Document:

Exhibit 10.40

  

	 	EXECUTION VERSION

 

Seller Option Deed

  

Dated
29-06-2015

  

National Bank of Abu Dhabi PJSC – Islamic Banking Division

(The Investment Agent)

 

in favour of

 

Brooge Petroleum and Gas Investment Company FZC

(The Seller)

  

	
        Dentons & Co

        Suite 1204 Al Ghaith Tower

        Hamdan Street

        P.O. Box 47656

        Abu Dhabi

        United Arab Emirates
	 

 

     

     

    

 

Contents

 

	1	Definitions and interpretation	1
	 	 	 
	2	Exercise Notice	2
	 	 	 
	3	Indemnity amount	3
	 	 	 
	4	Assignment	3
	 	 	 
	5	Governing law	3
	 	 	 
	6	Enforcement	3

 

    Contents (i)

     

    

 

Seller Option Deed

 

Dated 

 

By

 

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

 

in favour of

 

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

 

Recitals

 

		A.	Pursuant to the terms of the Master Istisna’ Agreement, the Investment Agent (for and on behalf of the Participants) has agreed
to enter into an Istisna’ Agreement in relation to the Istisna’ Development.

 

		B.	The Investment Agent hereby provides this Seller Option Deed in favour of the Seller with respect to the Istisna’ Agreement.

 

It is agreed:

 

		1	Definitions and interpretation

 

		1.1	Definitions

 

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

 

		1.1.2	In addition, in this Seller Option Deed:

 

Common Terms Agreement means the common terms
agreement dated on or about the date of this Seller Option Deed between the Company and the Investment Agent.

 

Exercise Date means the date of the next Advance
Variable Rental Payment Date.

 

Exercise Notice means a notice substantially
in the form contained in Schedule 1 (Exercise Notice).

 

Forward Lease means the lease dated on or about
the date of this Seller Option Deed in relation to the Istisna’ Development.

 

Indemnity
Amount means all any actual Losses arising out of the termination of the Istisna’ Agreement through the issue of the Exercise
Notice and which shall include any claim that the Seller (acting as the Lessee) may have against the Investment Agent (acting as
the Lessor) under the Forward Lease (including the return of any Advance Rental Payments) on the grounds that the Commencement
Date will not occur on or before the Projected Completion Date (including due to the termination of the Istisna’ Agreement) or
for any other reason.

 

    Page 1

     

    

 

Istisna’ Agreement means the istisna’ agreement
dated on or around the date of this Seller Option Deed entered into between the Seller and the Investment Agent pursuant to the
Master Istisna’ Agreement.

 

Istisna’ Development  is the development described
in the Istisna’ Agreement.

 

Option Payment means:

 

		(a)	the aggregate of all Istisna’ Payments that have been paid to and received by the Seller under the Istisna’ Agreement as of
the Exercise Date; less

 

		(b)	the Advance Fixed Rental Payments that the Seller (acting as the Lessee) has paid under the Forward Lease as of the Exercise
Date.

 

Party means a party to or beneficiary of this
Seller Option Deed.

 

		1.2	Construction

 

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

 

		1.3	Third party rights

 

		1.3.1	Subject to Clause 1.3.2, unless expressly provided to the contrary in this Seller Option Deed a person who is not a Party has
no right under the Third Parties Act to enforce or to enjoy the benefit of any term of this Seller Option Deed.

 

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

 

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

 

		1.4	Common Terms Agreement

 

This Seller Option Deed and the rights and obligations
of the Parties are subject to the provisions of the Common Terms Agreement. The provisions of the Common Terms Agreement that are
expressed to apply to all Transaction Documents apply equally to this Seller Option Deed.

 

		2	Exercise
Notice

 

		2.1	Issue of an Exercise Notice

 

In accordance with clause 15
(Early termination by the Seller before the Istisna’ Agreement exists) of the Master Istisna’ Agreement, the
Seller may issue an Exercise Notice provided that the Exercise Notice is given to the Investment Agent not less than five Business
Days prior to the Exercise Date (or such shorter period as the Majority Participants may agree).

 

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		2.2	Consequences of the Exercise Notice

 

		2.2.1	On the Exercise Date the Seller must pay the Option Payment to the Investment Agent.

 

		2.2.2	Upon receipt of the payment described above the Istisna’ Agreement and all other Transaction Documents relating to that Istisna’
Development shall terminate, other than for any provisions which are expressly stated to continue beyond termination.

