Document:

Exhibit 10.57

 

EXECUTION
VERSION

 

 

Master
Forward Lease Agreement

 

 

 

 

Dated
15 October 2018

 

 

 

 

First
Abu Dhabi Bank PJSC

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

 

Brooge
Petroleum and Gas Investment Company FZC

(as
Lessee)

 

	Dentons & Co 

Level 4

Trade Centre - West Tower

Abu Dhabi Mall

PO Box 47656

Abu Dhabi

United Arab Emirates	 

 

     

     

    

 

Contents

 

	1	Definitions and interpretation	2
	 	 	 
	2	Conditions precedent	6
	 	 	 
	3	Forward Lease limitations	6
	 	 	 
	4	Forward lease	7
	 	 	 
	5	Commencement of leasing and Lease Term	7
	 	 	 
	6	Advance Rental Payments and Rental Payments	8
	 	 	 
	7	Obligations to pay	14
	 	 	 
	8	Early payments	15
	 	 	 
	9	Warranties and other related matters	15
	 	 	 
	10	Protection of Lessor’s interests	16
	 	 	 
	11	Use of the Leased Asset	18
	 	 	 
	12	Ordinary Maintenance and Repair of the Leased Asset	20
	 	 	 
	13	Major maintenance	20
	 	 	 
	14	Insurance	21
	 	 	 
	15	Total Loss	21
	 	 	 
	16	Partial Loss	22
	 	 	 
	17	Power to remedy defaults	23
	 	 	 
	18	Lessee Events of Default	23
	 	 	 
	19	Purchase Undertaking and Sale Undertaking	24
	 	 	 
	20	Indemnities	24
	 	 	 
	21	Waiver of immunity from suit and enforcement	25
	 	 	 
	22	Governing law and jurisdiction	26
	 	 	 
	23	Shari’ah	26
	 	 	 
	Schedule 1 – Specific conditions precedent in relation to the Forward Lease	27
	 	 
	Schedule 2 – Form of Forward Lease	28

 

    Page 1 

     

    

 

Master
Forward Lease Agreement

 

Dated
15 October 2018

 

Between

 

		(1)	First
                                         Abu Dhabi Bank PJSC, whose principal office is at FAS 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 Lessor); and

 

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

 

Recitals

 

The
Parties 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, Increased Cost Amount and any Commitment
Rental.

 

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.

 

    Page 2 

     

    

 

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 6.8 (Increased Cost Amount).

 

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.

 

Agreed
Value has the meaning given to it in the Service Agency Agreement.

 

Base
Amount means at any time, in relation to the Forward Lease, the aggregate of the Istisna’ Instalments that have actually
been paid under the Istisna’ Agreement, subject to adjustment in accordance with the provisions of the Finance Documents.

 

Commencement
Base Amount means the Base Amount as at the Commencement Date.

 

Commencement
Date means, in relation to the Forward Lease, the same date of the 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.

 

Commitment
Rental means, in respect of the Forward Lease, the amount calculated in accordance with Clause 6.3 (Commitment Rental).

 

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

 

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.

 

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).

 

    Page 3 

     

    

 

Increased
Cost means an actual additional or increased cost which is incurred or suffered by the relevant Finance Party to the extent
that it is attributable to that Finance Party having performed its obligations under any Transaction Document, being at all times
subject to Clause 6.8.4.

 

Increased
Cost Amount means, in relation to the Forward Lease, an amount of rental equal to the amount claimed in respect of Increased
Costs pursuant to Clause 6.8 (Increased Cost claims) by a Finance Party.

 

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 18.1 (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 per cent per annum.

 

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.

 

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 has the meaning given to it in Clause 15.3.1(d) (Partial Loss).

 

    Page 4 

     

    

 

Party
means a party to this Agreement.

 

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 Cost 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
6.8 (Increased Cost Amount).

 

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.

 

Total
Loss means, in relation to the Leased Asset:

 

		(a)	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; or

 

		(b)	an
                                         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	Interpretation

 

		1.2.1	The
                                         provisions of clauses 1.2 (Interpretation) of the Common Terms Agreement shall
                                         apply to this Agreement, mutadis 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.

 

		1.2.2	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.

 

    Page 5 

     

    

 

		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	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 4 (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:

 

		(i)	no
                                         Default is continuing or would result from the entry into of the proposed Forward Lease;
                                         and

 

		(ii)	the
                                         Repeating Representations to be made by each Obliger 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) in form and substance satisfactory
                                         to the Lessor (acting on the instructions of all Participants).

 

		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 Final Maturity Date;

 

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

 

		(d)	entry
into of the Forward Lease will not result in there being more than one Forward Lease outstanding at any time.

 

    Page 6 

     

    

 

		4	Forward
                                         lease

 

		4.1.1	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.

 

		4.1.2	The
                                         Lessor and the Lessee agree that:

 

		(a)	the
                                         Forward Lease is a financing lease and not a tenancy contract; and

 

		(b)	the
                                         Forward Lease does not grant any in rem or immoveable property rights over the Leased
                                         Asset.

 

		5	Commencement
                                         of leasing and Lease Term

 

ln
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
                                         Finance 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 21.3 (Other
                                         obligations) of the Common Terms Agreement.

 

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

 

If
the Commencement Date has not occurred by the Projected Completion Date the Lessor may terminate the Forward Lease.

 

    Page 7 

     

    

 

		5.3	One
                                         separate agreement

 

This
Agreement and the Forward Lease when taken together shall create a separate agreement between the Parties for the leasing of the
Leased Asset described in the Forward Lease.

 

		5.4	Quiet
                                         enjoyment

 

Subject
to:

 

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

 

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

 

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

 

		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 6.10 (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	Commitment
                                         Rental

 

		6.3.1	The
                                         Lessee shall pay Commitment Rental as calculated in accordance with this Clause 6.3.
                                         The Commitment Rental for each Advance Variable Rental Period shall be paid on the first
                                         day of the Advance Variable Rental Period as part of the Advance Variable Rental Payment
                                         and as stated in the Advance Variable Rental Payment Notice for that Advance Variable
                                         Rental Period.

 

    Page 8 

     

    

 

		6.3.2	The
                                         Commitment Rental that the Lessee shall pay in accordance with Clause 6.3.1 shall, in
                                         respect of each Advance Variable Rental Period under the Forward Lease, other than the
                                         first Advance Variable Rental Period, be an amount calculated as follows:

 

		(a)	Commitment
Rental = 

 

where:

 

		B	is
                                         in the case of each Advance Variable Rental Period, other than the first Advance Variable
                                         Rental Period, an amount equal to the Total Commitments as at the date of this Agreement
                                         less the aggregate of all Istisna’ Payments paid as at the first day of the immediately
                                         preceding Advance Variable Rental Period;

 

		M	is
                                         the Margin;

 

		N	is
                                         the number of days:

 

		(i)	in
                                         the case of the second Advance Variable Rental Period, from the date of this Agreement
                                         to the last day of that first Advance Variable Rental Period; and

 

		(ii)	in
                                         the case of any other Advance Variable Rental Period, from the start of the Advance Variable
                                         Rental Period immediately preceding the relevant Advance Variable Rental Period to the
                                         earlier of:

 

(aa)
the end of the immediately preceding Advance Variable Rental Period; and

 

(bb)
the end of the Availability Period;

 

		ADA	is
                                         the aggregate of all Discount Amounts determined in the relevant Advance Variable Rental
                                         Period, and Discount Amount is, in relation to each Istisna’ Payment paid
                                         during the relevant Advance Variable Rental Period immediately preceding the relevant
                                         Advance Variable Rental Period, the amount calculated in accordance with the following
                                         formula:

 

Discount
Amount = 

 

where:

 

		P	is
                                         the amount of an Istisna’ Payment; and

 

		T	is,
                                         in respect of an Istisna’ Payment, the number of days from the date on which such Istisna’
                                         Payment is paid to the earlier of:

 

(aa)
the end of the relevant Advance Variable Rental Period immediately preceding the relevant Advance Variable Rental Period; and

 

(bb)
the end of the Availability Period.

 

    Page 9 

     

    

 

		6.4	Additional
                                         Rental Payment

 

		6.4.1	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.

 

		6.4.2	The
                                         Lessor shall set off the obligation to account to the Lessee for the Advance Rental Payments
                                         (as described in Clause 6.4.1 above) against the Lessee’s obligation to pay the matured
                                         Additional Rental Payment to the Lessor.

 

		6.4.3	If
                                         the obligations described in Clause 6.4.2 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.

 

		6.5	First
                                         Lease Period

 

		6.5.1	In
                                         relation to the Forward Lease, the Parties agree that the Commencement Base Amount is
                                         part of the Rental Payment of the first Lease Period under the Forward Lease and will
                                         be immediately due and payable on the Rental Payment Date at the end of the First Lease
                                         Period. Notwithstanding this, and without prejudice to:

 

		(a)	any
                                         right of any Participant under any Finance Document to end its participation under the
                                         Finance Documents, in whole or in part, at any relevant time;

 

		(b)	the
                                         terms of this Agreement (including without limitation Clause 15 (Total Loss));
                                         and

 

		(c)	the
rights of the Lessor under the Purchase Undertaking, 

 

the Parties agree that the Lessor
                                         shall permit the Commencement Base Amount to be paid by way of instalments by payment
                                         of the Fixed Rental Payments payable on each date specified in schedule 2 (Rental
                                         Payments) to the Forward Lease.

 

		6.5.2	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 Cost Amount (if any); and

 

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

 

    Page 10 

     

    

 

		6.6	Second
                                         and subsequent Lease Periods

 

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 Cost Amount (if any)

 

		6.7	Supplementary
                                         Rental Payments

 

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

 

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

 

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

 

		6.8	Increased
                                         Cost claims

 

		6.8.1	Subject
                                         to Clause 6.8.4. the Lessee shall pay to the relevant Finance Party in accordance with
                                         Clause 6.2.2, Clause 6.5 (First Lease Period) or Clause 6.6 (Second and Subsequent
                                         Lease Periods), as applicable, the amount of any Increased Cost incurred by that
                                         Finance Party or any of its Affiliates 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

 

		(c)	attributable
                                         to the implementation or application of or compliance with Basel III (whether such implementation,
                                         application or compliance is by a government, regulator, Finance Party or any of its
                                         Affiliates).

 

		6.8.2	If
                                         a Finance Party intends to make a claim pursuant to Clause 6.8.1, it shall promptly notify
                                         the Lessee of the event giving rise to the claim and shall provide a certificate confirming
                                         in reasonable detail the basis of and the amount of its Increased Cost.

 

		6.8.3	Any
                                         Increased Cost Amount to be paid by the Lessee in accordance with this Clause 6.8 shall:

 

		(a)	be
                                         treated as part of the Advance Rental Payment, Rental Payment or Exercise Price as applicable,
                                         for the Advance Variable Rental Period, Lease Period or Exercise Date which immediately
                                         succeeds the date of the Increased Cost claim;

 

    Page 11 

     

    

 

		(b)	shall
                                         be included in the relevant notice relating to that immediately succeeding period or
                                         Exercise Date, as applicable; and

 

		(c)	shall
                                         be paid on the first Business Day of that succeeding period or Exercise Date, as applicable.

 

		6.8.4	Clause
                                         6.8.1 shall not apply to the extent that any Increased Cost is:

 

		(a)	attributable
                                         to a tax deduction required by law to be made by the Lessee;

 

		(b)	compensated
                                         for by clause 6.1 (Tax gross-up) or clause 6.2 (Tax Indemnity) of the Common
                                         Terms Agreement (or would have been compensated for under clause 6.2 (Tax Indemnity)
                                         of the Common Terms Agreement but was not so compensated solely because of any exclusion
                                         under clause 6.2.2 of the Common Terms Agreement); or

 

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

 

		6.9	Adjustments
                                         to the Variable Rental Payments or Advance Variable Rental Payments

 

		6.9.1	Unavailability
                                         of Screen Rate

 

		(a)	Interpolated
                                         Screen Rate: If at or about noon on the Quotation Day for the relevant period, the Screen
                                         Rate for EIBOR for the relevant period is not available, the applicable EIBOR shall be
                                         the Interpolated Screen Rate for a period equal in length to the relevant period.

 

		(b)	Reference
                                         Bank Rate: If at or about noon on the Quotation Day for the relevant period no Screen
                                         Rate is available for EIBOR for:

 

		(i)	Dirhams;
                                         or

 

		(ii)	the
                                         relevant period and it is not possible to calculate the Interpolated Screen Rate.

 

the
                                         applicable EIBOR shall be the Reference Bank Rate as of noon on the Quotation Day for
                                         the relevant period for a period equal in length to the relevant period.

 

		(c)	Altemative
                                         rate: If paragraph (b) above applies but no Reference Bank Rate is available for
                                         Dirhams or the relevant period there shall be no EIBOR for that relevant period and Clause
                                         6.9.4 (Alternative rate) shall apply to the relevant period.

 

		6.9.2	Calculation
                                         of Reference Bank Rate

 

		(a)	Subject
                                         to paragraph (b) below, if EIBOR is to be determined on the basis of a Reference Bank
                                         Rate but a Reference Bank does not supply a quotation by noon on the Quotation Day for
                                         the relevant period, the Reference Bank Rate shall be calculated on the basis of the
                                         quotations of the remaining Reference Banks.

 

		(b)	If
                                         at or about noon on the Quotation Day for the relevant period none or only one of the
                                         Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant
                                         period.

 

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		6.9.3	Market
                                         disruption

 

If
before noon on the Quotation Day for the relevant period the Lessor receives notification from a Finance Party or Finance Parties
whose Participation (as defined in the Common Terms Agreement) exceeds 662/3%, that, due solely to external circumstances
beyond the control of the relevant Finance Party or Finance Parties, the expected profit rate charged to it in connection with
obtaining matching deposits in the UAE interbank market would be in excess of EIBOR for the relevant period, then Clause 6.9.4
shall apply to that relevant period.

 

		6.9.4	Alternative
                                         rate

 

		(a)	If
                                         this Clause 6.9.4 applies:

 

		(i)	the
                                         Lessor shall as soon as practicable notify the Lessee; and

 

		(ii)	EIBOR
                                         for the relevant period shall be replaced by the percentage rate per annum which is the
                                         sum of the weighted average of the profit rates notified to the Lessor by each Participant
                                         as soon as practicable and in any event within two Business Days of the first day of
                                         the relevant period, to be that which expresses as a percentage rate per annum the actual
                                         cost to the relevant Participant of funding its participation for the relevant period
                                         from whatever source it may reasonably select.

 

		(b)	If
                                         this Clause 6.9.4 applies and the Lessor or the Lessee so require, the Lessor and the
                                         Lessee shall enter into negotiations for a period of not more than 30 days with a view
                                         to agreeing an alternative basis for determining a replacement rate for EIBOR.

 

		(c)	During
                                         any period from the start of a relevant period to the date on which:

 

		(i)	the
                                         Lessor calculates the weighted average of the profit rates notified to it pursuant to
                                         Clause (a)(ii); or

 

		(ii)	if
                                         commenced as an alternative, the negotiations referred to in paragraph (b) above are
                                         concluded and a replacement rate for EIBOR agreed,

 

as
relevant, the EIBOR rate applicable for the purposes of Clause 6.2.2, Clause 6.5 (First Lease Period) or Clause 6.6 (Second
and Subsequent Lease Periods), as applicable, shall be the rate applicable to the Rental Period which preceded the relevant
period. For the avoidance of doubt, during any such period the Margin will continue to be included in the relevant calculation.

 

		(d)	If
                                         no agreement is reached between the Lessor and the Lessee pursuant to paragraph (b) above,
                                         the Lessor and the Lessee acknowledge and agree that the Lessor may exercise its rights
                                         under the Purchase Undertaking.

 

		6.9.5	Replacement
                                         of Screen Rate

 

A
Replacement Benchmark rate will apply in replacement of the Screen Rate in the circumstances described in clause 12.3 (Replacement
of Screen Rate) of the Common Terms Agreement.

 

    Page 13 

     

    

 

		6.10	Advance
                                         Variable Rental Payment Notices, First Rental Payment Notice and General Rental Payment
                                         Notices

 

		6.10.1	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.

 

		6.10.2	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, no later than two Business Days prior to the start of the applicable
                                         Advance Variable Rental Period or Lease Period, as the case may be.

 

		7	Obligations
                                         to pay

 

		7.1.1	Subject:

 

		(a)	in
                                         the case of a Total Loss, to the provisions of Clause 15 (Total Loss);
                                         and

 

		(b)	in
                                         the case of a Partial Loss, to the provisions of Clause 15.3.1(d) (Partial Loss),
                                         

 

the obligation
of the Lessee 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 Finance
                                         Document; and

 

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

 

shall
not be affected by:

 

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

 

		(ii)	any
                                         breach of any warranty, representation, covenant or undertaking contained in this Agreement;

 

		(iii)	any
                                         interruption or cessation in the use, operation or possession of the Lease Assets or
                                         any item of the Lease Assets by the Lessee (if that interruption, cessation in the use,
                                         operation or possession is caused by or attributable to the Lessee);

 

    Page 14 

     

    

 

		(iv)	the
                                         occurrence of any Default or the commencement of any insolvency, suspension of payments,
                                         management by a court, bankruptcy, reorganisation, arrangement, composition, readjustment,
                                         liquidation, dissolution or similar proceedings by or against any Group Company; or

 

		(v)	any
                                         other circumstance, occurrence or event whatsoever caused by or attributable to the Lessee,
                                         whether or not similar to any listed in sub-clauses (i) to (iv) above.

 

		7.1.2	If
                                         payment under any Finance Document is due on a day which is not a Business Day, the due
                                         date for payment shall instead be made on the next Business Day in the same calendar
                                         month (if there is one) (and, for the avoidance of doubt, any applicable Rental Payment
                                         Date shall fall on such next Business Day) or the preceding Business Day (if there is
                                         not, or if the next Business Day is a date after the Final Maturity Date), or as the
                                         Lessor shall notify the Lessee.

 

		7.1.3	The
                                         Lessee authorises the Lessor to deduct due and payable Advance Rental Payments, Rental
                                         Payments and the Termination Amount from any Account.

 

		8	Early
                                         payments

 

		8.1	Early
                                         payments

 

The
provisions of clause 25 (Early payments and cancellation) of the Common Terms Agreement shall apply.

 

		8.2	Adjustments
                                         of Advance Variable Rental Payments or Variable Rental Payments

 

lf
the leasing arrangements end in accordance with the provisions of the Finance 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.

 

		9	Warranties
                                         and other related matters

 

In
relation to the Forward Lease:

 

		9.1	Examination
                                         of the Specifications and the Leased Asset

 

The
Lessee represents and warrants that:

 

		(a)	it
                                         has examined the Specifications; and

 

		(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.

 

    Page 15 

     

    

 

		9.2	Disclaimer

 

		9.2.1	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.

 

		9.2.2	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.

 

		9.2.3	The
                                         exculpatory provisions contained in Clause 9.2.1 and Clause 9.2.2 shall not apply if
                                         any of the matters described above has been caused by the gross negligence of the Lessor.

 

		9.2.4	The
                                         Lessee acknowledges and agrees that the provisions of this Clause 9.2 are fair and reasonable
                                         in all the circumstances.

 

		10	Protection
                                         of Lessor’s interests

 

In
relation to the Forward Lease:

 

		10.1	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.

 

		10.2	Free
                                         of claims

 

		10.2.1	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).

 

		10.2.2	If
                                         there are any such claims, the Lessee shall arrange for their immediate release.

 

		10.2.3	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.

 

    Page 16 

     

    

 

		10.3	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.

 

		10.4	Notifications

 

		10.4.1	During
                                         the Lease Term the Lessee shall promptly notify the holders of any Security over any
                                         of the Lessee’s assets that the Leased Asset is the property of the Lessor.

 

		10.4.2	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.

 

		10.5	Negative
                                         undertakings

 

The
Lessee shall not, except as created under or permitted under any Finance Document:

 

		(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 may refuse to give or may give on such terms
and subject to such conditions as it may decide in its absolute discretion.

 

		10.6	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

 

		(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 Finance Documents) and, if the Lessee has not met such obligations, to undertake
                                         such repairs and maintenance at the Lessee’s cost.

 

		10.7	Ownership
                                         of alterations

 

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

 

    Page 17 

     

    

 

		10.7.2	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.

 

		10.8	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.

 

		11	Use
                                         of the Leased Asset

 

In
relation to the Forward Lease:

 

		11.1	Negative
                                         undertakings about the use of the Leased Asset

 

		11.1.1	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 Insurances; or

 

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

 

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

 

		11.1.3	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.

 

		11.2	Positive
                                         undertakings about the use of the Leased Asset

 

		11.2.1	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 Contractor and by properly
                                         qualified and licensed personnel.

 

		11.2.2	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 Contractor.

 

		11.2.3	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.

 

    Page 18 

     

    

 

		11.2.4	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.

 

		11.2.5	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.

 

		11.2.6	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.

 

		11.3	General
                                         prohibition on alterations

 

		11.3.1	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 Repair; 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)).

 

		11.3.2	Any
                                         such alterations, substitutions, improvements, replacements or additions undertaken by
                                         the Lessee in breach of Clause 11.3.1 shall be at the Lessee’s own risk and cost.

 

    Page 19 

     

    

  

		12	Ordinary
                                         Maintenance and Repair of the Leased Asset

 

In
relation to the Forward Lease:

 

		12.1	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.

 

		12.2	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 10 (Protection of Lessor’s interests)
                                         and 11 (Use of the Leased Asset);

 

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

 

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

 

		12.3	Payment
                                         of Taxes

 

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

 

		13	Major
                                         maintenance

 

In
relation to the Forward Lease:

 

    Page 20 

     

    

 

		13.1	Lessor’s
                                         responsibility

 

		13.1.1	The
                                         Lessor shall be responsible for all Major Maintenance.

 

		13.1.2	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.

 

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

 

		14	Insurance

 

		14.1	In
                                         relation to the Forward Lease the Lessee shall comply with clause 17.11 (Insurance)
                                         of the Common Terms Agreement.

 

		14.2	The
                                         Lessee agrees that the Lessor may discharge any obligations the Lessor has in relation
                                         to Insurances by appointing the Lessee (in its capacity as the Service Agent) to perform
                                         those obligations.

 

		15	Total
                                         Loss

 

		15.1	Notification
                                         of Total Loss

 

		15.1.1	The
                                         Lessee shall notify the Lessor (giving details of the destruction or damage) promptly
                                         upon becoming aware of the occurrence of a Total Loss or any other event which, with
                                         the giving of notice, the passage of time or the satisfaction of any other condition,
                                         would become a Total Loss.

 

		15.1.2	Notwithstanding
                                         that the Lessee does not have the right to receive Insurance and Compensation Proceeds
                                         following a Total Loss, it shall, in the event of a Total Loss occurring:

 

		(a)	ensure
                                         that, in the event that it does receive any receive Insurance and Compensation Proceeds
                                         relating to the Total Loss, such proceeds are paid to the Lessor, and

 

		(b)	direct
                                         each relevant insurer or other party to pay all Insurance and Compensation Proceeds relating
                                         to the Total Loss directly to the Lessor, rather than the Lessee.

 

		15.2	Total
                                         Loss prior to the first Rental Payment Date

 

If,
in respect of the Leased Asset at such time as it, or any part of it, is leased under the Forward Lease, prior to the first Rental
Payment Date for the Forward Lease a Total Loss occurs:

 

		(a)	the
                                         Forward Lease shall terminate;

 

		(b)	the
                                         Lessor shall be entitled to retain any Insurance and Compensation Proceeds received in
                                         respect of the Leased Asset and apply such amount in accordance with clause 5.12 (Insurance
                                         and Compensation Proceeds and Terminal Earnings) of the Common Terms Agreement; and

 

    Page 21 

     

    

 

		(c)	provided
                                         that the Total Loss has been caused by or is attributable to any act or failure to act
                                         by the Lessee, the Lessee shall pay to the Lessor the Agreed Value less any Insurance
                                         and Compensation Proceeds received by the Lessor in respect of the Leased Asset no later
                                         than 180 days after the occurrence of the Total Loss and the Lessor shall apply such
                                         amount in accordance with clause 5.12 (Insurance and Compensation Proceeds and Terminal
                                         Earnings) of the Common Terms Agreement.

 

		15.3	Total
                                         Loss on or after the first Rental Payment Date

 

		15.3.1	if,
                                         in respect of the Leased Asset at such time as it, or any part of it, is leased under
                                         the Forward Lease, a Total Loss occurs on or after the first Rental Payment Date for
                                         the Forward Lease:

 

		(a)	the
                                         Forward Lease shall terminate (without prejudice to payments accrued and due prior to
                                         such termination);

 

		(b)	the
                                         Lessor shall be entitled to retain any Insurance and Compensation Proceeds received in
                                         respect of the Leased Asset and apply such amount in accordance with clause 5.12 (Insurance
                                         and Compensation Proceeds and Terminal Earnings) of the Common Terms Agreement;

 

		(c)	all
                                         payments accrued and due up to the date of the Total Loss (including in respect of any
                                         Rental Payments) and any other amounts accrued or outstanding under any Finance Documents
                                         in relation to the Forward Lease will become immediately due and payable; and

 

		(d)	provided
                                         that the Total Loss has been caused by or is attributable to any act or failure to act
                                         by the Lessee, the Lessee shall pay to the Lessor the Agreed Value less any Insurance
                                         and Compensation Proceeds received by the Lessor in respect of the Leased Asset no later
                                         than 180 days after the occurrence of the Total Loss and the Lessor shall apply such
                                         amount in accordance with clause 5.12 (Insurance and Compensation Proceeds and Terminal
                                         Earnings) of the Common Terms Agreement.

 

		16	Partial
                                         Loss

 

If
any loss or damage to the Leased Asset under the Forward Lease which does not amount to a Total Loss has the effect of impairing
the operation of the Leased Asset or any material part thereof (such loss or damage being a Partial Loss):

 

		(a)	subject
                                         to Clause 16(b), the Lessee shall continue to pay the relevant Rental Payments in accordance
                                         with this Agreement and the Forward Lease and the repair of the Leased Asset shall be
                                         conducted by the Lessor or the Lessee as applicable; and

 

		(b)	subject
                                         to the Partial Loss not having been caused by or attributable to any act or failure to
                                         act by the Lessee, if the Lessee suffers an actual loss of utilisation of the Lease Asset,
                                         the Lessee shall:

 

		(i)	notify
                                         the Lessor immediately (and in any case within one Business Day of becoming aware) of
                                         such loss or damage; and

 

		(ii)	provide
                                         the Lessor with an independent technical report setting out in a reasonable level of
                                         detail the extent of the damage and following receipt of such report the Fatwa and Shari’ah
                                         Supervisory Board shall determine in good faith whether it is equitable in all the circumstances
                                         to reduce the relevant Rental Payments to take into account such loss of utilisation.

 

    Page 22 

     

    

 

		17	Power
                                         to remedy defaults

 

		17.1	Failure
                                         to comply with Clause 12 (Ordinary Maintenance and Repair of the Leased Asset)

 

If
the Lessee fails to comply with any of the provisions of Clause 12 (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.

 

		17.2	Failure
                                         to comply with Clause 14 (Insurance)

 

If
the Lessee fails to comply with any of the provisions of Clause 14 (Insurance) (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 Insurance but without any obligation on the Lessor to do so.

 

		17.3	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.

 

		17.4	Obligation
                                         to pay Advance Rental Payments and Rental Payments

 

Notwithstanding
any exercise by the Lessor of any of the powers contained in this Clause 17, Advance Rental Payments (to the extent applicable)
and Rental Payments shall continue to accrue and be payable during such time.

 

		18	Lessee
                                         Events of Default

 

In
relation to the Forward Lease:

 

		18.1	Lessee
                                         Events of Default

 

Each
of the events or circumstances set out in this Clause 18.1 is a Lessee Event of Default:

 

		(a)	a
                                         Total Loss occurs in respect of the Leased Asset; or

 

		(b)	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.

 

		18.2	Termination
                                         on an Event of Default

 

Without
limiting the rights of the Investment Agent under clause 21.17 (Consequences of an Event of Default) of the Common Terms
Agreement, if an Event of Default occurs, the Lessor (in its capacity as the Investment Agent) may exercise, amongst other matters,
its right to terminate the leasing of the Leased Asset.

 

    Page 23 

     

    

 

		19	Purchase
                                         Undertaking and Sale Undertaking

 

In
relation to the Forward Lease:

 

		19.1	Purchase
                                         Undertaking

 

		19.1.1	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 Finance 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.

 

		19.1.2	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.

 

		19.2	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.

 

		20	Indemnities

 

In
relation to the Forward Lease:

 

		20.1	General
                                         indemnity

 

		20.1.1	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;

 

		(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 Finance Document; or

 

    Page 24 

     

    

 

		(ii)	any
                                         of the warranties and representations made in this Agreement, the Forward Lease or any
                                         other Finance 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 Finance 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 15.3.1(d) (Partial Loss).

 

		20.1.2	The
                                         indemnities contained in Clause 20.1.1 shall not extend to any liability, loss or damage
                                         caused by the gross negligence or willful misconduct of any Secured Party.

 

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

 

In
the circumstances described in Clause 19.1.2, 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.

 

		21	Waiver
                                         of immunity from suit and enforcement

 

The
Lessee 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.

 

    Page 25 

     

    

 

		22	Governing
                                         law and jurisdiction

 

		22.1	Subject
                                         to Clause 22.2, 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.

 

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

 

		22.3	Subject
                                         to Clause 22.4, 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.

 

		22.4	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 Leased Asset.

 

		22.5	Notwithstanding
                                         Clauses 22.1 to 22.4, 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.

 

		23	Shari’ah

 

The
Parties recognise and agree that the principle of the payment of interest is prohibited under Shari’ah and accordingly, to the
extent that any court or legal system would (but for the provisions of this Clause 23) impose (whether by contract or by statute)
any obligation to pay interest, the Parties hereby irrevocably and unconditionally expressly waive and reject any entitlement
to recover interest from each other

 

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

 

    Page 26 

     

    

 

Execution
page of the Master Forward Lease Agreement

 

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

 

Execution
page of the Master Forward Lease Agreement

 

     

     

    

 

Execution
page of the Master Forward Lease Agreement

 

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

 

Execution
page of the Master Forward Lease AgreementExhibit 10.58

 

EXECUTION VERSION

 

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.

