 	 	 
	(Company Stamp)	Robert Dompeling	 	/s/ Robert
    Dompeling
	Signed By:	Name (In Block)	 
	 	 	 
	 	Director	 	Signature
	 	Designation	 	 

 

	 	 	 
	 	 	 
	In the presence of Witness	Tan
    TECk SENG	 	 
		Name (In Block)	 	 
	 	                       	 	/s/ Tan
    Teck Seng
	 	                	 	Signature
	Address		 	
	 		 	 

 

 

6Exhibit 10.56

 

EXECUTION
VERSION

 

		

 

 

Master Istisna’
Agreement

 

 

	Dated	15
                                         October 2018

 

 

 

 

 

Brooge
Petroleum and Gas Investment Company FZC

(The Seller)

 

First
Abu Dhabi Bank PJSC

(The Investment
Agent)

 

 

 

 

	Dentons & Co

                       Level 4, Trade Centre –  West Tower

                       Abu Dhabi Mall

                       PO Box 47656

                       Abu Dhabi

                       United Arab Emirates
	

 

     

     

    

 

	Contents	

 

	1	Definitions and interpretation	1
	 	 	 
	2	Istisna’ Facility	3
	 	 	 
	3	Conditions precedent	4
	 	 	 
	4	Istisna’ Agreement	5
	 	 	 
	5	Conditions precedent to the making of Istisna’ Payments	5
	 	 	 
	6	Specific sale and purchase provisions	6
	 	 	 
	7	Payment obligations	7
	 	 	 
	8	Events of Default and Events of Mandatory Prepayment	7
	 	 	 
	9	Early termination by the Seller before the Istisna’ Agreement exists	8
	 	 	 
	10	Indemnity	8
	 	 	 
	11	Waiver of immunity from suit and enforcement	10
	 	 	 
	12	Governing  law and jurisdiction	10
	 	 	 
	13	Shari’ah	10

  

    Contents (i)

     

    

 

Master
Istisna’ Agreement

 

	Dated	15 October 2018

 

	Between	

 

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

 

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

 

	Recitals	

 

	A	In accordance with the Common Terms Agreement, the Participants have, amongst other things, appointed
the Investment Agent as their agent under and in connection with the Finance Documents, including this Master Istisna’ Agreement
(the Agreement).

 

	B	Under the Istisna’ Facility, the
                                         Investment Agent will buy the Istisna’ Asset from the Seller in accordance with
                                         the terms of this Agreement.

 

	C	The Seller has independently reviewed the Finance Documents for the purpose of ensuring their compliance
with Shari’ah, and is satisfied that they do so comply.

 

It
is agreed:

 

	1	Definitions and interpretation

 

	1.1	Definitions

 

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

 

	1.1.2	In addition, in this Agreement:

 

Acceptance means a document
substantially in the form set out in Part 2 of Schedule 1 (Form of Offer Letter and Acceptance) or such other form as may
be mutually agreed between the Seller and the Investment Agent.

 

Availability Period means
the period from and including the date of this Agreement and ending on the Termination Date.

 

Available Commitment means
at any time, in relation to a Participant, the Participant’s Commitment minus:

 

		(a)	the amount of its Participant Contribution in relation to any Istisna’ Instalments that have
been paid; and

 

    Page 1

     

    

 

		(b)	in relation to any proposed Istisna’
                                         Instalment, the amount of its Participant Contribution in relation to any Istisna’
                                         Instalments that are due to be made on or before the proposed Istisna’ Payment
                                         Date.

 

Available Facility means
the aggregate for the time being of each Participant’s Available Commitment.

 

Common Terms Agreement means
the agreement made on or about the date of this Agreement between the Seller (as the Company), each Guarantor, the Investment Agent,
the Arranger, the Security Agent and each Original Participant.

 

Construction
Contract means the construction agreement entered into between the Seller and
the Contractor for the construction of the Istisna’ Asset as described in Schedule A (Specifications and other matters)
to the Istisna’ Agreement created by the Offer Letter and Acceptance.

 

Contractor
means, in relation to the Istisna’ Asset, the contractor under the Construction Contract described in Schedule
A (Specifications and other matters) to the Istisna’ Agreement created by the Offer Letter and Acceptance.

 

Final Istisna’ Instalment
means the last scheduled Istisna’ Instalment which is due to be paid on the Completion Date.