 

		3	Indemnity amount

 

If the Seller issues the Exercise Notice, the Seller
indemnifies the Investment Agent and the Participants on demand by the Investment Agent for the Indemnity Amount. This indemnity
obligation shall survive the termination of the Istisna’ Agreement or any other Transaction Document or the exercise of the Seller’s
rights under this Seller Option Deed.

 

		4	Assignment

 

		4.1	No assignment or transfer by the Seller

 

The Seller may not assign any of its rights or transfer
any of its rights or obligations under this Seller Option Deed.

 

		4.2	Assignment and/or transfer by Investment Agent

 

The Investment Agent can assign and/or transfer any
of its rights and obligations under this Seller Option Deed as part of the arrangements contemplated by clause 6.13 (Resignation
of the Investment Agent) of the Investment Agency Agreement.

 

		5	Governing law

 

		5.1	English law

 

This Seller Option Deed, its interpretation and all
non-contractual obligations arising out of or connected with it shall be governed by, and construed in accordance with, English
law.

 

		5.2	Interest

 

The Parties recognise and agree that the principle
of the payment of interest is repugnant to the Shari’ah and accordingly, to the extent that any legal system would (but for the
provisions of this Clause) impose (whether by contract or by statute) any obligation to pay interest, the Parties hereby irrevocably
and unconditionally expressly agree to pay any amounts of interest that they receive to charity as designated by the Shari’ah Fatwa
and Supervisory Board of the Investment Agent.

 

		6	Enforcement

 

		6.1	Jurisdiction

 

		6.1.1	Subject to Clause 6.1.2, the Parties submit, and waive any objection, to the exclusive jurisdiction of the courts of the Dubai
International Financial Centre, Emirate of Dubai, United Arab Emirates to settle any dispute arising out of or in connection with
this Seller Option Deed (including a dispute relating to the existence, validity or termination of this this Seller Option Deed
or any non-contractual obligation arising out of or in connection with this Seller Option Deed) (a Dispute). The Parties
agree that the courts of the Dubai International Financial Centre, Emirate of Dubai, United Arab Emirates are the most appropriate
and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

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		6.1.2	This Clause 6.1 is for the benefit of the Finance Parties only. No Finance Party shall be prevented from taking proceedings
relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent
proceedings in any number of jurisdictions.

 

		6.2	State Immunity

 

		6.2.1	Each Party acknowledges and agrees, to the extent relevant, that its execution, performance and delivery of this Seller Option
Deed shall constitute a private commercial transaction entered into entirely in its commercial capacity.

 

		6.2.2	To the extent that any Party may in any jurisdiction claim for itself or its assets immunity from legal proceedings, and to
the extent that in any jurisdiction there may be attributed to any Party or its assets such immunity (whether claimed or not),
that Party irrevocably and unconditionally and to the full extent permitted by the laws of the Relevant Jurisdiction:

 

		(a)	agrees not to claim such immunity;

 

		(b)	waives any such immunity which it or its assets now has or may in future acquire; and

 

		(c)	consents, in any legal proceedings arising out of or in connection with this Seller Option Deed, to the giving of relief by
enforcement, execution (including the arrest, detention or sale of any state property) or attachment (whether before judgment,
in aid of execution, or otherwise) against any of its assets.

 

		6.2.3	In relation to any legal proceedings that may be taken in England, the foregoing waiver of immunity shall have effect under,
and be construed in accordance with, the State Immunity Act 1978.

 

		6.2.4	For the purposes of this Clause:

 

legal proceedings includes any service of process,
suit, judgment, execution, attachment (whether before judgment, in aid of execution, or otherwise), arbitral proceedings or other
dispute resolution mechanisms; and

 

asset includes any asset not used solely for
commercial purposes.

 

This Seller Option Deed is executed by
the Seller as a deed on the date stated at the beginning of this Seller Option Deed.