 

 

Common Terms Agreement

 

Dated 15 October 2018

 

Brooge Petroleum and Gas Investment Company FZC

(as the Company)

 

The Guarantors listed in Schedule 2

(as Guarantors)

 

First Abu Dhabi Bank PJSC

(as Investment Agent)

 

First Abu Dhabi Bank PJSC

(as Arranger)

 

First Abu Dhabi Bank PJSC

(as Security Agent)

 

First Abu Dhabi Bank PJSC

(as Account Bank)

 

The Participant listed in Schedule 1

(as Original Participant)

 

	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	Finance Parties’ rights and obligations	22
	 	 	 
	3	Guarantors’ agent	22
	 	 	 
	4	Initial conditions precedent	23
	 	 	 
	5	Payment mechanics	23
	 	 	 
	6	Tax	29
	 	 	 
	7	Set-off	30
	 	 	 
	8	Sharing among the Finance Parties	31
	 	 	 
	9	Role of the Investment Agent and the Arranger	32
	 	 	 
	10	Role of the Security Agent	43
	 	 	 
	11	Conduct of business by the Secured Parties	61
	 	 	 
	12	Amendments and waivers	61
	 	 	 
	13	Guarantee	63
	 	 	 
	14	Representations and warranties	67
	 	 	 
	15	Information undertakings	73
	 	 	 
	16	Financial covenants	77
	 	 	 
	17	Positive undertakings	77
	 	 	 
	18	Negative undertakings	83
	 	 	 
	19	Independent assessment	85
	 	 	 
	20	Accounts	85
	 	 	 
	21	Events of Default	88
	 	 	 
	22	Fees	92
	 	 	 
	23	Costs and expenses	93
	 	 	 
	24	Indemnification and late payment	94
	 	 	 
	25	Early payment and cancellation	96
	 	 	 
	26	Changes	100

 

    Contents (i)

     

    

 

	27	“Know your customer” checks	103
	 	 	 
	28	Language and translation	104
	 	 	 
	29	Notices	104
	 	 	 
	30	Relationship with other Finance Documents	105
	 	 	 
	31	Calculations and certificates	106
	 	 	 
	32	Partial invalidity	106
	 	 	 
	33	Remedies and waivers	106
	 	 	 
	34	Counterparts	106
	 	 	 
	35	Waiver of immunity from suit and enforcement	106
	 	 	 
	36	Governing law and jurisdiction	107
	 	 	 
	37	Shari’ah	107

  

    Contents (ii)

     

    

 

Common Terms Agreement

 

	Dated	15 October 2018

 

Between

 

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

 

	(2)	each company listed in Schedule 2 (as
                                         Guarantors);

 

	(3)	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);

 

	(4)	First Abu Dhabi Bank PJSC whose
                                         principal office is at P.O. Box 40057, Abu Dhabi, UAE acting in its capacity as mandated
                                         lead arranger and bookrunner (the Arranger);

 

	(5)	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 security agent
for the Secured Parties (the Security Agent);

 

	(6)	First Abu Dhabi Bank PJSC whose
                                         principal office is at P.O. Box 40057, Abu Dhabi, UAE acting in its capacity as account
                                         bank (the Account Bank); and

 

	(7)	the Participants listed in Schedule
                                         1 (the Original Participant).

 

Recitals

 

	A	The Participants have agreed to appoint
                                         the Investment Agent and the Security Agent on the terms of this Agreement. Accordingly
                                         this Agreement shall also be construed as an investment agency agreement.

 

	B	The Obligors have agreed to give certain
                                         undertakings and warranties in favour of the Finance Parties.

 

	C	The Finance Parties have agreed to make
                                         facilities available on the terms of the Finance Documents.

 

	D	The Parties wish to enter into this common
                                         terms agreement (the Agreement) to set out the framework for the provision of
                                         the facilities and entry into of the other Finance Documents.

 

It is agreed:

 

	1	Definitions and interpretation

 

	1.1	Definitions

 

Unless otherwise defined in
this Agreement, words and expressions defined (directly or indirectly) in any other Finance Document shall have the same meaning
when used in this Agreement. The following definitions also apply to this Agreement:

 

ABC Laws means Anti-Bribery
and Corruption Laws means all applicable anti-bribery and corruption laws and regulations including but not limited to the US
Foreign and Corrupt Practices Act 1977 and the UK Bribery Act 2010.

 

    Page  1

     

    

 

Acceleration means any
action taken by the Investment Agent pursuant to clause 21.17 (Consequences of an Event of Default) or other similar action
by any other Secured Party (and, where the context requires, Accelerate, Accelerated and any derivative of either shall
be construed accordingly).

 

Accounts means:

 

		(a)	the Collection Account; and

 

		(b)	the Facility Service Reserve Account.

 

Account Security means
a UAE law movables pledge agreement in respect of each Account between the Company and the Security Agent in the Agreed Form.

 

Affiliate means, in relation
to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

 

Agreed Form means, in
relation to any document, the agreed form of that document either:

 

		(a)	as delivered to and accepted by
                                         the Investment Agent (acting on the instructions of all Participants) on or prior to
                                         the date of this Agreement or otherwise as confirmed by representatives of the Company
                                         and of the Investment Agent (acting on the instructions of all Participants) as in agreed
                                         form prior to the date of this Agreement; or

 

		(b)	if not so delivered or confirmed,
                                         is in form and substance reasonably acceptable to the Investment Agent (acting on the
                                         instructions of all Participants).

 

Annual Accounts means
the annual audited consolidated financial statements of the Company delivered or to be delivered to the Investment Agent pursuant
to Clause 15.1(a).

 

Applicable Anti Bribery Law
means any bribery, fraud, kickback or other similar anti-corruption law or regulation of any relevant country, including the
Bribery Act 2010 and the US Foreign Corrupt Practices Act 1977.

 

Assignment Agreement has
the meaning given to it in Clause 26.3.1.

 

Assignment of Project Documents
means the UAE law movables pledge and assignment granted by the Company in favour of the Security Agent in relation to certain
of the Project Documents (as defined therein) other than the Project Site Lease in the Agreed Form.

 

Assignment of Receivables
means the UAE law movables pledge and assignment dated on or about the date of this Agreement granted by the Company in favour
of the Security Agent in relation to all Terminal Revenue, including relating to the              
Offtake Contract in the Agreed Form.

 

Assignment of Insurances
means the UAE law movables pledge and assignment dated on or about the date of this Agreement granted by the Company in favour
of the Security Agent in relation to the Insurances in the Agreed Form.

 

    Page  2

     

    

 

Authorisation means an
authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration required in connection
with the Transaction Documents or the Project.

 

Authorised Activity has
the meaning given to it in Clause 10.1 (Definitions).

 

Bank Technical Adviser means
the engineer acting as the technical adviser solely to the Investment Agent.

 

Base Currency means Dirhams.

 

Basel III means:

 

		(a)	the agreements on capital requirements,
                                         a leverage ratio and liquidity standards contained in “Basel III: a global regulatory
                                         framework for more resilient banks and banking systems”, “Basel III: international
                                         framework for liquidity risk measurement, standards and monitoring” and “Guidance
                                         for national authorities operating the countercyclical capital buffer” published
                                         by the Basel Committee on Banking supervision in December 2010, each as amended, supplemented
                                         or restated;

 

		(b)	the rules for global systemically
                                         important banks contained in “Global systemically important banks: assessment methodology
                                         and the additional loss absorbency requirement –  Rules text” published by the Basel
                                         Committee on Banking Supervision in November 2011, as amended, supplemented or restated;

 

		(c)	the agreements contains in “Basel
                                         III: Finalising post-crisis reforms” published by the Basel Committee on Banking
                                         Supervision in December 2017 as amended, supplemented or restated; and

 

		(d)	any further guidance or standards
                                         published by the Basel Committee on Banking Supervision relating to the agreements or
                                         rules referred to in paragraph (a), (b) or (c) above.

 

Business Day means:

 

		(a)	for the purposes of making AED
                                         payments or fixing EIBOR under this Agreement, a day (other than Friday or Saturday)
                                         on which banks are open for general business in Abu Dhabi; and

 

		(b)	for all other purposes, a day (other
                                         than Friday or Saturday) on which banks are open for general business in Abu Dhabi.

 

Cash Flows Report means
each report in a form acceptable to the Investment Agent (acting on the instructions of the Majority Participants), produced by
the Company and signed by two authorised signatories of the Company, setting out in reasonable detail:

 

		(a)	Terminal Revenues for the relevant
                                         Half Year Period;

 

		(b)	Terminal Earnings for the relevant
                                         Half Year Period; and

 

		(c)	any other information that a Participant
                                         may reasonably request the Company provide in relation to net inflows and outflows of
                                         cash in relation to the Project.

 

    Page  3

     

    

 

Collection Account
means non-interest bearing Dirham denominated investment account with           
                                    
held by the Company with the Account Bank established in accordance with Clause 20 (Accounts), and any renewal
or redesignation thereof.

 

Commitment means:

 

		(a)	in relation to an Original Participant,
                                         the amount set opposite its name under the heading “Commitment” in Schedule
                                         1 (The Original Participant) and the amount of any other Commitment transferred
                                         to it under this Agreement; and

 

		(b)	in relation to any other Participant,
                                         the amount of any Commitment transferred to it under this Agreement,

 

to the extent not cancelled,
reduced or transferred by it under this Agreement or any other Finance Document.

 

Completion Certificate
means the certificate issued by the Consultant certifying that the works under the Construction Contract have been completed in
accordance with the terms of the Construction Contract.

 

Completion Date means
the date by which:

 

		(a)	the Completion Certificate has
                                         been issued by the Consultant; and

 

		(b)	the Completion Date Certificate
                                         has been issued to the Investment Agent.

 

Completion Date Certificate
means a certificate in a form and substance satisfactory to the Investment Agent (acting on the instructions of the Majority
Participants), issued by the Consultant to the Investment Agent certifying that:

 

		(a)	the Completion Certificate has
                                         been issued; and

 

		(b)	there are no material actual or
                                         contingent obligations of the Company under or in connection with the Construction Contract.

 

Compliance Certificate
means a certificate substantially in the form set out in Schedule 6 (Form of Compliance Certificate).

 

Construction Contract has
the meaning given to it in the Master Istisna’ Agreement.

 

Construction Costs means
the following amounts (other than amounts due under any financing arrangements) paid or payable by the Company up to and including
the Completion Date in connection with the Project:

 

		(a)	all sums payable pursuant to the
                                         Project Documents;

 

		(b)	all sums payable in relation to
                                         Authorisations;

 

		(c)	all sums payable in relation to
                                         Insurances; and

 

		(d)	Taxes.

 

    Page  4

     

    

 

Consultant means such
person approved by the Investment Agent (acting on the instructions of the Majority Participants) and appointed by the Company
to act as the project manager of the Project.

 

Contractor has the meaning
given to it in the Master Istisna’ Agreement.

 

Cost Overruns means the
amount (if any) by which the actual Construction Costs exceed the Total Project Cost.

 

Cross Collateralised Security
means Security over the Project Site Lease which secures both the Secured Liabilities and the Company’s liabilities
under the financing provided bilaterally by First Abu Dhabi Bank PJSC to the Company prior to the date of this Agreement in relation
to Phase 1.

 

Dangerous Materials means
any element or substance (in any form) which is subject to regulatory control as being hazardous or dangerous or which is capable
of causing harm or damage to the Environment.

 

Default means an Event
of Default or any event or circumstance specified in Clause 21 (Events of Default) which would (with the expiry of a grace
period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing)
be an Event of Default.

 

Delegate means any delegate,
agent, attorney, co-trustee, custodian or nominee appointed by the Security Agent, and includes any sub-delegate.

 

DIFC means the Dubai
International Financial Centre, Emirate of Dubai, UAE.

 

Disruption Event means
either or both of:

 

		(a)	a material disruption to those
                                         payment or communications systems or to those financial markets which are, in each case,
                                         required to operate in order for payments to be made in connection with the Finance Documents
                                         (or otherwise in order for the transactions contemplated by the Finance Documents to
                                         be carried out) which disruption is not caused by, and is beyond the control of, any
                                         of the Parties; or

 

		(b)	the occurrence of any other event
                                         which results in a disruption (of a technical or systems-related nature) to the treasury
                                         or payments operations of a Party preventing that, or any other Party:

 

		(i)	from performing its payment obligations
                                         under the Finance Documents; or

 

		(ii)	from communicating with other Parties
                                         in accordance with the terms of the Finance Documents,

 

and which (in either such case)
is not caused by, and is beyond the control of, the Party whose operations are disrupted.

 

Early Payment Advance has
the meaning given to it in Clause 25.7 (Effect of early payment).

 

EIBOR means, in relation
to any relevant period:

 

		(a)	the applicable Screen Rate as of
                                         the Specified Time for Dirhams on the relevant Quotation Day for a period equal in length
                                         to the relevant period; or

 

    Page  5

     

    

 

		(b)	if such page or service ceases
                                         to be available, as otherwise determined pursuant to clause 6.9 (Adjustments to the
                                         Variable Rental Payments or Advance Variable Rental Payments) of the Master Forward
                                         Lease Agreement,

 

and if, in either case, that
rate is less than zero, EIBOR shall be deemed to be zero.

 

Environment means humans,
animals, plants and all other living organisms including the ecological systems of which they form part and the following media:

 

		(a)	air (including, without limitation.
                                         air within natural or man-made structures, whether above or below ground);

 

		(b)	water (including, without limitation,
                                         territorial, coastal and inland waters, water under or within land and water in drains
                                         and sewers); and

 

		(c)	land (including, without limitation,
                                         land under water).

 

Environmental Claim means
any claim, proceeding, formal notice or investigation by any person in respect of any Environmental Law.

 

Environmental Law means
any applicable law or regulation which relates to:

 

		(a)	the carriage of Environmentally
                                         Sensitive Material or to actual releases of Environmentally Sensitive Material;

 

		(b)	the conditions of the workplace;

 

		(c)	the generation, handling, storage,
                                         use, release or spillage of any substance which, alone or in combination with any other,
                                         is capable of causing harm to the Environment, including, without limitation, any waste;
                                         or

 

		(d)	the pollution or protection of
                                         the Environment.

 

Environmental Permits
means any permit and other Authorisation and the filing of any notification, report or assessment required under any Environmental
Law for the operation of the business of the Company or in connection with the Project.

 

Environmentally Sensitive
Material means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance)
which is polluting, toxic or hazardous.

 

Event of Default means
each of the events and circumstances specified as such and set out in Clause 21 (Events of Default).

 

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 all or a substantial part of the Leased Asset.

 

Facility Office means
the office or offices notified by a Participant to the Investment Agent in writing on or before the date it becomes a Participant
(or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it
will perform its obligations under this Agreement.

 

    Page  6

     

    

 

Facility Service Cover Ratio
means, in respect of any Relevant Period, the ratio of Terminal Earnings for that Relevant Period to the total Rental Payments
falling due on each Testing Date to occur during that Relevant Period.

 

Facility Service Reserve
Account means the non-interest bearing Dirham denominated investment account with         
                                  held
by the Company with the Account Bank established in accordance with Clause 20 (Accounts), and any renewal or redesignation
thereof.

 

FATCA means:

 

		(a)	sections 1471 to 1474 of the US
                                         Internal Revenue Code of 1986 or any associated regulations or other official guidance;

 

		(b)	any treaty, law, regulation or
                                         other official guidance enacted in any other jurisdiction, or relating to an intergovernmental
                                         agreement between the US and any other jurisdiction, which (in either case) facilitates
                                         the implementation of any law or regulation referred to in paragraph (a) above; or

 

		(c)	any agreement pursuant to the implementation
                                         of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the
                                         US Internal Revenue Service, the US government or any governmental or taxation authority
                                         in any other jurisdiction.

 

FATCA Deduction means
a deduction or withholding from a payment under a Finance Document required by FATCA.

 

FATCA Exempt Party means
a Party that is entitled to receive payments free from any FATCA Deduction.

 

FATCA FFI means a foreign
financial institution as defined in section 1471(d)(4) of the US Internal Revenue Code of 1986 which, if any Party is not a FATCA
Exempt Party, could be required to make a FATCA Deduction

 

Fatwa and Shari’ah
Supervisory Board means the board of learned Shari’ah scholars of the Investment Agent who determine whether, in their
view, the transaction contemplated in the Finance Documents is compliant with the principles of Shari’ah.

 

Fee Letter means each
fee letter between the Company and the Investment Agent, the Security Agent or an Original Participant relating to the Finance
Documents and dated on or about the date of this Agreement.

 

Final Maturity Date means
the date occurring 120 months from the date of this Agreement.

 

Finance Charges means,
in respect of the Company, and in respect of any Relevant Period, the aggregate amount of the accrued rental or profit, commission,
fees, discounts, prepayment processing fees, premiums or charges and other finance payments in the nature of profit in respect
of its Financial Indebtedness whether paid, payable or capitalised by any member of its group (calculated on a consolidated basis)
in respect of that Relevant Period including:

 

		(a)	any upfront fees or costs;

 

    Page  7

     

    

 

		(b)	fees payable in connection with
                                         the issue or maintenance of any bond letter of credit, guarantee or other assurance against
                                         financial loss which constitutes Financial Indebtedness and is issued by a third party
                                         on behalf of a member of its group;

 

		(c)	commitment, utilisation and non-utilisation
                                         fees;

 

		(d)	the profit or rental (but not the
                                         capital) element of payments in respect of Finance Leases; and

 

		(e)	any commission, fees, discounts
                                         and other finance payments payable by (and deducting any such amounts payable to) any
                                         member of its group under any profit rate hedging arrangement,

 

excluding

 

		(f)	interest (capitalised
                                         or otherwise) in respect of any of its Subordinated Shareholder Loans,

 

and in each case so that no
amount shall be added (or deducted) more than once.

 

Finance Documents means:

 

		(a)	this Agreement;

 

		(b)	the Master Forward Lease Agreement;

 

		(c)	the Forward Lease;

 

		(d)	the Master Istisna’ Agreement;

 

		(c)	the Istisna’ Agreement;

 

		(e)	the Purchase Undertaking;

 

		(f)	the Sale Undertaking;

 

		(g)	any Sale Agreement;

 

		(h)	the Service Agency Agreement;

 

		(i)	the Title Agency Agreement;

 

		(j)	the Offer Letter;

 

		(k)	the Acceptance;

 

		(l)	each Istisna’ Instalment
                                         Notice;

 

		(m)	each Advance Variable Rental Payment
                                         Notice;

 

		(n)	the First Rental Payment Notice;

 

		(o)	each General Rental Payment Notice;

 

		(p)	the Indemnity Undertaking;

 

    Page  8

     

    

 

		(q)	each Fee Letter;

 

		(r)	each Transaction Security Document;
                                         and

 

		(s)	any other document or agreement
                                         designated as such by the Lessor and the Lessee.

 

Finance Lease means
any lease or hire purchase contract which would, in accordance with IFRS, be treated as a finance or capital lease.

 

Finance Party means each
of:

 

		(a)	the Arranger;

 

		(b)	each Participant;

 

		(c)	the Investment Agent;

 

		(d)	the Lessor;

 

		(e)	the Security Agent; and

 

		(f)	the Account Bank.

 

Financial Indebtedness means
any indebtedness (or the Shari’ah compliant equivalent) for or in respect of:

 

		(a)	monies borrowed (including any
                                         working capital facilities);

 

		(b)	any amount raised by acceptance
                                         under any acceptance credit facility or dematerialised equivalent;

 

		(c)	any amount raised pursuant to any
                                         note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar
                                         instrument;

 

		(d)	the amount of any liability in
                                         respect of any lease or hire purchase contract which would, in accordance with IFRS,
                                         be treated as a finance or capital lease;

 

		(e)	receivables sold or discounted
                                         (other than any receivables to the extent they are sold on a non-recourse basis);

 

		(f)	any amount raised under any other
                                         transaction (including any forward sale or purchase agreement) having the commercial
                                         effect of a borrowing;

 

		(g)	any amount raised under any Islamic
                                         financing arrangement (but excluding, for the purpose of this paragraph (g), any amount
                                         covered by paragraph (h) below);

 

		(h)	any derivative transaction entered
                                         into in connection with protection against or benefit from fluctuation in any rate or
                                         price (and, when calculating the value of any derivative transaction, only the marked
                                         to market value shall be taken into account);

 

		(i)	any counter-indemnity obligation
                                         in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or
                                         any other instrument issued by a bank or financial institution; and

 

		(j)	the amount of any liability in
                                         respect of any guarantee or indemnity for any of the items referred to in paragraphs
                                         (a) to (i) above.

 

    Page  9

     

    

 

Financial Year means
the annual accounting period of the Company ending on 31 December in each year.

 

FSRA Funding Date means
the date falling five Business Days prior to the first Rental Payment Date.

 

Global Transfer Certificate
means single Transfer Certificate (or such other document as acceptable to the Parties and each New Participant at the relevant
time) executed by the Existing Participant and certain New Participants and counter-signed by the Investment Agent pursuant to
which the Commitments, and related rights and obligations, of:

 

		(a)	the Existing Participant are reduced
                                         to AED100,000,000; and

 

		(b)	the New Participants, in aggregate,
                                         are increased to AED250,000,000.

 

Group means the Company
and its Subsidiaries (direct or indirect) from time-to-time.

 

Group Company means a
member of the Group.

 

           Offtake
Contract means the offtake contract dated 27 June 2018 between the Company and           
                       .

 

Half Year Accounts means
the semi-annual financial statements of the Company delivered or to be delivered to the Investment Agent pursuant to Clause 15.1(b).

 

Half Year Period means
each six month period commencing on and from 1 January and 1 July in each year.

 

Holding Company means,
in relation to a person, any other person in respect of which it is a Subsidiary.

 

IFRS means international
accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

 

Insurances means all
contracts and policies of insurance taken out by or on behalf of the Company in connection with all or part of the Project, Project
Site, the Phase 2 Storage Terminal and/or its assets directly relating thereto.

 

Insurance and Compensation
Proceeds means any payment of:

 

		(a)	insurance proceeds payable to or
                                         received by the Company in respect the Project, Project Site and/or the Phase 2 Storage
                                         Terminal; or

 

		(b)	compensation payable to or received
                                         by the Company in respect in respect the Project, Project Site and/or the Phase 2 Storage
                                         Terminal in respect of:

 

		(i)	any seizure, compulsory acquisition,
                                         expropriation, nationalisation, intervention, restriction or other action by or on behalf
                                         of any governmental, regulatory or other person in relation to all or part of the Project,
                                         Project Site and/or the Phase 2 Storage Terminal;

 

    Page  10

     

    

 

		(ii)	any sum paid to or for the account
                                         of the Company in respect of the refusal, revocation, suspension, modification or imposition
                                         of conditions in respect of any Authorisation, or any other official order or notice
                                         restricting all or part of the Project including the operation of the Phase 2 Storage
                                         Terminal (or any other operations or business carried out at the Project Site); or

 

		(iii)	an Expropriation Event,

 

which is remitted to or received
by the Investment Agent (in its capacity as such) or the Security Agent for onward payment to the relevant Participants pursuant
to this Agreement but excluding in each case monies received under liability policies held by the Company which are required by
that Company to satisfy established liabilities of the Company to third parties which shall be used to satisfy such third party
liabilities.

 

Investment means the
aggregate of all Participant Contributions that have been paid and remain outstanding or have not otherwise been reduced from
time to time under the Finance Documents.

 

Initial Equity Contribution
means the amount of AED260,000,000 (i.e. an amount equal to 42.62 per cent of the Total Project Cost) fully contributed to
the Project by the Company from it own resources prior to the date of this Agreement.

 

IPO Event means the listing
of Listco on any stock exchange.

 

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

 

Legal Reservations means
the reservations or qualifications as to matters of law of general application which are set out in the legal opinions delivered
pursuant to any Finance Document.

 

Lessee Event of Default has
the meaning given to it in the Master Forward Lease Agreement.

 

Listco means any Holding
Company of the Company from time to time.

 

Majority Participants means:

 

		(a)	if no Participant
Contributions have been made, a Participant or Participants whose Commitments aggregate more than 662⁄3 per cent of the Total
Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662⁄3 per cent of the Total Commitments
immediately before the reduction); or

 

		(b)	at any other time, a Participant
or Participants whose Participant Contributions forming part of the Investment then outstanding aggregate more than 662⁄3 per cent
of the Investment.

 

Master Forward Lease Agreement
means the master forward lease agreement dated on or about the date of this Agreement between the Investment Agent (as the
Lessor) and the Company (as the Lessee).

 

Master Istisna’ Agreement
means the master istisna’ agreement dated on or about the date of this Agreement between the Company (as the Seller)
and the Investment Agent.

 

    Page  11

     

    

 

Material Adverse Effect means
a material adverse effect on:

 

		(a)	the business, operations, property
                                         or condition (financial or otherwise) of any Obligor, the Project or the Phase 2 Storage
                                         Terminal;

 

		(b)	the ability of an Obligor to perform
                                         its payment or other material obligations under the Finance Documents to which it is
                                         a party; or

 

		(c)	the validity or enforceability
                                         of any Finance Document (other than the Service Agency Agreement).

 

New Participant has the
meaning given to it in Clause 26.1 (Transfers by the Participants).

 

Obligors means:

 

		(a)	the Company; and

 

		(b)	each Guarantor.

 

Original Financial Statements
means the Company’s audited financial statements for the Financial Year ended 31 December 2017.

 

Participant means:

 

		(a)	any Original Participant; and

 

		(b)	any bank, financial institution,
                                         trust, fund or other entity which has become a Participant accordance with Clause O (Changes),

 

which in each case has not ceased
to be a Participant in accordance with the terms of this Agreement.

 

Participant Contribution
means, in relation to a Participant, a payment to be made or made to the Investment Agent under this Agreement for application
by the Investment Agent pursuant to the Finance Documents.

 

Participant Contribution
Date means the date when a Participant Contribution is or is to be made.

 

Participant Contribution
Request means a document substantially in the form set out in Schedule 4 (Form of Participant Contribution Request).

 

Participation means,
in relation to a Participant, the aggregate amount of its Participant Contributions, as the same may be increased or decreased
by transfers in accordance with the provisions of Clause 26.1 (Transfers by the Participants) or otherwise in accordance
with the terms of the Finance Documents.

 

Participations to Cost means,
on any date, the aggregate amount of all Participations on that date as a percentage of the aggregate of the sum of all actual
Construction Costs and Project Expenses paid to that date (determined in accordance with the most recent Project Progress Report).

 

Participations to Value Ratio
means, on any date, the ratio of all Participations on that date to the amount of the most recent Valuation supplied to the
Investment Agent in accordance with Clause 17.8.1 (Valuations).

 

    Page  12

     

    

 

Party means a party to
this Agreement.

 

Percentage means in relation
to a Participant, the percentage set opposite its name under the heading ‘Percentage’ in Schedule 1 (The Original
Participant), as such percentage may change from time to time in order to reflect the actual percentage of its Participation
in relation to the aggregate amount of all Participations.

 

Perfection Requirements
means the making of all registrations, filings, endorsements, notarisation, stamping, notifications or other actions or steps
required to be made in any jurisdiction in order to perfect Security created by a Transaction Security Document and/or in order
to achieve the relevant priority for the Security created thereunder.

 

Permitted Security means:

 

		(a)	any Security created under a Finance
                                         Document;

 

		(b)	any lien arising by operation of
                                         law pursuant to the ordinary course of a Group Company’s day-to-day trading activities
                                         and not as a result of any default or omission by any Group Company;

 

		(c)	in relation to any bank account
                                         permitted in accordance with the terms of this Agreement, any netting or set-off arrangement
                                         entered into by any Group Company in the ordinary course of its banking arrangements
                                         for the purpose of netting debit and credit balances of Group Companies but only so long
                                         as:

 

		(i)	such arrangement does not permit
                                         credit balances of Obligors to be netted or set off against debit balances of Group Companies
                                         which are not Obligors; and

 

		(ii)	such arrangement does not give rise
                                         to other Security over the assets of Obligors;

 

		(d)	any Security or Quasi-Security
                                         arising under any retention of title, hire purchase or conditional sale arrangement or
                                         arrangements having similar effect in respect of goods supplied to a Group Company in
                                         the ordinary course of its day-to-day trading activities and on the supplier’s
                                         standard or usual terms and not as a result of any default or omission by any Group Company;

 

		(e)	any Security or Quasi-Security
                                         arising as a consequence of any finance or capital lease where the Financial Indebtedness
                                         arising under that arrangement is permitted under the Finance Documents;

 

		(f)	any Security created in favour
                                         of a plaintiff or defendant in any proceedings or arbitration as security for costs and
                                         expenses where the relevant Group Company is diligently prosecuting or defending such
                                         proceedings or arbitration in good faith;

 

		(g)	any lien arising by operation of
                                         law in respect of Taxes which are not overdue for payment or in respect of Taxes being
                                         diligently contested in good faith by appropriate steps and in respect of which appropriate
                                         reserves have been made; or

 

		(h)	any Security or Quasi-Security
                                         granted with the Investment Agent’s prior written consent.

 

    Page  13

     

    

 

Phase 1 means the project
known as “Phase 1” on the Project Site relating to the construction of 14 clean oil and green fuel storage tanks completed
by the Company prior to the date of this Agreement.

 

Phase 1 Accounts means
each accounts of the Company maintained with First Abu Dhabi Bank PJSC relating to Phase 1.

 

Phase 2 Storage Terminal
means eight oil storage tanks with a total capacity of 600,000 cubic meters to be constructed at the Project Site pursuant
to the Construction Contract together with any related fixtures and fittings at the Project Site.

 

Project means the construction,
management, operation, maintenance and repair of the Phase 2 Storage Terminal on the Project Site.

 

Project Bond means each:

 

		(a)	advance payment bond;

 

		(b)	performance guarantee; and

 

		(c)	warranty guarantee,

 

issued in favour of the Company
in connection with the Project.

 

Projected Completion Date
means 18.5 months from 10 September 2018.

 

Project Documents means:

 

		(a)	the Construction Contract;

 

		(b)	the Project Site Lease;

 

		(c)	each Project Bond; and

 

		(d)	any other document designated as
                                         such by the Investment Agent and the Company.

 

Project Expenses means
any miscellaneous costs and expenses incurred by the Company relating directly to the operation of the Phase 2 Storage Terminal.

 

Project Progress Report means
each report in a form acceptable to the Investment Agent (acting on the instructions of the Majority Participants), produced by
the Bank Technical Adviser, and certified as accurate by the Company and the Consultant, setting out in reasonable detail:

 

		(a)	the progress of the Project to
                                         the date of such report;

 

		(b)	the amount of all actual Construction
                                         Costs and Project Expenses paid to date;

 

		(c)	the achievement of any construction
                                         milestones required to have been achieved by such date under the Construction Contract
                                         or, if any milestone has not been achieved, reasonable details of the reason for such
                                         non-achievement; and

 

		(d)	any other information that a Participant
                                         may reasonably request the Company provide in relation to the construction of the Project.

 

    Page  14

     

    

 

Project Site means Plot
Number 130, Block B, Al Sudah, Fujairah, UAE.

 

Project Site Lease means
the lease dated 10 March 2013 in respect of the Project Site granted in favour of the Company by Fujairah Oil Industry Zone (FOIZ).

 

Protected Party means
any Secured Party which is or will be subject to any liability or required to make any payment for or on account of Tax in relation
to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

 

Purchase Undertaking means
the purchase undertaking granted by the Company in favour of the Investment Agent on or about the date of this Agreement.

 

PwC Feasibility Report means
a financial feasibility report in respect of the Project produced by PwC including an up to date financial projections model prepared
on the basis of prevailing market conditions and which is in a form acceptable to the Investment Agent (acting on the instructions
of the Majority Participants).

 

Quarterly Period means
each three month period commencing on and from 1 January, 1 April, 1 July and 1 October in each year.

 

Quasi-Security means
an arrangement or transaction described in Clause 18.6.1(a) (Negative Pledge).

 

Quotation Day means,
in relation to any relevant period for which EIBOR is to be determined, two Business Days before the first day of that relevant
period.

 

Receiver means a receiver
or receiver and manager or administrative receiver of the whole or any part of the Secured Property.

 

Reference Bank Quotation
means any quotation supplied to a Finance Party by a Reference Bank.

 

Related Finance Charges means,
in relation to any Relevant Period, all Finance Charges relating tot the Finance Documents falling due during that Relevant Period.

 

Relevant Interbank Market
means the UAE interbank market in Dirhams.

