Document:

Exhibit 10.13.1

 

Power Purchase Agreement (PPA)

 

 

 

Le Gestion de l’Eau et de l’Électricité
aux Comores (MA-MWE)

&

BioCrude Technologies, Inc.

 

 

 

	Document Owner:	BioCrude Technologies, Inc.
	Effective Date:	02-12-2016

 

Version

 

	Version	Date	Description	Author
	1.0	02-12-2016	Power Purchase Agreement (PPA)	Mr. John MOUKAS

 

Approval

 

(By signing below, all Approvers agree to all terms and conditions
outlined in this Agreement)

 

	Approvers	Name	Signed	Approval Date
	BioCrude Technologies, Inc.	Mr. John MOUKAS	 	02-12-2016
	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité	Mr. Mohamed Abdou MLANAO	 	 
	Commissariat à la Sécurité intérieure, à la Fonction Publique, à l’Administration des Collectivités Territoriales Décentralisées, à la Réforme Administrative, chargé de l’Information	Ms. Maissara Adam MONDOHA	 	 
	Commissariat aux Finances, au Budget, à l’Économie, au Commerce Intérieur, à l’Industrie, au Plan, chargé de la promotion des Investissements	Mr. Said Ahamada YOUSSOUF	 	 
	Gouvernorat de l’Île Autonome de la Grande Comore	The Honourable HASSANI Hamadi	 	 

 

Nota Bene:

 

This information is Strictly Confidential. The contents are
not to be reproduced or distributed to any party without the expressed written permission of BioCrude Technologies, Inc.

 

     

     

    

 

POWER PURCHASE
AGREEMENT (PPA)

 

For the Procurement of Power on Long Term Basis
from Power Station to be set up in the Municipality of Moroni, Autonomous Island of Grande Comore, Union of the Comoros and Operating
on MSW

 

 

 

LE GESTION
DE L’EAU ET DE L’ÉLECTRICITÉ AUX COMORES (MA-MWE)

 

 

 

BIOCRUDE TECHNOLOGIES,
INC.

 

 

 

	AGREEMENT REFERENCE:	BIOCRUDE/MCMUC/MSWC-LLC/CA/2016/1
	 	 
	TRANSACTION CODE:	BCT/MCMUC/MORONI/COMOROS/1
	 	 
	CONTRACT GENERATION:	01

 

	Initials: __________	Initials: __________

 

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Power Purchase Agreement (PPA)

 

Table of
Contents

 

	1.	ARTICLE 1: DEFINITIONS AND INTERPRETATION 	6
	2.	ARTICLE 2: TERM OF AGREEMENT 	15
	3.	ARTICLE 3:  CONDITIONS SUBSEQUENT TO BE SATISFIED BY THE SELLER AND THE PROCURER	16
	4.	ARTICLE 4: DEVELOPMENT OF THE PROJECT	18
	5.	ARTICLE 5: CONSTRUCTION	21
	6.	ARTICLE 6: SYNCHRONISATION, COMMISSIONING AND COMMERCIAL OPERATION 	23
	7.	ARTICLE 7: OPERATION AND MAINTENANCE	24
	8.	ARTICLE 8: CAPACITY, AVAILABILITY AND DISPATCH	24
	9.	ARTICLE 9: METERING AND ENERGY ACCOUNTING 	26
	10.	ARTICLE 10: INSURANCES 	26
	11.	ARTICLE 11: BILLING AND PAYMENT 	27
	12.	ARTICLE 12: FORCE MAJEURE 	32
	13.	ARTICLE 13: EVENTS OF DEFAULT & TERMINATION 	35
	14.	ARTICLE 14: LIMITATION OF LIABILITY 	38
	15.	ARTICLE 15: ASSIGNMENTS AND CHARGES 	38
	16.	ARTICLE 16: GOVERNING LAW AND DISPUTE RESOLUTION (ARBITRATION) 	39
	17.	ARTICLE 17: MISCELLANEOUS PROVISIONS	40
	SCHEDULE I 	49
	SCHEDULE I.A: SITE 	50
	SCHEDULE II: INITIAL CONSENTS 	51
	SCHEDULE III: FUNCTIONAL SPECIFICATIONS 	52
	SCHEDULE IV: COMMISSIONING & TESTING 	53
	SCHEDULE V: TARIFF 	55
	SCHEDULE VI: DETAILS OF INTERCONNECTION POINT & FACILITIES	56
	SCHEDULE VII: REPRESENTATIONS & WARRANTIES 	57
	SCHEDULE VIII: QUOTED TARIFF 	58
	QUOTED TARIF FEE WITH ESCALATING INDEX 	58
	SCHEDULE IX: SUBSTITUTION RIGHTS OF THE LENDERS 	59

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

POWER PURCHASE
AGREEMENT (PPA)

 

THIS AGREEMENT is made and effective the __th
day of December, 2016.

 

	AGREEMENT REFERENCE:	 	BIOCRUDE-MCMUC/ MSWC-LLC/CA/2016/1
	 	 	 
	TRANSACTION CODE:	 	BCT/MCMUC/MORONI/COMOROS/1
	 	 	 
	CONTRACT GENERATION:	 	01
	 	 	 
	FIRST PARTY:	 	
        LE
GESTION DE L’EAU ET DE L’ÉLECTRICITÉ AUX COMORES (MA-MWE), a Statutory Body constituted under Comorian
Law, (which expression shall,
unless repugnant to the context or meaning thereof, mean and include its successors
and assigns) and having its proxy/satellite office at Route de Moroni-
Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros,
acting through its General Management Division, duly represented by
the Commissaire à l’Environnement, à l’Urbanisme, au Développement
Durable et à l’Énergie, à l’Emploi,
à l’Entreprenariat et à la Solidarité, Mr. Mohamed
Abdou MLANAO, by virtue of resolution ad hoc; 

         

        Hereinafter called the “Procurer”;

	 	 	 
	SECOND PARTY:	 	
        BIOCRUDE
        TECHNOLOGIES, INC, a Corporation duly organized under the laws
        of Canada (hereinafter called “Seller”) having its principle office at 1255
        Phillips Square, Suite 605, Montreal, Quebec, Canada H3B 3G5, herein
        duly represented by the President
        and CEO, Mr. John MOUKAS, by virtue of corporate
        resolution ad hoc; 

         

        Hereinafter called the “Vendor”;

	 	 	 
	AND	 	 
	 	 	 
	INTERVENING PARTY:	 	Gouvernorat de l’Île
Autonome de la Grande Comore, a Statutory Body constituted
under Comorian Law, (hereinafter referred to as “MCMUC”, which expression
shall, unless repugnant to the context or meaning thereof, mean and include
its successors and assigns) and having its office at Route de Moroni-Itsandra, Moroni, Autonomous Island of Grande Comore, Union
of the Comoros, duly represented
by the Governor, The Honourable Mr. HASSANI Hamadi, by virtue
of resolution ad hoc;
	 	 	 
	 	 	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Mr. Mohamed Abdou MLANAO, by virtue of resolution ad hoc;

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

	 	 	Commissariat à la Sécurité intérieure, à la Fonction Publique, à l’Administration des Collectivités Territoriales Décentralisées, à la Réforme Administrative, chargé de l’Information, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Ms. Maissara Adam MONDOHA, by virtue of resolution ad hoc;
	 	 	 
	 	 	Commissariat aux Finances, au Budget, à l’Economie, au Commerce Intérieur, à l’Industrie, au Plan, chargé de la promotion des Investissments, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Mr. Said Ahamada YOUSSOUF, by virtue of resolution ad hoc;
	 	 	 
	 	 	Hereinafter called the “Intervenant” and/or “Guarantor”.
	 	 	 
	WHEREAS	 	On  January  11,  2016,  The  Assignor  has  engaged  in  a  transaction  (the “Transaction”), by virtue of a “Private-Public Partnership” (PPP) with Assignee, defined within the context of this said “Power Purchase Agreement” (PPA);
	 	 	 
	WHEREAS	 	The parties, following discussions, desire to enforce amendments discussed and reflected within these presences and agree to sign this Power Purchase Agreement (PPA) as amended hereunder. Following the signature of these presences, the amended Power Purchase Agreement (PPA) will replace the Power Purchase Agreement (PPA) signed on the 11th of January 2016 and will become lawful and binding on the parties, present and future;
	 	 	 
	WHEREAS	 	“Procurer” and “Seller” are hereinafter referred to individually as the “Party” and collectively as the “Parties”;
	 	 	 
	WHEREAS	 	The Procurer has identified the Project
    namely, 6.5 MW power plant based on municipal
    solid waste at Moroni, Autonomous Island of Grande Comore, Union of the
    Comoros details of which are as set out in the Schedule I.A.
	 	 	 
	WHEREAS	 	The Seller has completed the initial studies as contained in Project Report; to obtain Initial Consents required for the Project.
	 	 	 
	WHEREAS	 	The Seller will construct the Project for a minimum Capacity (as defined hereunder) of 3.8 MW (Net) and 5 MW (Gross) and sale and supply of a minimum of 100% of net available electricity in bulk there from to the Procurer in accordance with the terms of this Agreement.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

	WHEREAS	 	The Parties have agreed to sign this Power Purchase Agreement setting out the terms and conditions for the construction, operation and maintenance of the Project, and supply of electricity by the Seller to the Procurer.
	 	 	 
	WHEREAS	 	A General Continuing Guaranty will be granted and added to this contract in order to secure the regularity of Tariff payments during the term of this contract.

 

NOW THEREFORE, THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED
BY AND BETWEEN THE PARTIES AS FOLLOWS:

 

		1.	ARTICLE
1: DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

This Agreement shall be co-terminus with the
Concession Agreement and is to be read, for any interpretation, together with the provisions of the Concession Agreement.

 

The capitalized terms that are used but not
defined in this Agreement shall have the same meaning as given to them in the Concession Agreement.

 

“Act” or “Electricity
Act”: means the Autonomous Island of Grande Comore, Union of the Comoros Electricity Act of 1998, or any amendments made
to the same or any succeeding enactment thereof;

 

“Agreed Form”: means,
in relation to any document, the form of the said document most recently agreed to by the Parties and initialed by them for identification;

 

“Agreement” or “Power
Purchase Agreement” or “PPA”: means this document including its recitals and Schedules;

 

“Appropriate Commission”:
means the Electricity Regulatory Commission constituted under the section of the Electricity Act and the Electricity Regulatory
Commissions Act and such other succeeding authority or commission as may be notified by Government from time to time;

 

“Authorized Representative “:
shall mean the body corporate authorized by the Procurer to carry out the said negotiations and sign on their behalf;

 

“Bill Dispute Notice”: means
the notice issued by a Party raising a Dispute regarding a Bill or a Supplementary Bill issued by the other Party;

 

“Business Day”: means with
respect to Seller and Procurer, a day other than Sunday or a statutory holiday, on which the banks remain open for business in
the State in which the Procurer's registered office is located;

 

“CERC”: means the Central Electricity Regulatory
Commission, as defined in the Electricity Act;

 

“Commercial Operation Date “
or “COD”: means, in relation to the Power Station, the date one day after the date when the Procurer receives
a Final Test Certificate of the Independent Engineer as per the provisions of clause 6.3.1; “Commissioning” or “Commissioned”
with its grammatical variations means, the Unit of the Power Station have passed the Commissioning Tests successfully;

 

“Commissioning Tests” or “Commissioning
Test”: means the Tests provided in Schedule IV herein;

 

“Commissioned Unit”: means the Unit in respect
of which COD has occurred;

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

“Concession Agreement”:
means the agreement(s) entered into between the Seller and the Municipal Corporation of MORONI for the transportation and supply
of Municipal Solid Waste (MSW) required for conversion into RDF for the operation of the Power Station.

 

“Construction Contractor/s”:
means one or more main contractors, appointed by the Seller to design, engineer, supply, construct and commission the Project;

 

“Construction Period”: means
the period from (and including) the date upon which the Construction Contractor is instructed or required to commence work under
the Construction Contract up to (but not including) the Commercial Operation Date of the Unit in relation to the Power Station;

 

“Consultation Period”: means the period, commencing
from the date of issue of a Seller Preliminary Default Notice or a Procurer Preliminary Default Notice as provided in Article 14
of this Agreement, for consultation between the Parties to mitigate the consequence of the relevant event having regard to all
the circumstances;

 

“Contract Year”: means the
period beginning on the Effective Date (as defined hereunder) and ending on the immediately succeeding March 31 and thereafter
each period of 12 months beginning on May 1 and ending on March 31 provided that:

 

	i.	 	in the financial year in which Scheduled COD of the Unit would have occurred, a Contract Year shall end on the date immediately before the Scheduled COD of the Unit and a new Contract Year shall begin once again from the Scheduled Commercial Operation Date of the Unit and end on immediately succeeding March 31 and provided further that 
	 	 	 
	ii.	 	the last Contract Year of this Agreement shall end on the last day of the term of this Agreement; 

 

Provided that for the purpose of payment, the tariff will be the
Quoted Tariff for the applicable Contract Year as per Schedule VII;

 

“Capacity”: means

 

	i.	 	rated net capacity expressed in MW of Power Station, at the Interconnection Point, as provided in the attached proposal documentation, 
	 	 	 
	ii.	 	in case the Seller exercises its option as per clause 3.1.1 (a), the rated net capacity expressed in MW of Power Station, up to the maximum of the Capacity demanded, or 

 

such rated capacities as may be determined in accordance with clause
6.3.4 or clause 8.2 of this Agreement.

 

“Concession” means collectively
all the rights granted by First Party to Corporation under this Agreement with respect to developing, implementing, constructing,
operating and maintaining the Plant for the management, processing and disposal of the Municipal Waste generated from within the
First Party Supply Area, subject to all the terms, conditions, covenants and obligations of this Agreement, and the Municipal Solid
Waste Concession Agreement, Land Lease Agreement & Supply of Treated Sewage/Effluent Agreement.

 

“Control Centre” or “Nodal
Agency”: means the RLDC or SLDC or such other load control centre designated by the Procurer from time to time
through which the Procurer shall issue Dispatch Instructions to the Seller for the Power Station;

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

“Debt Service”: means the
amounts which are due under the Financing Agreements by the Seller to the Lenders, expressed in United States Dollars;

 

“Declared Capacity”: In
relation to a Unit or the Power Station at any time means the net capacity of the Unit or the Power Station at the relevant
time (expressed in MW at the Interconnection Point) as declared by the Seller in accordance with the Grid Code and dispatching
procedures as per the Availability Based Tariff;

 

'Declared Price of Land”: means
the rental amount as mentioned in the Land Concession Agreement by the Authorized Representative, at which the identified
land for the Site will be made available to the Seller.

 

“Delivery Point” or “Interconnection
Point”: means the points of delivery specified in Schedule VI for fulfilling the obligation of the Seller to deliver
the Contracted Capacity to the Procurers;

 

“DRERC”: means the Electricity
Regulatory Commission, as defined in the Electricity Act, or its successors; 

 

“Direct Non-Natural Force Majeure
Event”: shall have the meaning ascribed in clause 12.3 (ii)(1);

 

“Dispute” means any dispute
or difference of any kind between a Procurer and the Seller, in connection with or arising out of this Agreement including any
issue on the interpretation and scope of the terms of this Agreement as provided in Article 17;

 

“Dispatch Instruction”:
means any instruction issued by the Procurer to and/or the Seller, in accordance with applicable Grid Code and this Agreement;

 

“Due Date”: means the seventh
(7th) day after a Weekly Bill or a Supplementary Bill is received and duly acknowledged
by any Procurer (or, if such day is not a Business Day, the immediately succeeding Business Day) by which date such bill is payable
by the said Procurer;

 

“Effective Date”: means
the date of the acquisition of the Land Concession Agreement and the MSW Concession Agreement, in accordance with the provisions
of the Share Purchase Agreement (as defined hereunder);

 

“Electricity Laws”: means
the Electricity Act, herein above defined and the rules and regulations made there under from time to time along with amendments
thereto and replacements thereof and any other Law pertaining to electricity including regulations framed by the Appropriate Commission,
as of these presences;

 

“Electrical Output”: means
the net electrical output of the Power Station at the Delivery Point, as expressed in kWh;

 

“Emergency”: means a condition
or situation that, in the opinion of the Procurer or RLDC or SLDC or the agency responsible for operating and maintaining the Interconnection
and Transmission Facilities or the transmission company, as the case may be, poses a significant threat to the Procurer's or the
said agency's or transmission company's ability to maintain safe, adequate and continuous electricity supply to its customers,
or seriously endangers the security of persons, plant or equipment;

 

“Energy Charges”: Shall
have the meaning ascribed to this term under Schedule V;

 

“Expiry Date”: means the
30th anniversary of the Commercial Operation Date of the Power Station, of the
term. If the renewal option of thirty (30) years is exercised, then the expiry date shall be after the 30th
anniversary year of the renewal term.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

“Final Test Certificate”: means

 

	i.	 	a certificate of the Independent Engineer certifying and accepting the results of a Commissioning Test/s in accordance with clause 6.3 of this Agreement; or
	 	 	 
	ii.	 	a certificate of the Independent Engineer certifying the result of a Repeat Performance Tests in accordance with clause 8.1 of this Agreement; 

 

“Financial Closure” or “Financial
Close”: Means the execution of all the Financing Agreements required for the Project and fulfillment of conditions precedents
and waiver, if any, of any of the conditions precedent for the initial draw down of funds there under;

 

“Financing Agreements”:
means all the loan agreements, notes, indentures, security agreements, letters of credit and other documents relating to the financing
of the Project on or before the COD of the Power Station, as may be amended, modified, refinanced or replaced from time to time,
but without in anyway increasing the liabilities of the Procurers therein;

 

“Force Majeure”: shall the meaning ascribed thereto
in clause 12.3;

 

“Forced Outrage”: shall have the meaning ascribed
thereto in the Grid Code;

 

“Fuel”: means primary fuel
used to generate electricity namely, Refuse Derived Fuel (RDF) & Biogas (Biomethanation);

 

“Fuel Supply Agreements”:
means the Concession Agreement entered into between the Seller and the Municipal Corporation and intervening governmental authorities,
for the transportation of the Municipal Solid Waste (MSW) to the Complex;

 

“Functional Specifications “:
means the technical requirements and parameters described in Schedule III of this Agreement and as provided in Grid Code relating
to the operation, maintenance and dispatch of any Unit and the Power Station;

 

“Grid Code “ or “IEGC”:
means any set of regulations or codes issued by Appropriate Commission as amended and revised from time to time and legally binding
on the Sellers and Procurers governing the operation of the Grid System or any succeeding set of regulations or code;

 

“Grid System”: means the
Interconnection and Transmission Facilities and any other transmission or distribution facilities through which the Procurer supply
electricity to their customers or the transmission company transmits electricity to the Procurer;

 

“Independent Engineer”:
means an independent consulting engineering firm or group appointed jointly by the Procurer and the Seller to carry out the functions
in accordance with clause 4.7.1 and Article 6, Article 12 and Article 8 herein.

 

	i.	 	a certificate of the Independent Engineer certifying and accepting the results of a Commissioning Test/s in accordance with clause 6.3.1 of this Agreement; or
	 	 	 
	ii.	 	provided that separate Independent Engineer may be appointed for the purposes of clause 4.7.1, Article 6, Article 12 and Article 8; 
	 	 	 
	iii.	 	provided further that the separate Independent Engineer may be appointed for each financial year for the purposes of Article 8, and in such case, such Independent engineer shall be appointed at least ninety (90) days prior to the beginning of the financial year. 

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

“Indirect Non-Natural Force Majeure Event”:
Shall have the meaning ascribed thereto in clause 2.3(ii)(2).

 

“Initial Consents”: shall mean the consents listed
in Schedule II.

 

“Initial Performance Retest Period”: shall have
the meaning ascribed thereto in clause 6.3.3 of this Agreement.

 

“Interconnection Facilities”
or “Interconnection and Transmission Facilities”: means the facilities on the Procurer side of the Interconnection
Point for receiving and metering Electrical Output in and accordance with this Agreement and which shall include, without limitation,
all other transmission lines and associated equipment, transformers and associated equipment, relay and switching equipment and
protective devices, safety equipment and, subject to clause 5.3 and Schedule VI, the Metering System required for the Project.
The Interconnection Facilities also include the facilities for receiving power at the Delivery Point where the transmission line
from the Power Station Switchyard end is injecting power into the transmission network (including the dedicated transmission line
connecting the Power Station with the transmission/CTU network).

 

“Intervening party” means
all entities of the First party which will intervene to the present contract, also called the Guarantor, to guarantee (“Sovereign
Guarantees”) the monthly invoices, monthly provisional invoices corresponding to the purchase of electricity by the Buyer,
all additional invoices for any reason as long as related to the terms of this contract, as well as “ALL” of
the obligations of the First Party, in reference to these presences The guarantee in question is considered to be effective during
all the duration of validity of the contract.

 

“Invoice” or “Bill”:
means either a Weekly Tariff Invoice, a Supplementary Invoice or a Procurer Invoice; “Late Payment Surcharge”: shall
have the meaning ascribed thereto in clause 11.3.4.

 

“Law”: means, in relation to this Agreement,
all Electricity Laws and by-laws in force in the country.

 

“Lenders”: means the banks,
other financial institutions, multilateral agencies, registered non-banking financial companies, mutual funds and agents or trustees
of debenture / bond holders, including their successors and assignees, who have agreed as on or before COD of the Power Station
to provide the Seller with the senior debt financing described in the Capital Structure Schedule, and any successor banks or financial
institutions to whom their interests under the Financing Agreements may be transferred or assigned; Provided that, such assignment
or transfer shall not relieve the Seller of its obligations to the Procurer under this Agreement in any manner and shall also does
not lead to an increase in the liability of any of the Procurer.

 

“Letter of Credit (LC)”
or “Revolving Letter of Credit (RLC)”: shall have the meaning ascribed thereto in clause 11.4.1.

 

“Meters” or “Metering
Systems”: Means meters used for accounting and billing of electricity in accordance with Central Electricity Authority
(Installation and Operations of Meters) Regulations, Grid Code and ABT, as amended from time to time.

 

“Maintenance Outage”: shall have the meaning
as ascribed to this term as per the provisions of the Grid Code.

 

“MCR”: means gross Power Station or Unit Maximum
Continuous Rating as defined in the Grid Code.

 

“Minimum Off-take Guarantee”: means guaranteed
off take net of self-consumption, of the total Available Energy (ex-bus) at all the times for resale.

 

“Month”: Means a period of thirty (30) days from
(and excluding) the date of the event, where applicable, else a calendar month.

 

“Weekly Bill” or “Weekly Invoice”:
Means a Weekly invoice comprising of power tariff, including incentive and penalty, as per Schedules 6 & 10 hereof.

 

“Notice to Proceed” or “NTP “:
Means the date on which the Seller shall fulfill the condition as contained in clause 3.1.2 (iii) of this Agreement in accordance
with the provisions of this Agreement.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

“Natural Force Majeure Event”: shall have the
meaning ascribed thereto in clause 12.3(i).

 

“Non-Natural Force Majeure Event”: shall have the meaning
ascribed thereto in clause 12.3(ii).

 

“Operating Period”: in relation to the Power
Station means the period from its COD, until the expiry or earlier termination of this Agreement in accordance with Article 2 of
this Agreement.

 

“O&M Contract (s)”: means the contract/s
entered into by the Seller with the Operator or Operators, if any.

 

“Operating Procedures”: shall have the meaning
ascribed thereto in Grid Code.

 

“Operator(s)”: means one or more contractors
appointed as operator of power generation facilities of the Power Station pursuant to an O&M contract, if any.

 

“Party” and “Parties”:
shall have the meaning ascribed thereto in the recital to this Agreement.

 

“Performance Test”: means
the test carried out in accordance with clause 1.1 of Schedule IV of this Agreement;

 

“Preliminary Default Notice”:
shall have the meaning ascribed thereto in Article 13 of this Agreement.

 

“Plant” means the integrated
MSW management, processing and disposal facility comprising the RDF Plant, the Biomethanation Plant, the Power Plant and the Inert
Management Facility to be designed, constructed, operated and maintained by Corporation in accordance with the terms and provisions
of this Agreement and in the event Corporation decides to design, construct, operate and maintain a compost plant, such facility
shall also be part of the Plant.

 

“Power Station”: means the:

 

	i.	 	RDF & Biomethanation based power generation facilities; 
	 	 	 
	ii.	 	any associated fuel handling, treatment or storage facilities of the power generation facility referred to above; 
	 	 	 
	iii.	 	any water supply, treatment or storage facilities required for the operation of the power generation facility referred to above; 
	 	 	 
	iv.	 	the ash disposal system; 
	 	 	 
	v.	 	bay/s for  transmission system in the switchyard of the power station, 
	 	 	 
	vi.	 	all the other assets, buildings/structures, equipment, plant and machinery, facilities and related assets required for the efficient and economic operation of the power generation facility. 

 

“Project”: means the Power
Station undertaken for design, financing, engineering, procurement, construction; operation, maintenance, repair, refurbishment,
development and insurance by the Seller in accordance with the terms and conditions of this Agreement;

 

“Project Documents”: means:

 

	i.	 	Engineering and Architectural plans and Construction Contracts 
	 	 	 
	ii.	 	Concession Agreement, Effluent Supply Agreement, CDM related agreements and documents; 
	 	 	 
	iii.	 	Other authorizations and clearances; 

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

	iv.	 	O&M contracts; 
	 	 	 
	v.	 	any other agreements plans, designated in writing as such, from time to time, jointly by the procurer and the Seller; 

 

“Prudent Utility Practices”:
means the practices, methods and standards that are generally accepted internationally from time to time by electric utilities
for the purpose of ensuring the safe, efficient and economic design, construction, commissioning, operation and maintenance of
power generation equipment of the type specified in this Agreement and which practices, methods and standards shall be adjusted
as necessary, to take account of:

 

	i.	 	operation and maintenance guidelines recommended by the manufacturers of the plant and equipment to be incorporated in the Project;
	 	 	 
	ii.	 	the requirements of Law; and
	 	 	 
	iii.	 	the physical working conditions for workers, inspectors and visitors at the Site;

 

“Quoted Tariff”: Shall mean the year wise charges
quoted by the Seller on per unit basis (refer to Schedule VIII);

 

“Renewal Option” means an
additional thirty (30) years term, tacitly renewed (discretion of Vendor), and as described in the “Term” definition,
below.

 

“Repeat Performance Test”: Shall have the meaning
ascribed thereto in Article 8.1 of this Agreement;

 

“Revised Scheduled COD”: Shall have the meaning
as ascribed thereto in clause 3.1.2 (ix) b;

 

“RPC”: Means the relevant
Regional Power Committee established by the Government of that region for a specific Region in accordance with the Electricity
Act, for facilitating integrated operation of the power system in that Region;

 

“Regional Energy Accounts”
or “REA”: Means as defined in the Grid Code and issued by the relevant RPC secretariat or other appropriate
agency for each Week and for each Month (as per their prescribed methodology), including the revisions and amendments thereof;

 

“RLDC”: Means the relevant
Regional Load Dispatch Centre as defined in the Electricity Act, in the region in which the Project is located;

 

“Scheduled COD” or “Scheduled
Commercial Operation Date”: means for Power Station, the proposed date of commissioning calculated on the basis of the
number of months from the Effective Date, as provided or such other dates from time to time, specified in accordance with the provisions
of this Agreement;

 

“Scheduled Connection Date”: shall mean the date
falling 180 days before the Scheduled COD of Power Station;

 

“Scheduled Outage”: shall have the meaning ascribed
to this term as per the provisions of the Grid Code;

 

“Scheduled Synchronization Date”:
means in relation to the Power Station, the date, which shall be maximum of Sixty (60) days prior to the Scheduled COD of the respective
Unit; (assuming 30 days period for stabilization for first synchronizing and 30 days period for trial run);

 

“Supplementary Bill”: means
a bill other than a Weekly Bill raised by any of the Parties in accordance with Article 11;

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

“Site”: means the land over which the Project
will be developed as provided in Schedule I.A;

 

“SLDC”: means the relevant State Load Dispatch
Centre as defined in the Electricity Laws, in the State where the Procurer's registered office is located;

 

“State Transmission Utility” or “STU”:
shall have the meaning ascribed thereto in the Electricity Act;

 

“Tariff Payment”: means the payments under Weekly
Bills as referred to in Schedule V and the relevant Supplementary Bills;

 

“Tariff”: means the tariff as computed in accordance
with Schedule VIII;

 

“Technology” means the relevant
technology for the waste to energy processes, that Corporation may, at its discretion, deem fit to use in the Project Facilities
from time to time.

 

“Tested Capacity”: in relation
to the Power Station as a whole means the results of the most recent Performance Test or Repeat Performance Test carried out in
relation to the Power Station in accordance with Article 6, Article 8 and Schedule III of this Agreement;

 

“Term” means the time period
of Thirty (30) years commencing from the Effective Date and will also include an option of an additional thirty (30) years thereafter,
tacitly renewed (Corporation’s discretion), whereby the resale of electricity shall be indexed by four and a half percent
(4.5 %) per annum, using the 30th year of the 1st period as a base for indexation for the optional period.

 

“Terminal Price”: means
the price at which the Seller will transfer back the site along with all the assets necessary to run the plant as erected by the
Seller to the First Party, at the end of the term of this Agreement. This price is the same as mentioned in the Concession Agreement
signed between the Seller and the First Party of the Municipal Solid Waste Concession Agreement, Land Lease Agreement & Supply
of Treated Sewage/Effluent Agreement;

 

“Termination Notice”: shall
mean the notice given before termination of this Agreement in accordance with relevant clauses of this Agreement;

 

“Term of the Agreement”:
shall have the meaning ascribed thereto in clause 2.1;

 

“Total Debt Amount”: means
the sum of the following amounts, expressed in US Dollars, namely:

 

	i.	 	the principal amount of the senior debt incurred by the Seller (as per the terms of the Financing Agreements) to finance the Project according to the Capital Structure Schedule which remains outstanding on the date of issuance of Substitution Notice by the Lender after taking account of any senior debt repayments which could have been made out of the Weekly Tariff Payments received by the Seller on or before the date of issuance of Substitution Notice by the Lender as per the terms provided in the Financing Agreements; and 
	 	 	 
	ii.	 	all accrued interest and financing fees payable under the Financing Agreements on the amounts referred to in (i) above from the date of the Capacity Charge payment immediately preceding the date of issuance of Substitution Notice by the Lender or, if the Capacity Charges have not yet fallen due to be paid, from the most recent date when interest and financing fees were capitalized, and 
	 	 	 
	iii.	 	if this Agreement is terminated during the Construction Period, any amounts owed to the Construction Contractor for work performed but not paid for under the Construction Contract (other than amounts falling due by reason of the Seller's default); 

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

“RLDC”: Means the relevant Regional Load Dispatch
Centre as defined in the Electricity Regulation, in the region in which the Project is located;

 

“Unscheduled Interchange” or “UI
“: shall have the meaning ascribed thereto in the Rules of the CERC (Terms and Conditions of tariff) Regulations as amended
or revised from time to time;

 

“Week”: means a calendar week commencing from
00:00 hours of Monday, and ending at 24:00 hours of the following Sunday;

 

“Wheeling Charges “ or “Transmission
Charges”: Are the charges paid by the Procurers to the CTU or STU or any other agency for the transfer of power from
the Power Station switchyard end to the Procurer's network.

 

		1.2	Interpretation

 

Save where the contrary is indicated, any reference in this Agreement
to:

 

		1.2.1	This Agreement shall be co-terminus with the Concession Agreement and is to be read, for any interpretation,
together with the provisions of the Municipal Solid Waste Concession Agreement, Land Lease Agreement & Supply of Treated Sewage/Effluent
Agreement.

 

		1.2.2	The capitalized terms that are used but not defined in this Agreement shall have the same meaning
as given to them in the Concession Agreement.

 

		1.2.3	A “Recital”, an “Article”, a “Schedule”
and a “paragraph/clause” shall be construed as a reference to a Recital, an Article, a Schedule and a paragraph/clause
respectively of this Agreement.

 

		1.2.4	An “affiliate” of any party shall mean a company that either directly or indirectly
controls or is controlled by or is under common control of the same person which controls the concerned party; and control means
ownership by one company of at least twenty six percent (26%) of the voting rights of the other company.

 

		1.2.5	An “encumbrance” shall be construed as a reference to a mortgage, charge, pledge,
lien or other encumbrance securing any obligation of any person or any other type of preferential arrangement (including, without
limitation, title transfer and retention arrangements) having a similar effect.

 

		1.2.6	“indebtedness” shall be construed so as to include any obligation (whether incurred
as principal or surety) for the payment or repayment of money, whether present or future, actual or contingent;

 

		1.2.7	A “person” shall be construed as a reference to any person, firm, company, corporation,
society, trust, government, state or agency of a state or any association or partnership (whether or not having separate legal
personality) of two or more of the above and a person shall be construed as including a reference to its successors, permitted
transferees and permitted assigns in accordance with their respective interests.

 

		1.2.8	The “winding-up”, “dissolution”, “insolvency”,
or “reorganization” of a company or corporation shall be construed so as to include any equivalent or analogous
proceedings under the Law of the jurisdiction in which such company or corporation is incorporated or any jurisdiction in which
such company or corporation carries on business including the seeking of liquidation, winding-up, reorganization, dissolution,
arrangement, protection or relief of debtors.

 

		1.2.9	Words importing the singular shall include the plural and vice versa.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

		1.2.10	This Agreement itself or any other agreement or document shall be construed as a reference to this
or to such other agreement or document as it may have been, or may from time to time be, amended, varied, novated, replaced or
supplemented.

 

		1.2.11	A time of day shall, save as otherwise provided in any agreement or document be construed as a
reference to the Standard Time of the country.

 

		1.2.12	Different parts of this Agreement are to be taken as mutually explanatory and supplementary to
each other and if there is any inconsistency between or among the parts of this Agreement, they shall be interpreted in a harmonious
manner so as to give effect to each part.

 

		1.2.13	The tables of contents and any headings or sub-headings in this Agreement have been inserted for
ease of reference only and shall not affect the interpretation of this Agreement.

 

		1.2.14	All interest payable under this Agreement shall accrue from day to day and be calculated on the
basis of a year of three hundred and sixty five (365) days.

 

		1.2.15	The words “hereof or “herein”, if and when used in this Agreement
shall mean a reference to this Agreement.

 

		2.	ARTICLE
2: TERM OF AGREEMENT

 

		2.1	Effective Date and Term of Agreement

 

This Agreement shall come into effect from
the Effective Date. This Agreement shall be valid for a term commencing from the Effective Date until the Expiry Date (“Term
of Agreement”) unless terminated earlier pursuant to clause 2.2. Upon the occurrence of the Expiry Date, this Agreement
shall, subject to clause 18.9, automatically tacitly renews to the renewal option.

 

		2.2	Early Termination

 

This Agreement shall terminate before the
Expiry Date: 

 

		 i.	if either the Procurer or Seller exercises a right
to terminate, pursuant to clause 3.3.1, clause 3.3.2, clause 3.3.3 and clause 4.4.3 of this Agreement or any other provision of
this Agreement; or

 

		ii.	in such other circumstances as the Seller and all
the Procurer may agree, in writing.

 

		2.3	Terminal Price payment

 

The Terminal Price payment to be made by Procurer (if any) to Seller,
as mentioned in the clause 1.1 should be paid within ten (10) days from the last day of Term of the Agreement, or the renewal option.

 

		2.4	Survival

 

The expiry or termination of this Agreement
shall not affect accrued rights and obligations of the Parties under this Agreement, including the right to receive Liquidated
Damages (if any) as per the terms of this Agreement, nor shall it affect any continuing obligations for which this Agreement provides,
either expressly or by necessary implication, the survival of, post its expiry or termination.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

		3.	ARTICLE
3: CONDITIONS SUBSEQUENT TO BE SATISFIED BY THE SELLER AND THE PROCURER

 

		3.1	Satisfaction
of conditions subsequent by the Seller and the Procurer

 

3.1.1               A
The Seller shall have the option to change the Unit configuration after the Effective Date till NTP (Notice to Proceed), provided
that Seller submits the undertaking that the changed Unit configuration meets all the conditions specified in Schedule III and
the changed Unit configuration meets all Functional Specifications. Any additional cost arising out of the changed Unit configuration
shall be to the account of the Seller and no adjustment in the Tariff will be permitted. 

 

3.1.2               The
Seller agrees and undertakes to duly perform and complete the following activities within (i) Three Months from the Effective
Date or (ii) Four Months from the date of issue of Letter of Intent, whichever is later, unless such completion is affected
due to the Procurer's failure to comply with their obligations under clause 3.1.3 of this Agreement or by any Force Majeure
event or if any of the activities is specifically waived in writing by the Procurers jointly:

 

		i.	the Seller shall apply for the Initial Consents to as mentioned
in Schedule II. If all of the permits are not granted by the First Party, as the First Party has already signed these presences
and are the responsible entities of issuing same (permits), the default shall be considered as a premature Breach of Contract,
hereinabove named, clause 2.2, as “Early Termination”, and the First Party (Procurer) shall be subject to the
liability of said prejudice, as agreed to in the Municipal Solid Waste Concession Agreement, Land Lease Agreement & Supply
of Treated Sewage/Effluent Agreement;

 

		ii.	the Seller shall:

 

		a)	award the Engineering, Procurement and Construction
contract (“EPC” contract) or the fabrication contract for boiler, turbine and generator (“BTG”),
for the Project and shall give to such contractor an irrevocable notice to proceed, and

 

		b)	The Seller shall send a written notice to the Procurer
indicating the Contracted Capacity and Gross Capacity for the each Unit and for the Power Station as a whole expressed in MW and
furnished the undertaking as per clause 3.1.1.

 

		iii.	the Seller shall make available to the Procurer the data
with respect to the Project for design and fabrication of the interconnection Facilities and Transmission Facilities;

 

		iv.	the Seller shall finalize the specific delivery point for
supply of power in consultation with the Procurer;

 

		v.	where the Seller has not exercised its option to change
unit configuration the Seller shall send a written notice to the Procurer indicating that:

 

		a)	the Scheduled COD shall be as per the original Scheduled
COD, or

 

		b)	it intends to propone the Scheduled COD, to be established
after the obtention of all permits and clearances for the project mentioned herein (hereinafter referred to as “Revised
Scheduled COD”).

 

		vi.	where the Seller has exercised its option to change unit
configuration the Seller shall send a written notice to the Procurer indicating the changing of the Scheduled COD.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

3.1.3             The Procurers shall ensure that the following activities
are completed within the time period mentioned below:

 

Obtaining all permits and clearances, as referenced
in Schedule II, from the appropriate regulatory divisions of government, within two (2) months after official deposit of pertinent
project plans and supporting documentation by the Seller.

 

3.1.4             Joint
responsibilities of the Procurer and the Seller:

 

The
Procurer and Seller shall jointly appoint the Independent Engineer at the cost of Seller, for the purposes of carrying out
the functions as specified in clause 4.7.1, Article 6, Article 8 and Article 12, herein within a period of eight (8) months
from the Effective Date of these presences.

 

		3.2	Progress Reports

 

The Seller and the Procurer shall notify one
another in writing at least once every two (2) weeks on the progress of the project, until completion.

 

		3.3	Consequences of non-fulfillment of conditions under
clause 3.1

 

3.3.1             If
any of the conditions specified in clause 3.1.2 is not duly fulfilled by the Seller even within six (6) Months after the time
specified under clause 3.1.2, then the Procurer reserves the right to execute the “Procedure for cases of Seller Event of
Default” of clause 13.3.

 

3.3.2             In case of inability of the Seller
to fulfill the conditions specified in clause 3.1.2 due to any Force Majeure event, the time period for fulfillments of the Condition
Subsequent as mentioned in clause 3.1.2 and clause 3.1.3, shall be extended for the period of such Force Majeure event, subject
to a maximum extension period of one hundred and twenty days (120) days, continuous or non-continuous in aggregate. Thereafter,
this Agreement may be terminated by the Seller by giving a notice, in writing, to the other Party.

 

Similarly, in case of inability of the Procurer
to fulfill the conditions specified in clause 3.1.3 due to any Force Majeure event, the time period for fulfillment of the Condition
Subsequent as mentioned in clause 3.1.2 and clause 3.1.3, shall be extended for the period of such Force Majeure event, subject
to a maximum extension period of one hundred and twenty days (120) days, continuous or non-continuous in aggregate. Thereafter,
this Agreement may be terminated by the Seller by giving a Termination Notice, in writing, to the other Party.

 

3.3.3              No Tariff adjustment shall be allowed
on account of any extension of time arising under any of the sub - articles of clause 3.3. Provided that due to the provisions
of clause 3.3.3, any increase in the time period for completion of Conditions Subsequent mentioned under clause 3.1.2 and 3.1.3,
shall also lead to an equal increase in the time period for Scheduled COD and Scheduled Connection Date.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

		4.	ARTICLE
4: DEVELOPMENT OF THE PROJECT

 

		4.1	The Seller's obligation to build, own and operate the Project

 

4.1.1             Subject to the terms and conditions of this Agreement, the
Seller undertakes to be responsible, at Seller's own cost, for:

 

		a)	executing the Project in a timely manner so as to
enable the Power Station as a whole to be Commissioned;

 

		b)	owning the Project throughout the term and option of
this Agreement free and clear of encumbrances, except those expressly permitted by Article 16 and financial obligations with Lending
institutions;

 

		c)	procure the requirements of electricity at the Project
(including construction, commissioning and start-up power) and to meet in a timely manner all formalities for getting such a supply
of electricity;

 

		d)	provide on a timely basis relevant information on Power
Station specifications which may be required for interconnecting system with the transmission system;

 

		e)	fulfilling all other obligations undertaken by him
under this Agreement.

 

		f)	shall be responsible for procuring the Interconnection
and Transmission Facilities to enable the Power Station to be connected to the Grid System.

 

		4.2	Procurer's obligation

 

Subject to the terms and conditions of this
Agreement, the Procurer:

 

		a)	shall be responsible
                                         for facilitating the procurement of the Interconnection
                                         and Transmission Facilities by the Seller to enable the Power Station to be connected
                                         to the Grid System;

 

		b)	shall ensure
                                         that the Seller is provided an electrical connection
                                         for reasonable construction, commissioning and start up power at the Project;

 

		c)	shall make all
                                         reasonable arrangements for the evacuation of the Infirm
                                         Power from the Power Station; subject to the availability of transmission lines
                                         and

 

		d)	fulfilling obligations undertaken by them under this
Agreement.