 

    Page 4

     

    

 

Execution Page of the Seller Option Deed

 

	The Investment Agent	 	 
	 	 	 
	Executed as a deed by	)	/s/ Aqeel Bughio
	 	)	Sector Head - Corporate
	duly authorised in accordance with the	) 	 
	laws of Abu Dhabi, United Arab Emirates for	) 	 
	and on behalf of National Bank of Abu	)	/s/ Omar Katri
	Dhabi PJSC - Islamic Banking Division in	)	Sector Head -  Commercial
	the presence of:	)	 
	 	)	 
	Signature of witness	)	 

 

	Name of witness:	 	 	 
	 	 	 
	Address of witness:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

The Seller

 

	Executed as a deed
    by	)	

                                        

                                        

	 	)
	duly authorised in accordance with the	)
	laws of Fujairah Free Zone, United Arab 	)
	Emirates for and on behalf of Brooge
    	)
	Petroleum and Gas Investment Company 	)
	FZC in the presence of: 	 
	 	 
	Signature of witness	)

 

	Name of witness:	 	 	 
	 	 	 
	Address of witness:Exhibit 10.41

 

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

 

 

Account
Pledge and Assignment

 

Dated

 

Brooge
Petroleum and Gas Investment Company FZC

(the Lessee)

 

National
Bank of Abu Dhabi PJSC – Islamic Banking Division

(as Security Agent acting for and on behalf of the Participants)

 

	
        Dentons & Co

        Suite 1204 Al Ghaith Tower

        Hamdan Street

        P.O. Box 47656

        Abu Dhabi

        United Arab Emirates
	 

 

     

     

    

 

Contents

 

	1	Definitions and interpretation	1
	 	 	 
	2	Covenant to pay	3
	 	 	 
	3	Grant of security	3
	 	 	 
	4	Representations and warranties	5
	 	 	 
	5	Covenants	6
	 	 	 
	6	New accounts	6
	 	 	 
	7	Protection of security	6
	 	 	 
	8	Enforceability and Security Agent’s powers	7
	 	 	 
	9	Application of moneys	9
	 	 	 
	10	Further assurances	9
	 	 	 
	11	Power of attorney	10
	 	 	 
	12	Supplemental	11
	 	 	 
	13	Governing law	12
	 	 	 
	14	Jurisdiction	12
	 	 	 
	Execution page of the Account Pledge and Assignment	13

 

     

     

    

 

Agreement

 

Dated

 

By

 

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

 

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

 

Recitals

 

		A	The
Lessor and the Lessee entered into the Transaction Documents.

 

		B	Pursuant
to the Transaction Documents, the Lessee is required to enter into this Agreement.

 

		C	For
the purposes of the Transaction Documents, this Agreement is the Account Pledge and Assignment.

 

 It is agreed:

 

		1	Definitions
and interpretation

 

		1.1	Definitions

 

Words
and expressions defined (directly or indirectly) in the Common Terms Agreement shall have the same meanings in this Agreement
unless defined otherwise in this Agreement. The following definitions also apply to this Agreement:

 

Assigned
Rights means all rights, title and interests of every kind which the Lessee now or at any later time has to, in or in connection
with:

 

		(a)	the
Earnings Account;

 

		(b)	the
Facility Service Account; and

 

		(c)	each
Deposit.

 

Common
Terms Agreement means the common terms agreement dated 29.06.2015 between Brooge Petroleum and Gas Investment Company
FZC (as the Company, the Seller and the Lessee) and National Bank of Abu Dhabi PJSC – Islamic Banking Division (as the
Investment Agent, Account Bank and Participant).

 

Deposit
means each credit balance from time to time in each of:

 

		(a)	the
Earnings Account; and

 

		(b)	the
Facility Service Account,

 

and
all rights, benefits and proceeds in respect thereof.

 

    Page 1

     

    

 

Earnings
Account means the Dirham denominated investment account held with the relevant office of the Account Bank bearing account
number                      with
account title “Brooge Petroleum and Gas Investment Company FZC” established in accordance with clause 6 (Accounts)
of the Common Terms Agreement, and any renewal or redesignation thereof.

 

Facility
Service Account means the Dirham denominated investment account held with the relevant office of the Account Bank bearing
account number                         with
account title “Brooge Petroleum and Gas Investment Company FZC” established in accordance with clause 6 (Accounts)
of the Common Terms Agreement, and any renewal or redesignation thereof.

 

Party
means a party to this Agreement.

 

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

 

Secured
Liabilities means all obligations owing to the Finance Parties by the Obligors under or pursuant to the Transaction Documents,
whether present or future, actual or contingent (and whether incurred by the Obligors alone or jointly, and whether as principal
or surety or in some other capacity).

 

Security
Assets means:

 

		(a)	the
Earnings Account;

 

		(b)	the
Facility Service Account;

 

		(e)	each
Deposit; and

 

		(d)	the
Assigned Rights.

 

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

 

Security
Period means the period from the date of this Agreement up to and including the date on which any and all amounts outstanding
under any Transaction Document have been unconditionally and irrevocably paid or discharged in full.