 

Relevant Jurisdiction
means, in relation to a company:

 

		(a)	its jurisdiction of incorporation;

 

		(b)	any jurisdiction where it conducts
                                         business;

 

		(c)	any jurisdiction where any asset
                                         subject to or intended to be subject to the Transaction Security to be granted by it
                                         is situated; and

 

		(d)	the jurisdiction whose laws govern
                                         the perfection of any Transaction Security Document entered into by it.

 

Relevant Nominating Body
means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee
sponsored or chaired by, or constituted at the request of, any of them.

 

    Page  15

     

    

 

Relevant Period means
each period of twelve months ending on a Testing Date falling after the date of this Agreement.

 

Remittance means any
payment made or owing by any Obligor under any Finance Document in relation to the Investment which is remitted to or received
by the Investment Agent for onward payment to the relevant Participants pursuant to this Agreement.

 

Repeating Representation
means each of the representations set out in Clauses 14.2 (Status) to 14.6 (Validity and Admissibility in Evidence),
Clause 14.12 (No Event of Default), Clause 14.15.4, Clause 14.17 (Applicable Anti Bribery Law), Clause 14.17
(Sanctions) and Clause 14.21 (Transaction Security Documents), Clause 14.23 (Ranking) to Clause 14.30 (Insurances).

 

Replacement Benchmark means
a benchmark rate which is:

 

		(a)	formally designated nominated
                                         or recommended as the replacement for the Screen Rate by:

 

		(i)	the administrator of the Screen Rate
                                         (provided that the market or economic reality that such benchmark rate measures is the
                                         same as that measured by the Screen Rate); or

 

		(ii)	any Relevant Nominating Body,

 

and if replacements have, at
the relevant time. been formally designated, nominated or recommended under both paragraphs (i) and (ii) above, the “Replacement
Benchmark” will be the replacement under paragraph (ii) above;

 

		(b)	in the opinion of the Majority
                                         Participants and the Company, generally accepted in the international or any relevant
                                         domestic syndicated finance markets as the appropriate successor to the Screen Rate;
                                         or

 

		(c)	in the opinion of the Majority
                                         Participants and the Company, an appropriate successor to the Screen Rate.

 

Representative means
any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

 

Required FSRA Balance for
any Relevant Period has the meaning given to it in Clause 20.4.1.

 

Restricted Party means
a person that is:

 

		(a)	listed on any Sanctions List;

 

		(b)	at least 50% owned or otherwise
                                         controlled (as such term is used and applied in the relevant Sanctions) by, or (to the
                                         knowledge of the Company) acting on behalf, or at the direction, of any persons that
                                         are listed on any Sanctions List; or

 

		(c)	otherwise a target of Sanctions
                                         (“target of Sanctions” signifying a person with whom a US person or
                                         other national of a Sanctions Authority would be prohibited or restricted by law from
                                         engaging in trade, business or other activities).

 

    Page  16

     

    

 

Sale Undertaking means
the sale undertaking granted by the Investment Agent in favour of the Company.

 

Sanctions means any economic,
trade or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions
Authority.

 

Sanctions Authorities means
the United States of America, the United Nations, the European Union, the United Kingdom, the United Arab Emirates or the respective
governmental institutions and agencies of any of the foregoing, including, without limitation the Office of Foreign Asset Control
of the US Department of the Treasury (OFAC), the United States Departments of State and Commerce and Her Majesty’s
Treasury.

 

Sanctions List means
the “Specially Designated Nationals and Blocked Persons” Sectoral Sanctions Identifications and Foreign Sanctions
Evaders lists maintained by OFAC, the Consolidated List of Financial Sanctions Targets (Asset Freeze Targets and the Investments
Ban Lists) maintained by Her Majesty’s Treasury, or any similar lists maintained by, or public announcement of Sanctions
designation made by, any of the Sanctions Authorities, each as amended, supplemented or substituted from time to time.

 

Screen Rate means in
relation to EIBOR, the UAE interbank offered rate for Dirhams for the relevant period displayed on the appropriate page of the
Reuters screen (or any replacement Reuter’s page which displays that rate) or, if no Reuters service is available, on the
appropriate page of such other information service which publishes that rate from time to time in place of Reuters.

 

Screen Rate Replacement Event
means, in relation to the Screen Rate:

 

		(a)	the methodology, formula or other
                                         means of determining the Screen Rate has, in the opinion of the Majority Participants
                                         and the Company materially changed;

 

		(b)	the administrator of the Screen
                                         Rate or its supervisor publicly announces that such administrator is insolvent;

 

		(c)	information is published in any
                                         order, decree, notice, petition or filing, however described, of or filed with a court,
                                         tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial
                                         body which reasonably confirms that the administrator of the Screen Rate is insolvent,
                                         provided that, in each case, at that time, there is no successor administrator to continue
                                         to provide the Screen Rate;

 

		(d)	the administrator of the Screen
                                         Rate publicly announces that it has ceased or will cease, to provide that Screen Rate
                                         permanently or indefinitely and, at that time, there is no successor administrator to
                                         continue to provide the Screen Rate;

 

		(e)	the supervisor of the administrator
                                         of the Screen Rate publicly announces that the Screen Rate has been or will be permanently
                                         or indefinitely discontinued;

 

		(f)	the administrator of the Screen
                                         Rate or its supervisor announces that the Screen Rate may no longer be used; or

 

		(g)	in the opinion of the Majority
                                         Participants and the Company, the Screen Rate is otherwise no longer appropriate for
                                         the purposes of the calculation of Variable Rental Payments or Advance Variable Rental
                                         Payments (as applicable) under the Finance Documents.

 

    Page  17

     

    

 

Secured Liabilities means
all liabilities owing to the Secured Parties by any Obligor under or pursuant to the Finance Documents (including, for the avoidance
of doubt, the provisions of Clause 10.37 (Parallel debt and security)) and whether present or future, actual or contingent
(and whether incurred by an Obligor alone or by the Obligors jointly, and whether as principal or surety or in some other capacity).

 

Secured Party means each
of:

 

		(a)	each Finance Party;

 

		(b)	any Receiver; and

 

		(c)	any Delegate.

 

Secured Property means
all assets of the Company which from time to time are, or are expressed to be, the subject of the Transaction Security.

 

Security means a mortgage,
charge (whether fixed or floating) or pledge, any maritime or other lien, assignment by way of security, retention of title provision,
trust or flawed asset arrangement (for the purpose of, or which has the effect of, granting security), the security rights of
a plaintiff under an action in rem, or other security interest securing any obligation of any person or any other agreement
or arrangement in any jurisdiction having a similar effect.

 

Security Period means
the period from the date of this Agreement up to and including the date on which the Security Agent (acting on the instructions
of the Investment Agent who, in turn. is acting on the instructions of all Participants) is satisfied that all of the Secured
Liabilities have been unconditionally and irrevocably paid or discharged in full and that no Secured Party has any commitment
or liability, whether present or future, actual or contingent, in relation to the Finance Documents.

 

Service Agency Agreement
means the service agency agreement dated on or about the date of this Agreement between the Service Agent and the Investment
Agent in its capacity as principal.

 

Specified Time means
11:00 am.

 

Successful Syndication means
the date on which a transfer is effected pursuant to the Investment Agent’s execution of a Global Transfer Certificate in
accordance with Clause 26.6 (Procedure for transfer).

 

Share Pledge means a
UAE law share pledge granted in favour of the Security Agent in respect of the entire issued share capital of the Company.

 

Shari’ah means
the rules, principles and parameters of Islamic law as interpreted by the Fatwa and Shari’ah Supervisory Board.

 

Sponsors means:

 

		    	   
                                                          
                                                       
                                                           
                                                          
                                                 

 

		    	   
                                                                 
                                                             

 

		    	   
                                                                  
                                                     

 

    Page  18

     

    

 

Subordinated Shareholder
Loan means any loan from a Sponsor made or outstanding from the Company that is subordinated to the liabilities under the
Finance Documents, either pursuant to an Agreed Form subordination agreement or otherwise on terms acceptable to the Investment
Agent (acting on the instructions of the Majority Participants).

 

Subsidiary means, in
relation to any company or corporation (the first company or corporation) at any particular time, any other company or
corporation (the second company or corporation) whose affairs and policies the first company or corporation controls or
has the power to control, whether by ownership of share capital, contract, or the power to appoint or remove members of the governing
body of the second company or corporation.

 

Tax means any zakat,
tax, levy, impost, duty or other charge or withholding of a similar nature.

 

Terminal Earnings means,
in respect of any Relevant Period, Terminal Revenues in respect of that Relevant Period less Project Expenses in respect of that
Relevant Period.

 

Terminal Revenues means
all amounts (by way of revenue, rent, capital, collection, fee, storage rental revenues, revenue from value added services (including
fees for blending, inter tank transfer, throughput transfer and heating services) or other amount received or receivable by or
on behalf of the Company from any person in relation to, or the operation of, the Phase 2 Storage Terminal.

 

Testing Date means 30
June and 31 December in each year.

 

Third Parties Act means
the Contracts (Rights of Third Parties) Act 1999.

 

Title Agency Agreement means
the title agency agreement between the Investment Agent and the Company in relation to the title to the Leased Asset.

 

Total Commitments means
the aggregate of the Commitments being an amount up to AED350,000,000 at the date of this Agreement.

 

Total Project Cost means
AED610,000,000 being the aggregate amount of anticipated Construction Costs at the date of this Agreement.

 

Transaction Documents means:

 

		(a)	the Finance Documents; and

 

		(b)	the Project Documents.

 

Transaction Request means:

 

		(a)	the Offer Letter; or

 

		(b)	an Istisna’ Instalment Notice.

 

Transaction Security means
the Security created or expressed to be created in favour of the Investment Agent and/or the Security Agent pursuant to the Transaction
Security Documents.

 

Transaction Security Documents
means:

 

		(a)	the Account Security;

 

    Page  19

     

    

 

		(b)	the Share Pledge;

 

		(c)	the Assignment of Project Documents;

 

		(d)	the Assignment of Receivables;

 

		(e)	the Assignment of Insurances; and

 

		(f)	any other document creating, or
                                         which expresses to create, Security for the Secured Liabilities.

 

Transfer Certificate means
a certificate substantially in the form set out in Schedule 3 (Form of Transfer Certificate) or any other form (including
and assignment and assumption arrangement) agreed between the Investment Agent and the Company.

 

Transfer Date means,
in relation to an assignment or a transfer, the later of:

 

		(a)	the proposed Transfer Date specified
                                         in the relevant Assignment Agreement or Transfer Certificate; and

 

		(b)	the date on which the Investment
                                         Agent executes the relevant Assignment Agreement or Transfer Certificate.

 

UAE means the United
Arab Emirates.

 

Unpaid Sum means any
sum due and payable but unpaid by the Company under the Finance Documents.

 

US Tax Obligor means
a party:

 

		(a)	which is resident for tax purposes
                                         in the US; or

 

		(b)	some or all of whose payments under
                                         the Finance Documents are from sources within the US for US federal income tax purposes.

 

Valuation means each
valuation of the Phase 2 Storage Terminal by a Valuer supplied in accordance with Clause 17.8.1 (Valuations) each addressed
to the Investment Agent and each prepared on the basis of the market value, as that term is defined in the then RICS Valuations
Standards, assessed on the special condition that the Project is complete as at the date of the valuation in the market conditions
prevailing at that date.

 

Valuer means a third
party surveyor acceptable to the Investment Agent.

 

VAT means value added
tax or consumption or sales tax and any other tax of a similar nature imposed in any jurisdiction.

 

	1.2	Interpretation

 

	1.2.1	Unless a contrary indication appears,
                                         any reference in this Agreement to:

 

		(a)	the Investment Agent, the
                                         Arranger, the Security Agent, any Finance Party, any Participant,
                                         any Obligor, any Party or any other person shall be construed so as
                                         to include its successors in, title, permitted assigns and permitted transferees to,
                                         or of, its rights and/or obligations under the Finance Documents;

 

    Page  20

     

    

 

		(b)	assets includes
                                         present, future, actual and contingent properties, revenues and rights of every description;

 

		(c)	a Finance Document
                                         or any other agreement or instrument is a reference to that Finance Document or other
                                         agreement or instrument as amended, novated, supplemented, extended, restated or replaced
                                         from time to time;

 

		(d)	guarantee
                                         means (other than in Clause 13 (Guarantee) any
                                         guarantee, letter of credit, bond, indemnity, documentary or other credit or similar
                                         assurance against loss, or any obligation, direct or indirect, actual or contingent,
                                         to purchase or assume any indebtedness of any person or to make an investment in or loan
                                         to any person or to purchase assets of any person where, in each case, such obligation
                                         is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

 

		(e)	debt or indebtedness
                                         includes any obligation, whether incurred as principal or as surety, for the payment
                                         or repayment of money, whether present or future, actual or contingent and whether owed
                                         jointly or severally or in any other capacity;

 

		(f)	a person includes any company,
                                         firm, company, corporation. government, state or agency of a state or any association,
                                         trust, joint venture, consortium, partnership or other entity (whether or not having
                                         separate legal personality);

 

		(g)	a regulation includes any
                                         regulation, rule, official directive, request or guideline (whether or not having the
                                         force of law) of any governmental, intergovernmental or supranational body, agency, department
                                         or of any regulatory, self-regulatory or other authority or organisation;

 

		(h)	any statute or statutory
                                         provision includes any statute or statutory provision which amends, extends, consolidates
                                         or replaces it, or which has been amended, extended, consolidated or replaced by it,
                                         and any orders, regulations, instruments or other subordinate legislation made under
                                         it;

 

		(i)	AED and Dirhams denote
                                         the lawful currency for the time being of the UAE;

 

		(j)	a time of day is a reference to
                                         Abu Dhabi, UAE time;

 

		(k)	the words include(s). including
                                         and in particular shall be construed as meaning that it is ‘without
                                         limitation’ and as being by way of illustration or emphasis only and shall not
                                         be construed as, nor shall they take effect as, limiting the generality of any preceding
                                         words;

 

		(l)	liabilities includes any
                                         obligation whether incurred as principal or as surety, whether or not in respect of indebtedness,
                                         whether present or future, actual or contingent and whether owed jointly or severally
                                         or in any other capacity;

 

		(m)	the words other and otherwise
                                         shall not be construed ejusdem generis with any preceding words where a wider construction
                                         is possible;

 

		(n)	a Clause or Schedule is
                                         to be construed as a reference to the relevant clause of, or schedule to, this Agreement;
                                         and

 

		(o)	relevant period means a
                                         relevant Rental Period or such period in respect of which the Screen Rate, EIBOR, a Reference
                                         Bank Rate or such other replacement rate for EIBOR is to be calculated under the Finance
                                         Documents.

 

    Page  21

     

    

 

	1.2.2	Section, Clause and Schedule headings
                                         are for ease of reference only.

 

	1.2.3	Unless a contrary indication appears,
                                         a term used in any other Finance Document or in any notice given under or in connection
                                         with any Finance Document has the same meaning in that Finance Document or notice as
                                         in this Agreement.

 

	1.2.4	A Default (other than an Event of
                                         Default) is continuing if it has not been remedied or waived in writing and or
                                         an Event of Default is continuing if it has not been waived.

 

	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.

 

	1.3.3	Any Receiver or Delegate may, subject
                                         to this Clause 1.3 and the Third Parties Act, rely on any Clause of this Agreement which
                                         expressly confers rights on it.

 

	2	Finance Parties’ rights and obligations

 

	2.1	Several obligations

 

The obligations of each Finance
Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents
does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations
of any other Finance Party under the Finance Documents.

 

	2.2	Separate and independent rights

 

The rights of each Finance Party
under or in connection with the Finance Documents are separate and independent rights and any liability arising under the Finance
Documents to a Finance Party from any Obligor shall be a separate and independent liability.

 

	2.3	Separate enforcement

 

A Finance Party may, except
as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.

 

	3	Guarantors’ agent

 

	3.1	Appointment

 

Each Guarantor (in its capacity
as such) by its execution of this Agreement irrevocably appoints the Company to act on its behalf as its agent in relation to
the Finance Documents and irrevocably authorises:

 

		(a)	the Company on its behalf to supply
                                         all information concerning itself contemplated by the Finance Documents to the Secured
                                         Parties and to give all notices and instructions, to make such agreements and to effect
                                         the relevant amendments, supplements and variations capable of being given, made or effected
                                         by the Guarantors notwithstanding that they may affect a Guarantor, without further reference
                                         to or the consent of any Guarantor: and

 

    Page  22

     

    

 

		(b)	the Secured Parties to give any
                                         notice, demand or other communication to any Guarantor pursuant to the Finance Documents
                                         to the Company,

 

and in each case each Guarantor
shall be bound as though the Guarantor itself had given the notices and instructions or executed or made the agreements or effected
the amendments, supplements or variations, or received the relevant notice, demand or other communication.

 

	3.2	Acts binding

 

Every act, omission, agreement,
undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Company
or given to the Company under any Finance Document on behalf of a Guarantor or in connection with any Finance Document (whether
or not known to any Guarantor) shall be binding for all purposes on all Guarantors as if each Guarantor had expressly made, given
or concurred with it. In the event of any conflict between any notices or other communications of the Company and a Guarantor,
those of the Company shall prevail.

 

	4	Initial conditions precedent

 

	4.1	Initial conditions precedent

 

Without limiting the provisions
of clause 3 (Conditions precedent) of the Master Istisna’ Agreement, the Company may not deliver the Offer Letter
unless the Investment Agent has received all of the documents and other evidence listed in Schedule 7 (Initial conditions precedent)
in form and substance satisfactory to the Investment Agent (acting on the instructions of all the Participants). The Investment
Agent shall notify the Company and the Participants promptly upon being so satisfied. The Investment Agent shall not be liable
for any damages, costs or losses whatsoever as a result of giving any such notification.

 

	5	Payment mechanics

 

	5.1	Receipt of a Transaction Request

 

The Investment Agent shall notify
the Participants of its receipt of each duly completed Transaction Request.

 

	5.2	Issue of Participant Contribution Request

 

If a Transaction Request complies
with the provisions of the Finance Documents, the Investment Agent shall issue to the Participants a Participant Contribution
Request no later than 12:00 pm three Business Days before the proposed Participant Contribution Date.

 

	5.3	Calculation of Participant Contributions

 

The Participant Contribution
for a Participant shall be that Participant’s Percentage of all of the Participant Contributions specified in the relevant
Participant Contribution Request.

 

    Page  23

     

    

 

	5.4	Participant Contribution
                                         payment

 

Before 11.00 am on the relevant
Participant Contribution Date, each Participant shall pay its Participant Contribution to the Investment Agent in accordance with
the relevant Participant Contribution Request and Clause 5.6 (Payments to the Investment Agent).

 

	5.5	Entitlement arising from payment of
                                         Participant Contributions

 

	5.5.1	Subject to Clauses 5.5.2, 5.5.3 and
                                         5.5.4, following payment of its Participant Contribution in accordance with this Clause
                                         5, and the conclusion of the Forward Lease, a Participant shall be entitled to its Percentage
                                         of Remittances or other payments relating to the Investment that the Investment Agent
                                         receives or recovers in relation to that Participant Contribution.

 

	5.5.2	To the extent that a Remittance,
                                         Insurance and Compensation Proceeds or other payment is made:

 

		(a)	in respect of an actual loss, cost
                                         or reduction suffered or incurred by;

 

		(b)	in respect of a service performed
                                         or supplied by; or

 

		(c)	in accordance with the Finance
                                         Documents, for the sole benefit of,

 

a particular Participant or
any of its Affiliates (including a payment or recovery of or on account of actual fees or incentives). all of that payment shall
be paid to the Participant concerned. Where such payment is in relation to the outstanding Participation of the relevant Participant,
following such payment, the remaining instalments of Fixed Rental Payments and Advance Fixed Rental Payments shall be reduced
in inverse order of maturity.

 

	5.5.3	Where a Variable Rental Payment or
                                         Advance Variable Rental Payment amount has been calculated in accordance with clause
                                         6.9 (Adjustments to the Variable Rental Payments or Advance Variable Rental Payments)
                                         of the Master Forward Lease Agreement, the Participants shall share any Remittance
                                         or other payment made in respect of that Variable Rental Payment or Advance Variable
                                         Rental Payment (as applicable) pro rata to their respective shares of that Variable Rental
                                         Payment or Advance Variable Rental Payment (as applicable) as determined under that clause.

 

	5.5.4	Where a late payment amount has been
                                         calculated in accordance with Clause 24.6 (Late payment), such late payment amount
                                         shall:

 

		(a)	be payable for the account of the
                                         Participants pro rata to their respective shares, and such late payment amount shall
                                         be used by each Participant in recovery of any actual costs (not to include opportunity
                                         costs, funding costs or costs in the nature of interest) incurred by that Participant
                                         in respect of that late payment; and

 

		(b)	in respect of any remaining balance
                                         held by a Participant, be payable by such Participant to charity under the supervision
                                         of its own fatwa and Shari’ah supervisory board (if there is one) or the Fatwa
                                         and Shari’ah Supervisory Board (if there is not).

 

	5.6	Payments to the Investment Agent

 

	5.6.1	Subject to Clause 5.6.4, on each
                                         date on which a Participant is required to make a payment under a Finance Document such
                                         Participant shall make the same available to the Investment Agent (unless a contrary
                                         indication appears in a Finance Document) for value on the due date at the time and in
                                         such funds specified by the Investment Agent as being customary at the time for settlement
                                         of transactions in the relevant currency in the place of payment.

 

    Page  24

     

    

 

	5.6.2	On each date on which an Obligor
                                         is required to make a payment under a Finance Document such Obligor shall make the same
                                         available to the Investment Agent (unless a contrary indication appears in a Finance
                                         Document) for value on the due date at the time and in such funds specified by the Investment
                                         Agent as being customary at the time for settlement of transactions in the relevant currency
                                         in the place of payment.

 

	5.6.3	Payments pursuant to Clause 5.6.1
                                         and 5.6.2 shall be made to the following account:

 

	Bank
    Name	UAE
    Central Bank, Abu Dhabi, UAE
	Swift Code	CBAUAEAA
	Beneficiary Name	First
    Abu Dhabi Bank PJSC, (Syndicated Loans), Abu Dhabi, U.AE.
	Beneficiary Swift
    Address 	                       
	Beneficiary Account
    Number 	                                  
	Reference	GMO-SLT
    - Brooge - AED 350M
	 	Facility
    - 2018 Agency

 

or such account as advised by
the Investment Agent.

 

	5.6.4	In respect of
                                         its Participant Contributions, each Participant shall confirm (before 11.00 am):

 

		(a)	two Business Days prior to the
                                         Participant Contribution Date via email, confirmation of its payment instructions: and

 

		(b)	on the Participant Contribution
                                         Date by authenticated SWIFT message to the Investment Agent to such SWIFT number as the
                                         Investment Agent shall have notified to the Participants for this purpose, its payment
                                         of such Participant Contributions.

 

	5.7	Distributions by the Investment Agent

 

Each payment received by the
Investment Agent under the Finance Documents for another Party (including Remittances and Insurance and Compensation Proceeds
for the Participants) shall, subject to Clause 5.9 (Distributions to an Obligor) and Clause 5.10 (Clawback if no actual
receipt by the Investment Agent), be made available by the Investment Agent:

 

		(a)	as soon as practicable after receipt
                                         to the Party entitled to receive payment in accordance with the Finance Documents (in
                                         the case of a Participant, for the account of its Facility Office): and

 

		(b)	to such account as that Party may
                                         notify to the Investment Agent by not less than five Business Days’ notice with
                                         a bank in the principal financial centre of the country of that currency.

 

	5.8	Distributions to the Participants

 

	5.8.1	The Investment Agent’s obligation
                                         to make payments to the Participants under this Agreement is conditional upon it receiving
                                         or recovering the applicable Remittance in accordance with the provisions of the Finance
                                         Documents.

 

    Page  25

     

    

 

	5.8.2	Other than in respect of any payment
                                         received by a Participant in accordance with Clause 5.5.2, each of the Participants agrees
                                         for the benefit of the Investment Agent that its entitlement to each payment made by
                                         the Investment Agent in respect of Remittances and Insurance and Compensation Proceeds
                                         which it receives ranks pari passu with the entitlements of each other Participant and
                                         that the amount to be paid to each Participant shall be that Participant’s Percentage
                                         of each such payment.

 

	5.8.3	The Investment Agent may convert
                                         all or any part of the monies received by it from the currency of receipt into the currency
                                         or currencies (if different) of the payments then due to the Participants and may deduct
                                         from those monies the actual costs of such conversion. The conversion shall be at the
                                         prevailing spot market rates of exchange and in such amounts or proportions as the Investment
                                         Agent determines to be appropriate.

 

	5.9	Distributions to an Obligor

 

The Investment Agent may (with
the consent of the Company or in accordance with Clause 6.3 (Set-off)) apply any amount received by it for an Obligor in
or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance
Documents or in or towards purchase of any amount of any currency to be so applied.

 

	5.10	Clawback if no actual receipt by the
                                         Investment Agent

 

	5.10.1	Where a sum is to be paid to the
                                         Investment Agent under the Finance Documents for another Party, the Investment Agent
                                         is not obliged to pay that sum to that other Party (or to enter into or perform any related
                                         exchange contract) until it has been able to establish to its satisfaction that it has
                                         actually received and is irrevocably entitled to retain that sum.

 

	5.10.2	If the Investment Agent pays an
                                         amount to another Party and it proves to be the case that the Investment Agent had not
                                         actually received that amount or was not irrevocably entitled to retain such amount,
                                         then the Party to whom that amount (or the proceeds of any related exchange contract)
                                         was paid by the Investment Agent shall on demand refund the same to the Investment Agent.

 

	5.11	Remittances

 

	5.11.1	If the Investment Agent receives
                                         or recovers a Remittance that is insufficient to discharge all the amounts then due and
                                         payable by any Obligor under the Finance Documents, the Investment Agent shall apply
                                         that payment as follows:

 

		(a)	first, in or towards payment
                                         pro rata of any unpaid actual fees, costs and expenses of the Arranger, the Investment
                                         Agent, the Security Agent, the Account Bank. any Receiver and any Delegate under the
                                         Finance Documents;

 

		(b)	secondly, in or towards
                                         payment pro rata to the Participants of all Variable Rental Payments and Advance Variable
                                         Rental Payments due but unpaid;

 

		(c)	thirdly, in or towards payment
                                         pro rata to the Participants of all Fixed Rental Payments and Advance Fixed Rental Payments
                                         due but unpaid;

 

    Page  26

     

    

 

		(d)	fourthly, if the amount
                                         standing to the credit of the Facility Service Reserve Account is less than the Required
                                         FSRA Balance, in payment to the Facility Service Reserve Account so that the amount standing
                                         to the credit of the Facility Service Reserve Account is increased to an amount equal
                                         to the Required FSRA Balance; and

 

		(e)	fifthly, in or towards payment
                                         pro rata of any other sum due but unpaid under the Finance Documents.

 

	5.11.2	The Investment Agent shall, if so
                                         directed by the Majority Participants, vary the order set out in Clause 5.11.1, other
                                         than Clause 5.11.1(a).

 

	5.11.3	This Clause 5.11 shall override
                                         any appropriation made by any Obligor.

 

	5.12	Insurance and Compensation Proceeds
                                         and Terminal Earnings

 

	5.12.1	If the Investment Agent or the Security
                                         Agent receives or recovers any Insurance and Compensation Proceeds or Terminal Earnings,
                                         the Investment Agent or the Security Agent, as is relevant shall apply such Insurance
                                         and Compensation Proceeds or Terminal Earnings in the following order:

 

		(a)	first, in or towards payment
                                         pro rata of any unpaid actual fees, costs and expenses of the Arranger, the Investment
                                         Agent, the Security Agent, the Account Bank, any Receiver and any Delegate under the
                                         Finance Documents:

 

		(b)	secondly, in or towards
                                         payment pro rata to the Participants of all Variable Rental Payments and Advance Variable
                                         Rental Payments due but unpaid;

 

		(c)	thirdly, in or towards payment
                                         pro rata to the Participants of Fixed Rental Payments and Advance Fixed Rental Payments
                                         due but unpaid;

 

		(d)	fourthly, if the amount
                                         standing to the credit of the Facility Service Reserve Account is less than the Required
                                         FSRA Balance, in payment to the Facility Service Reserve Account so that the amount standing
                                         to the credit of the Facility Service Reserve Account is increased to an amount equal
                                         to the Required FSRA Balance;

 

		(e)	fifthly, in or towards payment
                                         in inverse order of maturity, of the aggregate of all Fixed Rental Payments and Advance
                                         Fixed Rental Payments that remain unpaid;

 

		(f)	sixthly, in or towards payment
                                         pro rata of any other sum due but unpaid under the Finance Documents; and

 

		(g)	seventhly, provided that
                                         no Event of Default is continuing or would arise as a result of the relevant withdrawal,
                                         any surplus shall be available for withdrawal by the Company as an incentive.

 

	5.12.2	The Investment Agent shall, if so
                                         directed by the Majority Participants, vary the order set out in Clause 5.12.1 other
                                         than Clause 5.12.1(a).

 

	5.12.3	This Clause 5.12 shall override
                                         any appropriation made by any Obligor.

 

    Page  27

     

    

 

	5.13	No set-off by the Obligors

 

All payments to be made by an
Obligor under this Agreement and the other Finance Documents shall be calculated and be made without (and free and clear of any
deduction for) set-off or counterclaim.

 

	5.14	Business Days

 

Any payment under the Finance
Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar
month (if there is one) or the preceding Business Day (if there is not), and in accordance with clause 7.1.2 (Obligations to
pay) of the Master Forward Lease Agreement.

 

	5.15	Currency of account

 

	5.15.1	Subject to Clauses 5.15.2 and 5.15.3, the Base Currency is the currency of account and payment
for any sum due from the Company or an Obligor under any Transaction Document.

 

	5.15.2	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the
costs, expenses or Taxes are incurred.

 

	5.15.3	Any amount expressed to be payable in a currency other than the Base Currency shall be paid in
that other currency.

 

	5.16	Change of currency

 

	5.16.1	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(a)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Investment Agent (after consultation with the Obligors); and

 

		(b)	any translation from one currency or currency unit to another shall be at the official spot market
rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up
or down by the Investment Agent.

 

	5.16.2	If a change in any currency of a country occurs, this Agreement shall, to the extent the Investment
Agent (after consultation with the Obligors) specifies to be necessary, be amended to comply with any generally accepted conventions
and market practice in the relevant market and otherwise to reflect the change in currency.

 

	5.17	No re-utilisation

 

Any amounts paid by the Investment
Agent pursuant to the Finance Documents may not be re-utilised by any Obligor.

 

    Page  28

     

    

 

	6	Tax

 

	6.1	Tax gross-up

 

	6.1.1	Payments by each Obligor under each Finance Document to which
                                   it is a party shall be made without any deduction or withholding unless such a deduction or
                                   withholding is required by applicable law or regulation.

 

	6.1.2	If an Obligor is compelled by applicable law or regulation to make any deduction or withholding.
the amount of the payment due from that Obligor shall be increased to an amount which (after making any deduction or withholding)
leaves an amount equal to the payment which would have been due if no deduction or withholding had been required. The relevant Obligor shall deliver to the Investment Agent evidence satisfactory to the Investment Agent that the payment has been duly remitted
to the relevant authority within 30 days of the making of such deduction or withholding.