 

		4.3	Purchase and sale of Energy

 

4.3.1             Subject
to the terms and conditions of this Agreement, the Seller undertakes to sell to the Procurer, and the Procurer undertakes to purchase
and pay the Tariff (de facto “Take-or-Pay” (for full face value) basis),
as documented in Schedule VIII, for the total net Available Energy of the Power Station, generated and delivered at any time throughout
the term of this Agreement.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

		4.4	Right to Available Energy

 

4.4.1             Subject to other provisions of this Agreement,
the net energy available at the Grid shall at all times be for the exclusive benefit of the Procurer and the Procurer shall have
the exclusive right to purchase such Available Energy from the Seller. The Seller shall not grant to any third party or allow any
third party to obtain any entitlement to such Available Energy.

 

		4.5	Extensions of time

 

4.5.1             In
the event that:

 

		a)	the Seller is prevented from performing its obligations
under clause 4.1.1 (b) by the stipulated date, due to any Procurer Event of Default; or

 

		b)	the Power Station cannot be Commissioned by its Scheduled
Commercial Operations Date because of Force Majeure Events.

 

the Scheduled Commercial Operations Date, the
Scheduled Connection Date and the Expiry Date shall be deferred, subject to the limit prescribed in clause 4.5.3, for a reasonable
period but not less than 'day for day' basis, to permit the Seller through the use of due diligence, to overcome the effects of
the Force Majeure Events affecting the Seller or in the case of the Procurer's Event of Default, till such time such default is
rectified by the Procurer.

 

4.5.2             If the Parties have not on how long
the Scheduled Commercial Operations Date, the Scheduled Connection Date or the Expiry Date should be deferred by, any Party may
raise the dispute to be resolved in accordance with the Arbitration rules hereunder stipulated.

 

4.5.3             In case of extension occurring
due to reasons specified in clause 4.5.l. (a), the original Scheduled Commercial Operations Date of the Power Station as a
whole, would not be extended by more than one (1) year or the date on which the Seller elects to terminate this Agreement
(premature termination of contract with prejudice), whichever is earlier.

 

As a result of such extension, the date newly determined shall be
deemed to be the Scheduled Commercial Operations Date for the purposes of this Agreement.

 

		4.6	Liquidated damages for delay due to Procurer Event of
Default and Non Natural Force Majeure Events and Natural Force Majeure Events

 

		4.6.1	If

 

		a)	Power Station cannot be commissioned by its Scheduled
Commercial Operations Date, due to a Procurer Event of Default or due to Non Natural Force Majeure Event (or Natural Force Majeure
affecting the Procurer) provided such Non Natural Force Majeure Event (or Natural Force Majeure affecting the Procurer) has continued
for a period of more than three (3) continuous or non-continuous Months; or

 

		b)	Power Station is available for conducting Commissioning
Tests and is anticipated to be capable of duly completing the Commissioning Tests as certified by the Independent Engineer, but
the said Commissioning Tests are not undertaken or completed due to such Procurer Event of Default or due to Non Natural Force
Majeure Event (or Natural Force Majeure affecting the Procurer) provided such Non Natural Force Majeure Event (or Natural Force
Majeure affecting the Procurer) has continued for a period of more than three (3)
continuous or non-continuous Months:

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

4.6.2             Such
Unit shall, until the effects of the Procurer Event of Default or of Non Natural Force Majeure Event (or Natural Force Majeure
affecting the Procurer) no longer prevent the Seller from undertaking a Commissioning Test, be deemed too been Commissioned with
effect from the Scheduled COD without taking into account delay due to such Procurer Event of Default or Non Natural Force Majeure
Event (or Natural Force Majeure affecting the Procurer) and shall be treated as follows.

 

		a)	In
case of delay on account of the Procurer Event of Default, the Procurer shall make payment to the Seller of an amount equal
to:

 

		i.	Deemed
                                         power generation at 100% of the net available for
                                         resale to the Procurer, multiplied by the number of days of default, plus

 

		ii.	The
                                         loss of minimum MSW tipping fee guarantee by the
                                         Procurer (First Party) as stipulated in the Municipal Solid Waste Concession Agreement,
                                         Land Lease Agreement & Supply of Treated Sewage/Effluent Agreement multiplied by
                                         the number of days of default.

 

Nota bene: i + ii = Amount payable to Seller by Procurer

 

		b)	In case of delay on account of any Natural Force Majeure
Event, the Procurer shall not be obliged to make any payment to the Seller.

 

4.6.3             In every case referred to in clause
4.6.1 hereinabove, the Seller shall undertake a Commissioning Test as soon as reasonably practicable and in no event later than
two (2) weeks or such longer period as mutually agreed between the Seller and the Procurer after the point at which it is no longer
prevented from doing so by the effects of Force Majeure Events or Procurer Event of Default (as appropriate).

 

		4.7	Limit on amounts payable due to default

 

4.7.1             The Parties expressly agree that the
Procurer's only liability for any loss of profits or any other loss of any other kind or description whatsoever, suffered by the
Seller by reason of the Procurer's failure to meet its obligations under clause 4.2(a) to clause 4.2(d) shall be to pay the Seller
the amounts specified in clause 4.6 and Article 13.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

		5.	ARTICLE
5: CONSTRUCTION

 

		5.1	Seller's Construction Responsibilities

 

The Seller shall be responsible for designing,
constructing, erecting, commissioning, completing and testing the Power Station in accordance with the following, it being clearly
understood that in the event of inconsistency between two or more of the following, the order of priority as between them shall
be the order in which they are placed, with applicable law in the first:

 

		a)	applicable Law including MSW (Management & Handling)
Rules;

 

		b)	the Grid Code;

 

		c)	the terms and conditions of this Agreement;

 

		d)	the Functional Specifications; and

 

		e)	Prudent Utility Practices.

 

Notwithstanding anything to the contrary contained
in this PPA, the Seller shall ensure that the technical parameters or equipment limits of the Project shall always be subject to
the requirements as specified in points (a) to (e) above and under no event shall over-ride or contradict the provisions of this
Agreement and shall not excuse the Seller from the performance of his obligations under this Agreement.

 

		5.2	The Site

 

On and from the Effective Date, the Seller
shall be deemed, on the basis of the provisions of project proposal, to have had sufficient opportunity to investigate the Site
(including but not limited to its geological condition, on the Site, the adequacy of the road and rail links to the Site and the
availability of adequate supplies of water) and accepts full responsibility for its condition and that it shall not be relieved
from any of its obligations under this Agreement or be entitled to any extension of time or financial compensation by reason of
the unsuitability of the Site for whatever reason.

 

		5.3	Information Regarding Interconnection Facilities

 

The Procurer shall provide the Seller, on a
timely basis, all information with regard to the Interconnection and Transmission Facilities as is reasonably necessary to enable
the Seller to design, install and operate all interconnection plant and apparatus on the Seller's side of the Interconnection Point.

 

		5.4	Quality of Workmanship

 

The Seller shall ensure that the Power Station
is designed, built and completed in a good workmanlike manner using sound engineering construction practices and using only materials
and equipment that are new and of international utility grade quality such that, the useful life of the Power Station will be at
least till the Expiry Date.

 

The Seller shall ensure that design, construction
and testing of all equipment, facilities, components and systems of the Project shall be in accordance with Autonomous Island of
Grande Comore, Union of the Comoros Standards and Codes issued by the Bureau of Autonomous Island of Grande Comore, Union of the
Comoros Standards and/or internationally recognized Standards and Codes, such as:

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

	i.	 	American National Standards Institute (ANS) 
	ii.	 	American Society of Testing and Materials (ASTM) 
	iii.	 	American Society of Mechanical Engineers (ASME) 
	iv.	 	American Petroleum Institute (API) 
	v.	 	Standards of the Hydraulic Institute, USA 
	vi.	 	International Organization for Standardization (ISO) 
	vii.	 	Japanese Industrial Standards (JIS) 
	viii.	 	Tubular Exchanger Manufacturer's Association (TEMA) 
	ix.	 	American Welding Society (AWS) 
	x.	 	National Electrical Manufacturers Association (NEMA) 
	xi.	 	National Fire Protection Association (NFPA) 
	xii. 	 	International Electro-Technical Commission (AEC) 
	xiii.	 	Expansion Joint Manufacturers Association (EJMA) 
	xiv.	 	Heat Exchange Institute (HEI) 
	xv.	 	American Water Works Association (AWWA) 

 

Other international standards, established
to be equivalent or superior to the above standards shall also be acceptable. However, in the event of any conflict between the
requirements of the international codes and standards and the requirements of the country’s standards and regulations, the
latter shall prevail.

 

		5.5	Consents

 

The Seller shall be responsible for furnishing
all documents and plans required for developing, financing, constructing, operating and maintenance of the Project. For the avoidance
of doubt, it is clarified that the Procurer shall be responsible for the issuance of permits and clearances, as stipulated in clause
3.1.3 above. The Seller shall be responsible for maintaining and renewing the Consents and for fulfilling all conditions specified
therein.

 

		5.6	Construction Documents

 

The Seller shall retain at the Site and make
available for inspection to the Procurer at all reasonable times copies of the results of all tests specified in Schedule IV hereof.

 

		5.7	Co-ordination of Construction Activities

 

5.7.1             Before the tenth (10th)
day of each Month, during the Construction Period the Seller shall prepare and submit to the Procurer as well as Authorized Representative
a monthly progress report, in the Agreed Form.

 

The Seller and all the Procurer shall designate
from time to time, by giving a written notice to the other party up to five (5) of its employees who shall be responsible for coordinating
all construction activities relating to the Project and who shall have access at all reasonable times to the other party's land
for the purpose of apprising the progress of the work being carried on, subject to such designated persons or the party appointing
them giving reasonable notice to the other party of such visit and subject to their complying with all reasonable safety procedures.
The Procurer will have to give a written notice to the Seller of at least one (1) day, to visit the physical premises of the Complex.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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		6.	ARTICLE
6: SYNCHRONISATION, COMMISSIONING AND COMMERCIAL OPERATION

 

		6.1	Synchronization

 

6.1.1             The Seller shall give the Procurer
and RLDC at least sixty (60) days advance preliminary written notice and at least thirty (30) days advance final written notice,
of the date on which it intends to synchronize Power Station to the Grid System.

 

6.1.2             Subject to clause 6.1.1, Power
Station may be synchronized by the Seller to the Grid System when it meets all connection conditions prescribed in any Grid Code
then in effect and otherwise meets all other country legal requirements for synchronization to the
Grid System. 

 

		6.2	Commissioning

 

6.2.1             The Seller shall be responsible for
ensuring that Power Station is commissioned in accordance with Schedule IV at its own cost.

 

6.2.2             The Seller shall give the Procurer
and the Independent Engineer not less than ten (10) days prior written notice of Commissioning Test of Power Station.

 

6.2.3             The Seller, the Procurer and the Independent
Engineer shall each designate qualified and authorized representatives to witness and monitor Commissioning Test of Power Station.

 

6.2.4             Testing and measuring procedures applied
during Commissioning Test shall be in accordance with the codes, practices and procedures mentioned in Schedule IV of this Agreement.

 

6.2.5             Within five (5) days of a Commissioning
Test, the Seller shall provide the Procurer and the Independent Engineer with copies of the detailed Commissioning Test results.
Within five (5) days of receipt of the Commissioning Test results, the Independent Engineer shall provide to the Procurer and the
Seller in writing, his findings from the evaluation of Commissioning Test results, either in the form of Final Test Certificate
certifying the matters specified in clause 6.3.1 or the reasons for non-issuance of Final Test Certificate.

 

		6.3	Commercial Operation

 

6.3.1             Power Station shall be commissioned
following the date when the Procurer and the Seller receive a Final Test Certificate of the Independent Engineer stating that:

 

		a)	the
                                         Commissioning Tests have been carried out in accordance with Schedule IV, and
                                         are acceptable to him; and

 

		b)	the results of
                                         the Performance Test show that the Power Station's Tested Capacity, is not less than
                                         ninety-five (95) percent of its Minimum Capacity
                                         (net after self-consumption), as existing on the Effective Date or in case the
                                         Seller has exercised the option under clause 3.1.1 the Contracted Capacity so finalized.

 

6.3.2             If the Power Station fails a Commissioning
Test, the Seller may retake the relevant test, within a reasonable period after the end of the previous test, with three (3) day's
prior written notice to the Procurer and the Independent Engineer. Provided however, the Procurer shall have a right to require
deferment of any such re-tests for a period not exceeding fifteen (15) days, without incurring any liability for such deferment,
if the Procurer is unable to provide evacuation of power to be generated, due to reasons outside the reasonable control of the
Procurer or due to inadequate demand in the Grid.

 

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6.3.3             The
Seller may retake the Performance Test by giving at least fifteen (15) days advance notice in writing to the Procurer, up to eight
(8) times, during a period of one hundred and twenty (120) days (“Initial Performance Retest Period”)
from Power Station's COD in order to demonstrate an increased Tested Capacity to meet the minimum requirements. Provided however,
the Procurer shall have a right to require deferment of any such re-tests for a period not exceeding fifteen (15) days, without
incurring any liability for such deferment, if the Procurer are unable to provide evacuation of power to be generated, due to
reasons outside the reasonable control of the Procurer or due to inadequate demand in the Grid.

 

6.3.4             (i)
If Power Station's Tested Capacity after the most recent Performance Test mentioned in clause 6.3.3 has been conducted, is less
than its Minimum Capacity (3.8 MW Net) as existing on the Effective Date or in case
the Seller has exercised the option under clause 3.1.1, the Capacity so finalized after testing will be the final capacity for
the Minimum Capacity requirements.

 

6.3.5             If
Power Station's Tested Capacity as at the end of the Initial Performance Retest Period or the date of the eighth (8th)
Performance Test mentioned in clause 6.3.3, whichever is earlier, is found to be more than its Minimum Capacity (3.8
MW Net) as existing on the Effective Date or in case the Seller has exercised the option under clause 3.1.1., the capacity
as so defined, the tested capacity shall be deemed to be the Power Station's Capacity.

 

		6.4	Costs Incurred

 

The Seller expressly agrees that all costs
incurred by him in synchronizing, connecting, commissioning and/or testing or retesting Power Station shall be solely and completely
to his account and the Procurer's liability shall not exceed the amount of the Energy Charges payable for such power output, as
set out in Schedule VIII.

 

		7.	ARTICLE
7: OPERATION AND MAINTENANCE

 

The Parties shall comply with the provisions of the applicable Law
including, in particular the Grid Code.

 

		8.	ARTICLE
8: CAPACITY, AVAILABILITY AND DISPATCH

 

		8.1	Repeat Performance Tests

 

8.1.1             The
Procurers may from time to time during the Operating Period, but only if the available capacity has not been one hundred per cent
(100%) of the Minimum Capacity of the Power Station (excluding the planned outage for capital maintenance in consultation with
the Procurer) even for one continuous period of at least three (3) hours during any three continuous months, require the Seller
to demonstrate the Power Station's tested capacity by carrying out a further Performance Test (a “Repeat Performance
Test”) in accordance with this clause 8.1. A Repeat Performance Test shall be carried out in accordance with
Schedule IV, save that the test shall last twenty-four (24) hours instead of seventy-two (72) hours. Provided that if the tested
capacity after such test is less than ninety five percent (95 %) of the minimum capacity
as existing on the Effective Date (or in case the Seller has exercised the option under clause 3.1.1, the Minimum Capacity as
so finalized) of the Commissioned Units.

 

8.1.2             The Procurer shall give the Seller
not less than seven (7) days' advance written notice of the time when a Repeat Performance Test of the Power Station is to begin.
A Repeat Performance Test may not be scheduled for any period when the Power Station is due to undergo a Scheduled Outage.

 

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8.1.3             The Procurer and Seller shall jointly
appoint the Independent Engineer to monitor the Repeat Performance Test and to certify the results.

 

8.1.4             If the Seller wishes to take Power
Station, out of service for repair before a Repeat Performance Test, it shall inform the Procurer in writing before its scheduled
start of the repairs and the estimated time required to complete the repairs. The Parties shall then schedule a Maintenance Outage
in accordance with the Grid Code to enable the Seller to carry out those repairs and in such a case, the Procurer, requiring the
Repeat Performance Test, shall defer the Repeat Performance Test until Power Station is returned to service following that Maintenance
Outage.

 

8.1.5             The
Seller, the Procurer and the Independent Engineer shall each have the right to designate qualified and authorized
representatives (but are not obligated to do so) to monitor the Repeat Performance Test.

 

8.1.6             Testing and measurement procedures
applied during the Repeat Performance Test shall be in accordance with the codes, practices of procedures as generally/normally
applied for the Performance Tests (refer to Schedule IV).

 

8.1.7             Within five (5) days of a Repeat Performance
Test, the Seller shall provide to the Procurer and the Independent Engineer with copies of the detailed test results.

 

8.1.8             Within five (5) days of receipt of
the Commissioning Test results, the Independent Engineer shall provide to the Procurer and the Seller in writing, his findings
from the evaluation of Commissioning Test results, either in the form of Final Test Certificate certifying the matters specified
in clause 6.3.1 or the reasons for non-issuance of Final Test Certificate.

 

8.1.9             Within one (1) Month of the date by
which the Power Station has been commissioned, the Seller shall conduct a Performance Test of the Power Station (hereinafter referred
to as “Power Station Performance Test”) whereafter the provisions of clause 8.2 shall apply. A Power
Station Performance Test shall be carried out in accordance with clause 1.1 of Schedule IV, save that the test shall last
twenty-four (24) hours instead of seventy-two (72) hours.

 

		8.2	Availability

 

The Seller shall comply with the provisions
of the applicable Law regarding Availability including, in particular, to the provisions of the Grid Code relating to intimation
of Availability and the matters incidental thereto.

 

		8.3	Dispatch

 

The Power Station shall enjoy a must-run status
and accordingly, no other merit order will apply, for the term of the contract and renewal option, thereof.

 

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		9.	ARTICLE
9: METERING AND ENERGY ACCOUNTING

 

		9.1	Meters

 

For installation of Meters, Meter testing,
Meter calibration and Meter reading and all matters incidental thereto, the Seller and the Procurer shall follow and be bound by
the Central Electricity Authority (Installation and Operation of Meters) Regulations, the Grid Code and ABT as amended and revised
from time to time. In addition, the Seller shall also allow and facilitate CTU in installation of one set of required main and
standby special energy meters for accurate recording of energy supplied by Seller. For these CTU meters (110V, 1A, 4-wire), the
Seller shall provide the required connection from EHV current transformers/ bushing CTs/ voltage transformers/ CVTs on EHV side
of all generator-transformers, station transformers and outgoing lines, of meter accuracy of 0.2 class or better. The Seller may
install any further meters for its own comfort at its own cost.

 

		10.	ARTICLE 10: INSURANCES

 

		10.1	Insurance

 

The Seller shall effect and maintain or cause
to be affected and maintained during the Construction Period and Operating Period, Insurances against such risks, with such deductibles
and with such endorsements and co-insured(s), which the Prudent Utility Practices would ordinarily merit maintenance of and as
required under the Financing Agreements.

 

		10.2	Application of Insurance Proceeds

 

Save as expressly provided in this Agreement
or the Insurances, the proceeds of any insurance claim made due to loss or damage to the Project or any part of the Project shall
be first applied to reinstatement, replacement or renewal of such loss or damage of the project.

 

If an Event renders the Project no longer economically
and technically viable and the insurers under the Insurances make payment on a “total loss” or equivalent basis,
the Procurer shall have no claim on such proceeds of such Insurance.

 

		10.3	Effect on liability of the Procurer

 

Notwithstanding any liability or obligation
that may arise under this Agreement, any loss, damage, liability, payment, obligation or expense which is insured or for which
the Seller can claim compensation, shall be paid by the Insurer to the Seller, and the Procurer agrees and endorses same, by these
presences.

 

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Power Purchase Agreement (PPA)

 

		11.	ARTICLE 11: BILLING AND PAYMENT

 

		11.1	General

 

From the COD of the Power Station, Procurer
shall pay the Seller the Weekly Tariff Payment, on or before the Due Date, comprising of Tariff for every Contract Year, determined
in accordance with this Article 11 and Schedule VIII. All Tariff payments by Procurer shall be in United States Dollars.

 

Provided however, if the
Procurer avails of any Electrical output from the Seller prior to the Commercial Operation Date (“Infirm
Power”) of the Unit, then also Procurer shall be liable to pay Energy Charges (as applicable for the Contract Year
in which the Infirm Power is supplied or next Contract Year in case no Energy Charges are mentioned in such Contract Year),
for Infirm Power generated by Power Station. The quantum of Infirm Power generated by Power Station synchronized but not have
been put on COD shall be computed from the energy accounting and audit meters installed at the Power Station as per Central
Electricity Authority Regulations.

 

		11.2	Delivery and content of Weekly Bills

 

11.2.1             The Seller shall issue to Procurer
a Weekly Bill.:

 

11.2.2             Each Weekly Bill and Provisional
Bill shall include:

 

		 i.	Energy account for the relevant Week as per REA for
Weekly Bill and RLDC's daily energy account for Provisional Bill;

 

		ii.	the Seller's computation of the Weekly Tariff Payment
in accordance with Schedules VI and X; and

 

		iii.	supporting data, documents and calculations in accordance
with this Agreement

 

		11.3	Payment of Weekly Bills

 

11.3.1             Procurer shall pay the amount payable
under Weekly Bill on the Due Date to such account of the Seller by “Direct Deposit” or against a “Revolving
Letter of Credit” issued by the Procurer for the Benefit of the Seller as described in clause 11.4 (if Direct Deposit
is not effected), in accordance with clause 11.3.3 below.

 

All payments made by the Procurer shall be by appropriate order
of priority:

 

		a)	towards Late Payment Surcharge, payable by the Procurer,
if any;

 

		b)	towards earlier unpaid Weekly Bill, if any, and

 

		c)	towards the then current Weekly Bill.

 

11.3.2             All payments required to be made
under this Agreement shall only include any deduction or set off for deductions required by the Law; and amounts claimed by the
Procurer from the Seller, through an invoice duly acknowledged by the Seller, to be payable by the Seller, and not disputed by
the Seller within thirty (30) days of receipt of the said invoice and such deduction or set-off shall be made to the extent of
the amounts not disputed. It is clarified that the Procurer shall be entitled to claim any set off or deduction under this clause,
after expiry of the said thirty (30) day period.

 

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Provided further, the maximum amounts that
can be deducted or set-off by the Procurer under this Article in a Contract Year shall not exceed twenty
(20) percent of the weekly billing.

 

11.3.3             The Seller shall open a bank account
as designated by Lenders (the “Designated Account”), and shall not be refuted by Procurer (First Party), for
all Tariff Payments to be made by Procurer to the Seller, and notify Procurer of the details of such account at least ninety (90)
days before the dispatch of the first Weekly Bill by the Procurer. Procurer shall instruct their respective bankers to make all
payments under this agreement to the Designated Account and shall notify the Seller of such instructions on the same day. Procurer
shall also designate a bank for payments to be made by the Seller (including Supplementary Bills) to Procurer and notify the Seller
of the details of such account ninety (90) days before the COD of the Power Station.

 

11.3.4             In
the event of delay in payment of a Weekly Bill by Procurer beyond its Due Date weekly billing, a Late Payment Surcharge shall
be payable by Procurer to the Seller at the rate of twenty-two (22) percent APR (“Annual
Percentage Rate”), on the amount of outstanding payment, calculated on a day to day basis (and compounded with daily
interest), for each day of the delay.

 

		11.4	Payment Mechanism

 

11.4.1             Irrevocable Revolving Letter of Credit:

 

Procurer shall provide to the Seller, in respect
of payment of its Weekly Bills, an unconditional, revolving and irrevocable letter of credit (Letter of Credit - RLC), opened
and maintained by Procurer, which may be drawn upon by the Seller in accordance with clauses 11.4.1.1 through 11.4.1.7. The Procurer
shall provide the Seller draft of the Letter of Credit proposed to be provided to the Seller for final review and critiques, which
shall adhere to the essence of these presences.

 

11.4.1.1             Not later than three (3) Months following
the signature of these presences, Procurer shall through its scheduled bank (reference clause 11.3.3) open a Letter of Credit in
favour of the Seller (Beneficiary), to be made operative from a date prior to the Due Date of its first Weekly Bill under this
Agreement. The Irrevocable Revolving Letter of Credit shall have a term of twelve (12) Months, renewed every year for the duration
of the term and renewal option thereof, and shall be replenished to its face value four (4) times per annum, for an amount:

 

		i.	for the first Contract Year, equal
to one point one (1.1) times the estimated average yearly billing based on 100% of the Gross Energy production (Megawatts)
multiplied by 1000 kW per Megawatt by twenty-four (24) hours per day multiplied by three hundred and sixty-five (365) days per
year multiplied by the Tariff payment of the first year, and

 

MW-h x 1000 kW/MW x 24h/day x 365 day/year
x y (Annex 10) x 1.5 = LCR 

 

		ii.	for each subsequent Contract Year, equal to the one
point one (1.1) times the average of the Yearly Tariff Payments of the previous Contract Year (refer to Schedule VIII).

 

Provided that the procurer has not effected
a Direct Deposit to the Seller’s designated account for payment of its weekly invoice, the Seller shall draw upon such Irrevocable
Revolving Letter of Credit immediately thereafter for the payment of the relevant Weekly Bill, as further elaborated in clause
11.4.1.3.

 

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Provided further that if at any time, such
Irrevocable Revolving Letter of Credit amount falls short of the amount specified in clause 11.4.1.1 or clause 11.4.1.7 otherwise
than by reason of drawal of such Letter of Credit by the Seller, the Procurer shall restore such shortfall within seven (7) days.

 

11.4.1.2             Procurer shall cause the scheduled
bank issuing the Irrevocable Revolving Letter of Credit to intimate the Seller, in writing regarding establishing of such irrevocable
Revolving Letter of Credit.

 

11.4.1.3             If
Procurer fails to pay a Weekly Bill or part thereof within and including the Due Date, then, subject to clause 11.3.3, the
Seller may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference or instructions from the
Procurer, an amount equal to such Weekly Bill or part thereof plus Late Payment Surcharge, if applicable, in accordance with
clause 11.3.4 above, by presenting to the scheduled bank issuing the Letter of Credit, the following documents:

 

		  i.	a copy of the Weekly Bill which has remained unpaid
by such Procurer;

 

		 ii.	a certificate from the Seller to the effect that the
bill at item (i) above, or specified part thereof, is in accordance with the Agreement and has remained unpaid beyond the Due
Date; and

 

		iii.	Calculations of applicable Late Payment Surcharge,
if any.

 

Further, on the occurrence of such an event
as envisaged herein, the Seller shall immediately inform the Procurer of the said failure of the Procurer to pay the Weekly Bill
or part thereof and shall send regular updates to the Procurer containing details of the amount claimed by the Seller, as per the
provisions of this clause and payments made by the Procurer pursuant to such claim.

 

For the avoidance of doubt it is clarified
that the Seller shall not be entitled to drawdown on the Letter of Credit for any failure of Procurer to pay a Supplementary Bill.

 

11.4.1.5             Procurer shall ensure that the
Irrevocable Revolving letter of Credit shall be renewed not later than forty-five (45) days prior to its expiry, annually.

 

11.4.1.6             All costs relating to opening and
maintenance of the Letter of Credit shall be borne by the Procurer.

 

11.4.1.7             Where necessary, the Irrevocable
Revolving Letter of Credit may also be substituted by an unconditional and irrevocable bank guarantee or an equivalent financial
instrument as mutually agreed by the Procurer and the Seller.

 

		11.5	Disputed Bill

 

11.5.1             If a Party does not dispute a Weekly
Bill, Provisional Bill or a Supplementary Bill raised by the other Party within thirty (30) days of receiving it, such bill shall
be taken as conclusive.

 

11.5.2             If a Party disputes the amount payable
under a Weekly Bill, Provisional Bill or a Supplementary Bill, as the case may be, that Party shall, within seven (7) days of receiving
such bill, issue a notice (the “Bill Dispute Notice”) to the invoicing Party setting out:

 

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		  i.	the
details of the disputed amount;

		 ii.	its estimate of what the correct amount should be;
and

		iii.	all written material in support of its claim.

 

11.5.3             If
the invoicing Party agrees to the claim raised in the Bill Dispute Notice issued pursuant to clause 11.5.2, the invoicing
Party shall levies such bill within seven (7) days of receiving such notice and if the disputing Party has already made the
excess payment, refund to the disputing Party such excess amount within fifteen (15) days of receiving such notice. In such a
case excess amount shall be refunded along with interest at the same rate as Late Payment Surcharge which shall be applied
from the date on which such excess payment was made to the invoicing Party and up to and including the date on which such
payment has been received.

 

11.5.4             If the invoicing Party does not agree
to the claim raised in the Bill Dispute Notice issued pursuant to clause 11.5.2, it shall, within fifteen (15) days of receiving
the Bill Dispute Notice, furnish a notice to the disputing Party providing:

 

		  i.	reasons for its disagreement;

		 ii.	its estimate of what the correct amount should be;
and

		iii.	all written material in support of its counter-claim.

 

11.5.5             Upon receipt of notice of disagreement
to the Bill Dispute Notice under clause 11.5.4, authorized representative(s) or a director of the board of directors/member of
board of each Party shall meet and make best endeavours to amicably resolve such dispute within fifteen (15) days of receiving
such notice of disagreement to the Bill Dispute Notice.

 

11.5.6             If the Parties do not amicably resolve
the Dispute within fifteen (15) days of receipt of notice of disagreement to the Bill Dispute Notice pursuant to clause 11.5.4
the matter shall be referred to Dispute Resolution in accordance with clause 17.

 

11.5.7             In case of Disputed Bills, it shall
be open to the aggrieved party to approach the Appropriate Commission for Dispute Resolution in accordance with clause 17 and also
for interim orders protecting its interest including for orders for interim payment pending Dispute Resolution and the Parties
shall be bound by the decision of the Appropriate Commission, including in regard to interest or Late Payment Surcharge, if any
directed to be paid by the Appropriate Commission.

 

11.5.8             If a Dispute regarding a Weekly Bill,
Provisional Bill or a Supplementary Bill is settled pursuant to clause 11.5.5 or by Dispute resolution mechanism provided in this
Agreement in favour of the Party that issues a Bill Dispute Notice, the other Party shall refund the amount, if any incorrectly
charged and collected from the disputing Party or pay as required, within five (5) days of the Dispute either being amicably resolved
by the Parties pursuant to clause 11.6.5 or settled by Dispute resolution mechanism along with interest at the same rate as Late
Payment Surcharge from the date on which such payment had been made to the invoicing Party or the date on which such payment was
originally due, as may be applicable.

 

		11.6	Quarterly and Annual Reconciliation

 

Parties acknowledge that all payments made
against Weekly Bills, Provisional Bill and Supplementary Bills shall be subject to quarterly reconciliation at the beginning of
the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account REA,
Tariff Adjustment Payments, Tariff Rebate Payments, Late Payment Surcharge, or any other reasonable circumstance provided under
this Agreement. The Parties, therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full
Contract Year as the case may be has been finally verified and adjusted, the Seller and Procurer shall jointly sign such reconciliation
statement. Within fifteen (15) days of signing of a reconciliation statement, the Seller or Procurer, as the case may be, shall
raise a Supplementary Bill for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of
such Supplementary Bill for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall
be payable in such case from the date on which such payment had been made to the invoicing Party or the date on which any payment
was originally due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance
with the provisions of Article 17.

 

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		11.7	Payment of Supplementary Bill

 

11.7.1             Either
Party may raise a bill on the other Party (“Supplementary Bill”) for payment on account
of:

 

		i.	Adjustments
required by the Regional Energy Account (if applicable);

 

		ii.	Tariff
Payment for change in parameters, pursuant to provisions in Schedules VI and X; or and such Bill shall be paid by the other Party.

 

11.7.2             Procurer
shall remit all amounts due under a Supplementary Bill raised by the Seller to the Seller's Designated Account by the Due Date
and notify the Seller of such remittance on the same day. Similarly, the Seller shall pay all amounts due under a Supplementary
Bill raised by Procurer by the Due Date to the Procurer's designated bank account and notify the Procurer of such payment
on the same day.

 

11.7.3             In
the event of delay in payment of a Supplementary Bill by either Party beyond its Due Date, a Late Payment Surcharge shall be payable
at the same terms applicable to the Weekly Bill in clause 11.3.4.

 

		11.8	Payment for Startup Power

 

The Seller shall be liable to pay
for the power and energy consumed for start-up of the Project and commissioning, to the distribution Licensee(s) in whose area
the Project is located or such other entity from whom such power/energy is sourced, at the then prevalent
rates payable by such industrial consumers.

 

		11.9	The copy of all notices/offers

 

The copy of all notices/offers which are required
to be sent as per the provisions of this clause 11 shall be sent by either Party, simultaneously to all Parties.

 

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		12.	ARTICLE 12: FORCE MAJEURE

 

12.1             Definitions 

 

In this Article 12, the following terms shall have the following
meanings:

 

12.2             Affected
Party

 

An affected Party means the Procurer or the Seller whose performance
has been affected by an event of Force Majeure.

 

An event of Force Majeure affecting the
CTU/STU or any other agent of Procurer, which has affected the Interconnection Facilities, shall be deemed to be an event of Force
Majeure affecting Procurer.

 

Any event of Force Majeure affecting the performance
of the Seller's contractors shall be deemed to be an event of Force Majeure affecting Seller only if the Force Majeure event is
affecting and resulting in:

 

		a)	late delivery of plant, machinery, equipment, materials,
spare parts, Fuel, water or consumables for the Project; or

 

		b)	a delay in the performance of any of the Seller's contractors.

 

Similarly, any event of Force Majeure affecting
the performance of the Procurer's contractor for the setting up or operating Interconnection Facilities shall be deemed to be an
event of Force Majeure affecting Procurer only if the Force Majeure event is resulting in a delay in the Performance of Procurer's
contractors.

 

12.3             Force
Majeure

 

A “Force Majeure” means
any event or circumstance or combination of events and circumstances including those stated below that wholly or partly prevents
or unavoidably delays an Affected Party in the performance of its obligations under this Agreement, but only if and to the extent
that such events or circumstances are not within the reasonable control, directly or indirectly, of the Affected Party and could
not have been avoided if the Affected Party had taken reasonable care or complied with Prudent Utility Practices:

 

		  i.	Natural
Force Majeure Events:

 

Act of God, including, but not limited to lightning,
drought, fire and explosion (to the extent originating from a source external to the Site), earthquake, volcanic eruption, landslide,
flood, cyclone, typhoon, tornado, or exceptionally adverse weather conditions:

 

		 ii.	Non - Natural Force Majeure Events:

 

		1.	Direct Non - Natural Force Majeure Events:

 

		a)	Nationalization or compulsory acquisition by any Governmental
Instrumentality of any material assets or rights of the Seller or the Seller's contractors; or

 

		b)	the unlawful, unreasonable or discriminatory relocation
of, or refusal to renew, any Consent required by the Seller or any of the Seller's contractors to perform their obligations under
the Project Documents or any unlawful, unreasonable or discriminatory refusal to grant any other consent required for the development/
operation of the Project. Provided that an appropriate court of law declares the revocation or refusal to be unlawful, unreasonable
and discriminatory and strikes the same down.

 

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		c)	any
other unlawful, unreasonable or discriminatory action on the part of a Government Instrumentality which is directed against the
Project. Provided that an appropriate court of law declares the revocation or refusal to be unlawful, unreasonable and discriminatory
and strikes the same down.

 

		2.	Indirect
Non - Natural Force Majeure Events

 

		a)	any
act of war (whether declared or undeclared), invasion, armed conflict or act of foreign enemy, blockade, embargo, revolution,
riot, insurrection, terrorist or military action); or

 

		b)	Radioactive contamination or ionizing radiation originating
from a source in the country or resulting from another Indirect Non Natural Force Majeure Event excluding circumstances where
the source or cause of contamination or radiation is brought or has been brought into or near the site by the Affected Party or
those employed or engaged by the Affected Party.

 

		c)	Labor disturbances & strikes having a nationwide
impact in the country.

 

12.4             Force
Majeure Exclusions

 

Force Majeure shall not include (i) any event
or circumstance which is within the reasonable control of the Parties and (ii) the following conditions, except to the extent that
they are consequences of an event of Force Majeure:

 

		a)	Unavailability, late delivery, or changes in cost
of the plant, machinery, equipment, materials, spare parts, Fuel or consumables for the Project;

 

		b)	Delay in the performance of any contractor, sub-contractors
or their agents excluding the conditions as mentioned in clause 12.2;

 

		c)	Non-performance resulting from normal wear and tear
typically experienced in power generation materials and equipment;

 

		d)	Strikes or labour disturbance at the facilities of
the Affected Party;

 

		e)	Insufficiency of finances or funds or the agreement
becoming onerous to perform;

 

		f)	Non-performance caused by, or connected with, the
Affected Party's:

 

		  i.	Negligent or intentional acts, errors or omissions;

 

		 ii.	Failure to comply with Autonomous Island of Grande
Comore, Union of the Comoros Law; or

 

		iii.	Breach of, or default under this Agreement or any Project
Documents.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

12.5             Notification
of Force Majeure Event

 

The Affected Party shall give notice to
the other Party of any event of Force Majeure as soon as reasonably practicable, but not later than seven (7) days after the
date on which such Party knew or should reasonably have known of the commencement of the event of Force Majeure. If an event
of Force Majeure results in a breakdown of communications rendering it unreasonable to give notice within the applicable time
limit specified herein, then the Party claiming Force Majeure shall give such notice as soon as reasonably practicable after
reinstatement of communications, but not later than one (1) day after such reinstatement, provided that such notice shall be
a pre-condition to the Seller's entitlement to claim relief under this Agreement. Such notice shall include full particulars
of the event of Force Majeure, its effects on the Party claiming relief and the remedial measures proposed. The Affected
Party shall give the other Party regular (and not less than monthly) reports on the progress of those remedial measures and
such other information as the other Party may reasonably request about the situation.

 

The Affected Party shall give notice to the
other Party of (i) the cessation of the relevant event of Force Majeure; and (ii) the cessation of the effects of such event of
Force Majeure on the performance of its rights or obligations under this Agreement, as soon as practicable after becoming aware
of each of these cessations.

 

12.6             Duty
to perform and duty to Mitigate

 

To the extent not prevented by a Force Majeure
event pursuant to clause 12.3, the Affected Party shall continue to perform its obligations pursuant to this Agreement. The Affected
Party shall use its reasonable efforts to mitigate the effect of any event of Force Majeure as soon as practicable.

 

12.7            Available Relief for a Force Majeure Event

 

Subject to this Article 12:

 

		a)	no Party shall be in breach of its obligations pursuant
to this Agreement to the extent that the performance of its obligations was prevented, hindered or delayed due to a Force Majeure
Event;

 

		b)	every Party shall be entitled to claim relief in relation
to a Force Majeure Event in regard to its obligations, and

 

		c)	in case of a Non-Natural Force Indirect Majeure Event
affecting the Procurer which adversely affects the performance obligations of the Seller under this Agreement, the following provisions
shall apply.

 

		 i.	if the average Availability of the Power Station is
reduced below sixty (60) percent for over two (2) consecutive months or for any nonconsecutive period of four (4) months both
within any continuous period of sixty (60) months, then, with effect from the end of that period and for so long as the daily
average availability of the Power Station continues to be reduced below sixty (60) percent, the Procurer shall make payments for
Debt Service for the duration of force majeure.

 

		ii.	For so long as the Seller is claiming relief due to
any Natural Force Majeure Event affecting the Procurer under this Agreement, the Procurer may from time to time on one (1) days
notice inspect the Project and the Seller shall provide Procurer's personnel with access to the Project to carry out such inspections,
subject to the Procurer's personnel complying with all reasonable safety precautions and standards.

 

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	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

		d)	In the case of an unnatural event of direct force majeure
preventing the Seller from his obligations:

 

		 i.	The Procurer will pay all incurred expenses, operational
costs, bills and invoices, even though the Seller does not procure any electricity for resale to the Procurer (Full responsibility
of Procurer). In this case, the Seller may terminate the contract, as a breach of contract on behalf of the Procurer, with prejudice,
and the Procurer will pay all costs and Penalties to Seller, whereby the costs and penalties are the same as referenced in the
Municipal Solid Waste Concession Agreement.

 

12.8            Additional Compensation and Procurer's
Subrogation

 

If the Seller is entitled, whether actually
or contingently, to be compensated by any person/entity (Insurance) other than the Procurer as a result of the occurrence of a
Non Natural Indirect Force Majeure Event affecting the Procurer for which it has received compensation from the Procurer pursuant
to this Article 12.7 (c) i, the Procurer shall be fully subrogated to the Seller's rights against that person to the extent of
the compensation paid by the Procurer to the Seller. Provided that in case the Seller has actually received compensation from any
person other than the Procurer as well as the Procurer as a result of the occurrence of a Non-Natural Indirect Force Majeure Event
affecting the Procurer, then the Seller shall forthwith refund the compensation received by it (without any accrued interest) from
the Procurer but only to the maximum extent of the compensation received by the Seller from any person other than the Procurer.