 

Supplemental
Agreement means an agreement supplemental to this Agreement.

 

		1.2	Interpretation

 

The
provisions of clause 1.2 (Construction) of the Common Terms Agreement shall apply to this Agreement as though they were
set out in full in this Agreement, except that references to “this Agreement” in the Common Terms Agreement are to be
construed as references to this Agreement.

 

		1.3	Common
Terms Agreement

 

This
Agreement and the rights and obligations of the Parties under it are subject to the provisions of the Common Terms
Agreement. The provisions of the Common Terms Agreement that are expressed to apply to all Transaction Documents apply
equally to this Agreement.

 

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		1.4	Third
party rights

 

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

 

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

 

		1.5	Conflicting
provisions

 

This
Agreement shall be read together with the other Transaction Documents. If there is any conflict between the provisions of the
Common Terms Agreement and this Agreement, the provisions of the Common Terms Agreement shall prevail.

 

		2	Covenant
to pay

 

The
Lessee covenants with the Security Agent:

 

		(a)	duly
and punctually to pay the Secured Liabilities to the Security Agent; and

 

		(b)	to
observe and perform all its other obligations under the Transaction Documents.

 

		3	Grant
                                         of security

 

		3.1	Pledge
and assignment

 

The
Lessee:

 

		(a)	assigns
by way of first ranking assignment and agrees to so assign the Assigned Rights; and

 

		(b)	pledges
by way of first ranking pledge:

 

		(i)	the
Earnings Account;

 

		(ii)	the
Facility Service Account; and

 

		(iii)	each
Deposit,

 

to
the Security Agent as continuing security for the payment and discharge when due of the Secured Liabilities.

 

		3.2	Continuing
security

 

The
Security Interests created by Clause 3.1 (Pledge and assignment) are fixed and this Agreement shall remain in force until
the end of the Security Period or as otherwise set out in Clause 3.7 (Release of security) as a continuing security and,
in particular:

 

		(a)	the
Security Interests created by Clause 3.1 (Pledge and assignment) shall not be satisfied by any intermediate payment or
satisfaction of the Secured Liabilities;

 

		(b)	the
Security Interests created by Clause 3.1 (Pledge and assignment), and the rights of the Security Agent under this Agreement,
are only capable of being extinguished, limited
or otherwise adversely affected by an express and specific term in a document signed by or on behalf of the Security Agent; and

 

    Page 3

     

    

  

		(c)	this
Agreement shall be additional to, and shall not in any way impair or be impaired by:

 

		(i)	any
other Security Interest whether in relation to property of the Lessee or that of a third party; or

 

		(ii)	any
other right of recourse as against the Lessee or any third party.

 

which the Security Agent or any other creditor now or subsequently
has in respect of any of the Secured Liabilities.

 

		3.3	Principal
and independent obligor

 

The
Lessee shall be liable under this Agreement as a principal and independent obligor and accordingly it shall not have, as regards
this Agreement, any of the rights or defences of a surety.

 

		3.4	No
obligations imposed on Security Agent

 

The
Lessee shall remain liable to perform all obligations connected with the Security Assets and the Security Agent shall not, in
any circumstances, have or incur any obligation of any kind in connection with the Security Assets.

 

		3.5	Notice
of assignment

 

The
Parties agree that the execution of this Agreement by the Lessee and the Security Agent and execution of any Supplemental Agreement
from time to time by the Lessee and the Security Agent constitutes notice to, and acknowledgement by, the Security Agent of the
assignments created in respect of the Assigned Rights.

 

		3.6	Negative
pledge

 

Other
than a Security Interest created under this Agreement or a Security Interest (if any) created under any other Transaction Document,
the Lessee shall not sell, create any Security Interest over or otherwise dispose of the Security Assets or any right relating
to any Security Asset.

 

		3.7	Release
of security

 

At
the end of the Security Period, or as otherwise set out in the Common Terms Agreement, the Security Agent will, at the request
and cost of the Lessee, re-assign (without any warranty, representation, covenant or other recourse) to the Lessee such rights
as the Security Agent then has to, or in connection with, the Security Assets.