 

	6.2	Tax indemnity

 

	6.2.1	The Company shall (within three Business Days of demand by the Investment Agent) pay to a Protected
Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly)
suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

 

	6.2.2	Clause 6.2.1 shall not apply:

 

		(a)	with respect to any Tax assessed on a Secured Party:

 

		(i)	under the law of the jurisdiction in which the Secured Party is incorporated or, if different,
the jurisdiction (or jurisdictions) in which the Secured Party is treated as resident for tax purposes; or

 

		(ii)	under the law of the jurisdiction in which that Secured Party’s Facility Office is located
in respect of amounts received or receivable in that jurisdiction,

 

if that Tax is imposed on or calculated
by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Secured Party;
or

 

		(b)	to the extent a loss, liability
                                         or cost is compensated for by an increased payment under Clause 6.1(Tax gross-up).

 

	6.2.3	The Investment Agent shall, upon receipt of a notification from a Protected Party making, or
                                   intending to make a claim under Clause 6.2.1, promptly notify the Company of the event which will give or has given, rise to
                                   that claim.

 

	6.2.4	A Protected Party shall, on receiving a payment from the Company under this Clause 6.2, notify
the Investment Agent.

 

	6.3	VAT

 

	6.3.1	All amounts expressed to be payable under a Finance Document by any Obligor to a Protected Party
which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT
which is chargeable on that supply, and accordingly, subject to Clause 6.3.2, if VAT is or becomes chargeable on any supply made
by any Protected Party to any Party under a Finance Document and such Protected Party is required to account to the relevant tax
authority for the VAT, that Party must pay to such Protected Party (in addition to and at the same time as paying any other consideration
for such supply) an amount equal to the amount of the VAT (and such Protected Party must promptly provide an appropriate VAT invoice
to that Party).

 

    Page  29

     

    

 

	6.3.2	If VAT is or becomes chargeable on any supply made by any Protected Party (the Supplier) to
any other Protected Party (the Recipient) under a Finance Document, and any Party other than the Recipient (the Relevant
Party) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the
Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

 

		(a)	(where the Supplier is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount
of the VAT. The Recipient must (where this paragraph (a) applies) promptly pay to the Relevant Party an amount equal to any credit
or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT
chargeable on that supply; and

 

		(b)	(where the Recipient is the person required to account to the relevant tax authority for the VAT)
the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable
on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from
the relevant tax authority in respect of that VAT.

 

	6.3.3	Where a Finance Document requires any Party to reimburse or indemnify a Protected Party for any
cost or expense, that Party shall reimburse or indemnify (as the case may be) such Protected Party for the full amount of such
cost or expense, including such part thereof as represents VAT, save to the extent that such Protected Party reasonably determines
that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.

 

	6.3.4	Any reference in this Clause 6.3 to any Party shall, at any time when such Party is treated as
a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the
representative member of such group at such time (the term “representative member” to have the same meaning as in the
Value Added Tax Act 1994).

 

	6.3.5	In relation to any supply made by a Protected Party to any Party under a Finance Document, if reasonably
requested by such Protected Party, that Party must promptly provide such Protected Party with details of that Party’s VAT
registration and such other information as is reasonably requested in connection with such Protected Party’s VAT reporting
requirements in relation to such supply.

 

	7	Set-off

 

A Finance Party may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any
matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of
either obligation. If the obligations are in different currencies, the Finance Party shall convert either obligation at the prevailing
market spot rate of exchange in its usual course of business for the purpose of the set-off.

 

    Page  30

     

    

 

	8	Sharing among the Finance Parties

 

	8.1	Payments to Finance Parties

 

If a Finance Party (a Recovering
Finance Party) receives or recovers any amount from an Obligor or any other person other than in accordance with Clause 4
(Payment mechanics) and applies that amount to a payment due under the Finance Documents (a Recovered Amount) then:

 

		(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or
recovery to the Investment Agent:

 

		(b)	the Investment Agent shall determine
whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or
recovery been received or made by the Investment Agent and distributed in accordance with Clause 4 (Payment mechanics),
without taking account of any Tax which would be imposed on the Investment Agent in relation to the receipt, recovery or distribution;
and

 

		(c)	the Recovering Finance Party shall,
                                         within three Business Days of demand by the Investment Agent, pay to the Investment Agent
                                         an amount (the Sharing Payment) equal to such receipt or recovery less any amount
                                         which the Investment Agent determines may be retained by the Recovering Finance Party
                                         as its share of any payment to be made, in accordance with Clause 5.11 (Remittances),
                                         unless the Investment Agent determines that the Recovered Amount would have constituted
                                         Insurance and Compensation Proceeds or Terminal Earnings if recovered in accordance with
                                         Clause 4 (Payment mechanics), in which case the Investment Agent shall make such
                                         determination by reference to Clause 5.12 (Insurance and Compensation Proceeds and
                                         Terminal Earnings).

 

	8.2	Redistribution of payments

 

The Investment Agent shall treat
the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the
Recovering Finance Party) (the Sharing Finance Parties) in accordance with Clause 5.11 (Remittances) towards the
obligations of that Obligor to the Sharing Finance Parties unless the Investment Agent determines that the Recovered Amount would
have constituted Insurance and Compensation Proceeds or Terminal Earnings if recovered in accordance with Clause 4 (Payment
mechanics), in which case the Investment Agent shall make such determination by reference to Clause 5.12 (Insurance
and Compensation Proceeds and Terminal Earnings).

 

	8.3	Recovering Finance Party’s rights

 

On a distribution by the Investment
Agent under Clause 8.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor,
as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment
shall be treated as not having been paid by that Obligor but instead as if it had been paid by that Obligor directly to the Investment
Agent.

 

	8.4	Reversal of redistribution

 

If any part of the Sharing Payment
received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

 

		(a)	each Sharing Finance Party shall, upon the request of the Investment Agent, pay to the Investment
Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment
(the Redistributed Amount); and

 

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		(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the
relevant Redistributed Amount shall be treated as not having been paid by that Obligor.

 

	8.5	Exceptions

 

	8.5.1	This Clause 8 shall not apply to the extent that the Recovering Finance Party would not, after
making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

 

	8.5.2	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which
the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

 

		(a)	it notified the other Finance Party of the legal or arbitration proceedings; and

 

		(b)	the other Finance Party had an opportunity to participate in those legal or arbitration proceedings
but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.

 

	9	Role of the Investment Agent and the Arranger

 

	9.1	Appointment of the Investment Agent

 

	9.1.1	Each Participant

 

	 	(a)	appoints the Investment Agent to act as its agent under and in connection with the Finance Documents
for the payment by the Participants of a fee in an amount of AED10, (the receipt and adequacy of which the Investment Agent hereby
acknowledges) and the Investment Agent accepts that appointment;

 

	 	(b)	subject to any restrictions or limitations specified in the Finance Documents, authorises and instructs
the Investment Agent (whether or not by or through employees or agents) to:

 

		(i)	execute and deliver on behalf of each Participant, as the Investment Agent of the Participants,
each Finance Document to which the Investment Agent is expressed to be a party or is otherwise required to sign;

 

		(ii)	pay all amounts of Purchase Price;

 

		(iii)	issue all notices and requests as may be required or contemplated under the Finance Documents;

 

		(iv)	take all other actions and make all other calculations and payments that may be necessary in connection
with the entry into and performance of the Finance Documents; and

 

		(v)	at all times, act in a Shari’ah compliant manner; and

 

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		(c)	authorises the Investment Agent to exercise the rights, powers, authorities and discretions specifically
given to the Investment Agent under or in connection with the Finance Documents together with any other incidental rights, powers,
authorities and discretions.

 

	9.1.2	For the avoidance of doubt, until such time as there is more than one Participant, First Abu Dhabi
Bank PJSC (acting in any capacity) will be acting on its own behalf and not as trustee or agent for any Participant.

 

	9.2	Instructions

 

	9.2.1	Subject always to Clause 9.1.1(b)(v), unless a contrary indication appears in a Finance Document,
the Investment Agent shall (subject to its legal obligations):

 

		(a)	exercise any right, power, authority or discretion vested in it as Investment Agent in accordance
with any Shari’ah compliant instructions given to it by the Majority Participants (or, if so instructed by the Majority Participants,
refrain from exercising any right, power, authority or discretion vested in it as Investment Agent); and

 

		(b)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance
with an instruction of the Majority Participants.

 

	9.2.2	Save in the case of decisions stipulated to be a matter for any other Participant or group of Participants
under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any Shari’ah compliant
instructions given to the Investment Agent by the Majority Participants shall override any conflicting instructions given by any
other Parties and will be binding on all Finance Parties save for the Security Agent.

 

	9.2.3	The Investment Agent shall be entitled to request instructions, or clarification of any instruction,
from the Majority Participants (or, if the relevant Finance Document stipulates the matter is a decision for any other Participant
or group of Participants, from that Participant or group of Participants) as to whether, and in what manner, it should exercise
or refrain from exercising any right, power, authority or discretion. The Investment Agent may refrain from acting unless and until
it receives any such instructions or clarification that it has requested.

 

	9.2.4	The Investment Agent may refrain from acting in accordance with any instructions of any Participant
or group of Participants until it has received any indemnification and/or security that it may in its discretion require (which
may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any actual
cost, loss or liability which it may incur in complying with those instructions.

 

	9.2.5	In the absence of instructions, the Investment Agent may act (or refrain from acting) as it considers
to be in the best interest of the Participants.

 

	9.2.6	The Investment Agent is not authorised to act on behalf of a Participant (without first obtaining
that Participant’s consent) in any legal or arbitration proceedings relating to any Finance Document. This Clause 9.2.6 shall
not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction
Security Documents or enforcement of the Transaction Security or Transaction Security Documents.

 

	9.2.7	Notwithstanding any provision of any Finance Document to the contrary, neither the Investment Agent
nor the Arranger is obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its
duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing
the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to
it.

 

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	9.3	Duties of the Investment Agent

 

	9.3.1	Except as specifically provided in the Finance Documents or as required by applicable law, the
Investment Agent has no obligations or duties of any kind to any other Party under or in connection with any Finance Document and
no other obligations or duties of any kind shall be implied.

 

	9.3.2	Subject to Clause 9.3.3, the Investment Agent shall promptly forward to a Party the original or
a copy of any document which is delivered to the Investment Agent for that Party by any other Party.

 

	9.3.3	Without prejudice to Clause 26.8 (Copy of Transfer Certificate to the Company), Clause
9.3.2 shall not apply to any Transfer Certificate.

 

	9.3.4	Except where a Finance Document specifically provides otherwise, the Investment Agent is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

	9.3.5	If the Investment Agent receives notice from a Party referring to this Agreement, describing a
Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

 

	9.3.6	If the Investment Agent is aware of the non-payment of any amount payable to a Finance Party (other
than the Investment Agent, the Arranger or the Security Agent) under any Finance Document it shall promptly notify the other Finance
Parties.

 

	9.3.7	The Investment Agent’s duties under the Finance Documents are solely mechanical and administrative
in nature.

 

	9.4	Role of the Arranger

 

Except as specifically provided
in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance
Document.

 

	9.5	No fiduciary duties

 

	9.5.1	Except as specifically provided in the Finance Documents, nothing in any Finance Document constitutes
the Investment Agent or the Arranger as a trustee or fiduciary of any other person.

 

	9.5.2	Neither the Investment Agent nor the Arranger shall bound to account to any Participant for any
sum or the profit element of any sum received by it for its own account.

 

	9.6	Rights to act and to deal

 

The Investment Agent and the
Arranger and any associated company of either of them may:

 

		(a)	act in an agency, trustee, fiduciary or other capacity on behalf of any other banks or financial
institutions providing facilities to any Group Company or any associated company of any Group Company, as freely in all respects
as if it had not been appointed to act as Investment Agent and/or trustee for the Participants under this Agreement and without
regard to the effect on the Participants of acting in such capacity; and

 

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		(b)	subscribe for, hold, be beneficially entitled to or dispose of shares or securities, or options
or other rights to and interests in shares or securities in any Group Company or any associated company of the Group (in each case,
without liability to account).

 

	9.7	Business with the Group

 

The Investment Agent and the
Arranger and any associated company of either of them may accept deposits from, provide financing to and generally engage in any
kind of banking or other business with any Group Company or any associated company of the Group, without any obligation to disclose
to the Participants, or to account to them for or in respect of, any such arrangement or activity.

 

	9.8	Rights and discretions

 

	9.8.1	The Investment Agent may:

 

		(a)	rely on:

 

		(i)	any representation, communication, notice or document believed
by it to be genuine, correct and appropriately authorised;

 

		(ii)	any statement made by any person regarding any matters which may reasonably be assumed to be within
his knowledge or within his power to verify:

 

		(iii)	any communication, instrument or document believed by it to be
genuine and correct and to have been signed or sent by the proper person or persons: and

 

		(iv)	any legal advice or opinions of legal advisers selected or approved by the Investment Agent;

 

		(b)	assume that:

 

		(i)	any instructions received by it from the Majority Participants, any Secured Parties or any group
of Secured Parties are duly given in accordance with the terms of the Finance Documents; and

 

		(ii)	unless it has received notice of revocation, that those instructions
have not been revoked; and

 

		(c)	rely on a certificate from any person:

 

		(i)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(ii)	to the effect that such person approves of any particular dealing, transaction, step, action or
thing,

 

as sufficient evidence that that
is the case and, in the case of paragraph (c)(i) above, may assume the truth and accuracy of that certificate.

 

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	9.8.2	The Investment Agent may assume (unless it has received notice to the contrary in its capacity
as Investment Agent for the Participants) that:

 

		(a)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 21.1
(Non-payment));

 

		(b)	any right, power, authority or discretion vested in any Party or any group of Secured Parties has
not been exercised; and

 

		(c)	any notice or request made by the Company (other than a Request) is made on behalf of and with
the consent and knowledge of all the Obligors; and

 

		(d)	no Transaction Security has become enforceable.

 

	9.8.3	The Investment Agent may engage, pay for and rely on the advice or services of any lawyers, accountants,
tax advisers, surveyors or other professional advisers or experts.

 

	9.8.4	Without prejudice to the generality of Clause 9.8.3 or Clause 9.8.5, the Investment Agent may at
any time engage and pay for the services of any lawyers to act as independent counsel to the Investment Agent (and so separate
from any lawyers instructed by the Participants) if the Investment Agent in its reasonable opinion deems this to be necessary.

 

	9.8.5	The Investment Agent may rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts (whether obtained by the Investment Agent or by any other Party) and shall
not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a
result of its so relying.

 

	9.8.6	The Investment Agent may act in relation to the Finance Documents through its personnel and agents.

 

	9.8.7	The Investment Agent may disclose to any other Party and to any person engaged by it or through
whom it acts in accordance with this Clause 9 any information it reasonably believes it has received as Investment Agent under
this Agreement.

 

	9.8.8	The Investment Agent is not obliged to disclose to any Finance Party any details of the rate notified
to the Investment Agent by any Participant or the identity of any such Participant for the purpose of clause 6.9 (Adjustments
to the Variable Rental Payments or Advance Variable Rental Payments) of the Master Forward Lease Agreement.

 

	9.8.9	Notwithstanding any other provision of any Finance Document to the contrary, neither the Investment
Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach
of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

 

	9.9	Responsibility for documentation and customer identification

 

Neither the Investment Agent
nor the Arranger nor any of their respective officers, employees or agents from time to time is responsible or liable for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
by the Investment Agent, the Arranger, an Obligor or any other person given in or in connection with any Finance Document or the
transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Finance Document;

 

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		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the
Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document, or the Transaction Security;

 

		(c)	any determination as to whether any information provided or to be provided to any Finance Party
is non-public information, the use of which may be regulated or prohibited by applicable law or regulation relating to insider
dealing or otherwise; or

 

		(d)	any certificate, report, information or other document executed or delivered in connection with
the Finance Documents.

 

	9.10	No duty to monitor

 

The Investment Agent shall not
be bound to enquire:

 

		(a)	whether or not any Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance
Document; or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

	9.11	Exclusion of liability

 

	9.11.1	Without limiting Clause 9.11.3 and subject to Clause 9.11.2 (and without prejudice to any other
provision of any Finance Document excluding or limiting the liability of the Investment Agent), the Investment Agent shall not
be liable for:

 

		(c)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of taking or not taking any action under or in connection with any Finance Document or the Transaction Security;

 

		(d)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in
connection with, any Finance Document, the Transaction Security or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with, any Finance Document or the Transaction Security; or

 

		(e)	without prejudice to the generality of Clauses 9.11.1(c) and 9.11.1(d) any damages, costs or losses
to any person, any diminution in value or any liability whatsoever arising as a result of:

 

		(i)	any act, event or circumstance not reasonably within its control; or

 

		(ii)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in
each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation,
expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions
affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure
or malfunction of any third party transport, telecommunications, computer services or systems, natural disasters or acts of God,
war, terrorism, insurrection or revolution; or strikes or industrial action.

 

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	9.11.2	The Investment Agent shall not be excluded from liability under Clause 9.11.1 for any
                                    damages, costs, losses, diminution in value or liability (as applicable) arising directly as a result of the Investment
                                    Agent’s gross negligence or wilful default.

 

	9.11.3	No Party (other than the Investment Agent) may take any proceedings against any officer, employee
or agent of the Investment Agent, in respect of any claim it might have against the Investment Agent, or in respect of any act
or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent
of the Investment Agent may rely on this Clause subject to Clause 1.3 (Third party rights) and the provisions of the Third
Parties Act.

 

	9.11.4	The Investment Agent shall not be liable for any delay (or any related consequences) in crediting
an account with an amount required under the Finance Documents to be paid by the Investment Agent if the Investment Agent has taken
all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised
clearing or settlement system used by the Investment Agent for that purpose.

 

	9.11.5	Nothing in this Agreement shall oblige the Investment Agent or the Arranger to carry out:

 

		(a)	any “know your customer” or other checks in relation to any person; or

 

		(b)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Secured Party or for any Affiliate of any Secured Party,

 

on behalf of any Secured Party
and each Secured Party confirms to the Investment Agent and the other Finance Parties that it has made (and shall continue to make)
its own independent investigation, assessment and satisfied its own know your customer requirements necessary in connection with
its participation in this Agreement and has not relied exclusively on any information provided to it by the Investment Agent or
any other Finance Party.

 

	9.11.6	Without prejudice to any provision of any Finance Document excluding or limiting the Investment
Agent’s liability, any liability of the Investment Agent arising under or in connection with any Finance Document or the
Transaction Security shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered
(as determined by reference to the date of default of the Investment Agent or, if later, the date on which the loss arises as a
result of such default) but without reference to any special conditions or circumstances known to the Investment Agent at any time
which increase the amount of that loss. In no event shall the Investment Agent be liable for any loss of profits, goodwill, reputation,
business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, cost of funding or payments
in the nature of interest. whether or not the Investment Agent has been advised of the possibility of such loss or damages.

 

	9.11.7	Notwithstanding the provisions of Clause 4 (Payment mechanics), the Investment Agent
shall not be liable to the Company or any Secured Party for the failure, or the consequences of any failure, of any cross-border
payment system to effect same-day settlement to an account of the Company or any Secured Party.

 

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	9.12	Participants’ indemnity to the Investment Agent

 

	9.12.1	Each Participant shall (in proportion to its share of the Total Commitments or, if the Total Commitments
are then zero, to its share of the Total Commitments immediately before their reduction to zero) indemnify the Investment Agent
and its officers and employees, within three Business Days of demand, against any actual cost, loss or liability incurred by the
Investment Agent (otherwise than by reason of the Investment Agent’s breach, fraud, gross negligence or wilful misconduct)
in acting as Investment Agent under the Finance Documents (except to the extent that the Investment Agent has been reimbursed by
an Obligor pursuant to a Finance Document).

 

	9.12.2	Subject to Clause 9.12.3 below, the Company shall within three Business Days of demand reimburse
any Participant for any payment that Participant makes to the Investment Agent pursuant to Clause 9.12.1 above.

 

	9.12.3	Clause 9.12.2 above shall not apply to the extent that the indemnity payment in respect of which
the Participant claims reimbursement relates to a liability of the Investment Agent to an Obligor.

 

	9.13	Resignation of the Investment Agent

 

	9.13.1	The Investment Agent may resign and appoint one of its Affiliates as successor by giving notice
to the other Finance Parties and the Company.

 

	9.13.2	Alternatively the Investment Agent may resign by giving 30 days’ notice to the other Finance
Parties and the Company, in which case the Majority Participants (acting reasonably and after consultation with the Company but
without the Company having a right to veto) may appoint a successor Investment Agent,

 

	9.13.3	If the Majority Participants have not appointed a successor Investment Agent in accordance with
Clause 9.13.2 within 20 days after notice of resignation was given, the retiring Investment Agent (after consultation with the
Company but without the Company having a right to veto) may appoint a successor Investment Agent

 

	9.13.4	If the Investment Agent wishes to resign because (acting reasonably) it has concluded that it is
no longer appropriate for it to remain as investment agent and the Investment Agent is entitled to appoint a successor Investment
Agent under Clause 9.13.3, the Investment Agent may (if it concludes (acting reasonably) that it is necessary to do so in order
to persuade the proposed successor Investment Agent to become a party to this Agreement as Investment Agent) agree with the proposed
successor Investment Agent’s amendments to this Clause 9 and any other term of this Agreement dealing with the rights or
obligations of the Investment Agent consistent with then current market practice for the appointment and protection of corporate
trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor
Investment Agent’s normal fee rates and those amendments will bind the Parties.

 

	9.13.5	The retiring Investment Agent shall make available to the successor Investment Agent such documents
and records and provide such assistance as the successor Investment Agent may reasonably request for the purposes of performing
its functions as Investment Agent under the Finance Documents. The Company shall, within three Business Days of demand, reimburse
the retiring Investment Agent for the amount of all actual costs and expenses (including legal fees) reasonably and properly incurred
by it in making available such documents and records and providing such assistance.

 

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	9.13.6	The Investment Agent’s resignation notice shall take effect only upon the appointment of
a successor.

 

	9.13.7	Upon the appointment of a successor, the retiring Investment Agent shall be discharged from any
further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 9 and any agency
fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date. Any successor and each
of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had
been an original Party.

 

	9.13.8	After consultation with the Company, the Majority Participants may, by notice to the Investment
Agent, require it to resign in accordance with Clause 9.13.2. In this event, the Investment Agent shall resign in accordance with
Clause 9.13.2.

 

	9.13.9	The retiring Investment Agent shall (at the expense of the Participants) make available to the
successor Investment Agent such documents and records and provide such assistance as the successor Investment Agent may reasonably
request for the purposes of performing its functions as Investment Agent under the Finance Documents.

 

	9.13.10	The appointment of the successor Investment Agent shall take effect on the date specified in the
notice from the Majority Participants to the retiring Investment Agent As from this date, the retiring Investment Agent shall be
discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 9.13.9) but
shall remain entitled to the benefit of this Clause 6 and any agency fees for the account of the retiring Investment Agent shall
cease to accrue from (and shall be payable on) that date.

 

	9.13.11	Any successor Investment Agent and each of the other Parties shall have the same rights and obligations
amongst themselves as they would have had if such successor had been an original Party.

 

	9.14	Confidentiality and disclosure

 

	9.14.1	In acting as Investment Agent for the Participants under this Agreement, the Investment Agent shall
be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or
departments.

 

	9.14.2	If information is received by another division or department of the Investment Agent, it may be
treated as confidential to that division or department and the Investment Agent shall not be deemed to have notice of it.

 

	9.14.3	Notwithstanding any other provision of any Finance Document to the contrary, neither the Investment
Agent nor the Arranger is obliged to disclose to any other person:

 

		(a)	any Reference Bank Quotation or other funding rate notified to it in connection with the Finance
Documents

 

		(b)	any confidential information; or

 

		(c)	any other information,

 

if the disclosure would or might
in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty.

 

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	9.14.4	The Company consents to the disclosure, by each of the Secured Parties to the others. of any information
in a Secured Party’s possession regarding any Obligor.

 

	9.15	Relationship with the Participants

 

	9.15.1	The Investment Agent may treat the person shown in its records as Participant at the opening of
business (in the place of the Investment Agent’s principal office as notified to the Finance Parties from time to lime) as
the Participant acting through its Facility Office:

 

		(a)	entitled to or liable for any payment due under any Finance Document on that day; and

 

		(b)	entitled to receive and act upon any notice, request, document or communication or make any decision
or determination under any Finance Document made or delivered on that day,

 

unless it has received not less
than five Business Days’ prior notice from that Participant to the contrary in accordance with the terms of this Agreement.

 

	9.15.2	Each Participant shall supply the Security Agent with any information that the Security Agent may
reasonably specify as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent.

 

	9.15.3	Any Participant may by notice to the Investment Agent appoint a person to receive on its behalf
all notices, communications, information and documents to be made or despatched to that Participant under the Finance Documents.
Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted
under Clause 29 (Notices)) electronic mail address and/or any other information required to enable the transmission of information
by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated
as a notification of a substitute address, fax number, electronic mail address, (or such other information), department and officer
by that Participant for the purposes of Clause 29 (Notices)) and the Investment Agent shall be entitled to treat such person
as the person entitled to receive all such notices, communications, information and documents as though that person were that Participant.

 

	9.16	Credit and other appraisal by the Participants

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Participant confirms
to the Investment Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent
appraisal and investigation of all risks arising under or in connection with any Finance Document including:

 

		(a)	the financial condition, status and nature of each Obligor and the Group and any surety for, or
provider of Security in respect of, any Obligor’s obligations under any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and the
Transaction Security and any other agreement, arrangement or document entered into. made or executed in anticipation of, under
or in connection with any Finance Document or the Transaction Security;

 

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		(c)	whether that Participant has recourse, and the nature and extent of that recourse, against any
Party or any other person or any of its respective assets under or in connection with any Finance Document, the Transaction Security,
the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Finance Document or the Transaction Security;

 

		(d)	the adequacy, accuracy and/or completeness of any information provided by the Investment Agent,
any Party or by any other person under or in connection with any Finance Document. the transactions contemplated by any Finance
Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document;

 

		(e)	the right or title of any person in or to, or the value or sufficiency of, any part of the Secured
Property, the priority of any of the Transaction Security or the existence of any Security affecting the Secured Property;

 

		(f)	the ability of any Obligor to make payments under any of the Finance Documents; and

 

		(g)	the Shari’ah compliance of the Finance Documents.

 

	9.17	Deduction from amounts payable by the Investment Agent

 

If any Party owes an amount to
the Investment Agent under the Finance Documents the Investment Agent may, after giving notice to that Party, deduct an amount
not exceeding that amount from any payment to that Party which the Investment Agent would otherwise be obliged to make under the
Finance Documents and apply the amount deducted in or towards payment of the amount owed. For the purposes of the Finance Documents
that Party shall be regarded as having received any amount so deducted. If the obligations are in different currencies, the Investment
Agent shall convert either obligation at the prevailing spot market rates of exchange and in such amounts or proportions as the
Investment Agent determines to be appropriate.

 

	9.18	Reliance and engagement letters

 

Each Finance Party confirms that
each of the Arranger and the Investment Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf
of any letters or reports already accepted by the Arranger or the Investment Agent) the terms of any reliance letter or engagement
letters relating to any Finance Documents or any reports or letters provided by accountants in connection with the Finance Documents
or the transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such
letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

	9.19	No obligation

 

The Investment Agent has no obligation:

 

		(a)	to purchase any ownership interest (or any part thereof) of any Participant in the Leased Asset;

 

		(b)	to settle all or any part of any Participant Contribution; or

 

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		(c)	to support, indemnify or compensate any Participant in respect of any loss suffered by it as a
consequence of any of the matters provided for in this Agreement or any other Finance Document, unless resulting from the Investment
Agent’s breach, gross negligence or wilful default.

 

	9.20	Custody of documents

 

The Investment Agent shall:

 

		(a)	not be obliged to hold in its own possession any Finance Document or any document referred to in
a Finance Document; and

 

		(b)	not be liable to any person for the loss of any Finance Document or other such document, unless
directly caused by its breach, fraud, gross negligence or wilful misconduct

 

	9.21	Role of Reference Banks

 

	9.21.1	No Reference Bank is under any obligation to provide a quotation or any other information to the
Investment Agent.

 

	9.21.2	No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

 

	9.21.3	No Party (other than the relevant Reference Bank) may take any proceedings against any officer,
employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any
act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation.
and any officer, employee or agent of each Reference Bank may rely on this Clause 9.21 subject to Clause 1.3 (Third party rights)
and the provisions of the Third Parties Act.

 

	9.22	Third party Reference Banks

 

A Reference Bank which is not
a Party may rely on Clause 9.21 (Role of Reference Banks), and Clause 9.14 (Confidentiality and disclosure)
subject to Clause 1.3 (Third party rights) and the provisions of the Third Parties Act.

 

	10	Role of the Security Agent

 

	10.1	Definitions

 

For the purposes of this Clause
10:

 

Authorised Activity means,
in the case of the Security Agent and any associated company of the Security Agent:

 

		(a)	acting in an agency, trustee, fiduciary or other capacity on behalf of any banks or financial institutions
providing facilities to any Obligor or any Group Company or any associated company of any Obligor or any Group Company, other than
those provided under the Finance Documents;

 

		(b)	subscribing for, holding, being beneficially entitled to or disposing of shares or securities,
or options or other rights to and interests in shares or securities, in any Obligor or any Group Company or any associated company
of any Obligor or any Group Company; and

 

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		(c)	accepting deposits from, providing financing or providing financial accommodation to and generally
engaging in any kind of banking or other business with any other Party.

 

	10.2	Appointment of the Security Agent

 

	10.2.1	Each Secured Party which is a Party appoints the Security Agent to hold the Transaction Security,
the proceeds of the Transaction Security and all rights, powers, discretions and remedies vested in the Security Agent by the Finance
Documents or by law, on trust for the Secured Parties, and the Security Agent accepts that appointment.

 

	10.2.2	Each Secured Party which is a Party authorises the Security Agent to perform the duties, obligations
and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under
or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions.

 

	10.2.3	The Security Agent declares that it holds the Transaction Security, the proceeds of the Transaction
Security and all rights, powers, discretions and remedies vested in the Security Agent by the Finance Documents or by law on trust
for the Secured Parties on the terms contained in this Agreement.

 

	10.2.4	Each Secured Party agrees that, in relation to any jurisdiction the courts of which would not recognise
or give effect to the trusts expressed to be constituted by this Agreement, the relationship of the Secured Parties to the Security
Agent, or, in the case of any trust other than that constituted under Clause 10.2.3, the relationship between any other relevant
Parties, shall, in the case of each of the trusts constituted by this Agreement, be construed simply as one of principal and agent.
However, to the fullest extent permissible under the laws of each and every such jurisdiction, this Agreement shall have full force
and effect as between the Parties.

 

	10.3	Authority to Security Agent

 

Each Secured Party confirms its approval
of the Transaction Security and the Transaction Security Documents, and each Secured Party (other than the Security Agent) authorises
and instructs the Security Agent to:

 

		(a)	execute and deliver the Transaction Security Documents;

 

		(b)	perform the duties and exercise the rights, powers, authorities, discretions and remedies given
to the Security Agent under or in connection with the Finance Documents, and to exercise any other incidental rights, powers, authorities
and discretions;

 

		(c)	give or make any Authorisations and confirmations to be given by the Security Agent on behalf of
the Secured Parties under the Transaction Security Documents; and

 

		(a)	take such action as may be required for the purposes of registering the Transaction Security Documents
on the appropriate registers including, if applicable, the Emirates Movable Collateral Registry.