 

Istisna’ Agreement means
an Istisna’ agreement in which the Seller sells and the Investment Agent buys the Istisna’ Asset in accordance with
the provisions of this Agreement.

 

Istisna’ Asset
means the assets to be constructed under the Istisna’ Agreement in accordance with the Specifications, as described in the
Istisna’ Agreement.

 

Istisna’ Facility means
a facility in a maximum amount equal to the Total Commitments.

 

Istisna” Instalment
Notice means a notice substantially in the form contained in Schedule 2 (Istisna’ Instalment Notice).

 

Istisna’ Instalments
means, in relation to the Istisna’ Agreement, the instalments of the Purchase Price payable in accordance with this
Agreement, the Istisna’ Agreement and the other Finance Documents.

 

Istisna’ Payment means
the payment of an Istisna’ Instalment.

 

Istisna’ Payment Date
means a date when an Istisna’ Payment is made or has been paid or, as the context requires,
is to be made.

 

Offer Letter means a
document substantially in the form set out in Part 1 of Schedule 1 (Form of Offer Letter and Acceptance) or such
other form as may be agreed between the Parties.

 

Party means a party to
this Agreement.

 

Payment Certificate means
a certificate in a form and substance satisfactory to the Investment Agent (acting on the instructions of the Majority Participants
acting reasonably) setting out details of the payments to be made in relation to the Istisna’ Asset, and in respect of which
the relevant Transaction Request relates, which shall each be:

 

		(a)	approved, signed and stamped as accurate by the Contractor and the Consultant;

 

    Page 2

     

    

  

		(b)	approved by the Bank Technical Adviser; and

 

		(c)	accompanied by all applicable invoices, purchase orders and other supporting documents issued by
the Contractor evidencing the payments.

 

Payment Support Documents
means, in relation to the Istisna’ Asset, those documents that are to accompany an Istisna’
Instalment Notice as set out in Exhibit A (Payment Support Documents) to Schedule 2
(Istisna’ Instalment Notice).

 

Purchase Price means,
in relation to the Istisna’ Agreement, AED350,000,000.

 

Specifications means
the specifications of the Istisna’ Asset that are contained in Schedule A to the Istisna’ Agreement created by the
Offer Letter and Acceptance.

 

Termination Date means
the sooner to occur of:

 

		(a)	the Projected Completion Date; and

 

		(b)	the date falling 18 months after the date of this Agreement.

 

	1.2	Interpretation

 

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

 

	1.3	Third party rights

 

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

 

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

 

	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 Finance Documents apply equally to this Agreement.

 

	2	Istisna’ Facility

 

	2.1	Istisna’ Facility

 

Subject to the terms and conditions
of this Agreement and the Common Terms Agreement, the Investment Agent makes available to the Seller the Istisna’ Facility.

 

    Page 3

     

    

 

	

                                                   2.2
	Purpose

 

	2.2.1	The Seller shall apply all amounts
                                         of the Istisna’ Facility utilised by it towards payment of the Construction Costs.

 

	2.2.2	No Finance Party is bound to monitor or verify the application of any Istisna’ Instalment
paid to the Seller under this Agreement.

 

	2.3	Cancellation of Commitments

 

The Commitments which, at that
time, are unutilised shall be immediately cancelled at the end of the Availability Period.

 

	2.4	No reinstatement of Commitments

 

No
amount of the Commitments cancelled under the Finance Documents may be subsequently reinstated.

 

	3	Conditions precedent

 

	3.1	Initial conditions precedent

 

Without limiting the provisions
of Clause 3.2 (Further conditions precedent), the Seller may not deliver the Offer Letter unless the Investment Agent has
issued a notice that the provisions of clause 4 (Initial conditions precedent) of
the Common Terms Agreement have been satisfied.

 

	3.2	Further conditions precedent

 

The Investment Agent shall only
be obliged to enter into the Istisna’ Agreement if:

 

		(a)	the Forward Lease has been entered into;

 

		(b)	on the date of the Offer Letter and the Acceptance:

 

		(i)	no Default is continuing or would result from the entry into of the proposed Istisna’ Agreement;
and

 

		(ii)	the Repeating Representations to
                                         be made by each Obligor are true in all material respects,

 

		(c)	the Purchase Price:

 

		(i)	is denominated in Dirhams; and

 

		(ii)	does not exceed the lesser of:

 

		(A)	the Total Commitments; and

 

		(B)	57.38% of the Total Project Cost;

 

		(d)	the Offer Letter is issued in the Availability Period;

 

		(e)	the Final Istisna’ Instalment does not fall after the Termination Date; and

 

    Page 4

     

    

 

		(f)	it is not illegal or unlawful for
                                         the Investment Agent to enter into the Istisna’ Agreement.