 

		13.	ARTICLE 13: EVENTS OF DEFAULT & TERMINATION

 

13.1             Seller
Event of Default

 

The occurrence and continuation of any of the
following events, unless any such event occurs as a result of a Force Majeure Event or a breach by Procurer of its obligations
under this Agreement, shall constitute a Seller Event of Default:

 

		  i.	the
                                         failure to Commission the Power Station by the date falling twelve
                                         (12) Months after its Scheduled Commercial Operation Date, or

 

		 ii.	after the commencement of construction of the Project,
the abandonment by the Seller or the Seller's Construction Contractors of the construction of the Project for a continuous period
of two (2) Months and such default is not rectified within thirty (30) days from the receipt of first notice from the Procurer
in this regard, or

 

		iii.	if at any
                                         time following the Power Station being Commissioned and during its retest, as per Article
                                         8, the Tested Capacity is less than eighty (80)
                                         percent of its Contracted Capacity, as existing on the Effective Date or in case
                                         the Seller has exercised the option under clause 3.1.1 the Contracted Capacity so finalized,
                                         and such Tested Capacity remains below eighty (80) percent even for a period of three
                                         (3) Months thereafter; or

 

		iv.	after Commercial
                                         Operation Date of the Power Station, the Seller fails to achieve Average Availability
                                         of sixty five percent (65%), for a period
                                         of twelve (12) consecutive Months or within a non-consecutive period of twelve (12) Months
                                         within any continuous aggregate period of thirty-six (36) Months, or

 

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		  v.	if the Seller:

 

		a)	negates any of its rights and/or obligations under
this agreement, in violation of this Agreement; or

 

		 vi.	if (a) the Seller becomes voluntarily or involuntarily
the subject of any bankruptcy or insolvency or winding up proceedings and such proceedings remain uncontested for a period of
thirty (30) days, or (b) any winding up or bankruptcy or insolvency order is passed against the Seller, or (c) the Seller goes
into liquidation or dissolution or has a receiver or any similar officer appointed over all or substantially all of its assets
or official liquidator is appointed to manage its affairs, pursuant to Law, provided that a dissolution or liquidation of the
Seller will not be an Event of Default if such dissolution or liquidation is for the purpose of
a merger, consolidation or reorganization and where the resulting company continues to meet the financial and technical
requirements till COD of the Power Station, and retains creditworthiness similar to the Seller and expressly assumes all obligations
of the Seller under this Agreement and is in a position to perform them; or

 

		vii.	the Seller repudiates this Agreement and does not
rectify such breach even within a period of sixty (60) days from a notice from the Procurer in this regard; or

 

		viii.	the Seller fails to complete/fulfill the activities/conditions
specified in clause 3.1.2, beyond a period of 8 Months from the specified period in clause 3.1.2 and the right of termination
under clause 3.3.2 is invoked by the Procurer; or

 

		  ix.	Occurrence of any other event which is specified in
this Agreement to be a material breach/default of the Seller.

 

13.2             Procurer Event of Default 

 

The occurrence and the continuation of any
of the following events, unless any such event occurs as a result of a Force Majeure Event (natural and/or non-natural indirect)
or a breach by the Seller of its obligations under this Agreement, shall constitute the Event of Default on the part of defaulting
Procurer:

 

		  i.	a
                                         defaulting Procurer fails to pay (with respect to a Weekly Bill or a Supplementary Bill)
                                         an amount exceeding fifteen (15) percent
                                         of the undisputed part of the Weekly / Supplementary Bill for a period of ninety (90)
                                         days after the Due Date and the Seller is unable to recover the amount outstanding to
                                         the Seller through the Irrevocable Revolving Letter of Credit; or

 

		 ii.	the defaulting Procurer repudiates this Agreement
and does not rectify such breach even within a period of thirty (30) days from a notice from the Seller in this regard; or

 

		iii.	any representation and warranties made by the Procurer
of this Agreement (Schedule VII) being found to be untrue or inaccurate. Provided however, prior to considering any event specified
under this sub-article to be an Event of Default, the Seller shall give a notice to the Procurer in writing of thirty (30) days.
If the Procurer responds to the aforesaid notice within the thirty (30) days of reception, the Procurer will be granted thirty
days to remedy same. If the Procurer does not respond, the Seller will send a written notice to terminate the contract within
seven (7) days, thereafter for Event of Default and Termination, with prejudice; or

 

		 iv.	occurrence of any other event which is specified in
this Agreement to be a material breach/default of the Seller.

 

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Power Purchase Agreement (PPA)

 

13.3
Procedure for cases of Seller Event of Default

 

13.3.1             Upon the occurrence and continuation
of any Seller Event of Default under clause 13.1, the Procurer shall have the right to deliver to the Seller a Procurer Preliminary
Default Notice, which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.

 

13.3.2             Following the issue of Procurer’s
Preliminary thirty (30) day Default Notice, the Seller shall be given thirty (30) days or such longer period as the Parties may
agree, after Seller’s written response within the thirty (30) days of the Procurer’s notice, for the remedy of same.

 

13.3.3             During
the Consultation Period, the Parties shall, save as otherwise provided in this Agreement, continue to perform their respective
obligations under this Agreement.

 

13.3.4             Within a period of seven (7) days
following the expiry of the sixty (60) day notice and response period unless the Parties shall have otherwise agreed to the contrary
or the Seller Event of Default giving rise to the Consultation Period shall have been remedied, the Lenders may exercise or the
Procurer may require the Lenders to exercise their substitution rights and other rights provided to them, if any, under Financing
Agreements and the Procurer would have no objection to the Lenders exercising their rights if it is in consonance with provisions
of Schedule IX.

 

13.4
Termination for Procurer Events of Default

 

13.4.1             Upon the occurrence and continuation
of any Procurer Event of Default under clause 13.2, the Seller shall have the right to deliver to the Procurer a Seller Preliminary
Default Notice, which shall specify in reasonable detail, the circumstances giving rise to the issue of such notice.

 

13.4.2             Following the issue of Seller’s
Preliminary thirty (30) day Default Notice, the Procurer shall be given thirty (30) days or such longer period as the Parties may
agree, after Procurer’s written response within the thirty (30) days of the Seller’s notice, for the remedy of same.

 

13.4.3             During the Consultation Period, the
Parties shall continue to perform their respective obligations under this Agreement.

 

13.4.4             After a period of seven (7) days
following the expiry of the Consultation Period and unless the Parties shall have otherwise agreed to the contrary or the Procurer
Event of Default shall have been remedied, the Procurer will continue to respect all of his obligations until the end of the term
of the contract and the renewal option. If, after the sixty (60) days, the Procurer did not remedy the default, the Seller will
send a seven (7) day notice to deem this contract null and void (Termination of Contract). The Procurer will be totally responsible
for penalties, damages, interest, and other related prejudices.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

		14.	ARTICLE 14: LIMITATION OF LIABILITY

 

Except as expressly provided
in this Agreement, neither the Seller nor Procurer nor their respective officers, directors, agents, employees or Affiliates
(or their officers, directors, agents or employees), shall be liable or responsible to the other Party or its Affiliates,
officers, directors, agents, employees, successors or permitted assigns (or their respective insurers) for incidental,
indirect or consequential damages, connected with or resulting from performance or non-performance of this Agreement, or
anything done in connection herewith, including claims in the nature of lost revenues, income or profits (other than payments
expressly required and properly due under this Agreement), any increased expense of, reduction in or loss of power generation
production or equipment used therefore, irrespective of whether such claims are based upon breach of warranty, tort
(including negligence, whether of the Procurers, the Seller or others), strict
liability, contract, breach of statutory duty, operation of law or otherwise. Procurer shall have no recourse against any
officer, director or shareholder of the Seller or any Affiliate of the Seller or any of its officers, directors or
shareholders for such claims excluded under this Article.

 

		15.	ARTICLE 15: ASSIGNMENTS AND CHARGES

 

		15.1	Assignments

 

This Agreement shall be binding
upon, and inure to the benefit of the Parties and their respective successors and permitted assigns. The Seller can assign (sell/transfer)
this agreement to any affiliate, holding, third party or Lenders by simply notifying
Procurer of same. This Agreement and the other Project Documents shall continue to remain valid and binding on such successor
of assignment (sell/transfer).

 

For further clarity and notwithstanding anything contained above
in this clause, the Seller shall not require any prior approval of the Procurer for assigning its rights and obligations under
this Agreement.

 

Permitted Charges

 

15.2.1             Notwithstanding anything contained
in clause 15.1, the Seller shall not require any prior approval of Procurer (First Party) for creating any encumbrance, right,
title, or interest over all or part of the receivables, Payment Mechanism or the Project Facilities and/or the other assets of
the Project and/or the Project Documents in favour of the Lenders or the Lender's Representative on their behalf, only for the
purposes of carrying out the obligations under this Agreement, as security for:

 

		a)	amounts payable under the Financing Agreements; and

 

		b)	any other amounts agreed by the Parties,

 

15.2.2             clause 15.1 does not apply to:

 

		a)	liens arising by operation of law (or by an agreement
evidencing the same) in the ordinary course of the Seller carrying out the Project;

 

		b)	pledges of goods, the related documents of title and
/ or other related documents, arising or created in the ordinary course of the Seller carrying out the Project; or

 

		c)	security arising out of retention of title provisions
in relation to goods acquired in the ordinary course of the Seller carrying out the Project.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

		16.	ARTICLE 16: GOVERNING LAW AND DISPUTE RESOLUTION
(ARBITRATION)

 

16.1 Governing Law

 

This Agreement shall be governed by and construed in accordance
with the Laws of Canada.

 

16.2 Amicable Settlement

 

16.2.1             Either Party is entitled to raise
any claim, dispute or difference of whatever nature arising under, out of or in connection with this Agreement including its existence
or validity or termination (collectively “Dispute”) by giving a written notice to the other Party, which shall
contain:

 

		  i.	a description of the Dispute;

 

		 ii.	the grounds for such Dispute; and

 

		iii.	all written material in support of its claim.

 

16.2.2             The
other Party shall, within thirty (30) days of issue of dispute notice issued under clause 16.2.1, furnish:

 

		  i.	counter-claim and defenses, if any, regarding the
Dispute; and

 

		 ii.	all written material in support of its defenses and
counter-claim.

 

16.2.3             Within thirty (30) days of issue
of notice by any Party pursuant to clause 16.2.1 or clause 16.2.2, both the Parties to the Dispute shall meet to settle such Dispute
amicably. If the Parties fail to resolve the Dispute amicably within thirty (30) days of receipt of the notice referred to in the
preceding sentence, the Dispute shall be referred to Dispute Resolution in accordance with clause 16.3.

 

16.3 Dispute Resolution

 

16.3.1             For all disputes that arise, the Disputes
will be resolved by arbitration, and will respect the rules, regulations and procedures thereto. The Disputes shall be resolved
by arbitration under the Canadian Arbitration and Conciliation Act and its by-laws. Herein under is the procedure to be followed:

 

		  i.	The Arbitration tribunal shall consist of three (3)
arbitrators to be appointed in accordance with the Canadian Council of Arbitration Rules. Each of the parties will select an arbitrator
and the two (2) arbitrators will select the third (3rd) arbitrator.

 

		  ii.	The place of arbitration shall be Canada. The language
of the arbitration shall be English, with official translation services in French.

 

		iii.	The arbitration tribunal's award shall be substantiated
in writing. The arbitration tribunal shall also decide on the costs of the arbitration proceedings and the allocation thereof.

 

		iv.	The arbitration decision (award) shall be approved
as final and enforceable in any court having jurisdiction in the country of the First Party, acknowledging and approving same,
subject to the applicable laws thereto.

 

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Power Purchase Agreement (PPA)

 

16.4 Parties to Perform Obligations

 

Notwithstanding the existence of any Dispute
and difference referred to the Appropriate Commission or the arbitral tribunal as provided in clause 16.3 and save as the Appropriate
Commission or the arbitral tribunal may otherwise direct by a final or interim order, the Parties hereto shall continue to perform
their respective obligations (which are not in dispute) under this Agreement.

 

17. ARTICLE 17: MISCELLANEOUS PROVISIONS

 

17.1 Amendment

 

This Agreement may only be amended or supplemented by a written
agreement between the Parties and after duly obtaining the approval of the Appropriate Commission, where necessary.

 

17.2 Third Party Beneficiaries

 

This Agreement is solely for the benefit of
the Parties and their respective successors and permitted assigns and shall not be construed as creating any duty, standard of
care or any liability to, any person not a party to this Agreement.

 

17.3 No Waiver

 

A valid waiver by a Party shall be in writing
and executed by an authorized representative of that Party. Neither the failure by any Party to insist on the performance of the
terms, conditions, and provisions of this Agreement nor time or other indulgence granted by any Party to the other Parties shall
act as a waiver of such breach or acceptance of any variation or the relinquishment of any such right or any other right under
this Agreement, which shall remain in full force and effect.

 

17.4 Entirety

 

17.4.1             This Agreement and the Schedules
are intended by the Parties as the final expression of their agreement and are intended also as a complete and exclusive statement
of the terms of their agreement.

 

17.4.2             Except as provided in this Agreement,
all prior written or oral understandings, offers or other communications of every kind pertaining to this Agreement by and between
the Procurer and the Seller shall stand superseded and abrogated.

 

17.5 Confidentiality 

 

The Parties undertake to hold in confidence
this Agreement and Project Documents and not to disclose the terms and conditions of the transaction contemplated hereby to third
parties (without the prior written consent of the other Parties), except:

 

		a)	to their professional advisors;

 

		b)	to their officers, contractors, employees, agents or
representatives, financiers, who need to have access to such information for the proper performance of their activities; or

 

		c)	disclosures required under Law.

 

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17.6 Affirmation

 

The Seller and Procurer, each affirm that neither
it, nor its respective directors, employees or agents has paid or undertaken to pay or shall in the future pay any unlawful commission,
pay-off or kick-back.

 

17.7 Severability

 

The invalidity or enforceability, for any reason,
of any part of this Agreement shall not prejudice or affect the validity or enforceability of the remainder of this Agreement,
unless the part held invalid or unenforceable is fundamental to this Agreement.

 

17.8 No Partnership

 

None of the provisions of this Agreement shall constitute a partnership
or agency or any such similar relationship between the Seller and Procurer.

 

17.9 Survival

 

Notwithstanding anything to the contrary herein,
the provisions of this Agreement, including clause 3.3.2, clause 10.2 (Application of Insurance Proceeds), Article 12 (Force Majeure),
Article 13 (Events of Default and Termination), Article 16 including clause 16.3 (Governing Law and Dispute Resolution), Article
17 (Miscellaneous), and other Articles and Schedules of this Agreement which expressly or by their nature survive the term (and/or
the exercised renewal option) of this Agreement shall continue and survive any expiry or termination of this Agreement.

 

17.10             Counterparts

 

This Agreement may be executed in six (6) or
more counterparts, each of which shall be deemed an original and all of which collectively shall be deemed one and the same instrument.

 

17.11             Notices

 

All notices to be given under this Agreement shall be in writing
and in the English Language.

 

All notices must be delivered personally, by
registered post or any method duly acknowledged or facsimile to the addresses below:

 

Seller:

 

BioCrude Technologies, Inc. 

1255 Phillips Square, Suite 605 

Montreal, Québec, Canada H3B 3G5

 

(Attn: Mr. John MOUKAS; Chairman/CEO)

 

Tel: (877) 878-1268 

Fax: (877) 778-1568 

Email: jmoukas@biocrudetech.com

Website: http://www.biocrudetech.com

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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Power Purchase Agreement (PPA)

 

Procurer

 

(Office of Proxy):

 

Gouvernorat de l’Île
Autonome de la Grande Comore

Route
de Moroni- Itsandra

Moroni,
Autonomous Island of Grande Comore, Union of the Comoros

 

(Attn:
The Honourable HASSANI Hamadi, Governor and/or

Mr.
Mohamed Abdou MLANAO, Commissaire à l’Environnement, à l’Urbanisme, au

Développement
Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à l

a Solidarité)

Tel:
+269 773 13 64; +269 773 84 77; +269 764 44 77

Fax:                

Email:
sgg.ngazidja@gmail.com

Website:
http://www.gouvernorat-ngazidja.com

 

All
notices or communications given by facsimile shall be confirmed by sending a copy of the same via post office in an envelope properly
addressed to the appropriate Party for delivery by registered mail. All Notices shall
be deemed validly delivered upon receipt evidenced by an acknowledgement of the recipient, unless the Party delivering the notice
can prove in case of delivery through the registered post that the recipient refused to acknowledge the receipt of the notice
despite efforts of the post authorities.

 

Any Party may by notice of at least fifteen
(15) days to the other Parties change the address and / or addresses to which such notices and communications to it are to be delivered
or mailed.

 

17.12             Language

 

The language of this Agreement and all written
communication between the Parties relating to this Agreement shall be in English and French.

 

17.13             Breach
of Obligations

 

The Parties acknowledge that a breach of any
of the obligations contained herein would result in damages. The Parties further acknowledge that the amount of the liquidated
damages or the method of calculating the liquidated damages specified in this Agreement is a reasonable estimate of the damages
that may be suffered by the non-defaulting party in each case specified under this Agreement, but can be different to reflect same.

 

17.14             Commercial
Acts

 

The Procurer and Seller unconditionally and irrevocably agree that
the execution, delivery and performance by each of them of this Agreement and those agreements included in the Collateral Arrangement
to which it is a Party constitute private and commercial acts rather than public or governmental acts.

 

The Procurer hereby unconditionally and irrevocably:

 

		  i.	waives
any right of immunity, sovereign or otherwise and

 

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		 ii.	agrees
that should any proceedings be brought against it or its assets in relation to this Agreement or any transaction contemplated
by this Agreement no immunity, sovereign or otherwise, from such proceedings, execution, attachment or other legal process shall
be claimed by or in behalf of itself or with respect to any of its assets.

 

17.15             Restriction
of Shareholders/Owners Liability

 

Parties expressly agree and acknowledge that
none of the shareholders of the Parties hereto shall be liable to the other Parties for any of the contractual obligations of the
concerned party under this Agreement. Further, the financial liabilities of the shareholder/s of each Party to this Agreement,
in such Party, shall be restricted to the extent provided by law.

 

17.16             General Continuing Guaranty

 

17.17.1          Guaranty of Obligations

 

Guarantor unconditionally, absolutely and irrevocably
guarantees and promises to pay to Seller, on order or demand, in lawful money of American (US) dollars, any and all indebtedness
and obligations of Procurer (First Party) to Seller and the payment to Seller of all sums which may be presently due and owing
to Seller from Procurer under this Agreement, and by extension the renewal option. The terms indebtedness and obligations are (hereinafter
collectively referred to as the Obligations) used herein in their most comprehensive sense and include any and all advances, debts,
obligations and liabilities of Procurer, heretofore, now, or hereafter made, incurred or created, whether voluntarily or involuntarily,
and however arising whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined, whether
Procurer may be liable individually or jointly with others, whether recovery upon such indebtedness may be or hereafter becomes
barred by any statute of limitations or whether such indebtedness may be or hereafter becomes otherwise unenforceable, and includes
Seller’s prompt, full and faithful performance regarding the execution of these presences. The Guarantor will allow the Seller
to seize and sell its assets (including marketable commodities) up to amount of the monetized default (monies owed), in the case
that the Guarantor does not have the capacity to execute payment of its defaulted obligations.

 

17.17.2          Continuing
Guaranty

 

This General Continuing Guaranty is a continuing
guaranty which shall remain effective until this Guaranty has been expressly terminated and relates to any obligations including
those which arise under successive transactions which shall either continue the Obligations from time to time or renew them after
they have been satisfied. Any such termination shall be applicable only after written notice to Seller, and only to transactions
having their inception prior to such date. No termination shall be effective until such time as Procurer (First Party) is no longer
committed or otherwise obligated to make any payment to Seller. In the absence of any termination of this Guaranty, Guarantor agrees
that nothing shall discharge or satisfy its obligations created hereunder except for the regular full payments till the termination
of these presences.

 

17.17.3          Rights
are Independent

 

Guarantor agrees that it is directly and primarily
liable to Seller, that the obligations hereunder are independent of the obligations of Procurer and that a separate action or actions
may be brought and prosecuted against Guarantor, whether action is brought against Procurer or whether Seller is joined in any
such action or actions. Guarantor agrees that any releases which may be given by Procurer to Seller or any other guarantor or endorser
shall not release it from this Guaranty.

 

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Power Purchase Agreement (PPA)

 

17.17.4             Default

 

In the event that any bankruptcy, insolvency,
receivership or similar proceeding is instituted by or against Guarantor and/or the Procurer or in the event that either the Guarantor
or Seller become insolvent, make an assignment for the benefit of creditors or attempt to effect a composition with creditors,
or if there be any default under the Agreement (whether declared or not), then, at Procurer election, without notice or demand,
the Obligations of Guarantor created hereunder shall become due, payable and enforceable against Guarantor whether or not the Obligations
are then due and payable.

 

17.17.5             Indemnification

 

Guarantor agrees to indemnify Seller
and hold Seller harmless against all obligations, demands and liabilities, by whomsoever asserted and against all losses in any
way suffered, incurred or paid by Procurer as a result of or in any way arising out of, following or consequential to transactions
with Procurer whether under the Agreement, or otherwise, and also agrees that this Guaranty shall not be impaired by any modification,
supplement, extension or amendment of any contract or agreement to which Procurer and Seller may hereafter agree, nor by any modification,
release or other alteration of any of the Obligations hereby guaranteed or of any security therefore, nor by any agreements or
arrangements whatever with Procurer or anyone else.

 

17.17.6             Waiver
of Defenses 

 

Guarantor hereby waives any right to assert
against Seller as a defense, counterclaim, setoff on cross claim, any defense (legal or equitable), setoff, counterclaim and claim
which Guarantor may now or at any time hereafter have against Seller and any other party liable to Procurer in any way or manner.

 

Guarantor hereby waives all defenses, counterclaims
and offsets of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity
or enforceability of the agreements or any security interest thereunder.

 

Guarantor hereby waives any defense arising
by reason of any claim or defense based upon an election of remedies by Procurer, which, in any manner impairs, affects, reduces,
releases, destroys or extinguishes Guarantors subrogation rights, rights to proceed against Procurer for reimbursement, or any
other rights of the Guarantor or against any other person or security, including, but not limited to, any defense based upon an
election of remedies by Procurer under the provisions of applicable country law. Guarantor waives all presentments, demands for
performance, notices of nonperformance, protests, notices of protests, notice of dishonor, notices of default, notice of acceptance
of this Guaranty, and notices of the existence, creating or incurring of new or additional indebtedness, and all other notices
or formalities to which Guarantor may be entitled.

 

17.17.7             Waiver
of Jury Trial

 

Guarantor waives any right to a jury trial
in any action hereunder or arising out of Procurer transactions with Seller.

 

If a Dispute arises out of or in connection
with any claims regarding the current article, such Dispute shall be resolved by arbitration under the Canadian Arbitration and
Conciliation Act, and the Rules of the Canadian Council of Arbitration, in accordance with the process specified in article 1.60.1.
In the event of such Dispute remaining unresolved, any party to such Dispute may refer the matter to registrar under the Rules
of the Canadian Council of Arbitration.

 

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17.17.8             Waiver
of Rights of Subrogation

 

The Guarantor shall have no right of subrogation,
reimbursement, exoneration, contribution or any other rights that would result in the Guarantor being deemed a creditor of Procurer
under the Bankruptcy Code or any other law in that country or for any other purpose and the Guarantor hereby irrevocably waives
all such rights, the right to assert any such rights and any right to enforce any remedy which Guarantor may now or hereafter have
against Procurer and hereby irrevocably waives any benefit of and any right to participate in, any security now or hereafter held
by Procurer, whether any of the foregoing rights arise in equity, at law or by contract.

 

17.17.9             Financial
Condition of Procurer 

 

Guarantor is presently informed of the
financial condition of the Procurer and of all other circumstances which a diligent inquiry would reveal and which bear upon the
risk of nonpayment of the Obligations. Guarantor hereby covenants that it will continue to keep itself informed of Procurer financial
condition and of all other circumstances, which bear upon the risk of nonpayment. Absent a written request for such information
by the Guarantor to Procurer, Guarantor hereby waives its right, if any, to require, and Procurer is relieved of any obligation
or duty to disclose to Guarantor any information which Procurer may now or hereafter acquire concerning such condition or circumstances.

 

17.17.10             Termination

 

The Guarantor obligation under this Guaranty
shall continue for the duration of the term and renewal option, in full force and effect until Procurer Obligations are fully paid,
performed and discharged and Seller gives the Guarantor written notice of that fact. Procurer obligations shall not be considered
fully paid, performed and discharged unless and until all payments by Procurer to Seller are no longer subject to any right on
the part of any person whomsoever; including but not limited to Seller, or any trustee or receiver in bankruptcy, to set aside
such payments or seek to recoup the amount of such payments, or any part thereof. The foregoing shall include, by way of example
and not by way of limitation, all rights to recover preferences voidable under law in the country. In the event that any such payments
by Procurer to Seller are set aside after the making thereof, in whole or in part, or settled without litigation, to the extent
of such settlement, all of which is within Procurer discretion, Guarantor shall be liable for the full amount Procurer is required
to repay plus costs, interest, attorneys’ fees and any and all expenses which Seller paid or incurred in connection therewith.

 

17.17.11             Successors
and Assigns

 

This Guaranty shall be binding upon the successors
and assigns of the Guarantor and shall inure to the benefit of Seller successors and assigns.

 

17.17.12             Modifications

 

This Guaranty cannot be modified orally. No
modification of this Guaranty shall be effective for any purpose unless it is in writing and executed by an officer of Seller authorized
to do so. All prior agreements, understandings, representations and negotiations; if any, are merged into this Guaranty.

 

17.17.13             Joint
and Several

 

In all cases where the word Guarantor is used
in this Guaranty, it shall mean and apply equally to each and all of the individuals and/or entities, which have executed this
Guaranty. All of the obligations of the Guarantor hereunder shall be joint and several.

 

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17.18             No
Consequential or Indirect Losses

 

The liability of the Seller and the Procurer
shall be limited to that explicitly provided in this Agreement. Provided that notwithstanding anything contained in this Agreement,
under no event shall the Procurer or the Seller claim from one another and indirect or consequential losses or damages.

 

IN WITNESS WHEREOF the parties hereto have placed their respective
hands and seals hereto on the day and year first herein above mentioned.

 

SIGNED, SEALED AND DELIVERED BY: FIRST
PARTY 

 

FOR AND ON BEHALF OF PROCURER:

 

LE GESTION DE L’EAU ET DE L’ÉLECTRICITÉ
AUX COMORES (MA-MWE) 

 

Mr. Mohamed Abdou MLANAO, Commissionner of
the « Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à
l’Energie, à l’Emploi, à l’Entreprenariat et à la Solidarité »

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

FOR AND ON BEHALF OF INTERNENANTS:

 

GOUVERNORAT DE L’ÎLE AUTONOME
DE LA GRANDE COMORE 

 

The Honourable HASSANI Hamadi, Governor

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

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Power Purchase Agreement (PPA)

 

COMMISSARIAT À L’ENVIRONNEMENT, À L’URBANISME,
AU DÉVELOPPEMENT DURABLE ET À L’ENERGIE, À L’EMPLOI, À L’ENTREPREUNARIAT ET À
LA SOLIDARITÉ

 

Mr. Mohamed Abdou MLANAO, Commissioner

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

COMMISSARIAT A LA SECURITE INTERIEURE, A LA FONCTION PUBLIQUE,
A L’ADMINISTRATION DES COLLECTIVITES TERRITORIALES DECENTRALISEES, A LA REFORME ADMINISTRATIVE, CHARGE DE L’INFORMATION

 

Ms. Maissara Adam MONDOHA, Commissioner

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

COMMISSARIAT AUX FINANCES, AU BUDGET, A L’ECONOMIE, AU
COMMERCE INTERIEUR, A L’INDUSTRIE, AU PLAN, CHARGE DE LA PROMOTION DES INVESTISSMENTS

 

Mr. Said Ahamada YOUSSOUF, Commissioner

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

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Power Purchase Agreement (PPA)

 

SIGNED, SEALED AND DELIVERED BY: SECOND PARTY

 

FOR AND ON BEHALF OF SELLER:

 

BIOCRUDE TECHNOLOGIES, INC

 

Mr. John MOUKAS, Chairman/CEO

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

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Power Purchase Agreement (PPA)

 

SCHEDULE I

Names and Details of the Procurer

Procurer: LE GESTION DE L’EAU ET DE L’ÉLECTRICITÉ
AUX COMORES (MA-MWE)

 

OFFICE OF PROXY:

 

Gouvernorat de l’Île
Autonome de la Grande Comore 

Route de Moroni- Itsandra

Moroni, Autonomous Island
of Grande Comore, Union of the Comoros

 

(Attn: The Honourable
HASSANI Hamadi, Governor and/or 

Mr. Mohamed Abdou MLANAO,
Commissaire à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie,
à l’Emploi, à l’Entreprenariat et à la Solidarité) 

Tel: +269 773 13 64; +269
773 84 77; +269 764 44 77 Fax:

Email: sgg.ngazidja@gmail.com 

Website: http://www.gouvernorat-ngazidja.com

 

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Power Purchase Agreement (PPA)

 

SCHEDULE I.A: SITE

 

Location: Moroni, Autonomous Island of Grande Comore, Union
of the Comoros

See Detailed Project Report for Details

 

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Power Purchase Agreement (PPA)

 

SCHEDULE II: INITIAL CONSENTS

 

The Initial Consents (if applicable) required include:

 

The table below gives the name and status of all the Statutory
and Non-Statutory Clearances involved in this project.

 

	Statutory Clearances
	Authorization of Pollution Control	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Pollution Clearance from the Ministère de la Production, de l'Environnement, de l'Énergie, de l'Industrie et de l'Artisanat de l’Union des Comores and Consent to Establish and Operate Plant	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Civil Aviation Clearance for Stack Height	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Municipal board for treated sewage	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité & le Gestion de l'Eau et de l'Électricité aux Comores (MA-MWE)
	Town & Country Planning Clearance	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Host Country Approval for CDM under Kyoto protocol	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Non-Statutory Clearances
	Construction power	le Gestion de l'Eau et de l'Électricité aux Comores (MA-MWE)
	Power Purchase Agreement (PPA)	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité & le Gestion de l'Eau et de l'Électricité aux Comores (MA-MWE)
	Power evacuation arrangements	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité & le Gestion de l'Eau et de l'Électricité aux Comores (MA-MWE)

 

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SCHEDULE III: FUNCTIONAL SPECIFICATIONS

 

	No.	Description	 	Unit	Particulars
	 	 	 	 	 
	1.1 Grid Conditions at Interconnection Point	 	 
	 	 	 	 
	(i)	Voltage	: Nominal	kV	[      ]
	 	 	 	 	 
	 	 	  Variation	%	[      ]
	(ii)	Frequency	: Nominal	Hz	[      ]
	 	 	 	 	 
	 	 	  Variation	%	[      ]
	 	 	 	 	 
	(iii)	Combined Voltage and Frequency variation for Contracted Capacity	%	[      ]
	 	 	 	 
	(iv)	Power Factor	: Nominal	 	[      ]
	 	 	  Variation	 	[      ] to [      ]
	(v)	Basic Impulse Level (Peak)	 	kV	[      ]
	 	 	 	 	 
	1.2 Fault Levels:	 	 	 
	 	 	 	 
	(i) 3 Phase	  Maximum	kA	 [      ]
	 	 	 	 
	(ii) Clearance time	  Maximum	ms	 [      ]

 

1.3 Ramp Rates

 

All Units of the Power Station shall be capable of increasing or
decreasing their output (generation level) by not less than one percent (1%) per minute. Such capability shall be demonstrated
using the Unit Load of 50%.

 

1.4 Details about the Added Information

 

The information requested in this schedule, above, will be provided
by the Procurer within thirty (30) days after the execution hereof. In this case, this documented information will be added to
and form part of these presences.

 

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SCHEDULE IV: COMMISSIONING & TESTING

 

Performance Test

 

i.

 

		a)	The Performance Test shall be conducted under any and
all ambient conditions (temperature, humidity etc.) and any and all Fuel qualities that may exist during the time of the Performance
Test and no corrections in final gross and net output of the Unit will be allowed as a result of prevailing ambient conditions
or Fuel quality.

 

		b)	The
correction curves will only be used if the Grid System operation during the Performance Test exceeds electrical system limits.

 

		c)	The
Performance Test shall be deemed to have demonstrated the Actual Capacity of the Unit under all designed conditions and therefore
no adjustments shall be made on account of fuel quality or ambient conditions.

 

		d)	The
Seller shall perform in respect of each Unit a Performance Test, which such Unit shall be deemed to have passed if it operates
continuously for seventy two (72) consecutive hours at or above eighty (80) percent of its Contracted Capacity, as existing on
the Effective Date or in case the Seller has exercised the option under clause 3.1.1 the Contracted Capacity so finalized and
within the electrical system limits and the Functional Specifications.

 

		ii.	For
the purposes of any Performance Test pursuant to this sub-clause 1.1, the electrical system limits to be achieved shall be as
follows:

 

		a)	Voltage

 

The Unit must operate within the voltage levels
described in the Functional Specification for the duration of the Performance Test. If, during the Performance Test, voltage tests
cannot be performed due to Grid System, data supplied from tests of the generator step-up transformers and generators supplied
by the manufacturers shall be used to establish the ability of the Unit to operate within the specified voltage limits.

 

		b)	Grid
System Frequency

 

The Unit shall operate within the Grid System
frequency levels described in the Functional Specification for the duration of the Performance Test.

 

		c)	Power
Factor

 

The Unit shall operate within the power factor
range described in the Functional Specification for the duration of the Performance Test. If, during the Performance Test, power
factor tests cannot be performed due to the Grid System, data supplied from tests of the generators and the generator step-up transformers
supplied by the manufacturers shall be used to establish the ability of the Unit to operate within the specified power factor range.

 

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		d)	Fuel quality and cooling water temperature

 

The Unit must operate to its Minimum Capacity
with Fuel quality and-water temperature available at the time of Testing and no adjustment shall be allowed for any variation in
these parameters.

 

		iii.	As a part of the Performance Test, the Seller shall
demonstrate that the Unit meets the Functional Specifications for Ramping rate as mentioned in Schedule III. For this purpose,
representative samples of ramp rates shall be taken, by ramping up or down the gross turbine load while maintaining the required
temperatures and temperature differences associated with each ramp rate within the turbine while maintaining all other operational
parameters within equipment limits:

 

		1.1	Testing and Measurement procedures applied during Performance
Test shall be in accordance with codes, practices or procedures as generally/ normally applied for the Performance Tests

 

		1.2	The Seller shall comply with the prevalent Laws, rules
and regulations as applicable to the provisions contained in this Schedule, from time to time.

 

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SCHEDULE V: TARIFF

 

		1.1	General

 

		i.	The method of determination of Tariff Payments for any
Contract Year during the Term of Agreement shall be in accordance with this Schedule.

 

		ii.	The Tariff shall be paid in one single part that is Energy
Charge.

 

		iii.	For the purpose of payments, the Tariff will be Quoted
Tariff for the applicable Contract Year as per Schedule VIII.

 

		iv.	Procurer is signing this Agreement for procuring 100 %
of such available energy from the Project.

 

		1.2	Weekly Tariff Payment

 

		1.2.1	Components
of Weekly Tariff Payment

 

The Weekly Bill for any Week in a Contract Year shall consist of
only Weekly Energy Charges for Scheduled Energy;

 

		1.2.2	Weekly
Energy Charges

 

The Weekly Energy charges will be calculated as under:

 

The Weekly Energy Charges for Month “m” shall be calculated
as under: WEPm = AEOm x WEPn

 

Where:

WEPm is the Weekly Energy Charges for Week m (in US $)

AEOm is the
Scheduled Energy during the Week m (in kW-h)

WEPn is the Energy Charge,
in US $/kW-h, and is the quoted energy charges for the Contract

 

Year “n” in which Week “m” occurs and computed
as mentioned hereunder

 

		1.2.3	Transmission/Wheeling
Charges and Scheduling Charges

 

As the Energy is being directly fed to Procurer's
grid, there will be charges for sale of energy to Procurer. The payment of scheduling charges to the respective nodal agency (RLDC
or SLDC) shall be the responsibility of the Seller.

 

1.2.4             Tariff for the period prior to Scheduled COD of first unit
and for Contract Years beyond the 30 years from the COD of the first Unit

 

The Tariff for the period prior to Scheduled
COD of the first unit shall be the quoted Tariff of the first year. The Tariff for the Contract Years beyond the 30 years from
the Scheduled COD shall be the Quoted Tariff of the 30th year from the Scheduled
COD and indexed by 4.5 % per annum.

 

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SCHEDULE VI: DETAILS OF INTERCONNECTION POINT & FACILITIES

 

The Interconnection Point or Delivery Point
shall be point from where the power from the Power Station Switch Yard Bus is being injected into the transmission network. The
Procurer shall be required to provide transmission lines and associated infrastructure from the Power Station till the Procurer’s
Sub-Station.

 

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SCHEDULE VII: REPRESENTATIONS & WARRANTIES

 

		1.	Representations and Warranties by the Procurers

 

The Procurer hereby represents and warrants
to and agrees with the Seller as follows and acknowledges and confirms that the Seller is relying on such representations and warranties
in connection with the transactions described in this Agreement:

 

		1.1	The Procurer has all requisite powers authorizing and
has been duly authorized to execute and consummate this Agreement;

 

		1.2	This Agreement is enforceable against the said Procurer
in accordance with its terms;

 

		1.3	The Procurer is aware and cognizant of his obligations
and has the capacity to respect and execute same;

 

		1.4	The Procurer is not insolvent and no insolvency proceedings
have been instituted, nor threatened or pending by or against the Procurer;

 

The Procurer makes all the representations and warranties above
to be valid as of the date of signature of these presences.

 

		2.	Representation and Warranties of the Seller

 

The Seller hereby represents and warrants to
and agrees with the Procurer as follows and acknowledges and confirms that the Procurer is relying on such representations and
warranties in connection with the transactions described in this Agreement:

 

		2.1	The Seller has all requisite power authorizing and
has been duly authorized to execute and consummate this Agreement;

 

		2.2	This Agreement is enforceable against the Seller in
accordance with its terms;

 

		2.3	The Seller is aware and cognizant of his obligations
and has the capacity to respect and execute same;

 

		2.4	The Seller is not insolvent and no insolvency proceedings
have been instituted, or not threatened or pending by or against the Seller;

 

The Seller makes all the representations and
warranties above to be valid as of the date of signature of these presences.

 

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SCHEDULE VIII: QUOTED TARIFF

 

QUOTED TARIF FEE WITH ESCALATING INDEX

 

	Year from COD*	$US/kW-h	Year from COD*	$US/kW-h	Year from COD*	$US/kW-h
	1	0.14	11	0.25	21	0.45
	2	0.1475	12	0.265	22	0.47
	3	0.155	13	0.28	23	0.49
	4	0.165	14	0.295	24	0.51
	5	0.175	15	0.31	25	0.53
	6	0.185	16	0.33	26	0.55
	7	0.195	17	0.35	27	0.575
	8	0.205	18	0.37	28	0.59
	9	0.22	19	0.39	29	0.62
	10	0.235	20	0.41	30	0.65

 

*Year commencement as of COD (Date of Commissioning) of projecting,
time equals start

 

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SCHEDULE IX: SUBSTITUTION RIGHTS OF THE LENDERS

 

		1.	Substitution of the Seller

 

		a)	Subject to the terms of this Agreement, upon occurrence
of a Seller Event of Default under this Agreement, the Lenders shall, have the right to seek substitution of the Seller by a Selectee
for the residual period of this Agreement, for the purposes of securing the payments of the Total Debt Amount from the Seller
and performing the obligations of the Seller, in accordance with the provisions of this Schedule.

 

		b)	The
Lenders may seek to exercise right of substitution by an amendment or novation of this Agreement and other Project Documents executed
between the Procurer and the Seller in favour of the Selectee, the Procurer and the Seller shall cooperate with the Lenders to
carry out such substitution.

 

		2.	Procurer's
Notice of Default

 

The Procurer (i.e. the Procurer who serves
the Preliminary Default Notice on the Seller as per this Agreement) shall, simultaneously also issue a copy of the same to the
Lenders.

 

		3.	Substitution
Notice

 

In the event of failure of the Seller to rectify
the Event of Default giving rise to Preliminary Default Notice, the lenders, upon receipt of a written advice from the Procurer
confirming such failure, either on their own or through its representative (“the Lenders' Representative”) shall
be entitled to notify the Procurer and the Seller of the intention of the Lenders to substitute the Seller by the Selectee for
the residual period of this Agreement (the “Substitution Notice”).

 

		4.	Interim operation of Project

 

		a)	On receipt of a Substitution Notice, no further action
shall be taken by any Party to terminate this Agreement, except under and in accordance with the terms of this Schedule IX of
this Agreement.

 

		b)	On issue of a Substitution Notice, the Lenders shall
have the right to request the Procurer to enter upon and takeover the Project for the interim and till the substitution of the
Selectee is complete and to otherwise take all such steps as are necessary for the continued operation and maintenance of the
Project, including levy, collection and appropriation of payments thereunder, subject to, the servicing of monies owed in respect
of the Total Debt Amount as per the Financing Agreements and the Seller shall completely cooperate in any such takeover of the
Project by the Procurer. If the Procurer, at their sole and exclusive discretion agree to enter upon and takeover the Project,
till substitution of the Selectee in accordance with this Agreement, the Procurer shall be compensated for rendering such services
in accordance with clause 10.1 herein.

 

		c)	The Lenders and the Procurer shall, simultaneously
have the right to commence the process of substitution of the Seller by the Selectee in accordance with these terms and the Seller
hereby irrevocably consents to the same.

 

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		5.	Process of Substitution of Seller

 

The Lenders' Representative may, on delivery
of a Substitution Notice notify the Procurer and the Seller on behalf of all the Lenders about the Lenders' decision to invite
and negotiate, at the cost of the Lenders, offers from third parties to act as Selectee, either through private negotiations or
public auction and / or a tender process, for the residual period of this Agreement.. Subject to and upon approval of the Procurer,
such Selectee shall be entitled to receive all the rights of the Seller and shall undertake all the obligations of the Seller under
this Agreement and other Project Documents executed between the Seller and the Procurer, in accordance with these terms of substitution.

 

The Lenders and the Seller shall ensure
that, upon the Procurer approving the Selectee, the Seller shall transfer absolutely and irrevocably, the ownership of the
Project to such Selectee simultaneously with the amendment or novation of this Agreement other Project Documents executed
between the Seller and the Procurer in favour of the Selectee as mentioned in clause.

 

		6.	Modality for Substitution

 

		6.1	Criteria for selection of the Selectee.

 

The Lenders and/or the Lenders' Representative shall in addition
to any other criteria that they may deem fit and necessary, apply the following criteria in the selection of the Selectee:

 

		a)	if the Seller is proposed to be substituted during
the Construction Period, the Selectee shall possess the technical and financial capability in accordance to the qualifying criteria
of the Procurer and Lenders, to perform and discharge all the residual duties, obligations and liabilities of the Seller under
this Agreement.