 

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	10.4	Enforcement through Security Agent only

 

The Secured Parties shall not
have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority
or discretion arising under the Transaction Security Documents except through the Security Agent.

 

	10.5	Instructions

 

	10.5.1	The Security Agent shall:

 

		(a)	subject to Clauses 10.5.4 and 10.5.5
                                         exercise or refrain from exercising any right, power, authority or discretion vested
                                         in it as Security Agent in accordance with any instructions given to it by the Majority
                                         Participants (or the Investment Agent on their behalf); and

 

		(b)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
Clause 10.5.1(a) (or if this Agreement stipulates the matter is a decision for any other Secured Party or group of Secured Parties
in accordance with instructions given to it by that Secured Party or group of Secured Parties).

 

	10.5.2	The Security Agent shall be entitled to request instructions, or clarification of any instruction,
from the Majority Participants (or the Investment Agent on their behalf) (or, if this Agreement stipulates the matter is a decision
for any other Secured Party or group of Secured Parties, from that Secured Party or group of Secured Parties) as to whether, and
in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent
may refrain from acting unless and until it receives those instructions or that clarification.

 

	10.5.3	Save in the case of decisions stipulated to be a matter for any other Secured Party or group of
Secured Parties under the Finance Documents and unless a contrary intention appears in a Finance Document, any instructions given
to the Security Agent by the Majority Participants shall override any conflicting instructions given by any other Parties and will
be binding on all Secured Parties.

 

	10.5.4	Clause 10.5.1 shall not apply:

 

		(a)	where a contrary indication appears in a Finance Document;

 

		(b)	where a Finance Document requires the Security Agent to act in a specified manner or to take a
specified action; or

 

		(c)	in respect of any provision which
                                         protects the Security Agent’s own position in its personal capacity as opposed
                                         to its role of Security Agent for the Secured Parties including, without limitation,
                                         Clauses 10.8 (No duty to account) to Clause 10.13 (Exclusion of liability),
                                         Clauses 10.16 (Confidentiality) to 10.22 (Custodians and nominees)
                                         and Clauses 10.25 (Acceptance of title) to 10.29 (Disapplication of Trustee
                                         Acts).

 

	10.5.5	If giving effect to instructions given by the Investment Agent on behalf of the Majority Participants
would (in the Security Agent’s opinion) have an effect equivalent to an amendment or waiver which expressly requires the
consent of all the Participants under Clause 12.2 (Exceptions), the Security Agent shall not act in accordance with
those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent) whose consent would
have been required in respect of that amendment or waiver.

 

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	10.5.6	In exercising any discretion to exercise a right, power or authority under the Finance Documents
where it has not received any instructions as to the exercise of that discretion the Security Agent shall do so having regard to
the interests of all the Secured Parties.

 

	10.5.7	The Security Agent may refrain from acting in accordance with any instructions of any Secured Party
or group of Secured Parties until it has received any indemnification and/or security that it may in its discretion require (which
may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss
or liability (together with any associated VAT) which it may incur in complying with those instructions.

 

	10.5.8	Without prejudice to the provisions of the remainder of this Clause 10.5, in the absence of instructions,
the Security Agent may, but shall not be obliged to, act (or refrain from acting) as it considers in its discretion to be appropriate.

 

	10.6	Duties of the Security Agent

 

	10.6.1	The Security Agent’s duties under the Finance Documents are solely mechanical and administrative
in nature.

 

	10.6.2	The Security Agent shall promptly:

 

		(a)	forward to the Investment Agent a copy of any document received by the Security Agent from any
Obligor under any Finance Document; and

 

		(b)	forward to a Party the original or a copy of any document which is delivered to the Security Agent
for that Party by any other Party.

 

	10.6.3	Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged
to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

	10.6.4	If the Security Agent receives notice from a Party referring to any Finance Document,
                                    describing a Default and stating that the circumstance described is a Default, it  shall promptly notify the Secured
                                    Parties.

 

	10.6.5	The Security Agent shall have only those duties, obligations and responsibilities expressly specified
in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

 

	10.6.6	The Security Agent shall at all times act in a Shari’ah compliant manner.

 

	10.7	No fiduciary duties to Obligors

 

Nothing in any Finance Document
constitutes the Security Agent as an agent, trustee or fiduciary of any Obligor.

 

	10.8	No duty to account

 

The Security Agent shall not
be bound to account to any other Secured Party for any sum or the profit element of any sum received by it for its own account.

 

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	10.9	Business with the Group

 

	10.9.1	The Security Agent and any associated company of the Security Agent may carry on any Authorised
Activity:

 

		(a)	as freely in all respects as if the Security Agent had not been appointed to act as trustee for
the Secured Parties under this Agreement;

 

		(b)	without regard to the effect on any of the Parties of carrying on that Authorised Activity; and

 

		(c)	without liability to:

 

		(i)	disclose that Authorised Activity to any other Party; or

 

		(ii)	account to any other Party for sums or other benefits received in respect of that Authorised Activity.

 

	10.10	Rights and discretions

 

	10.10.1	The Security Agent may:

 

		(a)	rely on any representation, communication, notice or document believed by it to be genuine, correct
and appropriately authorised;

 

		(b)	assume that:

 

		(i)	any instructions received by it from the Investment Agent, Majority Participants, the Secured Parties
or any group of Secured Parties are duly given in accordance with the terms of the Finance Documents;

 

		(ii)	unless it has received actual notice of revocation, that those instructions have not been
                                                              revoked; and

 

		(iii)	if it receives any instructions to act in relation to the Transaction Security, that all applicable
conditions under the Finance Documents for so acting have been satisfied; and

 

		(c)	rely on a certificate from any person:

 

		(i)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(ii)	to the effect that such person approves of any particular dealing, transaction, step, action or
thing,

 

as sufficient evidence that that
is the case and, in the case of Clause 10.10.1(c) may assume the truth and accuracy of that certificate.

 

	10.10.2	The Security Agent shall be entitled to carry out all dealings with the Secured Parties through
the Investment Agent and may give to the Investment Agent any notice or other communication required to be given by the Security
Agent to the Secured Parties.

 

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	10.10.3	The Security Agent may assume (unless it has received notice to the contrary in its capacity as
Security Agent for the Secured Parties) that:

 

		(a)	no Default has occurred;

 

		(b)	any right, power, authority or discretion vested in any Secured Party or any group of Secured Parties
has not been exercised; and

 

		(c)	any notice or request made by the Company is made on behalf of and with the consent and knowledge
of all the Obligors.

 

	10.10.4	The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax
advisers, surveyors or other professional advisers or experts.

 

	10.10.5	Without prejudice to the generality of Clause 10.10.4 or Clause 10.10.6, the Security Agent may
at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate
from any lawyers instructed by the Secured Parties and/or the Investment Agent) if the Security Agent in its reasonable opinion
deems this to be desirable.

 

	10.10.6	The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts (whether obtained by the Security Agent or by any other Secured Party) and
shall not be responsible or liable for any losses to any person, any diminution in value or any liability arising as a result of
its so relying.

 

	10.10.7	The Security Agent, any Receiver and any Delegate may act in relation to the Finance Documents
and the Transaction Security through its officers, employees and agents and shall not:

 

		(a)	be liable for any error of judgment made by any such person; or

 

		(b)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct,
omission or default on the part of any such person,

 

unless such error or such loss
was directly caused by the Security Agent’s, Receiver’s or Delegate’s fraud, gross negligence or wilful misconduct.

 

	10.10.8	Unless this Agreement expressly specifies otherwise, the Security Agent may disclose to any other
Party any information it reasonably believes it has received as Security Agent under this Agreement.

 

	10.10.9	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent
is not obliged to do or omit to do anything if it would, or might in its reasonable opinion, constitute a breach of any law or
regulation or a breach of a fiduciary duty or duty of confidentiality.

 

	10.10.10	Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not
obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations
or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment
of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

 

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	10.11	Responsibility for documentation

 

None of the Security Agent, any
Receiver nor any Delegate is responsible or liable for:

 

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by
the Security Agent, an Obligor or any other person in or in connection with any Finance Document or the transactions contemplated
in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the
Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or
in connection with any Finance Document or the Transaction Security; or

 

		(c)	any determination as to whether any information provided or to be provided to any Secured Party
is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
or otherwise.

 

	10.12	No duty to monitor

 

The Security Agent shall not
be bound to enquire:

 

		(a)	whether or not any Default has occurred;

 

		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance
Document; or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

	10.13	Exclusion of liability

 

	10.13.1	Without limiting Clause 10.13.3 and subject to Clause 10.13.2 (and without prejudice to any other
provision of any Finance Document excluding or limiting the liability of the Security Agent, any Receiver or Delegate), none of
the Security Agent, any Receiver nor any Delegate will be liable for:

 

		(a)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of taking or not taking any action under or in connection with any Finance Document or the Transaction Security;

 

		(b)	exercising or not exercising any right, power, authority or discretion given to it by, or in connection
with, any Finance Document, the Transaction Security or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with, any Finance Document or the Transaction Security;

 

		(c)	any shortfall which arises on the enforcement or realisation of the Transaction Security;

 

		(d)	the loss of any Transaction Security Document, title deed or other document relating to the Transaction
Security; or

 

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		(e)	without prejudice to the generality of Clauses 10.13.1(a) to 10.13.1(d), any damages, costs, losses,
diminution in value or liability whatsoever arising as a result of:

 

		(i)	any act, event or circumstance not reasonably within its control;
or

 

		(ii)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case and without
limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction
of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism,
insurrection or revolution; or strikes or industrial action.

 

	10.13.2	The Security Agent shall not be excluded from liability under Clause 10.13.1 for any damages, costs,
losses, diminution in value or liability (as applicable) arising directly as a result of the Security Agent’s fraud, gross
negligence or wilful default.

 

	10.13.3	No Party (other than the Security Agent, that Receiver or that Delegate (as applicable)) may take
any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim
it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer,
employee or agent in relation to any Finance Document or any Transaction Security and any officer, employee or agent of the Security
Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.3 (Third party rights) and the provisions of
the Third Parties Act.

 

	10.13.4	Nothing in this Agreement shall oblige the Security Agent to carry out:

 

		(a)	any “know your customer” or other checks in relation to any person; or

 

		(b)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any other Secured Party,

 

on behalf of any other Secured
Party and each Secured Party confirms to the Security Agent and the other Finance Parties that it has made (and shall continue
to make) its own independent investigation, assessment and satisfied its own know your customer requirements necessary in connection
with its participation in this Agreement and has not relied exclusively on any information provided to it by the Security Agent
or any other Finance Party.

 

	10.13.5	Without prejudice to any provision of any Finance Document excluding or limiting the liability
of the Security Agent, any Receiver or Delegate, any liability of the Security Agent, any Receiver or Delegate arising under or
in connection with any Finance Document or the Transaction Security shall be limited to the amount of actual loss which has been
finally judicially determined to have been suffered (as determined by reference to the date of default of the Security Agent, Receiver
or Delegate (as the case may be) or, if later, the date on which the loss arises as a result of such default) but without reference
to any special conditions or circumstances known to the Security Agent, Receiver or Delegate (as the case may be) at any time which
increase the amount of that loss. In no event shall the Security Agent, any Receiver or Delegate be liable for any loss of profits,
goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages,
whether or not the Security Agent, Receiver or Delegate (as the case may be) has been advised of the possibility of such loss or
damages.

 

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	10.14	Indemnity to the Security Agent

 

	10.14.1	Each Secured Party shall (in the proportion to its share in the Investment (or, if the Investment
is zero, immediately prior to the Investment being reduced to zero)):

 

		(a)	indemnify the Security Agent and every Receiver and every Delegate, within three Business Days
of demand, against any actual cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security
Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct) in acting as Security Agent, Receiver
or Delegate under, or exercising any authority conferred under, the Finance Documents (unless the relevant Security Agent, Receiver
or Delegate has been reimbursed by an Obligor pursuant to a Finance Document); and

 

		(b)	indemnify the Security Agent and any Delegate and their respective officers and employees, within
three Business Days of demand, against any liabilities incurred by the Security Agent or an officer or employee as a result of
the Security Agent or an officer or employee distributing any monies or other assets referred to in Clause 10.31.11 or taking any
action to enforce its rights under that Clause.

 

	10.14.2	Subject to Clause 10.14.3, the Company shall within three Business Days of demand reimburse any
Secured Party for any payment that the relevant Secured Party makes to the Security Agent pursuant to Clause 10.14.1.

 

	10.14.3	Clause 10.14.2 shall not apply to the extent that the indemnity payment in respect of which the
Secured Party claims reimbursement relates to a liability of the Security Agent to an Obligor.

 

	10.15	Resignation of the Security Agent

 

	10.15.1	The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to
the Secured Parties and the Company.

 

	10.15.2	Alternatively the Security Agent may resign by giving 30 days’ notice to the Secured Parties
and the Company, in which case the Majority Participants (acting reasonably and after consultation with the Company but without
the Company having a right to veto) may appoint a successor Security Agent.

 

	10.15.3	If the Majority Participants have not appointed a successor Security Agent in accordance with Clause
10.15.2 within 20 days after notice of resignation was given, the retiring Security Agent (after consultation with the Investment
Agent) may appoint a successor Security Agent.

 

	10.15.4	The retiring Security Agent shall make available to the successor
                                     Security Agent such documents and records and provide such assistance as the successor Security
                                     Agent may reasonably request for the purposes of performing its functions as Security Agent
                                     under the Finance Documents. The Company shall, within three Business Days of demand, reimburse
                                     the retiring Security Agent for the amount of all actual costs and expenses (including legal
                                     fees) reasonably and properly incurred by it in making available such documents and records
                                     and providing such assistance.

 

	10.15.5	The Security Agent’s resignation notice shall only take effect upon:

 

		(a)	the appointment of a successor; and

 

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		(b)	the transfer of all the Transaction Security to that successor.

 

	10.15.6	Every appointment of a successor Security Agent shall be by deed.

 

	10.15.7	Upon the appointment of a successor, the retiring Security Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under Clause 10.27 (Winding up of trust) and
Clause 10.15.4) but shall remain entitled to the benefit of this Clause 10 and Clause 10.14 (Secured Parties’ indemnity
to the Security Agent) (and any Security Agent fees for the account of the retiring Security Agent shall cease to accrue from
(and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst
themselves as they would have had if that successor had been an original Party.

 

	10.15.8	The Majority Participants may, by notice to the Security
                                     Agent, require it to resign in accordance with Clause 10.15.2. In this event, the Security
                                     Agent shall resign in accordance with Clause 10.15.4.

 

	10.16	Confidentiality and disclosure

 

	10.16.1	In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through
its trustee division which shall be treated as a separate entity from any other of its divisions or departments.

 

	10.16.2	If information is received by another division or department
                                     of the Security Agent, it may be treated as confidential to that division or department and
                                     the Security Agent shall not be deemed to have notice of it.

 

	10.16.3	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent
is not obliged to disclose to any other person:

 

		(a)	(i) any confidential information; or

 

		(b)	(ii) any other information,

 

if the disclosure would, or might
in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

 

	10.17	Information from the Secured Parties

 

Each Secured Party shall supply
the Security Agent with any information that the Security Agent may reasonably specify as being necessary or desirable to enable
the Security Agent to perform its functions as Security Agent.

 

	10.18	Credit appraisal by the Secured Parties

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms
to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and
investigation of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each Group Company and any surety for, or provider
of Security in respect of, any Obligor’s obligations under any Finance Document;

 

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		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the
Transaction Security and any other agreement. arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Finance Document or the Transaction Security;

 

		(c)	whether that Secured Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under or in connection with any Finance Document, the Transaction Security, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Transaction Security;

 

		(d)	the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party
or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

		(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Secured
Property, the priority of any of the Transaction Security or the existence of any Security affecting the Secured Property,

 

and each Secured Party warrants
to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these
matters.

 

	10.19	Reliance and engagement letters

 

The Security Agent may obtain
and rely on any certificate or report from the auditor of any Obligor and may enter into any reliance letter or engagement letter
relating to that certificate or report on such terms as it may consider appropriate (including, without limitation, restrictions
on the auditor’s liability and the extent to which that certificate or report may be relied on or disclosed).

 

	10.20	No responsibility to perfect Transaction Security

 

	10.20.1	The Security Agent shall not be responsible for:

 

		(a)	requiring the deposit with it of any deed or document certifying, representing or constituting
the title of any Obligor to any of the Secured Property;

 

		(b)	obtaining any licence, consent or other authority for the execution, delivery, legality, validity,
enforceability or admissibility in evidence of any Finance Document or the Transaction Security;

 

		(c)	registering, filing or recording or otherwise protecting any of the Transaction Security (or the
priority of any of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any
Finance Document or of the Transaction Security;

 

		(d)	taking, or requiring any Obligor to take, any step to perfect its title to any of the Secured Property
or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation;
or

 

		(e)	requiring any further assurance in relation to any Transaction Security Document, nor have any
liability in connection with a failure to do any such thing.

 

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	10.21	Insurance by Security Agent

 

	10.21.1	The Security Agent shall not be obliged to:

 

		(a)	insure any of the Secured Property;

 

		(b)	require any other person to maintain any insurance; or

 

		(c)	verify any obligation to arrange or maintain insurance contained in any Finance Document.

 

and the Security Agent shall
not be liable for any damages. costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

 

	10.21.2	Where the Security Agent is named on any insurance policy as an insured party, it shall not be
liable for any damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating
to the risk assumed by such insurers or any other information of any kind, unless the Majority Participants request it to do so
in writing and the Security Agent fails to do so within 14 days after receipt of that request.

 

	10.22	Custodians and nominees

 

The Security Agent may appoint
and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the Security Agent may
determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created
under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings
incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be
bound to supervise the proceedings or acts of any person.

 

	10.23	Delegation by the Security Agent

 

	10.23.1	Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of
attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity
as such.

 

	10.23.2	That delegation may be made upon any terms and conditions (including the power to sub- delegate)
and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion,
think fit in the interests of the Secured Parties.

 

	10.23.3	No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible
for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of. any such delegate or
sub-delegate.

 

	10.24	Additional Security Agents

 

	10.24.1	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate
trustee or as a co-trustee jointly with it:

 

		(a)	if it considers that appointment to be in the interests of the Secured Parties; or

 

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		(b)	for the purposes of conforming to any legal requirement, restriction or condition which the Security
Agent deems to be relevant; or

 

		(c)	for obtaining or enforcing any judgment in any jurisdiction,

 

and the Security Agent shall
give prior notice to the Company and the Secured Parties of that appointment.

 

	10.24.2	Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding
those given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities
that are given or imposed by the instrument of appointment.

 

	10.24.3	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together
with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes
of this Agreement, be treated as costs and expenses incurred by the Security Agent.

 

	10.25	Acceptance of title

 

The Security Agent shall be entitled
to accept without enquiry, and shall not be obliged to investigate, any right and title that any Obligor may have to any of the
Secured Property and shall not be liable for. or bound to require any Obligor to remedy, any defect in its right or title.

 

	10.26	Releases

 

Upon a disposal of any of the
Secured Property by an Obligor as permitted under the Finance Documents or otherwise pursuant to the enforcement of the Transaction
Security by a Receiver or the Security Agent, the Security Agent is irrevocably authorised (at the cost of the Company and without
any consent, sanction, authority or further confirmation from any other Secured Party) to release, without recourse or warranty,
that property from the Transaction Security, and to execute any release of the Transaction Security or other claim over that asset
and to issue any certificates of non crystallisation of floating charges that may be required or desirable.

 

	10.27	Winding up of trust

 

If the Security Agent, with the approval
of the Investment Agent, determines that:

 

		(a)	all of the Secured Liabilities and all other obligations secured by the Transaction Security Documents
have been fully and finally discharged; and

 

		(b)	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make
advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents,

 

then:

 

		(i)	the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without
recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction Security
Documents; and

 

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		(ii)	any Security Agent which has resigned pursuant to Clause 10.15 (Resignation of the Security
Agent) shall release, without recourse or warranty, all of its rights under each Transaction Security Document.

 

	10.28	Powers supplemental to Trustee Acts

 

The rights, powers, authorities
and discretions given to the Security Agent under or in connection with the Finance Documents shall be supplemental to the Trustee
Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise.

 

	10.29	Disapplication of Trustee Acts

 

Section 1 of the Trustee Act
2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement. Where there are
any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of
this Agreement shall, to the extent allowed by law and regulation, prevail and, in the case of any inconsistency with the Trustee
Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act.

 

	10.30	Enforcement of Transaction Security

 

	10.30.1	Subject to the provisions of the Finance Documents and applicable law, the Security Agent shall
enforce all or part of the Transaction Security if instructed to do so by the Majority Participants but not in any other circumstances.

 

	10.30.2	The Company waives, to the extent permitted by applicable law, any and all rights to require the
Transaction Security or any part of it to be enforced in a particular order or manner or to require the proceeds of its enforcement
or any part of them to be applied in a particular order or manner.

 

	10.30.3	Any enforcement of the Transaction Security shall be effected in such manner as the Security Agent
determines to be appropriate having regard (subject to the requirements of applicable law) solely to the interests of the Secured
Parties as a whole and, without prejudice to the provisions of Clause 10.31 (Application of proceeds), without regard
to the rights and entitlements of the Secured Parties as between themselves or of any other Party.

 

	10.30.4	If the Security Agent enforces the Transaction Security over any asset of any Obligor, the Security
Agent will have the entire conduct of any sale of such asset.

 

	10.30.5	Distributions by the Security Agent shall be made at such times as it in its absolute discretion
determines, having regard to all relevant circumstances.

 

	10.30.6	The Majority Participants may refrain from giving instructions in relation to the enforcement of
the Transaction Security for as long as they determine to be appropriate.

 

	10.30.7	No Secured Party shall be liable to any other Party for any failure or delay in:

 

		(a)	enforcing or giving instructions for the enforcement of the Transaction Security; or

 

		(b)	(subject to the requirements of applicable law) maximising the receipts or recoveries by the Security
Agent (or by any other person who properly pays them over to the Security Agent) on behalf of the Secured Parties or any of them
on enforcement of the Transaction Security.

 

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	10.30.8	No Secured Party (other than the Security Agent) may, except with the prior written consent of
the Majority Participants:

 

		(a)	exercise any right to enforce (or require the Security Agent to enforce) any Transaction Security;

 

		(b)	sue for, or institute any creditor’s process (including the exercise of any rights of distress,
attachment, seizure or execution, whether before or after judgment) against any Obligor under the Transaction Security Documents
or any of them;

 

		(c)	petition or apply for (or vote in favour of any resolution for) or initiate or support or take
any steps with a view to any insolvency, liquidation, reorganisation, administration or dissolution proceedings or any voluntary
arrangement or assignment for the benefit of creditors or any similar proceedings involving any Obligor; or

 

		(d)	apply for any order for an injunction or specific performance in respect of any Obligor in relation
to the obligations secured by the Transaction Security Documents or any of them.

 

	10.30.9	On a disposal of any of the Secured Property which is permitted under the Finance Documents, the
Security Agent shall (at the cost of the Company):

 

		(a)	execute any release of the Secured Property from the Transaction Security;

 

		(b)	issue any certificates of non-crystallisation of floating charges that may be required; and

 

		(c)	take any other action that the Security Agent considers desirable.

 

	10.30.10	Notwithstanding any other provision of this Agreement or any Finance Document, nothing contained
in any of the Finance Documents shall oblige the Security Agent to become a mortgagee in possession or assume the obligations of
any other person under the Finance Documents or take any action which could in its opinion (acting in good faith), be reasonably
expected to render it liable to such person unless in each case, it has been indemnified and/or secured (whether by payment in
advance or otherwise) to its satisfaction against all liabilities (including any liabilities in respect of applicable environmental
or taxation legislation) which it may incur as a consequence of so acting.

 

	10.31	Application of proceeds

 

	10.31.1	The Security Agent may convert all or any part of the monies received by it or any Receiver from
the currency of receipt into the currency or currencies (if different) of the Secured Liabilities. The conversion shall be at the
prevailing spot market rates of exchange and in such amounts or proportions as the Security Agent determines to be appropriate.

 

	10.31.2	Except to the extent that a Transaction Security Document otherwise requires, any monies which
the Security Agent receives under or pursuant to a Transaction Security Document may be:

 

		(a)	invested in any Shari’ah compliant investments which the Security Agent selects and which
are authorised by applicable law, provided that the Security Agent is reimbursed for the cost of its management time or other resources
in doing so in the manner described in Clause 23.3 (Management time and additional remuneration); or

 

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		(b)	placed on deposit in a non-interest bearing account at any bank or institution (including the Security
Agent) on terms that the Security Agent thinks fit.

 

in each case in the name or under
the control of the Security Agent.

 

	10.31.3	The Security Agent may:

 

		(a)	deposit all or any part of the monies received by it or any Receiver in one or more non-interest
bearing suspense accounts in its name, to be held in such account or accounts for so long as the Security Agent determines to be
appropriate; and

 

		(b)	set aside by way of reserve in any such account or accounts such amounts as the Security Agent
determines to be appropriate to discharge assessments to Tax and to pay amounts which it considers will or may become payable in
connection with the performance of its obligations.

 

	10.31.4	All accounts established or utilised as contemplated by Clause 10.31.3 or otherwise shall be non-interest
bearing.

 

	10.31.5	After an Event of Default which is continuing, the Investment Agent, Security Agent or any Receiver
shall apply monies received by it (but after setting aside such reserves as are referred to in Clause 10.31.3(b)) in the order
set out in Clause 5.12 (Proceeds).

 

	10.31.6	The Security Agent shall, if so directed by the Majority Participants, vary the order of application
of monies pursuant to Clause 10.31.5.

 

	10.31.7	Clause 10.31.5 will override:

 

		(a)	to the extent possible, any provision of law to the contrary; and

 

		(b)	any appropriation made by the Company.

 

	10.31.8	In determining the amount of any payment to a Secured Party pursuant to this Clause 10.31, the
Security Agent may request a certificate from each Secured Party as to:

 

		(a)	the amount due to, and the identity of that Secured Party;

 

		(b)	the currency or currencies in which it is due;

 

		(c)	the nature of that amount and the date or dates on which it is payable or repayable; and

 

		(d)	such other matters as the Security Agent may deem necessary or desirable to enable it to make a
payment as at such date as the Security Agent may specify,

 

and the certificate must be dated
with a date specified by the Security Agent, being no earlier than 21 days before the proposed date of payment.

 

	10.31.9	The Security Agent may rely solely on the certificates contemplated by Clause 10.31.8 as to the
amounts at any time due and payable by any Obligor to each Secured Party, but it may seek clarification from any such Secured Party
if its believes any such certificate is incorrect.

 

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	10.31.10	If any future or contingent liability included in the calculation of the amount due to a Secured
Party finally matures, or is settled, for less than the future or contingent amount provided for in that calculation, the relevant
Secured Party shall notify the Security Agent of that fact and that Secured Party shall pay to the Security Agent for distribution
amongst the Secured Parties the amount which is necessary to put the Secured Parties into the position they would have been in
(but taking no account of the time cost of money) had the original distribution been made on the basis of the actual as opposed
to the future or contingent liability.

 

	10.31.11	If the Security Agent has distributed any monies or other assets to a Secured Party:

 

		(a)	which the Security Agent received in consequence of holding or enforcing any Transaction Security
which is subsequently set aside, avoided or held to be invalid; or

 

		(b)	for application in or towards settlement of any liabilities which are subsequently set aside, avoided
or held to be invalid,

 

then the Secured Party to whom
that distribution was made shall on demand refund or retransfer the same to the Security Agent.

 

	10.31.12	The Secured Liabilities shall be discharged by the application of monies received by the Security
Agent or any Receiver pursuant to Clause 10.31.5 to the extent only that the Secured Parties to which the Secured Liabilities are
owed actually receive monies in respect of those Secured Liabilities.

 

	10.31.13	If any Secured Party (acting in its capacity as such under this Agreement) receives or recovers
any amount from any Obligor or any other person, that Secured Party shall hold that amount as agent for, and as soon as reasonably
practicable pay it to, the Security Agent for application in accordance with this Clause 10.31.

 

	10.31.14	If any Party owes an amount to the Security Agent under the Finance Documents the Security Agent
may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Security
Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of
the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

 

	10.32	Investment of proceeds

 

Prior to the application of the
proceeds of the Transaction Security in accordance with Clause 10.31 (Application of proceeds) the Security Agent
may, at its discretion, hold all or part of those proceeds in one or more non-interest bearing suspense or impersonal accounts
in the name of the Security Agent with any financial institution (including itself) and for so long as the Security Agent thinks
fit pending the application from time to time of those monies at the Security Agent’s discretion in accordance with the provisions
of Clause 10.31 (Application of proceeds).

 

	10.33	Currency conversion

 

	10.33.1	For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent
may convert any monies received or recovered by the Security Agent from one currency to another, at the spot rate at which the
Security Agent is able to purchase the currency in which the Secured Liabilities are due with the amount received.

 

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	10.33.2	The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent
of the amount of the due currency purchased after deducting the costs of conversion.

 

	10.34	Permitted deductions

 

The Security Agent shall be entitled
in its discretion (a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any law or regulation to make from any distribution or payment
made by it under this Agreement, and to pay all Taxes which may be assessed against it in respect of any of the Secured Property,
or as a consequence of performing its duties or exercising its rights, powers, authorities and discretions, or by virtue of its
capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for
performing its duties under this Agreement).

 

	10.35	Good discharge

 

	10.35.1	Any distribution or payment to be made in respect of the Secured Liabilities by the Security Agent
may be made to the Investment Agent on behalf of the Secured Parties and any distribution or payment made in that way shall be
a good discharge, to the extent of that payment or distribution, by the Security Agent.

 

	10.35.2	The Security Agent is under no obligation to make payment to the Investment Agent in the same currency
as that in which any Unpaid Sum is denominated.

 

	10.36	Amounts received by Obligors

 

If any of the Obligors receives
or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Agent, that
Obligor will hold the amount received or recovered on trust for the Security Agent and the Company shall procure such amount is
promptly paid to the Security Agent for application in accordance with the terms of this Agreement.

 

	10.37	Parallel debt and security

 

	10.37.1	Notwithstanding any other provision of this Agreement, the Company hereby irrevocably and unconditionally
undertakes to pay to the Security Agent, as creditor in its own right and not as representative of the other Secured Parties, sums
equal to and in the currency of each amount payable by the Company to each of the Secured Parties under each of the Finance Documents
as and when that amount falls due for payment under the relevant Finance Document or would have fallen due but for any discharge
resulting from failure of another Secured Party to take appropriate steps, in insolvency proceedings affecting the Company, to
preserve its entitlement to be paid that amount.

 

	10.37.2	The Security Agent shall have its own independent right to demand payment of the amounts payable
by the Company under this Clause 10.37 irrespective of any discharge of the Company’s obligation to pay those amounts to
the other Secured Parties resulting from failure by them to take appropriate steps, in insolvency proceedings affecting the Company,
to preserve their entitlement to be paid those amounts.

 

	10.37.3	Any amount due and payable by the Company to the Security Agent under this Clause 10.37 shall be
decreased to the extent that the other Secured Parties have received (and are able to retain) payment in full of the corresponding
amount under the other provisions of the Finance Documents and any amount due and payable by the Company to the other Secured Parties
under those provisions shall be decreased to the extent that the Security Agent has received (and is able to retain) payment in
full of the corresponding amount under this Clause 10.37.