 

	4	Istisna’ Agreement

 

	4.1	Offer Letter

 

	4.1.1	Subject to the terms and conditions of this Agreement, if the Seller wants to enter into the Istisna’
Agreement it must deliver a completed and signed Offer Letter to the Investment Agent.

 

	4.1.2	The Offer Letter must be issued on a Business Day falling within the Availability Period, and no
later than 10 a.m. on the day falling four Business Days prior to the proposed first Istisna’ Payment Date.

 

	4.1.3	Once given, the Offer Letter shall be irrevocable.

 

	4.1.4	As soon as practicable after the Investment Agent receives the Offer Letter, it shall send a copy
to each Participant.

 

	4.2	Acceptance

 

When
the Investment Agent receives affirmative confirmations from all of the Participants that they wish to proceed and that
they will provide their Participant Contributions in relation to the proposed Istisna’ Agreement, it shall deliver the Acceptance
to the Seller by no later than the first Istisna’ Payment Date.

 

	5	Conditions precedent to the making of Istisna’ Payments

 

In relation
to the Istisna’ Agreement:

 

	5.1	Conditions precedent

 

The Investment
Agent shall only be obliged make an Istisna’ Payment if:

 

		(a)	the provisions of clause 4 (Initial
                                         conditions precedent) of the Common Terms Agreement have been satisfied

 

		(b)	the Istisna’ Instalment Notice is received no later than 10 a.m. on the day falling four
Business Days prior to the proposed Istisna’ Payment Date;

 

		(c)	the proposed Istisna’ Payment Date is within the Availability Period;

 

		(d)	in relation to each Istisna’ Payment (other than the Final Istisna’ Instalment), the
Investment Agent receives a certificate from the Bank Technical Adviser confirming that the Bank Technical Adviser is satisfied
that the Payment Support Documents attached to the Istisna’ Instalment Notice support the request for the Istisna’
Payment;

 

		(e)	the Istisna’ Payment:

 

		(i)	is denominated in Dirhams;

 

		(ii)	equals or is less than the Available Facility; and

 

    Page 5

     

    

 

		(iii)	is an integral multiple of AED10,000,000;

 

		(f)	on the Istisna’ Payment Date:

 

		(i)	no Default is continuing or would result from the payment of that
Istisna’ Payment on that Istisna’ Payment Date; and

 

		(ii)	the Repeating Representations to
                                         be made by each Obligor are true in all material respects.

 

	5.2	Completion of an Istisna’ Instalment Notice

 

An Istisna’ Instalment
Notice is irrevocable and will not be regarded as having been duly completed unless it complies with the provisions of this Agreement.

 

	5.3	Istisna’ Payments

 

If the Investment Agent determines
that the conditions precedent contained in Clause 5.1 (Conditions precedent) have been satisfied, the Investment Agent shall
make the relevant Istisna’ Payment on the relevant Istisna’ Payment Date.

 

	6	Specific sale and purchase provisions

 

Unless specifically provided
to the contrary the provisions of this Clause 6 shall apply to the Istisna’ Agreement.

 

	6.1	General

 

	6.1.1	The Seller sells the Istisna’ Asset to the Investment Agent:

 

		(a)	for the Purchase Price which shall be paid by the making of the Istisna’ Instalments;

 

		(b)	in accordance with the Specifications; and

 

		(c)	with completion of the Istisna’ Asset being on or before the Projected Completion Date,

 

all in accordance with the provisions
of this Agreement, the Istisna’ Agreement and the other Finance Documents.

 

	6.1.2	The Investment Agent purchases the Istisna’ Asset in accordance with the terms of this Agreement,
the Istisna’ Agreement and the other Finance Documents.

 

	6.2	Transfer of title and ownership

 

	6.2.1	Provided that the Completion Date occurs on or before the Projected Completion Date, the Final
Istisna’ Instalment shall be paid on or around the Projected Completion Date.