 

		b)	the Selectee shall have the capability and shall unconditionally
consent to assume the liability for the payment and discharge of dues, if any, of the Seller to the Procurer under and in accordance
with this Agreement and also payment of the Total Debt Amount to the Lenders upon terms and conditions as agreed to between the
Selectee and the Lenders;

 

		c)	the Selectee shall have not been in breach of any agreement
between the Selectee and any Bank or any Lender or between the Selectee and any of the Procurer, involving sums greater than one
million US Dollars at any time in the last two (2) years as on the date of the substitution of the Seller.

 

		d)	any other appropriate criteria, whereby continuity
in the performance of the Selectee's obligations under this Agreement is maintained and the security in favour of the Lenders
under the Financing Agreements is preserved.

 

		7.	Modalities

 

The following modalities shall be applicable
to any substitution of the Seller by the Selectee pursuant to this Agreement:

 

		7.1	The Lenders' Representative shall on behalf of the Lenders
propose to the Procurer (the “Proposal”) pursuant to sub-clause 7.2 below, the name of the Selectee for acceptance,
seeking:

 

		a)	grant of all the rights and obligations under this
Agreement and the other Project Documents executed between the Procurer and the Seller, to the Selectee (as substitute for the
Seller);

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	60

     

    

 

Power Purchase Agreement (PPA)

 

		b)	amendment of this Agreement and the other Project Documents
executed between the Procurer and the Seller, to the effect that the aforementioned grant to the Selectee, shall be such that
the rights and obligations assumed by the Selectee are on the same terms and conditions for the residual period of this Agreement
as existed in respect of the Seller under the original Agreement and the other Project Documents executed between the Procurer
and the Seller; and

 

		7.2	The Proposal shall contain the particulars and information
in respect of the Selectee the data and information as the Procurer may reasonably require..

 

		7.3	The Proposal shall be accompanied by an irrevocable
and unconditional undertaking by the Selectee that it shall, upon approval by the Procurer of the Proposal:

 

		a)	observe, comply, perform and fulfill the terms, conditions
and covenants of this Agreement and all Project Documents executed between Seller and the Procurer or a new power purchase agreement
or respective Project Document (in the case of the novation thereof), which according to the terms therein are required to be
observed, complied with, performed and fulfilled by the Seller, as if such Selectee was the Seller originally named under this
Agreement; or the respective Project Document; and

 

		b)	be liable for and shall assume, discharge and pay the
Total Debt Amount or then outstanding dues to the Lenders under and in accordance with the Financing Agreements or in any other
manner agreed to by the Lenders and the Procurer as if such Selectee was the Seller originally named under such Financing Agreements.

 

		7.4	At any time prior to taking a decision in respect of
the Proposal received under clause 7.1, the Procurer may require the Lender / Lenders' Representative to satisfy it as to the
eligibility of the Selectee. The decision of the Procurer as to acceptance or rejection of the Selectee, shall be made reasonably
and when made shall be final, conclusive and binding on the Parties.

 

		7.5	Such decision shall be made by the Procurer at their
reasonably exercised discretion within seven (7) days of:

 

		a)	the date of receipt of the Proposal by the Procurer;
or

 

		b)	the date when the last of further and other information
and clarifications in respect of any data, particulars or information included in the Proposal requested by the Procurer under
clause 7.2 above is received; whichever is later.

 

Notwithstanding anything to the contrary mentioned
in this Agreement, the approval of the Procurer for the select shall not be withheld in case the seller meets the mentioned in
clause 6.1.

 

		7.6	Upon approval of the Proposal and the Selectee by the
Procurer, the Selectee mentioned in the Proposal shall become the Selectee.

 

		7.7	Following the rejection of a Proposal, the Lenders
and/or the Lenders' Representative shall have the right to submit a fresh Proposal, proposing another Selectee. The provisions
of this schedule shall apply mutatis mutandis to such fresh Proposal.

 

		7.8	The substitution of the Seller by the Selectee shall
be deemed to be complete upon the Selectee executing all necessary documents and writings with or in favour of the Seller, Procurer
and the Lenders so as to give full effect to the terms and conditions of the substitution, subject to which the Selectee has been
accepted by the Lenders and the Procurer and upon transfer of ownership and complete possession of the Project by the
Procurer or the Seller, as the case may be, to the Selectee. The Procurer shall novate all the Project Documents, which they had
entered in to with the Seller in order to make the substitution of the Seller by the Selectee effective.

 

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	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	61

     

    

 

Power Purchase Agreement (PPA)

 

		7.9	Upon the substitution becoming effective pursuant to
sub-clause 7.8 above, all the rights of the Seller under this Agreement shall cease to exist:

 

Provided that, nothing contained in this sub-clause
shall prejudice any pending/subsisting claims of the Seller against the Procurer or any claim of the Procurer against the erstwhile
Seller or the Selectee.

 

		7.10	The Selectee shall, subject to the terms and conditions
of the substitution, have a period of ninety (90) days to rectify any breach and / or default of the Seller subsisting on the
date of substitution and required to be rectified and shall incur the liability or consequence on account of any previous breach
and / or default of the Seller.

 

		7.11	The decision of the Lenders and the Procurer in the
selection of the Selectee shall be final and binding on the Seller and shall be deemed to have been made with the concurrence
of the Seller. The Seller expressly waives all rights to object or to challenge such selection and appointment of the Selectee
on any ground whatsoever.

 

		7.12	All actions of the Lenders' Representative hereunder
shall be deemed to be on behalf of the Lenders and shall be binding upon them. The Lenders' Representative shall be authorized
to receive payment of compensation and any other payments, including the consideration for transfer, if any, in accordance with
the Proposal and the Financing Agreements and shall be bound to give valid discharge on behalf of all the Lenders.

 

		8.	Seller's Waiver

 

		8.1	The Seller irrevocably agrees and consents to any
actions of the Lenders, the Lender's Representative and the Procurer or exercise of their rights under and in accordance with
these terms.

 

		8.2	The Seller irrevocably agrees and consents that from
the date specified in clause 7.9, it shall cease to have any rights under this Agreement or the Financing Agreements.

 

		8.3	The Seller warrants and covenants that any agreement
entered into by the Seller, in relation to the Project, shall include a legally enforceable clause providing for automatic novation
of such agreement in favour of the Selectee, at the option of the Lenders or the Procurer. The Seller further warrants and covenants
that, in respect of any agreements which have already been executed in relation to the Project and which lack a legally enforceable
clause providing for automatic novation of such agreement, the Procurer shall procure an amendment in the concluded agreement
to incorporate such clause.

 

		9.	Interim Protection

 

		9.1	Appointment of a Receiver

 

		a)	In every case of the Lenders issuing a Substitution
Notice and the Procurer refusing to take over the Project and the Seller failing to operate the Project in accordance with clause
4 (c) above and the Procurer not electing to act as Receiver as per sub-clause 9.1 (b) hereof, the Lenders may institute protective
legal proceedings for appointment of a receiver (the “Receiver”) to maintain, preserve and protect the assets
held as security by the Lenders if such right is granted under the terms of the Financing Agreements.

 

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Power Purchase Agreement (PPA)

 

		b)	Provided that in event of the Procurer refusing to
take over the Project and the Seller failing to operate the Project in accordance with clause 4 (c) above, and if the assets of
the Project are, in the opinion of the Procurer, necessary and required for the operation and maintenance of the Project, the
Procurer shall be entitled to elect to act as the Receiver for the purposes of this clause and be entitled to maintain, preserve
and protect the said assets by engaging an operator/service provider to act on their behalf and the Lenders and Seller hereby
consent and agree to the same. Upon the Procurer so intimating the Seller and the Lender's representative their desire to act
as Receiver, the Seller and the Lender's representative shall co-operate with the Procurer to facilitate the same.

 

		c)	Upon appointment of the Court appointed Receiver or
the Procurer acting as Receiver, all the Receivables received by such Receiver shall be deposited by the Receiver in the bank
account jointly designated by the Procurer and the Lenders. The Receiver shall be responsible for protecting the assets in receivership
and shall render a true and proper account of the receivership to the lenders in accordance with the terms of its appointment.

 

		d)	When acting as a Receiver or operator in accordance
with this Article 9 or clause 4 (b), the Procurer shall be entitled to be remunerated for such services as may be determined by
Central Electricity Regulatory Commission. Furthermore, when acting as a Receiver, the Procurer shall not be liable to the Lenders,
the Lenders' Representative, Seller or any third party for any default under this Agreement, damage or loss to the Power Station
or for any other reason whatsoever, except for willful default of the Procurer.

 

		10.	Change in the Procurer or Lenders

 

The Parties hereto acknowledge that during
the subsistence of this Agreement, it is possible that the Procurer may cease to be a party to this Agreement by reason of termination
of this Agreement and any Lender may cease to remain as a Lender by reason of repayment of the debt or otherwise. Further it may
possible that any Lender may be substituted or a new Lender may be added. In the event of any Procurer ceasing to be a party to
this Agreement or Financing Agreement respectively, the term and conditions as prescribed in this Schedule shall cease to automatically
apply to such Procurer or Lender as the case may be. Further, upon any entity being added as a Lender and in the event such entity
is given the right to substitute the Seller under the Financing Agreement and then the contents of this Schedule shall be applicable
to the exercise of such right by the said new entity.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	63Exhibit 10.14.1

 

Municipal Solid Waste Concession Agreement, Land
Lease Agreement & Supply of Treated

Sewage/Effluent Agreement

 

 

Governorate of the Autonomous Island of Grande Comore,
Union of the Comoros

&

BioCrude Technologies, Inc.

 

 

	Document Owner:	BioCrude Technologies, Inc.
	Effective Date:	02-12-2016

 

Version

 

	Version	Date	Description	Author
	1.0	02-12-2016	MSW, Land & Treated Sewage Effluent Concession Agreements	Mr. John MOUKAS

 

Approval

 

(By signing below, all Approvers agree to all terms and conditions outlined in this Agreement)

 

	Approvers	Name	Signed	Approval Date
	BioCrude Technologies, Inc.	Mr. John MOUKAS	 	02-12-2016
	Gouvernorat de l’Île Autonome de la Grande	The Honourable HASSANI Hamadi	 	 
	Comore	 	 	 
	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité	Mr. Mohamed Abdou MLANAO	 	 
	Commissariat
    à la Sécurité intérieure, à la Fonction Publique, à l’Administration
    des Collectivités Territoriales Décentralisées, à la Réforme Administrative, chargé de l’Information 	Ms. Maissara Adam MONDOHA	 	 
	Commissariat aux
Finances, au Budget, à l’Économie, au Commerce Intérieur, à l’Industrie, au Plan, chargé
de la promotion des Investissements	Mr. Said Ahamada YOUSSOUF	 	 
	Ville de Moroni	Mr. Moustapha Chamssoudine DADA	 	 

 

Nota Bene:

 

This information is Strictly Confidential. The
contents are not to be reproduced or distributed to any party without the expressed written permission of BioCrude Technologies,
Inc.

 

     

     

    

 

MUNICIPAL
SOLID WASTE CONCESSION AGREEMENT, LAND LEASE AGREEMENT

 &
SUPPLY OF TREATED SEWAGE/EFFLUENT AGREEMENT

 

Development, Construction,
Operation and Maintenance of an Integrated Municipal Waste Processing,

Disposal and Electricity Generation Facility in Moroni,
Autonomous Island of Grande Comore,

Union of the Comoros

 

 

GOUVERNORAT
DE L’ÎLE AUTONOME DE LA GRANDE COMORE

 

 

 

BIOCRUDE
TECHNOLOGIES, INC.

 

 

	AGREEMENT REFERENCE:	BIOCRUDE/MCMUC/MSW-LLC/CA/2016/1
	 	 
	TRANSACTION CODE:	BCT/MCMUC/MORONI/COMORES/1
	 	 
	CONTRACT GENERATION:	01

 

	Initials: __________	Initials: __________

 

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MSW, Land & Treated Sewage Effluent Concession
Agreements

 

	TABLE OF CONTENTS
	 	 	 
	1.	DEFINITIONS & INTERPRETATION	7
	2.	THE PROJECT	14
	3.	THE SITE	16
	4.	COLLECTION OF MSW 	18
	5.	TRANSPORTATION OF MSW 	19
	6.	DELIVERY OF MSW 	19
	7.	SUPPLY OF RESIDUAL TREATED WATER & SEWAGE 	22
	8.	LANDFILL SITE 	23
	9.	EXPANSION OF PROJECT	24
	10.	BILLING AND PAYMENT	24
	11.	NO OTHER PAYMENTS	29
	12.	ADDITIONAL OBLIGATIONS OF CORPORATION	29
	13.	ADDITIONAL OBLIGATIONS OF FIRST PARTY	33
	14.	TAXES ON PROJECT FACILITIES	34
	15.	COVENANT OF NON-INTERFERENCE	35
	16.	INSURANCE 	35
	17.	EVENTS OF DEFAULT AND TERMINATION	36
	18.	STEP IN RIGHTS 	40
	19.	TRANSFER AND HANDBACK OF PROJECT FACILITIES 	41
	20.	LIMITATION OF LIABILITY	42
	21.	GOVERNING LAW AND DISPUTE RESOLUTION (ARBITRATION) 	42
	22.	FORCE MAJEURE AND CHANGE IN LAW	43
	23.	JURISDICTION	47
	24.	NO WAIVER OF RIGHTS AND CLAIMS	47
	25.	SCHEDULES AND ANNEXURES	47
	26.	SUPERCESSION OF EARLIER AGREEMENTS	47
	27.	NOTICES	47
	28.	LEGAL CHARGES 	48
	29.	COUNTERPARTS	48
	30.	ASSIGNMENT & CHARGES	49
	31.	NO PARTNERSHIP	49
	32.	SEVERABILITY 	49
	33.	REPRESENTATION AND WARRANTIES 	50
	34.	COMMERCIAL AGREEMENT	53
	SCHEDULE I 	56
	SITE IDENTIFICATION, PLAN, MAPS AND PHOTOS OF SITE 	56
	SCHEDULE II 	60
	SPECIFICITIES AND ISSUES OF INTEREST CONCERNING THE SITE 	60
	SCHEDULE III 	70
	[DESCRIPTION OF THE SITE] 	70
	SCHEDULE IV 	73
	MSW SUPPLY AREA	73
	DEFINITION OF “FIRST PARTY SUPPLY AREA” 	73
	SCHEDULE V	74

 

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	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW, Land & Treated Sewage Effluent Concession
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	LAND LICENSE AGREEMENT	74
	SCHEDULE VI	86
	TREATED SEWAGE/EFFLUENT SUPPLY AGREEMENT	86
	SCHEDULE VII	100
	TIPPING FEE ESCALATING INDEX	100
	SCHEDULE VIII	101
	APPLICABLE APPROVALS	101
	SCHEDULE IX	102
	REPRESENTATION AND WARRANTIES	102
	SCHEDULE X:	103
	SUBSTITUTION RIGHTS OF THE LENDERS	103
	SCHEDULE XI	108
	INTEGRATED MSW-ENERGY COMPLEX SCHEMATIC	108
	SCHEDULE XII	109
	DETAILED PROJECT REPORT ON THE IMPLEMENTATION OF A WASTE TO ENERGY COMPLEX IN MORONI, AUTONOMOUS ISLAND OF GRANDE COMORE	109

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	4

     

    

 

MSW, Land & Treated Sewage Effluent Concession
Agreements

 

MUNICIPAL
SOLID WASTE (MSW) CONCESSION AGREEMENT

 

	THIS AGREEMENT is made and effective the __th day of December, 2016.
	 	 
	AGREEMENT REFERENCE:	BIOCRUDE/MCMUC/MSW-LLC/CA/2016/1
	 	 
	TRANSACTION CODE:	BCT/MCMUC/MORONI/COMORES/1
	 	 
	CONTRACT GENERATION:	01

 

	FIRST PARTY:	Gouvernorat de l’Île Autonome de la Grande Comore, a Statutory Body constituted under Comorian Law, (hereinafter referred to as “MCMUC”, which expression shall, unless repugnant to the context or meaning thereof, mean and  include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Governor, The Honourable Mr. HASSANI Hamadi, by virtue of resolution ad hoc;
	 	 
	 	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité, a Statutory Body  constituted under Comorian Law, (which expression shall, unless repugnant to the  context or meaning thereof, mean and include its successors and assigns) and  having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande  Comore, Union of the Comoros, duly represented by the Commissioner, Mr.  Mohamed Abdou MLANAO, by virtue of resolution ad hoc;  
	 	 
	 	Commissariat à la Sécurité intérieure, à la Fonction Publique, à  l’Administration des Collectivités Territoriales Décentralisées, à la Réforme  Administrative, chargé de l’Information, a Statutory Body constituted under  Comorian Law, (which expression shall, unless repugnant to the context or meaning  thereof, mean and include its successors and assigns) and having its office at Route  de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the  Comoros, duly represented by the Commissioner, Ms. Maissara Adam  MONDOHA, by virtue of resolution ad hoc;  
	 	 
	 	Commissariat aux Finances, au Budget, à l’Economie, au Commerce Intérieur,  à l’Industrie, au Plan, chargé de la promotion des Investissments, a Statutory  Body constituted under Comorian Law, (which expression shall, unless repugnant to  the context or meaning thereof, mean and include its successors and assigns) and  having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande  Comore, Union of the Comoros, duly represented by the Commissioner, Mr. Said  Ahamada YOUSSOUF, by virtue of resolution ad hoc;  

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW, Land & Treated Sewage Effluent Concession
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	 	Ville de Moroni, a Statutory Body constituted under Comorian Law, (which  expression shall, unless repugnant to the context or meaning thereof, mean and  include its successors and assigns) and having its office at Route de Moroni-  Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros,  duly represented by the Mayor, Mr. Moustapha Chamssoudine DADA, by virtue of  resolution ad hoc;
	AND	
	SECOND PARTY:	BIOCRUDE
TECHNOLOGIES, INC, a Corporation duly organized under the laws of
Canada (hereinafter called “Corporation”) having its principle office at 1255
Phillips Square, Suite 605, Montreal, Quebec, Canada H3B 3G5, herein duly  represented
by the Chairman and CEO, Mr. John MOUKAS, by virtue of corporate  resolution ad hoc.
 
	 	 
	WHEREAS	The parties, following discussions, desire to enforce amendments discussed and  reflected within these presences and agree to sign these concession agreements as  amended. Following the signature of these presences, these amended concession agreements will replace agreements the concession agreements signed on the 11th of  January 2016 and will become lawful and binding on the parties, present and future;  
	 	 
	WHEREAS	First Party and Corporation are hereinafter referred to individually as the "Party" and  collectively as the "Parties"; 
	 	 
	WHEREAS	First Party is responsible for, inter alia, making adequate provisions for the  collection/ removal and disposal of filth, rubbish and other obnoxious or polluted  matters. Government of Autonomous Island of Grande Comore has formulated Municipal Solid Waste (Management and Handling) Rules ("MSW Rules") that  impose an obligation on First Party to adopt suitable process for disposal of municipal  waste. In furtherance of its functions and pursuant to the MSW Rules First Party has  demarcated land for establishing facilities to process, manage and dispose municipal solid waste;  
	 	 
	WHEREAS	First Party, after obtaining necessary approval from required government agencies  under MSW Rules has earmarked land admeasuring approximate twenty five (25) acres (as specifically provided under Schedule III hereto and referred to hereinafter as the "Site"), located at the site adjacent to the existing sewage  treatment plant at municipality of Moroni, as the site for establishing an integrated  processing and treatment facility for municipal solid waste generated from the  areas within its jurisdiction (as defined under Article 2 and hereinafter referred to as  the "Plant" or “Project”); 
	 	 
	WHEREAS	First Party is desirous of augmenting its waste management capability and expand  its waste processing, management and disposal capabilities;  
	 	 
	WHEREAS	The First Party recognizes the Corporation as a Special Purpose Vehicle (SPV)  company and will unconditionally grant the Corporation with a certificate of eligibility for same, whereby the Corporation is a Unique Waste Processing Company (hereinafter referred to as "Corporation"), for developing projects for  processing and disposing municipal waste using the technologies of processing  municipal waste and also to produce as by-products, inter alia, refuse derived   fuel, fluff, organic manure, biogas, composting and use such products for generating electricity and producing fly ash for brick manufacture;

 

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	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW, Land & Treated Sewage Effluent Concession
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	WHEREAS	Corporation submitted a proposal (Schedule XII) to First Party for  developing the Plant at the Site, utilizing suitable technology, on a design, build, operate and transfer basis (BOOT), to enable augmentation of the  waste disposal capabilities of First Party;  
	 	 
		
	WHEREAS	The proposal submitted by Corporation envisaged that Corporation  would be selected, undertake the development, financing, construction, operation and maintenance of the Plant on a design, build, operate and transfer basis; This will be for Thirty (30) years and an option of renewal for  an additional Thirty (30) years, as defined in the Definitions “Term”;  
	 	 
	WHEREAS	First Party accepted the proposal submitted by Corporation and  authorized Corporation and agreed to vest Corporation with the rights and obligations required to enable it to duly undertake the development, financing, construction, operation and maintenance of the Plant at the Site on a build,  operate and transfer basis;  
	 	 
	WHEREAS	First Party is now desirous of entering into an agreement with Corporation  vesting it with the rights and obligations required to enable it to and duly undertake the development, financing, construction, operation and maintenance of the Plant at the Site on a design, build, operate and transfer basis (BOOT). 
	 	 
	WHEREAS	A General Continuing Guaranty (“Sovereign Guarantees” by First Party) will be  granted and added to this contract in order to secure the regularity of Tariff payments during the term of this contract.  

 

NOW THEREFORE, THIS AGREEMENT WITNESSETH AND IT
IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:

 

		1.	DEFINITIONS & INTERPRETATION

 

		1.1.	Definitions

 

In this Agreement, unless repugnant to the context or
inconsistent therewith, the following words, phrases and expressions shall bear the meaning hereinafter respectively assigned to
them:

 

		1.1.1.	"Access Road" means the motorable approach
road (15 ft. wide) for access to the Site from public road and the intended route of which is indicated in green on the
Site plan, annexed as Schedule I hereto.

 

		1.1.2.	"Additional Cost" shall mean the additional
capital expenditure and/or the additional operating costs or both as the case may be, which Corporation would be required
to incur as a result of a Change in Law.

 

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MSW, Land & Treated Sewage Effluent Concession
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		1.1.3.	"Agreement" means this agreement between
First Party and Corporation, including its schedules and annexures and includes any amendments made hereto in accordance
with the provisions hereof.

 

		1.1.4.	"Applicable Approvals" means all the authorizations,
licenses, clearances, permits, no-objections, sanctions and consents as required by Applicable Laws, to be procured by
either First Party or by Corporation in connection with the implementation of the Project.

 

		1.1.5.	"Applicable Laws" means all the laws,
acts, ordinances, rules, regulations, notifications, guidelines or bye-laws which have the force of law, in force and effect,
as of the date hereof and which may be promulgated or brought
into force and effect hereinafter, including judgments, decrees, injunctions; writs or orders of any court of record, as may be
in force and effect during the subsistence of this Agreement and applicable to the Project.

 

		1.1.6.	"Biomethanation" means a process that
entails enzymatic decomposition of the organic matter by microbial action to produce methane rich biogas.

 

		1.1.7.	"Biomethanation Plant" means the facility
having the capacity to process up to two hundred and fifty (250) tons per day of Organic Waste that will be constructed,
operated and maintained as part of the Plant, for undertaking the Biomethanation of Organic Waste.

 

		1.1.8.	"C&D Debris" means solid waste resulting
from construction, remodeling, repair, renovation or demolition of Structures or from land clearing activities or trenching
or de-silting activities. "Structures" for the purposes of this definition means buildings of all types (both
residential and non-residential), utilities, infrastructure facilities and any other type of man-made structure. C&D debris
include, but are not limited to bricks, concrete rubble and other masonry materials, soil, rock, wood (including painted, treated
and coated wood and wood products), land clearing debris, wall coverings, plaster, drywall, plumbing fixtures, roofing, waterproofing
material and other roof coverings, asphalt pavement, glass, plastics, paper, gypsum boards, electrical wiring and components containing
no hazardous materials, pipes, steel, aluminum and other non-hazardous metals used in construction of structures.

 

		1.1.9.	“Commissioning Period" in relation to
the Plant means the period of five (5) months from the date when the Mechanical Completion of each of the Project Facilities
has been achieved.

 

		1.1.10.	"Concession" means collectively all the
rights granted by First Party to Corporation under this Agreement with respect to developing, implementing, constructing,
operating and maintaining the Plant for the management, processing and disposal of the Municipal Waste generated from within the
First Party Supply Area, subject to all the terms, conditions, covenants and obligations of this Agreement, more specifically
mentioned in Article 2.

 

		1.1.11.	"Daily MSW Deficiency Amount" shall have
the meaning given to the phrase in clause 6.2 and guaranteed by First Party under the principal of “Put or Pay”
for the minimum amount of guaranteed MSW (If the amount of committed minimum MSW is not delivered, or deficient, First Party guarantees
payment of same, regardless of any circumstances, other than Force Majeure ).

 

		1.1.12.	"Daily Weight Sheet" shall have the meaning
given to the term in clause 6.3 (a) ii.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW,
Land & Treated Sewage Effluent Concession Agreements

 

		1.1.13.	"Date of Commissioning" or "COD"
means the date notified by Corporation as the date on which the Plant is ready to commence commercial operations after successfully
completing the testing, which shall be a date no later than three months of the date of Mechanical Completion of the Plant.

 

		1.1.14.	"Date of Mechanical Completion" means,
in relation to the Plant, the date, not being later than twenty four (24) months from the commencement of construction, on which,
the construction of the Plant is to be completed with all equipment and be ready for testing and commissioning.

 

		1.1.15.	"Dead Remains" means the dead bodies,
carcasses, bones or skeletal remains of animals, rodentsand other living beings (other than plants).

 

		1.1.16.	"Delivery Schedule" shall have the meaning
given to the term in clause 5.2.

 

		1.1.17.	"Development Costs" shall mean the aggregate
of the amounts spent by Corporation in undertaking activities in relation to the implementation of the Project till the
Date of Commissioning which amounts will include but not be limited to:

 

		·	expenditure incurred in respect of filing applications
for and obtaining and maintaining Applicable Approvals,

		·	fees of all consultants, experts, accountants, lawyers,
lenders and other independent persons hired in relation to the Project,

		·	costs of maintaining offices of Corporation that are attributable
to the Project,

		·	any payments made to First Party or on behalf of First
Party in relation to the Concession or the Project and

		·	costs of any contractors appointed by Corporation in relation
to the implementation of the Project

 

		1.1.18.	"Encumbrances" means any encumbrance such
as mortgage, charge, pledge, lien, hypothecation, security interest or other obligations and shall also include physical
encumbrances, including utilities both under and above the ground and encroachments on the Site.

 

		1.1.19.	"Effective Date" means the date on which
the obligations of Corporation, under this Agreement, become binding and effective and all the conditions precedent specified
in clause 2.9 are satisfied by Corporation.

 

		1.1.20.	"Excluded Waste" means waste material
of the nature that the Project Facilities are not designed or authorized to receive, manage, process and dispose that shall
mean:

 

		Ø	Hazardous
Waste,

		Ø	Bio-Medical
Waste and

		Ø	Dead
Remains

 

		1.1.21.	"Financing Documents" or "Financing Agreements" means all-the agreements,
taken together, that are entered into between Corporation and the lenders for providing the debt financing for the implementation
of the Project and shall include the security documents creating the relevant security (such as mortgages or charges or liens)
on the Plant or any part thereof, for securing the debt provided.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	9

     

    

 

MSW, Land &
Treated Sewage Effluent Concession Agreements

 

		1.1.22.	"Good Industry Practice" means the exercise of that degree of skill, diligence,
prudence and foresight in compliance with the undertakings and obligations under this Agreement which would reasonably and
ordinarily be expected of a skilled and an experienced person engaged in the implementation, operation and maintenance or supervision
or monitoring thereof or any of them of facilities similar to the Facilities" to be constructed, operated and maintained pursuant
to the Project.

 

		1.1.23.	"Hazardous Waste" shall have the meaning
as defined under the Hazardous Wastes (Management and Handling) Rules.

 

		1.1.24.	"Inert Management Facility" means the
Facility that will be constructed, operated and maintained as part of the Plant, for managing and processing the Residual Inert
Matter in order to ensure that there is minimum requirement for Landfilling of the Residual Inert Matter.

 

		1.1.25.	“Intervening party" means all entities
of the First party which will intervene to the present contract, also called the Guarantor, to guarantee (“Sovereign
Guarantees”) the monthly invoices, monthly provisional invoices corresponding to the purchase of electricity by the
Buyer, all additional invoices for any reason as long as related to the terms of this contract, as well as “ALL”
of the obligations of the First Party, in reference to these presences The guarantee in question is considered to be effective
during all the duration of validity of the contract.

 

		1.1.26.	"Landfill Site" means the existing or
to be provided by the first party, landfill site for disposal of the inert fraction of the MSW located within the vicinity
of the proposed MSW-Energy Complex (not surpassing 30 km) and any alternate or additional landfill site notified by First Party
pursuant to Article 8 of this Agreement or Concession Agreement-First Party, as being available for disposal of MSW pursuant to
this Agreement.

 

		1.1.27.	"Landfllling" means the disposal of the
Residual Inert Matter and Rejected Wastes at the Landfill Site in accordance with the terms of this Agreement.

 

		1.1.28.	"Lenders” means, the Persons that provide
the financing for the Projects pursuant to Financing Agreements.

 

		1.1.29.	“Letter of Credit (LC)” or “Irrevocable
Revolving Letter of Credit (RLC)”: shall have the meaning ascribed thereto in Article 10.4. (a).

 

		1.1.30.	"License" or “Lease”
means the license pursuant to which First Party shall provide the Site to Corporation, the draft of which is provided as Schedule
V to this Agreement.

 

		1.1.31.	"MSW" or "Municipal Waste"
means waste generated by households, public services, agricultural activities, commercial establishments and industries located
within the jurisdiction of First Party, and shall include Solid Waste, and Organic Waste, but shall not include the Excluded Wastes.

 

"MSW" or "Municipal
Solid Waste" shall have meaning as defined under the Municipal Solid Waste (Management & Handling) Rules, which is
reproduced as below: "Municipal Solid Waste" includes commercial and residential wastes generated in a municipal
or notified areas in either solid or semi-solid form excluding industrial hazardous wastes but including treated bio-medical wastes;

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	10

     

    

 

MSW, Land & Treated Sewage Effluent Concession
Agreements

 

		1.1.32.	"MSW Rules" means The Municipal Solid
Wastes (Management and Handling) Rules, framed by the Government of the country under the Environment (Protection) Act and includes
any statutory amendments / modifications thereto or reenactments thereof, for the time being in force, but will not modify or
affect any rights or obligations inherent within the realms of these presences.

 

		1.1.33.	"Material Adverse Effect" means a material
adverse effect on (a) the ability of either Party to exercise any of the rights to perform / discharge any of its duties
/ obligations under and in accordance with the provisions of this Agreement and/or (b) the legality, validity, binding nature
or enforceability of this Agreement.

 

		1.1.34.	"Material Breach" shall mean a breach
by either Party of any of its obligations under this Agreement which has or is likely to have a Material Adverse
Effect on the Project and which such Party shall have failed to cure.

 

		1.1.35.	"First Party Supply Area" means, the areas
under the jurisdiction of First Party, which First Party has identified as the source of MSW for the Project, annexed as
Schedule IV hereto.

 

		1.1.36.	"Organic Waste" means such type of Waste
that can be degraded by micro-organisms, but shall not include Excluded Wastes.

 

		1.1.37.	"Person" means any individual, corporation,
partnership, joint venture, trust, unincorporated organization, government or governmental authority or agency or any other
legal entity.

 

		1.1.38.	"Plant" means the integrated MSW management,
processing and disposal facility comprising the RDF Plant, the Biomethanation Plant, the Power Plant and the Inert Management
Facility to be designed, constructed, operated and maintained by Corporation in accordance with the terms and provisions of this
Agreement and in the event Corporation decides to design, construct, operate and maintain a compost plant, such facility shall
also be part of the Plant.

 

		1.1.39.	"Power Plant" means the a power generation
plant of a name plate capacity of approximate 6.5 MW that will generate electricity by using the Municipal Waste or Supplementary
Fuel or both, as the case may be.

 

		1.1.40.	"Preliminary Notice" means the notice
of intended Termination by the Party entitled to terminate this Agreement to the other Party setting out, inter alia, the
underlying Event of Default.

 

		1.1.41.	"Project" means the project for enabling
the processing of Municipal Waste up to the Maximum MSW Quantity and for that purpose to design, development, financing,
construction, operation and maintenance of the Plant under and in accordance with the terms and provisions of this Agreement.

 

		1.1.42.	"Project Facilities" means, as the context
may require either all or one or more of the constituents of the Plant including without limitation (i) the Site and (ii)
the individual facilities comprising the Plant, namely the RDF Plant, the Biomethanation Plant, Inert Management Facilities, and
the Power Plant.

 

		1.1.43.	"RDF" means the solid fuel in the
form of fluff or pellets/briquettes that is produced by drying and separation of combustible fractions from the MSW meeting
the requirements of the boiler to generate electricity through the turbine that will be part of the Power Plant.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	11

     

    

 

MSW, Land & Treated Sewage
Effluent Concession Agreements

 

		1.1.44.	"Receipt Point" means the place within
the Site, specified in writing by Corporation and marked on a layout plan by Corporation on or before the Date of Mechanical
Completion, at which First Party shall be required to deliver the MSW in accordance with the terms of this Agreement.

 

		1.1.45.	“Renewal Option” means an additional
thirty (30) years term, tacitly renewed (discretion of Corporation), and as described in the “Term”
definition, below.

 

		1.1.46.	"Residual Inert Matter" means the waste
matter obtained after processing of the MSW by each of the relevant Project Facilities.

 

		1.1.47.	"Rejected Waste"
means such components of a consignment of Municipal Waste delivered by First Party that are refused to be accepted
by Corporation, either at the time of delivery upon inspection of the MSW delivered or being delivered, as the case may be, on
the ground that they are either:

 

	i.		classified as Excluded Wastes,

	ii.		they are not in accordance with the composition of MSW
as defined in this Agreement (30% maximum inerts),

	iii.		they are of a quantity that is in excess of the First Party
MSW Quantity,

	iv.		they are part of a consignment of MSW that is sought to
be delivered by First Party when it has been notified that the Plant is undergoing repair or maintenance

 

		1.1.48.	"Residual Treated Water" means the treated
liquid residue derived from the Sewage treatment process of the Sewerage Treatment Plant, that is capable of either discharge
into natural water bodies or re-use for purposes other than human consumption which will be supplied by local Sewage Treatment
Plant (STP) Organization to Corporation from the Sewage Treatment Plant, for being used in the Plant.

 

		1.1.49.	"Sewage" means the liquid waste that is
treated by the municipality of Moroni at the local Sewerage Treatment Plant.

 

		1.1.50.	"Sewage Treatment Plant" means the sewage
treatment plant owned, operated and maintained by the local Sewage Treatment Plant Organization.

 

		1.1.51.	"Sludge" means primarily organic solid
or semi-solid product of the treatment process of Sewage undertaken in the Sewerage Treatment Plant.

 

		1.1.52.	"Solid Waste" means wastes generated from
commercial, agricultural, industrial and domestic activities within the jurisdiction of First Party that are in either
solid or semi-solid form but shall not include the Excluded Wastes.

 

		1.1.53.	"Site" means the land admeasuring Twenty
Five (25) acres located adjacent to the Sewage Treatment Plant at Moroni, Autonomous Island of Grande Comore.

 

		1.1.54.	"Supplementary Fuel" shall have the meaning
given to the term in clause 2.4.

 

		1.1.55.	"Technology" means the relevant technology
for the waste to energy processes, that Corporation may, at its discretion, deem fit to use in the Project Facilities from
time to time.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	12

     

    

 

MSW, Land & Treated Sewage Effluent Concession
Agreements

 

		1.1.56.	"Term" means the time period of Thirty
(30) years commencing from the Effective Date and will also include an option of an additional thirty (30) years thereafter, tacitly
renewed (Corporation’s discretion), whereby the tipping fees shall be indexed by four and a half percent (4.5 %) per annum,
using the 30th year of the 1st
period as a base for indexation for the optional period.

 

		1.1.57.	"Termination" means the early termination
of this Agreement pursuant to Termination Notice given by either Party to the other Party or otherwise in accordance with the
provisions of this Agreement but shall not, unless otherwise requires, include expiry of this Agreement due to the expiry of its
Term.

 

		1.1.58.	"Termination Notice" means the termination
notice given pursuant to clause 17.2 (c).

 

		1.1.59.	"Termination Date" means the date specified
in the Termination Notice as the date on which Termination occurs.

 

		1.1.60.	"Termination Payment" means the payments
payable pursuant to clause 17.2 (f) of this Agreement.

 

		1.1.61.	"Transporter" shall have the meaning give
to the term in clause 4.1 (a).

 

		1.1.62.	"Transportation Contract" shall have the
meaning give to the term in clause 4.1 (a).

 

		1.1.63.	"Vacant Possession" means delivery to
Corporation, of possession of the lands constituting the Site free from all Encumbrances subject to clause 3.1 (b) and
the grant of all easement rights and all other rights appurtenant thereto.

 

		1.1.64.	"Viability Gap Funding" or "VGF"
means the financing provided to eligible infrastructure projects by the Government of Autonomous Island of Grande Comore
pursuant to The Guidelines to Support Public Private Partnerships in Infrastructure.

 

		1.1.65.	"Weighbridge" means the electronic weighbridge
capable of performing the operations specified in clause 6.3 (a).

 

		1.2.	Interpretation

 

		a)	The words, phrases and expressions defined hereinabove
in clause 1.1 or defined elsewhere by description in this Agreement, together with their respective grammatical variations and
cognate expressions shall carry the respective meanings assigned to them in the said clause 1.1 or in this Agreement and shall
be interpreted accordingly. Expressions, which have not been defined in this Agreement shall carry the respective meanings assigned
to them in their ordinary applicability read in context with the manner of their usage in this Agreement or in their respective
technical sense, as the case may be;

 

		b)	all words in singular shall be deemed to connote their
respective plurals and vice-versa, unless the context suggests otherwise;

 

		c)	the words "include" and "including" are to be construed without
limitation;

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW, Land & Treated Sewage Effluent Concession
Agreements

 

		d)	the headings of the clauses in this Agreement are merely
for purposes of convenience and shall have no bearing on the interpretation of this Agreement;

 

		e)	the Schedules and Annexures to this Agreement form an integral
part of this Agreement and shall be interpreted accordingly.

 

		2.	THE PROJECT

 

		2.1.	Grant of Concession

 

Subject to and in accordance with
the terms and conditions set out in this Agreement, First Party hereby irrevocably grants to Corporation and Corporation hereby
accepts exclusive right and authority, during the term, to develop, establish, finance, design, construct, operate and maintain
the plant site, and in addition to the other rights granted under this Agreement;

 

		a)	to exclusively hold, possess, control the Site, in accordance
with the terms of the License for the purposes of the due implementation of this Project, in accordance with the terms of this
Agreement;

 

		b)	to receive at the Receipt Point, during each day of the
Term, MSW from First Party mainly and primarily from the First Party Supply Area. The cost of transportation and delivery till
the Receipt Point shall be borne by First Party;

 

		c)	To inspect the MSW delivered by First Party and identify
Rejected Waste and refuse to accept the Rejected Waste;

 

		d)	to store, use, appropriate, market and sell or dispose
all the products/by-products obtained after the processing and treatment of the MSW (including but not limited to electricity,
methane, RDF, compost and Residual Inert Waste);

 

		e)	to construct, operate and maintain a pipeline system from
the Sewage Treatment Plant to the Plant to enable Corporation to receive Residual Treated Water from local Sewage Treatment Plant
and to store it at the Site and use it in the Plant for such purpose as it may deem fit. This will only be done if required;

 

		f)	to receive and store Sludge at the Site and use it in the
Plant for such purpose as it may deem fit;

 

		g)	to receive, for the purposes of processing at the Plant,
MSW from First Party or any Person.

 

		2.2.	Rights Associated with the Grant of Concession

 

Without prejudice to the generality
of foregoing and other provisions of this Agreement, the Concession hereby granted to Corporation shall include and shall entitle
Corporation, without requiring any further authorization or authority from First Party, to enjoy, the following rights, privileges
and benefits in accordance with the provisions of this Agreement and Applicable Laws:

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW, Land & Treated Sewage Effluent Concession
Agreements

 

		a)	to design, engineer, finance, procure, construct, install, commission, operate and maintain each of the Project Facilities
either itself or through such Person as may be selected by it;

 

		b)	upon commissioning of a Project Facility, to manage, operate and maintain the same either itself or through such Person as
may be selected by it;

 

		c)	to borrow or raise money or funding required for the due implementation of the Project and mortgage, charge or create lien
or encumbrance on the whole or part of the Project Facilities, provided however, the creation of mortgage, charge, lien or encumbrance
on the lands constituting the Site will be dependent on the terms and conditions on which the said lands have been granted by First
Party to Corporation to obtain the utilities required for enabling the construction of the Project Facilities.

 

		2.3.	Use of Suitable Technology

 

Without prejudice to the generality
of the foregoing, Corporation shall have the right to develop the Project Facilities using such Technology that it considers suitable
and commercially viable for the purposes of implementing the Project, in accordance with terms of this Agreement. It is acknowledged
that it is the intention of Corporation to essentially use Biomethanation, RDF and material recovery Technology associated with
the concept of an integrated waste processing plant, a process diagram of which is provided in Schedule XI and that Corporation
shall have the right to modify, adapt, upgrade or change the Technology, from time to time, based on actual operations of the Plant
and the requirements of the Project.

 

		2.4.	Use of Supplementary Fuel for Power Plant

 

The Parties hereby agree that
Corporation shall have the right to use, at such times as it may deem fit, any fuel as a supplement to the MSW to enrich the RDF
and Biogas and/or to directly support the operation of Power Plant (such fuel shall be referred to as "Supplementary Fuel").

 

		2.5.	Sale and Marketing of Products from Processing MSW

 

First Party hereby confirms that
Corporation shall be free to sell or otherwise dispose of any products derived or produced from the Plant as a consequence of undertaking
the processing of the MSW and Sewage including electricity or RDF or fluff or gas or Sludge or Residual Treated Water or any other
products or by-products, other material recovered or produced from MSW and the Sewage at the Plant, by providing timely information
to First Party. Corporation shall have the right to sell or otherwise dispose such products, at such price and to such persons
and using such marketing and selling arrangements as it may deem appropriate.