 

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	10.38	Fatwa and Shari’ah Supervisory Board

 

In relation to any amount that
is or would be payable by the Company solely as a result of Clause 10.37 (Parallel debt and security):

 

		(a)	the Investment Agent shall promptly notify the Fatwa and Shari’ah Supervisory Board if it
becomes aware of any of the occurrence of any of the circumstances specified in Clause 10.37 (Parallel debt and security);
and

 

		(b)	if the Fatwa and Shari’ah Supervisory Board gives notice to the Investment Agent that such
amount does not, in the opinion of the Fatwa and Shari’ah Supervisory Board, represent actual and due compensation the Company
shall not be liable to make payment of the amount specified in such notice.

 

	11	Conduct of business by the Secured Parties

 

No provision of any Finance Document
will:

 

		(a)	interfere with the right of any Secured Party to arrange its affairs (tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Secured Party to investigate or claim any credit, relief, remission or payment available
to it or the extent, order and manner of any claim: or

 

		(c)	oblige any Secured Party to disclose any information relating to its affairs (tax or otherwise)
or any computations in respect of Tax.

 

	12	Amendments and waivers

 

	12.1	Required consents

 

		12.1.1	Subject to Clause 12.2 (Exceptions),
                                         any term of the Finance Documents may be amended or waived only with the written
                                         consent of the Investment Agent and the Company.

 

		12.1.2	The Investment Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted
by this Clause 12.1.

 

		12.1.3	The Investment Agent may engage, pay for and rely on the services of lawyers in determining the
consent level required for and effecting any amendment, waiver or consent under this Agreement.

 

		12.1.4	Each Guarantor agrees to any amendment or waiver permitted by this Clause 12 which is agreed to
by the Company. This includes any amendment or waiver which would, but for this Clause 12.1.4, require the consent of that Guarantor.

 

	12.2	Exceptions

 

	12.2.1	An amendment or waiver that has the effect of changing or which relates to:

 

		(a)	the definition of Majority Participants in Clause 1.1 (Definitions);

 

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		(b)	Clauses 2.1 (Finance Parties’ rights and obligations), 5.11 (Remittances)
5.12 (Insurance and Compensation Proceeds and Terminal Earnings), 8 (Sharing among the Finance Parties),
10.30 (Enforcement of Transaction Security}, 26.10 (Assignments and transfer by Obligors) or this Clause 12;

 

		(c)	an extension of the Availability Period;

 

		(d)	an increase in or an extension of any Commitment or the Total Commitments or any requirement that
a cancellation of Commitments reduces the Commitments rateably under any Finance Document;

 

		(e)	an extension to the date of payment of any amount under any Finance Documents;

 

		(f)	a reduction in the amount of any payment payable under any Finance Documents;

 

		(g)	a change in the currency of any payment under any Finance Documents;

 

		(h)	other than as permitted by the provisions of any Finance Document, the nature or scope of:

 

		(i)	the Secured Property;

 

		(ii)	the manner in which the proceeds of enforcement of the Transaction Security are distributed; or

 

		(iii)	the guarantee granted under Clause 13 (Guarantee);

 

		(i)	the release or partial release of any guarantee granted under Clause 13 (Guarantee) or any
Transaction Security, in each case unless permitted under this Agreement or any other Finance Document or relating to a sale or
disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under
this Agreement or any other Finance Document; or

 

		(j)	any provision which expressly requires the consent of all the Participants, shall not be made without
the prior consent of all the Participants

 

	12.2.2	An amendment or waiver which relates to, or would otherwise
affect, the rights or obligations of the Arranger, the Investment Agent the Security Agent or a Reference Bank (each in its capacity
as such) may not be effected without the consent of the Arranger, the Investment Agent, the Security Agent, or, as the case may
be, that Reference Bank.

 

	12.3	Replacement of Screen Rate

 

Subject to Clause 12.2.2, if
a Screen Rate Replacement Event has occurred, any amendment or waiver which relates to:

 

		(a)	providing for the use of a Replacement Benchmark; and

 

		(b)	any of the following:

 

		(i)	aligning any provision of any Finance Document to the use of that Replacement Benchmark;

 

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		(ii)	enabling that Replacement Benchmark to be used for the calculation of Variable Rental Payments
or Advance Variable Rental Payments under the Finance Documents (including, without limitation, any consequential changes required
to enable that Replacement Benchmark to be used for the purposes of each Finance Document);

 

		(iii)	implementing market conventions applicable to that Replacement Benchmark; and/or

 

		(iv)	providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark,

 

may be made with the consent
of the Majority Participants and the Company.

 

	12.4	Future amendments relating to Successful Syndication

 

The Parties acknowledge that,
in order to achieve a Successful Syndication:

 

		(a)	the Finance Documents may require amendments; and

 

		(b)	in accordance with Clause 12.1.1, any term of the Finance Documents may only be amended or waived
with the written consent of the Investment Agent (acting for itself and on the instructions of the Majority Participants or all
the Participants, as applicable) and the Company.

 

	13	Guarantee

 

	13.1	Guarantee and indemnity

 

Each Guarantor irrevocably and
unconditionally jointly and severally:

 

		(a)	guarantees to each Secured Party punctual performance by each Obligor of the Secured Liabilities:

 

		(b)	undertakes with each Secured Party that whenever another Obligor does not pay any amount when expressed
to be due under or in connection with the Finance Documents, that Guarantor shall immediately pay that amount as if it were the
principal debtor; and

 

		(c)	agrees with each Secured Party that if any obligation guaranteed by it is or becomes unenforceable,
invalid or illegal. it will, as an independent and primary obligation, indemnify that Secured Party immediately on demand against
any actual cost, loss or liability (not to include any opportunity cost or cost of funds) it incurs as a result of an Obligor not
paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance
Document on the date when it would have been due. Any references in this Agreement to a “guarantee” or a “Guarantor”
and any provisions of this Agreement relating to a guarantee but not to a primary obligation shall be ignored for the purpose of
interpreting the nature of each Guarantor’s obligations under this paragraph (c). The amount payable by a Guarantor under
this indemnity will not exceed the amount it would have had to pay under this Clause 13 if the amount claimed had been recoverable
on the basis of a guarantee.

 

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	13.1.2	Each Guarantor confirms that the transactions on the part of that Guarantor which are contemplated
in the guarantee granted pursuant to this Clause 13:

 

		(a)	represent transactions of a private and purely commercial nature by the Guarantor, done and performed
for private and commercial purposes; and

 

		(b)	are not, in any case, public or governmental acts.

 

	13.2	Continuing guarantee

 

This guarantee is a continuing
guarantee and will extend to the ultimate balance of sums payable by the Obligors to the Secured Parties under the Finance Documents.
regardless of any intermediate payment or discharge in whole or in part.

 

	13.3	Reinstatement

 

If any discharge, release, accounting
or arrangement (whether in respect of the obligations of any Obligor or any Security for those obligations or otherwise) is made
by a Secured Party in whole or in part on the basis of any payment, security, recovery or other disposition which is avoided or
must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor
under this Clause 13 shall continue or be reinstated as if the discharge, release, accounting or arrangement had not occurred.

 

	13.4	Waiver of defences

 

The obligations of each Guarantor
under this Clause 13 will not be affected by an act, omission, matter or thing which, but for this Clause 13, would reduce, release
or prejudice any of its obligations under this Clause 13 (whether or not known to it or any Secured Party) including:

 

		(a)	any time, waiver or consent granted to, or composition with, any Obligor or other person;

 

		(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any person;

 

		(c)	the taking, variation, compromise, exchange, renewal, enforcement or release of, or refusal or
neglect to perfect, take up or enforce, any rights against, or Security over assets of, any Obligor or other person or any non-presentation
or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of
any Security;

 

		(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in
the members, name or status of any Obligor or any other person;

 

		(e)	any amendment, novation, supplement, extension (however fundamental and whether or not more onerous),
or replacement, assignment, avoidance or termination of any Finance Document or any other document or Security including any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document
or other document or Security;

 

		(f)	any unenforceability, illegality or invalidity of any obligation of, or any Security created by,
any person under any Finance Document or any other document; or

 

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		(g)	any insolvency, liquidation, administration or similar procedure.

 

	13.5	Fatwa and Shari’ah Supervisory Board

 

In relation to any amount that
is or would be payable by a Guarantor solely as a result of Clause 13.4 (Waiver of Defences):

 

		(a)	the Investment Agent shall promptly notify the Fatwa and Shari’ah Supervisory Board if it
becomes aware of any of the occurrence of any of the circumstances specified in Clause 13.4 (Waiver of Defences); and

 

		(b)	if the Fatwa and Shari’ah Supervisory Board gives notice to the Security Agent that such
amount does not, in the opinion of the Fatwa and Shari’ah Supervisory Board, represent actual and due compensation the relevant
Guarantor shall not be liable to make payment of the amount specified in such notice.

 

	13.6	Waiver of statutory provisions

 

Without prejudicing or affecting
the commercial nature of the obligations of each Guarantor under this Clause 13, to the extent that a court should hold that Articles
1080, 1089, 1092, 1101 and 1105 of UAE Federal Law No. 5 of 1985 (as amended) (together, the Articles), or any of them,
may be applicable to the obligations of any Guarantor under this Clause 13, each Guarantor expressly agrees that the provisions
of the Articles shall not apply to its obligations under this Clause 13 and that the Secured Parties shall not be obliged to make
any demand within any time period prescribed by the Articles.

 

	13.7	Immediate recourse

 

Each Guarantor waives any right
it may have of first requiring any Secured Party (or any trustee or agent on behalf of any Secured Party) to proceed against or
enforce any other rights or Security or claim payment from any person before claiming from that Guarantor under this Clause 13.
This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

	13.8	Appropriations

 

During the Security Period, each
Secured Party may:

 

		(a)	refrain from applying or enforcing any other monies, Security or rights held or received by it
(or any trustee or agent on its behalf) in respect of amounts which may be or become payable by the Obligors to the Secured Parties
under or in connection with the Finance Documents, or apply and enforce them in such manner and order as it sees fit (whether against
those amounts or otherwise) and no Guarantor shall be entitled to the benefit of them; and

 

		(b)	hold in a non-interest bearing suspense account any monies received from any Guarantor or on account
of any Guarantor’s liability under this Clause 13 or any Obligor’s liability under the Finance Documents.

 

	13.9	Deferral of Guarantor’s rights

 

During the Security Period, and
unless the Security Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by
it of its obligations under any Finance Document or by reason of any amount being payable, or liability arising, under this Clause
13 to:

 

		(a)	receive or claim payment from or be indemnified by an Obligor;

 

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		(b)	claim any contribution from any other guarantor of, or provider of any Security in respect of,
any Obligor’s obligations under the Finance Documents;

 

		(c)	take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of any Secured Party under any Finance Document or of any guarantee or Security taken pursuant to, or in connection with, the Finance
Documents by any Secured Party;

 

		(d)	bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform
any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 13.1 (Guarantee
and Indemnity);

 

		(e)	exercise any right of set-off against any Obligor; and/or

 

		(f)	claim or prove as a creditor of any Obligor in competition with any Secured Party.

 

	13.10	Release of Guarantor’s right of contribution

 

If any Guarantor (a Retiring
Guarantor) ceases to be a Guarantor in accordance with the terms of the Finance Documents then on the date such Retiring Guarantor
ceases to be a Guarantor:

 

		(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present
or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance
by any other Guarantor of its obligations under the Finance Documents; and

 

		(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations
under the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of the Secured Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance
Document where such rights or security are granted by or in relation to the assets of the Retiring Guarantor.

 

	13.11	Additional Security

 

This guarantee is in addition
to, is not in any way prejudiced by, and shall not merge with, any other guarantee or Security now or in the future held by any
Secured Party.

 

	13.12	No Security from Obligors

 

During the Security Period, no
Guarantor shall take, or retain, any Security from any Obligor or other person in connection with any of that Guarantor’s
liabilities under this guarantee.

 

	13.13	New accounts

 

If this guarantee ceases to be
continuing for any reason, any Secured Party may open a new account or accounts with the Company and, if it does not do so, it
shall nevertheless be treated as if it had done so at the time this guarantee ceased to be continuing (whether by determination,
calling in, demand or otherwise), and as from that time all payments made by any Guarantor to that Secured Party:

 

		(a)	shall be credited or be treated as having been credited to the new account; and

 

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		(b)	shall not operate to reduce the Secured Liabilities at that time.

 

	13.14	Consideration

 

Each Guarantor has entered into
the guarantee under this Clause 13 in consideration of the relevant Finance Parties entering into Shari’ah compliant banking
facilities with the Company. The Company is an Affiliate of each Guarantor.

 

	14	Representations and warranties

 

	14.1	Representations and warranties

 

	14.1.1	Each Obligor makes the representations and warranties set out in this Clause 14 (other than those
set out in Clause 14.26 (Repetition)) to the Finance Parties on the date of this Agreement.

 

	14.1.2	Each Finance Party has entered into the Finance Documents to which it is party, or to which they
will respectively become a party upon execution thereof, in reliance on the representations and warranties set out in this Clause
14.

 

	14.2	Status

 

	14.2.1	It is a company or corporation, duly incorporated and validly existing under the law of its jurisdiction
of incorporation.

 

	14.2.2	It has the power to sue and be sued in its own name and to own its assets and carry on its business
as that business is being and will be conducted.

 

	14.2.3	It is not a FATCA FFI or a US Tax Obligor.

 

	14.3	Binding obligations

 

Subject to the Legal Reservations
and, in the case of the Transaction Security Documents, the applicable Perfection Requirements:

 

		(a)	the obligations expressed to be assumed by it in each Transaction Document to which it is a party
are legal, valid, binding and enforceable obligations; and

 

		(b)	without limiting the generality of Clause 14.3(a), each Transaction Security Document to which
it is a party creates the Security which that Transaction Security Document purports to create and those Security are valid and
effective.

 

	14.4	Non-conflict with other obligations

 

The entry into and performance
by it of, and the transactions contemplated by, the Transaction Documents to which it is a party and the granting of the Transaction
Security do not and will not conflict with:

 

		(a)	subject to the Legal Reservations, any law or regulation applicable to it;

 

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		(b)	its constitutional documents; or

 

		(c)	any agreement or instrument binding upon it to the extent such conflict has, or would be reasonably
likely to have, a Material Adverse Effect.

 

	14.5	Power and authority

 

	14.5.1	It has the power to enter into, perform and deliver, and has taken all necessary action to authorise
its entry into, performance and delivery of, the Transaction Documents to which it is a party and the transactions contemplated
by those Transaction Documents.

 

	14.5.2	No limit on its powers will be exceeded as a result of the financing, grant of security or giving
of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.

 

	14.6	Validity and admissibility in evidence

 

All Authorisations required:

 

		(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the
Transaction Documents to which it is a party;

 

		(b)	subject to the Legal Reservations, to make the Transaction Documents to which it is a party admissible
in evidence in each Relevant Jurisdiction; and

 

		(c)	to enable it to carry on its business, trade and ordinary activities,

 

have been obtained or effected and are
in full force and effect if failure to obtain or effect those Authorisations has or is reasonably likely to have a Material Adverse
Effect.

 

	14.7	Jurisdiction and governing law

 

	14.7.1	Subject to the Legal Reservations, the choice of governing law of the Transaction Documents to
which it is a party will be recognised and enforced in its Relevant Jurisdictions.

 

	14.7.2	Subject to the Legal Reservations, any judgment obtained in relation to a Transaction Document
to which it is a party in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in
its Relevant Jurisdictions.

 

	14.8	Insolvency

 

It has not taken any action nor (to the
best of its knowledge and belief (having made due and careful enquiry)) have any steps been taken or legal proceedings been started
or threatened against it for its winding-up, dissolution or re-organisation, for the enforcement of any Security over its assets
or for the appointment of a liquidator, supervisor, receiver, administrator, administrative receiver, compulsory manager, trustee
or other similar officer of it or in respect of any of its assets.

 

	14.9	Deduction of Tax

 

It is not required to make any deduction
for or on account of Tax from any payment it may make under any Finance Document to a Finance Party.

 

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	14.10	No filing or stamp Taxes

 

Subject to the Legal Reservation and the
Perfection Requirements, under the laws of the Relevant Jurisdictions, it is not necessary that any Transaction Document be filed,
recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar Tax be paid
on or in relation to any Transaction Document or the transactions contemplated by any Transaction Document.

 

	14.11	Compliance with Tax laws

 

It has complied in all material respects
with all Tax laws in all jurisdictions in which it is subject to Tax and has paid all Taxes due and payable by it and no claims
are being asserted against it in respect of Taxes except in relation to Tax liabilities arising in the ordinary course of its day-to-day
trading activities or claims contested in good faith and in respect of which adequate provision has been made and disclosed in
the latest financial statements or other information delivered to the Investment Agent under this Agreement.

 

	14.12	No Event of Default

 

	14.12.1	No Event of Default and, on the date of this Agreement, no Default is continuing or is reasonably
likely to result from the entry into of an Istisna’ Agreement, or the entry into, the performance of, or any transaction
contemplated by, any Transaction Document.

 

	14.12.2	No other event or circumstance is outstanding which constitutes
                                     a default under any other agreement or instrument which is binding on it or any of its Subsidiaries
                                     or to which its (or any of its Subsidiaries’) assets are subject which are reasonably
                                     likely to have a Material Adverse Effect.

 

	14.13	Environmental Laws

 

	14.13.1	It is in compliance with Clause 17.4 (Environmental compliance) and (to the best of its
knowledge and belief (having made due and careful enquiry)) no circumstances have occurred which would prevent such compliance
in a manner or to an extent which has or is reasonably likely to have a Material Adverse Effect.

 

	14.13.2	No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made
due and careful enquiry)) is threatened (in writing) against it where that claim has or is reasonably likely, if determined against
it, to have a Material Adverse Effect.

 

	14.14	No misleading information

 

	14.14.1	All written information provided by it or on its behalf to the Investment Agent in relation to
it, the Project or otherwise, was true, complete and accurate in all material respects as at the date it was provided or as at the
date (if any) at which it is stated.

 

	14.14.2	Any financial projection or forecast provided to the Investment Agent by it or on its behalf has
been prepared on the basis of recent historical information and on the basis of reasonable assumptions and arrived at after careful
consideration.

 

	14.14.3	Nothing has occurred and no written information has been given or withheld that results in the
information being untrue or misleading in any material respect.

 

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	14.15	Financial statements

 

	14.15.1	The Original Financial Statements were prepared in accordance with IFRS consistently applied.

 

	14.15.2	The Original Financial Statements fairly represent the Company’s consolidated financial condition
and operations during the relevant Financial Year.

 

	14.15.3	Unless disclosed in writing to the Investment Agent, there has been no material adverse change
in its business, condition (financial or otherwise), operations, assets, performance or prospects (or the business, condition (financial
or otherwise), operations, assets, performance or prospects of the Group) since the date of the Original Financial Statements.

 

	14.15.4	The most recent financial statements delivered pursuant to Clause 15.1 (Financial Statements):

 

		(a)	have been prepared in accordance with IFRS as applied to the Original Financial Statements; and

 

		(b)	give a true and fair view of (if audited) or fairly present (if unaudited) its financial condition
as at the end of, and results of for, the period to which they relate.

 

	14.16	Shari’ah compliance

 

It confirms that it does not have any objection,
nor will it raise any objections, as to matters of Shari’ah compliance in respect of or otherwise in relation to any of the
provisions of the Finance Documents or any matter related hereto.

 

	14.17	Applicable Anti Bribery Law

 

	14.17.1	Neither it nor any Group Company, nor to the best of their knowledge, any director, officer, employee,
or anyone acting on behalf of any Obligor or any other Group Company, has engaged in any activity which would breach the ABC Laws.

 

	14.17.2	No actions or investigations by any governmental or regulatory agency are ongoing or threatened
against any Obligor or any other Group Company, their directors, officers or employees or anyone acting on their behalf in relation
to a breach of the ABC Laws.

 

	14.17.3	Each Obligor has instituted, maintains and enforces, policies and procedures designed to ensure
compliance by that Obligor with the ABC Laws.

 

	14.18	Sanctions

 

Neither it nor any other Group Company,
nor any directors, officers or employees of it or any other Group Company nor (to the best of its knowledge and belief (having
made due and careful enquiry)) any person acting on any of their behalf;

 

		(a)	is a Restricted Party or is engaging in or has engaged in any transaction or conduct that could
result in it becoming a Restricted Party;

 

		(b)	is or ever has been subject to any claim, proceeding, formal notice or investigation with respect
to Sanctions;

 

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		(c)	is engaging or has engaged in any transaction that evades or avoids, or has the purpose of evading
or avoiding, or breaches or attempts to breach, directly or indirectly, any Sanctions applicable to it; or

 

		(d)	has engaged or is engaging, directly or indirectly. in any trade, business or other activities
with or for the benefit of any Restricted Party.

 

	14.19	Pari passu ranking

 

Its payment obligations under the Finance
Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations
mandatorily preferred by law applying to companies generally.

 

	14.20	No proceedings pending or threatened

 

No litigation, arbitration or administrative
proceedings of or before any court, arbitral body or agency which if adversely determined, would be reasonably likely to have a
Material Adverse Effect have been started or (to the best of its knowledge and belief (having made due and careful enquiry)) threatened
(in writing) against it or any of its Subsidiaries, nor is there subsisting any unsatisfied judgment or award given against any
of them by any court, arbitrator or other body which would be reasonably likely to have a Material Adverse Effect.

 

	14.21	Transaction Security Documents

 

Subject to the Legal Reservations and the
Perfection Requirements, each Transaction Security Document to which it is a party creates the Security which that Transaction
Security Document purports to create and those Security are valid and effective.

 

	14.22	Security

 

No Security exist over all or any of the
present or future assets of an Obligor other than as permitted by the Finance Documents.

 

	14.23	Ranking

 

Subject to the Legal Reservations and the
Perfection Requirements. the Transaction Security has or will have the ranking in priority it is expressed to have in the Transaction
Security Documents and it is not subject to any prior ranking or pari passu ranking Security except for obligations mandatorily
preferred by law applying to companies generally.

 

	14.24	Immunity

 

It will not be entitled to claim
immunity from suit, execution, attachment or other legal process in any Relevant
Jurisdiction.

 

	14.25	Commercial transactions

 

The transactions on the part of each Guarantor
which are contemplated in the guarantee granted pursuant to Clause 13 (Guarantee):

 

		(a)	represent transactions of a private and purely commercial nature by the Guarantor, done and performed
for private and commercial purposes; and

 

		(b)	are not, in any case, public or governmental acts.

 

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	14.26	Good title to assets

 

It has good, valid and marketable title
to and all appropriate Authorisations to use the assets necessary to carry out its business and the Project, free from Security
(other than any Transaction Security), restrictions and onerous covenants.

 

	14.27	Legal and beneficial ownership

 

It is the sole legal and beneficial owner
of the respective assets over which it purports to grant Security.

 

	14.28	Transaction Documents

 

	14.28.1	The copies of the Project Documents it has supplied to the Investment Agent are true and complete
copies of those documents at the date so supplied to the Investment Agent.

 

	14.28.2	It is not a party to any material agreement in relation to the Project other than as permitted
by this Agreement.

 

	14.28.3	It has not incurred any material liabilities in relation to the Project other than pursuant to
the Transaction Documents to which it is a party.

 

	14.28.4	It is not a party to, and is not aware of, any agreement between any of the parties to any Transaction
Document which amends, supplements or affects any Transaction Document.

 

	14.29	Project Site

 

	14.29.1	The Company leases the Project Site as lessee under the Project Site Lease.

 

	14.29.2	The Company has the benefit of all easements and other rights which are necessary to carry out
the Project and for the business and operation of the Project at the Project Site, in each case free from any material restriction
(including any restriction that may otherwise prevent, delay or hinder the implementation of the Project or the business or operation
of the Project).

 

	14.30	Insurances

 

All insurances which are currently required
to be maintained or effected pursuant to the Transaction Documents are in full force and effect and it is, to the best of its knowledge
and belief, not aware of any occurrence or any event or circumstance, nor has there been any omission by it to disclose a fact,
which would entitle any insurer to avoid or otherwise reduce its liability under any policy relating to such insurances.

 

	14.31	Repetition

 

The Repeating Representations are deemed
to be made by each Obligor by reference to the facts and circumstances then existing on the date of:

 

		(a)	each Transaction Request;

 

		(b)	each Istisna’ Payment Date;

 

		(c)	the first day of each Advance Variable Rental Period;

 

		(d)	the first day of each Lease Period;

 

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		(e)	each Acceptance;

 

		(f)	each Advance Rental Payment Date; and

 

		(g)	each Rental Payment Date.

 

	15	Information undertakings

 

The undertakings in this Clause 15 remain
in force from the date of this Agreement up to the end of the Security Period.

 

	15.1	Financial statements

 

The Company shall supply to the Investment
Agent:

 

		(a)	as soon as reasonably practicable, but in any event within 120 days after the end of each Financial
Year, the Annual Accounts for that Financial Year; and

 

		(b)	as soon as reasonably practicable, but in any event within 90 days after the end of the first half
of each Financial Year, the Half Year Accounts for that half-year; and

 

		(c)	all such other financial information as the Investment Agent from time to time may reasonably require.

 

	15.2	Compliance Certificate

 

	15.2.1	The Company shall supply to the Investment Agent electronically, with each set of financial statements
delivered pursuant to Clause 15.1 (Financial Statements), a Compliance Certificate setting out (in reasonable detail) computations
as to compliance with Clause 16 (Financial Covenants) as at the date as at which those financial statements were drawn up.

 

	15.2.2	The Company shall procure that each Compliance Certificate is signed by two authorised signatories
of the Company.

 

	15.3	Requirements as to financial statements

 

	15.3.1	Each set of financial statements delivered pursuant to Clause 15.1 (Financial Statements) shall
be certified by two authorised signatories the Company as fairly representing the Company’s financial condition as at the
date as at which those financial statements were drawn up.

 

	15.3.2	Each set of financial statements delivered pursuant to Clause 15.1 (Financial Statements) shall
be prepared using IFRS accounting practices and financial reference periods consistent with those applied in the preparation of
the Original Financial Statements unless, in relation to any set of financial statements, the Company notifies the Investment Agent
that there has been a change in IFRS, the accounting practices or reference periods and its auditors deliver to the Investment
Agent:

 

		(a)	a description of any change necessary for those financial statements to reflect IFRS, accounting
practices and reference periods upon which the Original Financial Statements were prepared; and

 

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		(b)	sufficient information to enable the Investment Agent to make an accurate comparison between the
financial position indicated in those financial statements and the Original Financial Statements.

 

	15.3.3	Any reference in this Agreement to any financial statements shall be construed as a reference to
those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

 

	15.4	Year end

 

The Company shall not change its Financial
Year end from 31 December.

 

	15.5	Project Progress Report

 

	15.5.1	The Company shall provide such documentation, detail and explanation as the Bank Technical Adviser
may reasonably request in order for the Bank Technical Adviser to be able to issue a Project Progress Report in respect of each
Quarterly Period ending on or before the Completion Date.

 

	15.5.2	The Company shall ensure that each Project Progress Report is delivered as soon as practicable,
but in any event within 30 days of the commencement of the relevant Quarterly Period.

 

	15.6	Cash Flows Report

 

	15.6.1	The Company shall provide an Cash Flows Report in respect of each Half Year Period ending on or
after the Completion Date.

 

	15.6.2	The Company shall ensure that each Cash Flows Report is delivered as soon as practicable, but in
any event within 30 days of the end of the relevant Half Year Period.

 

	15.7	Environmental Claims

 

The Company shall promptly upon becoming
aware of the same, inform the Investment Agent in writing of:

 

		(a)	any Environmental Claim against any Obligor which is current, pending or threatened (in writing);
and

 

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being
commenced or threatened (in writing) against any Obligor (in writing),

 

where the claim if determined against the
relevant Obligor, has or is reasonably likely to have a Material Adverse Effect.

 

	15.8	Information: miscellaneous

 

The Company shall supply to the Investment
Agent electronically:

 

		(a)	all documents dispatched by an Obligor to its creditors generally at the same time as they are
dispatched if the contents of such document has or is reasonably likely to have a Material Adverse Effect ;

 

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		(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative
proceedings which are current, threatened (in writing) or pending against an Obligor, and which, if adversely determined, have
or are reasonably likely to have a Material Adverse Effect;

 

		(c)	promptly, such further information regarding the financial condition, business and operations of
any Obligor as the Investment Agent may reasonably request (such request to include the reasons for it being made);

 

		(d)	as soon as reasonably practicable, such information as the Investment Agent may reasonably require
about the Secured Property and compliance of any Obligor with the terms of any Transaction Security Document to which it is party.

 

	15.9	Notification of Default

 

	15.9.1	The Company shall notify the Investment Agent of any Default (and the steps, if any, being taken
to remedy it) promptly upon becoming aware of its occurrence.

 

	15.9.2	Promptly upon a request by the Investment Agent, the Company shall supply to the Investment Agent
a certificate signed by two of its authorised signatories certifying that no Default is continuing (or if a Default is continuing,
specifying the event and the steps, if any, being taken to remedy it).

 

	15.10	“Know your customer” checks

 

If the Investment Agent or any Finance
Party (or, in the case of Clause 27.1(c), any prospective Finance Party) is obliged by:

 

		(a)	the introduction of or any change in (or in the interpretation, administration or application of)
any law or regulation made after the date of this Agreement;

 

		(b)	any change in the status of an Obligor after the date of this Agreement; or

 

		(c)	a proposed assignment or transfer by a Finance Party of any of its rights and obligations under
a Finance Document to a party that is not a Finance Party before such assignment or transfer,

 

to comply with “know your customer”
or similar identification procedures in circumstances where the necessary information is not already available to it, the Company
shall promptly upon the request of the Investment Agent supply, or procure from the relevant Obligor the supply of, such documentation
and other evidence as is reasonably requested by the Investment Agent (for itself or on behalf of the relevant Finance Party or
prospective new Finance Party) in order for such Finance Party or, in the case of the event described in Clause 27.1(c), any prospective
new Finance Party to carry out and be satisfied it has complied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

 

	15.11	Use of websites

 

	15.11.1	The Company may satisfy its obligation under this Agreement to deliver any information in relation
to those Participants (the Website Participants) who accept this method of communication by posting this information onto
an electronic website designated by the Company and the Investment Agent (the Designated Website) if:

 

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		(a)	the Investment Agent expressly agrees (after consultation with each of the Participants) that it
will accept communication of the information by this method;

 

		(b)	both the Company and Investment Agent are aware of the address of and any relevant password specifications
for the Designated Website; and

 

		(c)	the information is in a format previously agreed between the Company and the Investment Agent.

 

	15.11.2	If any Participant (a Paper Form Participant) does not agree to the delivery of information
electronically then the Investment Agent shall notify the Company accordingly and the Company shall supply the information to the
Investment Agent (in sufficient copies for each Paper Form Participant) in paper form. In any event the Company shall supply the
Investment Agent with at least one copy in paper form of any information required to be provided by it.

 

	15.11.3	The Investment Agent shall supply each Website Participant with the address of and any relevant
password specifications for the Designated Website following designation of that website by the Company and the Investment Agent.