 

		3.8	Additional
Deposits

 

		3.8.1	The
Lessee covenants with the Security Agent that during the Security Period:

 

		(a)	upon written
                                                                                                                                                                  notice
                                                                                                                                                                  by the Security Agent, the Lessee shall execute a Supplemental Agreement
                                                                                                                                                                  relating to the Deposit standing as at the date of the relevant Supplemental Agreement, although the failure to execute a
                                                                                                                                                                  Supplemental
                                                                                                                                                                  Agreement shall not affect the Security over the Security Assets arising after the date of this Agreement; and

 

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		(b)	it
will not seek to rely on the non-existence of any part of the Security Assets at the date of this Agreement as releasing it from
the performance of its liabilities or obligations arising out of this Agreement or any other agreement relating to or concerning
the Security Assets.

 

		3.8.2	The
Parties acknowledge and agree that:

 

		(a)	the
Deposit will continually change, earn profit and, as permitted in accordance with clause 6 (Accounts) of the Common Terms
Agreement, turnover during the term of this Agreement;

 

		(b)	the
pledge contained in this Agreement will apply to the Deposit on the date of this Agreement and also at any time in the future
including the date of enforcement of the Security contained in this Agreement; and

 

		(c)	the
description of the Deposit is of sufficient certainty to cover all monies standing to the credit of the Account at any time.

 

		3.9	Holding
of passbook

 

From
the date of this Agreement until the date the security created by or pursuant to this Agreement is released in accordance with
Clause 3.7 (Release of security), the Lessee shall hold the passbooks and any other instruments evidencing the Lessee’s
interest in the Security Assets, on behalf of, and to the order of, the Security Agent.

 

		4	Representations
and warranties

 

		4.1	General

 

The
Lessee represents and warrants to the Security Agent as follows.

 

		4.2	Repetition
of Common Terms Agreement representations and warranties

 

The
representations and warranties in clause 4 (Representations and warranties) of the Common Terms Agreement remain true and
not misleading if repeated on the date of this Agreement with reference to the circumstances now existing.

 

		4.3	Right
to assign

 

The
Lessee has the right (without requiring the concurrence, consent or authority of any other person) to create the Security Interests
over the Security Assets in favour of the Security Agent.

 

		4.4	No
third party Security Interests

 

No
third party has any Security Interest or any other right, interest or claim over, in or in relation to any Security
Asset.

 

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		5	Covenants

 

		5.1	General

 

The
Lessee shall comply with the following provisions of this Clause 5 at all times during the Security Period.

 

		5.2	No
                                         impairing of Security Agent’s rights

 

The
Lessee shall not:

 

		(a)	do
or permit any act or thing to be done that may delay, prevent or impair the recovery of any moneys payable under this Agreement;
or

 

		(b)	take
or omit to take any action which may impair the Security Agents interest in the Security Assets.

 

		5.3	Withdrawals

 

		5.3.1	Subject
to Clause 5.3.2, the Lessee shall not be entitled to receive, withdraw or otherwise transfer all or any part of the credit balance
from time to time on the Earnings Account, the Facility Service Account and any Deposit.

 

		5.3.2	The
Lessee shall be entitled to receive, withdraw or otherwise transfer all or any part of the credit balance from time to time on
the Earnings Account, the Facility Service Account and any Deposit:

 

		(a)	with
the prior written consent of the Security Agent; or

 

		(b)	as
expressly permitted under the terms of the Transaction Documents.

 

		6	New
accounts

 

		6.1.1	If
                                         any subsequent charge or other interest affects any Security Asset, the Security Agent
                                         may open a new account (the New Account) in the name of the Lessee.

 

		6.1.2	If
the Security Agent does not open a New Account, it will nevertheless be treated as if it had done so at the time when it received
or was deemed to have received notice of that charge or other interest affecting any Security Asset (the Relevant Time).

 

		6.1.3	As
from the Relevant Time, all payments made to the Security Agent will be credited or be treated
as having been credited to the New Account and will not operate to reduce the amount secured by this Agreement at the Relevant
Time.

 

		7	Protection
                                         of security

 

The
Security Agent may take any action which it may think fit for the purpose of protecting or maintaining the security created by
this Agreement or for any similar or related purpose.

 

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		8	Enforceability
                                         and Security Agent’s powers

 

		8.1	Right
to enforce security

 

On
the occurrence of an Event of Default but without the necessity for any court order in any jurisdiction (unless required by law)
to the effect that an Event of Default has occurred or that the security constituted by this Agreement has become enforceable,
and irrespective of whether a notice has been served under clause 12.1 (Acceleration rights) of the Common Terms Agreement:

 

		(a)	the
security constituted by this Agreement shall immediately become enforceable; and

 

		(b)	the
Security Agent shall be entitled at any time or times:

 

		(i)	to
exercise the powers set out in Clauses 8.2 (Rights) and 8.3 (Right to appoint Receiver or administrator) and in
any other Transaction Document; and

 

		(ii)	to
exercise the powers possessed by it in relation to the Security Assets as conferred by the law.