 

	6.2.2	On payment of the Final Istisna’ Instalment:

 

		(a)	title, possession and risk to the Istisna’ Asset shall automatically pass and transfer from
the Seller to the Investment Agent free of any Security other than for any Permitted Security; and

 

    Page 6

     

    

 

		(b)	the Seller shall provide the same
                                         warranties to the Investment Agent in relation to the Istisna’ Asset as it receives
                                         under the Construction Contract, in form and substance satisfactory to the Investment
                                         Agent.

 

	6.3	Right to be on the property

 

On the same date as the matters
described in Clause 6.2.2 occur, the Seller shall grant to the Investment Agent (at no additional cost) such legal rights that
the Investment Agent requires in order to be legally on the real estate on which the Istisna’ Asset is situated.

 

	6.4	Further assurances

 

The Seller shall, at the request
of the Investment Agent and at the Seller’s expense, take whatever action is required by the Investment Agent to give effect
to Clause 6.2 (Transfer of title and ownership) and Clause 6.3 (Right to be on the property).

 

	7	Payment obligations

 

	7,1	Payment procedure for the Final Istisna’ Instalment

 

In relation to the Istisna’
Agreement, with regard to the Final Istisna’ Instalment, provided that the Investment Agent receives an Istisna’ Instalment
Notice that has been accompanied by the Completion Certificate on or before the Projected Completion Date, the Investment Agent
shall make the Istisna’ Payment relating to the Final Istisna’ Instalment on the relevant Istisna’ Payment Date.

 

	7.2	Account details for payments

 

The Investment Agent shall pay
each Istisna’ Instalment to each person due to be paid against the Payment Support Documents and the Seller shall specify
each such person and their account details in the relevant Istisna’ Instalment Notice.

 

	8	Events of Default and Events of Mandatory Prepayment

 

	8.1	Full early payment

 

On and at any time after the
occurrence of an Event of Default, the Investment Agent may by notice to the Seller:

 

		(a)	cancel all Available Commitments;

 

		(b)	exercise the rights and remedies set out in clause 21.17 (Consequences of an Event of Default)
of the Common Terms Agreement, including those rights and remedies relating to this Agreement, the Istisna’ Agreement
and any other Finance Document; and

 

		(c)	exercise or direct the Security
                                         Agent to exercise any or all of its rights, remedies, powers or discretions under the
                                         Finance Documents.

 

    Page 7

     

    

  

	8.2	Partial early payment

 

	8.2.1	If at any time the Seller is required by clause 8 (Early payments)
of the Master Forward Lease Agreement to make an early payment of the Istisna’ Facility then such early payment shall,
for Shari’ah purposes, be treated as a return of the Purchase Price and such Purchase Price shall be amended accordingly
by such early payment amount (but only after payment and deduction of any loss, expenses or costs incurred by the Secured Parties).
In this circumstance, the Investment shall be adjusted by the Investment Agent to reflect the early payment and the revised amount(s)
shall be notified by it to the Seller.

 

	8.2.2	Any notice issued under Clause 8.1 (Full early payment) or
8.2 (Partial early payment) shall be effective in accordance with its terms.

 

	9	Early termination by the Seller before the Istisna’ Agreement exists

 

	9.1	Notice

 

Provided that the Seller has
not issued an Offer Letter, the Seller may give the Investment Agent not less than 30 days’ notice (or such shorter period
as the Majority Participants may agree) that it no longer wishes to issue an Offer Letter.

 

	9.2	Effect of the notice

 

Once the
notice has been issued:

 

		(a)	all Available Commitments shall be reduced to zero; and

 

		(b)	the Seller may not utilise any part of the Available Facility.

 

	9.3	Copies

 

The Investment Agent shall promptly
send copies of the notice to the other Finance Parties.

 

	9.4	Cancellation

 

Any cancellation under this Clause
8.2.2 shall reduce the Commitments of the Participants rateably under the Istisna’ Facility.