 

		2.6.	Storage Requirements of Plant

 

The Parties hereby agree that the Plant shall be designed
to enable:

 

		a)	Storage
                                         of up to five (5) days’ supply of Maximum
                                         MSW Quantity, and

 

		b)	Storage of twenty
(20) days production of RDF.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

    	15

     

    

 

MSW, Land & Treated Sewage Effluent Concession
Agreements

 

		2.7.	Term of Concession

 

The Concession is granted to Corporation for the Term (as defined
in the Definition) and shall terminate upon the expiry of the Term, the renewal option (if not exercised by Corporation), or upon
earlier Termination of this Agreement.

 

		2.8.	Renewal of Concession

 

First Party will agree to renew or extend the Concession
after the expiry of the initial Term, for another period of thirty (30) years or such other period as may be mutually agreed to
and on such terms and conditions as mutually agreed upon.

 

		2.9.	Conditions Precedent

 

This Agreement and the Concession granted herein by First Party
to Corporation are valid and binding from the date of execution of this Agreement provided however, the obligations of Corporation
under this Agreement would become effective and binding, only upon the satisfaction of the following conditions precedent:

 

		a)	Subject to provisions of Article 3, First Party should
at its own cost and expense, handover the Vacant possession of the Site to Corporation;

 

		b)	Corporation should have, at its own cost and expense, obtained
all the Applicable Approvals (as specified in Schedule VIII) required to be procured by it to enable the commencement of the Project,
as further detailed in Schedule XII, and in order to commence the construction and operation of the Project Facilities provided
however, First Party shall provide all the support required for enabling the grant of the Applicable Approvals to Corporation.

 

		3.	THE SITE

 

		3.1.	Vesting of Site with Corporation

 

		a)	First Party shall
                                         grant Corporation a license/Land Lease to use the Site at a nominal license / Land Lease
                                         fee of One Dollar US (1.00 US Dollar) per
                                         Twenty-Five (25) acres per annum for the Term and First Party shall execute the License/
                                         Land Lease Agreement with Corporation together with the execution of this Agreement.
                                         The license fee can be paid in advance for such period of time as Corporation may deem
                                         fit. The licensee fee shall remain fixed for the entire Term and shall not be subject
                                         to any escalation. Corporation shall have the full right to regulate the entry into and
                                         use of the Site, subject to inspection rights of First Party from time to time.

 

		b)	First Party hereby agrees
that the right to use the land constituting the Site shall be granted to Corporation under the License, for the purposes of the
development of the Project Facilities for enabling First Party to discharge its functions of management, treatment, processing
and disposal of MSW. The conditions that have been stipulated by the Governmental Development Authority on the lease of the land
to First Party shall be annexed, as a schedule to the License and Corporation shall be under an obligation to honour and
give full effect to such conditions.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW, Land & Treated Sewage
Effluent Concession Agreements

 

		c)	If any underground Encumbrances are found on the Site during the course of construction or any time during Term of the Concession
Period, Corporation shall notify First Party of the same and First Party shall be under obligation to remove such Encumbrances.
In the event First Party is unable to clear the said Encumbrance within a period of four (4) weeks of such notification by Corporation,
Corporation shall be authorized to clear the Encumbrance and provide First Party the details of the costs incurred by Corporation
in undertaking such activity and proceeds from Sale of such Encumbrances, if any. The cost incurred in removing such Encumbrances
shall be deductible from any amounts payable to First Party by Corporation, after adjusting for amounts received from sale of such
Encumbrances.

 

		3.2.	Use of Site

 

Corporation shall not, without the prior written approval of
First Party, use the Site for any purpose other than for the purpose of developing, constructing, operating and maintaining the
Project Facilities, the Plant and undertaking other activities to implement and operate the Project pursuant to this Agreement.

 

		3.3.	Vesting of Site Co-Terminus with Concession Agreement

 

Subject to clause 3.1 (c) herein, First Party hereby assures
and represents to Corporation that the vesting of the Site with Corporation shall be irrevocable for the Term and cannot be terminated
earlier than the expiry or termination of this Agreement and shall be co-terminus only with the expiry or termination of the Term.

 

		3.4.	Boundary Wall

 

The Parties agree that a duly completed
and painted boundary wall made of brick, having a height of 2.5 m with iron grills of one
(1) meter height on top of the brick wall, is required to be constructed on the boundary of the Site. First Party shall
undertake at its own cost the construction of the boundary wall provided however, First Party shall always have the option to instruct
Corporation to undertake the process of construction of the boundary wall and First Party shall in such circumstances, reimburse
Corporation the actual cost incurred in the construction of the said boundary wall. The Parties hereby agree that if First Party
does not complete the construction of the boundary wall or has not instructed Corporation to undertake the construction of the
boundary wall within a period of six (6) months from the date of execution of this Agreement, Corporation shall undertake the construction
of the boundary wall at the cost of First Party and First Party shall in such circumstances, reimburse Corporation the actual cost
incurred in the construction of the said boundary wall, subject to the Corporation providing a detailed statement of costs incurred
as well as supporting documentation in proof thereof.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW, Land & Treated Sewage Effluent Concession
Agreements

 

		4.	COLLECTION OF MSW

 

		4.1.	Separate Storage and Collection of Various types of
MSW

 

		a)	The Parties hereby agree that First Party may appoint certain
                                                                                                  Persons to undertake the collection and transportation of waste generated within its jurisdiction (such Persons hereinafter
                                                                                                  referred to as "Transporters") and will enter into suitable agreements with each Transporter (each such
                                                                                                  agreement is hereby referred to as "Transport Contract") that would provide the terms and conditions
                                                                                                  governing the provision of the waste collection and transportation services by the Transporters to First Party or
                                                                                                  undertake to transport the MSW to Corporation Project through its own resources.

 

		b)	First Party hereby assures Corporation that it would instruct
all the Transporters to deliver the waste collected by them to the Plant. First Party shall also endeavor, to have in place, a
suitable waste segregation system as per provisions of MSW Rules.

 

		4.2.	Collection from Vegetable Markets and Bulk Generators
of First Party’s MSW

 

		a)	First Party shall endeavor to issue suitable directions,
notifications or otherwise as required under the Applicable Laws, that vegetable markets and other bulk generators of MSW, within
the said First Party Supply Area appropriately segregate, at source, the MSW generated by them and put into separate receptacles
for collection in accordance with the said directions.

 

		b)	First Party and Corporation hereby agree that if the vegetable
markets and bulk generators of MSW under the First Party’s jurisdiction, existing on the date of this Agreement ("Existing
Bulk Generators"), the First Party, prior to the Date of Commissioning, will pay a tipping fee evaluated by multiplying
the amount of MSW (TPD), (over and above the minimum MSW Guarantee) by the amount of Days in a year (365 days) and then multiplied
by the tipping fee of the year in question (refer to schedule VII) for the disposal of the MSW generated by it at the Site ("Bulk
Generator Tipping Fee"). For each subsequent Contract Year, the tipping fee is evaluated by the Yearly
Tariff Payments of the previous Contract Year (refer to Schedule VII).First Party hereby undertakes that it shall ensure that,
from the Date of Commissioning, any such Bulk Generator Tipping Fee is paid directly to Corporation by the First Party. Corporation
shall have the right to collect, retain, appropriate and use the Bulk Generator Tipping Fee.

 

		c)	The First Party hereby agrees to pay the Corporation a Bulk Generator Tipping for MSW, a fee evaluated
by multiplying the amount of MSW (at least “Minimum MSW Guarantee”) by the amount of Days in a year (365 days)
and then multiplied by the tipping fee of the year in question (refer to schedule VII) for the disposal of the MSW generated by
it at the Site ("Bulk Generator Tipping Fee"). For each subsequent Contract Year, the tipping fee is evaluated
by the Yearly Tariff Payments of the previous Contract Year (refer to Schedule VII).First Party hereby undertakes that it shall
ensure that, from the Date of Commissioning, any such Bulk Generator Tipping Fee is paid directly to Corporation by the First Party.
Corporation shall have the right to collect, retain, appropriate and use the Bulk Generator Tipping Fee.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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MSW, Land & Treated Sewage Effluent Concession
Agreements

 

		d)	It may also be noted that the MSW so received by Corporation
from the First Party Supply area (being area under the jurisdiction of First Party) shall be a part of First Party MSW Quantity.

 

		4.3.	Collection at Cost of First Party

 

The Parties agree that all costs
of any operations for ensuring collection and delivery of MSW at the Receipt Point,
including but not limited to collection, manual segregation, storage, transportation and delivery of MSW at the Receipt
Point and disposal of the Rejected Waste, shall be borne by First Party.

 

		5.	TRANSPORTATION OF MSW

 

		5.1.	Routes

 

First Party, its Transporters and Corporation shall mutually
agree to and determine Routes that will be taken by the collection trucks to deliver the MSW at the Receipt Point. The routes so
determined shall ensure that the Biodegradable waste which is stored separately or is collected directly from Bulk Generators is
transported separately and not mixed with Non-Biodegradable waste collected and stored separately.

 

		5.2.	Delivery Schedule

 

First Party, its Transporters and Corporation shall mutually
agree to a suitable schedule for the delivery of First Party MSW Quantity at the Receipt Point ("Delivery Schedule").
Any deviations in the said Delivery Schedule shall be only with the prior consultation of Corporation. This provision shall not
prejudice First Party's primary obligation to supply MSW under this Agreement.

 

		6.	DELIVERY OF MSW

 

		6.1.	Delivery of MSW Prior to COD

 

At any time during the period
from the Effective Date and until the Date of Commissioning of the Plant, First Party shall supply and make available to Corporation
at Receipt Point, at the pre-stated tipping fee, Seven Hundred (700) TPD as of the date of Commissioning, thereafter until the
duration of the term, plus or minus (+/-) five per cent (5.0%) of MSW, as requisitioned by Corporation by a seven days advance
notice in writing.

 

		6.2.	Daily Delivery of MSW After COD

 

		a)	From the Date of Commissioning till
                                         the end of the contractual Term, First Party shall supply on a daily basis and make available
                                         to the Corporation at Receipt Point, at the stated tipping fee, a de facto minimum amount
                                         of seven hundred (700) TPD of MSW, as of the date
                                         of Commissioning, thereafter until the duration of the term, plus
                                         or minus (+/-) five per cent (5.0%) of MSW (on
                                         a de facto “Put or Pay”
                                         (for full face value of the quoted rate and the de facto daily minimum guaranty of MSW)
                                         basis), in accordance with the Delivery Schedule and the provisions of this Agreement.
                                         MSW supplied to the Corporation shall be primarily from the First Party Supply Area.

 

 

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		b)	First Party hereby agrees that Corporation shall have priority over
the MSW collected within the First Party Supply Area and First Party shall collect and deliver all the MSW generated within the
First Party Supply Area first to Corporation up to the First Party Municipal Solid Waste MSW Quantity required to be supplied
to Corporation under this agreement.

 

		6.3.	Measurement of MSW Delivered

  

	 	a)	Corporation shall cause a Weighbridge to be constructed at the Receipt Point, as part of the Project, which should have video surveillance, a server room, an electronic display unit and suitable technology, with duly calibrated weighbridge having the maximum possible accuracy, to carry out the following operations:

 

		i.	the
                                         MSW delivery trucks, take the dimensions of the delivery trucks, determine the weight
                                         of the consignment and determine the density of the consignment,

 

		ii.	generate
                                         and maintain an electronic data base for each delivery and provide a print out of the
                                         specifications and details for each consignment, as stated in subclause (i) above (such
                                         print out is hereinafter referred to as "Daily Weight Sheet"),

  

		b)	The
                                         Weighbridge shall be operated and maintained by Corporation, at no additional cost to
                                         First Party.

  

	 	c)	Each consignment shall be first screened and weighed at the Weighbridge. First Party shall provide the weight and volume of each empty delivery truck, in order to enable the due operation of the Weighbridge.

  

		d)	First
                                         Party undertakes that it shall depute a responsible person ("First Party Representative")
                                         to monitor the operations of the Weighbridge. However, the First Party Representative
                                         shall have no responsibility or liability regarding operation and maintenance of the
                                         Weighbridge.

 

		e)	Without
                                         prejudice to the foregoing, Corporation shall ensure that the Weighbridge is monitored
                                         and inspected regularly to ensure its due calibration and accuracy and any errors shall
                                         be rectified immediately.

 

		f)	The
                                         Daily Weight Sheet shall be final and binding on the Parties.

 

		6.4.	Maintenance of Records

 

The Daily Weight Sheet will
be maintained on a day to day basis by Corporation to record the quantity of MSW delivered and the quantity of MSW entered therein
as having been received and measured shall, subject to the right of Corporation to inspect
and reject the Rejected Waste that may be part of any consignment, be deemed to have been received by Corporation for the
purposes of this Agreement. A copy of the Daily Weight Sheet shall be daily sent to First Party by Corporation. Corporation shall
maintain the records of the Daily Weight Sheets (in electronic form) for a period of past three years.

 

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		6.5.	Determination of Rejected Waste 

 

		a)	If
                                         the Weighbridge determines that a consignment, other than a consignment of Organic Waste
                                         (to which the provisions of this clause 6.5 (a) shall not be applicable), has a density
                                         greater than:

 

		i.	in the case of an open truck, five hundred
kilograms per cubic meter (500 Kg/m3), and

 

		ii.	in
                                         the case of a compactor truck, eight hundred kilograms per cubic meter (800 kg/m3);
                                         then the relevant consignment may be rejected at the discretion of Corporation and the
                                         truck not allowed to unload the consignment. First Party hereby agrees that in order
                                         to enable the screening to be carried out effectively, it shall adhere to the Delivery
                                         Schedule:

 

		b)	If a consignment of Waste comprises predominantly of Organic Waste; it should be declared by First
Party upfront.

 

		c)	If a consignment of Waste has
                                         moisture content of more than 35%, or has more
                                         than 30% of inerts (C&D debris &
                                         recyclables, not including plastics (polymer based materials) and textiles), it
                                         will be classified and treated as Rejected Waste.

 

		d)	Corporation shall, at the time from the measurement of a consignment of MSW till before the MSW
is utilized in the Plant, be entitled to inspect the delivered MSW to ensure that no MSW that falls under the category of Rejected
Waste is processed by the Plant. If waste determined to be Rejected Waste are identified then, if such determination is made at
the Receipt Point at the time of delivery of a particular consignment of MSW, then Corporation can refuse to accept the Rejected
Waste from First Party and return the consignment without allowing it to be unloaded. Notwithstanding anything to the contrary,
if determination of any Rejected Waste is made after the relevant consignment had been accepted and mingled with the stored MSW
at the Site, then First Party shall bear all costs associated with the transportation of such Rejected Waste to the Landfill, and
the Corporation shall notify First Party of same.

 

		e)	The quantity of Rejected Waste identified during a period, shall be deducted from the MSW being
supplied by First Party while determining whether First Party has delivered the Minimum MSW Quantity for such relevant period.

 

		6.6.	Compensation in case of failure to deliver Minimum MSW Quantity 

 

First Party hereby agrees that the
delivery by First Party every day of the First Party a minimum MSW Quantity critical for ensuring the due implementation of the
Project. First Party hereby agrees that in consideration of Corporation implementing the Project, it hereby assures and undertakes
that it shall deliver, on every day after the COD, MSW equivalent to at least the First Party MSW Quantity at the Receipt Point,
in accordance with the Delivery Schedule, and in the event it is not able to deliver the First Party MSW Quantity for a period
of one (1) day, it shall pay Corporation for each day of such failure, under the principal
of “Put or Pay ”, after the second day period, as a pre-agreed
reasonable compensation, an amount ("Daily MSW Deficiency Amount Compensation") that is as follows and these elements
must be added together when applicable, in order to determine the total cost of the Daily MSW Deficiency Amount Compensation:

 

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		a)	The Requisite minimum amount of MSW, is Seven Hundred (700)
TPD as of the date of Commissioning, thereafter until the duration of the term, to be delivered, less the amount of MSW
delivered for that day, multiplied by the associated dollar amount for the tipping fee per ton of MSW, as can be referenced in
Schedule VII, for that time period;

 

		b)	Any and all associated costs and revenue losses incurred by the Corporation by the MSW Deficiency
Amount, up to and including the total opportunity loss of the procured marketable by-products (compost, electricity and carbon
credits) requisite for the economic viability of the project (revenue model), based on the MSW Deficiency Amount less MSW delivered
amount) from the operation of the plant and reasonable compensation for the aforesaid prejudice, and

 

		c)	In the event Supplementary Fuel is used to enable the due operation of the Power Plant, then the
Daily MSW Deficiency Amount shall be the aggregate of the cost incurred by Corporation in:

 

		i.	obtaining the Supplementary Fuel (used pursuant to clause 2.4) at
the Site, and

 

		ii.	any and all costs incurred by Corporation in ensuring the operation
of the Power Plant on the Supplementary Fuel so obtained (including equipment and infrastructure compatibility).

 

This amount shall be notified by Corporation to First
Party together with a certification of the same by the auditor of Corporation.

 

		7.	SUPPLY OF RESIDUAL TREATED WATER & SEWAGE

 

		7.1.	Interconnection of Sewage Treatment Plant and Sewerage System of First Party

 

First Party hereby agrees to engage
in the “Supply of Treated/Sewage Effluent Agreement”, as set out in Schedule VI, and authorizes Corporation
to construct, operate and maintain a pipeline system between the Plant and the Sewage Treatment Plant of the First Party, for enabling
the supply of the Residual Treated Water from the Sewage Treatment Plant to the Plant at Corporation's own cost. This is only if
required.

 

		7.2.	Use of Sludge at Site by Corporation

 

First Party hereby agrees and authorizes
Corporation to procure Sludge and use it in the waste treatment processes at the Plant and for that purpose First Party hereby
further agrees and Authorizes Corporation to store Sludge at the Site, at such place as may be determined by Corporation.

 

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		8.	LANDFILL SITE

 

		a)	First Party acknowledges that the availability
of the Landfill Site for the purposes of disposal of Rejected Waste and Residual Inert Matter are critical for the continued operations
of the Plant in a viable manner.

 

		b)	The Parties agree that First Party has no independent Landfill Site of its own, but uses the Landfill
Sites of First Party to dispose the MSW generated within its jurisdiction. First Party shall be primarily responsible for ensuring
the availability of a Landfill Site for accepting the Residual Inert Matter and Rejected Wastes generated from First Party MSW
Quantity, under the arrangements that it reaches with First Party or any other Person for disposal of MSW generated within the
First Party Supply Area.

 

		c)	The Residual Inert Matter shall be accepted by Landfill made available by First Party at no cost
to Corporation and/or to First Party. However, if such Landfill is not made available by First Party due to any reasons whatsoever,
or at a later date First Party refuses to accept Residual Inert Matter generated due to First Party MSW Quantity, then First Party
shall cause the Landfill Site to be made available for the purposes of this Agreement at its own cost and expense (including payment
of all levies, charges and taxes whatever) and as per the requirements and conditions as prescribed under Applicable Law. Any
Tipping Fee ("Tipping Fee" means any charges, fees or levies, etc... by whatsoever name called, paid by First
Party/Corporation to First Party/any other agency for use of Landfill site for disposal of Residual Inert Matter and Rejected Waste
due to First Party MSW Quantity) or other charges that are imposed by First Party for making the Landfill Site available shall
be borne by First Party and if Corporation has to pay any such tipping fee or charges, it shall be charged to First Party.

 

		d)	First Party hereby indemnifies Corporation and agrees to hold it harmless against any liability,
expense, cost, loss, claim, action, damage that Corporation suffers on account of the non-availability of the Landfill Site to
accept the Residual Inert Matter and Rejected Wastes.

 

		e)	Corporation shall, however, bear the cost of transportation and off-loading of the Residual Inert
Matter (but not of the Rejected Waste) from the Site, as the case may be to the agreed point at the Landfill Site in Moroni, provided
however, the transportation and offloading by Corporation of the Rejected Waste shall be at the cost and expense of First Party.
Moreover, if location of the Landfill Site is changed to outside Moroni at a later date and it results in increased transportation
distance to Landfill Site from the Project Site, First Party will pay to Corporation as transportation charges a sum of money as
per following formula:

 

Transportation
charges by First Party= Increase in Transportation Distance * Waste to be transported * a mutually acceptable factor (incorporating
cost of fuel, employee wages & vehicle usage)

  

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		9.	EXPANSION OF PROJECT

 

First
Party expects that the quantity of MSW that is generated within the First Party Supply Area would increase by seven percent (7%)
every year from the Date of Commissioning. The Parties agree that Corporation shall undertake reasonable
efforts to enable the processing of the increased volume of garbage at the Plant. Corporation expects that the extra MSW expected
to be supplied by First Party each year can be processed by the RDF Plant and the extra quantities of RDF that are so produced
by it can be either stored or sold by Corporation in the form of pellets. Corporation expects that the RDF Plant can be used to
process most of the extra MSW by increasing the number of operating hours of the RDF Plant. The Parties however, agree that the
Power Plant can be designed to the optimum level only for the existing committed quantity of MSW. Notwithstanding anything to the
contrary Corporation would ensure that the increased quantity of MSW during the Term of this Agreement would be accommodated
by the Plant either by increase in working hours or by putting in place additional capacities at the sole cost and expense of Corporation.
First Party shall not incur any liability in this respect.

 

		10.	BILLING AND PAYMENT

 

		10.1.	General

 

From the COD of the Project, First
Party shall pay the Corporation the Weekly Tariff Payment, on or before the Due Date, comprising of Tariff for every Contract Year,
determined in accordance with Article 4 and Schedule VII. All Tariff payments by First Party shall be in United States Dollars.

 

		10.2.	Delivery and content of Weekly Bills

 

		a)	The Corporation shall issue to First Party a Weekly Bill.

 

		b)	Each Weekly Bill and Provisional Bill shall include:

 

		i.	An account of the amount of MSW delivered by First Party to Corporation at project site for the relevant Week for Weekly Bill;

 

		ii.	The Corporation's computation of the Weekly Tariff Payment in accordance with Schedule VII; and

 

		iii.	Supporting data, documents and calculations in accordance with this Agreement.

  

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		10.3.	Payment of Weekly Bills

 

		a)	First Party shall pay the amount payable under Weekly Bill on the Due Date to such account of the Corporation by “Direct
Deposit” or against a “Revolving Letter of Credit” issued by the First Party for the Benefit of the
Corporation as described in clause 10.3 (c) (if Direct Deposit is not effected), in accordance with clause 10.4 below.

 

All payments made by the First Party shall be by appropriate
order of priority:

 

		i.	     towards Late Payment Surcharge, payable by the First Party, if any;

		ii.	     towards earlier unpaid Weekly Bill, if any, and

		iii.	     towards the then current Weekly Bill.

 

		b)	All payments required to be made under this Agreement
shall only include any deduction or set off for deductions required
by the Law; and amounts claimed by the First Party from the Corporation, through an invoice duly acknowledged by the Corporation,
to be payable by the Corporation, and not disputed by the Corporation within thirty (30) days of receipt of the said invoice and
such deduction or set-off shall be made to the extent of the amounts not disputed.
It is clarified that the First Party shall be entitled to claim any set off or deduction under
this Article, after expiry of the said thirty (30) day period.

 

Provided
further, the maximum amounts that can be deducted or set-off by the First Party under
this Article in a Contract Year shall not exceed twenty (20) percent of the weekly
billing.

 

		c)	The Corporation shall
open a bank account as designated by Lenders (the “Designated Account"),
and shall not be refuted by First Party, for all Tariff Payments to be made by First Party
to the Corporation, and notify First Party of the details of such account at least ninety
(90) days before the dispatch of the first Weekly Bill by the First
Party. First Party shall instruct
their respective bankers to make all payments under this agreement to the Designated
Account and shall notify the Corporation of such instructions on the same day. First
Party shall also designate a bank for payments to be made by the Corporation (including Supplementary
Bills) to First Party and notify the Corporation of the details of such account ninety
(90) days before the COD of the Power Station.

 

		d)	In the event of delay in payment of a Weekly Bill
by First Party beyond its Due Date weekly billing,
a Late Payment Surcharge shall be payable by First Party to the Corporation at the rate
of twenty-two (22) percent APR (“Annual Percentage Rate”), on the
amount of outstanding payment,
calculated on a day to day basis (and compounded with daily interest), for
each day of the delay. 

 

		10.4.	Payment Mechanism

 

		a)	Irrevocable Revolving Letter of Credit:

 

First
Party shall provide to the Corporation, in respect of payment of its Weekly Bills, an unconditional,
revolving and irrevocable letter of credit (Letter of Credit - RLC), opened and maintained
by First Party, which may be drawn upon by the Corporation in accordance with Article
10. The First Party shall provide the Corporation draft of the Letter of Credit proposed,
for final review and critiques, which shall adhere to the essence
of these presences.

  

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Not later than three (3) Months following
the signature of these presences, First Party shall, through its scheduled bank (reference clause 10.3 (c)), open a Letter of Credit
in favour of the Corporation (Beneficiary), to be made operative from a date prior to the Due Date of its first Weekly Bill under
this Agreement. The Irrevocable Revolving Letter of Credit shall have a term of twelve (12) Months, renewed every year for the
duration of the term and renewal option thereof, and shall be replenished to its face value four (4) times per annum, for an amount:

 

		i.	for the first Contract Year, equal to one
point five (1.5) times the estimated average yearly billing based on 100% of a face value representing the amount calculated
by multiplying the Minimum MSW Guarantee by the amount of Days in a year (365 days) and then multiplied by the tipping fee of the
year in question (refer to schedule VII), and

 

		ii.	for each subsequent Contract Year, equal to the one
point five (1.5) times the average of the Yearly Tariff Payments of the previous Contract Year (refer to Schedule VII).

 

Minimum MSW Guarantee (TPD) x 365 days/year x y (Schedule
VII) x 1.5 = LCR

 

Provided that the First Party has not
effected a Direct Deposit to the Corporation’s designated account for payment of its weekly invoice, the Corporation shall
draw upon such Irrevocable Revolving Letter of Credit immediately thereafter for the payment of the relevant Weekly Bill, as further
elaborated in clause 10.4 (c).

 

Provided further that if at any time,
such Irrevocable Revolving Letter of Credit amount falls short of the amount specified in Article 10.3 otherwise than by reason
of drawal of such Letter of Credit by the Corporation, the First Party shall restore such shortfall within seven (7) days.

 

		b)	First Party shall cause the scheduled bank issuing the Irrevocable
                                         Revolving Letter of Credit to intimate the Corporation, in writing regarding establishing
                                         of such irrevocable Revolving Letter of Credit.

 

		c)	If First Party fails to pay a Weekly Bill or part thereof
                                         within and including the Due Date, then, subject to clause 10.3. (c), the Corporation
                                         may draw upon the Letter of Credit, and accordingly the bank shall pay without any reference
                                         or instructions from the First Party, an amount equal to such Weekly Bill or part thereof
                                         plus Late Payment Surcharge, if applicable, in accordance with clause 10.3 (d) above,
                                         by presenting to the scheduled bank issuing the Letter of Credit, the following documents:

 

		i.	a copy of the Weekly Bill which has remained unpaid by such First Party;

 

		ii.	a certificate from the Corporation to the effect that the bill at item (i) above, or specified part thereof, is in accordance
with the Agreement and has remained unpaid beyond the Due Date; and

 

		iii.	Calculations of applicable Late Payment Surcharge, if any.

 

Further, on the occurrence of such
an event as envisaged herein, the Corporation shall immediately inform the First Party of the said failure of the First Party to
pay the Weekly Bill or part thereof and shall send regular updates to the First Party containing details of the amount claimed by the Corporation, as per
the provisions of this Article and payments made by the First Party pursuant to such claim.

  

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For the avoidance of doubt it is clarified
that the Corporation shall not be entitled to drawdown on the Letter of Credit for any failure of First Party to pay a Supplementary
Bill.

 

		d)	First Party shall cause the scheduled bank issuing the Irrevocable Revolving Letter of Credit to intimate the Corporation,
in writing regarding establishing of such irrevocable Revolving Letter of Credit.

 

		e)	First Party
shall ensure that the Irrevocable Revolving
letter of Credit shall be renewed not later
than forty-five (45) days prior to its expiry.

 

		f)	All costs relating to opening and maintenance of the Letter of Credit shall be borne
by the First Party.

 

		g)	Where necessary, the Irrevocable Revolving Letter of Credit may also be substituted by an unconditional and irrevocable bank
guarantee or an equivalent financial instrument as mutually agreed by the First Party and the Corporation.

 

		10.5.	Disputed Bill

 

		a)	If a Party does not dispute a Weekly Bill, Provisional Bill or a Supplementary Bill raised by the other Party within thirty
(30) days of receiving it, such bill shall be taken as conclusive.

 

		b)	If a Party disputes the amount payable under a Weekly Bill, Provisional Bill or a Supplementary Bill, as the case may be, that
Party shall, within seven (7) days of receiving such bill, issue a notice (the "Bill Dispute Notice") to the invoicing
Party setting out:

 

		i.	the details of the disputed amount;

 

		ii.	its estimate of what the correct amount should be, and

 

		iii.	all written material in support of its claim.

 

		c)	If the invoicing Party agrees to the claim raised in the Bill Dispute Notice issued pursuant to
clause 10.5 (b), the invoicing Party shall levies such bill within seven (7) days of receiving such notice and if the disputing
Party has already made the excess payment, refund to the disputing Party such excess amount within fifteen (15) days of receiving
such notice. In such a case excess amount shall be refunded along with interest at the same rate as Late Payment Surcharge which
shall be applied from the date on which such excess payment was made to the invoicing Party and up to and including the date on
which such payment has been received.

 

		d)	If the invoicing Party does not agree to the claim raised in the Bill Dispute Notice issued pursuant
to clause 10.5 (b), it shall, within fifteen (15) days of receiving the Bill Dispute Notice, furnish a notice to the disputing
Party providing:

 

		i.	reasons for its disagreement;

 

		ii.	its estimate of what the correct amount should be; and

  

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		iii.	all written material in support of its counter-claim.

 

		e)	Upon receipt of notice of disagreement to the Bill Dispute Notice under clause 10.5 (b), authorized
representative(s) or a director of the board of directors/member of board of each Party shall meet and make best endeavours to
amicably resolve such dispute within fifteen (15) days of receiving such notice of disagreement to the Bill Dispute Notice.

 

		f)	If the Parties do not amicably resolve the Dispute within fifteen (15) days of receipt of notice
of disagreement to the Bill Dispute Notice pursuant to clause 10.5 (b) the matter shall be referred to Dispute Resolution in accordance
with Article 21.

 

		g)	In case of Disputed Bills, it shall be
open to the aggrieved party to approach the Appropriate Commission for Dispute Resolution in accordance with Article 21 and also
for interim orders protecting its interest including for orders for interim payment pending Dispute Resolution and the Parties
shall be bound by the decision of the Appropriate Commission, including in regard to interest or Late Payment Surcharge, if any
directed to be paid by the Appropriate Commission.

 

		h)	If a Dispute regarding a Weekly Bill,
Provisional Bill or a Supplementary Bill is settled pursuant to clause 10.5 (e) or by Dispute resolution mechanism provided in
this Agreement in favour of the Party that issues a Bill Dispute Notice, the other Party shall refund the amount, if any incorrectly
charged and collected from the disputing Party or pay as required, within five (5) days of the Dispute either being amicably resolved
by the Parties pursuant to clause 10.5 (e) or settled by Dispute resolution mechanism along with interest at the same rate as Late
Payment Surcharge from the date on which such payment had been made to the invoicing Party or the date on which such payment was
originally due, as may be applicable.

 

		i)	For the avoidance of doubt, it is clarified
that despite a Dispute regarding an Invoice, the First Party shall, without prejudice to its right to Dispute, be under an obligation
to make payment, of the lower of (a) an amount equal to simple average of last three (3) Weekly invoices (being the undisputed
portion of such three Weeks invoices) and (b) Weekly Invoice which is being disputed, provided such Weekly Bill has been raised
based on the REA and in accordance with this Agreement.

 

		10.6.	Quarterly and Annual Reconciliation

 

Parties acknowledge that all payments
made against Weekly Bills, Provisional Bill and Supplementary Bills shall be subject to quarterly reconciliation at the beginning
of the following quarter of each Contract Year and annual reconciliation at the end of each Contract Year to take into account
Tariff Adjustment Payments, Late Payment Surcharge, or any other reasonable circumstance provided under this Agreement. The Parties,
therefore, agree that as soon as all such data in respect of any quarter of a Contract Year or a full Contract Year as the case
may be has been finally verified and adjusted, the Corporation and First Party shall jointly sign such reconciliation statement.
Within fifteen (15) days of signing of a reconciliation statement, the Corporation or First Party, as the case may be, shall raise
a Supplementary Bill for the Tariff Adjustment Payments for the relevant quarter/ Contract Year and shall make payment of such
Supplementary Bill for the Tariff Adjustment Payments for the relevant quarter/Contract Year. Late Payment Surcharge shall be payable
in such case from the date on which such payment had been made to the invoicing Party or the date on which any payment was originally
due, as may be applicable. Any dispute with regard to the above reconciliation shall be dealt with in accordance with the provisions
of Article 21.

 

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		10.7.	Payment of Supplementary Bill

 

		a)	Either Party may raise a bill on the other Party ("Supplementary Bill") for payment on account of:

 

Tariff Payment for change in parameters, pursuant to provisions
in Schedule VII; or and such Bill shall be paid by the other Party

 

		b)	First Party shall remit all amounts due under a Supplementary Bill raised by the Corporation to the Corporation's Designated
Account by the Due Date and notify the Corporation of such remittance on the same day. Similarly, the Corporation shall pay all
amounts due under a Supplementary Bill raised by First Party by the Due Date to the First Party's designated bank account and notify
the First Party of such payment on the same day.

 

		c)	In the event of delay in payment of a Supplementary Bill by either Party beyond its Due Date, a Late Payment Surcharge shall
be payable at the same terms applicable to the Weekly Bill in clause 10.3 (d).

 

11 . NO OTHER PAYMENTS

 

First Party shall not be entitled
to any compensation, fee, charges, reimbursements or payments whatsoever, for or in connection with the Concession and any other
rights and benefits whatsoever granted by First Party to Corporation under this Agreement.

 

12. ADDITIONAL OBLIGATIONS
OF CORPORATION

 

In addition to and without prejudice
to the other obligations of Corporation specified in other provisions of this Agreement, Corporation shall also discharge the following
additional obligations:

 

		12.1.	Development of Site

 

Corporation shall, after obtaining
the Vacant Possession of the Site in accordance with the provisions of clause 2.9 above and subject to the other provisions of
the Agreement (including but not limited to the satisfaction of the Conditions Precedent), commence development and improvement
on the Site required to implement the Project and to construct the Project Facilities (refer to schedule XI and XII), including
construction of internal roads at the Site, fencing, greenery etc. Corporation may
use, free of any charge, any debris that may be available at the Site for constructing internal roads, as also the building / structures
and infrastructure existing on the Site.

 

		12.2.	Financing and Implementation of the Project

 

		a)	Subject to Sub-clause (b) below, the Parties hereby agree that Corporation shall have the
                                                             complete discretion to implement and finance the Project in the manner it deems fit. Without prejudice to the generality of
                                                             the foregoing, Corporation shall have the right to implement the Project through one or
                                                             more special purpose companies and induct or appoint any number of persons as contractors, operators, partners or
                                                             investors, without any restriction or condition or requirement of prior approval of First Party. First Party hereby further
                                                             agrees that Corporation may carry out any work relating
to the Project either itself or through any suitable Person it may appoint, without the need to obtain
any approval of First Party provided however, Corporation shall remain completely responsible to ensure that the Project Facilities
comply with this Agreement;

 

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		b)	First Party confirms that Corporation has the full right and authority to borrow moneys or raise
finances for the Project. Further, Corporation shall not have the right to create any
charge over any Project Facilities or the land comprising the Site without the prior written
approval of First Party.

 

		12.3.	Corporation Undertakings

 

Corporation undertakes:

 

		a)	that, subject to the
provisions of this Agreement and First Party performing its obligations under this Agreement,
it shall undertake to construct, erect, assemble, install and achieve mechanical completion of the Project Facilities in a manner
so as to enable the mechanical completion of the entire Plant to be achieved within twenty-four
(24) months from the Effective Date.

 

		b)	that it shall always ensure it has the due authorization and proper legal right to use the Technology
it uses for the due operation of the Plant, and

 

		c)	that the Project Facilities shall be operated and maintained in accordance with this Agreement
and that the Plant shall, upon completion and commissioning, subject to First Party complying with its obligations under this Agreement
and the Operating Conditions for each Project Facility being satisfied, have the capacity of processing at least the Minimum MSW
Quantity and a maximum capacity of processing the Maximum MSW Quantity. First Party hereby agrees that Corporation may carry out
the operation and maintenance of the Plant (or any part thereof) by itself or through any suitable Person it may appoint provided
however, Corporation shall remain completely responsible to ensure that the Project Facilities comply with this Agreement.

 

		12.4.	Adequate Organization

 

Corporation shall, through the Term
have requisite organization and designate and appoint suitable officers/ representatives as it may deem appropriate for implementing
the Project properly and for carrying out the purposes of this Agreement in accordance with the terms hereof.

 

		12.5.	Disposal of Residual Inter Matter

 

Corporation shall collect and transport
the Residual Inert Matter from the Plant to the Landfill Site and dispose the Residual Inert Matter at the Landfill Site. All charges
for handling and transportation of the Residual Inert Matter will be borne by Corporation.

 

		12.6.	Applicable Approvals

 

Corporation shall apply and procure
all Applicable Approvals in respect of the construction, commissioning and operation of the Project Facilities provided however,
any Applicable Approval that is to be obtained/granted by the First Party as per Schedule VIII, shall be obtained and/or granted
by First Party upon the application for the same being made in accordance with applicable law by Corporation and First Party shall
also provide such reasonable support and assistance that Corporation may require for obtaining any such approvals.

  

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		12.7.	Compliance With Applicable Laws and Environment Laws

 

Corporation shall construct, operate
and maintain the Plant (and each of the Project Facilities) in accordance with Applicable Laws, including but not limited to all
the applicable laws relating to protection and safeguard of the environment and the laws for preventing and monitoring pollution
of environment, and obtain and maintain the Applicable Approvals required for the same.

 

		12.8.	Repair and Maintenance Work of the Plant

 

Corporation shall have the right
to suspend receiving and processing of MSW, if required, for undertaking maintenance or repair of any of the Project Facilities.
Corporation shall provide First Party of one (1) week advance notice of any repair and maintenance work of any of the Project Facilities
that will result in the suspension of the operations of the Plant or a reduction in the capacity of the Plant to process the MSW
being supplied by First Party.

 

The Parties hereby agree that, except
for shut down due to Force Majeure, the maximum number of days that die Plant will be permitted to be shut down for repair and
maintenance work in a calendar year, without attracting default provisions shall be limited to an aggregate of forty five (45)
days.

 

		12.9.	No Breach of Obligations in Certain Circumstances

 

Corporation shall not be considered
to be in breach of its obligations under this Agreement nor shall it incur or suffer any liability if and to the extent performance
of any of its obligations under this Agreement is affected by or on account of any of the following:

 

		a)	Force Majeure Event, subject to the provision of clause 22.1, or

 

		b)	First Party Event of Default as under clause 17.1 (b), or

 

		c)	Compliance with the instructions of First Party or the directions of any government agency/competent authority, or

 

		d)	Closure of the Project Facilities or part thereof as permitted under this Agreement or otherwise with the approval of the First
Party, or

 

		e)	Closure of the Landfill Site or any interference with the right of Corporation to dispose the Residual Inert Matter at the
Landfill Site, or

 

		f)	Concession agreement with First Party.

 

		12.10.	Project Engineer and/ Project Manager of Corporation

 

		a)	Corporation shall within six (6) months from the date hereof, appoint a suitable person to act as the Project Engineer and/or
Project manager for supervision and monitoring of the construction and operation of the Plant. The Project Engineer shall also
be responsible for maintaining proper coordination and exchange of information with the First Party representative.

 

		b)	Corporation shall be fully entitled to remove and replace the Project Engineer, if so deemed expedient by Corporation.

  

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		c)	Corporation alone shall be responsible for payment of the salary and/or fees and other benefits, expenses payable to the Project
Engineer and/or Project manager.

 

		12.11.	Processing of MSW

 

Corporation hereby assures First
Party that, from the Date of Commissioning and subject to the provisions of this Agreement and delivery of the required MSW by
First Party, the Plant shall be able to accept for processing a minimum of Four Thousand Nine Hundred (4,900) tons of First Party
MSW per week ("Minimum Guaranteed Quantity"). At the end of each week, after the Date of Commissioning, Corporation
shall submit a report to First Party providing the calculation of the quantity of First Party MSW that had been delivered by First
Party and the quantity of MSW that had been accepted by the Plant during the relevant immediately preceding week.

 

		12.12.	Compliance to Environment Laws

 

Corporation undertakes to establish
a fully equipped laboratory to monitor the quality of water, air, soil and impact of the project on the same.

 

		12.13.	Digitized Map of City

 

The Parties hereby agree that in
order to monitor the growth of the municipality and its population in a viable and regular manner that would enable estimation
of the growing requirements for management and disposal of MSW, Corporation shall maintain a digitized map of the municipality
and update it at the end of each calendar year:

 

Corporation shall submit an annual
report to the Board on its observations of the estimated growth of MSW generation over the preceding year based on the digital
map that it maintains.

 

		12.14.	Web Site

 

Corporation shall maintain a web
site that provides details of the plant and the processes that it operates in such reasonable detail as would enable awareness
about the Plant operation to any person accessing the web site. Without prejudice to the generality of the foregoing, Corporation
shall provide, on its website, details of the quantity of liquid, solid and gaseous Material discharged from the Plant and update
the information as to these quantities weekly basis.

 

		12.15.	Implementation Plan

 

Corporation shall ensure that it
undertakes the construction and commissioning of the Plant in accordance with the implementation plan annexed hereto as Schedule
XII to this Agreement.