 

		8.2	Rights

 

On
the occurrence of an Event of Default, the Security Agent shall be entitled then or at any later time or times:

 

		(a)	to
apply, set off, transfer or assign all or any part of the Security Assets in or towards discharge of all or any part of the Secured
Liabilities (without prior notice to the Lessee);

 

		(b)	to
the extent that any such items are attributable to or caused by the Lessee, to collect, recover and give a good discharge for
any moneys or claims forming part of, or arising in relation to, any Security Asset; 

 

		(c)	to exercise any right forming part of the Security Assets;

 

		(d)	to
the extent that any such items are attributable to or caused by the Lessee, to collect and require payment of any amount payable
under, or which otherwise forms part of, the Security Assets, and to take possession of any other Security Assets;

 

		(e)	to
sell, mortgage, exchange, invest or in any other way deal with any Security Asset in any manner and for any consideration;

 

		(f)	to
                                         enter into all kinds of Shari’a-compliant transactions for the purpose of hedging
                                         risks which have arisen or which the Security Agent considers may arise in respect of
                                         any Security Asset out of movements in exchange rates, rates of return or other risks
                                         of any kind;

 

		(g)	to employ the service of any lawyers or other experts or
advisers of any time or description whether or not similar to the foregoing;

 

		(h)	to appoint all kinds of agents, whether to enforce or exercise
any right under or in connection with any Security Asset or for any other purpose;

 

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		(i)	to take over or commence or defend (if necessary using
the name of the Lessee) any claims or proceedings (including but not limited to legal or arbitration proceedings) relating to,
or affecting, any Security Asset which the Majority Participants may think fit and to abandon, release or settle in any way any
of those claims or proceedings; and

 

		(j)	generally, to enter into any transaction or arrangement
of any kind and to do anything in relation to any Security Asset which the Majority Participants may think fit.

 

		8.3	Right
to appoint Receiver or administrator

 

		8.3.1	At
any time, and from time to time, after the occurrence of an Event of Default, the Security Agent may:

 

		(a)	appoint
a receiver and/or manager (or joint receivers and/or managers) of all or any part of the Security Assets; and/or

 

		(b)	to
the extent permitted by law, appoint an administrator of the Lessee.

 

		8.4	No
liability of Security Agent or Receiver

 

Neither
the Security Agent nor any Receiver shall be obliged to check the nature or sufficiency of any payment received by it or him under
this Agreement or to preserve, exercise or enforce any right forming part of, or relating to, any Security Asset.

 

		8.5	No
requirement to commence proceedings against the Lessee

 

Neither
the Security Agent nor any other Secured Party will need to commence any proceedings under, or enforce any Security created by,
any other Transaction Document before commencing proceedings under, or enforcing any Security created by, this Agreement.

 

		8.6	Conclusive
evidence of certain matters

 

Notwithstanding
Clause 8.5 (No requirement to commence proceedings against the Lessee), as against the Lessee:

 

		(a)	any
judgment or order of a relevant court in connection with the Transaction Documents; and

 

		(b)	any
statement or admission of the Lessee in connection with the Transaction Documents,

 

shall be binding and conclusive as to all matters
of fact and law to which it relates.

 

		8.7	Exercise
of rights by the Security Agent

 

The
exercise of any right arising under this Agreement by the Security Agent shall not put any person dealing with the Security Agent
upon any enquiry as to whether the Security Agent is entitled to exercise the same and the exercise by the Security Agent of such
right shall be conclusive evidence of its right to do so.

 

    Page 8

     

    

 

		9	Application
                                         of moneys

 

All
sums received by the Security Agent or by a Receiver shall be applied in accordance with the Investment Agency Agreement.