 

	10	Indemnity

 

	10.1	Claims by way
of Purchase Undertaking

 

	10.1.1	Without prejudice to the indemnities contained in clause 24 (Indemnification and late payment)
of the Common Terms Agreement, the Seller acknowledges that the Istisna’ Asset is being leased by the Investment Agent
under the Forward Lease and that the Investment Agent is relying on the Seller to perform its obligations under this Agreement
and the Istisna’ Agreement in order for it to fulfil its own obligations under the Forward Lease and accordingly the Seller
undertakes to purchase the Istisna’ Asset from the Investment Agent, within three Business Days of demand, by paying to the
Security Agent (for the account of each Secured Party) the Relevant Amount in the event of:

 

		(a)	the Completion Date not occurring on or before the relevant Projected Completion Date;

 

		(b)	the Istisna’ Asset not being constructed in accordance with
the relevant Specifications;

 

    Page 8

     

    

 

		(c)	there being any defects (including
                                         latent defects) relating to all or any part of the Istisna’ Asset including any
                                         claims based on decennial liability claims:

 

		(d)	any claim under any Environmental
                                         Laws, legislation, judgments, awards and decisions, including notices and orders which
                                         are breached in relation to the Istisna’ Asset or the construction of the Istisna’
                                         Asset;

 

		(e)	any
                                         losses or claims arising in or through the design or construction of the Istisna’
                                         Asset; or

 

		(f)	the presence or use of any hazardous
                                         substance in, upon, under or originating from the Istisna’ Asset, regardless of
                                         the reason.

 

	10.1.2	In this Clause 10, the Relevant Amount shall be equal to the product of the following equation:

 

 

 

		where:	

 

		Y	is the aggregate amount of Istisna
                                         Instalments that have been paid at the relevant time;

 

		B	is EIBOR;

 

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

 

		T	is the number of days in the period from the first Istisna’ Payment Date to the date of the
occurrence of the relevant event(s) listed in Clause 10.1.1 above.

 

	10.2	General

 

Any
certificate of any Finance Party as to the amount of any Losses sustained or incurred by it and which are being claimed under Clause
10.1 (Claims by way of Purchase Undertaking) shall be conclusive and binding on any
Obligor except for any manifest error.

 

	10.3	Exclusions

 

The
indemnities contained in this Clause 1.0 shall not extend to any liability, loss or damage that is caused by the gross
negligence or wilful misconduct of a Secured Party or that Secured Party’s officers and employees.

 

	10.4	Survival

 

The obligations of the Seller
in respect of the indemnities described in this Clause 10 shall survive the expiration or termination of this Agreement, the Istisna’
Agreement for any reason whatsoever (including any fundamental or repudiatory breach by the Seller).

 

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	11	Waiver of immunity from suit and enforcement

 

The Seller
irrevocably and unconditionally:

 

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

 

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

 

	12	Governing law and jurisdiction

 

	12.1	Subject to Clause 12.2, this Agreement and all non-contractual obligations arising out of or connected
with it shall be governed by, and construed in accordance with, English law.

 

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

 

	12.3	Subject to Clause 12.4, the Parties submit, and waive any objection,
                                  to the exclusive jurisdiction of the courts of the DIFC to settle any dispute arising out of
                                  or in connection with this Agreement (including a dispute relating to the existence, validity
                                  or termination of this Agreement or any non-contractual obligation arising out of or in connection
                                  with this Agreement) (a Dispute). The Parties agree that the courts of the DIFC are the
                                  most appropriate and convenient courts to settle Disputes and accordingly no Party will argue
                                  to the contrary.

 

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

 

	12.5	Notwithstanding Clauses 12.1 to 12.4,
                                         the Parties agree that the Finance Parties may take proceedings relating to a Dispute
                                         in any other court with jurisdiction. To the extent allowed by law, the Finance Parties
                                         may take concurrent proceedings in any number of jurisdictions.

 

	13	Shari’ah

 

The Parties recognise and agree
that the principle of the payment of interest is prohibited under Shari’a and accordingly, to the extent that any court or
legal system would (but for the provisions of this Clause 13) impose (whether by contract or by statute) any obligation to pay
interest, the Parties hereby irrevocably and unconditionally expressly waive and reject any entitlement to recover interest from
each other

 

This
Agreement is entered into by the Parties on the date stated at the beginning of this Agreement.

 

    Page 10

     

    

 

Execution
page of the Master Istisna’ Agreement

 

	
        The Seller

         

        Signed by
	)	 
	 	)	 
	duly authorised for and on behalf of Brooge 

Petroleum and Gas Investment Company 

FZC	
        )

        )

        )
	 

 

	The Investment Agent	 	 
	 	 	 
	Signed by	)	 
	 	)	 
	
        duly authorised for and on behalf of

        First Abu Dhabi Bank PJSC 

        in its capacity as Investment Agent for
        and on

        behalf of the Participants
	
        )

        )

        )

        )
	 

 

Execution page of the Master Istlsna’ Agreement

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