 

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13. ADDITIONAL OBLIGATIONS
OF FIRST PARTY

 

Without prejudice and in addition
to the other obligations of First Party specified in this Agreement, First Party shall have the following additional obligations
to enable the due implementation of the Project by Corporation:

 

		13.1.	Disposal of Waste During Plant Shutdown

 

It is hereby agreed that such quantity
of MSW that cannot be accepted by Corporation for processing in the Plant because of shut down of the Plant in accordance with
clause 12.8 for repair and maintenance or upon the occurrence of Force Majeure Event, shall be disposed by First Party, at
its own cost, directly at the Landfill Site or at such other location or in such other manner as may be deemed appropriate
by First Party.

 

		13.2.	Applicable Approvals

 

		a)	First Party, shall facilitate Corporation in procuring all Applicable Approvals (refer
                                                             Schedule VIII) and provide all co-ordination with various State and other concerned authorities and agencies and all other
                                                             assistance and facilities (including for supply of utilities like water and electricity required during construction and
                                                             maintenance of the Plant) as envisaged herein, free of any cost (except as otherwise expressly provided herein) as required
                                                             and needed for the implementation of the Project and for the purposes of this Agreement. First Party shall, without prejudice
                                                             to the generality of the foregoing, extend all required assistance to Corporation in gutting permission from any
                                                             agencies/authorities to establish and maintain water and electricity and line as also distribution lines for RDF generated
                                                             power and steam, on and through their land;

 

		b)	without prejudice to the generality of clause 13.2 (a) above, First Party shall:

 

		i.	recommend and forward to the relevant authority /ministry /Department, any application of
                                                               Corporation to obtain any Applicable Approval;

 

		ii.	co-ordinate the grant of the Applicable Approval with the relevant authority/ministry/department
and assist Corporation in getting necessary clearances from the relevant authorities / ministry /departments, ensure that the building
plans for the Project Facilities at Site are duly and expeditiously approved by the concerned authorities of First Party (if applicable)
under the Act / building by-laws / other relevant by-laws or regulations;

  

		iii.	will engage, at the same time as these presences, in the full execution of the Land Lease Agreement
(attached as Schedule V), Supply of Treated Sewage/Effluent (STP) Agreement (attached as Schedule VI) and the Power Purchase Agreement
(PPA) (separate referenced Agreement).

 

Nota Bene: It should however
be noted that in case the Project is not granted one or more Approvals in spite of First Party providing all necessary
support for obtaining same, it shall be considered and/or deemed as First Party’s Event of Default against the Corporation..

 

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		13.3.	Benefits to Project to Accrue Directly to Corporation

 

First Party hereby agrees that if
there is any financial or tax benefits or otherwise in respect or on account of the Project (including but not limited to viability
gap funding, grants, carbon credits, tax benefits, etc.), they shall accrue directly and exclusively to Corporation alone and not
to First Party and First Party hereby undertakes that it shall not claim or file and application claiming such benefits to the
prejudice of Corporation. First Party agrees to facilitate the grant or receipt of all such benefits by Corporation, whether on
its own behalf or on behalf of First Party and for the purpose to give all needed recommendations, no-objections, authorizations
etc. However, First Party shall not be liable to bear any cost on account of any and/or all benefits.

 

		13.4.	First Party Assistance in Enabling Financing

 

First
Party hereby agrees that it shall enter into such agreements on mutually acceptable terms and conditions as may be reasonably required
by the Lenders in order to enable the financing of the Project (Schedule X). First Party acknowledges
that under the Financing Documents the Lenders may, in certain events, take over the Plant for management or for sale or provide
for transfer of the Plant to another Person. First Party hereby agrees to enter into, and any direct agreement with the Lenders,
as may be required by the Lenders to enable financing of the Project. First Party agrees, for the purposes of the Financing Documents,
to intimate to the Lenders by such notice as required under the Financing Documents:

 

		a)	of the happening or likely happening of
an Event of Default on the part of First Party or Corporation;

 

		b)	of the termination of this Agreement by First Party or by Corporation;

 

		c)	of the occurrence, continuance and cessation of any force majeure cause;

 

		d)	of any other breach or default on the part of Corporation under this Agreement,

 

It is hereby clarified that no financial
obligations will be undertaken by First Party or be sought to be imposed on First Party in providing assistance
under this clause 13.4.

 

		13.5.	First Party Liaison Officer

 

First Party shall, within fifteen
(15) days from the date hereof, appoint one of its officers to act as (and herein also referred
to) as First Party Liaison Officer to provide liaison and coordination with the Project Engineer in the implementation of the Project.
The First Party officer who shall act as the First Party Liaison Officer can be changed by First Party from time to time and shall
be notified in writing by First Party one week in advance to Corporation.

 

14. TAXES ON PROJECT FACILITIES

 

Having regard to the nature and
importance of the Project aimed at reducing Environment pollution and being implemented in said discharge of the statutory liabilities
and social responsibility of First Party, it is agreed that First Party shall support Corporation in seeking any exemptions from
any Government Division/Ministry/Authority from levy, assessment and payment of taxes, levies, property tax, corporate income taxes,
etc. in respect of the Project Facilities from the Effective Date until expiry of the Term, and assure same. The First Party will
guarantee to the Corporation that the Corporation will be classified as a Special Purpose
Vehicle (SPV) Corporation for the purpose of Income Tax impositions.

 

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		15.	COVENANT OF NON-INTERFERENCE

 

		15.1.	Non-Interference by First Party

 

		a)	First Party covenants with Corporation that First Party or any of its officers, employees or workmen
shall not, at any time, during the Term of this Agreement interfere with or obstruct in the functioning, running and the overall
management of the Project and in any matter in relation to or connected therewith, subject to the provisions of this Agreement.

 

		b)	First Party shall have no right, title or interest to the technology that would be used by Corporation
in the development, operation and maintenance of the Project Facilities. First Party agrees that any technology that may be employed
by Corporation in the development, operation and maintenance of the Project Facilities would be proprietary technology obtained
under specific license(s) owned by the Corporation and First Party hereby undertakes that it shall not violate or cause a breach
of the license arrangements of Corporation for appropriate technology.

 

		15.2.	Site Visits by First Party

 

First Party shall have the right
to send its duly authorized representatives to visit the Site, during normal working hours after providing at least one day’s
notice, provided however, the representatives of First Party shall not interfere with or prevent Corporation officials from discharging
their functions and further the First Party representatives shall not cause the suspension of the operations of the Plant and will
abide by the safety and other regulations (including but not limited to regulations limiting movement of personnel) put in place
by Corporation at the Site.

 

		16.	INSURANCE

 

		16.1.	Corporation’s Obligation

 

Corporation shall at its cost and
expense, obtain and maintain, during the Term, all such insurances (in addition to those mandated by Applicable Laws or required
by the Lenders) as may be required by First Party and the Lenders in the joint names of Corporation and the First Party.

 

		16.2.	Insurance Proceeds

 

Subject to the provisions of the
Financing Documents and unless otherwise provided herein, the proceeds of all insurance policies received shall be promptly applied
by Corporation towards repair, renovation, restoration or re-instatement of the Project Facilities or any part thereof which may
have been damaged or destroyed. Corporation may designate First Party and the Lenders as the loss payees under the insurance policies
or assign the insurance policies in their favour as security for the financial assistance provided by them to the Project.

 

		16.3.	No Breach of Insurance Obligation

 

If during the Term, any risk which
has been previously insured becomes un-insurable due to the fact that the insurers have ceased to insure such a risk and therefore
insurance cannot be maintained / re-irritated in respect of such risk, Corporation shall not be deemed to be in breach of its obligations
regarding insurance under this Agreement.

  

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		17.	EVENTS OF DEFAULT AND TERMINATION

 

		17.1.	Events of Default

 

Events of Default shall mean either
Corporation Event of Default or First Party Event of Default or both as the context may admit or require:

 

		a)	Corporation Event of Default:

 

Any of the following events shall constitute
an Event of Default by Corporation ("Corporation Event of Default") unless such event has occurred as a result
of one or more reasons set out in Article 21:

36

		i.	Corporation has failed to achieve Date of Commissioning beyond three
hundred and sixty-five (365) days of the expiry Commissioning Period;

 

		ii.	Corporation is in Material Breach of any of its obligations under this Agreement and such breach,
if capable of being remedied, has not been remedied for more than sixty (60) days;

 

		iii.	A resolution for voluntary winding up has been passed by the shareholders of Corporation;

 

		iv.	Any petition for winding up of Corporation has been admitted and liquidator or provisional liquidator
has been appointed or Corporation has been ordered to be wound up by Court of competent jurisdiction, except for the purpose of
amalgamation or reconstruction, provided that, as part of such amalgamation or reconstruction and the amalgamated or reconstructed
entity has unconditionally assumed all surviving obligations of Corporation under this Agreement.

 

		b)	First Party Event of Default:

 

Any of the following events shall constitute
an event of default by First Party ("First Party Event of Default") when not caused by a Corporation Event
of Default or Force Majeure Event:

 

		i.	First Party has failed to pay compensation to Corporation as per provisions of clause 4.2 and clause
6.2 for a period of 2 months;

 

		ii.	First Party is in Material Breach of any of its obligations under this Agreement that are more
specifically mentioned in clause 6.6 and clauses 13.2, 13.4 and 15.1, and has failed to cure such breach within sixty
(60) days of receipt of notice thereof issued by the Corporation;

 

		iii.	First Party has unlawfully repudiated this Agreement or otherwise expressed its intention not to
be bound by this Agreement.

 

		17.2.	Termination due to Event of Default

 

		a)	Termination for Corporation Event of Default:

 

		i.	Without prejudice to any other right or remedy which First Party may have in respect thereof under
this Agreement and subject to the existing rights of the Lenders (including the rights under clause 12.2 (b)), upon the occurrence
of a Corporation Event of Default, First Party shall be entitled to terminate this Agreement in the manner as set out under clauses
17.2(a)(ii), 17.2(a)(iii), 17.2(c), 17.2(d) and 17.2(f);

 

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		ii.	If First Party decides to terminate this
Agreement pursuant to preceding Sub-clause (i), it shall in the first instance issue Preliminary Notice to Corporation. Within
thirty (30) days of receipt of the Preliminary Notice, Corporation shall submit to
First Party in sufficient detail, the manner in which it proposes to cure the underlying Event of Default ("Corporation's
proposal to Rectify"). In case of non-submission of Corporation's Proposal of Rectify within the said period of thirty
(30) days. First Party shall be entitled to terminate this Agreement by issuing Termination Notice, if subsisting;

 

		iii.	If the Corporation's Proposal to rectify is submitted within the period stipulate therefore, Corporation
shall have further period of thirty (30) days to remedy / cure the underlying Event
of Default. If, however Corporation fails to remedy/cure the underlying Event of Default within such further period allowed First
Party shall be entitled to terminate this Agreement, subject always to the provisions of clause 12.2, by issue of Termination Notice,
if subsisting.

 

		b)	Termination for First Party Event of Default:

 

		i.	Without prejudice to any other right or remedy which Corporation may have in respect thereof under
this Agreement and subject to the rights of the Lenders, upon the occurrence of First Party Event of Default, Corporation shall
be entitled to terminate this Agreement by issuing Termination Notice;

 

		ii.	If Corporation decides to terminate this Agreement pursuant to preceding Sub-clause (i) it shall
in the first instance issue Preliminary Notice to First Party. Within thirty (30)
days of receipt of Preliminary Notice. First Party shall forward to Corporation its proposal to remedy / cure the underlying Event
of Default (the "First Party’s Proposal to Rectify"). In case of non-submission of First Party Proposal
to Rectify, within the period stipulated therefore, the Corporation shall be entitled to immediately terminate this Agreement by
issuing Termination Notice and sell its Project facilities of the MSW to Energy Complex to the First Party, and the First Party
will have to buy same within thirty (30) days, in accordance to the stipulations of 17.2(f)(i) or 17.2(f)(ii), depending on the
situation.

 

 

		iii.	If First Party Proposal to rectify is forwarded to the Corporation within the period stipulated
thereof, First Party shall have further period of thirty (30) days to remedy / cure
the Underlying Event of Default. If, however First Party fails to remedy/cure the underlying Event of Default within such further
period allowed, the Corporation shall be entitled to immediately terminate this Agreement by issuing Termination Notice and sell
its Project facilities of the MSW to Energy Complex to the First Party, and the First Party will have to buy same within thirty
(30) days, in accordance to the stipulations of 17.2(f)(i) or 17.2(f)(ii), depending on the situation.

 

 

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		c)	Termination Notice:

 

If a Party having become entitled to do so decides to terminate
this Agreement pursuant to the preceding Sub-clause (a) or (b), it shall issue Termination Notice setting out;

 

		i.	in sufficient detail the underlying Event of Default;

 

		ii.	the Termination Date which shall be a date occurring not earlier than sixty (60) days from the
date of Termination Notice;

 

		iii.	the estimated termination payment including the details of computation thereof; and

 

		iv.	any other relevant information

 

The Parties hereby agree that any Termination Notice shall
also be sent to all Lenders by registered post/courier and a public notice of default of the Corporation/First Party in leading
daily newspaper (of both English and French) of the city.

 

		d)	Obligation of Parties upon receipt of Termination Notice:

 

Following issue of Termination Notice by either Party, the
Parties shall, subject to the provision of the Financing Documents and the rights of the Lenders provided therein, promptly take
all such steps as may be necessary or required to ensure that;

 

		i.	until Termination the Parties shall, to the fullest extent possible, discharge their respective
obligations so as to maintain the continued operation of the Project Facilities;

 

		ii.	the Termination Payment, payable by First Party in accordance with the following sub-clause (f)
if paid to Corporation on the Termination Date, and

 

		iii.	the Project Facilities will be sold to the First Party by Corporation and transferred back to First
Party by Corporation on the Termination Date, free from any encumbrances, with the exception
of any Lender’s rights registered on the Project Facilities for financing reasons.

 

		e)	Withdrawal of Termination Notice:

 

Notwithstanding anything inconsistent
contained in this Agreement, if the Party who has been served with the Termination Notice cures the underlying Event of Default
to the satisfaction of the other Party at any time before the Termination occurs, the Termination Notice shall be withdrawn by
the Party which had issued the same, provided that the Party in breach shall compensate the other Party for any direct costs /
consequences occasioned by the Event of Default which caused the issue of Termination Notice.

 

		f)	Termination Payments:

 

		I.	Upon Termination of this Agreement on
account of First Party Event of Default, Corporation shall be entitled to the following termination payments:

 

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		i.	if the Termination occurs prior to the COD, then First Party shall pay Corporation Termination
Payment equivalent to the Development Costs incurred by Corporation and two hundred fifty
percent (250%) as penalty costs.

 

		ii.	if the Termination occurs after COD, then First Party shall pay Corporation as Termination Payment,
a sum equal to:

 

		a.	the total Development Cost of the Concept
(Technology, Research, Development, etc...) and the Project Facility, plus

 

		b.	two hundred fifty percent (250%) of the Project Facility
Development Cost subscribed in cash.

 

		II.	Upon Termination of this Agreement on account of Corporation Event
of Default First Party shall be liable to buy from Corporation the Project facilities of the MSW to Energy Complex, in conformity
to clauses 17.2(f)(i) or 17.2(f)(ii), and First Party shall be liable to ensure that the Lenders are duly notified of the Preliminary
Termination Notice and the Termination Notice and are involved in the resolution of the Corporation Event of Default and are given
due notice and opportunity to exercise their rights pursuant to the Financing Documents, clause 12.2 and Schedule X. In the event
of an issuance of a Preliminary Termination Notice on account of Corporation Event of Default, and if the Corporation Event of
Default is not cured and the Lenders fail to exercise or enforce or commence proceedings for
the exercise or enforcement of their rights (including security rights and Step-in Rights) pursuant to the relevant Financing Documents
and clauses 12.2 and 18.2, First Party shall have the right to Terminate this Agreement and take over the Project Facilities of
the MSW to Energy Complex by paying the Termination Payments in conformity to clauses 17.2(f)(i) or 17.2(f)(ii), depending on the
situation, assuming all obligations (debts/liabilities) to Lenders, whilst respecting the rights and interests of the Lenders and
Corporation shall be obligated to transfer the Project Facilities of the MSW to Energy complex, together with the encumbrances
created in favour of the Lenders under the Financing Agreements, in accordance with the provisions of clauses 12.2, 18.1 and 18.2
below provided; however, this shall not prejudice any right to receive payment from First Party that may have accrued to Corporation
prior to the Termination. However, upon such Termination due to Corporation Event of Default and in case Lenders do not exercise
their right to Substitute and decide to enforce security and encumbrances as per provisions of clauses 12.2, 18.1 and 18.2, the
First Party shall intervene to negotiate and assume liability or pay all monetary obligations due to Lenders, and assume title
of the Project Facilities, therefrom. Any amount remaining after satisfying Lenders dues shall be distributed to First Party, contingent
same does not have any outstanding obligations to the Corporation, due to the First Party’s acquisition of BioCrude’s
interest in the Project Facilities of the MSW-Energy complex.

 

		17.3.	Rights of First Party on Termination

 

Subject to the provisions of Article
17 or Article 19, upon Termination of this Agreement and after Corporation has received all the payments due from First Party under
this Agreement, First Party shall have the power and authority to:

 

		a)	enter upon and take possession and control of the Project Facilities;

 

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		b)	prohibit Corporation and any person claiming through or under Corporation from entering upon / dealing with the Project Facilities.

 

		17.4.	Accrued Rights of Parties

 

Notwithstanding
anything to the contrary contained in this Agreement, any termination of this Agreement shall be without prejudice to accrued rights
of either Party including its right to claim and recover money damages and other rights and remedies which it may have in law or
contract. The rights and obligations of either Party under this Agreement, including without
limitation those relating to the Termination Payment, shall survive the Termination but only to the extent such survival is necessary
for giving effect to such rights and obligations.

 

		18.	STEP IN RIGHTS

 

		18.1.	Lender’s Step In Right

 

The Parties agree that, notwithstanding
anything to the contrary hereinabove contained, before First Party can terminate this Agreement for a Corporation Event of Default,
it shall provide a copy of the Preliminary Notice to the Lenders of Corporation and the Lenders shall, in addition to any other
rights and security rights that the Lenders may have under the Financing Documents, take over and change the management
of Corporation and to take over the Plant, have the right to appoint a substitute entity to take over the Project Facilities and
the implementation of the Project under this Agreement provided however, that the Lenders shall exercise this right or commence
proceedings to exercise their rights, within a period of thirty (30) days from the receipt of Preliminary Notice. In the event
the Lenders do not appoint a substitute entity, within a period of 3 months commencing from the expiry of 30 days from the receipt
of Preliminary Notice, which may be extended for up to another Three (3) months by First Party at the request of the Lenders (Schedule
X). In the event the Lenders are not in a position to identify and appoint a substitute entity within the aforesaid period of Three
(3) months or any extension thereof, and First Party also does not proposes to take over the Plant, then the Lenders shall ensure
that, then they enforce and satisfy their security charges and other Encumbrances (including but not limited to by auctioning the
secured assets of the Plant excluding the land granted to Corporation by First Party) that they may have over the Plant and provide
the Vacant Possession of the Site to the First Party, in accordance with Article 19 below.

 

First Party shall, in the event such
a substitute entity is notified by the Lenders, not terminate this Agreement and will transfer this Agreement to such substitute
entity and the substitute entity shall thereafter implement the Project provided however,
the Lenders shall have no obligation to appoint a substitute entity and shall not in any manner be liable or responsible for the
Corporation Event of Default.

 

		18.2.	Termination Subject to Lender’s Rights

 

First Party hereby agrees that its
right to terminate this Agreement and obtain possession of the Project Facilities shall always be subject to the rights of the
Lenders and any Encumbrances created in favor of the Lenders under the Financing Documents and any agreement entered into by First
Party directly with the Lenders pursuant to clauses 13.4 and 18.2.

 

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		19.	TRANSFER AND HANDBACK OF PROJECT FACILITIES

 

Upon the completion and expiry
of the Term of this Agreement or early Termination of this Agreement, Corporation shall, after receiving all payments due from
First Party under this Agreement, either:

 

		a)	transfer, to First Party, the Plant (together
with the Project Facilities) and the Site, in a condition as may be mutually agreed to between the Parties, together with the right,
title and interest of Corporation;

 

		b)	in the event First Party does not want to take over the Plant, Corporation (or the Lenders, as
the case may be) shall hand back Vacant Possession of the Site, free from all physical structures of the Plant, to First Party,
without any additional compensation whatsoever.

 

In order to enable Corporation
(or the Lenders, as the case may be) to deliver Vacant Possession of the Site free from all physical structures of the Plant, an
additional period of six (6) months from the expiry or early termination of the Term of this Agreement shall be provided.

 

It is to be noted that on expiry
of the Term of this Agreement, if First Party wants the Plant, then the Payments to be made by First Party to Corporation will
be equal to "Market Value" of the Project facilities. In any case, before Handback of Project facilities, Corporation
will execute all such documents and writings as required for transfer of Project to First Party provided however, in the event
of early termination, if First Party wants the Plant, then the transfer of the Plant (including the Project Facilities) shall occur
together with any Encumbrances created in favour of the Lenders under the relevant Financing Documents. Corporation will also execute
all such documents and writings as required in that behalf. Corporation will also transfer / endorse all licenses, permissions,
permits or consents then existing in respect of the Project Facilities to First Party or issue the necessary no objections in that
regard or surrender such licenses, permissions etc. in favour of First Party.

 

For the sake of clarity, upon
handback of Project by Corporation to First Party, the employees of Corporation remain to be employees of Corporation only. First
Party shall not be responsible for taking over the management and control of Corporation and any acts and deeds of Corporation
in relation to the Project or otherwise.

 

In the event First Party is taking
over the Plant instead of insisting of delivery of Vacant Possession of the Site, it will, if necessary, have to enter into suitable
agreements with the owners of the technology being used in the Project Facilities for directly obtaining any necessary license
and right on non-exclusive and non -transferable basis, to continue to use the relevant technology only for the purposes of operation
and maintenance of the Plant.

 

For the purpose of this Article
19, "Book Value" is the value net of depreciation computed on straight-line basis as per the rates specified in
under “GAAP” or “IFRS” (“Generally Accepted Accounting Principles”,
or “International Financial Reporting Standards”, respectively).

 

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		20.	LIMITATION OF LIABILITY

 

		a)	First Party shall not be directly or indirectly
liable for any claims, liability, costs, expenses, damages and losses that may be sought by any third party in relation to any
default in the operation and maintenance of the Project Facilities and Corporation shall maintain suitable insurance against potential
third party liability arising in relation to the operation and maintenance of the Plant.

 

		b)	First Party hereby agrees that Corporation shall not have any liability (monetary or otherwise)
for Corporation Event of Default other than the obligation to transfer the Project Facilities to
First Party in accordance with the provisions of this Agreement, in the event of termination.

 

		c)	First Party hereby agrees that it is the owner of the lands constituting the Site and further that
First Party desires the construction, operation and maintenance of the Project Facilities and the Plant thereon for the purposes
of enabling the management, storage, processing and disposal of Municipal Waste. Consequently, First Party hereby agrees to indemnify
and hold Corporation harmless against any claims, liability, costs, expenses, damages and losses that Corporation may incur as
a result of any claim, litigation, action instituted by any third party against the use of the Site for the purposes of the development,
construction, operation and maintenance of any one or more of the Project Facilities or the Plant.

 

		21.	GOVERNING LAW AND DISPUTE RESOLUTION (ARBITRATION)

 

		21.1	Governing Law

 

This Agreement shall be governed by and construed
in accordance with the Laws of Canada.

 

		21.2	Amicable Settlement

 

		21.2.1	Either Party is entitled to raise any claim, dispute or difference of whatever nature arising under, out of or in connection
with this Agreement including its existence or validity or termination (collectively "Dispute") by giving a written
notice to the other Party, which shall contain:

 

	 	i.	 	a description of the Dispute;
	 	 	 	 
	 	ii.	 	the grounds for such Dispute; and
	 	 	 	 
	 	iii.	 	all written material in support of its claim.

 

		21.2.2	The other Party shall, within thirty (30) days of issue of dispute notice issued under clause 21.2.1, furnish:

 

	 	i.	 	counter-claim and defenses, if any, regarding the Dispute; and
	 	 	 	 
	 	ii.	 	all written material in support of its defenses and counter-claim.

 

		21.2.3	Within thirty (30) days of issue of notice by any Party pursuant to clause 21.2.1 or clause 21.2.2,
both the Parties to the Dispute shall meet to settle such Dispute amicably. If the Parties fail to resolve the Dispute amicably
within thirty (30) days of receipt of the notice referred to in the preceding sentence, the Dispute shall be referred to Dispute
Resolution in accordance with clause 21.3.

 

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		21.3	Dispute Resolution

 

		21.3.1	For all disputes that arise, the Disputes will be resolved by arbitration, and will respect the rules, regulations and procedures
thereto. The Disputes shall be resolved by arbitration under the Canadian Arbitration and Conciliation Act and its by-laws. Herein
under is the procedure to be followed:

 

		i.	The Arbitration tribunal shall consist of three (3) arbitrators to be appointed in accordance with
the Canadian Council of Arbitration Rules. Each of the parties will select an arbitrator and the two (2) arbitrators will select
the third (3rd) arbitrator.

 

		ii.	The place of arbitration shall be Canada. The language of the arbitration shall be English, with
official translation services in Grande Comore, Union of the Comoros.

 

		iii.	The arbitration tribunal's award shall be substantiated in writing. The arbitration tribunal shall
also decide on the costs of the arbitration proceedings and the allocation thereof.

 

		iv.	The arbitration decision (award) shall be approved as final and enforceable in any court having
jurisdiction in the country of the First Party, acknowledging and approving same, subject to the applicable laws thereto.

 

		21.4	Parties to Perform Obligations

 

Notwithstanding the existence
of any Dispute and difference referred to the Appropriate Commission or the arbitral tribunal as provided in clause 21.3 and save
as the Appropriate Commission or the arbitral tribunal may otherwise direct by a final or interim order, the Parties hereto shall
continue to perform their respective obligations (which are not in dispute) under this Agreement.

 

		22.	FORCE MAJEURE AND CHANGE IN LAW 

 

		22.1.	Force Majeure Event 

 

Any event lying beyond the reasonable
control of a Party and not brought about at the instance of the Party claiming to be affected by such event ("Affected
Party") which the Affected Party could not prevent or overcome despite having exercised due care and diligence and which
results in a Material Adverse Effect shall constitute a Force Majeure Event. Such events include any or all of Non Political Event,
Indirect Political Event and/or Political Event as defined below, provided they fulfill the requirements stated in the preceding
sentence, shall include, but not be limited to the following:

 

		a)	earthquake, flood, inundation and landslide;

 

		b)	storm, tempest, hurricane, cyclone, lightning, thunder or other extreme atmosphere disturbances;

 

		c)	fire caused by reasons not attributable to the Affected Party or its management;

 

		d)	acts of terrorism;

 

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		e)	strikes, labour disruptions or any other industrial disturbances not arising on account of the
acts or omissions of the Affected Party;

 

		f)	break down of the Plant or any part thereof;

 

		g)	action of a Government Agency having Material Adverse Effect including by not limited to:

 

		i.	acts of expropriation, compulsory acquisition or takeover by any Government Agency of the Project
/ Project Facilities or any part thereof or of Corporation's rights in relation to the Project;

 

		ii.	any judgment or order of a court of competent
jurisdiction made against Corporation or any
contractor appointed by Corporation for the purposes of the Project, in any proceedings which
is non-collusive and duly prosecuted by Corporation.

 

		iii.	any unlawful, unauthorized or without
jurisdiction refusal to issue or to renew or the revocation
of any Applicable Approvals, in each case, for reasons other than Corporation's or any
of its contractor's breach or failure in complying with the, Applicable Laws, Applicable Approvals,
any judgment or order of a Governmental Agency or of any contract by which Corporation or its contractor as the case may
be is bound.

 

War, hostilities (whether declared
or not) invasion act of foreign enemy, rebellion, riots, weapon conflict or military actions, civil war, ionizing radiation, contamination
by radioactivity, any nuclear waste, radioactive toxic explosion, and volcanic eruptions, amongst other reasons.

 

Provided that First Party's
inability to supply MSW wholly or in part from the aforementioned First Party Supply Area shall not constitute a Force Majeure
Event.

 

		22.2.	Notice of Force Majeure Event 

 

		a)	A soon as practicable and in any case within 7 days of the date of occurrence of a Force Majeure
Event or the date of knowledge thereof, the Affected Party shall notify the other Party and also the Project Engineer and the First
Party representative of the same setting out, inter alia, the following in reasonable detail:

 

		i.	the nature and extent of the Force Majeure Event;

 

		ii.	the estimated duration of the Force Majeure Event;

 

		iii.	the nature of and the extent to which, performance or any of its obligations under this Agreement
is affected by the Force Majeure Event;

 

		iv.	the measures which the Affected Party has taken or proposes to take to alleviate / mitigate the
impact of the Force Majeure Event and to resume performances of such of its obligations affected thereby; and

 

		v.	any other relevant information concerning the Force Majeure Event, and / or the rights and obligations
of the Parties under this Agreement.

 

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		b)	As soon as practicable and in any case within 5 days of notification
by the Affected Party in accordance with the preceding sub-clause (a), the Parties shall along with the Project Engineer and the
First Party representative meet, hold discussions in good faith and where necessary conduct physical inspection / survey of the
Project Facilities in order to:

 

		i.	assess the impact of the underlying Force Majeure Event;

 

		ii.	to determine the likely duration of Force Majeure Period and

 

		iii.	to formulate damage mitigation measures and steps to be undertaken
by the Parties for resumption of obligations the performance of which shall have been affected by the
underlying Force Majeure Event.

 

		c)	The Affected Party shall during the Force Majeure Period provide to the other Party and the Project engineer/ First Party representative
regular (not less than weekly) reports concerning the matters set out in the preceding sub-clause (b) as also any information,
details or document, which the other Party may reasonably require.

 

		22.3.	Performance of Obligations

 

If the Affected Party is rendered wholly or partially
unable to perform any of its obligations under this Agreement because of a Force Majeure Event, it shall be excused from performance
of such obligation to the extent it is unable to perform the same on account of such Force Majeure Event provided that:

 

		a)	due notice of the Force Majeure Event has been given as required by the preceding clause 22.1;

 

		b)	the excuse from performance shall be of no greater scope and of no longer duration than is necessitated by the Force Majeure
Event;

 

		c)	the Affected Party has taken all reasonable efforts to avoid, prevent, mitigate and limit damage, if any, cause or is likely
to be caused to the Project Facilities as a result of the Force Majeure Event and to restore the Project Facilities as a result
of the Force Majeure Event and to restore the Project Facilities, in accordance with the Good Industry Practice and its relative
obligations under this Agreement;

 

		d)	when the Affected Party is able to resume performance of its obligations under this Agreement, it shall give to the other Party
and the Project engineer and First Party representative written notice to that effect and shall promptly resume performance of
its obligations hereunder the non-issue of such notice being no excuse for any delay for resuming such performance;

 

		e)	the Affected Party shall continue to perform such of its obligations which are not affected by the Force Majeure Event and
which are capable of being performed in accordance with the Agreement;

 

		f)	any insurance proceeds received shall be, subject to the provisions of Financing Documents, entirely applied to repair, replace
or restore the assets damaged on account of the Force Majeure Event or in accordance with Good Industry Practice.

 

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		22.4.	Termination due to Force Majeure Event

 

		a)	Termination

 

If a Force Majeure Event, excluding events described
under clauses 22.1 (g), continues or is in the reasonable judgment of the Parties likely to continue beyond a period of One Hundred
and Twenty (120) days, the Parties may mutually decide to terminate this Agreement or continue this Agreement on mutually agreed
revised terms. If the Parties are unable to reach an agreement in this regard, the Corporation shall, after the expiry of the said
period of One Hundred and Twenty (120) days, be entitled to terminate this Agreement.

 

		b)	Termination Notice

 

If Corporation having entitled to do so, decides to
terminate this Agreement pursuant to the preceding sub-clause 22.4 (a), it shall issue Termination Notice setting out:

 

		i.	in sufficient detail the underlying Force Majeure Event;

 

		ii.	the Termination Date which shall be a date occurring not earlier than seven (7) days from the date of Termination Notice;

 

		iii.	any other relevant information

 

		a.	Obligation of Parties

 

Following issue of Termination Notice by the Corporation,
the Parties shall promptly take all such steps as may be necessary or required to ensure that;

 

		i.	the Payment, if any, payable by First Party in accordance with the terms of this Agreement paid
to Corporation on the Termination Date and

 

		ii.	Corporation receives the Insurance proceeds in accordance with the following clause (d) on or before
the Termination Date and

 

		iii.	The Project Facilities are handed over to First Party by Corporation on the Termination Date free
from all Encumbrances in accordance with provisions of the Article 19, to the extent applicable, respecting the rights and interests
of the lenders of the project.

 

		b.	Termination Payment

 

Upon Termination of this Agreement
due to a Force Majeure Event, First Party shall not be liable to pay to any Termination Payments to Corporation, unless the insurance
company refuses to make payment of claim.

 

		22.5.	Change in Law following signature of this contract

 

		a)	Following the signature of these presences, the First Party cannot modify, nor eliminate, nor adopt any law or by-law that
can affect or nullify this contract in whole or in part.

 

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		b)	The First Party is a party of this contract and is also the legislator of law in the country and
formally declares that no law, by-law will be adopted or eliminated, that will affect this contract, in whole or in part, for the
term of thirty (30) years, and for the option of renewal.

 

		23.	JURISDICTION

 

Subject to Article 21, only
the courts in Ontario, Canada shall have jurisdiction to try all disputes and matters arising out of an under this Agreement, after
reference to arbitration.

 

		24.	NO WAIVER OF RIGHTS AND CLAIMS

 

Any forbearance, toleration
or delay in invoking any of the rights or claims accruing in favour of any party under the terms of this Agreement shown or made
by such a party in whose favour such rights or claims might have vested by virtue of this Agreement shall neither constitute nor
be construed to be a waiver of such rights or claims accruing in respect of such a Party.

 

		25.	SCHEDULES AND ANNEXURES

 

All schedules and annexures
and other explanatory details attached to this Agreement shall be deemed to be a part of this Agreement.

 

		26.	SUPERCESSION OF EARLIER AGREEMENTS

 

This Agreement represents the
entire Agreement between First Party and Corporation and all agreements, correspondence, notes or any other document submitted
or understandings made or reached by and between the parties inter se in respect of the subject matter of these presents prior
to the date hereof shall be deemed to have been superseded and revoked on the execution of this Agreement.

 

		27.	NOTICES

 

Unless otherwise stated, notices
to be given under this Agreement including but not limited to a notice of waiver of Term, breach of any term of this Agreement
and termination of this Agreement, shall be in writing and shall be given by hand delivery/ recognized international courier, mail,
telex or facsimile and delivered or transmitted to the parties at their respective addresses set forth below:

 

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Name, Address, Tel. & Fax of First Party:

 

Gouvernorat de l’Île Autonome de la
Grande Comore

Route de Moroni-
Itsandra

Moroni, Île
Autonome de la Grande Comore, Union des Comores

 

(Attn: The
Honourable HASSANI Hamadi, Governor and/or

Mr. Mohamed
Abdou MLANAO, Commissaire à l’Environnement, à l’Urbanisme, au Développement Durable et à
l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité and/or Mr. Moustapha
Chamssoudine DADA, Mayor of Moroni)

 

Tel: +269 773
13 64; +269 773 84 77; +269 764 44 77

Fax: 

Email: sgg.ngazidja@gmail.com

Website: http://www.gouvernorat-ngazidja.com

 

Name, Address, Tel. &
Fax of Second Party (Corporation): 

 

BioCrude Technologies, INC.

1255 Phillips Square, Suite 605

Montreal, Quebec, Canada H3B 3G5

(Att: Mr. John Moukas, Chairman/CEO)

 

Tel: (877) 878-1268

Fax: (877) 778-1568

Email: jmoukas@biocrudetech.com

Website: http://www.biocrudetech.com

 

All notices under this Agreement
shall be in English or French.

 

		28.	LEGAL CHARGES

 

The prescribed legal charges for execution of this
Agreement and such other agreements as are contemplated hereinabove shall be borne by Corporation.

 

		29.	COUNTERPARTS

 

This Agreement may be executed in six (6) counterparts,
each of which when executed and delivered shall constitute an original of this Agreement but shall together constitute one and
only one Agreement.

 

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		30.	ASSIGNMENT & CHARGES 

 

		30.1	Assignments

 

This Agreement shall be binding upon, and inure to
the benefit of the Parties and their respective successors and permitted assigns. The Corporation can assign (sell/transfer) this
agreement to any affiliate, holding, third party or Lenders by simply notifying Assignor of same. This Agreement and the other
Project Documents shall continue to remain valid and binding on such successor of assignment (sell/transfer).

 

For further clarity and notwithstanding anything contained
above in this clause, the Corporation shall not require any prior approval of the First Party for assigning its rights and obligations
under this Agreement.

 

		30.2	Permitted Charges

 

30.2.1      Notwithstanding anything contained in clause 30.1, the Corporation shall not require any prior approval of the First Party for
creating any encumbrance, right, title, or interest over all or part of the receivables, Payment Mechanism or the Project Facilities
and/or the other assets of the Project and/or the Project Documents in favour of the Lenders or the Lender's Representative on
their behalf, only for the purposes of carrying out the obligations under this Agreement, as security for:

 

		a)	amounts payable under the Financing Agreements; and

 

		b)	any other amounts agreed by the Parties,

 

		30.2.2	clause 30.1 does not apply to:

 

		a)	liens arising by operation of law (or by an agreement evidencing the same) in the ordinary course
of the Corporation carrying out the Project;

 

		b)	pledges of goods, the related documents of title and / or other related documents, arising or created
in the ordinary course of the Corporation carrying out the Project; or

 

		c)	security arising out of retention of title provisions in relation to goods acquired in the ordinary
course of the Corporation carrying out the Project.

 

		31.	NO PARTNERSHIP

 

Nothing herein contained shall be construed to constitute
a partnership between First Party and Corporation, or to constitute either party as the agent of the other and neither party shall
hold itself out as such.

 

		32.	SEVERABILITY

 

If any provision of this Agreement shall be declared
illegal, void or unenforceable, the same shall not affect the other provisions herein which shall be considered severable from
such provision and shall remain in full force and effect.

 

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		33.	REPRESENTATION AND WARRANTIES

 

		33.1.	Representation and Warranties of First Party (Schedule IX)

 

		33.2.	Representation and Warranties of Corporation (Schedule IX)

 

		33.3.	General Continuing Guaranty

 

		33.3.1	Guaranty of Obligations 

 

Guarantor unconditionally, absolutely
and irrevocably guarantees and promises to pay to Corporation, on order or demand, in lawful money of American (US) dollars, any
and all indebtedness and obligations of First Party to Corporation and the payment to Corporation of all sums which may be presently
due and owing to Corporation from First Party under this Agreement, and by extension, the renewal option. The terms indebtedness
and obligations are (hereinafter collectively referred to as the Obligations) used herein in their most comprehensive sense and
include any and all advances, debts, obligations and liabilities of First Party, heretofore, now, or hereafter made, incurred or
created, whether voluntarily or involuntarily, and however arising whether due or not due, absolute or contingent, liquidated or
unliquidated, determined or undetermined, whether First Party may be liable individually or jointly with others, whether recovery
upon such indebtedness may be or hereafter becomes barred by any statute of limitations or whether such indebtedness may be or
hereafter becomes otherwise unenforceable, and includes Corporation’s prompt, full and faithful performance regarding the
execution of these presences. The Guarantor will allow the Corporation to seize and sell its assets (including marketable commodities)
up to amount of the monetized default (monies owed), in the case that the Guarantor does not have the capacity to execute payment
of its defaulted obligations.

 

		33.3.2	Continuing Guaranty 

 

This General Continuing Guaranty
is a continuing guaranty which shall remain effective until this Guaranty has been expressly terminated and relates to any obligations
including those which arise under successive transactions which shall either continue the Obligations from time to time or renew
them after they have been satisfied. Any such termination shall be applicable only after written notice to Corporation, and only
to transactions having their inception prior to such date. No termination shall be effective until such time as First Party is
no longer committed or otherwise obligated to make any payment to Corporation. In the absence of any termination of this Guaranty,
Guarantor agrees that nothing shall discharge or satisfy its obligations created hereunder except for the regular full payments
till the termination of these presences.

 

		33.3.3	Rights are Independent

 

Guarantor agrees that it is
directly and primarily liable to Corporation, that the obligations hereunder are independent of the obligations of First Party
and that a separate action or actions may be brought and prosecuted against Guarantor, whether action is brought against First
Party or whether Corporation is joined in any such action or actions. Guarantor agrees that any releases which may be given by
First Party to Corporation or any other guarantor or endorser shall not release it from this Guaranty.

 

		33.3.4	Default

 

In the event that any bankruptcy,
insolvency, receivership or similar proceeding is instituted by or against Guarantor and/or the First Party or in the event that
either the Guarantor or Corporation become insolvent, make an assignment for the benefit of creditors or attempt to effect a composition
with creditors, or if there be any default
under the Agreement (whether declared or not), then, at First Party election, without notice or demand, the Obligations of Guarantor
created hereunder shall become due, payable and enforceable against Guarantor whether or not the Obligations are then due and payable.

 

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		33.3.5	Indemnification

 

Guarantor agrees to indemnify
Corporation and hold Corporation harmless against all obligations, demands and liabilities, by whomsoever asserted and against
all losses in any way suffered, incurred or paid by First Party as a result of or in any way arising out of, following or consequential
to transactions with First Party whether under the Agreement, or otherwise, and also agrees that this Guaranty shall not be impaired
by any modification, supplement, extension or amendment of any contract or agreement to which First Party and Corporation may
hereafter agree, nor by any modification, release or other alteration of any of the Obligations hereby guaranteed or of any security
therefore, nor by any agreements or arrangements whatever with First Party or anyone else.

 

		33.3.6	Waiver of Defenses

 

Guarantor hereby waives any
right to assert against Corporation as a defense, counterclaim, setoff on cross claim, any defense (legal or equitable), setoff,
counterclaim and claim which Guarantor may now or at any time hereafter have against Corporation and any other party liable to
First Party in any way or manner.

 

Guarantor hereby waives all
defenses, counterclaims and offsets of any kind or nature, arising directly or indirectly from the present or future lack of perfection,
sufficiency, validity or enforceability of the agreements or any security interest thereunder.