 

		10	Further
assurances

 

		10.1	Lessee’s
                                         obligation to take further steps

 

Without
limiting its obligations under any other Transaction Document, the Lessee shall do anything including but not limited to:

 

		(a)	executing
and delivering to the Security Agent (or as the Security Agent may direct), in each case in form and substance satisfactory to
the Security Agent, any assignment, mortgage, security document, power of attorney, proxy or other document governed by the law
of such country as the Security Agent may, in any particular case, specify;

 

		(b)	effecting
any registration, deregistration or notarisation;

 

		(c)	giving
any notice; and

 

		(d)	taking
any other step,

 

which
the Security Agent asks and considers necessary for the purposes of:

 

		(i)	validly
and effectively creating, perfecting, preserving and protecting any Security Interest or right of any kind which the Security
Agent determines should be created by or pursuant to this Agreement or any other Transaction Document or otherwise to vest in
the Security Agent the title to any particular Security Asset;

 

		(ii)	protecting
the priority, or increasing the effectiveness, in any jurisdiction of any Security Interest which is created, or which the Security
Agent intended should be created, by or pursuant to this Agreement or any other Transaction Document;

 

		(iii)	enabling
or assisting the Security Agent or any Receiver, any administrator or any delegate to sell or otherwise deal with any Security
Asset, to transfer title to, or grant any interest or right relating to, any Security Asset or to exercise any power which is
referred to in Clause 8.1 (Right to enforce security) or which is conferred by any Transaction Document; or

 

		(iv)	enabling
or assisting the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any
other action relating to the Security Assets in any country or under the law of any country.

 

		10.2	Terms
of further assurances

 

The
Security Agent may specify the terms of any document to be executed by the Lessee under Clause 10.1 (Lessee’s
obligation to take further steps) and those terms may include any covenants, powers and provisions which the Security
Agent considers appropriate to protect its, any other creditor’s or a Receiver’s interests.

 

    Page 9

     

    

 

		10.3	Obligation
to comply with notice

 

The
Lessee shall comply with a notice under Clause 10.1 (Lessee’s obligation to take further steps) by the date specified in
that notice.

 

		10.4	Additional
corporate action

 

At
the same time as the Lessee delivers to the Security Agent any document executed under Clause 10.1(a), the Lessee shall also deliver
to the Security Agent a certificate signed by two of the Lessee’s directors which shall:

 

		(a)	set
out the text of a resolution of the Lessee’s directors specifically authorising the execution of the document specified by the
Security Agent; and

 

		(b)	state
that either the resolution was duly passed at a meeting of the directors validly convened and held throughout which a quorum of
directors entitled to vote on the resolution was present or that the resolution has been signed by all the directors and is valid
under the Lessee’s articles of association or other constitutional documents.

 

		10.5	Costs
of further steps and undertaking

 

Everything
the Lessee is required to do under this Clause 10 is at the Lessee’s expense. The Lessee agrees to pay or reimburse the actual
costs of the Security Agent in connection with anything the Lessee is required to do under this Clause 10.

 

		11	Power
of attorney

 

		11.1	Appointment

 

		11.1.1	For
the purpose of exercising, securing, enforcing or realising the Security Agent’s powers, rights and interest to, in or in relation
to the Security Assets and the due and punctual performance of its obligations and liabilities to the Security Agent under this
Agreement and every other Transaction Document, the Lessee irrevocably and by way of security appoints the Security Agent as its
attorney, on behalf of the Lessee and in its name or otherwise, to, subject to Clause 11.1.2, execute or sign any document and
do any act or thing which the Lessee is obliged to do under any Transaction Document.

 

		11.1.2	The
power of attorney granted shall not permit the Security Agent to sign any Transaction Document in the name of the Lessee.

 

		11.2	Ratification
of actions of attorney

 

The
power conferred pursuant to Clause 11.1 (Appointment) shall, subject to the limitation set out in Clause 11.1.2, be a general
power of attorney and the Lessee ratifies and confirms, and agrees to ratify and confirm, any deed, assurance, agreement, instrument,
transaction, act or thing which the Security Agent may execute, do or take pursuant thereto, including that which the Security
Agent considers was or might have been outside the Security Agent’s powers or otherwise invalid without that further authorisation.

 

		11.3	Delegation

 

The
Security Agent may sub-delegate to any person all or any of the powers (including the discretions) conferred on the Security
Agent by Clauses 11.1 and/or 11.2, and may do so on terms authorising successive sub-delegations. No such delegation
shall preclude the subsequent exercise of
those powers by the Security Agent itself or preclude the Security Agent from making subsequent delegations and any such
delegation may be revoked by the Security Agent at any time.

 

    Page 10

     

    

 

		12	Supplemental

 

		12.1	No
restriction on other rights

 

Nothing
in this Agreement shall be taken to exclude or restrict any power, right or remedy which the Security Agent or any other creditor
may at any time have under:

 

		(a)	any
other Transaction Document; or

 

		(b)	the
                                         law of any country or territory the courts of which have or claim any jurisdiction in
                                         respect of the Lessee, or the Security Assets.