 

	15.11.4	The Company shall promptly upon becoming aware of its occurrence notify the Investment Agent if:

 

		(a)	the Designated Website cannot be accessed due to technical failure;

 

		(b)	the password specifications for the Designated Website change;

 

		(c)	any new information which is required to be provided under this Agreement is posted onto the Designated
Website;

 

		(d)	any existing information which has been provided under this Agreement and posted onto the Designated
Website is amended; or

 

		(e)	the Company becomes aware that the Designated Website or any information posted onto the Designated
Website is or has been infected by any electronic virus or similar software.

 

	15.11.5	If the Company notifies the Investment Agent under Clause 15.11.4(a) or Clause 15.11.4(e) all information
to be provided by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until
the Investment Agent and each Website Participant is satisfied that the circumstances giving rise to the notification are no longer
continuing.

 

	15.11.6	Any Website Participant may request, through the Investment Agent, one paper copy of any information
required to be provided under this Agreement which is posted onto the Designated Website. The Company shall comply with any such
request within ten Business Days.

 

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	16	Financial covenants

 

The undertakings in this Clause 16 remain
in force from the date of this Agreement up to the end of the Security Period.

 

	16.1	Financial covenants

 

The Company undertakes that:

 

	16.1.1	Facility Service Cover Ratio

 

Subject to Clause 16.2 (First Testing
Date), the Facility Service Cover Ratio in respect of each Relevant Period ending on each Testing Date after the date of this
Agreement shall not be less than 1.25:1.

 

	16.1.2	Participations to Value Ratio

 

At all times the Participations to Value
Ratio shall not be greater than 1.50:1.

 

	16.2	First Testing Date

 

In relation to the financial
covenant set out in Clauses 16.1.1 (Facility Service Cover Ratio), testing shall commence on the first Testing Date which
occurs on or after six months after the end of the Availability Period (the First Testing Date) and shall be calculated
by reference to the latest Compliance Certificate delivered to the Investment Agent pursuant to Clause 15.2 (Compliance Certificate).

 

	17	Positive undertakings

 

The undertakings in this Clause 17 remain
in force from the date of this Agreement up to the end of the Security Period.

 

	17.1	Authorisations

 

Each Obligor shall promptly:

 

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

 

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

 

any Authorisation required under any law
or regulation of a Relevant Jurisdiction to:

 

		(i)	enable it to perform its obligations under the Finance Documents to which it is a party;

 

		(ii)	subject to the Legal Reservations (and, in the case of the Transaction Security Documents, the
Perfection Requirements), ensure the legality, validity, enforceability or admissibility in evidence of any such Finance Document;

 

		(iii)	carry on its business; and

 

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		(iv)	operate the Leased Asset.

 

	17.2	Compliance with Laws

 

Each Obligor shall comply in all respects
with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its payment obligations
under the Finance Documents to which it is a party.

 

	17.3	Taxes

 

Each Obligor shall pay and discharge all
Taxes and governmental charges payable by or assessed upon it before the date on which the same become overdue unless, and only
to the extent that, such Taxes and charges shall be contested in good faith by appropriate proceedings, pending determination of
which payment may lawfully be withheld provided that adequate reserves shall be set aside with respect to any such Taxes or charges
so contested.

 

	17.4	Environmental compliance

 

	17.4.1	Each Obligor shall:

 

		(a)	comply in all material respects with all Environmental Laws applicable to it;

 

		(b)	obtain, maintain and ensure compliance with all requisite Environmental
Permits; and

 

		(c)	implement procedures to monitor compliance with and to prevent liability under any Environmental
Law, where failure to do so has or is reasonably likely to have a Material Adverse Effect.

 

	17.4.2	Each Obligor shall ensure that all Dangerous Materials treated, used, or kept and stored in, upon
or under the Project Site are held and kept in the manner and standard of a prudent trader carrying on the same business as it.

 

	17.5	Further assurance

 

Each Obligor shall at its own expense promptly
do or procure the doing of all such acts or execute or procure the execution of all such documents (including assignments, transfers,
mortgages, charges, notices and instructions) as the Investment Agent may reasonably specify (and in such form as the Investment
Agent may reasonably require in favour of the Investment Agent or its nominee(s)):

 

		(a)	to ensure that the Finance Parties obtain all the rights and benefits intended to be conferred
on them under the Finance Documents;

 

		(b)	to perfect the Security created or intended to be created under or evidenced by the Transaction
Security Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the
assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and
remedies of the Investment Agent provided by or pursuant to the Finance Documents or by law; and/or

 

		(c)	to facilitate the realisation of the assets which are, or are intended to be, the subject of the
Transaction Security.

 

    Page  78

     

    

 

	17.6	Applicable Anti Bribery Law

 

	17.6.1	No Obligor shall (and the Company shall procure that no other Group Company shall) directly or
indirectly use the proceeds of any transactions contemplated in the Finance Documents for any purposes which would breach any Applicable
Anti Bribery Law.

 

	17.6.2	Each Obligor shall:

 

		(a)	conduct its businesses in compliance with any Applicable Anti Bribery Law which applies to it in
each jurisdiction in which it operates; and

 

		(b)	maintain policies and procedures designated to promote and achieve compliance with any Applicable
Anti Bribery Law which applies to it in each jurisdiction in which it operates.

 

	17.7	Application of FATCA

 

No Obligor shall become a FATCA FFI or
a US Tax Obligor.

 

	17.8	Sanctions

 

	17.8.1	No Obligor shall permit or authorise any other person to, directly or indirectly, use, lend, make
payments of, contribute or otherwise make available, all or any part of the disbursement or other transaction contemplated by any
Finance Document to fund any trade, business or other activities:

 

		(a)	relating to, involving or for the benefit of any Restricted Party; and/or

 

		(b)	in any other manner that would reasonably be expected to result in an Obligor or any Finance Party
being in breach of any Sanctions (if and to the extent applicable to either of them) or becoming a Restricted Party;

 

	17.8.2	Each Obligor undertakes to the Bank that it shall not repay any amount under the Finance Documents
with any amount received, directly or indirectly, from any Restricted Person or the subject of any Sanctions.

 

	17.8.3	Each Obligor shall promptly upon becoming aware of them, provide
                                    to the Investment Agent the details of any claim, proceeding, formal notice or investigation
                                    with respect to Sanctions relating to any Obligor or any Group Company or any of officer or
                                    director of any Obligor or any Group Company.

 

	17.9	Valuations

 

	17.9.1	Without prejudice to Clause 17.9.2, within 90 days of the end of each Half Year Period, the Company
shall deliver to the Investment Agent an updated Valuation in respect of the Phase 2 Storage Terminal.

 

	17.9.2	The Investment Agent may request a Valuation at any time when a Default is continuing.

 

	17.9.3	The Company shall pay all costs and expenses payable in connection with each Valuation.

 

	17.10	Cost Overruns

 

The Company shall promptly fund all Cost
Overruns from its own resources.

 

    Page  79

     

    

 

	17.11	Insurance

 

	17.11.1	Without prejudice to, and in addition to, any other insurance provisions in the Finance Documents,
the Company shall in respect of all Insurances:

 

		(a)	effect and maintain all Insurances at its own expense:

 

		(i)	against those risks and to the extent as is usual for businesses
owning or possessing similar assets or carrying on the same or substantially similar business; and

 

		(ii)	as required pursuant to the laws of the Emirates of Fujairah and applicable federal laws of the
UAE;

 

		(b)	promptly and diligently perform and comply with the requirements of all covenants, undertakings
and conditions as to insurance which are imposed by the terms of such insurances or any lease, agreement for lease or tenancy under
which the Company derives its estate or interest in those assets;

 

		(c)	duly and punctually pay all premiums, fees and other moneys due and payable in respect of all such
insurances do everything necessary to keep such insurances in force and promptly at the request of the Investment Agent produce
receipts for the payment of the premiums;

 

		(d)	at the request of the Investment Agent, deposit copies of, with or produce for inspection originals
of to the Investment Agent all Insurance to be maintained by it in accordance with this Clause 17.11;

 

		(e)	use all reasonable endeavours to prevent any acts, omissions,
breaches or events of default occurring which would be reasonably likely to render any Insurance taken out by it void or voidable
or entitle the insurers to cancel or suspend the Insurances or reduce or avoid any liability under it; and

 

		(f)	promptly upon becoming aware of the same notify the Investment Agent of any event or circumstance
which might cause any Insurance to lapse or become invalid including any default by the Company.

 

	17.11.2	Without prejudice to, and in addition to, any other insurance provisions in the Finance Documents,
the Company shall ensure that all Insurances:

 

		(a)	are with reputable regulated independent insurance companies or underwriters approved by the Investment
Agent;

 

		(b)	be in such amounts (acceptable to the Investment Agent) as would in the circumstances be prudent
for such businesses (including an entitlement to receive the full replacement value from time to time of any assets destroyed or
otherwise becoming a total loss);

 

		(c)	name (or, promptly after the date of this Agreement, be amended to name) the Investment Agent and
the Security Agent as additional named insured for its rights and interests, warranted no operational interest and with full waiver
of rights of subrogation against the Investment Agent and the Security Agent, but without the Investment Agent or the Security
Agent thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;

 

    Page  80

     

    

 

		(d)	name the Security Agent as loss payee in accordance with the agreed loss payable clause;

 

		(e)	provide that all payments by or on behalf of the insurers under the Insurances to the Principal
and the Security Agent shall be made without set-off, counterclaim or deductions or condition whatsoever;

 

		(f)	provide that such Insurances shall be primary without any right of contribution from other insurances
which may be carried by the Investment Agent or the Security Agent; and

 

		(g)	provide that each of the Investment Agent and the Security Agent may make proof of loss if the
Company fails to do so.

 

	17.11.3	The Company shall promptly upon becoming aware of a claim, notify and keep the Investment Agent
informed of any circumstances which give rise or might reasonably be foreseen to give rise to a claim or claims under any Insurance.

 

	17.11.4	The Company shall not, unless with the prior written consent of the Investment Agent, take out
additional insurances for the sole benefit of the Company or permit any other person to be named insured in insurances with respect
to the Leased Asset (other than as required under the Finance Documents), and will, upon the request of the Investment Agent immediately
furnish the Investment Agent with particulars of any such additional insurances (including copies of any cover notes or policies)
and of the written consent of the insurers where such consent is necessary.

 

	17.11.5	The Company shall procure that no Security shall exist over the Insurance or their proceeds save
pursuant to the Transaction Security Documents.

 

	17.11.6	The Company shall ensure that each Insurance contains such endorsements required by the Investment
Agent from time to time.

 

	17.11.7	If the Company fails to comply with any of its obligations under this Clause 17.11, the Investment
Agent may (but shall be not obliged to) effect or renew any Insurance referred to in this Clause.

 

	17.11.8	The Company shall within five Business Days of demand indemnify the Investment Agent against all
actions, proceedings, demands, claims, costs, expenses, and other liabilities incurred by it in effecting or renewing any Insurance
in accordance with Clause 17.11.7.

 

	17.12	Access

 

The Company shall permit the Investment
Agent and the Bank Technical Adviser and/or the professional advisers and nominees of the Investment Agent at all reasonable times
and on reasonable notice, at the risk and cost of the Company to:

 

		(a)	have access to:

 

		(i)	the Project Site;

 

		(ii)	its assets, books, accounts and records in relation to the Project; and

 

		(b)	meet and discuss matters with senior management of the Company in relation to the Project, including,
but not limited to, for the purpose of the Bank Technical Adviser being able to compile each Project Progress Report.

 

    Page  81

     

    

 

	17.13	Project Documents

 

	17.13.1	The Company shall:

 

		(a)	perform and observe all its obligations, including making payment of all payments due from it,
under each Project Document to which it is a party in accordance with each of their terms:

 

		(b)	take all appropriate action to protect and maintain its rights under the Project Documents to which
it is a party; and

 

		(c)	exercise and enforce its rights against the other parties to the Project Documents to which it
is a party so as to procure the due performance of such other parties obligations under the Project Documents.

 

	17.13.2	The Company shall not:

 

		(a)	amend, vary or waive all or any part of a Project Document to which it is a party except:

 

		(iii)	where the amendment is not in any respect material;

 

		(iv)	for correction of manifest errors: or

 

		(v)	to the extent necessary to comply with applicable law;

 

		(b)	assign, transfer, novate, dispose of or sub-contract all or any part of a Project Document to which
it is a party or Authorisation; or

 

		(c)	terminate any Project Document to which it is a party,

 

 without the prior written approval of the
Investment Agent.

 

	17.13.3	The Company shall promptly provide the Investment Agent with a copy of all amendments, variations
and waivers to any Project Document.

 

	17.14	Project implementation

 

The Company shall ensure that the Project
is implemented in accordance with:

 

		(a)	the Transaction Documents;

 

		(b)	the standards of good practice and quality employed in international projects of a kind similar
to the Project from time to time; and

 

		(c)	all applicable laws including the laws of the Emirate of Fujairah and applicable federal laws of
the UAE.

 

    Page  82

     

    

 

	17.15	IPO Event, fair and accurate disclosures

 

The Company undertakes to comply
(and shall procure that Listco complies) with all requirements under any applicable law or regulation, including the UK Prospectus
Rules, applicable to an IPO Event, including fairly and accurately describing in any related prospectus or other documentation
required for the IPO Event, the Finance Documents and key conditions to be satisfied in order for financing to be made available
to the Company under the Finance Documents.

 

	18	Negative undertakings

 

The undertakings in this Clause 18 remain
in force from the date of this Agreement up to the end of the Security Period.

 

	18.1	Financial Indebtedness

 

	18.1.1	Subject to Clauses 18.1.2, the Company shall not incur or allow to remain outstanding any Financial
Indebtedness.

 

	18.1.2	The Company shall be permitted to incur Financial Indebtedness:

 

		(a)	incurred under the Finance Documents;

 

		(b)	arising under any finance, capital or equipment leases entered into with respect to vehicles, plant
and equipment in the ordinary course of its day-to-day trading activities and which does not exceed, in aggregate, AED10,000,000;

 

		(c)	which constitutes a Subordinated Shareholder Loan; or

 

		(d)	with the prior written consent of the Investment Agent.

 

	18.2	Participations to Cost

 

The Company shall ensure that the Participations
to Cost does not at any time exceed 57 per cent.

 

	18.3	Acquisitions

 

The Company shall not:

 

		(c)	acquire a company or any shares or a business or undertaking (or, in each case, any interest in
any of them);

 

		(d)	incorporate a company; or

 

		(e)	enter into any option or similar arrangement under which a person has a present, future, actual
or contingent right to require the Company to acquire any asset which, if exercised, would breach the terms of any of the Transaction
Documents,

 

without the prior written consent of the
Investment Agent.

 

	18.4	Disposals

 

	18.4.1	Except as permitted by the Finance
                                         Documents, the Company shall not without the prior written consent of the Investment
                                         Agent enter into a single transaction or a series of transactions (whether related or
                                         not), whether voluntary or involuntary and whether at the same time or over a period
                                         of time, to sell, lease, transfer, license, loan, divest or otherwise dispose (each a
                                         Disposition) of any Secured Property, the Project, the Project Site, the Phase
                                         2 Storage Terminal or enter into an agreement to make any such Disposition.

 

    Page  83

     

    

 

	18.4.2	Subject to compliance with Clause 16 (Financial covenants), the Company shall be permitted
to make any Disposition of any asset which does not constitute Secured Property, the Project, the Project Site or the Phase 2 Storage
Terminal.

 

	18.5	Arm’s length basis

 

The Company shall not enter into any transaction
with any person in relation to the Project, the Project Site or the Phase 2 Storage Terminal except on arm’s length terms
and for full market value or better.

 

	18.6	Negative pledge

 

	18.6.1	Except as permitted by the Finance Documents, the Company shall not:

 

		(a)	without the prior written consent of the Investment Agent:

 

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
to or re-acquired by a related entity;

 

		(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms:

 

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

 

		(iv)	enter into any other preferential arrangement having a similar effect,

 

in circumstances where the arrangement
or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset,
or

 

		(b)	without the prior written consent of the Investment Agent create or permit to subsist any Security
over any Secured Property, the Project, the Project Site or the Phase 2 Storage Terminal.

 

	18.6.2	Clause 18.6.1 does not apply to any Security or (as the case may be) Quasi-Security which is a
Permitted Security.

 

	18.7	Merger

 

Other than where undertaken in preparation
for an IPO Event, the Company shall not enter into any amalgamation, demerger, merger or corporate reconstruction or any joint
venture or partnership agreement without the prior written consent of the Investment Agent.

 

	18.8	Change of business

 

The Company shall ensure that no substantial
change is made to the general nature of its business from that carried on at the date of this Agreement.

 

    Page  84

     

    

 

	18.9	Loans or credit

 

The Company shall not make any loans or
grant any credit to or for the benefit of any person, other than in the normal course of its day-to-day trading activities where
such loans do not, when aggregated with all such loans made in the Company, exceed AED2,000,000 without the prior written consent
of the Investment Agent.

 

	18.10	Distributions

 

Except any payments permitted
under the terms of any Finance Document the Company shall not pay, make or declare any dividend, payment or other distribution
(each a Distribution) on or in respect of its share capital (or any class of its share capital) to any party unless no
Default is continuing or would result from the Distribution.

 

	18.11	Repayment of Subordinated Shareholder Loans

 

The Company shall not
repay or prepay any principal amount (or capitalised interest) outstanding under, or interest, fee or charge accrued or due
under, any Subordinated Shareholder Loan other than as part of a Distribution permitted in accordance with Clause 18.10 (Distributions).

 

	19	Independent assessment

 

The Investment Agent and the Security Agent
have entered into this Agreement in reliance on the representations of each Participant and each Obligor that, and each Participant
and the Company warrants to the Investment Agent and the Security Agent on the date of this Agreement that:

 

		(a)	it has not relied on any statement, representation or warranty made by or on behalf of the Investment
Agent or the Security Agent as to the Shari’ah compliance of the transactions contemplated by the Finance Documents or any
of them; and

 

		(b)	it has independently made its own assessment as to whether such transactions are compliant with
the Shari’ah.

 

	20	Accounts

 

	20.1	Appointment of Account Bank

 

	20.1.1	The Company:

 

		(a)	appoints First Abu Dhabi Bank PJSC as Account Bank in relation to each Account; and

 

		(a)	authorises First Abu Dhabi Bank PJSC to open and maintain each Account.

 

	20.1.2	The Company shall pay to the Account Bank such transaction charges and other fees as the Company
and the Account Bank may agree in relation to the operation and maintenance of each Account, provided that such charges and fees
shall be consistent with the Account Bank’s normal practice.

 

    Page  85

     

    

 

	20.2	Establishment of Accounts

 

	20.2.1	The Company shall ensure that:

 

		(a)	on or before the date of this Agreement, it establishes with the Account Bank and maintains in
accordance with the requirements of this Agreement each Account; and

 

		(b)	it does not without the prior written consent of the Investment Agent, open or maintain any account
with any bank or financial institution except:

 

		(i)	each Phase 1 Account;

 

		(ii)	each Account; and

 

		(iii)	provided that Security is granted over such account in favour of the Security Agent, such other
accounts notified in writing by the Company to the Investment Agent.

 

	20.2.2	The terms of this Agreement shall override (to the extent of any inconsistency) any other terms
agreed between the Company and the Account Bank in relation to the maintenance and operation of each Account.

 

	20.3	Payment of Terminal Revenues

 

	20.3.1	The Company shall procure that:

 

		(a)	all Terminal Revenues are paid directly into the Collection Account; and

 

		(b)	instructions are provided to the Account Bank to, each month:

 

		(i)	pay the Project Expenses; and

 

		(ii)	transfer to the Facility Service Reserve Account such amount as is necessary to cause the balance
of the Facility Service Reserve Account to equal the Required FSRA Balance.

 

	20.3.2	Other than a withdrawal made in accordance with this Clause 20.3.1, no withdrawal may be made from
the Collection Account other than:

 

		(a)	for payment of any amount due to any Finance Party under any Finance Document; or

 

		(b)	for any other purpose provided no Default is continuing or would arise as a result of the relevant
withdrawal.

 

	20.4	Facility Service Reserve Account

 

	20.4.1	The Company shall procure that, on each date falling 5 days prior to a Rental Payment Date, the
Facility Service Reserve Account is credited with an amount equal to no less than:

 

		(a)	the sum (without double counting) of the Rental Payment and all Related Finance Charges due on
the next Rental Payment Date; or

 

		(b)	if an IPO Event has occurred, the sum (without double counting) of the Rental Payment and all Related
Finance Charges due on the next two Rental Payment Dates,

 

    Page  86

     

    

 

in each case as estimated by
the Investment Agent and confirmed to the Company from time to time (the Required FSRA Balance).

 

	20.4.2	The Company shall procure that instructions are provided to the Account Bank, on the date falling
three Business Days prior to each Rental Payment Date, to withdraw on that Rental Payment Date from the Facility Service Reserve
Account the amounts then due in payment of accrued and outstanding Advance Rental Payments and Rental Payments on that date to
the extent the amount to be applied pursuant to Clause 20.3.2(a) is insufficient to pay all amounts then due.

 

	20.4.3	If, at any time on or after the FSRA Funding Date the amount standing to the credit of the Facility
Service Reserve Account is less than the Required FSRA Balance, the Company shall, within 30 days, procure that the amount standing
to the credit of the Facility Service Reserve Account is increased to an amount equal to the Required FSRA Balance.

 

	20.5	Withdrawals during a Default

 

At any time when an Event of Default is
continuing, the Company irrevocably authorises the Account Bank to act on the instructions of the Investment Agent and/or Security
Agent and, to the exclusion of the Company, to:

 

		(a)	operate each Account in accordance with this Agreement; and

 

		(b)	apply the monies standing to the credit of an Account in payment of any amount due but unpaid to
a Secured Party under the Finance Documents.

 

	20.6	Miscellaneous

 

	20.6.1	Other than as permitted pursuant to the terms of the Finance Documents, no withdrawal shall be
made from any Account without the prior written consent of the Investment Agent.

 

	20.6.2	No withdrawal shall be made from any Account if it would cause such account to be overdrawn.

 

	20.6.3	No Finance Party is responsible or liable to the Company for:

 

		(a)	any non-payment of any liability of the Company which could be paid out of monies standing to the
credit of an Account; or

 

		(b)	any withdrawal wrongly made, if made in good faith.

 

	20.6.4	The Company must, within five Business Days of any request by the Investment Agent, supply the
Investment Agent with the following information in relation to any payment received into an Account:

 

		(a)	the date of payment or receipt;

 

		(b)	the payer; and

 

		(c)	the purpose of the payment or receipt.

 

    Page  87

     

    

 

	20.7	Statements

 

Promptly at the request of the Investment
Agent (acting on the instructions of any Participant), the Company shall supply to the Investment Agent statements showing all
payments into and out of each Account for any calendar month.

 

	20.8	Change of Account Bank

 

	20.8.1	The Account Bank may be changed to another bank or financial institution authorised to accept deposits
in the UAE approved by the Investment Agent (acting on the instructions of the Majority Participants) if the Investment Agent (acting
on the instructions of the Majority Participants) so agrees and must be changed if:

 

		(a)	the Investment Agent (acting on the instructions of the Majority Participants) requires; or

 

		(b)	an Account Bank resigns on notice to the Company and the Investment Agent.

 

	20.8.2	A change of Account Bank only becomes effective when:

 

		(a)	the proposed new Account Bank executes and delivers to the Security Agent a duly completed accession
undertaking in form and substance satisfactory to the Investment Agent (acting on the instructions of the Majority Participants);
and

 

		(b)	the Company provides to the Security Agent copies of all notices and acknowledgements that are
required to be delivered by the Company and/or the new Account Bank under the relevant Transaction Security Document as conditions
to the effectiveness of the change of Account Bank.

 

	20.8.3	If there is a change of Account Bank, the Company shall procure that the amount (if any) standing
to the credit of the Accounts maintained with the old Account Bank will be transferred to the corresponding Shari’a compliant
account opened and maintained with the new Account Bank immediately upon the appointment of the new Account Bank taking effect.

 

	20.8.4	The Company must take any action which the Security Agent may reasonably require to facilitate
a change of Account Bank and any transfer of credit balances in an Account (including the execution of bank mandate forms).

 

	21	Events of Default

 

Each of the events or circumstances set
out in this Clause 21 is an Event of Default (save for Clause 21.17 (Consequences of an Event of Default) and Clause 21.18
(Rights not exclusive)).

 

	21.1	Non-payment

 

An Obligor does not pay on the due date
any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless
its failure to pay is caused by administrative or technical error and payment is made within three Business Days of its due date.

 

	21.2	Vital covenants

 

	21.2.1	Any requirement of Clause 16 (Financial covenants) is not complied with.

 

    Page  88

     

    

 

	21.2.2	Any requirement of Clause 18.1 (Financial Indebtedness) is not complied with.

 

	21.2.3	Clause 20.4.1 is breached and is not remedied within the period set out in Clause 20.4.3.

 

	21.3	Other obligations

 

An Obligor does not comply with any provision
of a Finance Document (other than the Service Agency Agreement) to which it is a party (other than those referred to in Clauses
21.1 (Non- payment) and Clause 21.2 (Vital covenants)) and such breach, if capable of being remedied, is not remedied
within five Business Days of the earlier of (i) the Investment Agent giving notice to the relevant Obligor, or (ii) an Obligor becoming aware of the failure to comply.

 

	21.4	Misrepresentation

 

Any representation or statement made or
deemed to be made by an Obligor in the Finance Documents to which it is a party or any other document delivered by or on behalf
of an Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material
respect when made or deemed to be made and the circumstances giving rise to such breach, if capable of being remedied, are not
remedied within seven Business Days of the earlier of:

 

		(a)	the Investment Agent giving notice to the relevant Obligor, and

 

		(b)	an Obligor becoming aware of the breach.

 

	21.5	Cross default

 

	21.5.1	Any Financial Indebtedness of an Obligor is not paid when due nor within any originally applicable
grace period.

 

	21.5.2	Any Financial Indebtedness of an Obligor is declared to be or otherwise becomes due and payable
before its specified maturity.

 

	21.5.3	Any Financial Indebtedness of an Obligor is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described).

 

	21.5.4	Any commitment for any Financial Indebtedness of an Obligor is cancelled or suspended by a creditor
of an Obligor as a result of an event of default (however described).

 

	21.5.5	Any creditor of an Obligor becomes entitled to declare any Financial Indebtedness of an Obligor due and payable prior to its specified maturity as a result of an event of default (however described).

 

    Page  89

     

    

 

	21.6	Insolvency

 

	21.6.1	Any Obligor is unable or admits inability to pay its debts as they fall due, suspends making payments
on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its
creditors (other than the Finance Parties) with a view to rescheduling any of its indebtedness.

 

	21.6.2	The value of the assets of any Obligor is less than its liabilities (taking into account contingent
and prospective liabilities).

 

	21.6.3	A moratorium is declared in respect of any indebtedness of any Obligor.

 

	21.7	Insolvency proceedings

 

Any corporate action, legal proceedings
or other procedure or step is taken in relation to:

 

		(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor;

 

		(b)	a composition, compromise, assignment or arrangement with any creditor (other than the Finance
Parties) of any Obligor;

 

		(c)	the appointment of a liquidator, receiver, administrative receiver,
administrator, compulsory manager or other similar officer in respect of any Obligor or any of their assets; or

 

		(d)	enforcement of any Security over any assets of any Obligor,

 

or any
analogous procedure or step is taken in any jurisdiction.

 

This Clause 21.7 shall not apply to any
winding-up petition (or analogous procedure or step) which is frivolous or vexatious and is discharged, stayed or dismissed within
20 Business Days of commencement or if earlier, the date on which it is advertised.

 

	21.8	Creditors’ process

 

Any expropriation, attachment, sequestration,
distress or execution affects any asset or assets of any Obligor having an aggregate value of AED1,000,000 (or the equivalent in
another currency) and is not discharged within 30 days.

 

	21.9	Unlawfulness

 

	21.9.1	It is or becomes unlawful for an Obligor to perform any of its material obligations under the Transaction
Document (other than the Service Agency Agreement) to which it is a party.

 

	21.9.2	It is or becomes unlawful for any other party to a Project Document other than the Company to perform
any of its obligations under the Project Documents to which it is a party.

 

	21.9.3	Any obligation or obligations of the Company under any Transaction Documents are not or cease to
be legal, valid, binding or enforceable.

 

	21.9.4	Any obligation or obligations of a party to a Project Document other than the Company are not or
cease to be legal, valid, binding or enforceable.

 

    Page  90

     

    

 

	21.9.5	Any Transaction Document is not or ceases to be in full force and effect or any Transaction Security
is not or ceases to be legal, valid, binding, enforceable, effective or perfected or is alleged by a party to it (other than a
Finance Party) to be ineffective.

 

	21.10	Transaction Documents

 

	21.10.1	Any Obligor rescinds or purports to rescind or repudiate any Transaction Document (other than the
Service Agency Agreement) to which it is a party in whole or in part.

 

	21.10.2	Any other party to a Project Document other than an Obligor:

 

		(a)	rescinds or purports to rescind or repudiate any Project Document in whole or in part where to
do so has or is reasonably likely to have a Material Adverse Effect; or

 

		(b)	does not comply with any of its obligations under the Project Documents where such non-compliance
has or is reasonably likely to have a Material Adverse Effect.

 

	21.11	Material Adverse Effect

 

Any event or circumstance occurs which
has a Material Adverse Effect.

 

	21.12	Litigation

 

Any litigation. arbitration, administrative.
governmental, regulatory or other investigation, proceeding or dispute is commenced or threatened in relation to the Transaction
Documents or the transactions contemplated in the Transaction Documents or against any Obligor or its assets which if adversely
determined have or are reasonably likely to have a Material Adverse Effect.

 

	21.13	Lessee Event of Default

 

A Lessee Event of Default occurs.

 

	21.14	Project Lease and control

 

	21.14.1	The Company ceases to lease the Project Site as lessee under the Lease.

 

	21.14.2	The Company ceases to control all or any part of the Project Site.

 

	21.15	Abandonment

 

The Company or the Contractor abandons
or suspends for a period exceeding 30 days, the construction or operation of all or a material part of the Project or evidences
an intention to do so save where a suspension occurs in order to preserve the Project or the safety of individuals and does not
last for more than 45 days.

 

	21.16	Completion

 

	21.16.1	The Completion Date Certificate has not been issued on or before the Projected Completion Date.

 

	21.16.2	The Completion Date does not occur on or before the
Projected Completion Date.

 

	21.16.3	Any Project Document terminates without the prior
written consent of the Investment Agent where such termination has or could reasonably be expected to have a Material Adverse
Effect.

 

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	21.17	Consequences of an Event of Default

 

	21.17.1	On and at any time after the occurrence of an Event of Default, the Investment Agent and/or the
Security Agent may by notice to the Company:

 

		(a)	exercise its rights under the Purchase Undertaking;

 

		(b)	exercise its rights under the Transaction Security Documents; and/or

 

		(c)	take possession of all or some of the Leased Asset.

 

	21.17.2	If an Event of Default is continuing and is capable of remedy, the Company may apply any amount
standing to the credit of the Facility Service Reserve Account which is in excess of the Required FSRA Balance towards the remedy
of that Event of Default provided that, following any such application, the amount standing to the credit of the Facility Service
Reserve Account shall be at least equal to the Required FSRA Balance as is applicable at that time.

 

	21.18	Rights not exclusive

 

The rights of the Investment Agent pursuant
to Clause 21.17 (Consequences of an Event of Default) are exclusive of and in addition and not dependent upon the exercise
by the Investment Agent of any right or entitlement arising:

 

		(a)	under any other Finance Document;

 

		(b)	under any other relevant document; or

 

		(c)	at law.