 

Guarantor hereby waives any
defense arising by reason of any claim or defense based upon an election of remedies by First Party, which, in any manner impairs,
affects, reduces, releases, destroys or extinguishes Guarantors subrogation rights, rights to proceed against First Party for reimbursement,
or any other rights of the Guarantor or against any other person or security, including, but not limited to, any defense based
upon an election of remedies by First Party under the provisions of applicable law. Guarantor waives all presentments, demands
for performance, notices of nonperformance, protests, notices of protests, notice of dishonor, notices of default, notice of acceptance
of this Guaranty, and notices of the existence, creating or incurring of new or additional indebtedness, and all other notices
or formalities to which Guarantor may be entitled.

 

		33.3.7	Waiver of Jury Trial

 

Guarantor waives any right
to a jury trial in any action hereunder or arising out of First Party transactions with Corporation.

 

If a Dispute arises out of
or in connection with any claims regarding the current article, such Dispute shall be resolved by arbitration, as defined hereinabove
in Article 21. In the event of such Dispute remaining unresolved, any party to such Dispute may refer the matter to registrar under
the Rules of the Canadian Council of Arbitration.

 

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		33.3.8	Waiver of Rights of Subrogation

 

The Guarantor shall have no right
of subrogation, reimbursement, exoneration, contribution or any other rights that would result in the Guarantor being deemed a
creditor of First Party under Bankruptcy Code/law or any other law or for any other purpose and the Guarantor hereby irrevocably
waives all such rights, the right to assert any such rights and any right to enforce any remedy which Guarantor may now or hereafter
have against First Party and hereby irrevocably waives any benefit of and any right to participate in, any security now or hereafter
held by First Party, whether any of the foregoing rights arise in equity, at law or by contract.

 

		33.3.9	Financial Condition of First Party

  

Guarantor is presently informed of the financial condition of
the First Party and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment
of the Obligations. Guarantor hereby covenants that it will continue to keep itself informed of First Party financial condition
and of all other circumstances, which bear upon the risk of nonpayment. Absent a written request for such information by the Guarantor
to First Party, Guarantor hereby waives its right, if any, to require, and First Party is relieved of any obligation or duty to
disclose to Guarantor any information which First Party may now or hereafter acquire concerning such condition or circumstances.

 

		33.3.10	Termination

 

The Guarantor obligation under this Guaranty shall continue
in full force and effect until First Party Obligations are fully paid, performed and discharged and Corporation gives the Guarantor
written notice of that fact. First Party Obligations shall not be considered fully paid, performed and discharged unless and until
all payments by First Party to Corporation are no longer subject to any right on the part of any person whomsoever; including but
not limited to Corporation, or any trustee or receiver in bankruptcy, to set aside such payments or seek to recoup the amount of
such payments, or any part thereof. The foregoing shall include, by way of example and not by way of limitation, all rights to
recover preferences voidable under the provisions of law, established herein. In the event that any such payments by First Party
to Corporation are set aside after the making thereof, in whole or in part, or settled without litigation, to the extent of such
settlement, all of which is within First Party discretion, Guarantor shall be liable for the full amount First Party is required
to repay plus costs, interest, attorneys’ fees and any and all expenses which Corporation paid or incurred in connection
therewith.

 

		33.3.11	Successors and Assigns

 

This Guaranty shall be binding upon the successors and assigns
of the Guarantor and shall inure to the benefit of Corporation successors and assigns.

 

		33.3.12	Modifications

 

This Guaranty cannot be modified
orally. No modification of this Guaranty shall be effective for any purpose unless it is in writing and executed by an officer
of Corporation authorized to do so. All prior agreements, understandings, representations and negotiations; if any, are merged
into this Guaranty.

 

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		33.3.13	Joint and Several Responsibility

 

In all cases where the word Guarantor is used in this Guaranty,
it shall mean and apply equally to each and all of the individuals and/or entities, which have executed this Guaranty. All of the
obligations of the Guarantor hereunder shall be joint and several.

 

		33.3.14	No Consequential or Indirect Losses

 

The liability of the Corporation and the First Party shall be
limited to that explicitly provided in this Agreement. Provided that notwithstanding anything contained in this Agreement, under
no event shall the First Party or the Corporation claim from one another and indirect or consequential losses or damages.

 

		34.	COMMERCIAL AGREEMENT

 

First Party hereby recognizes that this is a commercial
act being undertaken by First Party and that it hereby unconditionally and irrevocably:

 

		a)	waives any right of immunity, sovereign or otherwise and

 

		b)	agrees that should any proceedings be brought against it or its assets in relation to this Agreement
or any transaction contemplated by this Agreement no immunity, sovereign or otherwise, from such proceedings, execution, attachment
or other legal process shall be claimed by or in behalf of itself or with respect to any of its assets.

 

IN WITNESS WHEREOF the parties hereto have placed
their respective hands and seals hereto on the day and year first herein above mentioned.

 

SIGNED, SEALED AND DELIVERED BY: FIRST PARTY

 

GOUVERNORAT DE L’ÎLE AUTONOME DE LA
GRANDE COMORE

 

The Honourable HASSANI Hamadi, Governor

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

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COMMISSARIAT À L’ENVIRONNEMENT,
À L’URBANISME, AU DÉVELOPPEMENT DURABLE ET À L’ENERGIE, À L’EMPLOI, À L’ENTREPREUNARIAT
ET À LA SOLIDARITÉ

 

Mr. Mohamed Abdou MLANAO, Commissioner

Signature: _____________________________________

Date: ___________/__________/
2016

 

COMMISSARIAT A LA SECURITE INTERIEURE, A LA FONCTION
PUBLIQUE, A L’ADMINISTRATION DES COLLECTIVITES TERRITORIALES DECENTRALISEES, A LA REFORME ADMINISTRATIVE, CHARGE DE
L’INFORMATION

 

Ms. Maissara Adam MONDOHA,
Commissioner

 

Signature: _____________________________________

 

Date: ___________/__________/
2016

 

COMMISSARIAT AUX FINANCES, AU BUDGET,
A L’ECONOMIE, AU COMMERCE INTERIEUR, A L’INDUSTRIE, AU PLAN, CHARGE DE LA PROMOTION DES INVESTISSMENTS

 

Mr. Said Ahamada YOUSSOUF,
Commissioner

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

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VILLE DE MORONI

 

Mr. Moustapha Chamssoudine DADA, Mayor

 

Signature:
_____________________________________

 

Date:
___________/__________/ 2016

 

SIGNED, SEALED AND DELIVERED BY: SECOND PARTY

 

FOR BIOCRUDE TECHNOLOGIES, INC (CORPORATION)

 

Mr. John MOUKAS, Chairman & CEO

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

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SCHEDULE I

SITE IDENTIFICATION, PLAN, MAPS AND
PHOTOS OF SITE

 

  

Map 1: Location of the site Ndadji
Leni-Itzoundsou

  

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Photos: Rugged Terrain and landscape
of the site Ndadjilani Itsoundzou

 

 

Photos: Soil definitions and landscape
of the site Ndadjilani-Itsoundzou

  

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Photos: vegetation on the site
of Ndadjileni-Itsoundzou

 

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Map 2: Site Map (defined) of Ndadjileni-Itzounsou

 

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SCHEDULE II

Specificities and Issues of Interest
concerning the Site

 

The socio-demographic characteristics:

 

 

Map 3: Cities and demography in
the project's zone of influence

 

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There are no villages or dwellings within the
vicinity of the site. At present, human demographics within or in the site's immediate space environment is non-existent, but issues
regarding demographics throughout its area of influence or the geographical influence can be addressed concerning waste management
in the Ndadjileni site.

 

This influence has been studied and well defined
by the administrative bodies of the prefectures of Moroni-Bambao, Itsandra-Hamanvou, Oichili-Dimani. Table 1 shows population metrics
by prefecture depicting that with high population growth, an overproduction of waste is generated which will necessitate an even
more pressing need to find an ecologically sustainable management solution for same.

 

Map 3 refers to all of the population (and
density) of municipalities, spread over the spatial extent of the encompassing prefectures/localities. The most populated localities
that are in the project's zone of influence are Koimbani, Batsa, ntsoudjini, Itsandra, salimani, Tsidjè and Moroni. When
one considers that the entire space of the island could use the site, it can be noted on (Map 3) that the most populated cities
to provide more waste after Moroni would be Iconi, M'Dé, Ounkazi and Mvouni, amongst other distant Areas.

 

The site granted to BioCrude Technologies,
Inc. by the Governmental Authorities of the Autonomous Island of Grande Comore was donated by owners of private land 

 

Le domaine identifié ici appartient
à des propriétaires terrains privés ressortissant des villages riverains. Ainsi, pour le cas de Ndadjileni,
ce refus de la population sur l’occupation du site semble ne pas pouvoir se poser (en vertu de la maxime populaire «
pas dans ma cour ») puisque qu’il a été concédé par la population elle-même (les
propriétaires) au Gouvernement. Un acte de donation a été établi (voir annexe) et il s’avère
urgent qu’il soit finalisé, que le site soit sécurisé foncièrement selon les lois comoriennes.

 

Physical and biophysical conditions 

 

	Parameters	 	Summer austral	 	Winter austral
	Periods	 	November - April	 	May - October
	Average Temperature	 	24°C - 28°C	 	23°C - 27°C
	Wind	 	Wind Monsoon N/NW	 	Wind SE
	Rainfall	 	Important	 	Minimal
	Humidity	 	High	 	Low

 

Tableau 1: Climatic Characteristics in Comoros

(Source: General Planning Commission)

 

Comoros belongs to the humid tropical zone
under oceanic influence characterized by two main seasons: a hot rainy season covered by the northwest monsoon from November to
April and a cool dry season dominated by trade winds from the southeast from May to October. During the year, the daily temperature
variations are low. During the austral summer, they vary between 24 and 28°C and in winter between 23 and 27°C. This is
because the sea, unlike the continent, enacts a slow inertia temperature control role on the coast.

 

Rainfall is one of the most important parameters
of the Comoros climate and also the essential factor of the hydrological regime of the region. This parameter is very variable
in time and in space. With an abundant rainfall, the average annual rainfall varies between 1,400 and 5,900 mm (dependent upon
surface characteristics exposure and altitude) and is concentrated within a few months of the year. Three areas in the Comoros
stand out in particular we notice the contrasts between rainfall, front and down winds, and depending on altitude:

 

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		-	Southwest of “Karthala”, an average rainfall of 3,000 mm in the wet season and 2,600
mm in the dry season;

		-	The southeast, an average rainfall of 1,100 mm in the wet season and 250 mm in the dry season;

		-	On the heights of “La Grille” (North Island), an average rainfall of 1 900 mm in the
wet season and 700 mm in the dry season.

 

The annual average humidity is around 85%, plus or minus 5%.

 

The prevailing winds in the area blow from the north and northwest,
i.e. from the coast to the interior, with a force of up to 26 meters/second. The time of year where winds are the strongest lasts
from November to April.

 

It is important to describe the meteorological
factors in the zone of interest. These factors strongly affect the dispersion of pollutants in the atmosphere. The lack of wind
promotes pollution; wind direction determines the directional propagation of same. The atmospheric stability is related to the
vertical gradient of the temperature and the high humidity and precipitation result in dilution of these particles (pollutants)
within the soil.

 

Geology and regional circumstances (volcano-tectonic)

 

The island of Grande Comore is practically
covered, for the most part, with volcanic material, namely Quaternary (Map 2). They are made in all of compacted rock or by blackish
gray or gray iron vacuoles, or basalts. The most characteristic formations are cast slag and slabs, thin layers of volcanic projections
and adventitious cone projections. This is the case of the massif of “La Grille” and the Massif of “Karthala”.
The massive of “Mbadjini” (Miocene), located in extreme south, as well as the terrain are highly altered via weathering
conditions into ferrallitic and clay soils.

 

The massif of “La Grille” in the
north is connected to “Kartala” by the plateau of “Diboini” with an average altitude of 500-600m (and at
some points with altitudes of 1,087m). It is marked by the presence of a dome (top) surrounded by a multitude number of smaller
cones.

 

All volcanic flows coming from the slopes of
“Karthala”, “La Grille” and adventitious volcanoes submerged to form small coastal plains. These small
coastal plains, which stretch for approximately two kilometers at the south of Moroni, have basalt formations. These basalts, most
probably developed on top of coral reefs. In the east, at the slopes of “Karthala”, the coastal plain formations extend
and plunge almost directly into the sea and are approximately a few hundred meters wide.

 

Lithographic analysis of casts, cut within
deep bored holes/wells, consistently show repetitive, well defined layered successions, from top to bottom, with the following
characteristics:

 

		Ø	Basalt pebble floors marking an ancient
topographic surface, 

		Ø	highly permeable and highly porous surface
slag castings, 

		Ø	Compacted, cracked, or less permeable
and less porous than the slag basalts. 

 

It should also be noted that almost all of
Grande Comore is affected by a double fracture system in the Nord -West / South-East and North-South directions. Around the “Kartala”
area, there is a multitude number of rotationally symmetrical fault zones, with, most probably, the source being from calderas
(volcanic craters), which are oriented in North-North West and South-South East directions.

 

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Map 4: Volcano and well locations
on the island of Njazidja

 

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Map 5: Volcano tectonic locations
of the Ndadjileni-Itsoundzou site

 

Located in the plateau of “Diboini” (Map 4), the site
area is marked by the presence of numerous volcanic cones and flows from “Karthala”, “La Grille” and adventitious
volcanoes. The area is practically all covered with volcanic materials consisting of quaternary, blackish or iron gray vacuoles,
basalts and solid rock. The most characteristic formations are cast slag, volcanic ash (pozzolan) and the adventitious cone projections.
It can also be noted that the alignment of volcanic cones reveal that the area is affected by a double fracture system, one in
the North-West/South-East direction and the other North-South direction.

 

Nota Bene : BioCrude Technologies,
Inc. accepts the Ndadjileni- Itsoundzou site, as proposed by the Governmental Authorities of the Autonomous Island
of Grande Comore, conditional on BioCrude’s verification (by its own experts) of the potential dangers that exist on the
site, due to and the presence of a double fracture system within the tectonic plates and induced volcanic activity that could affect
the existence and sustainability of the Municipal Solid Waste to Energy complex in the future within the site. If BioCrude’s
experts detect a potential danger for the complex in the future because of the aforesaid, the Governmental Authorities of the Autonomous
Island of Grande Comore will submit a new site for the development and construction of the Municipal Solid Waste to Energy complex
and its annexes, within 90 days, following BioCrude’s notice to same.

 

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Permeability

 

The extreme permeability of volcanic deposits
is due to the cracking of lava, the presence of tunnels and caves within the deposits, and layers of slag covering the lava flows.
This highly permeable nature of volcanic deposits facilitates saltwater intrusion.

 

The saltwater infiltration rate is determined
by several factors: distance to the sea, the permeability of the aquifers; rainfall (filling of the aquifer), the existence of
preferential groundwater flow.

 

The site area has a large permeability.

 

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The hydrological situation

 

 

Map 6: Hydrography and location
of wells

 

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Despite the importance of rainfall in Grande
Comore, there are no permanent rivers. The rains hardly produce runoff, they seep into the lava and slag castings. It is during
the rainy seasons that temporary streams originate. It should be noted (Map 5) that the steep slopes of “Karthala”
in the Southeast, is the only region where there is a real temporary water system that somewhat develops due to altered low permeability
areas, preventing infiltration and causing surface runoff. Similarly, on the southwest slopes, with very heavy rainfall, there
are only few thalwegs with irregular flows. There, the heavy rains cause runoff for hours, despite the high permeability layers.
There are no surface water resources outside of rainfall.

 

 

Map 7: Topography and hydrographic
situation around the site of Ndadjileni-Itzounsou

 

However, it should be noted that the site is
located on a low base belonging to the “Dibouani” watershed (Map 7 & Map 8) and surrounded on both sides by small
hills. Despite the very significant infiltration due to the high permeability of the volcanic base, discharged water, more particularly,
surface and leachate waters must be captured.

 

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Groundwater deposits are totally influenced by the land characteristics
that distinguish three hydrogeological areas:

 

		Ø	The old “Badjini” in the South
has weathered basalt formations where they formed clay ferralitic soils and recent lava flows from the slopes of “Karthala”
overlap the said formations. In the rainy season, the area is rich in mineral sources. In this area, the clay layers protect aquifers
from seawater infiltration. 

		Ø	The coastal region from the rest of the
island is formed by most recent lava flows is highly permeable and contains exploitable aquifers. This deep base of groundwater
flows primarily to the sea by these underwater navigation sources (aquifers). 

		Ø	The higher parts of the island where groundwater
exists are not well known and/or studied. 

 

Observable phenomena from the surface show that on most of the island,
basalts/land formations are highly permeable and that the filling of the deep aquifers is widespread in the island except in “Badjini”
and that of the largest part of the South East region of “Karthala”. In addition, we can note from the the volcanic-tectonic
map:

 

		Ø	fractures along the spine of the island,
North South to North of “Karthala” and South East towards “Badjini”, 

		Ø	Radial fractures around massives of “Karthala”
and “La Grille”. 

 

The combination of these fractures, emphasized
by the adventitious volcanic cones and their role in the movement of groundwater is unknown.

 

Referring to the wells drilled to supply the
water needs of Moroni and the International Airport of Hahaya, as well as the PNUD project wells (Map 5), the amount of gathered
information helps us to understand the phenomena involved in the dynamism of groundwater network flow without piezo-metric maps.

 

By taking advantage of the permeability and
porosity of recent volcanic rocks, groundwater (Map 5) becomes a mise- en-cause from the infiltration of rainwater. Fresh lava
is very permeable and displays an interactive semi fluid base with certain characteristics and features, in relation to sea tides,
which are as follows:

 

		Ø	The hydraulic gradient is very low. The
laterally extensive blanket of lava is almost horizontal. The depth of the well to reach the sheet layer of lava is almost equal
with the altitude of the slope, 

		Ø	Changes in sea levels, with an amplitude
of around 2 meters, affects the internal characteristics of the sheet lava. 

 

The values obtained for the transmissivity
(assuming the storage coefficient equal to 0.1) are very high, 1 to 50 m2 (good alluvial aquifers have a transmissivity of
1 to 5.102 m2 / s).

 

The hydrogeological characteristics of the
island of Grande Comore make the currently exploited aquifers become strongly influenced by marine lifts. According to data from
the literature on wells and experimental analysis, half of the resource points are salt water, beyond the generally accepted standards
of potability. All available data show saline water with conductivities greater than 1100 μS/cm (with few rare exceptions).

 

The Ndadjileni site is located on the upper
parts of the island where the conditions of groundwater existence are still not well understood. However, geological and tectonic
characteristics of the area (permeable fresh lava, double fracture developments, rapid infiltration of rainwater), reveal the existence
of a deep base sheet layer which flows to the sea.

 

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Soil conditions

 

The soil classification has been modeled by
the origin of volcanic substratum and tectonic activity. Thus, according to the age of the volcanic substratum, two main classifications
of soils can be transformed by the effects of local relief:

 

		Ø	Ferrallitic soils related to an ancient
pedogenesis of ancient basaltic soils. 

		Ø	Andosols
from recent lava flows consist of alternations of slag and volcanic ash. Depending on the degree of their development, they are
more or less thick, but generally limited in depth by the emergent or slightly altered rock. They are characterized by a porosity
of up to 90%, a high organic content and high permeability unlike lateritic soils. These soils predominate
in the Grande Comore. 

 

On the site of Ndadjileni, observable
phenomena is evident from the surface since same has andosols from recent lava flows consisting of mostly slag alternations of
volcanic ash (cinerites), which are fine, relatively permeable and pozzolan. Depending on the degree of their development, they
are more or less thick, but generally limited in depth by the emergent or slightly altered rock. They are characterized by a porosity
of up to 90%, a high organic content and high permeability. The results of studies show that the soil type is based on the substantial
thickness of layers of lava and their transmissivity is between 0.3 m2 / s and 0.01 m2 / s.

 

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SCHEDULE III

[Description of the Site]

 

		§	The Ndadjiléni-Itsoundzou
site site is located northwest of Chamadani which culminates at an altitude around 950m. It belongs to the prefecture Itsandra-Hamanvou
and is under the administration of the municipality of Mbadani. Its border towns are Hamanvou, Isahara, Oichili-Yadjou, Oichili-Yamboini.

 

		§	The site is accessible by a dirt track
fitted with an average width of 10m and a distance of 1.5km from the National Road RN4. 

 

		§	There is a lack of housing in the perimeter
and the nearest neighboring villages are at a minimum distance of 3.5 km. There are five main sparsely populated coastal villages
that are in the same western side of the island, which are: Bangabani, Vanadjou, Mabadani, Dzahadjou, Bahani. The steering committee
involved in the identification and the granting of the site for the construction of waste treatment complex is composed of members
from the five villages. 

 

		§	the Ndadjileni Itsounzou-site is: 

 

		-	3.5 km from the village of Bahani

		-	4.5 km from the village Dzahadjou

		-	5 km from the village of Mhandani

		-	4.5 km from the village of Vanadjou

		-	6 km from the village of Bangabani

 

		§	The geographic site location on the map
(see Map 1) allows one to observe two other villages as close as those mentioned above. These are the villages of Irohè
and Boueni, located 3.5 km and 3.8 km from the site, respectively. These two villages belong to the municipality of Yadjou Oichili-administered
by the prefecture-Oichili Dimani, and are on the eastern side of the island. 

 

		§	The Distance from Moroni, going via Ntsoudjini
to the point of intersection between the access road to the site and the National RN4, measures 12.5 km. 

 

For the transfer of waste accumulated
in Moroni to the site (hosting the proposed MSW to Energy complex), dump trucks will pass through the towns of Itsandra to Bandamadji,
Dzahari II Ouellah and Sima

 

Topography and terrain

 

Following volcanic activities which have occurred
during several periods of time, the island of Grande Comore is entirely made up of volcanic and coral rocks. This volcanic rock
gives the terrain its very rugged topography with two mountain ranges (Map 8): the “Karthala”, summit rises to 2,361
m and “La Grille”, in the northern part of the island, summit rises to 1,087 m. Both are connected by the “neck
of Dibwani”, a massive continuum pathway with an altitude of about 500 m. The Mbadjini plateau in the south is the oldest
part of the island.

 

The relief is less marked by erosion activity,
except at “Badjini”. Furthermore, it is characterized by the presence of numerous cones and/or basalts.

 

The Ndadjileni site belongs to the “Diboini”
plateau where the terrain is relatively flat compared to the rest of the island. It is manifested by a mild or moderate slope towards
the sea, with a well-marked valley and small hills. It is at an altitude of about 750 m.

 

On the macroscopic scale (photo 1, Map 2),
the site is characterized by very rugged terrain with certain points rising to over 780m in altitude and bases stemming around
720 m. Encompassing an area of 13 hectares, the Ndadjileni site hosts a pit, giving the appearance of a sloping terrain from the
southeast towards the northeast, with an area of approximately 3.5 ha.

 

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Carte 8 : Topographie et relief
de l’île de la Grande Comore

 

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Nota Bene: The Governorate
of the Autonomous Island of Grande Comore is responsible for providing access to the site (about 1.5 km) from the
main roadway. The access path from the main roadway to the site will be covered with asphalt / pavement in order to allow heavy
vehicles to easily and safely navigate through the pathway to the site. The work must be executed using internationally recognized
standards (materials and construction) by the Governorate of the Autonomous Island of Grande Comore and at its own expense.

 

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SCHEDULE IV

MSW SUPPLY AREA

DEFINITION OF “First Party SUPPLY
AREA”

 

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SCHEDULE V

LAND LICENSE AGREEMENT

DEFINITION OF “LICENSE AGREEMENT”

 

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LAND
LEASE AGREEMENT

 

 

GOUVERNORAT
DE L’ÎLE AUTONOME DE LA GRANDE COMORE

 

 

 

BIOCRUDE
TECHNOLOGIES, INC.

 

 

	AGREEMENT REFERENCE:	BIOCRUDE/MCMUC/MSW-LLC/CA/2016/1
	 	 
	TRANSACTION CODE:	BCT/MCMUC/MORONI/COMORES/1
	 	 
	CONTRACT GENERATION:	01

 

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LAND
LICENSE AGREEMENT

 

THIS LICENSE AGREEMENT is made and effective the __th
day of December, 2016.

 

	AGREEMENT REFERENCE:	 	BIOCRUDE/MCMUC/MSW-LLC/CA/2016/1
	 	 	 
	TRANSACTION CODE:	 	BCT/MCMUC/MORONI/COMORES/1
	 	 	 
	CONTRACT GENERATION:	 	01
	 	 	 
	FIRST PARTY:	 	Gouvernorat de l’Île Autonome de la Grande Comore, a Statutory Body constituted under Comorian Law, (hereinafter referred to as “MCMUC”, which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Governor, The Honourable Mr. HASSANI Hamadi, by virtue of resolution ad hoc;
	 	 	 
	 	 	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Mr. Mohamed Abdou MLANAO, by virtue of resolution ad hoc;
	 	 	 
	 	 	Commissariat à la Sécurité intérieure, à la Fonction Publique, à l’Administration des Collectivités Territoriales Décentralisées, à la Réforme Administrative, chargé de l’Information, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Ms. Maissara Adam MONDOHA, by virtue of resolution ad hoc;
	 	 	 
	 	 	Commissariat aux Finances, au Budget, à l’Economie, au Commerce Intérieur, à l’Industrie, au Plan, chargé de la promotion des Investissments, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Mr. Said Ahamada YOUSSOUF, by virtue of resolution ad hoc;
	 	 	 
	 	 	Ville de Moroni, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Mayor, Mr. Moustapha Chamssoudine DADA, by virtue of resolution ad hoc;
	 	 	 
	 	 	Hereinafter collectively called the “Licensor”,
	 	 	 
	AND	 	 

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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	SECOND PARTY:	 	BIOCRUDE TECHNOLOGIES, INC, a Corporation duly organized under the laws of Canada (hereinafter called “Corporation”) having its principle office at 1255 Phillips Square, Suite 605, Montreal, Quebec, Canada H3B 3G5, herein duly represented by the Chairman and CEO, Mr. John MOUKAS, by virtue of corporate resolution ad hoc;
	 	 	 
	 	 	Hereinafter collectively called the “Licensee”.
	 	 	 
	WHEREAS	 	The parties, following discussions, desire to enforce amendments discussed and reflected within these presences and agree to sign these concession agreements as amended. Following the signature of these presences, these amended concession agreements will replace agreements the concession agreements signed on the 11th of January 2016 and will become lawful and binding on the parties, present and future;
	 	 	 
	WHEREAS	 	The Municipal Corporation of Moroni is desirous of improving its municipal solid waste management and disposal capabilities in order to enable the due discharge of its functions, and for that purpose has approved the establishment of an integrated waste processing plant by the Licensee at Moroni Plant Site (“Project”). In order to implement the Project the Licensor has entered into a Concession agreement (“Concession Agreement” – (MSW-Land Lease-Supply of Treated Effluent)), on the same date as this Agreement, under which it has authorized the Licensee to implement the Project.
	 	 	 
	WHEREAS	 	The Municipal Corporation of Moroni, in order to enable the due implementation of the Project and to discharge its obligations under the Concession Agreement is hereby providing the Licensee, by way of this License agreement (“this Agreement” or “Land Concession”), the Demised Premises (as defined below) for the purposes of implementing the Project and constructing, operating and maintaining the integrated waste processing plant on the Demised Premises, on the terms and conditions and subject to the covenants and stipulations hereinafter contained.

 

NOW THIS INDENTURE OF LICENSE WITNESSETH AS FOLLOWS:

 

		1.	This Agreement shall be co-terminus with the Concession Agreement and is to be read, for any interpretation,
together with the provisions of the Concession Agreement.

 

		2.	The capitalized terms that are used but not defined in this Agreement shall have the same meaning
as given to them in the Concession Agreement.

 

		3.	The term of this agreement is for a time period of Thirty (30) years ,commencing from the Effective
Date and will also include an option of an additional thirty (30) years thereafter, at the same terms and conditions of the first
thirty (30) years as provided herein, tacitly renewed (Licensee’s discretion).

 

		4.	In consideration of the Licensee undertaking to implement the Project in accordance with the provisions
and stipulations of the Concession Agreement(s) and undertaking to pay the License rental as stipulated in clause 6 below; and
with regards to the obligations of the Licensor to supply land to the Licensee with a total surface area of about twenty five (25)
acres, such as specified in article 3 of the Concession Agreement, the Licensor, by these presences, makes a commitment to grant/assign
to the Licensee, land in accordance to the following requirements: Area - approximately twenty five (25) acres; location –
close proximity to the municipality of Moroni (maximum 30 km from the peripheral) with motorable access to same
and access to the electrical interconnection point (grid network) at the border of the site (land). If the “Demised Site”
has not been identified as of the signature of these presences, the Licensor shall, no later than thirty (30) days, following these
signature presences, shall identify same and furnish full legal (cadastral) description of the selected environmentally compliant
Demised Site, unencumbered with rights, charges, encroachments and servitudes, with full and free right of way and passage, amongst
other rights in relation hereto, for the duration of the term of the lease, and renewal option thereto.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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		5.	If Demised Site has been identified by Licensor, particulars of same shall be inserted below, and
Licensor (Assignor) shall also submit to Licensee (within fourteen (14) of these presences), a notarized and registered Deed of
Assignment of the Demised Premises to Licensee (Assignee) as per the terms, conditions and stipulations of the Aforesaid Concession
Agreement (more specifically, “this Agreement” or “Land Concession”), with the following Declarations,
Caveats, Assertions and Lawful Designations, and shall form an integral part of these presences:

 

PARCEL OF LAND (LEGAL DESCRIPTION)

 

(Cadastral Maps attached as an
integral part of these presences)

 

Lot known and designated upon the
Plan and Book of Reference of the Official Cadastre for the Parish of (to follow), Registration Division of (to follow)
(Moroni, Autonomous Island of Grande Comore, Union of the Comoros), as being the following:

 

		Ø	Cadastre: (to follow)

 

		Ø	Lot number(s): (to follow)

 

		Ø	Subdivision number(s): (to follow).

 

		Ø	Area of each Lot/Subdivision: belongs
to the prefecture Itsandra-Hamanvou and is under the administration of the municipality of Mbadani

 

		Ø	The cadastral dimensions of the said
lot are as shown on the attached plan: 13 Ha

 

ZONING AND BUILDING BY-LAWS

 

		Ø	Zoning: Industrial (Light/heavy,
encompassing treatment of all types of waste (Municipal Solid Waste, Tires, Toxic, Industrial, Medical, etc....) as
well as Energy procurement (Renewable via Biomass, Fossil fuel, and Hydro based)

 

		Ø	Building & Zoning By-Laws:
Submitted proposal (Detailed project Report) in compliance, as acknowledged by the Governmental Authorities of the Autonomous
Island of Grande Comore (First Party)

 

		Ø	Declaration: said parcel of land
is environmentally compliant, complies to Governmental Health Bye-laws, and is not affected by any reserve for public purposes

 

		Ø	Boundaries: Refer to Schedule I,
Map 2

 

		Ø	Encroachment(s): None

 

		Ø	Servitudes (Published, Apparent, etc....):
None

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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TITLE

 

The “Lessor”
has Clear title to the aforesaid parcel of land, which it has assigned, via its undersigned Administrative Body, to “Lessee”
by virtue of a de facto, irrefutable and non-retractable Land Lease Concession Agreement, and has a de facto right to transact
(assign/lease) same with Lessee, in compliance to the Powers granted to same (the administering Body of Lessor, via Constitution
(stipulations) and/or Resolution, in conformity to terms, conditions and caveats, as stipulated therein.

 

WARRANTIES

 

The “Lessor”
expressly warrants that it has lawful title to the Demised Premises (Legal description defined hereinabove) and that same is free
and clear of all liens, charges, privileges, encumbrances, servitudes, claims and other security interests. The foregoing warranties
shall survive “Lessee” inspection, acceptance, use and/or subsequent dispossession or transfer of same, respecting
the norms, conformities and stipulations inherent within the realms of the aforesaid engaged Concession Agreements, without any
restrictions whatsoever. The “Lessor” shall compensate, indemnify and hold Lessee harmless from and against
any and all damages, including incidental and consequential damages, claims, liabilities and expenses (including court costs and
attorneys’ fees) arising out of or relating to or resulting in any way from a breach of any warranty herein, whether express or
implied, or from any act or omission of the “Lessor”, and/or its administrative body (any and all employees,
encompassing any and all divisions of the “Lessor”).

 

		6.	In
                                         consideration of the transfer of the Demised Premises under this Agreement, the Licensor
                                         shall, after the Effective Date of the Concession Agreement has been achieved, receive
                                         a rent of $1.00 US (1.00 US Dollar only) per twenty
                                         five (25) acres per annum, for thirty (30) years, payable on or before the 10th
                                         day of the first calendar month in each year. The
                                         Licensee has the option to prepay the whole rental for the term, and renewal option thereof,
                                         in advance for such period of time as the Licensee may deem fit. The Licensor undertakes
                                         and assures the Licensee that the License rental for the Demised Premises shall remain
                                         fixed for the entire period that this Agreement remains valid and binding as well as
                                         the renewal option.

 

		7.	The Demised Premises are being vested with the Licensee, under this Agreement, free from any Encumbrances,
whether legal or physical in nature. At any time during the term of this Agreement, if the Licensee discovers any Encumbrances
upon or under the Demised Premises which materially and/or adversely affect the rights in relation to the Demised Premises, it
shall notify the Licensor, which shall, within twenty one (21) days from the receipt of the notice, either remove or cause to be
removed such encumbrances at its own cost. In the event that the Licensor fails to remove such encumbrances within twenty one (21)
days from the notice thereof, the Licensee may remove or cause to be removed such encumbrance and the costs and expenses or consequential
liabilities incurred in respect thereof shall be reimbursed to the Licensee by the Licensor.

 

		8.	The Demised Premises are being vested with the Licensee, under this Agreement, only for the purposes
of the Project, which include the purposes of developing, establishing, designing, constructing, operating the maintaining the
proposed Municipal Solid Waste to Energy Plant, which the Licensor is desirous of having constructed, operated and maintained on
the Demised Premises for the purposes of enabling the processing (treatment) of the Municipal Solid Waste in Moroni, Grande Comore,
in accordance with the terms and conditions of the Concession Agreement(s).

 

Furthermore, the Licensee expressly
and unconditionally agrees and undertakes to the Licensor that it shall, under no circumstances, construct or allow to be constructed
or cause to be constructed in the Demised Premises, by itself or by its representatives/workers/agents/contractors or any other
person claiming under him, to construct any residential units or dwellings and same shall not be construed or interpreted as forming
part of the Project facilities, directly or indirectly. The Licensor hereby authorizes and consents to the receipt of consignments
of Municipal Waste, the storage and processing of Municipal Waste and the resulting Residual Inert Matter, and/or Sludge, as well
as to the receipt and storage of any waste (including Rejected Waste) that may have been received by the Licensee, in any consignment
of Municipal Solid Waste for the essence of the Licensee’s proposed on-going concern, as per the stipulations of this (these)
Concession Agreement(s).

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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		9.	The Licensor hereby authorizes the Licensee, to construct, erect, and own, operate and maintain
any infrastructure, superstructure, facility or any movable or immovable structures constituting the Plant (including each of the
Project Facilities) on the Demised Premises and for that purpose, also remove, renovate, use or demolish any structures that may
be existing on the Demised Premises as of the date of this Agreement. The Licensor hereby agrees and acknowledges that it shall
not own or have any rights to any superstructure, facility or any moveable or immovable structures constituting the Plant that
are constructed or erected or placed on the Demised Premises and further that the same shall be owned by the Licensee. The Licensor
hereby agrees that the construction, operation and maintenance of the Plant at the Demised Premises and the receipt, storage and
processing of Municipal Waste at the Demised Premises is being undertaken pursuant to the Concession Agreement(s) granted by it
and for the purposes of enabling the Licensor to discharge its functions of managing, processing and disposing Municipal Waste.

 

		10.	The Licensee shall have the right to, without requiring any prior permission from the Licensor
in this regard, transfer for use, assign or otherwise encumber the Demised Premises and any or all of its rights and interest in
relation thereto or to otherwise create a security interest in favour of the Lenders over the Demised Premises for the purposes
of enabling financing of the Project. Provided, however, the Licensor shall be informed as to the creation of any Encumbrance in
favour of the Lenders in the Demised Premises, within a period of thirty (30) days from the date such Encumbrance comes into existence.

 

		11.	The Licensee shall have the right to, without requiring any prior permission of the Licensor, vest
with the Lenders, the power to take over the control, possession and all rights and interests in relation to the Demised Premises
by appointing a person to replace the Licensee and undertake the construction, operation and maintenance of the Plant upon the
occurrence of an event of default by the Licensee, as the case may be, under any of the Financing Agreements. The Licensor shall
novate this Agreement in favour of the substitute entity and shall constitute an agreement between the substitute entity and the
Licensor on the terms and conditions of this Agreement as existing at the time of such novation. The Licensor hereby agrees that
the dues payable to the Lenders shall have priority over any amount payable to the Licensor under this Agreement.

 

		12.	The Licensor hereby authorizes the Licensee to create any Encumbrance over the Demised Premises
and this Agreement in favor of the Lenders for enabling financing of the construction, operation and maintenance of the Project.
The Licensor agrees that it shall provide such undertakings as may be reasonably required by the Lenders to enable financing of
the Project and creation of the Encumbrance required by the Lenders. Without prejudice to the terms of this Agreement, the Licensor
shall be governed by the terms of any agreement that the Lenders may have entered into with the Licensor in respect of the Encumbrance
over the Demised Premises and this Agreement, created in favour of the Lenders.

 

		13.	The Licensor hereby covenants and assures the Licensee that:

 

		a)	all the land comprising the Site is of non-agricultural status and is permitted and duly authorized
and earmarked for purposes of establishment, construction, operation and maintenance of the Plant and the Project Facilities, and
that it shall obtain (grant) any additional Applicable Approvals that may be required for the development, construction, operation
and maintenance of the Project Facilities;

 

		b)	the Site is free from any encroachment or Encumbrances whatsoever and is not subject to any acquisition
or other legal proceedings by any authority, body or government nor is any claim of any third party subsisting in respect thereof
or relating thereto;

 

		c)	Licensor is the Lease Holder of the lands constituting the Demised Premises and it shall, in that
capacity, defend or satisfy all actions or claims against the use of the Demised Premises for the Project;

 

		d)	it shall not demand or in any manner claim or seek to recover the rent prior to the Effective Date
of the Concession Agreement or increase the rent due and payable by the Licensee under the provisions of this Agreement

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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		e)	it shall not interfere the or impede in any manner or otherwise limit, restrict or impose any conditions
or restrictions on the complete, free and full enjoyment and use of the Demised Premises and all rights in relation thereto, including
the creation of security, interest in the Demised Premises its favour of the Lenders;

 

		f)	it shall not interfere in or impede in any manner or otherwise limit, restrict or impose conditions
in relation:

 

		i.	to the construction, operation and maintenance of the Plant;

 

		ii.	the implementation of the Project by the Licensee and

 

		iii.	the possession, control and use, by the Licensee of the Demised Premises and the Plant;

 

		g)	it shall enter into appropriate further documentation or additional writings as the Licensee or
the Lenders may reasonably require to give effect to the provisions of this Agreement and the Financing Agreements;

 

		h)	there are no litigation, claim, demand or any proceedings (whether administrative, legal or quasi-judicial)
pending before any authority in respect of the Demised Premises or its use for the purposes of managing, processing and disposing
MSW; and

 

		i)	Licensee shall have complete, lawful and uninterrupted, possession, control and use of the Demised
Premises.

 

		14.	The Licensee hereby covenants with the Licensor as follows:

 

		a)	that it shall implement the Project in accordance with the Concession Agreement(s); and

 

		b)	that it shall observe and perform all terms, covenants, conditions and stipulations of this Agreement.

 

		15.	Licensor has full lawful title, possession and control of all the lands constituting the Site and
has the requisite right and authority to License the same to Licensee for the term and renewal option for the purposes of the Project
on the terms and conditions of this Agreement. Furthermore, the Licensee shall have full, free and uninterrupted peaceful vacant
possession, enjoyment / occupation and use of the Demised Premises throughout the term and renewal option, without any obstruction
interference or disturbance or claim whatsoever from the Licensor or from any person claiming through under or in trust for Licensor
or from any third person whomsoever. Licensor shall keep Licensee fully indemnified and harmless against any claims or demands
from any Person claiming right, title or interest to or in the Demised Premises or any part thereof or challenging the validity
of the usage of the Demised Premises for the Project or challenging the validity of this Agreement, as also against any actions,
proceedings, damages, losses and expenses caused to Licensee as a result or in consequence of any such claims or demands as aforesaid.

 

		16.	Subject to clause 11 above, no assignment of this Agreement or any rights or duties hereunder shall
be made in whole or in part by any Party without the written consent of the other Party and in the event of any assignment the
assignee shall assume the duties and liabilities of the assignor.

 

It is hereby specifically agreed
that the Licensee shall, in the event of forming a limited company either as subsidiary company or jointly along with any other
company or otherwise, be at liberty to assign and transfer the Plant, the Demised Premises and this Agreement or the rights and
benefits hereof or duties hereunder to such newly formed limited company or in favour of such subsidiary company or a Joint Venture
Consortium of the Licensee or any of its Holding company for the time being..

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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The Licensor hereby agrees that
the Licensee shall not require any prior approval of the Licensor for creating any Encumbrance, right, title, or interest over
the Demised Premises and the Project Facilities and the other assets of the Project, in favour of the Lenders.

 

Licensor confirms that the Financing
Documents may include suitable rights in favour of the lenders for taking over the Demised Premises and the Plant for management
or for sale, in enforcement of their security upon the happening of an event of default thereunder on the part of the Licensee,
provided however, the Demised Premises shall not be subject to sale.

 

		17.	The Licensor hereby assures and represents to the Licensee that the vesting of the Demised Premises
under this Agreement shall be irrevocable for as long as the Concession Agreement remains in force and the Licensor shall not terminate
or seek to terminate this Agreement except upon the expiry or early termination of the Concession Agreement. The Parties hereby
agree that on the expiry or termination of the Concession Agreement, the Demised Premises shall be handed back to the Licensor
in accordance with the provisions of the Concession Agreement and that this Agreement shall terminate only on the handing over
of the Plant and the Site to the Licensor in accordance with the terms of the Concession Agreement.