 

		12.2	Exercise
of other rights

 

The
Security Agent may exercise any right under this Agreement before it or any other creditor has exercised any right referred to
in Clause 12.1(a) or 12.1(b).

 

		12.3	Invalidity
of Transaction Documents

 

In the event of:

 

		(a)	any
Transaction Document to which the Lessee is a party now being or later becoming void, illegal, unenforceable or otherwise invalid
for any reason whatsoever; or

 

		(b)	a
bankruptcy of the Lessee, the introduction of any law or any other matter resulting in the Lessee being discharged from liability
under any Transaction Document, or any Transaction Document ceasing to operate (for example, by profit ceasing to accrue),

 

this
Agreement shall cover any amount which would have been or become payable under or in connection with any Transaction Document
if that Transaction Document had been and remained entirely valid and enforceable and the Lessee had remained fully liable under
it (each a Disputed Amount) and references in this Agreement to amounts payable by the Lessee under or in connection with
any such Transaction Document shall include all such Disputed Amounts.

 

		12.4	Release,
settlement or discharge conditional

 

		12.4.1	Any
                                         release, settlement or discharge under this Agreement between the Security Agent and
                                         the Lessee shall be conditional upon no security or payment to the Security Agent by
                                         the Lessee or any other person being set aside, adjusted or ordered to be repaid, whether
                                         under any insolvency law or otherwise.

 

		12.4.2	If any security or
                                                                                                                                                                 payment is avoided, set aside or ordered to be refunded, the Security Agent shall be entitled to enforce this Agreement
                                                                                                                                                                 against the Lessee as if that release, discharge or settlement had not occurred and that security or payment had not been
                                                                                                                                                                 made.

 

    Page 11

     

    

 

		13	Governing
law

 

		13.1	Abu
                                         Dhabi law

 

This
Agreement shall be governed by, and construed in accordance with, the laws of Abu Dhabi and the federal laws of the United Arab
Emirates to the extent that those laws do not conflict with Shari’a. In the event of contradiction between the laws of Abu Dhabi
and the federal laws of the United Arab Emirates and the principles of Shari’a, the principles of Shari’a shall prevail.

 

		13.2	Interest

 

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

 

		13.2.2	For
the avoidance of doubt, nothing in this Clause 13.2 shall be construed as a waiver of rights in respect of Rental Payments payable
by the Lessee pursuant to the Transaction Documents howsoever such Rental Payments may be described or re-characterised by any
court or arbitral tribunal.

 

		14	Jurisdiction

 

		14.1	The
Parties submit, and waive any objection, to the exclusive jurisdiction of the courts of Abu Dhabi,
United Arab Emirates to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to
the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with
this Agreement) (a Dispute).

 

		14.2	The
Parties agree that the courts of Abu Dhabi, United Arab Emirates are the most appropriate and convenient courts to settle Disputes
and accordingly no Party will argue to the contrary.

 

		14.3	Notwithstanding
Clauses 14.1 and 14.2, the Security Agent may take proceedings relating to a Dispute in any court with jurisdiction (for the avoidance
of doubt, including but not limited to the courts of England). To the extent allowed by law, the Security Agent may take concurrent
proceedings in any number of jurisdictions. This Clause 14.3 is for the benefit of the Security Agent only.

 

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

 

    Page 12

     

    

 

Execution
page of the Account Pledge and Assignment

  

The Lessee 

 

	Signed by	)
	 	)
	duly authorised in accordance with	)
	the laws of the Republic of Panama	)
	for and on behalf of	)
	Brooge Petroleum and Gas Investment	)
	Company FZC	)
	in the presence of:	)

 

	Signature of witness	)	 

 

	Name of witness:	 	 
	 	 	 
	Address of witness: 	  	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

The Security Agent

 

	Signed by	)
	 	)
	duly authorised for and on behalf of 	)
	National Bank of Abu Dhabi PJSC –	)
	Islamic Banking Division	)
	in its capacity as Security Agent for and on	)
	behalf of the Participants	)
	in the presence of:	)

 

	Signature of witness	)	     /s/ Ali Al
    Jarian                                  /s/
    Ayman Ragheb Taher Nasser

 

	Name of witness:	 	 
	 	 	 
	Address of witness:

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