 

	22	Fees

 

	22.1	Arrangement fee

 

The Company shall pay to the Investment
Agent (for the account of the Arranger) an arrangement fee in the amount and at the times agreed in a Fee Letter.

 

	22.2	Structuring and underwriting fee

 

The Company shall pay to the Investment
Agent (for the account of the Arranger) a structuring and underwriting fee in the amount and at the times agreed in a Fee Letter.

 

	22.3	Security agency fee

 

The Company shall pay to the Security Agent
(for its own account) a security agency fee in the amount and at the times agreed in a Fee Letter.

 

	22.4	Investment agency fee

 

The Company shall pay to the Investment
Agent (for its own account) an investment agency fee in the amount and at the times agreed in a Fee Letter.

 

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	23	Costs and expenses

 

	23.1	Finance Documents

 

The Company shall on demand of the Investment
Agent reimburse the Investment Agent (for the account of each relevant Secured Party) for all actual costs and expenses (including
legal fees and out of pocket expenses) reasonably and properly incurred by a Secured Party in connection with the negotiation,
preparation and execution of each Finance Document and the completion of the transactions contemplated by the Finance Documents.

 

	23.2	Other costs and expenses

 

The Company shall on demand of the Investment
Agent, reimburse the Investment Agent (for the account of each relevant Secured Party) for all reasonably and properly incurred
actual costs and expenses (including legal fees and out of pocket expenses) incurred in or in connection with any amendment, waiver,
approval, consent or suspension of any rights (or any proposal in relation to the foregoing) requested on behalf of the Company
or any other party and relating to a Finance Document or the preservation and/or enforcement of any of its rights under any Finance
Document.

 

	23.3	Management time and additional remuneration

 

	23.3.1	Any amount payable to Security Agent under Clause 24.4
(Indemnity to the Security Agent) or the Investment Agent under Clause 24.3 (Indemnity to the Investment Agent)
and this Clause 23.3.1 shall include the cost of utilising the Security Agent’s or Investment Agent’s, as relevant,
management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Security
Agent or Investment Agent, as relevant, may notify to the Company, and is in addition to any other fee paid or payable to the
Security Agent or Investment Agent.

 

	23.3.2	Without prejudice to Clause 23.3.1, in the event of:

 

		(a)	a Default:

 

		(b)	the Security Agent or the Investment Agent being requested by an Obligor or the Majority Participants
to undertake duties which the Security Agent or the Investment Agent, as relevant, and the Company agree to be of an exceptional
nature or outside the scope of the normal duties of the Security Agent or the Investment Agent, as relevant, under the Finance
Documents; or

 

		(c)	the Security Agent or the Investment Agent, as relevant,
and the Company agreeing that it is otherwise appropriate in the circumstances,

 

the Company shall pay to the Security Agent
or the Investment Agent, as relevant, any additional remuneration that may be agreed between them or determined pursuant to Clause
23.3.3.

 

	23.3.3	If the Security Agent or the Investment Agent, as relevant, and the Company fail to agree upon
the nature of the duties, or upon the additional remuneration referred to in Clause 23.3.2 or whether additional remuneration is
appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator)
selected by the Security Agent or the Investment Agent. as relevant, and approved by the Company or, failing approval, nominated
(on the application of the Security Agent or the Investment Agent, as relevant) by the President for the time being of the Law
Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Company) and the determination
of any investment bank shall be final and binding upon the Parties.

 

    Page  93

     

    

 

	23.4	Enforcement and preservation costs

 

The Company shall on demand of the Investment
Agent pay to the Investment Agent (for the account of each relevant Secured Party) the amount of all actual costs and expenses
(including legal fees and out of pocket expenses) incurred by it in connection with the exercise, enforcement, preservation or
protection of any rights, or any step taken with a view to such exercise, enforcement, preservation or protection, under any Finance
Document and the Transaction Security and any proceedings instituted by or against a Secured Party as a consequence of taking or
holding the Transaction Security or enforcing these rights, or the investigation of any possible Default.

 

	23.5	Obligor fails to comply

 

If an Obligor fails to comply with any
provision of any Finance Document to which it is a party, the Investment Agent shall have the right, but not the obligation, to
effect compliance on behalf of such Obligor. In that event, the Company shall on demand reimburse the Investment Agent for all
actual costs and expenses paid by each Finance Party in effecting such compliance and indemnify and keep indemnified each Finance
Party against any and all actual claims, demands, losses, actions, suits, damages and liabilities of whatsoever nature arising
out of or in connection with any such failure or omission excluding opportunity loss and cost.

 

	24	Indemnification and late payment

 

	24.1	Currency indemnity

 

	24.1.1	If any sum due from any Obligor under the Finance Documents to which it is a party (a Sum),
or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the First Currency)
in which that Sum is payable into another currency (the Second Currency) for the purpose of

 

		(a)	making or filing a claim or proof against any Obligor; and/or

 

		(b)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration
proceedings,

 

the Company shall as an independent obligation,
within three Business Days of demand, indemnify the Investment Agent or Security Agent (as relevant) against any actual cost, loss
or liability arising out of or as a result of the conversion including any discrepancy between (a) the rate of exchange used to
convert that Sum from the First Currency into the Second Currency and (b) the spot rate or rates of exchange available to that
person at the time of its receipt of that Sum.

 

	24.1.2	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents to which it is a party in a currency or currency unit other than that in which it is expressed to be payable.

 

    Page  94

     

    

 

	24.2	Other indemnities

 

	24.2.1	The Company shall, within three Business Days of demand, indemnify each Secured Party to the fullest
extent permitted by law and hold it harmless against any actual cost, loss or liability incurred by a Secured Party as a result
of:

 

		(a)	the act or omission of an Obligor (or person for whom an Obligor is responsible) in relation to
the Leased Asset;

 

		(b)	the protection and defence of a Finance Party’s right and interest in and to the Leased Asset;

 

		(c)	an Obligor’s actual liability under or breach of Environmental Laws including any actual
liability under or breach of any conditions, obligations and requirements of any Authorisation; and

 

		(d)	the occurrence of any Event of Default,

 

with any excess amount following full indemnification
pursuant to this Clause being promptly returned to the Company.

 

	24.3	Indemnity to the Investment Agent

 

The Company shall, within three Business
Days of demand, indemnify the Investment Agent to the fullest extent permitted by law and hold it harmless against any actual cost,
loss or liability incurred by the Investment Agent as a result of:

 

		(a)	any actual cost, loss or liability incurred by the Investment Agent as a result of:

 

		(i)	investigating any event which it reasonably believes is a Default; or

 

		(ii)	acting or relying on any notice, request or instruction which
it reasonably believes to be genuine, correct and appropriately authorised; or

 

		(iii)	instructing lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts as permitted under the Finance Documents; and

 

		(b)	any actual cost, loss or liability incurred by the investment Agent in acting as Investment Agent
under the Finance Documents.

 

	24.4	Indemnity to the Security Agent

 

	24.4.1	The Company shall, within three Business Days of demand, indemnify the Security Agent to the fullest
extent permitted by law and hold it harmless against any actual cost, loss or liability incurred by the Security Agent as a result
of:

 

		(a)	any failure by the Company to comply with its obligations under Clause 22 (Costs and expenses);

 

		(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine,
correct and appropriately authorised;

 

		(c)	the taking, holding, protection or enforcement of the Transaction Security,

 

    Page  95

     

    

 

		(d)	the exercise of any of the rights, powers, discretions, authorities and remedies vested in the
Security Agent and each Receiver and Delegate by the Finance Documents or by law;

 

		(e)	any default by any Obligor in the performance of any of the obligations expressed to be assumed
by it in the Finance Documents; or

 

		(f)	acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates
to any of the Secured Property

 

	24.4.2	The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured
Parties, indemnify itself out of the Secured Property in respect of, and pay and retain, all sums necessary to give effect to the
indemnity in this Clause 24.4 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction
Security for all monies payable to it.

 

	24.5	Exceptions

 

The Company shall not be obliged to indemnify
a Secured Party pursuant to Clause 24.1 (Currency indemnity) to Clause 24.4 (Indemnity to the Security Agent) for
any actual cost, loss or liability to the extent that any such actual cost, loss or liability arises from the wilful misconduct
or gross negligence of the relevant Secured Party or from a material breach by such Secured Party of its obligations under the
Finance Documents.

 

	24.6	Late payment

 

If an Obligor fails to pay any
amounts payable by it under this Agreement or any of the Finance Documents on its due date (such amount the unpaid amount),
then in addition to paying such amount such Obligor shall pay to the Investment Agent an amount equal to 2 per cent per annum
of the unpaid amount which shall accrue daily after the due date for payment (such amount the late payment amount). The
Investment Agent shall apply the late payment amount as follows:

 

		(a)	in order to indemnify the relevant Finance Party for any actual costs (not any opportunity costs.
funding costs and any payments in the nature of interest) it has incurred as a result of such Obligor failing to pay the relevant
unpaid amount on the due date for payment, under the supervision of the Fatwa and Shari’ah Supervisory Board; and

 

		(b)	the balance to the relevant Finance Party for payment to charity under the supervision of the Fatwa
and Shari’ah Supervisory Board.

 

	25	Early payment and cancellation

 

	25.1	Definitions

 

For the purposes of this Clause
25, Single Participant Amount means, in relation to a payment to be remitted to a single Participant by the Investment
Agent pursuant tor receipt of an early payment under Clause 25.2 (Illegality) or Clause 25.3(Right of payment of a single
Participant) an amount in Dirhams equal to the aggregate (without double counting) of:

 

		(i)	a Variable Rental Payment that is equal to A x (B + C) x N/360 where;

 

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		A	means an amount equal to the relevant outstanding Participation of the relevant Participant;

 

		B	means the Margin;

 

		C	means EIBOR; and

 

		N	means the number of days in the then-current Rental Period up to the date of the relevant early
payment;

 

		(ii)	an amount equal to the relevant outstanding Participation of the relevant Participant; and

 

		(iii)	an amount equal to any other sum due but unpaid to the relevant Participant under the Finance Documents.

 

	25.2	Illegality

 

If it becomes unlawful in any jurisdiction
for a Participant to perform any of its obligations as contemplated by this Agreement and the other Finance Documents or to fund
or maintain its Participation:

 

		(a)	the Participant shall promptly notify the Investment Agent upon becoming aware of that event;

 

		(b)	the Investment Agent shall notify the Company and upon such notification the Commitment of that
Participant will be immediately cancelled; and

 

		(c)	on the next Advance Variable Rental Payment Date or next Rental Payment Date, as applicable, or,
if earlier, the date specified by the Participant in the notice delivered to the Investment Agent (being no earlier than the last
day of any applicable grace period permitted by law) the Company shall make an early payment in an amount equal to the Single Participant
Amount.

 

	25.3	Right of payment of a single Participant

 

If:

 

		(a)	any sum payable to any Participant (or to the Investment Agent for the account of any Participant)
by the Company is required to be increased under Clause 6.1 (Tax gross- up);

 

		(b)	any Participant makes a claim under Clause 6.2 (Tax indemnity) or clause 6.8 (Increased
Costs claims) of the Master Lease Forward Lease Agreement; or

 

		(c)	the Investment Agent receives notification pursuant to clause 6.9 (Adjustments to the Variable
Rental Payments or Advance Variable Rental Payments) of the Master Lease Agreement,

 

on the next Advance Variable Rental Payment
Date or next Rental Payment Date, as applicable, the Company may, whilst the circumstance giving rise to the requirement for that
increase or claim continues, make an early payment in an amount equal to the Single Participant Amount.

 

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	25.4	Terminal Earnings

 

	25.4.1	Subject to Clause 25.4.3, to the extent Terminal Earnings are standing to the credit of the Collection
Account on any Rental Payment Date (each such date an Earnings Sweep Date), the Company on that Earnings Sweep Date shall
make an early payment of:

 

		(a)	Fixed Rental Payments that remain unpaid; and

 

		(b)	Advance Fixed Rental Payments that remain unpaid,

 

in an amount equal to 50 per
cent of Terminal Earnings standing to the credit of the Collection Account on that Earnings Sweep Date (the Earnings Sweep
Amount).

 

	25.4.2	The Company shall procure that instructions are provided to the Account Bank, by no later than 3 p.m.
on the date falling one Business Day prior to each Earnings Sweep Date, to withdraw on that Earnings Sweep Date Terminal Earnings
in an amount equal to the Cash Sweep Amount from the Collection Account in satisfaction of the Company’s obligation to pay
that Cash Sweep Amount to the Investment Agent on that Earnings Sweep Date and to apply all such Terminal Earnings in accordance
with Clause 5.12 (Insurance and Compensation Proceeds and Terminal Earnings).

 

	25.4.3	If:

 

		(a)	an IPO Event has occurred; and

 

		(b)	the Company is in compliance with its obligations under clause 20.4.1(b), Clause 25.4.1 shall not apply.

 

	25.5	Insurance and Compensation Proceeds

 

	25.5.1	To the extent Insurance and Compensation
                                         Proceeds are standing to the credit of the Collection Account on any Advance Variable
                                         Rental Payment Date, Advance Fixed Rental Payment Date or Rental Payment Date (each such
                                         date a Proceeds Sweep Date), the Company on that Proceeds Sweep Date shall make
                                         an early payment of:

 

		(a)	Fixed Rental Payments that remain unpaid; and

 

		(b)	Advance Fixed Rental Payments that remain unpaid,

 

in
an amount equal to the amount of Insurance and Compensation Proceeds standing to the credit of the Collection Account on
that Proceeds Sweep Date (the Proceeds Sweep Amount).

 

	25.5.2	The Company shall procure that
                                         instructions are provided to the Account Bank, by no later than 3 p.m. on the date falling
                                         one Business Day prior to each Proceeds Sweep Date, to withdraw on that Proceeds Sweep
                                         Date Insurance and Compensation Proceeds in an amount equal to the Proceeds Sweep Amount
                                         from the Collection Account in satisfaction of the Company’s obligation to pay
                                         that Proceeds Sweep Amount to the Investment Agent on that Proceeds Sweep Date and to
                                         apply all such Insurance and Compensation Proceeds in accordance with Clause 5.12 (Insurance
                                         and Compensation Proceeds and Terminal Earnings).

 

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	25.6	Voluntary early payment

 

The Company may, if it gives
the Investment Agent not less than 5 Business Days’ prior notice (or such shorter period as the Majority Participants may
agree), make an early payment of:

 

		(a)	Fixed Rental Payments that remain unpaid; and

 

		(b)	Advance Fixed Rental Payments that remain unpaid.

 

on the next Rental Payment Date
in a minimum amount of AED10,000,000 and, if above this amount, a multiple of AED2,000,000.

 

	25.7	Effect of early payments

 

Any early payment of:

 

		(a)	Fixed Rental Payments that remain unpaid; and/or

 

		(b)	Advance Fixed Rental Payments that remain unpaid, shall:

 

		(i)	be applied towards, and result in,
                                         the remaining instalments of Fixed Rental Payments and Advance Fixed Rental Payments
                                         being reduced in inverse order of maturity:

 

		(ii)	result in the cancellation of the Total Commitments by the same amount; and

 

		(iii)	be treated as an advance payment
                                         of the Exercise Price under the Purchase Undertaking or Sale Undertaking, as applicable
                                         (an Early Payment Advance) and shall be offset against an amount equal to such Early
                                         Payment Advance component of that Exercise Price.

 

	25.8	Voluntary cancellation

 

	25.8.1	The Company may, if it gives the Investment Agent not less than five Business Day’s prior notice, voluntarily cancel
the whole or any part of the Total Commitments. Any such cancellation shall reduce the Commitment of each Participant rateably.

 

	25.8.2	Any notice of cancellation under Clause 25.8.1 shall be irrevocable and shall specify the date on which the relevant cancellation
is to be made and the amount of the cancellation.

 

	25.9	Notices of cancellation or early payment

 

Any notice of cancellation or
early payment given by any Party under the Finance Documents shall be irrevocable and, unless a
contrary indication appears in the Finance Documents, shall specify the date or dates upon which the relevant cancellation
or early payment is to be made and the amount of that cancellation or early payment.

 

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	26	Changes

 

	26.1	Transfers by the Participants

 

Subject to this Clause 26, a Participant (the Existing Participant)
may:

 

		(a)	assign any of its rights and ownership interests; or

 

		(b)	transfer any of its rights, ownership interests and obligations,

 

under
the Finance Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged
in or established for the purpose of making or purchasing investments, securities or other financial assets or for the purposes
of a Sukuk (the New Participant).

 

	26.2	Company notification

 

An Existing Participant must
provide the Company with no less than 5 Business Days’ prior notice before it makes any assignment or transfer in accordance
with Clause 26.1 (Transfers by the Participants) unless the assignment or transfer is:

 

		(a)	on or prior to the date of a Successful Syndication;

 

		(b)	made at a time when an Event of Default is continuing;

 

		(c)	to another Participant; or

 

		(d)	to an Affiliate of a Participant.

 

	26.3	Conditions of assignment or transfer

 

	26.3.1	An assignment will only be effective on:

 

		(a)	receipt by the Investment Agent of written confirmation from the New Participant (in form and substance satisfactory to the
Investment Agent (an Assignment Agreement)) that the New Participant will assume the same obligations to the other Finance
Parties and the other Secured Parties as it would have been under if it had been an Original Participant; and

 

		(b)	performance by the Investment Agent of all necessary “know your customer” and other similar checks under all applicable
laws and regulations in relation to such assignment to a New Participant, the completion of which will be evidenced by the Investment
Agent delivering to the Existing Participant and the New Participant a Transfer Certificate or Assignment Agreement (as applicable)
countersigned by the Investment Agent.

 

	26.3.2	A transfer will only be effective if the procedure set out in Clause 26.6 (Procedure for transfer) is complied with.

 

	26.3.3	Each New Participant, by executing the relevant Transfer Certificate or Assignment Agreement
confirms, for the avoidance of doubt, that the Investment Agent has authority to execute on its behalf any amendment or waiver
that has been approved by or on behalf of the requisite Participant or Participants in accordance with this Agreement on or prior
to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is
bound by that decision to the same extent as the Existing Participant would have been had it remained a Participant.

 

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	26.4	Assignment or transfer fee

 

The New Participant shall, on the date upon which an assignment
or transfer takes effect, pay to the Investment Agent (for its own account) a fee of AED15,000, except where such assignment
or transfer is effected as part of a Successful Syndication in which case no fee shall be payable.

 

	26.5	Limitation of responsibility of Existing Participants

 

	26.5.1	Unless expressly agreed to the contrary, an Existing Participant makes no representation or warranty and assumes no responsibility to a New Participant for:

 

	 	(a)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security or any other documents;

 

	 	(b)	the financial condition of any Obligor;

 

	 	(c)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or

 

	 	(d)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded.

 

	26.5.2	Each New Participant confirms to the Existing Participant, the other Finance Parties and the Secured Parties that it:

 

	 	(a)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of any Obligor and its related entitles in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Participant in connection with any Finance Document or the Transaction Security; and

 

	 	(b)	will continue to make its own independent appraisal of the creditworthiness of any Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

 

	26.5.3	Nothing in any Finance Document obliges an Existing Participant to:

 

	 	(a)	accept a re-transfer or re-assignment from a New Participant of any of the rights and obligations assigned or transferred under this Clause 25; or

 

	 	(b)	support any losses directly or indirectly incurred by the New Participant by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

 

	26.6	Procedure for transfer

 

	26.6.1	Subject to the conditions set out in Clause 26.2 (Conditions of assignment or transfer) a transfer is effected in accordance with Clause 26.6.4 when the Investment Agent executes an otherwise duly completed and duly executed Transfer Certificate delivered to it by the Existing Participant and the New Participant.

 

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	26.6.2	The Investment Agent shall, subject to Clause 26.6.3, execute
                                         the Transfer Certificate referred to in Clause 26.6.1 on the date of receipt by it of
                                         a duly completed Transfer Certificate appearing on its face to comply with the terms
                                         of this Agreement and delivered in accordance with the terms of this Agreement.

 

	26.6.3	The Investment Agent shall only be obliged to execute a Transfer
                                         Certificate delivered to it by the Existing Participant and the New Participant once
                                         it is satisfied it has complied with all necessary “know your customer” or
                                         other similar checks under its own internal procedures and all applicable laws and regulations
                                         in relation to the transfer to such New Participant.

 

	26.6.4	On the Transfer Date:

 

		(a)	to the extent that in the Transfer Certificate the Existing
                                         Participant seeks to transfer its rights, ownership interests and obligations under the
                                         Finance Documents, each of the Company and the Existing Participant shall be released
                                         from further obligations towards one another under the Finance Documents and their respective
                                         rights and ownership interests against one another under the Finance Documents shall
                                         be cancelled (being the Discharged Rights and Obligations);

 

		(b)	each of the Company and the New Participant shall assume obligations
                                         towards one another and/or acquire rights and ownership interests against one another
                                         which differ from the Discharged Rights and Obligations only insofar as that Company
                                         and the New Participant have assumed and/or acquired the same in place of each released
                                         Obligor and the Existing Participant;

 

		(c)	the Arranger, the Investment Agent, the Security Agent, the New Participant and the other Participants shall acquire the same
rights and assume the same obligations between themselves as they would have acquired and assumed had the New Participant been
an Original Participant with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent
the Arranger, the Investment Agent, the Security Agent and the Existing Participant shall each be released from further obligations
to each other under the Finance Documents; and

 

		(d)	the New Participant shall become a Party as a Participant.

 

	26.7	Procedure for assignment

 

	26.7.1	Subject to the conditions set out in Clause 26.2 (Conditions of assignment or transfer) an assignment may be effected
in accordance with Clause 26.7.4 when the Investment Agent executes an otherwise duly completed and duly executed Assignment Agreement
delivered to it by the Existing Participant and the New Participant.

 

	26.7.2	The Investment Agent shall, subject to Clause 26.7.3, execute the Assignment Agreement referred to in Clause 26.7.1 on the
date of receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement
and delivered in accordance with the terms of this Agreement.

 

	26.7.3	The
                                         Investment Agent shall only be obliged to execute an Assignment Agreement delivered to
                                         it by the Existing Participant and the New Participant once it is satisfied it has complied
                                         with all necessary “know your customer” or other similar checks under its
                                         own internal procedures and all applicable laws and regulations in relation to
                                         the assignment to such New Participant.

 

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	26.7.4	On the Transfer Date:

 

		(a)	the Existing Participant will assign absolutely all of its
                                         rights and ownership interests under the Finance Documents and in respect of the Transaction
                                         Security expressed to be the subject of the assignment in the Assignment Agreement;

 

		(b)	the Existing Participant will be released by each Obligor and the other Finance Parties from the obligations owed by it (the
Relevant Obligations) and expressed to be the subject of the release in the Assignment Agreement (and any corresponding
obligations by which it is bound in respect of the Transaction Security); and

 

		(c)	the New Participant shall become a Party as a Participant and will be bound by obligations equivalent to the Relevant
Obligations.

 

	26.8	Copy of Transfer Certificate or Assignment Agreement to the Company

 

The Investment Agent shall, as
soon as reasonably practicable after it has executed a Transfer Certificate or Assignment Agreement, send to the Company a copy
of that Transfer Certificate or Assignment Agreement.

 

	26.9	Global Transfer Certificate

 

The procedure prescribed for
assignment an Existing Participant’s rights and ownership interests, or the transfer of an Existing Participant’s rights,
ownership Interests and obligations, to a New Participant under this Clause 0 shall also apply in respect of the Global Transfer
Certificate, except that for the purposes of the Global Transfer Certificate each reference to “the New Participant”
in this Clause 0 shall be deemed to be a reference to “each New Participant”.

 

	26.10	Assignments and transfer by Obligors

 

No Obligor may assign any of its rights or transfer any of
its rights or obligations under the Finance Documents.

 

	27	“Know your customer” checks

 

	27.1	Requests for documentation

 

If the Investment Agent, the Security Agent or any Participant
(or, in the case of Clause 27.1(c), any prospective new Participant) is obliged by:

 

		(a)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made
after the date of this Agreement;

 

		(b)	any change in the status of an Obligor after the date of this Agreement; or

 

		(c)	a proposed transfer by a Participant of any of its rights and obligations under this Agreement to a party that is not a Participant
before such transfer,

 

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to comply with “know
your customer” or similar identification procedures in circumstances where the necessary information is not already
available to it, the Company shall promptly upon the request of the Investment Agent or any Participant supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the Investment Agent
(for itself or on behalf of the Security Agent or any Participant) or any Participant (for itself or, in the case of the
event described in Clause 27.1(c), on behalf of any prospective new Participant) in order for the Investment Agent, the Security
Agent or such Participant or, in the case of the event described in Clause 27.1(c), any prospective new Participant to carry out
and be satisfied it has complied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations pursuant to the transactions contemplated in the
Finance Documents.

 

	27.2	Supply of documentation

 

Each Participant shall promptly upon the
request of the Investment Agent supply, or procure the supply of, such documentation and other evidence as is reasonably
requested by the Investment Agent (for itself or the Security Agent) in order for the Investment Agent or the Security Agent
to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks
under all applicable laws and regulations pursuant to the transactions contemplated in the
Finance Documents.

 

	28	Language and translation

 

	28.1	Any notice given under or in connection with any Finance Document shall be in English.

 

	28.2	All
                                         other documents provided under or in connection with this Agreement shall be in English
                                         unless such document is required by applicable law to be in a language other than English,
                                         in which case it shall be accompanied by a translation into English certified by a qualified
                                         and/or licensed translator.

 

	28.3	In
                                         the event that a competent court determines that a version of any document in a language
                                         other than English shall prevail, the parties agree that the English version may nevertheless
                                         be used to assist in any interpretation of the intentions of the parties.

 

	29	Notices

 

	29.1	Subject to Clauses 29.2 to 29.4, every notice, request, demand or other communication under or in connection with the Finance Documents shall:

 

		(a)	be in writing delivered personally, by courier, by prepaid letter or by fax;

 

		(b)	be deemed to have been received, in the case of a couriered notice or prepaid letter when delivered, and in the case of a fax,
when a complete and legible copy is received by the addressee (unless the date of despatch is not a Business Day or the time of
despatch of any fax is after the close of business in the UAE in which case it shall be deemed to have been received at the opening
of business on the next such Business Day); and

 

		(c)	be sent to each Party in accordance with the details set out in Schedule 5 (Particulars of communication).

 

	29.2	Any communication to be made between any two Parties under
                                         or in connection with the Finance Documents may be made by electronic mail or other electronic
                                         means to the extent that those two Parties agree that, unless and until notified to the
                                         contrary, this is to be an accepted form of communication and if those two Parties:

 

		(a)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and
receipt of information by that means; and

 

    Page  104

     

    

  

		(b)	notify each other of any change to their address or any other such information supplied by them by not less than five Business
Days’ notice.

 

	29.3	Any electronic communication made between those two Parties will be effective only when actually received in readable form
and in the case of any electronic communication made by a Party to the Investment Agent or the Security Agent only if it is addressed
in such a manner as the Investment Agent or Security Agent shall specify for this purpose.

 

	29.4	Any electronic communication which becomes effective, in accordance with Clause 29.3, after 5.00 p.m. in the place of receipt shall be deemed only to become
effective on the following day. For this purpose, the place of receipt of any electronic communication shall be deemed to be the
address of the receiving Party in Schedule 5 (Particulars of communication).

 

	29.5	Any communication or document made or delivered to the Company in accordance with this Clause 29 will be deemed to have been
made or delivered to each Obligor.

 

	30	Relationship with other Finance Documents

 

	30.1	Relationship with other Finance Documents

 

	30.1.1	Various provisions relating to the transactions contemplated by this Agreement are to be found in the other Finance Documents.

 

	30.1.2	If there is any inconsistency between the provisions of this Agreement and any other Finance Document, those found in this
Agreement shall prevail.

 

	30.2	Terms of each Finance Document

 

Each Party agrees to be bound by any terms expressed to be assumed
by it (in any capacity) in any Finance Document to which it is
party.

 

    Page  105

     

    

 

	31	Calculations and certificates

 

	31.1	Accounts

 

In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party
are prima facie evidence of the matters to which they relate.

 

	31.2	Certificates and determinations

 

Any certification or determination
by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of
the matters to which it relates.

 

	31.3	Day count convention

 

Any profit rate (including Variable
Rental Payments and Advance Variable Rental Payments), commission or fee accruing under a Finance Document will accrue
from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where
the practice in the London interbank market differs, in accordance with that market practice.

 

	32	Partial invalidity

 

If, at any time, any provision of the Finance Documents is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability
of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction
will in any way be affected or impaired.

 

	33	Remedies and waivers

 

No failure to exercise, nor any delay in exercising, on the
part of any Secured Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial
exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights
and remedies provided in the Finance Documents are cumulative and not exclusive of any rights or remedies provided by law.

 

	34	Counterparts

 

Each Finance Document may be executed in any number of counterparts,
and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.

 

	35	Waiver of immunity from suit and enforcement

 

Each Obligor 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 the Finance Documents; 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.

 

    Page  106

     

    

  

	36	Governing law and jurisdiction

 

	36.1	Subject to Clause 36.2, 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.

 

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

 

	36.3	Subject to Clause 36.4, 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.

 

	36.4	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 Leased Asset.

 

	36.5	Notwithstanding Clauses 36.1 to 36.4, 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.

 

	37	Shari’ah

 

The Parties recognise and agree that the principle of the payment
of interest is prohibited under Shari’ah and accordingly, to the extent that any court or legal system would (but for the
provisions of this Clause 37) 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 107

     

    

 

Execution pages of the Common Terms Agreement

 

	The Company	 	 
	 	 	 
	Signed by	)	 
	 	)	 
	
        duly authorised for and on behalf of

        Brooge
        Petroleum and Gas Investment Company 

        FZC
	
        )

        )

        )
	 
	 	 	 
	 	 	 
	The Guarantors	 	 
	 	 	 
	Signed by	)	 
	 	)	 
	
        duly authorised for and on behalf of

        Emirates Investments LLC FZC
	
        )

        )
	 
	 	 	 
	Signed by	
        )

        )
	 
	
        duly authorised for and on behalf of

        Al Brooge Capital Providing
        for Oil and Gas LLC
	
        )

        ) 
	 

 

Execution pages of the Common Terms Agreement

 

     

     

    

 

	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	)
	 	 	 
	The Arranger 	 	 
	 	 	 
	Signed by	)	 
	 	)	 
	duly authorised for and on behalf of	)	 
	First Abu Dhabi Bank PJSC	)	 
	in its capacity as Arranger	)	 
	 	 	 
	The Security Agent 	 	 
	 	 	 
	Signed by	)	 
	 	)
	duly authorised for and on behalf of	)
	First Abu Dhabi Bank PJSC	)
	in its capacity as Security Agent for and on	)
	behalf of the Participants	)
	 	 	 
	The Account Bank	 	 
	 	 	 
	Signed by	)	 
	 	)	 
	duly authorised for and on behalf of	)	 
	First Abu Dhabi Bank PJSC	)	 
	in Its capacity as Account Bank	)	 
	 	 	 
	The Original Participant 	 	 
	 	 	 
	Signed by	)	 
	 	)	 
	duly authorised for and on behalf of	)	 
	First Abu Dhabi Bank PJSC	)	 

 

Execution pages of the Common Terms Agreement

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