 

		18.	The Licensor, during the term of the License, shall have a right at its option to appoint and nominate
its representative as a Director on the Board of the Licensee (“Licensor’s Nominee Director”). The said Licensor’s
Nominee Director shall not be required to hold any qualification shares, if any required, and shall not be considered while computing
the Directors eligible for retirement by rotation.

 

		19.	The Licensee also agrees that the demised Premises shall be used only for the purposes as defined
in this License Agreement and any deviation there from without the prior written permission of the Licensor shall be deemed to
be a breach of this License Agreement.

 

		20.	Any dispute appearing between the parties, with regard to the terms of this agreement, will be
resolved by the appeal through arbitration and led by a group of three ( 3 ) arbitrators, two arbitrators appointed by each of
the parties and the third appointed by both arbitrators so chosen. The arbitration forum will be in France, in particular in the
city of Paris. Any disputes will be definitively cut according to the Regulation of arbitration of the international Chamber of
Commerce. The costs bound with the arbitration will be equally chargeable to both parties. Every party will however meet the expenses
of his/her own arbitrator. The parties can however ask with the court to be paid off their expenses of arbitration.

 

It must be mentioned for the
purposes of the arbitration and the general understanding of this agreement, that the English version of this agreement will any
time be the one which will prevail for any question of interpretation. The Grande Comore, Union of the Comoros version of the present
agreement is a faithful translation of the whole agreement, this for purposes comprehension and of ease of reading, considering
the official language of the country Autonomous Island of Grande Comore. Both versions of the agreement will be signed at the same
time by the parties and will have the same strength as for the contents of the agreement and all the capacities. In case of dispute
or of precise questions of interpretation, only the English version will be used.

 

		21.	The licenser hereby recognized that this is a commercial act being undertaken by the Licensor and
that it hereby unconditionally and irrevocably waives any right of immunity sovereignty or otherwise and that it recognized that
if any procedure must be instituted against him or its assets, with regard to this agreement or to any transaction concerned by
this agreement, any immunity, sovereignty or otherwise within the framework of all such procedure, execution or legal procedure
by ensuing, should be called by or on his behalf or towards some asset.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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IN WITNESS WHEREOF the
Parties have affixed therein and sealed to this License Agreement the day and year first hereinabove written:

 

SIGNED, SEALED AND DELIVERED BY: FIRST PARTY

 

THE “LICENSOR”

 

GOUVERNORAT DE L’ÎLE AUTONOME DE LA GRANDE COMORE

 

The Honourable HASSANI Hamadi, Governor

 

	Signature:	 	 

 

Date: ___________/__________/ 2016

 

COMMISSARIAT À L’ENVIRONNEMENT, À L’URBANISME,
AU DÉVELOPPEMENT DURABLE ET À L’ENERGIE, À L’EMPLOI, À L’ENTREPREUNARIAT ET À
LA SOLIDARITÉ

 

Mr. Mohamed Abdou MLANAO, Commissioner

 

	Signature: 	 	 

 

Date: ___________/__________/ 2016

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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COMMISSARIAT A LA SECURITE INTERIEURE, A LA FONCTION PUBLIQUE,
A L’ADMINISTRATION DES COLLECTIVITES TERRITORIALES DECENTRALISEES, A LA REFORME ADMINISTRATIVE, CHARGE DE L’INFORMATION

 

Ms. Maissara Adam MONDOHA, Commissioner

 

	Signature: 	 	 

 

Date: ___________/__________/ 2016

 

COMMISSARIAT AUX FINANCES, AU BUDGET, A L’ECONOMIE,
AU COMMERCE INTERIEUR, A L’INDUSTRIE, AU PLAN, CHARGE DE LA PROMOTION DES INVESTISSMENTS

 

Mr. Said Ahamada YOUSSOUF, Commissioner

 

	Signature: 	 	 

 

Date: ___________/__________/ 2016

 

VILLE DE MORONI

 

Mr. Moustapha Chamssoudine DADA, Mayor

 

	Signature: 	 	 

 

Date: ___________/__________/ 2016

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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SIGNED, SEALED AND DELIVERED BY: SECOND PARTY

 

THE “LICENSEE”

 

FOR BIOCRUDE TECHNOLOGIES, INC

 

Mr. John MOUKAS, Chairman/CEO

 

	Signature: 	 	 

 

Date: ___________/__________/ 2016

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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SCHEDULE VI

TREATED SEWAGE/EFFLUENT SUPPLY AGREEMENT

DEFINITION OF “SUPPLY OF TREATED SEWAGE/EFFLUENT
AGREEMENT

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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TREATED
SEWAGE/EFFLUENT SUPPLY AGREEMENT

 

Supply of Treated Sewage Effluent from the
Sewage Treatment Plant (STP)

 

 

GOUVERNORAT
DE L’ÎLE AUTONOME DE LA GRANDE COMORE

 

 

 

BIOCRUDE
TECHNOLOGIES, INC.

 

 

	AGREEMENT REFERENCE:	BIOCRUDE/MCMUC/MSW-LLC/CA/2016/1
	 	 
	TRANSACTION CODE:	BCT/MCMUC/MORONI/COMORES/1
	 	 
	CONTRACT GENERATION:	01

 

	Initials: __________	Initials: __________

 

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TREATED SEWAGE/EFFLUENT SUPPLY AGREEMENT

 

THIS AGREEMENT is made and effective the __th
day of December, 2016.

 

	AGREEMENT REFERENCE:	BIOCRUDE/MCMUC/MSW-LLC/CA/2016/1
	 	 
	TRANSACTION CODE:	BCT/MCMUC/MORONI/COMORES/1
	 	 
	CONTRACT GENERATION:	01
	 	 
	FIRST PARTY:	Gouvernorat de l’Île Autonome de la Grande Comore, a Statutory Body constituted under Comorian Law, (hereinafter referred to as “MCMUC”, which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Governor, The Honourable Mr. HASSANI Hamadi, by virtue of resolution ad hoc;
	 	 
	 	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Mr. Mohamed Abdou MLANAO, by virtue of resolution ad hoc;
	 	 
	 	Commissariat à la Sécurité intérieure, à la Fonction Publique, à l’Administration des Collectivités Territoriales Décentralisées, à la Réforme Administrative, chargé de l’Information, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Ms. Maissara Adam MONDOHA, by virtue of resolution ad hoc;
	 	 
	 	Commissariat aux Finances, au Budget, à l’Economie, au Commerce Intérieur, à l’Industrie, au Plan, chargé de la promotion des Investissments, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Commissioner, Mr. Said Ahamada YOUSSOUF, by virtue of resolution ad hoc;
	 	 
	 	Ville de Moroni, a Statutory Body constituted under Comorian Law, (which expression shall, unless repugnant to the context or meaning thereof, mean and include its successors and assigns) and having its office at Route de Moroni- Itsandra, Moroni, Autonomous Island of Grande Comore, Union of the Comoros, duly represented by the Mayor, Mr. Moustapha Chamssoudine DADA, by virtue of resolution ad hoc;
	 	 
	 	Hereinafter collectively called the “STP”;
	 	 
	AND	 

 

	Initials: __________	Initials: __________
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	SECOND PARTY:	BIOCRUDE TECHNOLOGIES, INC, a Corporation duly organized under the laws of Canada (hereinafter called “Corporation”) having its principle office at 1255 Phillips Square, Suite 605, Montreal, Quebec, Canada H3B 3G5, herein duly represented by the Chairman and CEO, Mr. John MOUKAS, by virtue of corporate resolution ad hoc.
	 	 
	WHEREAS	The parties, following discussions, desire to enforce amendments discussed and reflected within these presences and agree to sign these concession agreements as amended. Following the signature of these presences, these amended concession agreements will replace agreements the concession agreements signed on the 11th of January 2016 and will become lawful and binding on the parties, present and future;
	 	 
	WHEREAS	STP and Corporation are hereinafter referred to individually as the “Party” and collectively as the “Parties”;
	 	 
	WHEREAS	STP has the jurisdiction to collect, store, treat and dispose sewage and sludge generated within the city and for that purpose it operates one of its Sewage Treatment Plant (“STP”);
	 	 
	WHEREAS	Corporation has received from the municipality and the municipal/National Power Corporation to develop, operate and maintain an Integrated MSW-Energy Management and Disposal facility in Moroni, Autonomous Island of Grande Comore;
	 	 
	WHEREAS	Corporation shall, as part of the Plant, develop, operate and maintain a Refuse Derived Fuel (RDF) Plant, a Biomethanation Plant, a Composting Plant and a Power Plant that would be requiring a certain quantity of Treated Sewage/Effluent to be used for cooling of the Power Plant, amongst other purposes;
	 	 
	WHEREAS	STP has agreed to provide Treated Sewage/Effluent to Corporation, to enable Corporation in meeting the process water-requirements of the Plant.

 

NOW THEREFORE, THIS AGREEMENT WITNESSETH
AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:

 

		1.	DEFINITIONS & INTERPRETATION

 

		1.1	Definitions;

 

In this Agreement, unless repugnant
to the context or inconsistent therewith, the following words, phrases and expressions shall bear the meaning hereinafter respectively
assigned to them:

 

“Agreement” means
this agreement between Corporation and STP, including its Schedules and Annexures and includes any amendments
made hereto in accordance with the provisions hereof.

 

“Concession Agreement”
means Agreement executed between First Party and Corporation, by which the Concession has been granted
to Corporation by First Party including their Schedules and Annexures and includes any amendments made hereto wherein
First Party has granted all the rights to Corporation with respect to developing, implementing, constructing, operating
and maintaining the Project for the management, and processing of the Municipal Solid Waste generated from within the MSW Supply
Area, subject to all the terms, conditions, covenants and obligations of the Concession Agreement.

 

	Initials: __________	Initials: __________
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“Date of Commissioning”
or “COD” means the date notified by Corporation as the date on which the Plant is ready to commence
commercial operations after successfully completing the testing.

 

“Date of Mechanical Completion”
means, in relation to the Plant, the date to be notified by Corporation, on which, and the construction of the Plant
is expected to be completed with all equipment and be ready for testing and commissioning.

 

“Effective Date”
means the date on which this Agreement is formally signed.

 

“Interconnection Point”
means the point on the Treated Sewage/Effluent Channel from where the Treated Effluent from the Sewage Treatment Plant
(STP) will be taken by Corporation, which point shall be identified and notified by Corporation to STP in accordance with the provisions
of clause 3.

 

“Fee” means
the amount payable by Corporation to STP under clause 5(b) for the supply of the Treated Sewage/Effluent, in accordance
with the Terms of this Agreement.

 

“Force Majeure Event”
means any event which prevents or delays the performance of the obligations under this Agreement in whole or in part
by either Party by reason of public agitation, civil disturbance, riots, war, hostilities, acts of public enemies, civil commotion,
sabotage, fire, flood, earthquake, epidemics, explosion, strikes, lock-outs, acts of God, acts on orders of Government/authorities,
rules and regulations or delay/abandonment due to order of the Court and/or any other cause beyond the reasonable control of the
Party affected.

 

“Plant” means
the integrated waste management and processing facility to be designed, constructed, operated and maintained by Corporation
in accordance with the terms and provisions of the Concession Agreement.

 

“Project” means
the project for enabling the processing of Municipal Waste and for that purpose to designing, development, financing, construction,
operation and maintenance of the Plant under and in accordance with the terms and provisions of the Concession Agreement and this
Agreement.

 

“Treated Sewage/Effluent”
means the treated liquid residue derived from the Sewage treatment process of the Sewage Treatment Plant that is capable
of re-use for purpose other than human consumption.

 

“Treated Sewage/Effluent
Channel” means the open drain owned and controlled by the STP, that originates from the STP and which is used to
drain the Treated Sewage/Effluent from the STP to the point of disposal.

 

“Residual Treated Sewage/Effluent”
means the residue coming out of the plant, that is capable of either discharge into natural water bodies or re-use
for purposes other than human consumption.

 

“Sewage Treatment Plant”
or “STP” means facility located in Moroni, Autonomous Island of Grande Comore, which is owned, operated
and maintained by the STP, which is described in greater detail in Annex II.

 

“Site” means
the land where the MSW to Energy plant (project) is located. 

 

“Term”
means the time period of Thirty (30) years commencing from the Effective Date and will also include an option of an
additional thirty (30) years thereafter, at the same terms and conditions of the first thirty (30) years, as provided herein.

 

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All other capitalized words and expressions,
that are used but not defined in this Agreement, will carry the meaning assigned to them under the Concession Agreement(s).

 

		2.	SEWAGE
                                         TREATMENT PLANT

 

		i.	The STP has constructed and is presently operating and
maintaining the Sewage Treatment Plant. The Sewage Treatment Plant generates Treated Sewage/Effluent as a by-product of the process
of treatment of Sewage. The Treated Sewage / Effluent produced at the STP is drained out of the STP through the Treated Sewage
/Effluent Channel; STP, in consideration of the Fee, hereby vests Corporation with the right to off-take up to six
million litres per day (6,000,000 L/D) of Treated Sewage /Effluent from the Treated Sewage/Effluent Channel in accordance
with the provisions of this Agreement, and use the same at the Plant.

 

		ii.	STP hereby agrees that Corporation shall identify the Interconnection
Point on the Treated Sewage/Effluent Channel and necessary arrangements for interconnection shall be made by Corporation to enable
adequate flow of the Treated Sewage/Effluent from the Treated Sewage/Effluent Channel to the Plant. STP further agrees and undertakes
that it shall ensure supply of enough Treated Sewage/Effluent in the Treated Sewage/Effluent Channel that will enable Corporation
to off-take up to six million litres per day (6,000,000 L/D) Treated Sewage/Effluent
till the end of the Term. Corporation hereby undertakes that it shall off-take only up to ten
million litres per day (10,000,000 L/D) of Treated Sewage/Effluent from the Treated Sewage/Effluent Channel. It is envisaged
pumping may be required to enable Corporation to off-take desired quantity of Treated Sewage/Effluent. The pumping arrangements
whatsoever required, would have to be arranged by STP at its own cost and expense. However STP agrees to provide sufficient infrastructure
to Corporation within its STP site for setting up such pumping facilities. Such infrastructure would include desired space (land)
and power connection with a sub-meter and any other facilitation required by STP for making arrangement for pumping of Treated
Sewage/Effluent from the Treated Sewage/Effluent Channel to the Plant or to the Tankers, as the case may be. STP would also assist
Corporation.

 

		iii.	Corporation is to provide the right of way, free of cost,
to STP from the boundary of the Plant to the Interconnection Point for the purposes of inspection of the pipeline and taking samples.

 

		3.	OFFTAKE
                                         OF TREATED SEWAGE/EFFLUENT PRIOR TO COD

 

STP hereby agrees that, prior to
the COD, Corporation shall have the right to off-take Treated Sewage/Effluent from the Treated Sewage/Effluent Channel free of
cost for the purposes of testing the Interconnection Point or testing any operations at the Plant up to six
million litres per day (6,000,000 L/D) (±10%) of Treated Sewage/Effluent.

 

		4.	DELIVERY OF TREATED SEWAGE/EFFLUENT AFTER THE COD

 

		i.	STP hereby agrees
                                         that, in consideration of the payment of the Fee, Corporation shall after the COD, have
                                         the right to off-take, in an uninterrupted manner, up to six
                                         million litres per day (6,000,000 L/D) of Treated Sewage/Effluent from the Treated
                                         Sewage/Effluent Channel. The quality and quantity of Treated Sewage/Effluent being off-taken
                                         by Corporation will be measured by a metering system that will be established at the
                                         Interconnection Point. Corporation shall monitor the quantity of the Treated Sewage/Effluent
                                         and submit a monthly report to the STP. Corporation shall submit such monthly reports
                                         by 10th of every month.

 

	Initials: __________	Initials: __________
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		ii.	Corporation shall pay STP a monthly fee at a rate based
on ML (million litres) of Treated Sewage/Effluent off-taken by it (“Fee”). Corporation shall make the payment
of the Fee in accordance with clause 5 below. The present rate for supply of Treated Sewage/Effluent is 0.0000001 USD per kilolitre
(kL).

 

		5.	PAYMENT TERMS

 

Corporation will make direct payment
to STP on 10th day of every month during entire Term of the agreement by cheque or draft or transfer to the designated
account of STP after the monitoring report certified by the auditor.

 

		6.	RESIDUAL TREATED SEWAGE/EFFLUENT

 

Corporation shall use or dispose
the Residual Treated Sewage/Effluent in accordance with Applicable Law and shall have the right to use, dispose the Residual Treated
Sewage/Effluent generated by the Plant. It is farther agreed that Corporation shall have the right to use the Residual Treated
Sewage/Effluent in any of the processes of the Plant. If Corporation so desires; it can dispose of the Residual Treated Sewage/Effluent
back to the Treated Sewage/Effluent Channel of STP, provided the Residual Treated Sewage/Effluent meets applicable discharge norms
as per Environment regulations.

 

		7.	FORCE MAJEURE

 

Any event lying beyond the reasonable
control of a Party and not brought about at the instance of the Party claiming to be affected by such event (“Affected
Party”) which the Affected Party could not prevent or overcome despite having exercised due care and diligence and which
results in a Material Adverse Effect shall constitute a Force Majeure Event. Such events include any or all of Non-Political Event,
Indirect Political Event and/or Political Event as defined below, provided they fulfill the requirements stated in the preceding
sentence, shall include, but not be limited to the following:

 

		a)	earthquake, flood, inundation and landslide;

 

		b)	storm, tempest, hurricane, cyclone, lightning, thunder
or other extreme atmosphere disturbances;

 

		c)	fire caused by reasons not attributable to the Affected
Party or its management;

 

		d)	acts of terrorism;

 

		e)	strikes, labour disruptions or any other industrial disturbances
not arising on account of the acts or omissions of the Affected Party;

 

		f)	break down of the Plant or any part thereof;

 

		g)	action of a Government Agency having Material Adverse Effect
including by not limited to:

 

		i.	acts of expropriation, compulsory acquisition or takeover
by any Government Agency of the Project / Project Facilities or any part thereof or of Corporation’s rights in relation
to the Project;

 

		ii.	any judgment or order of a court of competent jurisdiction
made against Corporation or any contractor appointed by Corporation for the purposes of the Project, in any proceedings which
is non-collusive and duly prosecuted by Corporation.

 

	Initials: __________	Initials: __________
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		iii.	any unlawful, unauthorized or without jurisdiction refusal
to issue or to renew or the revocation of any Applicable Approvals, in each case, for reasons other than Corporation’s or
any of its contractor’s breach or failure in complying with the, Applicable Laws, Applicable Approvals, any judgment or
order of a Governmental Agency or of any contract by which Corporation or its contractor as the case may be is bound

 

War,
hostilities (whether declared or not) invasion act of foreign enemy, rebellion, riots,
weapon conflict or military actions, civil war, ionizing radiation, contamination by radioactivity,
any nuclear waste, radioactive toxic explosion, and volcanic eruptions,  amongst other reasons.

 

		8.	ARBITRATION

 

		i.	If any dispute, difference or question, whatsoever, shall
arise between the parties arising out of or in connection with this Agreement (“Dispute”), the Parties hereto
shall use their best efforts to settle such Dispute amicably by mutual negotiations. Should agreement not be reached in respect
therewith within a period of fourteen days from the notice by a Party of such Dispute, either Party may, by giving to the other
a notice in writing of the existence of such question, dispute or difference, refer the matter for Arbitration in accordance with
clause 6.ii below.

 

		ii.	Any dispute which is not settled in accordance with clause
6.i above, will be referred to arbitration to a single referee appointed by consent of the parties and if the parties cannot agree
on the choice of a unique arbitrator within seven (7) days of the date of the notice for arbitration by either party in accordance
with clause 6.i above, arbitration will be then led by a panel of three arbitrators, one appointed by each party and the third
arbitrator being appointed by the two arbitrators appointed by the parties. The arbitration award issued by the single arbitrator
or panel of arbitrators, as the case may be, shall be final and impose on the parties. Any such arbitration will take place and
shall be subject to international provisions on the arbitrage. Parties will support equally the costs of arbitration proceedings
and any fee payable to the arbitrator (s) will be supported in equal unless otherwise decided by the arbitral sentence. Forum
for arbitration will be that of the Ontario, Canada.

 

		9.	NOTICES

 

Unless otherwise stated, notices
to be given under this Agreement shall be in writing and shall be given by hand delivery/ recognized international courier, mail,
telex or facsimile and delivered or transmitted to the Parties at their respective addresses set forth below:

 

If to Corporation:

 

BIOCRUDE TECHNOLOGIES, INC.

1255 Phillips Square, Suite 605

Montreal, Québec, Canada H3B 3G5

 

(Attn: Mr. John Moukas; Chairman/CEO)

 

Tel: (877) 878-1268

Fax: (877) 778-1568

Email: jmoukas@biocrudetech.com

Website: http://www.biocrudetech.com

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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If to STP:

 

Name, Address, Tel. & Fax of First Party:

 

Gouvernorat
de l’Île Autonome de la Grande Comore

Route
de Moroni- Itsandra

Moroni,
Île Autonome de la Grande Comore, Union des Comores

 

(Attn:
The Honourable HASSANI Hamadi, Governor and/or

Mr.
Mohamed Abdou MLANAO, Commissaire à l’Environnement, à l’Urbanisme, au

Développement
Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
and/or Mr.

Moustapha
Chamssoudine DADA, Mayor of Moroni )

 

Tel: +269 773
13 64; +269 773 84 77; +269 764 44 77 Fax:

Email: sgg.ngazidja@gmail.com

Website: http://www.gouvernorat-ngazidja.com

 

Or at such address, telex number, or facsimile number
as may be duly notified by the respective Parties from time to time and shall be deemed to have been made or delivered:

 

		a)	in the case of any communication made by letter, when delivered
by hand, by recognized international courier or by mail (registered, return receipt requested) at that address, and

 

		b)	in the case of any communication made by telex or facsimile,
when transmitted properly addressed to such telex number or facsimile number.

 

		10.	TERM & TERMINATION

 

The term of this agreement is for
a time period of Thirty (30) years ,commencing from the Effective Date and will also include an option of an additional thirty
(30) years thereafter, at the same terms and conditions of the first thirty (30) years as provided herein, tacitly renewed (Corporation’s
discretion).

 

		11.	MISCELLANEOUS

 

		i.	The Parties hereby represent to the other that this Agreement
has been duly executed in accordance with the applicable law, regulations and bye-laws governing them and that it is valid, binding
and legally enforceable against them.

 

		ii.	STP hereby recognizes that this is a commercial transaction
being undertaken by STP

 

		iii.	Subject always to the applicable laws, no delay in exercising
or omission to exercise any right, power or remedy accruing to a Party under this Agreement or any other agreement or document
entered into between the Parties pursuant to this Agreement, shall impair any such right, power or remedy or shall be construed
to be a waiver thereof.

 

		iv.	No modification, alteration or amendment of this Agreement
shall be valid unless signed by both Parties.

 

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		v.	This Agreement shall be governed by the laws of Paris,
France and, subject to the provisions of clause 8, the courts in Paris, France shall have jurisdiction over matters arising out
of this Agreement.

 

		12.	SEVERABILITY

 

Nothing herein contained shall be
construed to constitute a partnership between Corporation and STP, or to constitute either Party as the agent of the other and
neither Party shall hold itself out as such.

 

If any provision of this Agreement
shall be declared illegal, void or unenforceable, the same shall not affect the other provisions herein which shall be considered
severable from such provision and shall remain in full force and effect.

 

IN WITNESS WHEREOF the Parties have affixed therein
and sealed to this License Agreement the day and year first hereinabove written:

 

SIGNED, SEALED AND DELIVERED BY: FIRST PARTY
(STP)

 

GOUVERNORAT DE L’ÎLE AUTONOME DE LA GRANDE
COMORE

 

The Honourable HASSANI Hamadi, Governor

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

COMMISSARIAT À L’ENVIRONNEMENT, À
L’URBANISME, AU DÉVELOPPEMENT DURABLE ET À L’ENERGIE, À L’EMPLOI, À L’ENTREPREUNARIAT
ET À LA SOLIDARITÉ

 

Mr. Mohamed Abdou MLANAO, Commissioner

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

	Initials: __________	Initials: __________
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COMMISSARIAT A LA SECURITE INTERIEURE, A LA FONCTION
PUBLIQUE, A L’ADMINISTRATION DES COLLECTIVITES TERRITORIALES DECENTRALISEES, A LA REFORME ADMINISTRATIVE, CHARGE DE L’INFORMATION

 

Ms. Maissara Adam MONDOHA, Commissioner

 

Signature:
_____________________________________ 

 

Date: ___________/__________/
2016

 

COMMISSARIAT AUX FINANCES,
AU BUDGET, A L’ECONOMIE, AU COMMERCE INTERIEUR, A L’INDUSTRIE, AU PLAN, CHARGE DE LA PROMOTION DES INVESTISSMENTS

 

Mr. Said Ahamada YOUSSOUF, Commissioner

 

Signature: _____________________________________

 

Date: ___________/__________/
2016

 

VILLE DE MORONI 

 

Mr. Moustapha Chamssoudine DADA,
Mayor

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

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SIGNED, SEALED AND DELIVERED BY: SECOND PARTY

 

FOR BIOCRUDE TECHNOLOGIES, INC. (CORPORATION)

 

Mr. John MOUKAS, Chairman/CEO

 

Signature: _____________________________________

 

Date: ___________/__________/ 2016

 

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ANNEX A

 

SITE PLAN & MAPS OF SITE

 

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ANNEX B

 

	Initials: __________	Initials: __________
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SCHEDULE VII:

TIPPING FEE ESCALATING INDEX

 

	Year from COD*	USD/MT of MSW	Year from COD*	USD/MT of MSW	Year from COD*	USD/MT of MSW
	1	35.00	11	56.00	21	95.50
	2	37.50	12	59.50	22	100.50
	3	39.00	13	63.00	23	105.00
	4	41.50	14	66.50	24	110.00
	5	43.00	15	70.00	25	115.00
	6	44.50	16	74.00	26	120.00
	7	46.00	17	78.00	27	126.00
	8	47.50	18	82.00	28	132.00
	9	50.00	19	86.50	29	138.00
	10	53.00	20	91.00	30	145.00

 

*Year commencement as of COD (Date of Commissioning) of
projecting, time equals start)

 

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SCHEDULE VIII

APPLICABLE APPROVALS

 

The table below gives the name and status of all the Statutory
and Non-Statutory Clearances involved in  this project.

 

	Statutory Clearances
	Authorization of Pollution Control	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Pollution Clearance from the Ministère de la Production, de l’Environnement, de l’Énergie, de l’Industrie et de l’Artisanat de l’Union des Comores and Consent to Establish and Operate Plant	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Civil Aviation Clearance for Stack Height	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Municipal board for treated sewage	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité & le Gestion de l’Eau et de l’Électricité aux Comores (MA-MWE)
	Town & Country Planning Clearance	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Host Country Approval for CDM under Kyoto protocol	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité
	Non-Statutory Clearances
	Construction power	le Gestion de l’Eau et de l’Électricité aux Comores (MA-MWE)
	Power Purchase Agreement (PPA)	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité & le Gestion de l’Eau et de l’Électricité aux Comores (MA-MWE)
	Power evacuation arrangements	Commissariat à l’Environnement, à l’Urbanisme, au Développement Durable et à l’Énergie, à l’Emploi, à l’Entreprenariat et à la Solidarité & le Gestion de l’Eau et de l’Électricité aux Comores (MA-MWE)

 

	Initials: __________	Initials: __________
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SCHEDULE IX

REPRESENTATION AND WARRANTIES

 

Representation and Warranties of First Party

 

First Party hereby represents, assures, confirms and
undertakes to Corporation as follows:

 

		a)	That it is duly incorporated under the laws of Autonomous
Island of Grande Comore and has the power to conduct its business as presently conducted and to enter into this Agreement;

 

		b)	That it has full power, capacity and authority to execute,
deliver and perform this Agreement and has taken all necessary sanctions and approvals and followed
all the procedure required to authorize the execution, delivery and performance of this Agreement;

 

		c)	Nothing in this Agreement conflicts with its constitutional
authority, mandate, or any law or any other agreement, understanding or arrangement or any judgment, decree or order or any statute,
rule or regulation applicable to it;

 

		d)	All approvals and permissions as are necessary for the
execution of this Agreement will be approved and issued to Corporation and all the required procedure for the due execution of
this Agreement have been adhered to and further that this Agreement will be valid, legal and binding against it under Law.

 

Representation and Warranties of Corporation

 

Corporation hereby represents, assures, confirms and
undertakes to First Party as follows:

 

		a)	That it is duly incorporated under the laws of the United
States of America and in Canada (Canadian Division) and has the power to conduct its business as presently conducted and to enter
into this Agreement;

 

		b)	That it has full power, capacity and authority to execute,
deliver and perform this Agreement and has taken all necessary sanctions and approvals (corporate, statutory or otherwise) to
authorize the execution, delivery and performance of this Agreement;

 

		c)	Nothing in this Agreement conflicts with its Memorandum
and Articles of Association or any other agreement, understanding or arrangement or any judgment, decree or order or any statute,
rule or regulation applicable to it;

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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SCHEDULE X:

SUBSTITUTION RIGHTS OF THE LENDERS

 

		1.	Substitution of the Corporation

 

		a)	Subject to the terms of this Agreement, upon occurrence
of a Corporation Event of Default under this Agreement, the Lenders shall, have the right to seek substitution of the Corporation
by a Selectee for the residual period of this Agreement, for the purposes of securing the payments of the Total Debt Amount from
the Corporation and performing the obligations of the Corporation, in accordance with the provisions of this Schedule.

 

		b)	The Lenders may seek to exercise right of substitution
by an amendment or novation of this Agreement and other Project Documents executed between the First Party and the Corporation
in favour of the Selectee, the First Party and the Corporation shall cooperate with the Lenders to carry out such substitution.

 

		2.	First Party’s Notice of Default

 

The First Party (i.e. the First Party
who serves the Preliminary Default Notice on the Corporation as per this Agreement) shall, simultaneously also issue a copy of
the same to the Lenders.

 

		3.	Substitution Notice

 

In the event of failure of the Corporation
to rectify the Event of Default giving rise to Preliminary Default Notice, the lenders, upon receipt of a written advice from
the First Party confirming such failure, either on their own or through its representative (“the Lenders’ Representative”)
shall be entitled to notify the First Party and the Corporation of the intention of the Lenders to substitute the Corporation
by the Selectee for the residual period of this Agreement (the “Substitution Notice”).

 

		4.	Interim operation of Project

 

		a)	On receipt of a Substitution Notice, no further action
shall be taken by any Party to terminate this Agreement, except under and in accordance with the terms of this Schedule X of this
Agreement.

 

		b)	On issue of a Substitution Notice, the Lenders shall have
the right to request the First Party to enter upon and takeover the Project for the interim and till the substitution of the Selectee
is complete and to otherwise take all such steps as are necessary for the continued operation and maintenance of the Project,
including levy, collection and appropriation of payments thereunder, subject to, the servicing of monies owed in respect of the
Total Debt Amount as per the Financing Agreements and the Corporation shall completely cooperate in any such takeover of the Project
by the First Party. If the First Party, at their sole and exclusive discretion agree to enter upon and takeover the Project, till
substitution of the Selectee in accordance with this Agreement, the First Party shall be compensated for rendering such services
in accordance with clause 10.1 herein.

 

		c)	The Lenders and the First Party shall, simultaneously have
the right to commence the process of substitution of the Corporation by the Selectee in accordance with these terms and the Corporation
hereby irrevocably consents to the same.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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		5.	Process of Substitution of Corporation

 

The Lenders’ Representative may,
on delivery of a Substitution Notice notify the First Party and the Corporation on behalf of all the Lenders about the Lenders’
decision to invite and negotiate, at the cost of the Lenders, offers from third parties to act as Selectee, either through private
negotiations or public auction and / or a tender process, for the residual period of this Agreement.. Subject to and upon approval
of the First Party, such Selectee shall be entitled to receive all the rights of the Corporation and shall undertake all the obligations
of the Corporation under this Agreement and other Project Documents executed between the Corporation and the First Party, in accordance
with these terms of substitution.

 

The Lenders and
the Corporation shall ensure that, upon the First Party approving the Selectee, the Corporation shall transfer absolutely and
irrevocably, the ownership of the Project to such Selectee simultaneously with the amendment or novation of this Agreement other
Project Documents executed between the Corporation and the First Party in favour of the Selectee as mentioned in clause.

 

		6.	Modality for Substitution

 

		6.1	Criteria for selection of the Selectee.

 

The Lenders and/or the Lenders’ Representative shall
in addition to any other criteria that they may deem fit and necessary, apply the following criteria in the selection of the Selectee:

 

		a)	if the Corporation is proposed to be substituted during
the Construction Period, the Selectee shall possess the technical and financial capability in accordance to the qualifying criteria
of the First Party and Lenders, to perform and discharge all the residual duties, obligations and liabilities of the Corporation
under this Agreement.

 

		b)	the Selectee shall have the capability and shall unconditionally
consent to assume the liability for the payment and discharge of dues, if any, of the Corporation to the First Party under and
in accordance with this Agreement and also payment of the Total Debt Amount to the Lenders upon terms and conditions as agreed
to between the Selectee and the Lenders;

 

		c)	the Selectee shall have not been in breach of any agreement
between the Selectee and any Bank or any Lender or between the Selectee and any of the First Party, involving sums greater than
one million US Dollars at any time in the last two (2) years as on the date of the substitution of the Corporation.

 

		d)	any other appropriate criteria, whereby continuity in the
performance of the Selectee’s obligations under this Agreement is maintained and the security in favour of the Lenders under
the Financing Agreements is preserved.

 

		7.	Modalities

 

The following modalities shall
be applicable to any substitution of the Corporation by the Selectee pursuant to this Agreement:

 

		7.1	The Lenders’ Representative shall on behalf of the
Lenders propose to the First Party (the “Proposal”) pursuant to sub-clause 7.2 below, the name of the Selectee
for acceptance, seeking:

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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		a)	grant of all the rights and obligations under this Agreement
and the other Project Documents executed between the First Party and the Corporation, to the Selectee (as substitute for the Corporation);

 

		b)	amendment of this Agreement and the other Project Documents
executed between the First Party and the Corporation, to the effect that the aforementioned grant to the Selectee, shall be such
that the rights and obligations assumed by the Selectee are on the same terms and conditions for the residual period of this Agreement
as existed in respect of the Corporation under the original Agreement and the other Project Documents executed between the First
Party and the Corporation; and

 

		7.2	The Proposal shall contain
the particulars and information in respect of the Selectee the data and information as the First Party may reasonably require.

 

		7.3	The Proposal shall be accompanied by an irrevocable and
unconditional undertaking by the Selectee that it shall, upon approval by the First Party of the Proposal:

 

		a)	observe, comply, perform and fulfill the terms, conditions
and covenants of this Agreement and all Project Documents executed between Corporation and the First Party or a new power purchase
agreement or respective Project Document (in the case of the novation thereof), which according to the terms therein are required
to be observed, complied with, performed and fulfilled by the Corporation, as if such Selectee was the Corporation originally
named under this Agreement; or the respective Project Document; and

 

		b)	be liable for and shall assume, discharge and pay the Total
Debt Amount or then outstanding dues to the Lenders under and in accordance with the Financing Agreements or in any other manner
agreed to by the Lenders and the First Party as if such Selectee was the Corporation originally named under such Financing Agreements.

 

		7.4	At any time prior to taking a decision in respect of the
Proposal received under clause 7.1, the First Party may require the Lender / Lenders’ Representative to satisfy it as to
the eligibility of the Selectee. The decision of the First Party as to acceptance or rejection of the Selectee, shall be made
reasonably and when made shall be final, conclusive and binding on the Parties.

 

		7.5	Such decision shall be made by the First Party at their
reasonably exercised discretion within seven (7) days of:

 

		a)	the date of receipt of the Proposal by the First Party;
or

 

		b)	the date when the last of further and other information
and clarifications in respect of any data, particulars or information included in the Proposal requested by the First Party under
clause 7.2 above is received; whichever is later.

 

Notwithstanding anything to the
contrary mentioned in this Agreement, the approval of the First Party for the select shall not be withheld in case the Corporation
meets the mentioned in clause 6.1.

 

		7.6	Upon approval of the Proposal and the Selectee by the First
Party, the Selectee mentioned in the Proposal shall become the Selectee.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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		7.7	Following the rejection of a Proposal, the Lenders and/or
the Lenders’ Representative shall have the right to submit a fresh Proposal, proposing another Selectee. The provisions
of this schedule shall apply mutatis mutandis to such fresh Proposal.

 

		7.8	The substitution of the Corporation by the Selectee shall
be deemed to be complete upon the Selectee executing all necessary documents and writings with or in favour of the Corporation,
First Party and the Lenders so as to give full effect to the terms and conditions of the substitution, subject to which the Selectee
has been accepted by the Lenders and the First Party and upon transfer of ownership and complete possession of the Project by
the First Party or the Corporation, as the case may be, to the Selectee. The First Party shall novate all the Project Documents,
which they had entered in to with the Corporation in order to make the substitution of the Corporation by the Selectee effective.

 

		7.9	Upon the substitution becoming effective pursuant to sub-clause
7.8 above, all the rights of the Corporation under this Agreement shall cease to exist:

 

Provided that, nothing contained
in this sub-clause shall prejudice any pending/subsisting claims of the Corporation against the First Party or any claim of the
First Party against the erstwhile Corporation or the Selectee.

 

		7.10	The Selectee shall, subject to the terms and conditions
of the substitution, have a period of ninety (90) days to rectify any breach and / or default of the Corporation subsisting on
the date of substitution and required to be rectified and shall incur the liability or consequence on account of any previous
breach and / or default of the Corporation.

 

		7.11	The decision of the Lenders and the First Party in the
selection of the Selectee shall be final and binding on the Corporation and shall be deemed to have been made with the concurrence
of the Corporation. The Corporation expressly waives all rights to object or to challenge such selection and appointment of the
Selectee on any ground whatsoever.

 

		7.12	All actions of the Lenders’ Representative hereunder
shall be deemed to be on behalf of the Lenders and shall be binding upon them. The Lenders’ Representative shall be authorized
to receive payment of compensation and any other payments, including the consideration for transfer, if any, in accordance with
the Proposal and the Financing Agreements and shall be bound to give valid discharge on behalf of all the Lenders.

 

		8.	Corporation’s Waiver

 

		8.1	The Corporation irrevocably agrees and consents to any
actions of the Lenders, the Lender’s Representative and the First Party or exercise of their rights under and in accordance
with these terms.

 

		8.2	The Corporation irrevocably agrees and consents that from
the date specified in clause 7.9, it shall cease to have any rights under this Agreement or the Financing Agreements.

 

		8.3	The Corporation warrants and covenants that any agreement
entered into by the Corporation, in relation to the Project, shall include a legally enforceable clause providing for automatic
novation of such agreement in favour of the Selectee, at the option of the Lenders or the First Party. The Corporation further
warrants and covenants that, in respect of any agreements which have already been executed in relation to the Project and which
lack a legally enforceable clause providing for automatic novation of such agreement, the First Party
shall procure an amendment in the concluded agreement to incorporate such clause.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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		9.	Interim Protection

 

		9.1	Appointment of a Receiver

 

		a)	In every case of the Lenders issuing a Substitution Notice
and the First Party refusing to take over the Project and the Corporation failing to operate the Project in accordance with clause
4 (c) above and the First Party not electing to act as Receiver as per sub-clause 9.1 (b) hereof, the Lenders may institute protective
legal proceedings for appointment of a receiver (the “Receiver”) to maintain,
preserve and protect the assets held as security by the Lenders if such right is granted under the terms of the Financing Agreements.

 

		b)	Provided that in event of the First Party refusing to take
over the Project and the Corporation failing to operate the Project in accordance with clause 4 (c) above, and if the assets of
the Project are, in the opinion of the First Party, necessary and required for the operation and maintenance of the Project, the
First Party shall be entitled to elect to act as the Receiver for the purposes of this clause and be entitled to maintain, preserve
and protect the said assets by engaging an operator/service provider to act on their behalf and the Lenders and Corporation hereby
consent and agree to the same. Upon the First Party so intimating the Corporation and the Lender’s representative their
desire to act as Receiver, the Corporation and the Lender’s representative shall co-operate with the First Party to facilitate
the same.

 

		c)	Upon appointment of the Court appointed Receiver or the
First Party acting as Receiver, all the Receivables received by such Receiver shall be deposited by the Receiver in the bank account
jointly designated by the First Party and the Lenders. The Receiver shall be responsible for protecting the assets in receivership
and shall render a true and proper account of the receivership to the lenders in accordance with the terms of its appointment.

 

		d)	When acting as a Receiver or operator in accordance with
this Article 9 or clause 4 (b), the First Party shall be entitled to be remunerated for such services as may be determined by
Central Electricity Regulatory Commission. Furthermore, when acting as a Receiver, the First Party shall not be liable to the
Lenders, the Lenders’ Representative, Corporation or any third party for any default under this Agreement, damage or loss
to the Power Station or for any other reason whatsoever, except for willful default of the First Party.

 

		10.	Change in the First Party or Lenders

 

The Parties hereto acknowledge
that during the subsistence of this Agreement, it is possible that the First Party may cease to be a party to this Agreement by
reason of termination of this Agreement and any Lender may cease to remain as a Lender by reason of repayment of the debt or otherwise.
Further it may possible that any Lender may be substituted or a new Lender may be added. In the event of any First Party ceasing
to be a party to this Agreement or Financing Agreement respectively, the term and conditions as prescribed in this Schedule shall
cease to automatically apply to such First Party or Lender as the case may be. Further, upon any entity being added as a Lender
and in the event such entity is given the right to substitute the Corporation under the Financing Agreement and then the contents
of this Schedule shall be applicable to the exercise of such right by the said new entity.

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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SCHEDULE XI

INTEGRATED MSW-ENERGY COMPLEX SCHEMATIC

 

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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SCHEDULE XII

DETAILED PROJECT REPORT ON THE IMPLEMENTATION OF
A WASTE TO ENERGY COMPLEX IN

MORONI, AUTONOMOUS ISLAND OF GRANDE COMORE

 

Refer to:

http://www.biocrudetech.com/portal/index.php?option=com_docman&task=cat_view&gid=178&Itemid=54

 

	Initials: __________	Initials: __________
	Strictly Confidential	Property of BioCrude Technologies, Inc.

 

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